Briefs: Human error limits access to Schwab
NEW YORK -- Clients of Charles Schwab using the discount brokerage's Web site and phone systems to trade Thursday morning had trouble accessing their accounts for about 2½ hours due to an error that restricted system capacity. Schwab normally enhances its online and phone systems to handle greater trading volumes when there is heightened market activity, the company said. While trying to do that Thursday, a mistake was made that caused the capacity to be limited, it said.
Proxy advisers back Ryerson
CHICAGO -- The nation's two largest proxy advisers have come out in favor of Chicago-based Ryerson Inc.'s effort to ward off a proxy battle with its largest shareholder. Institutional Shareholders Services backed all 11 of Ryerson's board nominees in a report. ISS added the slate proposed by hedge fund Harbinger Capital Partners has "not presented any plan on how they would manage the company after assuming control." Egan-Jones Ratings also backed Ryerson's nominees.
Dell admits it misled auditors
DALLAS -- Computer maker Dell said Thursday it will reduce more than four years' worth of earnings by up to $150 million after an internal probe found the company misled its auditors and manipulated results to meet performance goals. The struggling company said its net income for the restatement period will be reduced by between $50 million and $150 million, or 2 cents to 7 cents per share. The largest reductions in quarterly profits were expected to be in the first quarter of fiscal 2003 and the second quarter of fiscal 2004, each lowered between 10 percent and 13 percent. In total, it will restate all of fiscal 2003 through 2006 and the first quarter of fiscal 2007.
Bid fails to stop Wild Oats deal
WASHINGTON -- Federal antitrust authorities lost a bid Thursday to temporarily block Whole Foods Market's acquisition of rival Wild Oats Markets. U.S. District Judge Paul Friedman's ruling was a blow to the Federal Trade Commission, which had argued the $565 million deal could hurt competition in two dozen markets and lead to Wild Oats store closings.