BNET News Articles

Alliant Tech Says Major Acquisitions Not Attractive

BT Trax — Jul 18, 2008 3:30 PM PDT

FARNBOROUGH (Reuters) - U.S. rocket maker Alliant Techsystems aims to expand in space systems, advanced weapons and electronics but is shunning big acquisitions after its bid for a Canadian defense business failed.

CORRECTED: J&J Found Not Liable in Motrin Lawsuit

BT Trax — Jul 18, 2008 2:45 PM PDT

LOS ANGELES (Reuters) - Johnson & Johnson on Thursday won a lawsuit brought by the family of an 11-year-old girl who became blind after using the drug Children's Motrin in 2003.

Cemex Seen Posting Fall in Q2 Profit

BT Trax — Jul 18, 2008 12:46 PM PDT

MONTERREY, Mexico (Reuters) - Mexico's Cemex , the world's No. 3 cement maker, is seen reporting a 7.9 percent fall in second-quarter net profit on Tuesday as it pays off debt after a big takeover last year.

Calpers Posts 2.7 Pct Loss Amid Stock Weakness

BT Trax — Jul 18, 2008 1:30 PM PDT

SAN FRANCISCO (Reuters) - Calpers, the biggest U.S. pension fund, posted a 2.4 percent loss in its June-ended fiscal year, fueled by a 10.7 percent decline in the value of its stock holdings, its top investment officer said on Friday.

U.S. SEC Approves Freddie Mac Stock Registration

BT Trax — Jul 18, 2008 1:00 PM PDT

WASHINGTON/NEW YORK (Reuters) - Freddie Mac won approval from regulators on Friday to sell the stock needed to overcome mounting losses, and the Wall Street Journal said the mortgage finance company may seek $10 billion.

Merrill May Still Sell BlackRock, CreditSights Says

BT Trax — Jul 18, 2008 7:15 AM PDT

NEW YORK (Reuters) - Merrill Lynch & Co may still be forced to sell its valuable stake in fund manager BlackRock to bolster its balance sheet, research firm CreditSights said in a report.

Legg Mason to Back Yahoo Board Slate

BT Trax — Jul 18, 2008 12:45 PM PDT

BOSTON/SAN FRANCISCO (Reuters) - Fund manager Bill Miller, one of Yahoo Inc's top shareholders, dealt a blow on Friday to billionaire investor Carl Icahn's two-month campaign to replace the Internet firm's directors, throwing his support behind Yahoo's current board.

Analysts See Much Higher 2008 Loss For Merrill

BT Trax — Jul 18, 2008 10:00 AM PDT

BANGALORE (Reuters) - Wall Street analysts widened their 2008 loss estimates for Merrill Lynch & Co on Friday, a day after the investment bank posted a quarterly loss much bigger than market expectations and unveiled plans to sell assets to shore up capital.

IStar: Credit Market Deterioration Impacts Q2 Earnings

BT Trax — Jul 18, 2008 5:15 AM PDT

(Reuters) - IStar Financial Inc , which lends primarily to real estate-related businesses, said it expects to post a second-quarter operating loss, excluding a gain from asset sales, hurt by higher loan loss provisions, mark-to-market impairments and goodwill write-offs.

Manpower Second-quarter Net Profit Falls 33 Percent

BT Trax — Jul 18, 2008 7:30 AM PDT

NEW YORK (Reuters) - Employment services company Manpower Inc said on Friday that business was slowing in large Western European markets, including France, its biggest operation, sending its shares down 11 percent.

Teva to Buy Barr For $7.46 Bln to Boost Generic Lead

BT Trax — Jul 18, 2008 7:01 AM PDT

NEW YORK (Reuters) - Teva Pharmaceutical Industries, the world's largest generic drug company, said on Friday it would buy rival Barr Pharmaceuticals Inc for $7.46

Freddie Mac Mulling $10 Bln Share Offer: Report

BT Trax — Jul 18, 2008 6:30 AM PDT

(Reuters) - Mortgage giant Freddie Mac is considering raising capital by selling as much as $10 billion in new shares to investors, The Wall Street Journal reported, citing people familiar with the matter.

Wipro Q1 Profit Misses Forecast, Remains Cautious

BT Trax — Jul 18, 2008 5:01 AM PDT

BANGALORE (Reuters) - Indian information technology outsourcers Wipro and Satyam posted higher quarterly profits, but said the business outlook was cloudy due to slowing Western economies, sending their shares lower.

Fannie Mae's Mudd: Won't Tap New Credit Line

BT Trax — Jul 17, 2008 4:00 PM PDT

WASHINGTON (Reuters) - The chief executive officer of mortgage finance giant Fannie Mae , Daniel Mudd, said on Thursday the company was unlikely to tap emergency credit measures that have been proposed for it by the U.S. Treasury Department.

Jury Finds in Favor of Mattel in Bratz Trial

BT Trax — Jul 17, 2008 6:00 PM PDT

RIVERSIDE, California (Reuters) - Mattel Inc won a nearly complete victory on Thursday in its federal copyright infringement case against rival MGA Entertainment Inc over which toymaker owns the original drawings for the $1 billion-plus Bratz fashion doll franchise.

Merrill Lynch Posts $4.9 Bln Loss

BT Trax — Jul 17, 2008 5:00 PM PDT

NEW YORK (Reuters) - Merrill Lynch & Co posted a much larger-than-expected $4.89 billion quarterly loss on Thursday after writing down soured debt, and unveiled plans to sell billions of dollars of assets -- including a part of its lucrative brokerage business -- to shore up capital.

Chesapeake Energy Says Divestitures to Fund Growth

BT Trax — Jul 17, 2008 12:45 PM PDT

HOUSTON (Reuters) - Natural gas company Chesapeake Energy Corp will fund its ambitious exploration plans for 2009 and 2010 by selling assets rather than debt or equity, it said in a U.S. regulatory filing.

Paulson to Speak on Economy, Markets Next Week

BT Trax — Jul 17, 2008 12:30 PM PDT

WASHINGTON (Reuters) - Treasury Secretary Henry Paulson will deliver remarks on financial markets and the economy on Tuesday in New York, the Treasury said on Thursday.

UBS to Stop Offshore Banking For U.S. Residents

BT Trax — Jul 17, 2008 10:15 AM PDT

WASHINGTON (Reuters) - Swiss bank UBS AG will discontinue offshore banking and securities services to U.S. residents through its branches, a UBS executive said on Thursday at a congressional hearing on offshore tax havens.

Air Show Marks End of Order Boom

BT Trax — Jul 17, 2008 9:15 AM PDT

FARNBOROUGH (Reuters) - A $40 billion spree by Gulf oil states prevented aircraft orders from going into freefall at this week's Farnborough Airshow but left little for Airbus and Boeing to scrap over for the rest of the year.

Manufacturers Beat Wall Street's Profit View

BT Trax — Jul 17, 2008 9:45 AM PDT

BOSTON (Reuters) - Brushing aside surging energy and metals costs and a slowing economy, several top U.S. manufacturers reported better-than-expected profit on Thursday, in some cases raising their full-year targets.

Ebay Shares Fall 13 Pct After Weak Outlook, Downgrades

BT Trax — Jul 17, 2008 7:00 AM PDT

NEW YORK (Reuters) - EBay Inc's shares fell more than 13 percent on Thursday after its cautious near-term outlook led to downgrades by several Wall Street analysts.

Sherwin-Williams Posts Lower Profit

BT Trax — Jul 17, 2008 6:16 AM PDT

ATLANTA (Reuters) - Paint maker Sherwin-Williams reported lower second quarter profit on Thursday, weighed down by rising oil-based costs and the severe U.S. housing downturn that has hurt demand.

Danaher Profit Tops Forecasts, Raises Outlook

BT Trax — Jul 17, 2008 6:02 AM PDT

NEW YORK (Reuters) - Industrial conglomerate Danaher Corp reported better-than-expected quarterly profit on Thursday, led by sales gains in its professional tools and medical technology divisions, as well as lower tax and interest expenses.

Electrolux Warns on Full Year Amid Consumer Gloom

BT Trax — Jul 17, 2008 5:02 AM PDT

STOCKHOLM (Reuters) - World No. 2 home appliances maker Electrolux warned on Thursday that flagging consumer demand will hit full-year earnings harder than thought, sending its shares down nearly 9 percent.

Some Short-selling Funds to Gain From SEC Curbs

BT Trax — Jul 16, 2008 4:45 PM PDT

BOSTON (Reuters) - U.S. securities regulators' moves to curb short selling of financial sector stocks may give a boost to a handful of exchange-traded funds (ETFs) that are shorting the financial sector and producing sizzling returns.

Computer Shipment Growth Said Slowing

BT Trax — Jul 16, 2008 4:30 PM PDT

SAN FRANCISCO (Reuters) - Growth slowed in the United States market for home and business computers in the second quarter because of the ongoing economic uncertainty, according to two surveys released on Wednesday.

FBI Probing IndyMac For Possible Fraud: Report

BT Trax — Jul 16, 2008 7:30 PM PDT

WASHINGTON (Reuters) - Failed bank IndyMac is under investigation by the FBI for possible fraud involving its mortgage lending, unnamed law enforcement officials said on Wednesday.

Fox-Pitt Says Full Short-sale Curb Will Help Lehman Shares

BT Trax — Jul 16, 2008 7:00 AM PDT

(Reuters) - Lehman Brothers' shares will benefit if U.S. securities regulators fully restricted short selling, Fox-Pitt Kelton analysts said.

Lehman Management Buyout Unlikely: Bernstein Analyst

BT Trax — Jul 16, 2008 5:16 AM PDT

NEW YORK (Reuters) - A management buyout of Lehman Brothers would be too costly to be feasible, Sanford Bernstein analyst Brad Hintz wrote on Wednesday in a research note.

Cleveland-Cliffs to Buy Alpha Natural For $10 Bln

BT Trax — Jul 16, 2008 10:46 AM PDT

NEW YORK (Reuters) - Iron ore pellet maker Cleveland-Cliffs Inc on Wednesday said it agreed to acquire coal miner Alpha Natural Resources Inc for about $8.3 billion, expanding its coal assets and positioning itself to capitalize on the boom in the global steel industry.

St. Jude Medical Earnings Rise on ICD Rebound

BT Trax — Jul 16, 2008 5:00 AM PDT

CHICAGO (Reuters) - St. Jude Medical Inc on Wednesday said quarterly earnings rose as sales of its implantable cardioverter defibrillators, or ICDs, rose 24 percent over a year ago.

LG Elec Set For Strong Q2 Profit, Risks Ahead

BT Trax — Jul 16, 2008 3:31 AM PDT

SEOUL (Reuters) - LG Electronics Inc <066570.KS> is set to report quarterly earnings more than doubled next Monday thanks to high margins at its mobile phone unit, brisk sales of TVs and solid results at its LCD joint venture.

Goldman Questioned on Bear, Lehman Share Fall: WSJ

BT Trax — Jul 16, 2008 2:46 AM PDT

(Reuters) - Goldman Sachs has been questioned by chiefs of rivals Bear Stearns Cos and Lehman Brothers about speculation that the securities firm had a role in putting pressure on their firms' stocks, the Wall Street Journal said on Wednesday citing people familiar with their talk.

IMF Sticks By $1 Trillion U.S. Subprime Fallout

BT Trax — Jul 16, 2008 2:15 AM PDT

BRUSSELS (Reuters) - The International Monetary Fund is sticking to its estimate that losses on U.S. assets from the subprime crisis and its wider fallout would be about $1 trillion despite fresh U.S. banking problems recently, a senior IMF official said on Wednesday.

Continental Rejects $17.8 Bln Bid From Family Firm

BT Trax — Jul 16, 2008 3:30 AM PDT

FRANKFURT (Reuters) - Tires-to-brakes maker Continental rejected Schaeffler Group's surprise 11.2 billion euro ($17.8 billion) bid, saying only the family owned firm stood to gain from the offer which was too low.

Ex-Samsung Chief Handed 3-year Suspended Jail Term

BT Trax — Jul 16, 2008 2:15 AM PDT

SEOUL (Reuters) - Former Samsung Group chief Lee Kun-hee, one of South Korea's most powerful businessmen, was handed a 3-year suspended jail sentence on Wednesday for tax evasion, but was cleared of other charges.

Time Warner AOL Talks Heat Up - Source

BT Trax — Jul 15, 2008 10:16 PM PDT

NEW YORK (Reuters) - Time Warner Inc's discussions to merge or sell its AOL Internet division with Microsoft Corp or Yahoo Inc have taken on new urgency ahead of Yahoo's Aug 1 shareholders meeting, a source familiar with the discussions told Reuters on Tuesday.

Sun Micro Shares Up on Preliminary Earnings

BT Trax — Jul 15, 2008 6:00 PM PDT

LOS ANGELES (Reuters) - High-end computer maker Sun Microsystems Inc on Tuesday posted lower preliminary fourth quarter results that were largely in line with Wall Street forecasts, but sparked a rally in its stock by investors who had feared worse results.

Air China to Buy 45 Boeing Planes

BT Trax — Jul 15, 2008 2:15 PM PDT

SHANGHAI (Reuters) - Flag carrier Air China said on Tuesday it would buy 15 Boeing 777 airplanes and 30 Boeing 737s in one of the biggest plane orders by a Chinese carrier.

News Corp, Zuckerman in Talks to Combine Printing

BT Trax — Jul 15, 2008 3:00 PM PDT

NEW YORK (Reuters) - Bitter rivals New York Post owner Rupert Murdoch and New York Daily News owner Mortimer Zuckerman may combine the printing, distribution and back office operations of their New York newspapers, a source familiar with the discussions said on Tuesday.

Sprint Rises on SK Buyout Talks Report

BT Trax — Jul 15, 2008 2:45 PM PDT

NEW YORK (Reuters) - South Korea's SK Telecom Co Ltd <017670.KS> and Sprint Nextel Corp are in preliminary talks about collaborating on technology and not discussing a merger, sources familiar with the matter said on Tuesday.

Fitch Sees "multiple Bankruptcies" For U.S. Airlines

BT Trax — Jul 15, 2008 12:15 PM PDT

NEW YORK (Reuters) - Rising energy prices and weak cash flow may result in "multiple bankruptcies and liquidation" for U.S. airlines in 2009, rating agency Fitch Ratings said on Tuesday.

SEC Moves on Short Sellers

BT Trax — Jul 15, 2008 8:00 PM PDT

WASHINGTON/NEW YORK (Reuters) - U.S. securities regulators issued an emergency rule on Tuesday to limit certain types of short selling in major financial firms, including Fannie Mae and Freddie Mac .

Paulson: GSE Risk Potential Requires New Regulator

BT Trax — Jul 15, 2008 9:15 AM PDT

WASHINGTON (Reuters) - Housing finance giants Fannie Mae and Freddie Mac have the potential to pose systemic risks to the financial system and need a stronger regulator, U.S. Treasury Secretary Henry Paulson said on Tuesday.

U.S. SEC: More Than 4 Dozen Subprime Cases Underway

BT Trax — Jul 15, 2008 9:00 AM PDT

WASHINGTON (Reuters) - Securities regulators have more than four dozen subprime investigations under way that involve subprime lenders, investment banks, credit rating agencies and insurers, the chairman of the U.S. Securities and Exchange Commission said on Tuesday.

Yahoo Says Microsoft Seeks "fire Sale" Price

BT Trax — Jul 15, 2008 9:46 AM PDT

WASHINGTON (Reuters) - A Yahoo Inc executive accused Microsoft Corp of teaming up with activist investor Carl Icahn to force a "fire sale" price for Yahoo's search business.

Citigroup CFO Says 2-3 Years Before Better Returns: Report

BT Trax — Jul 15, 2008 5:04 AM PDT

NEW YORK (Reuters) - Citigroup Inc Chief Financial Officer Gary Crittenden said it could be two to three years before returns at the largest U.S. bank by assets improve significantly, The New York Times said on Tuesday.

Oil Market to Tighten Again After 2009/10: IEA

BT Trax — Jul 15, 2008 5:03 AM PDT

ALGIERS (Reuters) - Oil markets are expected to tighten again after easing in 2009/10 so producer countries should increase investments, the head of the International Energy Agency (IEA) said on Tuesday.

State Street Reports Stronger Results

BT Trax — Jul 15, 2008 5:03 AM PDT

BOSTON (Reuters) - State Street Corp , one of the world's biggest institutional money managers, said on Tuesday that second-quarter profit rose amid more demand for its services, which helped the company report record revenue.