Bankruptcy: Enron shares surge
Embattled energy trader Enron Corp. could emerge from bankruptcy with a second life as a smaller trader with different management and a supporting bank as a partner, said John Olsen, director of research at Houston securities firm Sanders Morris Harris.
Enron shares surged Tuesday as investors took heart in news that Enron had secured $1.5 billion in short-term financing after seeking bankruptcy protection Sunday.
Enron shares jumped 47 cents, or 118 percent, to 87 cents Tuesday on the New York Stock Exchange. They were above $80 a year ago.
Steel: Companies mull merger
U.S. Steel, the biggest domestic steelmaker, has been discussing merging with at least three other large steel companies in a move aimed at saving a dying industry but that would need help from the government and the United Steelworkers union.
U.S. Steel, Bethlehem Steel and Wheeling-Pittsburgh Steel said Tuesday they were involved in discussions with a fourth company and other potential partners.
Manufacturing: Sauer-Danfoss tabs CFO
Hydraulic pump manufacturer Sauer-Danfoss Inc. said Tuesday that Karl Schmidt had been named chief financial officer effective Jan. 1.
Schmidt formerly was executive vice president and CFO of Degussa-Huls Corp., a specialty chemicals company based in New Jersey.
Sauer-Danfoss has a plant in Lawrence.