More Financial News

Magnetek to transfer stock listing from NYSE to NASDAQ
Menomonee Falls-based Magnetek Inc., a provider of digital power and motion control systems, announced that it will voluntarily transfer its stock exchange listing from the New York Stock Exchange to the NASDAQ Global Market Exchange of the NASDAQ OMX Group Inc.
The company said it expects that its common stock will cease trading on the NYSE effective after the close of trading on Dec. 19 and will commence trading on the NASDAQ on Dec. 20.
The company’s common stock will continue to be listed under the ticker symbol “MAG.” Last week, Magnetek enacted a reverse stock split that reduced the number of outstanding shares of its common stock from 32.8 million to 3.28 million. The reverse stock split was enacted to help the company meet the listing standards of the New York Stock Exchange.
Magnetek, Inc. provides digital power and motion control systems used in overhead material handling, elevator, and energy delivery applications.

BMO caps profitable fiscal year
BMO Financial Group and BMO Bank of Montreal, which acquired Milwaukee-based Marshall & Ilsley Corp. in July, today reported net income for fiscal 2011 of $3.3 billion (Canadian), up 16 percent from the previous year.
The parent company of BMO Harris Bank reported annual earnings per share of $5.26, up 11 percent from 2010.
For the fourth quarter, BMO Financial Group reported net income of $897 million, or $1.34 per share.
"2011 has been a terrific year for the Bank of Montreal," said Bill Downe, president and chief executive officer of BMO Financial Group. "We finished with net income up $450 million to $3.3 billion, having announced in late December, and closed in early July, a $4 billion acquisition that has fundamentally changed our competitive position in the U.S. Midwest. I’m pleased with our progress against all elements of the integration plan to date. Our expectations around performance and our confidence in the potential of the business are unwavering. We are well positioned as a top-ten North American bank, with a clear and visible brand, a significantly expanded retail and wealth management footprint and a well-developed wholesale presence.”
On July 5, BMO completed the acquisition of M&I for consideration of $4.0 billion in the form of approximately 67 million common shares issued to M&I shareholders.

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