Wall Street Rumors - May 21, 2008
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Stock Futures Edge Lower As Oil Prices Sap Early Gains
U.S. stock futures Wednesday failed to recover from the previous day’s rout, as crude oil’s rally above the $130 a barrel mark sapped early gains and concerns about credit crunch-related fallout deepened.
Time Warner Details Plan for Cable Arm
Time Warner Inc. (NYSE: TWX) unveiled details of its planned spinoff of Time Warner Cable Inc., (NYSE: TWC) a step that will transform the media conglomerate into one more focused on movies, TV programming and magazines.
Microsoft to Launch Cashback Search Service
Microsoft Corp. (NASDAQ: MSFT) hopes to make gains on Google Inc. (NASDAQ: GOOG) in the lucrative business of Internet search through a new service that pays consumers who buy items they find through the software company’s search service, according to people familiar with the company’s plan.
BJ’s Weathers Weak Economy Well
BJ’s Wholesale Club Inc. (NYSE: BJ) reported a 26% rise in fiscal first-quarter net income on strong sales growth and raised its fiscal-year earnings outlook as shoppers continue to turn to the discounter amid the weak economy.
Barnes & Noble Studies Bid for Borders
Barnes & Noble Inc., (NYSE: BKS) the nation’s largest book chain by sales, has assembled a team of executives and advisers to study the possibility of acquiring No. 2 chain Borders Group Inc., (NYSE: BGP)according to a person familiar with the situation.
Euro Strengthens as Ifo Says German Business Confidence Rose
May 21 (Bloomberg) — The euro rose one cent against the dollar and climbed to the highest in three weeks versus the U.K. pound after German business confidence unexpectedly increased.
Moody’s Begins Probe on Report Bug Caused Aaa Grades
21 (Bloomberg) — Moody’s Investors Service (NYSE: MCO) said it’s conducting “a thorough review” after the Financial Times reported that a computer error was responsible for Aaa ratings being assigned to complex debt securities that slumped in value.
BOE Voted 8-1, Defeating Blanchflower’s Call for Cut
May 21 (Bloomberg) — The Bank of England voted 8-1 to keep the benchmark interest rate at 5 percent this month as the majority of policy makers argued that a reduction risked letting inflation get out of control.
gold Rises on Latest Inflation Worries
gold prices continued climbing Tuesday as the greenback sank further, oil prices hit another all-time high and new data showed a spike in producer price inflation.
JPMorgan Keeping Half of Bear Jobs
JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon on Tuesday said the bank planned to keep nearly half of Bear Stearns’ (NYSE: BSC) employees after their planned merger later this month.
Target Sinks on Soft Guidance
Target (NYSE: GTG) posted declines Tuesday in comparable-store sales and profit in the first quarter and disappointed with its outlook, continuing a recent trend for retailers.
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