Wall Street Rumors - April 25, 2008
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OCC Expected to Announce Action Against Wachovia
The Office of the Comptroller of the Currency is expected to announce an enforcement action against Wachovia Corp. (NYSE:WB) Friday morning, people familiar with …
Dollar Climbs Higher; Futures Gain
Futures suggested stock markets would build on the gains that were carved out in previous sessions. The dollar continued to climb but crude prices turned up.
Microsoft Net Falls 11%; Outlook Low-End
Microsoft Corp. (NASDAQ:MSFT) reported a drop in net income in its fiscal third quarter and issued downbeat remarks about prospects for completing a deal to buy Yahoo Inc. (NASDAQ:YHOO)
Ericsson Surges 27% as Profit, Sales Top Estimates
Ericsson AB, the world’s largest maker of wireless networks, rose the most in at least two decades in Stockholm trading after reporting first-quarter profit and sales that beat analysts’ estimates.
AOL’s Web Sites Show Gains in Traffic
A yearlong effort by AOL to transform its content Web sites into crowd-pleasers is beginning to pay off. Traffic to the sites grew 15% to 56.5 million unique U.S. visitors in the first quarter from a year ago, according to comScore Media Metrix.
U.S. Agency Helps Prop Up Housing Market
The Bush administration regularly dismisses the idea of stepping in to prop up the housing market. Behind the scenes, a government agency is doing just that.
Nomura Posts Record Loss on Bond-Insurance Provisions
Nomura Holdings Inc. (NYSE:NMR), Japan’s largest securities firm, reported a record quarterly loss after $1.26 billion of provisions for charges related to bond insurers.
Commercial Banks Step to Fed Window
U.S. commercial banks this week increased their use of the Federal Reserve’s discount window while investment banks cut their use of a direct-lending program, a sign that the focus of credit strains may be shifting from brokers to depository institutions.
Honda’s Profit Plunges Most in 10 Years on Taxes, Yen
Honda Motor Co. (NYSE:HMC), Japan’s second- largest automaker, reported the biggest drop in profit in at least 10 years as it put aside money for a possible tax settlement and the dollar weakened against the yen.
Delta, Northwest Chiefs Face Skeptical Lawmakers Over Deal
The chief executives of Delta Air Lines Inc. (NYSE:DAL) and Northwest Airlines Corp. (NYSE:NWA) on Thursday tried to assuage skeptical lawmakers’ concerns about the carriers’ proposed combination, defending it as the best way to cope with surging fuel prices.
American Express feeling pinch from economy
American Express (NYSE:AXP) is feeling the pinch from a worsening U.S. economy as financially stressed consumers make fewer payments less often, analysts said Friday.
U.K. Economy Expands at Slowest Pace in Three
The U.K. economy grew at the slowest pace since 2005 in the first quarter as the seizure in credit markets hurt banks and falling house prices threatened consumer spending.
Boeing CEO Fights Headwind
For a man who has rung up record profit during three years on the job, Boeing Co. (NYSE:BA) Chairman and Chief Executive Jim McNerney finds himself in a strange predicament: His company’s stock is being pummeled, and his legacy as CEO is already on the line.
Volvo, MAN Profits Surge on E. European Truck Sales
Volvo AB (OTC:VOLVY) and MAN AG (FRA:MAN) reported first-quarter earnings that beat analyst estimates as Eastern Europe led truck sales higher.
Coventry Health’s profit rises 3%
Coventry Health Care Inc. (NYSE:CVH) said its net income ticked about 2.7% higher in the first quarter. The Bethesda, Md.-based health insurer said net income for the three months ended March 31 was $125 million, or 81 cents a share, compared with the $121.7 million, or 76 cents a share, reported in the year-ago period.
Mozilo’s Pay Plunged 79%; He Still Made $10.8 Million
Top Countrywide Financial Corp. executives took pay cuts in a disastrous year for the company. Total compensation for Angelo Mozilo, chairman and chief executive officer of Countrywide, dropped 79% to $10.8 million last year, the mortgage lender disclosed in a securities filing.
Thain Defends Merrill Board on Credit Crisis
In his first annual meeting at Merrill Lynch & Co. (NYSE:MER), John Thain defended directors from the “20/20 hindsight” of shareholders who blame them for the Wall Street brokerage’s mortgage-related losses. Investors got some relief, though, when the board voted after the meeting to maintain Merrill’s dividend, driving its shares and broader markets higher.
News Corp. Bid for Newsday May Face Political Snags
News Corp.’s (NYSE:NWS) bid to buy Newsday will face regulatory hurdles, but political attacks on the deal could be more of a long-term problem as News Corp. Chairman Rupert Murdoch tries to seal the deal.
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