Newspaper wrap-up: Harris ponders future and considers selling

MAJOR PAPERS:

Harris Corporation (NYSE: HRS), concerned about its future growth, may see limited opportunity and may consider selling itself, the Wall Street Journal reported. If it does decide to sell, suitors could include Raytheon Company (NYSE: RTN), BAE Systems Plc (OTC: BAESY) and Northrop Grumman Corporation (NYSE: NOC).
The Wall Street Journal reported that, in an attempt to toughen its regulation standards, SEC chairman Christopher Cox said earlier this week the agency would push Wall Street investment houses will have to reduce borrowing and rely less on short-term financing.
As part of plans to reduce costs and restore profit growth, people close to the situation said that Citigroup Incorporated (NYSE: C) is likely to today identify up to $400B in non-core assets that could be sold. Additionally, the Financial Times reported that Citigroup CEO Vikram Pandit will confirm his pledge to cut the bank's cost base by about 20% at a meeting with analysts today. Sources familiar with the matter believe Pandit will dismiss calls for a break-up of the company.

OTHER PAPERS:

According to sources, the New York Post reported that the ax may fall as early as next week on some investment bankers at The Bear Stearns Companies Inc (NYSE: BSC).

Reader Comments (Page 1 of 1)

5-09-2008 @ 9:26AM

gerald vaughn said...

AIG international must have cash flow problems. They have refused to pay my small claim in relation to the large amounts they have scamed 1,000's of customers out of. Sell all your stock in this company. My class action lawsuit should put a nice dent in their future profits. If it doesn't the next lawsuit will and if it doesn't the next one will. Gerald vaughn who you tried to screw says pay backs are a real bitch