March 1, 2011 in Business

Briefcase

 

Pandit
(Full-size photo)

CdA Mines shares soar after report

Coeur d’Alene Mines Corp. was a stock market leader Monday, with share prices up nearly 14 percent after the metals miner reported higher-than- expected earnings.

Company shares closed at $31.51 in brisk trading on the New York Stock Exchange, a gain of nearly $4 per share.

For 2010, Coeur d’Alene Mines reported adjusted earnings of $34.3 million, or 39 cents per share.

In contrast, Coeur d’Alene Mines reported an adjusted loss of $23.5 million for 2009.

The 2010 adjusted earnings do not reflect a $117.5 million in non-cash accounting charges and deferred taxes, which led to a net loss of $91.3 million equaling $1.05 per share.

Strong prices for both gold and silver and the opening of new mines in Mexico, Bolivia and Alaska helped Coeur d’Alene Mines’ balance sheet, said Dennis Wheeler, chairman and CEO. The company reported $515.5 million from metals sales last year.

Becky Kramer

Citigroup CEO got $1 salary in ’10

NEW YORK – Citigroup Inc. CEO Vikram Pandit received $1 in total compensation for 2010, according to an Associated Press analysis of a regulatory filing.

In a securities filing Monday, the New York bank said Pandit’s salary was $1. He received no bonus or stock awards. In February 2009 Pandit agreed to take only a $1 salary until the bank reported a profit.

In January, Citi reported its first full year of profits after Pandit took over as CEO in 2007. The bank raised Pandit’s base salary to $1.75 million for 2011.

Associated Press

Spending rose slightly in January

Consumers increased their spending by 0.2 percent in January, the weakest showing in seven months.

The tiny increase occurred even though workers began seeing tax cuts show up in their paychecks as a result of a reduction in Social Security taxes that should provide $110 billion in tax relief this year.

There is a concern that the impact of the tax cuts designed to give the economy a boost will be blunted by rising costs for energy and food.

Associated Press


Thoughts and opinions on this story? Click here to comment >>

Get stories like this in a free daily email