Mexican drug cartels smuggling oil into U.S.
Advertiser News Services
MEXICO CITY — U.S. refineries bought millions of dollars worth of oil stolen from Mexican government pipelines and smuggled across the border, the U.S. Justice Department said — illegal operations now led by Mexican drug cartels expanding their reach.
Criminals — mostly drug gangs — tap remote pipelines, sometimes building pipelines of their own, to siphon off hundreds of millions of dollars worth of oil each year, the Mexican oil monopoly said. At least one U.S. oil executive has pleaded guilty to conspiracy in such a deal.
Today, the U.S. Homeland Security Department is scheduled to return $2.4 million to Mexico's tax administration, the first batch of money seized during a binational investigation into smuggled oil that authorities expect to lead to more arrests and seizures.
DISH NETWORK PROFITS DOWN 81%
NEW YORK — Dish Network Corp. said yesterday that its second-quarter profit slid 81 percent on TiVo Inc. litigation costs and rising expenses, but the nation's second-largest satellite TV provider managed to add subscribers and maintain revenue.
The Englewood, Colo.-based company earned $63.4 million, or 14 cents per share, for the period ended June 30. That's down from $335.9 million, or 73 cents per share, last year.
Analysts polled by Thomson Reuters forecast profit of 67 cents per share. Revenue was nearly flat at $2.90 billion, with prior-year revenue coming in at $2.91 billion. Analysts expected revenue would not stray far from year-ago results, predicting $2.91 billion for the current quarter.
HORMEL RAISES PROFIT EXPECTATIONS
AUSTIN, Minn. — Hormel Foods Corp. raised its 2009 profit guidance, citing strong performance from its refrigerated foods and grocery segments, as well as improving performance in its turkey business.
Shares jumped $2.09, or 5.8 percent, to close at $38.21. The Austin, Minn.-based company said its third-quarter results were stronger than expected, so it boosted its guidance to a profit of $2.36 to $2.42 per share for the year. The company had previously projected a profit of between $2.15 and $2.25 per share.
Hormel said conditions for its Jennie-O Turkey Store unit improved. The company also cited continued solid results from its grocery products segment.