Wall Street Rumors - April 24, 2008
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Ford Swings to a Profit on Cost Cuts, Strength at International Divisions
Ford Motor Co. (NYSE:F) Thursday said it swung to a first-quarter profit on cost reductions in North America and strong profits in its international regions led by Europe.
Credit Suisse Posts SF2.15 Billion Loss on Writedowns
Credit Suisse Group (NYSE:CS), Switzerland’s second-biggest bank, reported its first loss in almost five years on 5.3 billion Swiss francs ($5.2 billion) of writedowns linked to deteriorating credit markets.
Euro Falls Versus Dollar as German Business Confidence Slumps
The euro dropped against the dollar and yen as an industry report showed German business confidence fell to the lowest in more than two years in April, indicating the U.S. economic slowdown is spreading to Europe.
Stock Futures Slip, Earnings in Focus
U.S. stock futures headed lower Thursday as worries about earnings growth for Amazon (NASDAQ:AMZN), Whirlpool (NYSE:WHR) and Starbucks (NASDAQ:SBUX) dented sentiment, though corporate results weren’t entirely bad, with Ford Motor returning to profitability.
Wendy’s to Sell Itself to Peltz’s Triarc to Combine With Arby’s
Wendy’s International Inc. (NYSE:WEN), the third-biggest U.S. hamburger chain, agreed to sell itself to billionaire investor Nelson Peltz’s Triarc Cos. (NYSE:TRY.B) for $2.34 billion after seeking a buyer for the past year.
Durable Goods Orders Slide Again
Demand for big-ticket items in the U.S. unexpectedly declined for a third-straight month in March, a government report showed, suggesting no end in sight yet for the downturn gripping the manufacturing sector and broader economy.
Motorola Posts Wider Loss as Phone Shipments Decline
Motorola Inc. (NYSE:MOT) posted a wider first- quarter loss and gave a forecast that fell short of analysts’ projections, hurt by a lack of new mobile phones to compete with Apple Inc. (NASDAQ:AAPL) and Nokia Oyj (NYSE:NOK).
CEO Says Microsoft Could Forgo Yahoo
Steve Ballmer says Microsoft Corp. (NASDAQ:MSFT) is willing to go it alone rather than buy Yahoo Inc. (NASDAQ:YHOO) And he has a reason besides opposition from the Internet company: skepticism among his own employees.
AstraZeneca Profit Falls as Nexium Sales Decline
AstraZeneca Plc (NYSE:AZN), the U.K.’s second- largest drugmaker, reported an unexpected decline in first- quarter profit as sales of ulcer treatment Nexium fell in the U.S. and western Europe. Shares dropped the most in six months.
Foreclosure-Relief Plan Gains
A House panel Wednesday approved $15 billion in loans and grants for local governments to purchase the growing number of foreclosed homes throughout the country.
Wii Helps Boost Nintendo’s Net
Nintendo Co. (OTC:NTDOY) reported a 48% increase in its annual net profit as its Wii videogame console and DS portable game device continued to sell strongly, but it set a conservative forecast for the current fiscal year ending March 2009 as a stronger Japanese yen reduces the value of overseas sales.
3M Earnings Fall 28% After Year-Earlier Gain on Sale
3M Co. (NYSE:MMM), the maker of 50,000 products from Scotch-brand tape to electronic signs, said net income fell 28 percent from last year’s first quarter, which was boosted by proceeds from the sale of a pharmaceutical business.
PepsiCo Profit Rises on International Snack Sales
PepsiCo Inc. (NYSE:PEP), the world’s second- largest soft-drink maker, said first-quarter profit rose 4.7 percent on international snack and food sales.
Bristol-Myers Profit Falls 4.2% on Restructure Costs
Bristol-Myers Squibb Co. (NYSE:BMY) said profit fell 4.2 percent as restructuring costs offset soaring sales of its blood thinner Plavix. The company announced it would sell as much as 20 percent of its infant-formula unit.
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