In brief: Itron, Cisco allies on smart grid product
Itron Inc. will license an Internet protocol developed by Cisco to create what the companies said today will be a more reliable and secure smart grid.
Itron, the Liberty Lake-based company that has developed and sold automated metering systems for more than 30 years, will incorporate Cisco technology into its Open Way meters. Itron will also distribute Cisco networking equipment and software.
The new partnership will give utilities a better way to access more energy resources, and respond to customer demand for more control over their energy use, a joint news release says.
“The alliance between Cisco and Itron represents a major step forward in the realization of a modern, more intelligent energy infrastructure,” Cisco Senior Vice President Laura Ipsen said.
Itron shares climbed $3.65 to $57.65, an increase of almost 7 percent, after the alliance was disclosed. Cisco shares climbed 27 cents to $20.26.
Staff report
SAN FRANCISCO – Apple Inc. announced a smaller, cheaper version of its Apple TV device for streaming movies and television shows over the Internet and into the living room. It also unveiled a new line of iPods, including a touch-screen Nano model.
The tiny new Apple TV system announced Wednesday will only let people rent, not buy, content. For first-run high-definition movies the day they come out on DVD, people will have to pay $4.99. High-definition TV show rentals will be 99 cents.
The price of the box is also being cut to $99, from $229. Cheaper options for streaming video had been available, including Roku’s set-top boxes that start at $60.
Associated Press
WASHINGTON – Allergan Inc., the maker of wrinkle-smoothing Botox, has agreed to pay $600 million to settle a yearslong federal investigation into its marketing of the top-selling, botulin-based drug.
The Justice Department and the company said Wednesday in a statement it will plead guilty to one misdemeanor charge of “misbranding,” in which the company’s marketing led physicians to use Botox for unapproved uses. Those included the treatment of headache, pain, spasticity and cerebral palsy in children.
Associated Press
Briefcase
From wire reports
• H.J. Heinz Co.’s fiscal first-quarter net income jumped 13 percent as the foodmaker’s business boomed in growing overseas markets such as India, China and Russia. Heinz’s revenue rose 1.6 percent to $2.48 billion.
• Borders Group Inc. reported a slightly larger loss in the second quarter and said it will sell more items besides books as it readies for the crucial holiday season. The company is also closing underperforming stores and introducing a paid loyalty program as it continues to battle tough competition from online retailers like Amazon.com and discount stores such as Walmart.
• Shares of Burger King Holdings Inc. soared 15 percent Wednesday after published reports said the fast food chain was in talks to be acquired by a private equity firm. Both the New York Times and the Wall Street Journal reported that 3G Capital was among parties interested in pursuing a deal with Burger King. A spokesman from Burger King declined to comment on the report, and a message left with 3G wasn’t immediately returned.