1 Friday, December 16
The Memphis Grizzlies open preseason play against the New Orleans Hornets. The season, which normally starts in October, was delayed because of an NBA lockout. A new collective bargaining agreement was ratified on December 8 between the owners and the NBA players. The Grizzlies tip off their regular season December 28 against the Oklahoma City Thunder, the team that eliminated Memphis in the 2011 playoffs.
2 Wednesday, December 14
Smith & Nephew cuts 80 jobs in Memphis, the result of a reorganization combining the company’s Orthopaedic Reconstruction and Trauma division with its Endoscopy unit in Andover, Massachusetts. A company spokesman attributes the cuts to a poor economy and job duplication.
3 Wednesday, December 7
Auto-parts retailer AutoZone posts an 11 percent rise in first-quarter profits, with $191.1 million — a $19 million increase from the same time in 2010. The results beat analysts’ expectations.
4 Wednesday, December 7
Shareholders of Temple Inland approve a $4.3 billion merger with Memphis-based International Paper Co. by an overwhelming margin. Initially, Temple Inland, the world’s third-largest corrugated packaging company, had rejected the merger.
5 Wednesday, December 7
The Commercial Appeal lays off nine guild-covered employees to cut expenses. Two cuts are in accounting, one in editorial, two in the online department, one in advertising, and three in operations.
6 Wednesday, November 30
Larry Cox, president and CEO of the Memphis-Shelby County Airport Authority, becomes chairman of the Greater Memphis Chamber. He succeeds former Smith & Nephew executive Joseph DeVivo, who moved to the Northeast last summer. Cox began his chairmanship on January 1, 2012.
7 Thursday, November 24
Although Medtronic garners higher-than-expected earnings in the second quarter, revenue from its Memphis-based Spinal & Biologics business falls 3 percent to $839 million. This comes after an issue of Spine Journal in June alleges that Medtronic downplayed the risks of its Infuse spinal repair product.
8 Wednesday, November 23
Investment banker Duncan-Williams extends its lease in East Memphis’ Forum office park and doubles its space to about 41,000 square feet. The firm remains in the Forum I building and the lease is for 12 years.
9 Tuesday, November 8
RxBio Inc. is awarded a more than $15 million federal contract to keep developing a drug that might protect against radiation exposure. The drug is called Rx100. RxBio is an early stage biopharmaceutical company begun at the University of Tennessee Health Science Center.
10 Thursday, November 3
Memphis-based Pinnacle Airlines posts a third quarter net loss of $3.5 million with special items or one-time expenses. One of them is a five-year labor agreement that gives bonuses to flight attendants, and the other includes severance pay for upper-level executives. Not counting those expenses, the company’s loss amounts to $1.7 million, or 9 cents per share. Meanwhile, Q3 operating revenue comes in at nearly $320 million, an almost 6 percent increase from the same quarter in 2010. In December, Pinnacle announces a plan to reduce short- and long-term costs. •