GGP added to short-selling ban
U.S. regulators added General Growth Properties Inc. and eight other companies yesterday to the list of stocks temporarily protected against short sales. The addition of General Growth came a day after the company - which owns most of the regional malls in the Baltimore area and is the master developer of Columbia - announced that it might need to sell assets or equity to raise capital. Yesterday's additions bring to 926 the number of protected companies, according to exchange data. The other major company added yesterday was the government-sponsored enterprise known as Farmer Mac, which provides financing to farmers, ranchers and rural homeowners. At least two companies, Diamond Hill Investment Group and "boutique" investment bank JMP Group Inc., have opted off the list. The Securities and Exchange Commission imposed a temporary ban Friday on short sales of stocks of financial-related companies. The order, aimed at shoring up confidence in securities firms and banks, is to expire Oct. 2, although the SEC could extend the ban. General Growth's stock - which fell 25 percent Monday on concern that the company won't be able to refinance debt or raise capital - rose almost 6 percent yesterday to close at $17.
Sun staff and news services
DuPont names Kullman as chief executive
DOVER, Del. : DuPont Co. named Ellen Kullman as its chief executive yesterday, replacing Charles Holliday Jr., who is stepping down after 10 years in which he shifted the company's focus toward biotechnology and away from basic chemicals. Kullman, a 20-year veteran of DuPont, will become president and director Oct. 1 and chief executive Jan. 1. She eventually will succeed Holliday as chairman. Kullman, 52, is executive vice president and a member of the company's office of the chief executive. She is believed to be the first woman named CEO of a major U.S. chemical company.
Oil prices trade lower a day after huge rally
NEW YORK: Oil prices pulled back yesterday after the previous session's wild, record-setting rally, dropping below $107 a barrel as uncertainty over the U.S. financial bailout plan and a stronger dollar led investors to shed commodities. It was crude's first down session in five days. Some decline was to be expected after crude soared 16 percent on Monday - the biggest one-day gain ever - partly because of a technical fluke. Still, oil market watchers say crude is showing early signs that it may be poised for another big climb.
P&G; sues Kraft again over coffee containers
CINCINNATI : The Procter & Gamble Co. has again sued Kraft Foods Inc. over coffee containers. The consumer products maker says Kraft's Maxwell House Coffee has copied a Folgers container. P&G; filed the patent lawsuit yesterday in federal court. It follows similar lawsuits filed by the companies last year. P&G; spokeswoman Jen Becker says the earlier litigation is pending. Kraft didn't immediately respond to a request for comment.