For Wednesday, July 20, 2011
POSTED: 01:30 a.m. HST, Jul 20, 2011
First Hawaiian Bank has extended its donation collection period for the Aloha Initiative, a program of the Japanese Cultural Society of Maui to provide citizens of Japan temporary respite from the March earthquake, tsunami and nuclear crisis. Those interested in making a contribution to the Aloha Initiative may do so at any First Hawaiian branch in Hawaii, Guam and the Commonwealth of the Northern Mariana Islands.
First Hawaiian fundraising efforts have exceeded more than $1.5 million in donations in support of Japan’s recovery, including a $25,000 donation to the Aloha Initiative.
Matson Navigation Co. has re-branded its three logistics units under a new name, Matson Logistics.
The company said that combining the services offered by its three entities, Matson Integrated Logistics, Matson Global and Matson America, into one brand will better define the full range of services that Matson represents outside of ocean transportation.
SAN FRANCISCO » Yahoo Inc. had another sluggish performance in the second quarter.
The disappointing results, released Tuesday, could intensify pressure on Yahoo CEO Carol Bartz, who has spent the past 21⁄2 years trying to turn around the Internet company.
Yahoo earned $237 million, or 18 cents a share, during the three months ended in June. That’s an 11 percent increase from $213 million, or 15 cents a share, at the same time last year. The earnings, bolstered by cost cutting undertaken since Bartz’s January 2009 hiring, matched the projections of analysts surveyed by FactSet.
Yahoo’s revenue sank at a time when advertisers are pouring more money into the Internet. Revenue totaled $1.08 billion, down 5 percent from last year.
NEW YORK » Things keep getting worse for Bank of America.
On Tuesday the nation’s largest bank reported a loss of $9.1 billion during the second quarter, partly due to an $8.5 billion settlement with investors. That agreement, reached in June, settled claims that the bank had sold the investors poor-quality mortgage bonds. The bank already had announced several other settlements this year. The total so far to settle investor claims: $12.7 billion.
The stock is already down more than 35 percent for the year, and it is the only large bank whose shares trade below $10 per share.
BofA’s shares fell 15 cents to $9.57 yesterday.
NEW YORK » Real estate listing and information service Zillow Inc. will sell shares for $20 apiece in its initial public offering today. That’s $2 higher than the top of the range it predicted on Friday.
The company, based in Seattle, said in a Securities and Exchange Commission filing that it will sell roughly 3.5 million shares, meaning it aims to raise just more than $69.2 million through the sale of common stock. It also plans a private placement of about 275,000 common shares, which would raise about $5.5 million more.
That means the company expects to tally about $74.7 million, above the $71.6 million it said it expected to raise on Friday. In addition, it is giving underwriters the option to buy up to an additional 519,300 shares to cover any overallotments.
The company will trade on the Nasdaq Global Market under the symbol “Z.”
NEW YORK » Goldman Sachs more than doubled its profits last quarter, to $1.05 billion, but even that wasn’t enough to satisfy its investors.
The results announced Tuesday came in well below what analysts were expecting because of a sharp drop in bond and currency trading. The 63 percent slump in that business from the previous quarter was much worse than the declines of 18 percent and 20 percent at rivals JPMorgan Chase & Co. and Citigroup Inc. Goldman attributed the decline to investors being nervous about global economic issues.
Goldman Sachs Group Inc., which has made a reputation for embracing risk before other Wall Street banks, also said it reduced a key measure of investment risk last quarter to the lowest level in five years. Goldman also said it would eliminate as many as 1,000 jobs as part of an effort to cut costs.
SHIP AHOY!Today’s ship arrivals and departures:
Bank of Hawaii has promoted:
» Michael R. Camat to vice president and information security analyst in the information protection department.
» Nichole Campbell to vice president and financial operations manager.
» Kevin I. Higa to vice president and senior trust officer in the institutional Client Services Department.
» Denis Massey to vice president and portfolio manager in the investment management services-fixed income department.