Thursday P.M. Report

Arctic Cat stock soars as earnings beat estimates, CEO to retire: Arctic Cat Inc. CEO Christopher Twomey, who led the snowmobile and ATV maker for 24 years and built it into a $450 million business, will step down at the end of 2010, the company said Thursday. Chief Operating Officer and President Claude Jordan will succeed Twomey, who will stay on as executive board chair. Read full story

Wells Fargo to refile 55,000 foreclosures: Wells Fargo & Co. said it plans to refile paperwork in 55,000 foreclosure cases after it discovered flaws in foreclosure documents. The San Francisco-based bank, which is also among the largest providers of residential mortgages in Minnesota, had previously stood by its foreclosure paperwork as other major mortgage lenders came under scrutiny. Read full story

Ironton’s $1 purchase of 3M buildings could bring 550 jobs: An investment group known as the Ironton Asset Fund has reached a deal to acquire four buildings on part of the former 3M Co. campus in St. Paul for $1. St. Paul-based Ironton, led by retired attorney and real estate investor Jim Stolpestad, has about a year to finalize its development plan, secure tenants, arrange financing and close on its purchase from the current owner, the St. Paul Port Authority. Read full story

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