Wall Street Rumors - April 28, 2009
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Mars, Buffett Team Up in Wrigley Bid
Mars Inc. announced Monday an agreement to acquire Wm. Wrigley Jr. Co. (NYSE:WWY) for about $23 billion with financial backing from Warren Buffett’s Berkshire Hathaway Inc. (NYSE:WRB) in a deal that would remake the global confectionery landscape.
Verizon Profits Match Estimates, Sales Rise
Verizon (NYSE:VZ) matched estimates with its first-quarter results Monday, buoyed by strong growth in its wireless and high-speed Internet divisions.
Kerkorian Discloses 4.7% Stake in Ford, Seeks More
Kirk Kerkorian, the billionaire investor who tried to overhaul General Motors Corp. (NYSE:GM) three years ago, said he has bought a 4.7 percent stake in Ford Motor Co. (NYSE:F) and plans to buy more.
Continental Rejects Merger Overtures
Abruptly ending talks with United Airlines parent UAL Corp. (NASDAQ:UAUA), Continental Airlines Inc. (NYSE:CAL) said it would stay independent for the time being despite efforts by rival carriers to merge.
RBS May Cut About 7,000 Investment Banking Jobs, People Say
Royal Bank of Scotland Group Plc (NYSE:RBS), Britain’s second-largest bank, may cut about 7,000 jobs following the acquisition of ABN Amro Holding NV’s securities unit and credit market losses, said two people with knowledge of the plan.
Oil Rises to Near $120 After U.K. Refinery Strike
Crude-oil futures traded higher in London Monday buoyed by supply fears following the closure of the 700,000 barrel-a-day Forties North Sea pipeline system and strike action from oil workers in Nigeria.
EU Predicts Surge in Inflation On Uncertain Economic Outlook
The European Union said Monday that euro-zone economic inflation would surge more than expected this year as growth slows down from a recent boom.
Uranium Holding May Spend $8.6 Billion in Russia
Uranium Holding ARMZ, Russia’s state-owned mining company, may spend $8.6 billion to triple output with help from billionaire Oleg Deripaska, Canada’s Cameco Corp. (NYSE:CCJ) and Japan’s Mitsui & Co. Ltd. (NASDAQ:MITSY)
Microsoft Confronts Tough Choice on Yahoo
Steve Ballmer is facing one of the biggest decisions of his career: Walk away from Microsoft Corp.’s (NASDAQ:MSFT) $42.7 billion acquisition offer for Yahoo Inc. (NASDAQ:YHOO) or launch the largest hostile takeover battle in tech-industry history.
Humana’s Profit Rises 13% on Health Plans for Elderly
Humana Inc. (NYSE:HUM), the second-biggest provider of government-funded medical benefits, reported a 13 percent increase in first-quarter profit on enrollment gains in U.S. Medicare health plans for the elderly.
Vertex Hep C Drug Still Leads Schering
Competing hepatitis C drugs from Vertex Pharmaceuticals (NASDAQ:VRTX) and Schering-Plough (NYSE:SGP) went “Mano-a-Mano in Milano” this weekend at a European liver disease meeting, and it was really no contest.
Victory Vertex.
Electrolux Reports Quarterly Loss on U.S. Slowdown
Electrolux AB (OTC:ELUXY), Europe’s largest appliance maker, reported its first quarterly loss in more than two years and lowered its full-year outlook as North American consumers rein in their spending.
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