N95s, other health care products continue to buoy 3M as economy recovers
Strong sales to the health care industry helped 3M beat Wall Street’s third quarter profit and sales forecasts.Maplewood-based 3M Tuesday announced profits of $1.41 billion or $2.43 per share, down 11% over a year ago but nicely above the $2.26 consensus estimate by stock analysts.3M’s third quarter sales tallied $8.4 billion, increasing 4.6% over a year ago and topping estimates of $8.29 billion.3M’s sales in the health care sector have increased during the COVID-19 pandemic as its N95 respirator mask is considered critical for worker protection. But much of the rest of 3M had been battered b...
Star Tribune (Minneapolis)
Alaska Air Group reports $431 million loss as pandemic batters airlines
Alaska Air Group on Thursday reported a third-quarter net loss of $431 million, or $3.49 per share.A year ago, the Seattle-based parent company of Alaska Airlines and regional subsidiary Horizon Air made a profit of $322 million or $2.60 per share in the third quarter.The loss was higher than in the previous three months — the second quarter net loss was $214 million or $1.73 per share — due mainly to $440 million in restructuring charges and one-time write-offs.“We are gaining momentum as we climb our way out of this crisis,” said Alaska Air CEO Brad Tilden. “Each of the last six months has b...
The Seattle Times
Thinking of stealing money from the feds? First, meet Jeff Grant, an ex-con who committed loan fraud
Thinking about stealing the government loan money you received in pandemic help?Before you do, listen to Jeff Grant’s story.After his opioid addiction, his theft of U.S. loan funds, and a federal prison sentence, Grant’s life as a lawyer and business professional was over.But according to him, his new life was just beginning. And for small business owners feeling desperate — enough to steal — he’s created a safe place to talk anonymously and seek guidance.Now clean and sober, remarried and out of prison, Jeff Grant, 64, co-founded the online organization Progressive Prison Ministries, what cou...
The Philadelphia Inquirer
CVS to hire 15,000 workers to handle flu and COVID-19
CVS Health plans to hire 15,000 workers nationwide, including 250 in the Chicago area, to help handle the flu season and growing cases of COVID-19.Some 250 will be hired in the Chicago-area, most to be located at the company’s Mount Prospect hub.Positions will include pharmacists, pharmacy technicians, nurse practitioners, call center representatives and work-from-home customer service employees.Nationally, about 10,000 jobs will be full-time and part-time licensed pharmacy technicians.Many workers hired nationally will help with drive-thru COVID-19 testing and prepare to potentially administe...
Bankrupt Mallinckrodt may still be expected to help shoulder nuclear cleanup costs
ST. LOUIS — Two sets of nuclear waste complaints against Mallinckrodt have been thrown into question in a two-week span, while the company restructures in bankruptcy court.Facing a wave of lawsuits and a $1.6 billion settlement stemming from its role in the national opioid crisis, the company with deep St. Louis roots filed for protection from creditors on Monday.While industry analysts have focused on Mallinckrodt’s future as a drugmaker, the company also faces potential liabilities for work a predecessor company, St. Louis-based Mallinckrodt Chemical Works, performed decades ago, when it pro...
St. Louis Post-Dispatch
Wells Fargo fires workers for allegedly defrauding feds in pandemic loan applications
Wells Fargo has fired as many as 125 workers for allegedly defrauding the Small Business Administration in applications to a pandemic relief loan program.A bank investigation found that some workers had made false representations in applications for relief funds through the Economic Injury Disaster Loan program run by the SBA. The funds were sought for the workers personally, and not related to their official duties at the bank, according to the bank.“If we identify additional wrongdoing by employees, we will take appropriate action,” said David Galloreese, Wells Fargo’s human resources head, ...
The Charlotte Observer
Wells Fargo posts $2 billion profit in the third quarter as layoffs begin
Wells Fargo returned to profitability in the third quarter, posting net income of $2 billion for the third quarter as management begins to restructure the bank and cut billions in expenses.It’s a rapid reversal from the second quarter, when the bank lost $2.4 billion, which was its first recorded quarterly loss since the financial crisis. The return to profit, though, was not as sharp as Wall Street analysts anticipated, and shares fell 4.5% in early trading.Overall revenue at the San Francisco-based bank fell to $18.9 billion from $22 billion in the second quarter, according to its Wednesday ...
The Charlotte Observer
U.S. Bancorp profit falls 17% due to low interest rates, slumping economy
U.S. Bancorp’s profit dropped 17% in the third quarter as it set aside another $635 million for possible loan defaults due to economic challenges from the coronavirus pandemic.The provision would also cover expected losses from a credit card portfolio it acquired from State Farm, the company said.But the special charge was smaller than the $1.7 billion it set aside in the previous quarter, a sign that the parent of U.S. Bank sees economic conditions improving.Its net income in the third quarter was $1.58 billion, or 99 cents a share, compared to $1.91 billion in the same quarter a year ago. Th...
Star Tribune (Minneapolis)
Delta Air Lines reports $5.4 billion quarterly loss
ATLANTA — Delta Air Lines booked a net loss of $5.4 billion in the third quarter as the company spent billions on buyouts and early retirement packages to cut its workforce and remove hundreds of airplanes from its fleet.About 18,000 employees took buyouts or early retirements, and CEO Ed Bastian said he expects administrative staffing, including at Delta’s Atlanta headquarters, to be about 25% smaller.“Those are long-term charges that we are getting behind us,” Bastian said in an interview with The Atlanta Journal-Constitution.The moves are expected to help the company reduce how much cash it...
The Atlanta Journal-Constitution
Nation and world news briefs
Kanye West reports financials in filing for his presidential runKanye West reported his financial assets and liabilities in an October filing to the U.S. Office of Government Ethics as part of his run for president.The rapper said his largest asset is fashion company Yeezy LLC, worth “over $50 million,” according to the document. The firm’s apparel and footwear arms are also listed to be worth more than $50 million each. Last year, Bank of America Corp. valued just the sneaker side of Yeezy at as much as $3 billion, according to a document reviewed by Bloomberg.The value of his stakes in Adida...
Tribune News Service