Nissan Motor Co. (NASDAQ: NSANY) reported a $904 million quarterly loss and said it expects this year to be its first annual loss in nine years. Nissan is cutting 20,000 jobs, or 8.5% of its workforce. NSANY shares declined over 6.5% in premarket trade.Barclays PLC (NYSE: BCS) reported Monday that its net profit for 2008 fell just 1% after several major one-off gains helped compensate for over 8 billion pounds ($11.8 billion) of write-downs. The bank's balance sheet, meanwhile, ballooned 67% to 2.05 trillion pounds. Pretax profit for the year dropped 14% to 6.08 billion pounds, well ahead of analyst estimates. Barclays said it will resume dividend payments in the second half of the year. Shares in Barclays soared over 12% in premarket trade.
General Motors Corp. (NYSE: GM) and Chrysler LLC may have to be forced into bankruptcy by the U.S. government to assure repayment of $17.4 billion in federal bailout loans, since currently other creditors have priority, Bloomberg reports. This course of action, the automakers claim, would destroy them, but could be the only way for the tax-payer to change their place in line for repayment. Meanwhile, is in talks to take back large portions of Delphi to get more U.S. bailout funds. GM shares rose over 3% in premarket trade.
NYSE Euronext (NYSE: NYX) swung to a $1.3 billion loss after writing down the value of Euronext. On an adjusted basis, NYSE Euronext's profit fell to 52 cents a share and revenue fell 2% to $683 million as higher volumes were offset by lower prices. This was below expectations of a profit of 56 cents a share on revenue of $1.2 billion. NYX shares dropped over 8% in premarket trading.
Amazon.com (NASDAQ: AMZN) is expected to launch a new Kindle e-book device Monday and announce it has acquired a new work by Stephen King that will be available exclusively, at least for a time, on Kindle, according to the WSJ.
Apple Inc. (NASDAQ: AAPL) has lost some legal ground against mac clone maker Psystar Corp. A federal judge last week ruled Psystar can continue its countersuit against Apple. Psystar may amend its suit against Apple for breaking antitrust law, arguing "Apple has stretched copyright laws by tying the Mac operating system to its hardware." It could potentially clear the way for mac clones.
Companies reporting today include: Hasbro (NYSE: HAS), Whirlpool (NYSE: WHR) -- both expected to report earnings of 74 cents a share, and Loews (NYSE: L) - expected to report earnings of 66 cents a share.
Apple Inc. (NASDAQ: AAPL) has lost some legal ground against mac clone maker Psystar Corp. A federal judge last week ruled Psystar can continue its countersuit against Apple. Psystar may amend its suit against Apple for breaking antitrust law, arguing "Apple has stretched copyright laws by tying the Mac operating system to its hardware." It could potentially clear the way for mac clones.
Companies reporting today include: Hasbro (NYSE: HAS), Whirlpool (NYSE: WHR) -- both expected to report earnings of 74 cents a share, and Loews (NYSE: L) - expected to report earnings of 66 cents a share.
Analyst calls:
- Adobe Systems (NASDAQ: ADBE) was upgraded at Openheimer from Perform to Outperform.
- Big Lots (NYSE: BIG) was upgraded at Soleil from Hold to Buy.
- Corning (NYSE: GLW) was upgraded at Collins Stewart from Hold to Buy.
- Pfizer (NYSE: PFE) and Wyeth (NYSE: WYE) were both upgraded at UBS from Neutral to Buy.
- Lennar Corp. (NYSE: LEN) was downgraded at Citigroup from Buy to Hold.
- Barclays Capital initiated coverage on several solar companies included LDK Solar (NYSE: LDK) and Trina Solar (NYSE: TSL) with Equal Weight.
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