General Motors Corp. (NYSE: GM) and Chrysler LLC are expected to submit recovery plans to the government today to show how they can repay billions in loans and become viable. Of course, abysmal auto sales haven't been helping any company in the industry. Ex-Lazard banker Ron Bloom is expected to be named a key government adviser, according to The Wall Street Journal, and he is expected to be tough, demanding sacrifices by all involved, from auto workers and industry executives to shareholders and creditors. The AP reports that GM was making progress in concession talks with debtholders and the UAW. Also, GM Europe is considering shutting or selling as many as four European plants. GM shares are down 5.6% in premarket trading. GM shares declined over 12% an hour after the open.
Wal-Mart Stores Inc. (NYSE: WMT) posted fourth-quarter earnings of $1.03 a share, excluding items, beating the Reuters consensus of 99 cents per share. Wal-Mart sees first quarter earnings of 72 to 77 cents per share, and full-year earnings between $3.45 and $3.60 per share. WMT shares are up 1.6% in premarket trading. WMT shares gained 2.9% by 10:30 am.
Trump Entertainment Resorts (NASDAQ: TRMP) has filed for bankruptcy for the third time in its history. TRMP shares are down over 56% in premarket trade... TRMP shares declined about 40% by 10:30 am.
Verizon (NYSE: VZ) "is considering a $5 monthly voice plan that would let customers receive calls but dial only 911 and Verizon customer service," The Wall Street Journal reported. VZ shares declined over 4% an hour after the open.
Sirius XM Radio Inc. (NASDAQ: SIRI) may have escaped bankruptcy as John Malone's Liberty Media Inc. (NASDAQ: LINTA) may be close to taking a large stake in Sirius XM, this way allowing Sirius a delay for repaying its debt, especially the $175 million maturing Tuesday. SIRI shares are soaring over 100% to 21 cents in premarket trade. Update: Indeed Liberty Media has agreed to loan $530 million to Sirius for a 40% stake, saving SIRI from possible bankruptcy. SIRI shares soared about 70% an hour into the open to $0.1787.
Microsoft Corp. (NASDAQ: MSFT) on Monday unveiled a new version of its Windows Mobile operating system to compete also with Google's (NASDAQ: GOOG) version, and launched new services including an application store to rival that of Apple's (NASDAQ: AAPL) iPhone. MSFT shares are down nearly 2% in premarket trading. MSFT declined about 5% by 10:30 am.
Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) swung to a fourth-quarter net loss from a year-earlier profit, but the loss was due to a charge. In fact, on an adjusted basis, the company earned 76 cents a share against 69 cents a year earlier as sales grew by 11%. The company also raised its quarterly dividend by a third. Resulsts beat estimates. TEVA shares gained over 4% an hour into the open.
Amazon.com Inc. (NASDAQ: AMZN) had its corporate credit rating raised to investment grade of BBB from BB+ by Standard & Poor's Ratings on Friday. Amazon has maintained solid performance during a difficult retailing environment, the analyst said. AMZN shares are down 1.6% in premarket trade. AMZN shares declined about 2.7% by 10:30 am.
Before the bell: Stocks ready to climb on hopes of continued low rates
Why do we have a weak dollar?
Holiday hiring slow for retailers
