Business news in brief

IN THE REGION

Nova Bank parent to liquidate

The bank holding company for Nova Bank said Tuesday that it intended to file a petition for Chapter 7 bankruptcy and liquidate. Nova Financial Holdings Inc., based in Berwyn, said in a statement that it had been following a plan to strengthen its capital base under a 2010 plan agreed to by its regulator, the Federal Reserve Bank of Philadelphia. Under that plan, Nova Financial agreed to raise additional capital, which the company said it had been "unable to consummate due to the filing of ill-conceived lawsuits by a few disgruntled shareholders." On Friday, its subsidiary Nova Bank was closed by the Pennsylvania Department of Banking and Securities. The Federal Deposit Insurance Corp. is acting as receiver and will return depositors' money. - Mike Armstrong

 

East Coast refiners reduced output

Refiners, including Phillips 66 and PBF Energy Inc., reduced output at East Coast plants before the arrival of Hurricane Sandy. Phillips halted operations at its 238,000 barrel-a-day Bayway refinery in North Jersey on Monday . Locally, NuStar Energy L.P. took its Paulsboro asphalt refinery off-line. Philadelphia Energy Solutions' South Philadelphia plant and PBF's Delaware City, Del., and Paulsboro refineries are running at reduced rates, the companies said. The Energy Department said Delta Air Lines' Trainer jet-fuel refinery was operating at reduced rates. - Bloomberg News

 

Profits, revenues decline at Vishay

Revenues and profits declined in the third quarter for Malvern-based Vishay Intertechnology Inc. CEO Gerald Paul said many of Vishay's "end markets deteriorated substantially" over the course of the quarter, with "unexpectedly low orders" from Asia. Vishay reported net earnings of $22.3 million, or 15 cents per share, on revenues of $572.8 million for the three months ended Sept. 30. That compares with net earnings of $50.5 million, or 31 cents per share, and revenues of $637.6 million for the same period in 2011. - Mike Armstrong

 

CDI reports higher Q3 profits

CDI Corp., a Philadelphia-based provider of engineering and technology services to various industries, reported sharply higher earnings on a 2.5 percent increase in revenue for the third quarter. Net income rose to $5.35 million, or 27 cents per share, for the three months ended Sept. 30, from $2.81 million, or 15 cents per share. Revenue increased to $279.39 million from $272.47 million. - Mike Armstrong

 

Dow Chemical will take $1.1B charge

Dow Chemical Co. will record a charge of up to $1.1 billion in its fourth quarter tied to its restructuring plans. The Midland, Mich., chemical company, which employs about 1,400 in the Philadelphia region, announced last week that it will close 20 manufacturing facilities and eliminate about 2,400 jobs, or about 5 percent of its worldwide workforce, to cope with the weak global economy. Dow disclosed in a filing with the Securities and Exchange Commission that it expects to record a charge of $900 million to $1.1 billion for these plans, a write-off of some capital spending, and a write-down of the assets of a battery joint venture. - AP

 

Subaru tops 2011 sales level

Cherry Hill-based Subaru of America Inc. said it has broken its previous annual sales record with more than 60 days left to go in 2012. The subsidiary of Japan's Fuji Heavy Industries Ltd. said it surpassed its sales record of 266,989 vehicles set in 2011. Subaru projects that it will finish 2012 having sold more than 320,000 vehicles. - Mike Armstrong

 

Sybase's Chen to leave SAP

SAP AG is losing a top executive from Sybase Inc., the largest acquisition in the German software company's history. Sybase CEO John Chen is expected to step down Wednesday after 15 years at the Dublin, Calif.-based software maker, which was bought by SAP in 2010 for $5.8 billion. "It's time for me to relinquish the ownership of this franchise," Chen said. "I always thought about this like marrying off your daughter. You know it's the right thing to do, you just want to hold on a little more - but it's time to move on to other challenges." SAP employs about 2,500 at its U.S. headquarters in Newtown Square. - Bloomberg News

 

ELSEWHERE

NYSE will reopen after two-day hiatus

The New York Stock Exchange will reopen for regular trading Wednesday after being shut down for two days because of Hurricane Sandy. The exchange said in a statement Tuesday that its building and trading floor were fully operational and that normal trading would resume at the usual starting time of 9:30 a.m. There had been erroneous reports Monday that the exchange floor had flooded. Exchange spokesman Ray Pellecchia said the exchange's building did not have any flooding or damage. - AP

 

  

Shake-up at Apple as 2 execs depart

The head of Apple's iPhone software development was asked to resign after he refused to sign a letter apologizing for the flaws of Apple's mapping application, according to a published report. The Wall Street Journal says Scott Forstall's refusal was the latest clash between him and other executives, and led to the company's announcement Monday that he was stepping down and leaving the company next year. Forstall's unit was responsible for the Maps application, which was unfavorably compared to the Google Maps app it replaced. Apple also announced the immediate departure of John Browett, a British retail executive who took over Apple's stores in April. - AP

 

Another profitable time for Ford

Ford Motor Co. earned $1.63 billion, down only slightly from a year earlier, despite lower worldwide sales and bigger European losses. It was the company's 14th consecutive profitable quarter. Ford said its per-share net income was unchanged at 41 cents. Excluding one-time items, like severance payouts, Ford earned 40 cents per share, beating Wall Street's forecast of 30 cents, according to FactSet. - AP