News Column

A.M. BRIEFING

January 30, 2014

FIAT, CHRYSLER ARE NOW ONE

The combination of Fiat and Chrysler now has a new name - Fiat Chrysler Automobiles - and the company's stock will be listed on the New York Stock Exchange, if Fiat's shareholders approve a proposal from its board of directors.

The new name and the shareholder proposal, approved by Fiat's board of directors Wednesday, comes eight days after Fiat closed its purchase of the Chrysler shares it didn't already own.

Last week Fiat SpA, which became Chrysler's controlling shareholder in 2009, acquired the remaining 41.5 percent of Chrysler Group LLC shares from a United Auto Workers-managed trust for $4.35 billion

Associated Press EVERBANK EARNINGS UP ... AND DOWN

EverBank Financial Corp. reported an improved year despite a drop in fourth-quarter earnings Wednesday.

Adjusted net income was $32 million, down $10 million from the fourth quarter of 2012. But the adjusted net income of $148 million for year was an increase of 3 percent over 2012.

Diluted earnings per share was 24 cents in the fourth quarter, down from 26 cents in the fourth quarter of 2012.

The Times-Union IT'S NOT GREEK IN GREAT BRITAIN

A British court has ruled that Chobani, the company leading the burgeoning Greek yogurt market in the U.S., cannot label its products "Greek" in the U.K. because they are made in America.

Chobani said Wednesday it was disappointed with the ruling, but added that "the fight is not over" and it would continue the legal battle.

The court case was brought by Chobani's rival Fage, a Greek company, soon after New York-based Chobani launched its products in the U.K. in 2012. Fage has dominated sales of Greek yogurt in Britain under the "Total" brand for decades.

A judge ruled last year that Chobani's "Greek yogurt" label misled British customers, agreeing with Fage that products labeled Greek yogurt - which is made by straining off the whey to achieve a thicker texture - have to be made in Greece. Chobani appealed that decision, but a panel of three judges at the Court of Appeal dismissed it on Tuesday.

The company said it will appeal again.

Associated Press FACEBOOK STILL ADDING REVENUE

Facebook says its earnings and revenue continued to grow in the latest quarter, surpassing Wall Street's expectations on both fronts as it expanded the number of users and the amount of money it makes on mobile ads.

The Menlo Park, Calif.-based social networking company earned $523 million, or 20 cents per share, in the October-December quarter. That's up $64 million, or 3 cents per share, from a year earlier. Adjusted earnings were $780 million, or 31 cents per share, in the latest quarter.

Revenue grew 63 percent to $2.59 billion, from $1.59 billion.

FactSet says analysts, on average, had expected earnings of 27 cents per share on revenue of $2.35 billion.

Associated Press


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Source: Florida Times Union


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