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Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, October 18, 2000

Bankoh program wins federal award

Bank of Hawaii said it has received $444,239 from the Treasury Department for its work in financing "alternative banks" that can lend money to borrowers who would not otherwise qualify.

Bank of Hawaii said it has already invested more than $4 million in the first half of this year in so-called Community Development Financial Institutions, such as the Rural Community Assistance Corp., Maui Economic Opportunity and the Hawaii Community Loan Fund.

The bank said the federal award money will be used to fund more nonprofits, including the Hawaii Alliance for Community Based Economic Development and the Waimanalo Community Development Corp. Funding also will go to American Samoa, Guam and Saipan.

Sun's stock zigzags on premature report

SAN FRANCISCO -- Sun Microsystems Inc., the biggest maker of computers that serve up Web pages, said fiscal first-quarter share earnings rose 88 percent as sales soared 60 percent, sending its shares rocketing today before trading was halted after the earnings were mistakenly posted on its Web site.

Sun's stock, which traded as high as $119.50, ended down $1.06 at $110.31.

The earnings release was briefly and mistakenly posted on Sun's Web site and then quickly pulled down. But before that happened, Reuters and other news agencies were able to see that Sun said its net income rose 85 percent, its earnings per share rose 88 percent, and sales rose 60 percent.

Palo Alto, Calif.-based Sun said in an official release following the online gaffe that net income rose 85 percent to $510 million, or 30 cents a share, from $276 million, or 16 cents a share, before acquisition-related charges. Sales rose to $5.05 billion from $3.15 billion. The results easily beat analyst forecasts for earnings-per-share of 26 cents.

In other news . . .

NEW YORK -- Europe's beleaguered single currency dropped to record lows below 90 Japanese yen and also extended losses to record lows against the dollar today.