Daily rumors covering the global markets. Subscribe to the update feed here.
Wells Fargo Projects Record Profit
Wells Fargo & Co. (NYSE:WFC) projected first-quarter net income well above analysts’ expectations, becoming the latest banking giant to express positive sentiments of the period following a 2008 that saw mountains of losses for the industry.
Barclays to Sell IShares to CVC for $4.4 Billion
Barclays Plc (NYSE:BCS), the U.K.’s third- largest bank, agreed to sell its iShares unit to CVC Capital Partners Ltd. for $4.4 billion to boost capital. London-based Barclays will retain a 20 percent stake in iSharees, the biggest manager of exchange-traded funds, and will finance $3.1 billion of the purchase price, the company said in a statement today.
Emerging-Market Stocks Extend Biggest Rally in Year; Bonds Gain
Emerging-market stocks rose and headed for their longest stretch of weekly gains in a year as energy companies climbed on higher oil prices and speculation mounted government aid will revive economic growth. The gauge rose 2.2 percent this week and was poised for the highest close in almost six months.
Crude Oil Rises as Equity Gains Signal Demand May Climb
Crude oil rose as European and U.S. equities gained, signaling that some investors expect economies to stabilize, boosting demand for energy. Oil rose as much as 6 percent after stocks increased on better-than-estimated earnings at Wells Fargo & Co. (NYSE:WFC) and speculation banks will pass government stress tests.
Toyota to Overhaul U.S. Operations
Toyota Motor Corp. (NYSE:TM) is expected to announce as early as Friday in Japan a major overhaul of its U.S. operations, bringing engineering, manufacturing and sales under a single executive to revamp the ailing business. People familiar with the matter has been formally asked by Toyota this week to oversee most of the key aspects of the U.S. business.
Chrysler and Its Bankers in a Standoff
Chrysler, the U.S. Treasury Dept., and banks are in a standoff befitting one of Clint Eastwood’s spaghetti westerns. Last week, Chrysler’s lenders rebuffed an offer from the Treasury to take $6 billion of the $7 billion Chrysler owes the banks in stock and the remaining $1 billion in new secured debt, according to people familiar with the situation.
Best Buy seeks to steal share in mobile market
At a time when most retailers are paring back on store openings and lowering capital spending, Shawn Score said he felt good about the leases he just signed for two stand-alone Best Buy (NYSE:BBY) Mobile locations. With such expansion and other efforts, the unit of No. 1 U.S. electronics chain that sells cell phones and other accessories is aiming high: increasing the company’s share of the 160 million handset market in the United States to 10% in under five years from about 3.5% to 4% today.
Wal-Mart Sales Are Short of Retail Metrics Estimate
Wal-Mart Stores Inc. (NYSE:WMT), the world’s largest retailer, reported comparable-store sales in March that rose less than some analysts estimated, pushing the shares down the most in two months in New York trading. Revenue from U.S. stores open at least a year advanced 1.4 percent in the five weeks ended April 3.
Apple Faces Suit Over Patents
Taiwan chip designer Elan Microelectronics Corp. (TPE:2458) said it has filed a suit against Apple Inc. (NASDAQ:AAPL) in a U.S. court, alleging the company infringed two patents in the production of its MacBook, iPhone and iPod Touch products. Elan, which makes touch pads for computers, said it owned the rights to touch-screen technology that allowed Apple’s products to detect the position of fingers on a screen or touchpad.
IBM Targets India to Beat Rivals at Their Own Game
International Business Machines Corp. (NYSE:IBM) is expanding in India and grabbing enough customers to take the top spot in the country’s domestic information-technology market from local rivals. While Tata Consultancy Services Ltd. (BOM:532540) and Infosys Technologies Ltd. (NASDAQ:INFY) have won over U.S. companies with cheaper labor and low capital costs, IBM snapped up contracts with some of India’s largest companies, such as wireless carrier Bharti Airtel Ltd.
Textron Rises Most in 28 Years on Report of Emirates Sale
Textron Inc. (NYSE:TXT) rose the most in at least 28 years after Kuwait’s Al-Watan newspaper reported that a United Arab Emirates group is preparing to buy the maker of Cessna aircraft and Bell helicopters for $21 a share. Providence, Rhode Island-based Textron rose $3.71, or 41 percent, to $12.79 at 9:39 a.m. in New York Stock Exchange composite trading after earlier gaining 46 percent in the biggest intraday increase since at least July 28, 1980.
Daily rumors covering the global markets. Subscribe to the update feed here.
Wells Fargo Projects Record Profit
Wells Fargo & Co. (NYSE:WFC) projected first-quarter net income well above analysts’ expectations, becoming the latest banking giant to express positive sentiments of the period following a 2008 that saw mountains of losses for the industry.
Barclays to Sell IShares to CVC for $4.4 Billion
Barclays Plc (NYSE:BCS), the U.K.’s third- largest bank, agreed to sell its iShares unit to CVC Capital Partners Ltd. for $4.4 billion to boost capital. London-based Barclays will retain a 20 percent stake in iSharees, the biggest manager of exchange-traded funds, and will finance $3.1 billion of the purchase price, the company said in a statement today.
Emerging-Market Stocks Extend Biggest Rally in Year; Bonds Gain
Emerging-market stocks rose and headed for their longest stretch of weekly gains in a year as energy companies climbed on higher oil prices and speculation mounted government aid will revive economic growth. The gauge rose 2.2 percent this week and was poised for the highest close in almost six months.
Crude Oil Rises as Equity Gains Signal Demand May Climb
Crude oil rose as European and U.S. equities gained, signaling that some investors expect economies to stabilize, boosting demand for energy. Oil rose as much as 6 percent after stocks increased on better-than-estimated earnings at Wells Fargo & Co. (NYSE:WFC) and speculation banks will pass government stress tests.
Toyota to Overhaul U.S. Operations
Toyota Motor Corp. (NYSE:TM) is expected to announce as early as Friday in Japan a major overhaul of its U.S. operations, bringing engineering, manufacturing and sales under a single executive to revamp the ailing business. People familiar with the matter has been formally asked by Toyota this week to oversee most of the key aspects of the U.S. business.
Chrysler and Its Bankers in a Standoff
Chrysler, the U.S. Treasury Dept., and banks are in a standoff befitting one of Clint Eastwood’s spaghetti westerns. Last week, Chrysler’s lenders rebuffed an offer from the Treasury to take $6 billion of the $7 billion Chrysler owes the banks in stock and the remaining $1 billion in new secured debt, according to people familiar with the situation.
Best Buy seeks to steal share in mobile market
At a time when most retailers are paring back on store openings and lowering capital spending, Shawn Score said he felt good about the leases he just signed for two stand-alone Best Buy (NYSE:BBY) Mobile locations. With such expansion and other efforts, the unit of No. 1 U.S. electronics chain that sells cell phones and other accessories is aiming high: increasing the company’s share of the 160 million handset market in the United States to 10% in under five years from about 3.5% to 4% today.
Wal-Mart Sales Are Short of Retail Metrics Estimate
Wal-Mart Stores Inc. (NYSE:WMT), the world’s largest retailer, reported comparable-store sales in March that rose less than some analysts estimated, pushing the shares down the most in two months in New York trading. Revenue from U.S. stores open at least a year advanced 1.4 percent in the five weeks ended April 3.
Apple Faces Suit Over Patents
Taiwan chip designer Elan Microelectronics Corp. (TPE:2458) said it has filed a suit against Apple Inc. (NASDAQ:AAPL) in a U.S. court, alleging the company infringed two patents in the production of its MacBook, iPhone and iPod Touch products. Elan, which makes touch pads for computers, said it owned the rights to touch-screen technology that allowed Apple’s products to detect the position of fingers on a screen or touchpad.
IBM Targets India to Beat Rivals at Their Own Game
International Business Machines Corp. (NYSE:IBM) is expanding in India and grabbing enough customers to take the top spot in the country’s domestic information-technology market from local rivals. While Tata Consultancy Services Ltd. (BOM:532540) and Infosys Technologies Ltd. (NASDAQ:INFY) have won over U.S. companies with cheaper labor and low capital costs, IBM snapped up contracts with some of India’s largest companies, such as wireless carrier Bharti Airtel Ltd.
Textron Rises Most in 28 Years on Report of Emirates Sale
Textron Inc. (NYSE:TXT) rose the most in at least 28 years after Kuwait’s Al-Watan newspaper reported that a United Arab Emirates group is preparing to buy the maker of Cessna aircraft and Bell helicopters for $21 a share. Providence, Rhode Island-based Textron rose $3.71, or 41 percent, to $12.79 at 9:39 a.m. in New York Stock Exchange composite trading after earlier gaining 46 percent in the biggest intraday increase since at least July 28, 1980.
