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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Company News: Goldman calls November among worst

The Spokesman-Review

Goldman Sachs Group Inc. on Tuesday gave a cautious outlook for Wall Street in 2008 because of the ongoing credit crisis, even as the world’s largest investment bank chalked up another record-breaking year.

During the fiscal fourth quarter, Goldman’s $3.17 billion profit was fueled by higher investment banking fees, one-time asset sales, and surprisingly strong debt trading results. Though quarterly results easily surpassed Wall Street’s projections, for some analysts they lacked the kind of power and finesse investors have come to expect.

There had been wide hope that Goldman’s cadre of top bankers would be able to take advantage of the market dislocation by scooping up distressed securities and locking in profit. Instead, Goldman said it faced one of the worst Novembers on record, which has only somewhat loosened this month.

That caused already skittish investors, who are looking for any signs the market will bounce back, to sell shares of financial stocks. Goldman shed $7.12, or 3.4 percent, to close at $201.51.

S.C. Johnson & Son Inc., whose brands include Ziploc, Pledge and Raid, has sued Dial Corp. for patent infringement involving a new air freshener that emits three scents.

Racine-based S.C. Johnson, which makes Glade and Oust air fresheners, filed the suit this month in Madison, Wisc.

The company asked that Dial’s new product, called Renuzit Tri Scents, be prevented from hitting the market next month.

A Portuguese company called Consultoria Tecnica e Representacoes, LDA, joined S.C. Johnson in the suit. It holds the patent in question, according to court filings. The two companies cut a deal in March giving S.C. Johnson exclusive rights to the patent.

General Motors Corp. is offering buyouts and retirement incentives to 5,200 hourly workers represented by the United Auto Workers.

GM would not reveal how many workers it expects to leave under the program, but said 5,200 are eligible, spokesman Dan Flores said Tuesday.

More than 34,000 GM workers left last year by way of retirement or buyouts, he said.

The program announced Tuesday will be offered to all UAW-represented hourly employees working at GM’s service and parts and operations facilities across the country.

In addition, it also will be available to hourly employees at GM’s Pittsburgh metal stamping plant; Massena, N.Y., casting plant; and to all hourly employees currently assigned to jobs banks in Oklahoma City; Linden, N.J.; and Rancho Cucamonga, Calif.