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Bank of America’s Net Drops 77%
Bank of America Corp. ( NYSE:BAC) posted a 77% drop in net income Monday, as provisions for credit losses quintupled to $6 billion and investment banking write-downs cost at least another $1.91 billion.
NatCity Close To $6 Billion Cash Infusion
After weeks of searching for a way to ease the financial distress caused by the mortgage rout, National City Corp. (NYSE:NCC) was closing in Sunday night on a capital infusion of more than $6 billion from a private-equity firm and a number of large shareholders, according to people familiar with the matter.
RBS Plans Fund to Transfer $2.3 Billion LBO Loan Risk
Royal Bank of Scotland Group Plc (NYSE:RBS), the U.K.’s second-biggest lender, plans to start a fund to transfer the risk of losses from 1.5 billion euros ($2.3 billion) of high-yield loans, according to three people with knowledge of the proposal.
Merck Profit Gains on New Drugs, Partnership Payment
Merck & Co. (NYSE:MRK), the third largest U.S. drugmaker, said first-quarter profit gained 94 percent on increased demand for its diabetes pill and cervical cancer vaccine and a $2.2 billion payment from AstraZeneca Plc (NYSE:AZN).
Can Blockbuster Afford Circuit City?
Circuit City Stores Inc. (NYSE:CC) is demanding that Blockbuster Inc. (NYSE:BBI) prove it can finance an all-cash offer before proceeding with takeover negotiations. The big question is how Blockbuster will do that.
Yahoo Hopes a Solid Profit Report Bolsters Its Leverage
Yahoo Inc. (NASDAQ:YHOO) will get more attention than usual when it announces earnings Tuesday, and not just from investors wondering how its revenue stacks up against Google Inc.’s (NASDAQ:GOOG) strong quarter. This week’s report will be an opportunity for Yahoo to try to demonstrate that it is worth more than Microsoft Corp.’s (NASDAQ:MSFT) unsolicited takeover bid.
Eli Lilly Misses Estimates on Inhaled Insulin Charge
Eli Lilly & Co. (NYSE:LLY), the world’s biggest maker of psychiatric drugs, missed analysts’ earnings estimates after booking higher charges than the company predicted for abandoning inhaled insulin. Shares fell 4 percent in early trading.
Gannett’s Profit Falls 8.9% As Ad-Sales Slump Worsens
Gannett Co. (NYSE:GCI), the largest U.S. newspaper publisher, posted an 8.9% drop in first-quarter net income amid an ad-sales slump that has deepened an industry downtown.
Carlyle, Deutsche Seek to Raise $500 Million CLO, People Say
Carlyle Group, the world’s second largest private-equity firm, is raising a $500 million collateralized loan obligation to buy high-risk, high-yield debt being sold by banks at discounted prices, according to people with knowledge of the plan.
XM, Sirius Still Have Much to Prove
The delayed merger between satellite radio operators Sirius (NASDAQ:SIRI) and XM Satellite Radio(NASDAQ:XMSR) may be the least of their problems, as concerns over subscriber adds, rising churn rates and lower revenue per subscriber are leaving analysts cautious heading into their first-quarter numbers.
Ford Will Boost Workforce at Russian Plant by 1,500
Ford Motor Co. (NYSE:F), the world’s third- largest carmaker, will add 1,500 workers at a factory near St. Petersburg to boost Russian production by almost 75 percent
Top Rocket Stocks for Week of April 21
This week’s Rocket Stock portfolio features various momentum stocks that have easy triggers in this volatile market.
Google Turns to Mobile Phones in China to Catch Baidu
Google Inc. (NASDAQ:GOOG), trailing Baidu.com Inc. (NASDAQ:BIDU) in China’s online search market, expects to process more local Web queries through mobile phones than computers by 2011, aided by an alliance with the nation’s largest wireless carrier.
Halliburton’s Net Income Rises 5.8% On Strong International Growth
Halliburton Co. (NYSE:HAL) reported a 5.8% rise in first-quarter net income, as strong international growth helped offset pricing pressures in the U.S.
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