Good Morning
Good Morning

Biz Buzz


DealerTrack buys eCarList

DealerTrack Holdings Inc., of Lake Success, says one of its companies has bought a rival maker of automobile-sales management software. DealerTrack AAX Inc. has bought eCarList, "a leading provider of inventory management and merchandising solutions for automobile dealerships." ECarList is based in Dallas. "The combination of DealerTrack's current AAX inventory management solution with eCarList's product suite of vehicle merchandising, pricing analytics and mobile inventory solutions will provide dealerships with a comprehensive vehicle management offering," DealerTrack said in announcing the deal yesterday. -- JOSEPH MALLIA

Suffolk bank risks delisting

Suffolk Bancorp could be delisted from the Nasdaq stock exchange if it fails to file its first quarter financial report or work out a plan to do so by mid-July, the company disclosed Tuesday. In a May 18 letter, Nasdaq gave the Riverhead-based bank 60 days to comply with requirements to file a quarterly report with the Security and Exchange Commission known as a 10-Q. "It will be done as soon as practicable, said Bancorp senior vice president and corporate secretary Douglas Ian Shaw. "We expect to provide either a satisfactory plan of compliance or to simply comply within that period." Suffolk Bancorp, which is the parent company of Suffolk County National Bank, announced last week that it would delay filing its first-quarter earnings report and that it may need to restate loan losses for one or more previous quarters. Expected first-quarter losses of $12.9 million may be incorrect because the company may not have set aside enough money for loan losses, it reported. -- TED PHILLIPS

New CFO at Cedar Shopping

Cedar Shopping Centers Inc., a Port Washington-based real estate investment trust, has replaced its chief financial officer. The new executive, Philip R. Mays, starts June 13. He replaces Lawrence E. Kreider, who will remain on the payroll as a consultant for the rest of the year. Kreider held the top finance job at Cedar for four years. Cedar, in a Tuesday announcement, did not give a reason for the change. Mays has nearly 20 years' experience as a financial and accounting executive, with a strong background in real estate investment trusts and the Securities and Exchange Commission, Cedar said. -- JOSEPH MALLIA


Twitter buys tweet organizer

Twitter has bought TweetDeck, a London-based startup that helps people read, write and organize the short messages posted on the online network -- and will keep the service going. Twitter is not giving financial terms, though published reports have pegged the price at around $40 million to $50 million. The San Francisco company said in a blog post yesterday that the TweetDeck team of 15 has joined Twitter. TweetDeck will continue to be based in London, and its users, many of whom are Twitter's so-called "power-users," will continue to be able to use the application. -- AP

Markets gush over $101 oil

The oil rally is on again. Stocks closed higher yesterday for the first day this week as rising oil prices offset worries about the global economic recovery. Oil rose $1.73 to settle at $101.32 per barrel, pushing energy stocks higher. The Dow Jones industrial average rose 38.45 points, or 0.31 percent, to close at 12,394.66. The Standard & Poor's 500 index rose 4.19, or 0.32 percent, to 1,320.47. The Nasdaq composite rose 15.22, or 0.55 percent, to 2,761.38. Markets have been battered in recent days by new worries over Europe's debt crisis. The last time stocks closed higher was last Thursday, when investors welcomed a blockbuster initial public offering by the social networking site LinkedIn Corp. -- AP

More news