Before the bell: Futures lower after WMT earnings, ahead of dataStaples (NASDAQ: SPLS) stepped up its hostile campaign to acquire Dutch office supplies group Corporate Express (NYSE: CXP), lifting its offer to 8 euros ($12.43) a share, up from 7.25 euros previously and taking its bid directly to shareholders. CXP shares were 6% higher.
In its attempt to shore up its balance sheet, American International Group Inc. (NYSE: AIG) priced an offering of 171.1 million common shares at $38, valuing the deal at $6.5 billion. On Monday AIG also said it priced an offering of 72 million equity units at $75 each, a deal value of $5.4 billion.
LDK Solar Co. Ltd. (NYSE: LDK) shares are down over 6% in premarket trading after the Chinese solar energy company reported first-quarter results late Monday. While earnings topped forecasts and the company raised its revenue outlook for the year, raw material costs caused it to cut its gross margin forecast.
Sirius Satellite Radio Inc. (NASDAQ: SIRI) also reported results after closing bell Monday. While the results are important, they don't have the weight they would had the Street not expected Sirius to complete the purchase of larger rival XM Satellite Radio Holdings Inc. (NASDAQ: XMSR). Both companies reported more losses, although Sirius narrowed its loss, while at XM, the loss increased. This may be the reason why StreetInsider says that Merrill Lynch upgraded Sirius from Sell to Neutral. Interestingly, though, XM shares climbed Monday following its results, while SIRI shares are down in premarket trading following its.
The CEO of Coca-Cola Co (NYSE: KO) said the company is seeking more acquisition opportunities in the fast-growing soft drinks market to expand its revenue sources. As people opt for healthier drinks, sales of established soft drinks are declining and Coca-Cola wants to be able to better keep up with the trend, just as its rivals had with different acquisitions.
It seems that Google's Friend Connect, Google Inc. (NASDAQ: GOOG) attempt to "bring the social" to any page around the web was well received when launched Monday.
We heard about the deal Monday and today it's already operational -- HBO programming on Apple (NASDAQ: AAPL) iTunes store. Six of HBO's most popular series are available for download for prices ranging from $1.99 to $2.99 per episode including Sex in the City and The Sopranoes.
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Reader Comments (Page 1 of 1)
5-14-2008 @ 2:38PM
Kenneth said...
I think sirius should get the equipment into the hands of the consumers first and then worry about selling the units. They should give away the recievers for awhile and focus on advertising revenue. Just my opinion.
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