Nonprofit, nonpartisan journalism. Supported by readers.

Donate

Analyst: Southwest has room to grow at MSP; also: Wells-Wachovia would hold 10% of U.S. deposits, rocky territory for 3M and Boston Scientific, and Cleveland Cliffs gets new name and logo

An airline analyst says Southwest will have room to grow at MSP. Daniel McKenzie of Credit Suisse notes the Humphrey Terminal has 10 gates but was built to expand up to 29 gates. Don’t get too excited, though. Historically, Southwest hasn’t grown much in Northwest hub markets, the analyst points out. At Detroit, for example, Southwest’s market share has hovered around 4 percent since 1994.

A combined Wells Fargo and Wachovia bank would hold more than 10 percent of U.S. deposits. That exceeds a nationwide cap, the Charlotte Observer reports. The banks said they’ll be in compliance later this year, according to a Federal Reserve filing. Meanwhile, Wells Fargo reported this morning that third-quarter profits fell 23 percent.

Minnesota companies are navigating rocky territory these days. The Star Tribune asks how a global recession might affect 3M, which pinned a strategy to overseas growth. And the Pioneer Press looks at how Boston Scientific is trying to calm investors. The medical device maker’s stock fell 40 percent during the first 10 days of October. Officials say the recent volatility has had “no noticeable effect” on the company’s strength or performance.

Cleveland Cliffs wants the world to know it’s not just a mining company anymore. The Ohio firm unveiled a new logo and name: Cliffs Natural Resources. It owns mines in Babbitt, Eveleth, and Hibbing in northern Minnesota. Cliffs also recently purchased a Rosemount-based biomass business called Renewafuel, which converts blends of wood, grass and other plant material into coal-like briquettes.

Do you have an inside scoop or news tip about a Minnesota company? Spotted something interesting in your RSS reader? Drop Business Agenda a note at dhaugen [at] minnpost [dot] com.

You can also learn about all our free newsletter options.

No comments yet

Leave a Reply