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The Michael Jordan logo is seen on the outside of the Niketown Store in Portland. Nike Inc. reported Thursday that sales jumped 17 percent. (File/Associated Press / The Spokesman-Review)
From wire reports
The Michael Jordan logo is seen on the outside of the Niketown Store in Portland. Nike Inc. reported Thursday that sales jumped 17 percent. (File/Associated Press / The Spokesman-Review)

CdA Mines in Wheaton battle

A four-way fight over two Canadian gold miners is gathering steam ahead of key votes by shareholders, with Coeur d’Alene Mines at the center of the scrap.

After failing to negotiate a friendly deal, Coeur is making a $2 billion hostile takeover bid for Wheaton River Minerals of Vancouver, and urging Wheaton’s shareholders to vote against a previously planned merger with Iamgold Corp. of Toronto.

“We continue to believe our plan is superior to the proposed Iamgold plan…and we have been making our case to Wheaton River shareholders,” Chairman Dennis Wheeler said in a prepared statement.

Coeur is urging Wheaton shareholders to vote against the proposed Iamgold merger at a special meeting on July 6. A Coeur-Wheaton merger would create North America’s fourth-largest mining company, according to Wheeler. On Monday, Coeur increased the cash portion of its offer to $211 million.

In other news this week, Coeur announced that it has received environmental permits for mining projects in Alaska and Bolivia. The company hopes to begin production at the Kensington gold mine in Alaska, and the San Bartolome silver project in Bolivia, as early as 2006.

Stewart prosecutors argue against trial

New York The government urged a federal judge on Thursday to reject Martha Stewart’s latest bid for a new trial based on charges that a Secret Service ink expert lied on the witness stand.

Federal prosecutors filed court papers saying the testimony of ink expert Larry Stewart had no effect on the jury’s guilty verdict against the celebrity homemaker and former stockbroker Peter Bacanovic.

“There was overwhelming evidence of the defendants’ guilt on the counts of conviction, and that evidence was wholly independent of Mr. Stewart’s testimony,” the prosecutors wrote.

Larry Stewart, who is no relation to Martha Stewart, testified about ink analysis of a worksheet prepared by Bacanovic that reflected stocks in Martha Stewart’s portfolio. Prosecutors say he lied by saying he took part in the ink testing.

But Bacanovic was acquitted of a charge of doctoring the worksheet.

In its court filing, the government said defendants seeking new trials must meet the legal standard of showing that a jury “probably” would have acquitted if it had not heard the false testimony.

Verizon Wireless recalls bad batteries

Washington Verizon Wireless is recalling about 50,000 LG brand cell phone batteries, some of which may be counterfeit, because they can overheat when charging and cause burns.

Among the 18 reports involving the TM-510 batteries, a phone exploded and burned the user, and a fire in a car began after a phone overcharged, spokesman Scott Wolfson of the Consumer Product Safety Commission said Thursday.

The batteries lack safety devices to detect overcharging, the commission said.

Recalled batteries are labeled with codes “AEMLLL 02220,” AEMMHH 02220,” “AEMLLL 02X25H” or “AEMMHH 02725.”

The commission advises consumers to stop charging the battery and contact the company for a replacement battery at 888-351-2121, Monday through Friday, 6 a.m. to 5 p.m. PDT.

Earnings roundup

“ Nike Inc. reported that its quarterly income surged 24 percent, helping the world’s largest athletic shoe and clothing maker beat Wall Street estimates.

Earnings for the quarter ending May 31 were $305 million, or $1.13 per share, up from $246.2 million, or 92 cents a share, in the fourth quarter of 2003.

Sales jumped 17 percent to $3.5 billion in its fiscal fourth quarter.

“ A.G. Edwards Inc. said earnings in the latest quarter rose 66 percent and revenue rose 19 percent, but earnings missed Wall Street expectations.

In the quarter ended May 31, St. Louis-based financial services company earned $46.3 million, or 57 cents a share, on revenue of $662 million. In the same period last year, it earned $28 million, or 35 cents a share, on revenue of $556 million.

Analysts were expecting earnings of 65 cents a share, according to Thomson First Call.

“ Del Monte Foods Co., the maker of StarKist tuna, Kibbles ‘n Bits pet food and other brands, Thursday said its profit more than doubled in the latest quarter, boosted by the integration of brands acquired from H.J. Heinz Co. However, Del Monte also warned that net income for the current quarter would be lower due to higher commodity costs and marketing expenses.

For the fiscal 2004 fourth quarter ended May 2, the company reported net income of $56.6 million, or 27 cents a share. That compares with the previous year’s $23.5 million, or 11 cents a share.

“ Family Dollar Stores Inc. on Thursday said earnings for its latest quarter rose 6 percent from a year ago, driven by new store openings and sales of staple goods.

The discount chain said it earned $73.8 million, or 43 cents a share, for the third quarter ended May 29. A year ago, the company earned $69.6 million, or 40 cents a share.