Wall Street Rumors - May 12, 2008
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AIG Leasing Unit Mulls Split-Up
American International Group Inc.’s (NYSE:AIG) troubles are prompting one of the insurer’s most-profitable units — an airplane-leasing giant run by one of AIG’s largest shareholders — to consider seeking a split from the company, according to people familiar with the matter.
European Stocks, U.S. Futures Advance; Most Asian Shares Rise
Stocks in Europe rose for the first time in three days as an oil discovery in the North Sea and higher copper prices boosted the profit outlook for commodity companies. Most shares in Asia gained and U.S. index futures advanced.
Sovereign Plans to Raise $1.5 Billion in New Capital
Sovereign Bancorp Inc. (NYSE:SOV), the second- biggest U.S. savings and loan, plans to raise about $1.5 billion in capital as the company tries to rebound from losses in 2007.
Dollar Bulls Gain Control as Euro May Be Near Peak
For the first time since December 2005, futures traders are turning bullish on the dollar.
The difference in the number of wagers by hedge funds and other large speculators on a gain in the greenback versus the euro, known as net longs, was 21,315 on April 29, figures from the Commodity Futures Trading Commission in Washington show.
It’s Good to Be Google Again
It’s as if nobody ever doubted Google (NASDAQ:GOOG). Forget about the company’s anxiety-inspiring fourth-quarter results in January. Or the number of times users had clicked on ads during that same month. Or a stock price that had hovered around a 52-week low.
RIM Updates the BlackBerry
Research In Motion Ltd. (NASDAQ:RIMM) unveiled the latest version of its BlackBerry on Monday, with enhancements aimed at protecting the popular device’s market share against competitors such as Apple Inc.’s (NASDAQ:AAPL) iPhone.
Sprint First-Quarter Loss Widens as Customer Defections Mount
Sprint Nextel Corp. (NYSE:S), the wireless carrier that lost more than a million subscribers last year, said its first-quarter loss widened as customer defections soared.
HSBC Sets Aside $3.2 Billion for More Bad U.S. Loans
HSBC Holdings Plc (NYSE:HBC), Europe’s biggest bank by market value, set aside a smaller-than-estimated $3.2 billion for bad loans in the U.S. and said first-quarter profit was higher than a year earlier.
Morgan Stanley Fund Rakes In $4 Billion
Morgan Stanley (NYSE:MS) closed on a $4 billion new infrastructure fund, surpassing its original target of $2.5 billion and better positioning the Wall Street firm in the crowded field of investing in airports, roads, and other public-works projects world-wide.
Aussie Banks Feel Pressure, So Westpac Bids for Rival
Australia’s Westpac Banking Corp. (NYSE:WBK) Monday said it has approached rival lender St. George Bank Ltd. (ASX:SGB) with a takeover offer which would likely value the target at more than 15 billion Australian dollars ($14.15 billion) and mark the biggest shakeup of the Australian banking sector in years.
Cablevision May Be Close to Buying Newsday as Murdoch Drops Out
Cablevision Systems Corp. (NYSE:CVC), the New York-area cable provider, may be close to buying Long Island’s Newsday newspaper for $650 million after Rupert Murdoch’s News Corp. (NYSE:NWS) withdrew its offer.
Toyota Delays Mississippi Plant Amid Credit Crunch, Slowing Sales
A senior executive at Toyota Motor Corp. (NYSE:TM) said Monday that plans for a new auto assembly plant in Mississippi are being delayed by the credit crunch in the U.S. and worries about American auto sales.
DSG, Kesa Rise on Rumors Best Buy, Carphone May Bid
DSG International Plc (LON:DSGI) and Kesa Electricals Plc (LON:KESA), the largest U.K. electronics retailers, rose in London trading on speculation that Best Buy Co. (NYSE:BBY) may seek European bid targets after partnering with Carphone Warehouse Group Plc (LON:CPW).
Lundin Petroleum Rises After Reporting 81% Jump in Net Income
Lundin Petroleum AB (STO:LUPE), Sweden’s largest oil explorer, rose the most in six weeks in Stockholm trading after saying first-quarter profit jumped 81 percent.
Barneys CEO Is Expected to Quit
Nine months after Barneys New York was scooped up by Istithmar, the investment arm of the Dubai government, the upscale retailer’s chief executive, Howard Socol, is expressing dissatisfaction with the new owners and has told several acquaintances that he intends to resign as early as this week, according to people familiar with the situation.
Wal-Mart Profit Probably Rose as Shoppers Fled Sears
Wal-Mart Stores Inc. (NYSE:WMT), the world’s largest retailer, may report tomorrow that first-quarter profit rose after discounts lured Target Corp. (NYSE:TGT) and Macy’s Inc. (NYSE:M) customers coping with record gasoline prices.
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