Weyerhaeuser sues Dow Chemical over composites patent

Weyerhaeuser sued Dow Chemical, claiming it is the true owner of a patent for making composites of wood and plastic that it plans to use in siding and other building materials.

Federal Way-based Weyerhaeuser said Dow is contesting ownership of the 2005 patent that the lumber company bought last year from two Canadian inventors, according to a complaint filed Thursday in U.S. District Court in Wilmington, Del.

Dow's challenges "have also created in Weyerhaeuser a reasonable apprehension that defendants will file suit" claiming Dow is entitled to all rights to the patent through a third alleged co-inventor, Weyerhaeuser said in the complaint.

Dow spokesman Scot Wheeler said the company had no immediate comment on the lawsuit.

Weyerhaeuser

Alberta joist plant to close for good

Weyerhaeuser will shut its Claresholm, Alberta, joist plant permanently because of a North American housing slump.

The factory employs 85 people, the Federal Way-based lumber producer said Friday in a statement. The plant, built in 1966, will close Aug. 30. With an annual production capacity of 30 million lineal feet, the factory is the smallest of Weyerhaeuser's seven joist facilities, the company said.

Bear Stearns

Hedge fund to get $3.2 billion infusion

Bear Stearns confirmed Friday it will bail out one of its troubled hedge funds with $3.2 billion in secured loans, but the Wall Street firm sought to convince the broader market its troubles are "relatively contained."

Bear said it stepped in to save the Bear Stearns High-Grade Structured Credit Fund because market uncertainty made it "difficult" to unwind the fund's assets — mostly securities backed by risky mortgage loans.

That unit and its sister fund, The Bear Stearns High Grade Structured Credit Enhanced Leveraged Fund, have come under pressure as the value of the assets underlying the bonds they hold fell sharply in recent months.

Macy's

Takeover rumors give stock a bump

Shares of Macy's jumped 9 percent Friday amid speculation that the department-store operator was being targeted for a takeover.

Macy's shares rose $3.52 to $42.39. Their 52-week range is $32.57 to $46.70.

"The sheer movement of the stock and the volume of the calls would lead me to believe that people tend to think that there's something imminent coming out," said Andrew Wilkinson, senior market analyst at Interactive Brokers Group.

Macy's spokeswoman Sharon Bateman declined to comment.

Macy's, formerly known as Federated Department Stores, has faced investor scrutiny as it struggles to transform its acquired May Department Stores Co. branches to the Macy's brand, resulting in lackluster sales.

Compiled from Bloomberg News and The Associated Press