Apple Inc. (NASDAQ: AAPL) is scheduled to hold a shareholder vote on nominees to the company's board of directors Tuesday. Proxy advisory firm Glass Lewis & Co. said investors should elect Chief Executive Steve Jobs , William Campbell , Millard Drexler, Andrea Jung and Eric Schmidt to the board of directors. Due to concerns over backdated options, it said shareholders should withhold votes for former Vice President Al Gore, Arthur Levinson and Jerome York. Other issues are executive compensation.After declining over 2.6% Monday following a price target cut by RBC, AAPL shares are again lower in premarket trading, down over 1.2%.
The head of Dubai International Capital LLC said Citigroup Inc. (NYSE: C) may need additional capital from outside investors due to increased losses stemming from the collapse of the U.S. subprime mortgage market. This is after already getting $7.5 billion in November from Abu Dhabi and another $14.5 billion from other investors.
Meanwhile, Merrill Lynch cut Citi's earnings estimates and is now forecasting the bank will earn 24 cents for the year and lose $1.66 a share during the first quarter, compared to a previous forecast for $2.74 per share in annual earnings and 55 cents a share in first-quarter earnings.
Citi shares are down over 2.3% in premarket trading.
Sandisk (NASDAQ: SNDK) shares are down nearly 3.7% in premarket trading after Intel warned of soft memory card prices.
eBay Inc. (NASDAQ: EBAY)'s Skype will be rolling out a version for Sony (NYSE: SNE)'s handheld video game machine, the PlayStation Portable, later this month in Japan. Skype has been available for the PSP in the U.S. and Europe since January.
Starbucks Corp. (NASDAQ: SBUX) said Monday it has replaced its president of U.S. operations, Launi Skinner, with Cliff Burrows, who has served as president of the coffee chain's Europe, Middle East and Africa division. Starbucks also promoted four executives who will head up its U.S. regional field offices.
Yahoo Inc. (NASDAQ: YHOO) said Tuesday it is expanding R&D in India, creating a laboratory in Bangalore, India. Yahoo Labs-Bangalore will be responsible for making the Internet more simple and easier for advertisers and users, Yahoo said.
Banc of America downgraded Best Buy (NYSE: BBY) from Buy to Neutral. Shares are down 2.5% in premarket trading.
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Reader Comments (Page 1 of 1)
3-04-2008 @ 9:42AM
alan said...
Unless Citi secretly wishes to be a take over target in the near future, someone needs to get real with their guidance.
It is obvious to everyone except perhaps the CEO, CFO and the Board that more BIG, UGLY writeoffs/downs are on the way. The silence at Citi is deafening.
Can anyone display any level of candor ? I think the share price would have the potential to recover more rapidly if the market knew that the books were really clean and there were no bodies hidden in closets.
It seems the gene for honesty is not part of the Citi DNA