IndyMac Bancorp Inc.
will be
“very major changes” to its lending requirements and may raise interest rates it offers on home loans because of a slump in mortgage securities, according to an e-mail to employees. The Pasadena-based lender said in the e-mail Thursday that the market for mortgage bonds has become “very panicked and illiquid,” adding that the mortgage market “might take longer to correct” than initially thought. No other specifics were mentioned in the e-mail, which was sent by Chief Executive Michael Perry Thursday morning.
Cogent Inc.
reported
second-quarter net income of $11 million (11 cents per share), a 206 percent jump from $3.6 million (4 cents) from the same period a year earlier. The latest numbers also included a $4 million charge to cover legal costs of ongoing intellectual property litigation, the company said. Shares in Cogent were up $1.06, or 7.9 percent, to $14.49 in afternoon trading Thursday on the Nasdaq. Shares have gained 33 percent so far this year.
Napster Inc.
reported
a first-quarter loss of $4.2 million, (minus 10 cents per share), a 57 percent improvement from a loss of $9.8 million (minus 23 cents) from the same period a year earlier. Sales for the Los Angeles-based Internet music retailer rose 15 percent to $32 million. Shares were up 22 cents, or 7.6 percent, to $3.09 in afternoon trading Thursday on the Nasdaq. .
