Tuesday A.M. Report

Medtronic reports rocky first quarter, lowers outlook: Shares of Medtronic Inc. fell sharply Tuesday after the medical-device maker reported lower revenue for its fiscal first quarter, amid what its CEO described as a “softer global healthcare market.” The company’s revenue landed at $3.7 billion for the first quarter of fiscal year 2011, which ended July 30, 2010. That’s compared to $3.9 billion in the first quarter of 2010, which contained 14 weeks, one more than the first quarter of 2011. Read full story

Block E Hooters closes in liquidation move: Minneapolis’ Block E Hooters closed Monday as its owner put the restaurant into liquidation. Owner Twin Wings of Minneapolis filed for Chapter 11 bankruptcy protection in March. On Monday, Twin Wings filed to convert the case to Chapter 7 liquidation. Read full story

Chicken slingers wage federal fight over “loco” name: A Minneapolis eatery says it’s chicken, but not crazy, in a legal dispute over the restaurant’s name. Waging a food fight in federal court are East Lake Street eatery El Pollo de los Santos and Costa Mesa, Calif.-based Mexican restaurant chain El Pollo Loco Inc. Pollo Loco filed a suit in Minneapolis’ U.S. District Court in June alleging trademark infringement, unfair competition and deceptive trade practices against the local restaurant, which went by El Pollo Loco de los Santos until at least 2008. Read full story

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