Superior Offshore Shares Plunge
Shares of Superior Offshore International Inc., plunged after the company delayed filing its third-quarter financial statement. Superior Offshore shares dropped 77 cents, or 9 percent, to close at $7.83, after plunging 24 percent to $6.56 earlier in the session. The stock has dropped more than 40 percent since its initial public offering priced at $15 in April. In a Securities and Exchange Commission filing, Superior Offshore said the third-quarter filing was delayed as the company determines whether it is required to reclassify long-term debt as current debt. Superior Offshore said the reclassification may be necessary under the terms of a waiver from a lender related to defaults on the company's senior secured term loan facility.
Hutchison's Core Profits Fall At Slow, Steady Pace
First-half profits for Li Ka-shing's Hutchison Whampoa Ltd. will be a festival of one-off gains and charges on its sinking telecoms holdings, but core profits will fall sharply as wireless spending offsets growth in energy and infrastructure operations. Hutchison is expected to post a net profit of HK$2.3 billion to HK$19.2 billion (US$295 million-$2.46 billion), depending on the size of provisions it takes on the falling value of Vodafone Plc and Deutsche Telekom, according to brokerage analysts. Hutchison, which has businesses spanning telecoms, container ports, retailing property and energy, will report its results on Thursday. However…
