Natick-based Boston Scientific Corp. received clearance from the Food and Drug Administration to market its new balloon for angioplasty. In an angioplasty procedure, heart doctors inflate tiny balloons in the artery to stretch the clogged artery and increase blood flow to the heart. The medical device maker is launching immediately the Flextome Cutting Balloon Dilatation Device in the United States, spokesman Eric Olson told Dow Jones Newswires. In a press release, the company said the Flextome balloon's microsurgical blades make tiny incisions in plaque, or fat deposits, in the artery. The incisions make it easier to stretch the artery. (Dow Jones)
Former TJX chief to get $1.5m as part of severanceTJX Cos.'
former chief executive Edmond J. English will get a $1.5 million check from the firm in about three years, when he turns 55. The lump-sum payment is part of the severance plan included in a 2003 employment agreement for English, now 52. His resignation as head of the Framingham discount retail apparel company was revealed Tuesday. The future payment was disclosed yesterday in a Securities and Exchange Commission filing. (Dow Jones)
Digitas cuts forecasts amid Delta-related charge
Digitas Inc. lowered its third-quarter and full-year guidance due to an expected third-quarter charge of about $3 million to $4 million related to Delta Air Lines Inc.'s
bankruptcy. In a press release, Digitas said it cut its third-quarter earnings outlook to 5 cents to 7 cents a share. The Boston-based Internet consulting firm had previously expected 10 cents to 12 cents a share. On average, analysts expect 12 cents a share, according to Thomson First Call. For the full year, Digitas expects earnings of 40 cents to 43 cents a share. It previously expected 48 cents to 51 cents a share. (Dow Jones)
Airline is cleared to exit bankruptcy, enter merger
US Airways received final approval to exit bankruptcy for the second time in three years and merge with America West Holdings Corp.
The ruling allows the airline to be purchased by America West, the nation's eighth-largest airline, as soon as Sept. 27. US Bankruptcy Judge Stephen Mitchell approved the airline's reorganization plan -- of which the merger is the centerpiece -- after allowing the airline to provide $12 million in severance pay to 11 executives who will not be given jobs at the merged airline. (AP)
Handbag firm Kate Spade may seek sale, offer stake
High-fashion handbag maker Kate Spade, partly owned by Neiman Marcus Group
Inc., may put itself up for sale or sell a stake to fund growth. Neiman, which has a 56 percent stake, agreed to the exploration of strategic alternatives including a possible sale, New York-based Kate Spade said in a statement. Neiman's acquisition by two private equity firms will be completed as early as next month, the luxury retailer said separately. (Bloomberg)
Shares of Hologic Inc.,
a Bedford provider of diagnostic imaging systems, rose 14 percent after researchers said digital mammograms were more effective for younger women than standard tests using film. Hologic stock gained $6.52 to $53.44. . . . Enterasys Networks Inc.
of Andover plans to hold a shareholder meeting Oct. 24 to vote on a proposed 1-for-8 reverse stock split. If approved, the split would become effective Oct. 28 . . . Chicago Sun-Times publisher Hollinger International Inc.
said it settled a lawsuit over claims of inflated circulation at the newspaper and two other publications for $15 million in cash and free advertising. The settlement will resolve claims by 14,000 advertisers arising from the inflated circulation figures. (Globe wires)
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