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Pandit Says Citigroup Having Best Quarter Since 2007
Citigroup Inc. (NYSE:C) Chief Executive Officer Vikram Pandit said his bank is having the best quarter since 2007, when it last posted a profit. The shares rose as much as 27 percent and helped spur gains for finance company stocks. Citigroup has logged five quarters of losses totaling more than $37.5 billion since it posted a $2.1 billion profit in the third quarter of 2007.
Dow Chemical, Rohm & Haas shares gain on deal
Rohm & Haas (NYSE:ROH) shares jumped more than 5% early Tuesday after Dow Chemical (NYSE:DOW) reached an 11th-hour agreement a day earlier to acquire the company for $78 a share and avoid what could have turned into a drawn out court battle.
Oil rises to near $48 as OPEC signals supply cuts
Oil rose to near $48 a barrel Tuesday after OPEC signaled it will likely announce another production cut within days, adding to large supply reductions the cartel has already implemented. Benchmark crude for April delivery was up 58 cents to $47.65 a barrel by midday in Europe on the New York Mercantile Exchange. Oil prices gained $1.55 on Monday to settle at $47.07.
Chevron Drills 43 Prospects to Stem Slide in Output
Chevron Corp. (NYSE:CVX), the second-biggest U.S. oil company, is drilling 43 major prospects from Australia to Canada after posting its biggest drop in output since 2003. Chief Executive Officer David O’Reilly is laying out growth plans in a presentation today to analysts in New York.
Ford to receive state aid from Romania
Ailing U.S. carmaker Ford Motor Co. (NYSE:F) will receive euro143 million ($182 million) in aid from the government of Romania, where the company owns a carmaking plant, lawmakers said Tuesday. The state aid, spanning until 2012, will support production of cars and engines at the factory in Craiova, in southern Romania.
McDonald’s Seeks Way to Keep Sizzling
McDonald’s Corp. (NYSE:MCD) has been one of the world’s most successful big companies during this recession. On Monday, the fast-food giant posted February sales results that most chains would envy.
EADS beats full year profit target
The parent company of planemaker Airbus on Tuesday reported an 89 percent gain in fourth-quarter net profit but warned of “very challenging” years ahead. European Aeronautics Defense and Space Co. said it expects a decline in profitability this year as it cuts aircraft prices and helps customers finance deliveries to cope with the darkening outlook for the global economy.
Delta to Trim Overseas Flying by 10%, May Cut Jobs
Delta Air Lines Inc. (NYSE:DAL), the world’s largest carrier, said it will reduce seats on international flights by an additional 10 percent because of the worsening recession and that it may need to cut more jobs.
Kodak, MGM Mirage Among Firms at Highest Default Risk
Eastman Kodak Co. (NYSE:EK) and casino operator MGM Mirage (NYSE:MGM) are among 283 U.S. companies at the highest risk of default, according to Moody’s Investors Service.
United Technologies to Cut 11,600 Jobs Worldwide
United Technologies Corp. (NYSE:UTX) plans to cut 11,600 jobs as a global recession and credit crunch lead to lower sales and profit than previously projected by the maker of Otis elevators and Carrier air conditioners.
