Business News

Immunogen shares continue rise

New York - AP

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Shares of biotechnology company Immunogen surged this week after Cantor Fitzgerald initiated coverage with a "Buy" rating earlier in the week. The Cambridge-based company focuses on developing cancer treatments using its Tumor-Activated Prodrug technology. TAP... Full story

Japanese markets closed for national holiday

AP - AP

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Japanese stock, currency and other financial markets were closed Thursday for Labor Thanksgiving Day, a national holiday.... Full story

BJ's Wholesale CEO resigns, prompting takeover speculation

Boston - AP

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The top executive at BJ's Wholesale Club has resigned amid disappointing sales at the nation's number three retail warehouse club. Mike Wedge's departure is fueling speculation that the Natick-based company could be ripe for a takeover... Full story

Synta Pharmaceuticals files IPO to sell up to $115M in stock

Washington - Dow Jones/AP

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Biopharmaceutical company Synta Pharmaceuticals has filed an initial public offering to sell up to 115 million dollars in common shares. The Lexington-based company withdrew an earlier IPO in June 2005 due to unfavorable market conditions. It didn't... Full story

BJ's Wholesale CEO resigns, admits progress too slow

Natick, MASS - AP

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Shares of Natick-based BJ's Wholesale Club were up nearly eight percent this morning after the company's top executive stepped down. Mike Wedge had served as president and CEO for four years. He and interim CEO Herb Zarkin issued a statement,... Full story

GateHouse Media buys Messenger Post chain

Fairport, NY - AP

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Newspaper publisher GateHouse Media is buying the Canandaigua Daily Messenger and its stable of ten weeklies serving Rochester's suburbs. No price was undisclosed for the deal, which GateHouse announced late yesterday. The company moved... Full story

Report: New York Times rejects bid for Boston Globe

Boston - AP

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The New York Times Company has reportedly said NO to a proposal from a group of Boston business executives to purchase The Boston Globe. The Globe is reporting today that Times chief executive Janet Robinson sent a letter last week saying the company... Full story

Dollar posts slight gain against the yen in Tokyo

AP - AP

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The US dollar gained value against the Japanese yen at the start of the Tokyo business day Wednesday. The 9 a-m quote on the Tokyo Foreign Exchange has the dollar at 117.88 yen, up 0.01 yen from late Tuesday in New York.... Full story

Defense contractor sentenced for fraud

New Haven, CONN - AP

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The owner of a Massachusetts-based military contractor has been sentenced to six months in prison for tax evasion. James Stranberg of Bradenton, Florida was also fined 30,000 dollars in a federal court in Connecticut. He owns Ace and Company,... Full story

Brown Shoe gets ready for long distance footrace

St. Louis - AP

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Missouri-based Brown Shoe Company announces record earnings, but also unveils a long-term restructuring plans that includes closing a facility in Massachusetts. Brown Shoe operates on both the production and retail sides of the business. It runs... Full story

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