Hedge fund lawyer responds
Anthony Davian, the 34-year-old founder and hedge fund manager of Davian Capital Advisors in Richfield who is accused of misusing more than $1 million in investor funds by the Securities and Exchange Commission, is cooperating with authorities, his attorney said. The SEC sued Davian, a Copley resident, on Tuesday in federal court, saying he defrauded investors. The SEC seeks the return of investor money plus penalties in the civil suit.
“We are working with and intend to work with the appropriate authorities to try to make a full accounting with them as to the investment funds,” Akron lawyer Paul Adamson said. “The picture is not entirely clear at this point in time. We don’t have access to the records we need to do this.
“He’s not an evil person. He never had bad intentions,” Adamson said. “Things didn’t play out financially as he would have hoped that they would and maybe as they might have if circumstances had been different. ... He intends to try to make things right.”
Bank declares dividend
FirstMerit Corp. announced a quarterly cash dividend of 16 cents a share, payable Sept. 16 to shareholders of record Aug. 26.
Diebold lowers outlook
Diebold Inc. slightly lowered its earnings outlook for this year as it revised second quarter results and filed its second quarter report, called a 10-Q, with federal regulators.
The Green maker of ATMs and security systems said it expects to show a profit of 68 cents to 78 cents a share this year, down from previous estimates of 79 cents to 89 cents per share. The revisions and delay in filing the second-quarter report revolved around costs tied to a Brazil tax situation.
The company had estimated a charge of 51 cents per share tied to the Brazil issue; the actual charge was 61 cents per share. As a result, Diebold had an adjusted loss from continuing operations of 35 cents per share in the quarter.
Mortgage rates stay at 4.4%
Mortgage buyer Freddie Mac said the average interest rate on a 30-year home loan remained unchanged at 4.4 percent. That is a full percentage point higher than in early May, when rates neared record lows.
Still, rates remain low by historical standards. The average on the 15-year fixed loan edged up to 3.44 percent from 3.43 percent.
Fox Sports ready for debut
Twenty-First Century Fox Inc. lined up DirecTV, Dish Network Corp. and Time Warner Cable Inc. to carry the new Fox Sports 1 TV network, reaching 90 million households with a lineup that will include college football and Major League Baseball.
In the Akron area, Fox Sports 1 will be on Channel 75. A sister channel, Fox Sports 2, will be on Channel 328. The channel replaces Fox’s Speed, an auto-racing network, when it debuts Saturday.
Dow Jones falls 225 points
The Standard & Poor’s 500 index fell 24.07 points, or 1.4 percent, to 1,661.32 on Thursday. The Dow Jones industrial average lost 225.47 points, or 1.5 percent, to 15,112.19.
The Nasdaq composite index fell 63.16 points, or 1.7 percent, to 3,606.12. Before the start of trading, Walmart cut its estimates for annual revenue and profit, warning that cautious shoppers are spending less.
The news followed a disappointing revenue forecast from Cisco Systems late Wednesday.
Compiled from staff and wire reports