Repurchasing:Specialty chemical company Albemarle says its board has approved an increase of its existing stock buyback program to 5 million shares. The Baton Rouge company says it bought back 3 million shares under the program during the third quarter, reducing its total number of outstanding shares to about 88.8 million as of Sept. 30. The Albemarle board has also approved the increase of its regular quarterly dividend by 1 cent, or about 6%, to 17.5 cents, the company says. The dividend will be paid on Jan. 1 to shareholders of record as of Dec. 15. In morning trading, Albemarle shares fell 49 cents to $46.95.
New leases: The Louisiana Mineral and Energy Board reports taking in $2.7 million in its monthly sale of petroleum rights on land owned by state and local governments. The board awarded 17 leases Wednesday covering about 7,500 acres. The board sold leases in Calcasieu, De Soto, East Carroll, Iberia, Lafayette, Lafourche, Ouachita, Plaquemines, Red River, St. Landry, West Feliciana and Vermilion parishes. Of the 17 tracts awarded, eight are located in north Louisiana, nine in south Louisiana.
In the bank: JPMorgan Chase & Co. has reported its third-quarter income fell 4% on weaker investment banking and trading results and a loss in its private equity division. The bank also set aside $1 billion for litigation tied to poorly written mortgage loans and securities. The New York bank says it earned $4.26 billion, or $1.02 per share, compared to $4.42 billion, or $1.01, during the same quarter last year. Revenue edged up to $24.37 billion from $24.34 billion last year. Read more about the bank’s third-quarter report from The Associated Press here.
