VIDEO: Landec Profit Doubles; Mellanox Reduces Outlook

Food packaging manufacturer Landec (LNDC) announced that second quarter profit more than doubled, and restated its first quarter results to account for an undervaluation of $2.9 million for its investment in Windset Holdings. The correction adds $1.8 million, or 7 cents per share, to first quarter earnings, for a total of 17 cents per share.

VIDEO: Daily Market Wrap: January 2, 2012

A strong open on Wall Street on this first trading day of the year, as lawmakers reached an agreement to avert the fiscal cliff. The Institute for Supply Management’s non-manufacturing index increased to 50.7 in December, exceeding economists’ expectations.

VIDEO: Taxes Rise for Most Americans

Though the Senate and Congress passed a deal that prevented the United States from going over the dreaded fiscal cliff, nearly all Americans will be paying higher taxes in 2013. The legislation that was passed did not extend a two percent payroll tax holiday enacted during the recession, which would mean that a worker earning $50,000 per year should expect to pay about $1,000 more in taxes this year.