Carco buys two Huntington properties; other business briefs
Carco buys two properties
Two commercial properties in Huntington Station purchased by Kimco Realty Corp. at the top of the real estate market have sold at a lower price, the parties announced Monday. A limited liability company controlled by Jericho-based Carco Builders Corp. purchased the 32,000-square-foot office building and 9,900-square-foot retail building -- home of a T.G.I. Friday's franchise -- at 100-110 Walt Whitman Rd. for $10.5 million. Kimco, a New Hyde Park-based real estate investment trust that primarily invests in retail property, bought the properties in 2007 for $12.7 million, according to property records. The buildings, adjacent to the Walt Whitman mall, were part of an 11-property portfolio acquired from National Birchwood Corp. for $92.1 million, Security and Exchange Commission filings show. The office building is 71.8 percent occupied. Kimco and Carco Builders did not respond to calls for comment.-- Ted Phillips
Verint rumored up for sale
Shares of Melville-based Verint Systems Inc. were up more than 7 percent Monday after a report that the software company is in talks to be acquired by an Israel-based civil defense firm. Verint shares were up $2.33, to $33.83, after the Israeli financial newspaper Calcalist reported Nice Systems was considering paying $1.5 billion to acquire the Long Island company. A spokesman for Verint did not respond to a request for comment. Verint produces software used by businesses and government agencies to sift through data from telephone calls and surveillance cameras to detect potential problems.-- Joe Ryan
JPMorgan cited for lapses
JPMorgan Chase & Co. has been ordered to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion. Federal regulators also on Monday cited the bank for lapses in oversight that allowed the bank to be used for money laundering. JPMorgan, the nation's largest bank by assets, will not pay a fine under the agreements with the Federal Reserve and the U.S. Comptroller of the Currency. The bank promised to strengthen its policies and procedures to control risk and to screen customers to prevent money laundering. JPMorgan neither admitted nor denied the findings.
Source: Dell may go private
Dell's stock soared 13 percent Monday on a report that the struggling personal computer maker is in talks to take the company private. Citing unidentified people familiar with the situation, Bloomberg News said Dell has discussed a potential sale with at least two firms that specialize in buying companies whose stocks have fallen out of favor. The report didn't name the interested firms. Dell Inc., based in Round Rock, Texas, declined to comment. Dell CEO and founder Michael Dell is the company's largest shareholder with a 15.7 percent stake. The stock rose $1.41 to close at $12.28. The stampede to snap up shares triggered a temporary halt in their trading on the Nasdaq Market.
Switzerland's biggest watch maker, Swatch Group AG, will pay about $1 billion to acquire Canada's Harry Winston watch and jewelry brand, officials from both companies said Monday. The Biel, Switzerland-based company has agreed to pay $750 million to acquire the brand from Toronto-based Harry Winston Diamond Corp. and will also assume as much as $250 million in debt, a joint statement said. Swatch Group's chairwoman, Nayla Hayek, said the addition of a jewelry-watch brand "brilliantly complements the prestige segment" of Swatch's portfolio, helping it compete against luxury watch makers.-- AP