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Caterpillar Inc., already battered by a slump in demand for its mining machinery, faces slowing sales of compressors, pumps and gas turbines as oil companies reduce spending. The impact will be felt by Caterpillar in early 2015 as drillers cut back and exploration declines, Chairman and Chief Executive Officer Doug Oberhelman said. Comment?
The new but still not opened Crowne Plaza hotel in Saddle Brook, put on the block after its owner was charged with criminal loan fraud and sued for $72.8 million, has a prospective buyer, according to a court document. Continental Properties Acquisitions Corp. of Miami has signed a letter of intent indicating its interest in acquiring the former Holiday Inn, rebranded as a Crowne Plaza, along with four other hotels being sold by Nikesh Patel, an Orlando entrepreneur who is in legal trouble. Comment?
The former Holiday Inn in Saddle Brook, which had been slated to reopen this fall as a Crowne Plaza, is being sold to help settle a $72.8 million lawsuit filed by a Wisconsin company against the owner, who also faces criminal fraud charges. Nikesh Patel, a 30-year-old entrepreneur in Orlando, Fla., in a consent agreement said he would sell his portfolio of five hotels, including his 148-room property at 50 Kenny Place, in an effort to settle a suit filed against him by Milwaukee-based Pennant Management Inc., claiming fraud. Comment?
On a per-share basis, the Peoria, Illinois-based company said it had net income of $1.63. Earnings, adjusted for restructuring costs, came to $1.72 per share. Comment?
The construction equipment company's adjusted profit topped Wall Street's view, but revenue fell short. Comment?
A pothole filled by mosaic artist Jim Bachor on a street in Chicago is protected by cones until it is ready to be driven on. Comment?
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