Business news briefs
Peak Alarm gets
room to grow
Peak Alarm and Peak Audio & Video are expanding with a new 17,000-square-foot building under construction in Salt Lake City. The facility will house Peak Audio & Video and Peak Guard & Patrol. Peak Alarm also will continue to operate in its existing 16,000-square-foot building next to the new facility.
Stoel Rives earns
Stoel Rives LLP, a Portland-based law firm with offices in Salt Lake City, was recently recognized by the American Heart Association as a Fit-Friendly Worksite gold award recipient. The award is based on fulfilling a specific set of criteria, such as offering employees physical activity support, increasing healthy eating options at work and promoting a wellness culture.
GM cuts Europe
jobs, shares spike
Shares of General Motors surged Wednesday after the company announced big job cuts in Europe and reported third-quarter earnings that were far better than Wall Street expected. The company said it has cut 2,300 jobs in Europe this year and wants to trim 300 more, part of a larger plan to reduce costs and raise revenue. The company made $1.48 billion, or 89 cents per share, for the quarter.
J.P. Morgan suing
rogue trader's boss
JPMorgan Chase & Co. sued the executive responsible for supervising Bruno Iksil, the trader nicknamed the London Whale for market-moving wagers at the division responsible for a $6.2 billion trading loss. Javier Martin-Artajo, Iksil's supervisor, is a defendant in a lawsuit in London. The court filings didn't reveal any details of the complaint.
Europe's economic gloom deepened Wednesday on news that unemployment in the 17-nation eurozone hit another record high in September as the region's debt crisis continued to sap the confidence of business owners, investors and consumers. More than 18.5 million people were out of work, adding up to a jobless rate of 11.6 percent.
Apple shares off
as execs exit
Shares of Apple declined Wednesday, the first trading session after CEO Tim Cook embarked on a sweeping management overhaul at the world's most valuable company. Apple's shares closed at $595.32, down $8.68, or 1.4 percent, for the day. Apple on Monday announced the departure of mobile software head Scott Forstall and retail leader John Browett in the wake of the map apps fiasco.
Facebook stock off
as lock-up expires
Facebook's stock price fell nearly 4 percent Wednesday, the day employees were eligible to start selling restricted stock in the company. A lock-up period that had prevented such sales expired on Monday. U.S. stock markets opened on Wednesday for the first time since Superstorm Sandy hit the East Coast, so that's when employees could start selling. Facebook shares closed at $21.11, down 83 cents for the day.
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