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Global Investing News
Playboy in Play? Honda Throttles Back Jet Program; Hedge Funds to Hedge Bets After Losses; JPMorgan Will Modify Loans; Google Will Rather Fight Than Switch; Mortgage Applications Soar as Rates Fall
- The publisher of one of the world’s best known adult magazines, Playboy Enterprises Inc., (PLA) said it would be open to discussions about an outright sale after posting a wider fourth-quarter loss on weaker-than-expected revenue. The company, which has been through a management shake-up including the resignation in December of longtime Chief Executive Officer Christie Hefner, posted a net loss in each quarter of 2008. A restructuring charge of $157.2 million, and…
Global Investment News Roundups
German Gov’t Takes 25% Bank Stake; Walgreen Cutting 1,000 Jobs; Boeing Orders Fall 53%, TD Ameritrade Acquires thinkorswim; Gas Dispute Continues; BOE Cuts Rates; Lenovo Sheds Jobs; Crude Down Again
- Germany’s government will take a 25% stake in its second-largest bank, Commerzbank AG (ADR:CRZBY). The 10 million euro ($13.7 billion) investment comes as Commerzbank is completing its acquisition of Dresdner Bank from Allianz SE (AZ), Bloomberg reported.
- Walgreen Co. (WAG) said it plans to cut about 1,000 jobs outside its drugstores, part of a plan that aims to save $1 billion annually by its fiscal 2011. Part of the plan is offering…
Global Invesment News Roundup
Barclays: Japan 4Q GDP Will Shrink 12.1%; Holiday Sales Worst Since 1970; American Greetings Buys Recycled Paper Greetings; Consumer Confidence Hits Record Low; China Eastern Gets Additional Funds; Gazprom Gets Paid
- An economist for Barclays Capital (ADR:BCS) estimates Japan’s economy will shrink at an annual pace of 12.1% this quarter, nearly a three-fold negative jump from the rate previously predicted. “Given the speed and the length of the contraction, this recession could be the most severe in the postwar era,” Barclays’ chief Japan economist Kyohei Morita said, Bloomberg reported. “We expect negative growth will continue for a fifth straight quarter to the…
Global Investing Roundups
South Africa Cuts Interest Rates; BlackRock Cans 500; Empire Co. Posts 13% Profit; KB Toys Files for Bankruptcy; Citi and UBS to Buy Back $30 Billion in Securities; Bank of America to Cut 35,000 Jobs
- South Africa’s central bank cut a half-percentage point from its benchmark interest rate, marking the country’s first interest rate reduction in more than three years, Bloomberg reported. The growing global crisis, rising unemployment and falling commodity prices are hampering growth for the emerging economy.
- Asset manager BlackRock Inc. (BLK) cut 500 jobs, Chief Executive Laurence Fink said Thursday. Many of the job losses were part-time employees, Reuters reported. BlackRock…
Global Investing Roundups
Jobless Claims Rise to 516,000; Wal-Mart Earnings Soar; Intel Lowers 4Q Forecast; Urban Outfitters Clocks $59 Million 3Q Earnings; Budget Deficit Hits Record High; Volatile Crude Climbs 3.7%; U.S. Steel Lays Off 677 NA Employees;
- Initial jobless claims jump to their highest level since 9/11, rising 32,000 to 516,000 in the week ended Nov. 8, the Labor Department said yesterday (Thursday). The total number of people collecting unemployment benefits is at the highest level since 1983, CNNMoney.com reported.
- Despite consumer spending dropping 3.1% in the third quarter, Wal-Mart Stores Inc. (WMT) beat estimates by reporting a 9.8% gain in third-quarter profit. The…
Global Investing Roundups
Toll Brothers 4Q Revenue Caves; Vodaphone Focuses on Cash; Tyco Doubles 4Q Net Income; StatOilHydro Buys Shale Gas from Chesapeake; Oil Hits 20-month Low; Sirius Posts Profit Loss Despite Increase in Revenue
- Reeling from the housing and credit crisis, luxury-home builder Toll Brothers Inc. (TOL), reported a 41% dive in its fiscal fourth-quarter revenue, Bloomberg reported. “Unfortunately, the preliminary signs of stability we had discussed in early September were upended by the past month’s financial crisis,” Chief Executive Officer Robert Toll said in a statement.
- Despite first-half profit falling 35% and a reduced sales forecast, Vodaphone Group Plc (VOD) investors cheered the company’s plan…
Global Investing Roundups
Wells Fargo Jumps 32% on Dividend Hike; Crude Falls $10 in Two Days; Home Building Collapses; Gazprom Threatens to Take Belarus to Court; Gannett’s 2nd Quarter Tumble; SK Telecom Eyes up Sprint?; Time Warner Travels to Seattle; Delta’s $1 Billion Loss Turns to Gains
Wells Fargo Co. (WFC) stock jumped 32% after the nation’s fifth largest bank raised its dividend by 10%, from 31 cents a share to 34 cents. The company reported second-quarter profit fell 22% as more customers defaulted on loans, but the dividend hike was enough to answer any questions concerning the company’s stability.
Light, sweet crude for August…
17Jul2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Bank of America Boosts China Bank Stake; Home Prices Continue to Fall; Record Profit and Resignation for Vodafone; Standard Pacific Stock Shoots Up; Landis&Gyr Lands 7 Million “Smart Meter” Contract; S. Africa Grows a Slow 2.1% in 1Q; Gold Futures Fall $18.
–Bank of America Corp. (BAC) announced yesterday (Tuesday) that it would increase its stake in China Construction Bank Corp. to almost 11%, The Associated Press reported. The Charlotte-based bank plans to purchase 6 billion H-shares on or about June 5th, bringing Bank of America’s total investment in the Beijing-based bank to 10.75%.
–The S&P/Case-Shiller home-price index declined 14.4% from the same period…
28May2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
WTO’s Global Trade Deal; Ford’s Lowered Expectations; Surprise Decline in Jobless Claims; Oil Drags on Hang Seng; Wider Loss for B&N; Big Oil Spends $1.3 Million in 1Q Lobbying; Bill Miller Joins Ichan in Pressuring Yahoo; IEA to Probe World’s Oil Supply; Medtronic Coughs Up $75 Million to Settle Suit.
- The World Trade Organization (WTO) has published a new draft of plans for a global trade deal that will be discussed the next time world trade ministers meet, BBC News reported. Although the plan doesn’t change existing tariff or subsidy cuts, it does offer some compromises and clarifies some key “sticking…
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