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HAWAII

Isle tech firm wins $2.3M military deal

Commercial Data Systems of Honolulu has won a $2.3 million contract from the United States Central Command to provide a multilevel security system, which will allow simultaneous access and transfer of data among multiple secure computer networks.

Based at MacDill Air Force Base in Tampa, Fla., U.S. CENTCOM provides operational control of U.S. military forces from the horn of Africa to Central Asia, including forces in Iraq and Afghanistan.

5 companies awarded tech grants

The High Technology Development Corp. of Hawaii has awarded six grants totaling $123,845 to five local technology and research and development companies as part of its Hawaii Small Business Innovation Research Matching Grant Program, which provides money for promising early stage companies.

Archinoetics, LLC, a spinoff of Hawaii-based Nova-So, received two grants totaling $41,282, matching just under $200,000 in grants from the U.S. Department of Defense. Kuehnle AgroSystems, based at the Manoa Innovation Center, received $21,281, matching an $80,000 grant from the U.S. Department of Agriculture. Oceanit received $20,000, matching $100,000 from the Department of Defense. Pacific Planktonics, of Kailua-Kona on the Big Island, received $21,282, matching a $78,000 grant from the Department of Agriculture. Referentia Systems Inc. of Honolulu received $20,000 matching a $79,000 grant.

CPF's stock rated 'market perform'

Central Pacific Financial Corp.'s stock was rated "market perform" in new coverage by analyst Frederick Cannon of San Francisco-based Keefe, Bruyette & Woods. His price target is $38 a share.

The parent of Central Pacific Bank has now attracted coverage from five analysts. All of them have the equivalent of "hold" ratings on the stock.

NATION

Federated-May merger approved

Shareholders of Federated Department Stores Inc. and May Department Stores Co. approved the $11 billion combination of the companies yesterday to create the second-largest U.S. department store operator.

More than 99 percent of votes cast by Federated shareholders and more than 97 percent of votes from May investors favored the deal, the companies said. The Federated purchase, announced Feb. 28, will combine Federated's Macy's and Bloomingdale's with May chains including Lord & Taylor and Marshall Field's, creating a retailer with 1,700 stores and $30 billion in sales.

The companies said they expect the transaction to close in the fiscal third quarter pending antitrust approval.

Federated will convert most of May's 487 stores into Macy's to boost sales of private-label merchandise and upscale goods such as $200 Coach handbags.

Gannett's earnings drop 4.5 percent

NEW YORK » Gannett Co., the nation's biggest newspaper publisher and the parent of the Honolulu Advertiser, posted a 4.5 percent decline in second-quarter earnings yesterday on lower revenue from its broadcast and United Kingdom units, and additional expenses, including for new presses at its Detroit newspaper, The Detroit News.

Gannett earned $338.6 million in the period ended June 26, down from $354.4 million a year earlier.

Jury seated in nation's first Vioxx-related trial

ANGLETON, Texas >>A jury of seven men and five women was seated yesterday to decide the outcome of the nation's first Vioxx-related lawsuit to go to trial.

Among potential jurors not chosen were two doctors who had prescribed Vioxx, a man whose grandfather had a heart attack after taking Vioxx for four years, and a woman who had taken Vioxx before it was pulled from the market and called it "a wonder drug."

Shareholders OK Sprint-Nextel deal

OVERLAND PARK, Kan. » Shareholders gave overwhelming support yesterday to Sprint Corp.'s $35 billion acquisition of Nextel Communications Inc. in another step toward creating the nation's No. 3 wireless company.

Nextel said the deal was approved by 99.8 percent of the shares that voted. At least 96 percent of Sprint shares approved the merger.

The combination still requires approval from the Federal Communications Commission and the U.S. Justice Department.