Before the bell: WMI, VZ, BRK.A, UPS, GMT, AAPL, Q

Posted Aug 11th 2008 7:58AM by Melly Alazraki
Filed under: Before the Bell, Earnings Reports, Deals, Apple Inc (AAPL), General Electric (GE), Berkshire Hathaway (BRK.A), Employees, Market Matters, Verizon Communications (VZ), United Parcel'B' (UPS), Economic Data, Qwest Communications Intl (Q), Oil

U.S. stock futures were a little higher this morning following Friday's rally. Oil futures have been rising again due to the Russian-Georgian conflict and the dollar retracted from the five-month high set Friday. Global markets were mostly higher although China's hit a 19-month low.

Waste Management (NYSE: WMI) is expected to raise its unsolicited cash offer for rival Republic Services (NYSE: RSG) by nearly 10% to $6.73 billion, the Wall Street Journal reported.

Verizon Communications (NYSE: VZ) and two unions agreed on a new three-year contract Sunday, averting a possible strike of 65,000 workers. The new contract provides 10.5% wage increases and changes in retirement benefits.

Berkshire Hathaway (NYSE: BRK.A) reported an 8% decline in second-quarter profit after the market close Friday. The investment group attributed the decline to fewer insurance premiums and $1 billion in unrealized derivative losses.

United Parcel Service (NYSE: UPS) hopes to buy a firm in China and boost staff there in coming years and may be in early stage talks to buy Holland's TNT.

GATX (NYSE: GMT) has offered more than $3 billion, and maybe as much as $3.5 billion, for General Electric's (NYSE: GE) rail services unit, Bloomberg News reported.

According to The Wall Street Journal, Apple Inc. (NASDAQ: AAPL)'s bet on cellphone software appears to be paying off as it has users have downloaded more than 60 million programs for the iPhone from its recently opened App Store. Apple sold an average of $1 million a day in applications for a total of about $30 million in sales over the month, CEO Jobs said. That'd be $360 million a year at this rate.

Qwest Communications International Inc. (NYSE: Q) American workers union was authorized to call a strike when the contract expires Aug. 17 if talks fail to produce a new contract. Qwest rose 11% to $3.81 on Friday.

Tags: aapl, brk.a, ge, gmt, inthenews, q, rsg, ups, vz, wmi