Business Briefs: Northrop Grumman, Edison International, Activision, Computer Sciences Corp.

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The Air Force ordered an independent review of


Northrop Grumman Corp.’s

$6.8 billion satellite-building program, after determining that cost overruns would exceed 15 percent.


The Air Force notified Congress of the overruns on the National Polar-Orbiting Operational Environmental Satellite System, but said final figures won’t be tallied until the review is completed by year-end.



– Edison International

said in an SEC filing that the full-year earnings forecast it gave in August is no longer current and that its core earnings are expected to be higher. The Rosemead-based owner of energy company Southern California Edison Co. will update its 2005 outlook when its third-quarter earnings are released. Core earnings were expected to be between $2.53 to $2.63 per share, according to its last forecast on Aug. 9.



– Activision Inc.

said its board approved a 4-for-3 stock split. The split will be paid in the form of a 33.3 percent stock dividend on Oct. 24 to shareholders of record from Oct. 10. Fractional shares will be paid in cash based on the average adjusted high and low sales prices on the record date. Activision will have approximately 273,000,000 shares of common stock outstanding after the split.



– Computer Sciences Corp.

was awarded an eight-year, $384 million contract by the Centers for Medicare and Medicaid Services to establish one of 10 national prescription drug benefit plans as part of a MemberHealth Inc team. The plan, called Community Care Rx, expands the current CMS Drug Discount Card pilot program and offers beneficiaries the choice of three nationwide drug programs. The new agreement follows a $46 million agreement signed in 2004, under which CSC manages the program through May 2006.


The company also said it won a task order worth up to $161 million to provide engineering, technical and operational support services to the Naval Surface Warfare Center’s Corona division. The order has a one-year base period and four one-year options. The agreement follows a previous $268 million task order with the division, under which Computer Sciences provided similar support services.

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