Cardinal Health’s 3Q net income rises
Cardinal Health Inc.’s fiscal third-quarter net income climbed nearly 4 percent, as a $64 million tax settlement gain helped the health care products distributor balance the loss of a key client.
The company also said Thursday that it was increasing its 2013 earnings forecast.
Cardinal said an agreement with tax authorities led to a revaluation of a deferred tax liability, which led to the gain.
That helped counter a 10 percent drop in revenue to $22.1 billion from the company’s largest segment, pharmaceutical.
The decline was driven in part by Express Scripts Holding Co.’s decision not to renew a contract with Cardinal. Express Scripts is the nation’s largest pharmacy benefits manager.
Cardinal distributes pharmaceuticals and medical supplies and makes products such as gloves and gowns for surgery.
Pa. AG not likely to OK lottery proposal
State Attorney General Kathleen Kane says she’s unlikely to approve any proposal to privatize management of the Pennsylvania Lottery unless the Legislature gets to vote on it.
The Democrat rejected Republican Gov. Tom Corbett’s contract with Britain-based Camelot Global Services in February, saying it violates state law and the state constitution.
Kane says she expects a revised proposal from the governor’s office any day.
Kane says she doesn’t want to judge the new proposal before she receives it, but that she’s unlikely to approve it without the same requirement for legislative approval that other privatization deals require.
A Corbett aide described the revised proposal as a work in progress.
Lawyers argue jury’s $1.17B verdict
Attorneys for Carnegie Mellon University and a California firm were continuing to argue whether a judge should reduce a jury’s $1.17 billion verdict in favor of the school.
The verdict against Marvell Technology Group of Santa Clara, Calif., came in December, after the Pittsburgh-based university argued Marvell infringed on patents that came from the work of professor Jose Moura and then-student Alek Kavcic.
A two-day motions hearing took place last week before a federal judge in Pittsburgh.
CMU attorneys are defending the verdict, saying that Marvell still will make a $4 billion profit on semiconductor chips that used the patented information if the company pays the full verdict.
Marvell’s attorneys argue the judge should reduce the verdict based on how many of the chips were used in the United States and other factors.
Selected local stocks
Aqua America, .70, 31.93 .06
Clear Channel, .61 33.14 —1.56
Cortland Bancorp, 10.18.00
Farmers Nat., .126.64 .02
First Energy, 2.20, 44.97—.54
FirstMerit Corp., .64,17.18 .36
First Niles Financial, .32,7.00.00
First Place Fin., .0019.00
FNB Corp., .48,11.50.25
General Electric, .76,22.56.24
Motors Liquidation, .0422.00
Huntington Bank, .20, 7.27.15
JP Morgan Chase, 1.52,47.57—.51
Key Corp, .20,10.03.11
LaFarge, 16.35 .28
Macy’s, .80, 46.221.44
Parker Hannifin, 1.72, 91.382.89
RTI Intl. Metals,28.48.46
Simon Prop. Grp.,4.60,179.441.41
Stoneridge 7.63 .29
United Community Fin. 4.26.04
Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.