• Home
• Compare Brokers
• Free Magazines
• Rumors
• Forums
• Calculators
• Directory
• About

Subscribe

Wall Street Rumors - May 8, 2008

Daily Rumors Covering the Global Markets. Subscribe to the Daily Rumors Update Here.

Toyota Offers Grim Forecast As Net Income Falls 28%

Toyota Motor Corp.’s (NYSE:TM) fourth-quarter net profit dropped 28% as the Japanese car maker forecast that a stronger yen, soaring raw-material costs and a continued U.S. slowdown will likely lead to its first annual profit decline in seven years in the current fiscal year.

ECB, BOE Keep Main Rates Unchanged to Fight Inflation

The European Central Bank and the Bank of England kept interest rates unchanged today, trying to balance the risk of faster inflation against the danger that higher credit costs will drag down economic growth.

Wal-Mart, Costco Sales Gain as Shoppers Seek Bargains

Wal-Mart Stores Inc. (NYSE:WMT) and Costco Wholesale Corp. (NASDAQ:COST) reported April sales that rose more than analysts estimated as U.S. consumers, contending with gasoline at a record $3.65 a gallon, sought discounts on clothing and food.

Best Buy Plans New Investment In U.K. Retailer

Best Buy Co. (NYSE:BBY) will form a joint venture with Carphone Warehouse PLC (LON:CPW), Europe’s largest cellphone retailer, involving a £1.1 billion ($2.15 billion) investment by the U.S. retail giant, the companies said Thursday.

UBS to Return Investor Funds

UBS AG (NYSE:UBS) agreed to return about $35 million to Massachusetts cities and other government entities that bought investments for their short-term cash needs but found themselves unable to sell the securities easily because of the credit crunch.

Citigroup’s Pandit Will Face ‘Antsy’ Shareholders

Citigroup Inc. (NYSE:C) Chief Executive Officer Vikram Pandit will face shareholders impatient for a break from Charles O. “Chuck” Prince’s legacy when he presents his plan tomorrow to return the biggest U.S. bank to profitability.

Cablevision Plans Wireless Network

Cablevision Systems Corp. (NYSE:CVC) posted a quarterly loss despite a 10% jump in revenue and disclosed plans to build a wireless broadband network to serve its subscribers in the New York area.

News Corp. Shares Rise as Third-Quarter Sales Beat Projections

News Corp. (NYSE:NWS), the owner of the MySpace Web site and Fox television, jumped the most in a month after third-quarter sales beat analysts’ estimates because of advertising gains from the Super Bowl and “American Idol.”

Hope Arises for Housing-Bill Deal

Differences between the White House and Democrats in Congress over proposed housing-market legislation aren’t “insurmountable,” one of the administration’s top economic advisers said Wednesday.

Boeing Unions May Use 787 Delay for Contract Leverage

Boeing Co.’s (NYSE:BA) delayed 787 Dreamliner may give its two main unions extra leverage in contract talks with the world’s second-biggest commercial aircraft maker.

WellCare Surges for a Second Day on Buyout Conjecture

WellCare Health Plans Inc. (NYSE:WCG), the U.S. managed-care company being investigated for fraud, jumped for the second day in New York trading on speculation that rivals may buy it.

Manulife First-Quarter Profit Falls; CEO to Step Down

Manulife Financial Corp. (NYSE:MFC), Canada’s largest insurer, said quarterly profit fell for the first time in almost seven years, missing analysts’ estimates, on declining stock prices. Chief Executive Officer Dominic D’Alessandro plans to step down next May after 15 years in the post.

Intel’s Expensive WiMax Habit

Intel (NASDAQ:INTC) doubled down on its WiMax bet Wednesday, plunking $1 billion into the nascent high-speed wireless network championed by Sprint Nextel (NYSE:S) and Clearwire (NASDAQ:CLWR). But the real story behind Intel’s big-ticket investment is that the chipmaker really didn’t have any other choice.

If you enjoyed this article, please Subscribe to Updates via E-mail or RSS Feed. Got an Important Question? Get Help at our Forums

InvestorTrip Sponsors