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Yahoo’s Shares Tumble As Microsoft Ends Pursuit
Yahoo Inc. (NASDAQ:YHOO) shares fell more than 15% in trading Monday, erasing about $6.5 billion in market value, as Wall Street reset the Internet company’s worth after Microsoft Corp. (NASDAQ:MSFT) withdrew its acquisition offer.
Oil Rises Above $120 to Record on Concern Over Nigeria Attacks
Crude oil rose above $120 a barrel to a record in New York on concern that production disruptions in Nigeria, Africa’s biggest producer, will limit supplies.
U.S. Economy: ISM Services Index Unexpectedly Climbed
Service industries in the U.S. unexpectedly grew for the first time since December, helping the economy weather a credit contraction and manufacturing downturn.
Bank of America Should Skip Countrywide, Analyst Says
Bank of America Corp. (NYSE:BAC), the second- biggest U.S. bank, should abandon its takeover of Countrywide Financial Corp. (NYSE:CFC) because the mortgage lender’s loans may be written down by as much as $30 billion, Friedman, Billings, Ramsey & Co. said.
ResCap Says It May Not Be Able to Meet Debt Obligations in June
Residential Capital LLC, the mortgage-finance company owned by GMAC LLC, said it will still need to come up with $600 million by the end of June to meet its debt requirements even if its bond exchange offer is successful.
Merrill Hires Goldman’s Peter Kraus to Head Strategy
Merrill Lynch & Co. (NYSE:MER) Chief Executive Officer John Thain expanded his cadre of former colleagues from Goldman Sachs Group Inc. (NYSE:GS) by hiring Peter Kraus to oversee strategy and investments.
MTN Group Rises to Record on Bharti Airtel Bid Report
MTN Group Ltd., Africa’s largest mobile-phone company, climbed to a record in Johannesburg trading after the Financial Times reported Bharti Airtel Ltd. may be planning a bid for the company.
T-Mobile Finally Announces Its 3G Network
T-Mobile USA has officially joined the higher-speed wireless frey. The company, a unit of Deutsche Telekom (NYSE:DT), announced it has taken the first commercial step in the rollout of its 3G wireless, UMTS/HSDPA network starting in New York City. The new network will support voice and data services.
Will TNS’s Rejection of WPP Bid Start Takeover Battle?
Taylor Nelson Sofres PLC’s (LON:TNS) rejection of an unsolicited £950 million ($1.87 billion) offer from global marketing giant WPP Group PLC (LON:WPP) could be the start of a long battle for the London global-research company.
UBS May Cut 8,000 Jobs After 12 Billion-Franc Loss
UBS AG (NYSE:UBS) may cut as many as 8,000 jobs as it grapples with the biggest credit writedowns of any European bank and a 12 billion-franc ($11.4 billion) first-quarter loss.
Marvel Shares Rocket to New Highs
Shares of Marvel Entertainment (NYSE:MVL) surged to new 52-week highs Monday after the company once again beat earnings estimates and reported a very strong opening weekend for its Iron Man film.
