Business news in brief

Posted: September 08, 2012

In the Region

Human Genome to lay off 114

Drugmaker GlaxoSmithKline P.L.C.'s $3.6 billion acquisition of Human Genome Sciences Inc. will likely mean layoffs for 114 workers at HGS, which is based in Rockville, Md. HGS filed a notice with the Maryland Department of Labor, Licensing and Regulation that it planned to reduce its workforce by Oct. 30. Glaxo is based in London, but has operations in Center City, other parts of Pennsylvania and New Jersey. - David Sell

Hershey to buy out partners

Hershey Co. said it will acquire the 49 percent stake in a money-losing Indian joint venture that it does not own from Godrej Industries Ltd. and another unidentified minority shareholder. The maker of Hershey's Kisses and Reese's Pieces said that India remains a "key focus market" for the company. Formed in 2007, the joint venture, which will be renamed Hershey India and become a wholly owned subsidiary when the deal closes by Sept. 30, had net sales of $80 million in 2011. - Mike Armstrong


Intel cuts 3Q forecast

Intel Corp. cut its third-quarter revenue forecast due to softer-than-expected demand for its chips amid difficult economic conditions. Intel chips go into about 80 percent of personal computers and into many servers, as well, making it a bellwether for spending on computers. The Santa Clara, Calif., company now expects revenue of about $13.2 billion, rather than between $13.8 billion and $14.8 million. Shares of Intel closed at $24.19, down 91 cents or 4 percent. - AP

Pandora shares tumble

Pandora Media Inc., the Internet-radio pioneer, fell the most in six months after the Wall Street Journal reported that Apple Inc. is in talks to license music for a similar radio service. Shares of Oakland-based Pandora tumbled 17 percent, or $2.10, to $10.47, making it the biggest decliner in the Russell 1000 index. - Bloomberg News

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