American Express Co. (NYSE: AXP) -- The Wall Street Journal reported that according to its sources, AmEx is seeking about $3.5 billion from the U.S. government to help boost its balance sheet. This follows Monday's Federal approval for AmEx to become a bank holding company.
General Motors Corp. (NYSE: GM) -- House Speaker Nancy Pelosi thinks GM is too big to fail and wants Congress to support a financial assistance for the troubled U.S. auto industry. This follows Obama urging Bush to support aid for struggling automakers and Democrats in Congress passing legislation that would give GM, Ford Motor Co. (NYSE: F) and Chrysler access to $25 billion in government-backed loans. But automakers need more. GM shares are trading higher.
Prudential Financial Inc. (NYSE: PRU) said late Tuesday it will pay a dividend of 58 cents per share on Dec. 19 to shareholders of record at the close of business on Nov. 24. This 2008 annual dividend is roughly half of the $1.15 per share it paid out to shareholders last year.
Macy's Inc. (NYSE: M), Applied Materials Corp. (NASDAQ: AMAT) and Computer Sciences Corp. (NYSE: CSC) are all scheduled to report earnings today.
Bed Bath & Beyond Inc. (NASDAQ: BBBY) was upgraded to Buy from Neutral at Goldman Sachs, which said the stock is discounting an incremental slowdown in sales and earnings momentum. Margins may rebound as Linens N' Things completes its liquidation sales and exits the market.
Las Vegas Sands (NYSE: LVS) -- Adelson is trying to keep the casino company from defaulting on its debt and falling into bankruptcy by infusing $2.14 billion in new capital into the company. The capital raise more than doubles the number of outstanding shares, massively diluting their value for current shareholders. Singapore, it seems, will not bail out the casino-resort.
Microsoft Corp. (NASDAQ: MSFT) is moving closer to an agreement with Verizon Wireless to become the default search provider on the wireless carrier's cellphones. Google Inc, (NASDAQ: GOOG) has tried to reach that deal, the WSJ reports.
For a quick-read on the U.S. economy, check the price of gasoline
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Reader Comments (Page 1 of 1)
11-12-2008 @ 12:03PM
Frank said...
GM needs Ch. 11 Reorganization to make it's Business Plan work at all, without shedding all
the legacy liabilities GM will continue to lose
$$$ forever................Ch.11 allows a Trustee
to remove all the crap heaped on for Healthcare,
Insurance, Retirement, UAW Bagage, etc. over the
last 20 years, it unshackles the value of GM, then
America has a major competitor in the workmarket,
Ditto Ford Motor ! Only then should the Federal
Government consider a secured loan to GM or
Ford Motor or Chrysler.