Wednesday P.M. Report

Wells Fargo completes TARP repayment: Wells Fargo & Co. said today that it has completed its repayment of funds it received under the federal TARP program The San Francisco-based financial giant, which has its regional headquarters in Minneapolis and maintains a large presence in the area, said it has redeemed the $25 billion of series D preferred stock issued in October 2008 to the U.S. Treasury under the Troubled Asset Relief Program’s Capital Purchase Program. Read full story

Hobbit Travel temporarily shuts down: Minneapolis-based Hobbit Travel is shutting down temporarily. The discount travel agency posted a news release on its website Tuesday night saying that it will be temporarily closing its business operations while it seeks additional financing and considers other alternatives. The company said that, like many other travel-related companies, Hobbit Travel has been particularly hard hit by the recent recession and has suffered declining revenues and earnings. Read full story

Polaris recalls ATVs over steering troubles: Polaris Industries is voluntarily recalling about 8,500 all-terrain vehicles after reports of steering problems. The 2009 to 2010 Polaris all-terrain vehicles were manufactured between January and August. They were sold between February and November at Polaris dealerships across the country. Polaris said it has received 19 reports of incidents involving the recalled ATVs. No injuries have been reported. Read full story

Lawsuits could stall sale of Valleyfair parent: Four lawsuits could stall the sale of Cedar Fair LP, the owner of Valleyfair amusement park in Shakopee. The lawsuits, filed on behalf of five Cedar Fair unit-holders, allege the offer price of $11.50 per each limited partnership unit undervalues the company’s worth. Read full story

FSI International narrows losses in Q1: FSI International on Tuesday reported that losses narrowed in the first quarter amid an uptick in sales. The Chaska-based company even predicted that it will turn a profit in the second quarter. FSI, which supplies surface-conditioning equipment and technology for electronic circuit makers, said it saw losses of $55,000, or 0 cents per share, for the quarter ended Nov. 28, versus losses of $5.3 million, or 17 cents per share, for the same quarter a year ago. Read full story

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Comments (1)

  1. Submitted by Richard Schulze on 12/25/2009 - 03:31 pm.

    Funny how they all do this at bonus time.
    Who needs TARP with the relaxation of accounting rules

    Banks insolvent, stocks tanking. Get a “loan”, kick the can, issue new stock. Selling stock to cover losses could have been done in 2008, but this is certainly a better environment to do it in.

    I see dead banks……

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