DealerTrack to open Nasdaq
Eric Jacobs, the chief financial officer of DealerTrack Holdings Inc., the Lake Success-based car dealership software company, gets a chance to ring the opening bell Wednesday at the Nasdaq headquarters at Times Square in Manhattan. The Nasdaq's "epicenter" building is called MarketSite. "Each day MarketSite hosts some of the world's most prestigious business leaders to preside over the Market Open at MarketSite Tower," the exchange says. DealerTrack Holdings, publicly traded on the Nasdaq, works with 17,000 car dealers nationwide to provide software for inventory management, sales leads, car-buyer financing requests and other data. DealerTrack last month said it had reached a milestone: It had 1,000 lenders in its credit application network. In 2001 the company reported five lenders.
Canon wins in patent claim
Canon USA Inc. has succeeded in its patent infringement claim against more than a dozen companies that sold knockoff replacement parts and refills for Canon and Hewlett-Packard laser printers. Canon, headquartered in Lake Success, filed with the U.S. International Trade Commission claiming the competitors had infringed on its patents for toner cartridges and photosensitive drums. A consent order is expected to go into effect the first week of May. In the consent agreement, the group of 20 companies "acknowledges the validity of the involved patent claims and acknowledges that the respondents may not import into the U.S. or sell in the U.S. the accused toner cartridges and their photosensitive drums without a license or consent from Canon," the company said. It added, "Canon has no present intention to grant a license." NATION
Stocks gain, earnings mixed
Strong earnings from Johnson & Johnson helped stocks rebound yesterday, a day after suffering their worst one-day drop in more than a month. Johnson & Johnson rose 3.7 percent, leading the 30 companies in the Dow Jones industrial average, with earnings that beat Wall Street's expectations. The health care heavyweight also raised its full-year profit forecast. Stocks traded in a narrow range throughout the day. Goldman Sachs and other companies reported weak earnings, and worries lingered over a warning from Standard & Poor's about U.S. government debt. The Dow Jones industrial average rose 65.16 points, or 0.53 percent, to close at 12,266.75. The Standard & Poor's 500 index rose 7.48, or 0.57 percent, to 1,312.62. The Nasdaq composite rose 9.59, or 0.35 percent, to 2,744.97. Major stock indexes posted their largest one-day drop in over a month Monday after S&P said it might lower its rating on U.S. government bonds if Washington failed to tackle its mounting debts. While the rating agency kept its U.S. debt rating the highest possible, it warned of a one-in-three chance it would downgrade U.S. debt within two years.
Goldman 1Q income off 72%
Goldman Sachs took a hit to its first-quarter earnings after paying dividends to billionaire investor Warren Buffett's company, which invested $5 billion in the bank at the height of the financial crisis in 2008. The investment bank's first-quarter income fell 72 percent to $908 million after it paid $1.64 billion in dividends to Berkshire Hathaway Inc. Goldman Sachs Group Inc. said its revenue fell 7 percent to $11.9 billion on weakness in some of its core businesses including stock and bond trading and advising clients. Goldman's revenues from trading fixed-income investments, currencies and commodities for clients fell 28 percent, while revenue from advising on financial transactions fell 23 percent. Revenue from underwriting debt and stock offerings grew 23 percent. The trends were comparable with those reported last week by the investment banking divisions of JPMorgan Chase & Co. and Bank of America Corp., two Goldman rivals.
Compiled with wire service reports