Chevron shares fall on lower output

0 Comments | Oakland Tribune, Jul 11, 2008 | by BAY AREA NEWS GROUP

Shares of San Ramon-based Chevron Corp. fell 4.2 percent, or $4 a share, and closed at $92.25 Friday after the company reported that its second-quarter output fell to the lowest since 2005. Record energy prices reduced Chevron's share of output in countries such as Nigeria and Indonesia.

Production was the lowest since the April-June period of 2005.

Deals

Walnut Creek-based American Reprographics on Friday announced its purchase of the assets of the Blueprint Co. The deal will give the East Bay company a footprint in the Hawaii market and access to the eastern Asia arena.

High tech

Sunnyvale-based computer chip maker Advanced Micro Devices Inc. will post a write down of about $880 million because units from its purchase of ATI Technologies haven't performed as well as forecast. AMD also will charges totaling $68 million related primarily to job cuts and the company's investments in Spansion Inc.

Shareholders of Fremont-based Avanex Corp. authorized the semiconductor company's board of directors to undertake a reverse stock split. The ratio would range from 10-for-1 to 15-for-1.

Retail

Walnut Creek-based Longs Drug Stores Corp. said its preliminary June same-store sales rose 1.1 percent on a calendar shift that included Memorial Day. Analysts polled by Thomson Financial had expected flat same-store sales for the drug-store company.

Insurance

Allstate Insurance must lower its homeowners insurance rates by an average of 28.5 percent under an order issued by the state's insurance commissioner.

Under the order, the cost of an average Allstate homeowners policy will decline from about $850 to about $610 per year, or an annual savings of $240. The new rates, which start July 28, apply to existing policyholders upon renewal as well as new policyholders.

Compiled from staff and wire reports. Got Bay Area business news? Reach Drew Voros at 925-943-8099 or dvoros@bayareanewsgroup.com.