Neb.’s TierOne gets delisting warning from Nasdaq

–(– 01/02/2010 – US Market industry news provided by Financial News USA. TierOne Bank’s owners say they have received a Nasdaq delisting notice because the company’s stock price has been below $1 for more than 30 consecutive business days.

TierOne Corp., the Nebraska-based parent of TierOne Bank, said Tuesday that it plans to comply with Nasdaq rules before the stock market’s June 28 deadline, but the company is still evaluating its options.

TierOne’s stock has closed below $1 every day since Nov. 12, and it was trading at 70 cents on Wednesday afternoon.

TierOne holds about $3.1 billion in assets and 69 bank branches in Nebraska, Iowa and Kansas, but it has agreed to sell 32 of those branches to Sioux Falls, S.D.-based Great Western Bank.

Varian Medical Systems Inc. President and CEO Timothy E. Guertin saw his compensation in fiscal 2009 drop 25 percent to about $5.5 million, mainly because of lower performance-based payments and stock and option awards, according to a Securities and Exchange Commission filing Wednesday.

The CEO received a salary of $864,238 in fiscal 2009, up 4.7 percent from the year before. But his performance-based awards fell 55 percent to $753,417, while other compensation fell 35.5 percent to $131,107. Other compensation includes company matches to a retirement plan and supplemental deferred compensation.

Meanwhile, stock and option awards fell 19.1 percent. They were valued at $3.8 million on the day they were granted.

The Associated Press formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. [Read the full article]

New York City’s Times Square was closed briefly and three buildings including the Nasdaq headquarters were evacuated in a security scare on Wednesday, a day before the traditional New Year’s Eve festivities in the famed intersection.

The street closings and evacuations were prompted by a police investigation of a suspicious van that local media reported had been parked on Broadway for two days.

The typically busy Times Square intersection, Nasdaq building and two other buildings were cleared of people during the investigation which lasted about two hours.

Times Square was already crowded with tourists and a heavy police presence ahead of the traditional New Year’s Eve festivities and the dropping of a large lit ball at midnight on December 31. [Read the full article]

The government is providing a fresh $3.8 billion cash infusion to stabilize GMAC Financial Services as it struggles with hefty losses in its home mortgage unit.

The Treasury Department says the new aid, which comes from a taxpayer-financed bailout fund, is less than the roughly $6 billion the government had earlier thought GMAC would need to stabilize the company.

The fresh infusion is on top of $12.5 billion in taxpayer money Detroit-based GMAC has already received from the government. The new agreement will boost the federal government’s ownership in GMAC to 56 percent, from 35 percent.

The U.S. government is imposing new duties on imports of steel pipes from China, the latest sign of trade tensions between the two countries.

The case is the largest steel trade dispute in U.S. history and will impact about $2.8 billion worth of Chinese imports.

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