Employees buy CdA engineering firm
Two employees have purchased the Coeur d’Alene firm of Welch Comer & Associates, Consulting Engineers and Surveyors.
Philip Boyd and Steve Cordes are the new owners of the company. Boyd, a 12-year employee and stockholder in Welch Comer since 2000, is the new president. Cordes, who has worked at the firm for 10 years, is vice president.
Welch Comer was formerly owned by Larry and Candy Comer. Larry Comer will remain with the firm as principal engineer.
Welch Comer was incorporated in 1986. The firm employs 28 people, providing engineering and surveying services in North Idaho, Eastern Washington and Western Montana.
Ex-worker says drug marketed fraudulently
Philadelphia A former Genentech Inc. employee has accused the biotechnology company and marketing partner Biogen Idec Inc. of illegally promoting cancer drug Rituxan as a treatment for arthritis, a use not yet approved by regulators.
Paul McDermott, who worked for Genentech in Falmouth, Maine, from March 2004 until April 2005, filed a whistleblower lawsuit in July 2005 in U.S. District Court in Maine alleging the companies’ marketing of Rituxan defrauded government health care programs.
The suit also says Genentech fired McDermott in retaliation for bringing the matter to the attention of Genentech executives. The suit seeks unspecified damages on behalf of the government and an order that Genentech rehire McDermott and pay him back wages and other damages.
DuPont warns of low earnings, high costs
Baltimore DuPont warned Wednesday that fourth-quarter earnings will be less than half of what it had earlier predicted because of the effects of last year’s Gulf Coast hurricanes, worse-than-expected business performance and higher raw material costs.
The company also predicted that raw material costs would rise further in 2006.
The news sent Wilmington, Del.-based DuPont’s stock down more than 3 percent in afternoon trading.
DuPont CEO and Chairman Charles O. Holliday Jr. said in a conference call with analysts that the effects of the hurricanes had been underestimated and that he was “extremely disappointed by our fourth-quarter results.”
Analysts surveyed by Thomson Financial were looking for quarterly earnings of 24 cents a share, near the high end of the company’s October guidance.
Ford credit rating lowered further
Detroit
Moody’s Investors Service lowered Ford Motor Co.’s credit rating further into junk status Wednesday, predicting the company will remain under considerable financial stress through 2007 even with a pending restructuring.
Moody’s cut Ford’s rank two levels to Ba3 from Ba1. Moody’s also lowered the long-term rating of Ford’s credit arm, Ford Motor Credit Co., two levels to Ba2 from its lowest investment-grade rating of Baa3. The moves will make it more difficult for Ford and Ford Credit to borrow.