Newspaper wrap-up: More subprime woes

Posted Aug 9th 2007 9:15AM by Eric Buscemi
Filed under: Newspapers, Magazines, Toyota Motor Corp. (TM), Campbell Soup (CPB), Chipotle Mexican Grill'A' (CMG), Oracle Corp (ORCL), Housing

MAJOR PAPERS:

• French bank BNP Paribas' Investment Partners unit is temporarily suspending three of its funds because of a lack of liquidity in the market as a result of the troubled subprime mortgage market, reported the Wall Street Journal (subscription required).
• Toyota Motor Corporation (NYSE: TM) will delay for one or two years its new high mileage hybrids with lithium-ion battery technology due to possible safety problems, reported the Wall Street Journal.
• Campbell Soup Company (NYSE: CPB) is putting its Godiva Chocolatier up for sale, reported the Wall Street Journal.
• Barron's Online's (subscription required) "Weekday Trader" argued that it may be time to take profits in Chipotle Mexican Grill Inc (NYSE: CMG), as the company hit a record high yesterday and trades at an enormous multiple.
• The Financial Times (subscription required) reported that MMC Energy Inc (NASDAQ: MMCE) is not entering the ethanol market as the company does not believe it can be profitable yet.

OTHER PAPERS:

• The U.K. Times reported that Oracle Corporation (NASDAQ: ORCL) president Charles Phillips said a global credit crunch will help Oracle as it will hurt competing private equity firms from raising cheap capital.

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