Newspaper wrap-up: Goldman may announce $3B writedown this week
Posted Mar 17th 2008 8:00AM by Laurie Pasternack
Filed under: Newspapers, Magazines, General Motors (GM), Bristol-Myers Squibb (BMY), Goldman Sachs Group (GS)
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MAJOR PAPERS:
- The Wall Street Journal reported that Siemens AG (NYSE: SI) estimated that its earnings this quarter would be dragged down by about $1.4B on weaker-than-expected performance in major business prospects.
- According to the Financial Times, Bristol-Myers Squibb Company (NYSE: BMY) has reportedly made informal approaches to several potential bidders for its baby formula business, Mead Johnson, which is believed to be worth between $7B and $9B.
OTHER PAPERS:
- The Telegraph reported that The Goldman Sachs Group Inc (NYSE: GS) is expected to announce a $3B writedown this week, part of which is attributable to their stake in Industrial & Commercial Bank of China. Goldman will also have writedowns of about $1.6B in its leveraged loan business.
- Several union leaders are accusing General Motors Corporation (NYSE: GM) of trying to lower the wages of more positions than the company and union had agreed to under their labor contract, the Detroit News reported.
Tags: BMY, Bristol Myers Squibb, BristolMyersSquibb, General Motors, GeneralMotors, GM, Goldman Sachs, GoldmanSachs, GS, SI, Siemens, UAW, write down, WriteDown
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