Wednesday, October 31, 2012

Daily Business Update

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Wed. Oct. 31, 2012

Veolia Energy signs lease for office space at Boston’s 53 State St.

Veolia Energy North America, an energy services company, plans to relocate its US headquarters to larger space at 53 State St. in Boston, said a broker involved in the transaction. The broker is Jones Lang LaSalle, which represented Veolia Energy in lease negotiations. Veolia Energy North America is moving from its current location at 99 Summer St. The company’s energy consulting and engineering subsidiary, SourceOne Inc., will also relocate to the new headquarters from 132 Canal St.

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Clean Harbor stock shares surge following its acquisition of Safety-Kleen

Clean Harbors Inc. shares were up $8.11, or 16.4 percent, at midday Wednesday, in the first day investors could react to the Norwell company’s acquisition of Safety-Kleen Inc. Investors apparently liked the $1.25 billion cash deal announced by the environmental services company on Monday, sending the stock even higher earlier in the day. Stock markets have been closed for the past two days due to Hurricane Sandy.

Gary Smith is taking over as Polartec CEO

Polartec LLC, a Lawrence-based provider of performance fabrics under the Polartec brand name, announced Wednesday the appointment of Gary Smith as chief executive, completing the management succession process announced in July. As part of that succession process, Joe Robinson is being appointed chief financial officer. Smith, 49, previously served as president of the Outdoor Group for the Timberland Co. and as a partner with McKinsey & Co.

Thermedical gets FDA clearance for ablation system

Thermedical, a Waltham-based medical equipment company, said Wednesday that it has received Food & Drug Administration clearance to market its technology for the coagulation and ablation of soft tissue during certain surgical procedures. “Receiving FDA clearance is a significant milestone for Thermedical as it will facilitate our plans to carry out a series of clinical trials to evaluate the efficacy of our system for treating large, solid tumors, including liver cancer,” Thermedical president Michael G. Curley said.

Vantiv agrees to buy Lowell e-commerce firm Litle & Co. for $361 million

Vantiv Inc., a Cincinnati-based provider of payment processing services for merchants and financial institutions, said Wednesday that it has agreed to buy Litle & Co. for $361 million as Vantiv looks to expand its e-commerce capabilities. Lowell-based Litle & Co. is an e-commerce payment processor for companies that sell goods and services to consumers over the Internet and through direct response marketing. Upon completion, Litle & Co. will become a subsidiary of Vantiv and maintain its location in Lowell.

Millennium, Takeda get conditional OK to market lymphoma drug in Europe

Millennium: The Takeda Oncology Company and its Japanese parent company said Wednesday that European regulators have granted conditional marketing authorization for ADCETRIS, a drug for some forms of lymphoma, a general term for a group of cancers that originate in the lymphatic system. Takeda Pharmaceutical Co. Ltd. said it intends to launch ADCETRIS across Europe in the coming weeks. (Takeda Pharmaceutical bought Cambridge-based Millennium in 2008 for $8.8 billion.)

Charles River Laboratories buys 75 percent of Chinese drug discovery company Vital River

Wilmington drug research company Charles River Laboratories International Inc. said Tuesday it has agreed to buy a 75 percent ownership stake in Vital River, a Chinese provider of pharmaceutical research models and related services, for about $27 million. Charles River said the acquisition would help it expand in the fast-growing Chinese market for drug discovery and development. The transaction is expected to be completed in the first quarter of 2013.

EMC buying California computer security firm

EMC Corp. of Hopkinton is buying computer security firm Silver Tail Systems of Menlo Park, Calif. Financial terms of the transaction were not released. Silver Tail, a privately-held firm, will become part of RSA, EMC’s data security business. Silver Tail collects vast amounts of data passing through corporate networks, analyzing it to detect patterns that might indicate the presence of network intruders, or the use of illicit software that could steal or damage a company’s vital data

Boston Globe circulation rises nearly 12 percent, Boston Herald falls nearly 15 percent

The Boston Globe’s daily circulation rose nearly 12 percent during the six-month period that ended Sept. 30, buoyed by the growth in digital subscriptions, according to an organization that tracks newspaper readership. The Globe’s circulation, which includes subscriptions to BostonGlobe.com, increased 11.9 percent to 230,351 compared with the same six months in 2011, according to the Audit Bureau of Circulations. The Globe’s Sunday circulation, including digital subscriptions, rose 3.4 percent to 372,541.

Hotel proposed for Hancock conference site in Back Bay

One of Boston’s most prominent hoteliers on Tuesday unveiled plans for a 33-story hotel and residential complex near Copley Square that would add another high-rise to the Back Bay’s skyline. The tower is planned to rise on the site of the former John Hancock Hotel & Conference Center, on Stuart Street, across from the Hancock Tower.

Most banks reopen after Sandy; some will waive fees for customers affected by the storm

Most banks across Massachusetts reopened Tuesday morning after the heavy winds from Hurricane Sandy subsided overnight. Citizens Bank, TD Bank, Sovereign Bank, Eastern Bank and Rockland Trust all said most or all of their branches were open Tuesday morning -- except in scattered areas hit especially hard by the storm. Bank of America, the largest bank in Massachusetts, said its branches remain closed Tuesday morning, but could re-open later in day.

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Tuesday, October 30, 2012

Daily Business Update

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Tue. Oct. 30, 2012

Boston Globe circulation rises nearly 12 percent, Boston Herald falls nearly 15 percent

The Boston Globe’s daily circulation rose nearly 12 percent during the six-month period that ended Sept. 30, buoyed by the growth in digital subscriptions, according to an organization that tracks newspaper readership. The Globe’s circulation, which includes subscriptions to BostonGlobe.com, increased 11.9 percent to 230,351 compared with the same six months in 2011, according to the Audit Bureau of Circulations. The Globe’s Sunday circulation, including digital subscriptions, rose 3.4 percent to 372,541.

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Most banks reopen after Sandy; some will waive fees for customers affected by the storm

Most banks across Massachusetts reopened Tuesday morning after the heavy winds from Hurricane Sandy subsided overnight. Citizens Bank, TD Bank, Sovereign Bank, Eastern Bank and Rockland Trust all said most or all of their branches were open Tuesday morning -- except in scattered areas hit especially hard by the storm. Bank of America, the largest bank in Massachusetts, said its branches remain closed Tuesday morning, but could re-open later in day.

Half of Logan’s flights canceled Tuesday; Amtrak, bus service to New York also canceled

About half the flights at Logan International Airport were canceled Tuesday, including all service by the airport’s largest carrier, JetBlue Airways, as airlines started repositioning planes and rebuilding schedules after Monday’s massive travel disruptions due to Hurricane Sandy. About 90 percent of the airport’s approximately 1,000 inbound and outbound flights were scrapped Monday as the East Coast bore the brunt of the storm.

Many banks reopened Tuesday morning

Citizens Bank, TD Bank, Sovereign Bank, Eastern Bank, and Rockland Trust all said most or all of their branches were open Tuesday morning -- except in scattered areas hit especially hard by the storm. Eastern Bank, for instance, said 93 of 94 branches were open, but its Westford location was closed due to a power outage in the area. Bank of America, the largest bank in Massachusetts, said its branches remain closed Tuesday morning, but could re-open later in day.

State Street’s global investor confidence index posts an all-time low

A global investor confidence index maintained by State Street Global Markets posted a drop to an 80.6 October reading, the lowest monthly reading in the index’s 14-year history. October’s reading is down 6.7 points from a revised September reading of 87.3. State Street Global Markets is the investment research and trading arm of State Street Corp., a Boston-based financial services company. Institutional investors continue to reallocate away from equities and towards fixed income and cash securities, said Kenneth Froot, a Harvard professor who helped to develop the index.

Nasuni, a provider of enterprise storage services, secures $20m in funding

Nasuni, a Natick-based provider of enterprise storage services, said Tuesday that it has closed on $20 million in Series C funding from a key new investor.  Previous investors Flybridge Capital Partners, North Bridge Venture Partners and Sigma Partners also participated in the financing. “The new funds will be used to expand sales and marketing efforts and to drive continued innovation in the storage-as-a-service market,” Nasuni said.

QuantiaMD closes $12m expansion round

Waltham-based QuantiaMD, an online physician community and collaboration platform, announced Tuesday that it has closed a $12 million expansion round from existing investor, Fuse Capital. The funding will be used to meet the growing demand from payers and health systems that need to engage and align physicians to achieve important objectives and goals that lead to improved quality of care.

Massachusetts foreclosure activity slows in September

Massachusetts foreclosure activity dropped in September, another sign that the housing market may be recovering, the Warren Group said Tuesday. In September, 973 petitions were initiated, a 16.4 percent decline from September 2011, said the Warren Group, a Boston firm that tracks local real estate activity. Petitions are the first step of the foreclosure process. All told, 510 foreclosure deeds were recorded in September, a 32 percent decline from the same month a year ago.

AVEO unveils restructuring that will lay off 45 employees

AVEO Oncology, a Cambridge company looking to develop a potential treatment for advanced kidney cancer, said Tuesday that it has embarked on a “strategic restructuring” that will result in a reduction in force of 45 positions, or 17 percent of its workforce, as well as the elimination of 30 open positions. The reduction is part of a cost-savings program that is expected to save the company $100 million over the next three years, with $37 million of those savings projected to come in 2013. The restructuring will enable AVEO to extend its cash runway through 2013.

Sandy forces earnings reports back

With Sandy closing US stock market for two consecutive days, a number of public companies delayed or cut short their scheduled release of quarterly earnings this week.

Utilities warn that storm’s high winds could delay power restoration

As Hurricane Sandy draws nearer, the storm’s increasingly high winds and lashing rains will prevent utility crews from safely working to restore outages, meaning that Massachusetts residents who lose power should be prepared for the lights to stay off for a prolonged period. Utilities typically won’t send a crew out into a storm with winds over 30 miles an hour, according to Marcy Reed, National Grid’s president in Massachusetts.

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Monday, October 29, 2012

Daily Business Update

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Mon. Oct. 29, 2012

Utilities have hundreds of crews ready to go to respond to Sandy

Massachusetts’s major utilities have hundreds of crews stationed around the state, ready to handle downed power lines and other utility-related storm damage caused by Hurricane Sandy, representatives said. They have also been providing customers with storm preparation tips and updates via email and phone calls. Each has set up an online storm center where customers can report outages and get storm-related information.

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Three cruise ships sitting out Hurricane Sandy in Port of Boston

Three cruise ships carrying several thousand passengers are sitting out Hurricane Sandy in the Port of Boston. Royal Caribbean’s Jewel of the Seas was due to leave Sunday for the Caribbean, will remain docked until Tuesday. The Caribbean Princess was not scheduled to stop in Boston but diverted here Sunday night after the cruise line canceled its stop in Bermuda to avoid strong winds. Crystal Cruises’ Crystal Symphony arrived in Boston Sunday for what was supposed to be a daylong port-of-call visit but now will docked here until Tuesday morning.

Businesses heed warning, closing for Sandy

Many businesses in eastern Massachusetts are heeding warnings about Hurricane Sandy and have either closed or are sending employees home early--especially since the MBTA is shutting down service early Monday afternoon.

Massachusetts gas prices fall 10 cents a gallon, AAA says

The average price for gas in Massachusetts is $3.669 a gallon in the latest weekly survey from AAA, down 10 cents from the previous week’s average, AAA Southern New England said Monday. Local prices have fallen 18 cents a gallon over the past month, AAA Southern New England added. The current national average price is $3.54 a gallon. A year ago at this time, the Massachusetts average price was $3.40.

Liberty Mutual cancels 3Q earnings conference call due to severe weather disruptions

Liberty Mutual Holding Co. Inc., parent corporation of the Liberty Mutual Insurance, has cancelled its third quarter earnings conference call, scheduled for Tuesday at 11 a.m. EDT because of “severe weather disruptions affecting most of the East Coast.” The earnings release, financial results, and other supplemental information will be available on the website www.libertymutual.com/investors as soon as possible.

Brooks Automation agrees to buy Crossing Automation

Brooks Automation Inc., a Chelmsford-based provider of automation, vacuum, and instrumentation services for such industries as semiconductor manufacturing, life sciences, and clean energy, said Monday it has agreed to buy Crossing Automation Inc., a California company that provides automation products to the semiconductor industry. The cash purchase price is $63 million, subject to adjustment for actual working capital at closing.

Vertex reschedules 3Q results and conference call due to Hurricane Sandy

Vertex Pharmaceuticals Inc., a Cambridge drug company, said it has rescheduled its third quarter 2012 earnings press release and conference call because of Hurricane Sandy. The earnings press release and conference call were originally scheduled for today, Monday. Vertex said it will now announce its third quarter 2012 financial results on Thursday after the financial markets close.

Maine gas prices drop by a dime per gallon

AUGUSTA, Maine — Gas prices in Maine tumbled by a dime per gallon in the past week, but Hurricane Sandy is creating uncertainty in the market. Price-monitoring website MaineGasPrices.com reports Monday that the average retail cost of a gallon of gas dropped by more than 10 cents to an average of $3.67. That’s still 11 cents above the national average.

Cognex reschedules earnings conference call

Cognex Corp. said that it is rescheduling a Monday conference on its third-quarter earnings to Thursday because Hurricane Sandy has prompted much of the Eastern Seaboard to declare a state of emergency. The call was originally scheduled for Monday at 5:00 p.m. eastern time; it has now been rescheduled for Thursday at 5:00 p.m. Eastern time. Cognex said it intends to issue its third quarter earnings tonight after the market closes, as originally scheduled.

Clean Harbors is buying Safety-Kleen for $1.25b

Clean Harbors is buying Safety-Kleen for $1.25 billion in cash as it looks to enter smaller markets and expand its waste treatment capabilities. Safety-Kleen Inc. is a re-refiner and recycler of used oil and provides parts cleaning and environmental services. It collects approximately 200 million gallons of used oil annually, the majority of which it returns to the marketplace as reusable motor oil. Clean Harbors Inc., based in Norwell, provides environmental, energy, and industrial services.

38 Studios auction in Providence brings in $650K

PROVIDENCE — A sell-off of items from the former headquarters of Curt Schilling’s failed video game company in Providence brought in about $650,000. More than 1,000 people registered to bid Tuesday on what was left of 38 Studios, including sophisticated animation equipment, office furniture, and figurines of Schilling. The gaming company’s receiver, Richard Land wasn’t immediately available to comment. Rhode Island’s Economic Development Corp. released the figure Friday.

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Sunday, October 28, 2012

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Saturday, October 27, 2012

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