Archive for December, 2010

KBR seen rising with energy prices

Tuesday, December 28th, 2010 | Finance News

The provider of engineering and construction services jumped 4.7% to 30.90 after it was upgraded by BB&T, which said rising commodity prices, especially for oil and gas, will boost demand for KBR's (NYSE:KBR - News) services. BB&T expects energy firms to boost spending as oil and natural gas prices climb. It set a price target of $37. KBR's revenue took a hit after the U.S. sued it in April for alleged overcharging, but BB&T says KBR would likely see profit margins increase by focusing on the private sector.


Groupon files to raise up to $950 million: VC Experts

Tuesday, December 28th, 2010 | Finance News

BOSTON (Reuters) – Groupon's board has authorized the company to raise up to $950 million in what would be the biggest round of equity financing since Pixar sought some $500 million in 1995, the venture capital data firm VC Experts said on Tuesday.

The online discount coupon company, which specializes in local advertising, is seeking the funding after reports last month that it was in talks to sell itself to Google Inc (GOOG.O) for up to $6 billion, in what would have been the web advertising giant's biggest ever acquisition.

Groupon made its intentions known in an restated certificate of incorporation that it filed with the State of Delaware on December 17, according to Justin Byers, head of business intelligence for VC Experts, which specializes in providing data on private companies.

Officials with Groupon could not immediately be reached for comment.

(Reporting by Jim Finkle; editing by Carol Bishopric)


Gas leak at NY plant sends 25 workers to hospital

Tuesday, December 28th, 2010 | Finance News

FREEPORT, N.Y. – A gas leak has caused an evacuation at a packaging plant on New York's Long Island and sent 25 workers to the hospital for exposure to carbon monoxide.

Firefighters responded to the leak at the LaMar Plastic Packaging company in Freeport on Tuesday morning. The county's hazardous materials team determined the carbon monoxide likely came from the plant's gas-fired heaters.

Mark Stuparich (STEW'-pah-rich), a Freeport assistant fire chief, says indoor air readings indicated carbon monoxide levels of more than 500 parts per million. Normal levels are 5 parts per million or less, according to the Environmental Protection Agency.

Workers complained of headaches, dizziness and nausea. Along with the 25 who went to the hospital, 20 were treated at the scene.

The leak is under investigation.