Business news in brief

Posted: August 18, 2012

In the Region

Carlyle may bid for Chemring

Chemring Group P.L.C., a British developer of missile-avoidance equipment, said buyout firm Carlyle Group L.P. approached it about a buyout, prompting the defense company's stock to surge. American depositary receipts of Chemring rose $1.53, or 32 percent, to close at $6.25 after the Fareham, England-based company said it received a "highly preliminary expression of interest" from Carlyle in relation to a possible offer. Chemring owns Alloy Surfaces Co. Inc., a countermeasures maker that had employed about 380 people in two Delaware County plants as of January. - Bloomberg News

Elsewhere

Jobless rates rise in 44 states

Unemployment rates rose in Pennsylvania, New Jersey and 42 other U.S. states in July, the most states to show a monthly increase in more than three years and a reflection of weak hiring nationwide. The Labor Department says jobless rates fell in only two states (Idaho and Rhode Island) and were unchanged in four. Nationwide, hiring improved in July after three months of tepid hiring. Still, monthly job gains have averaged 150,000 this year, barely keeping pace with population growth. - AP

New high for Apple stock

Apple's stock hit a new high Friday after a four-month swoon, as investors looked ahead to the release of a new iPhone and possibly a smaller iPad. Already the world's most valuable company, Apple Inc. saw its stock hit $648.19 just before closing, before retreating to $645.11. That was up $11.77, or 1.9 percent, from Thursday's close. The previous high for the stock was $644, hit on April 10. Apple's market value of about $608 billion is about 50 percent higher than No. 2 Exxon Mobil Corp. - AP

Commodities trader in court

Russell Wasendorf Sr., the Peregrine Financial Group Inc. founder, pleaded not guilty to 31 counts of lying to U.S. regulators about the value of customer funds held by his now-bankrupt commodities firm. - Bloomberg News

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