17 Jul 02. Raytheon Co. (NYSE: RTN.B – News) is in talks with the Securities and Exchange Commission to settle charges the defense concern failed to publicly disseminate financial information before discussing it with a handful of Wall Street analysts, people familiar with the situation told The Wall Street Journal.
A settlement, if reached, would mark the first enforcement action by the SEC of the controversial rule known as Regulation FD, for “fair disclosure.” The rule, which took effect in October 2000 , is intended to end companies’ longstanding practice of providing market-moving information to stock-research analysts, giving them and their institutional clients a leg up on smaller investors. Under the terms of the rule, financially meaningful information must be released publicly so all investors receive it at the same time.
16 Jul 02. The sale of Lagardere SCA’s (F.LGD) 15% stake in European
aeronautics company EADS NV (N.EAD) is “absolutely not on the agenda,” EADS Co – Chairman Philippe Camus told Le Figaro in an interview.
“A strengthening (by Lagardere) of its media business is not incompatible with keeping a stake in EADS,” Camus said. “One day, faced with a big investment in the communication sector, the group might raise the issue. But it’s absolutely not on the agenda.”
16 Jul 02. Raytheon Company (NYSE: RTN – News) has appointed William H. Swanson as president of the company, effective immediately, reporting to Chairman and Chief Executive Officer Daniel P. Burnham. In this new role, Swanson, 53, will lead Raytheon’s government and defense businesses that are part of Electronic Systems (ES) and Command, Control, Communication and Information Systems (C3I), with all reporting directly to him. Raytheon Technical Services Company and the newly formed Raytheon Homeland Security business will also report to Swanson.
18 Jul 02. DRS Technologies, Inc. (NYSE:DRS – News) has received new orders to provide Uncooled Infrared Focal Plane Array (UFPA) sensors for military and commercial applications. These sensors are incorporated into sighting systems to provide thermal images, regardless of light level, smoke, fog, dust or other obscurants.
DRS’s UFPAs retain many of the advantages of advanced, cryogenically cooled infrared detectors, while eliminating the need for the cooler assembly and lowering system costs. Providing high reliability, spectral sensitivity and no audible noise, these leading edge uncooled sensors will be used to support new product development associated with military night vision sighting systems, reconnaissance, surveillance and target acquisition systems, and night driving aids for the U.S. Army’s Thermal Omnibus, Brigade Combat Team and Future Combat Systems programs. For commercial applications, these sensors will be integrated into infrared cameras for fire fighting and industrial radiometers for analyzing manufacturing processes.
The contracts, with a combined value of approximately $5m, were awarded
to DRS by various domestic and international military and commercial customers. Work for these awards will be accomplished by the company’s DRS Infrared Technologies unit in Dallas, Texas, with deliveries expected to be completed this year.