Wall Street Rumors - April 30, 2008
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GM Posts $3.25 Billion Loss, Despite Strong Overseas Sales
General Motors Corp. (NYSE:GM) on Wednesday said it swung to a first-quarter net loss of $3.25 billion as continued weakness in North America and a charge related to its equity in finance unit GMAC LLC offset strong earnings overseas.
Citigroup Increases Stock Offering to $4.5 Billion
Citigroup Inc. (NYSE:C), seeking to bolster capital depleted by mounting losses, raised $4.5 billion in a stock sale, 50 percent more than it planned after “strong demand” from investors.
GDP Says Economy Grew, Avoided Recession
The government reported Wednesday that the U.S. economy grew at a rate of 0.6% in the first quarter of 2008, which was basically in line with expectations on Wall Street.
Time Warner Will Sever Cable Unit; Profit Declines
Time Warner Inc. (NYSE:TWX) Chief Executive Officer Jeffrey Bewkes said he will separate the cable-systems unit from the film and television businesses, bringing him a step closer to breaking up the world’s biggest media company.
Iraq Oil Revenue May Top Outlook
A new U.S. government report projects Iraq’s oil revenue will top a record $70 billion this year, adding fuel to a congressional push to force the Iraqi government to assume more responsibility for rebuilding the country.
ENER Comes Into Its Own
As if anyone didn’t already know, First Solar (NASDAQ:FSLR) lately has been one of the hottest stocks on the planet, tacking on 13% this year following a blistering 785% run in 2007. Today’s impressive first-quarter earnings report only justifies First Solar’s status as one of the true 800-pound gorillas in the momentum game.
Microsoft’s Next Move on Yahoo Is Imminent
Microsoft Corp. (NASDAQ:MSFT) is expected to make its next move in the three-month-old takeover standoff with Yahoo Inc. (NASDAQ:YHOO) as early as Wednesday, as the two sides have failed to reach any negotiated acquisition deal.
Merrill Lynch Global Mortgage Head Soltas to Leave
Scott Soltas, head of the global mortgage business at Merrill Lynch & Co. (NYSE:MER), is leaving the firm, according to people familiar with the decision.
Kellogg’s Profit Declines On Higher Costs, Tax Rate
Kellogg Co. (NYSE:K) posted a 1.9% drop in first-quarter net income as price increases and brand-building initiatives failed to fully offset the surging costs of ingredients and a higher tax rate.
Clariant Rises as Profit Beats Estimates on Job Cuts
Clariant AG (VTX:CLN), the world’s biggest maker of chemicals used in printing ink, rose the most since first trading in Zurich in 1995 after first-quarter profit beat analyst estimates.
United Online to Acquire FTD
United Online Inc. (NASDAQ:UNTD) announced plans to acquire FTD Group Inc. (NYSE:FTD) for about $456 million in cash, stock and notes in a deal that will combine the operator of the NetZero and Juno Internet-service providers with a huge network of florists and floral-products suppliers.
Garmin Tumbles as Results Disappoint
Garmin (NASDAQ:GRMN) lost ground Wednesday after the company missed analysts first-quarter earnings targets amid the global economic downturn. The Cayman Islands-based digital-navigation device maker posted net income of $147.8 million, or 67 cents a share, rising from $139.9 million, or 64 cents a share, in the year-ago quarter.
Bair Proposal Seeks Government Loans To Aid Homeowners
Federal Deposit Insurance Corp. Chairman Sheila Bair is finalizing a legislative proposal that would allow the Treasury Department to make direct loans for close to one million homeowners in the latest government initiative to stabilize the slumping mortgage market.
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