MAJOR PAPERS:

• The market for private mortgage insurance has narrowed and is tougher to obtain, further pressuring home buyers and affecting the market, the Wall Street Journal reported. "Clearly, the pendulum had swung a little too far in terms of flexibility in underwriting," said Len Sweeney, the chief risk officer at AIG United Guaranty, a part of American International Group Inc (NYSE: AIG).
• In a agreement with Viacom Inc (NYSE: VIA), Google Inc (NASDAQ: GOOG) said it will remove visitor data from YouTube before it fulfills a judge's order to send data to Viacom, as a part of a larger copyright lawsuit, the Wall Street Journal reported.

• As part of its effort to emerge from bankruptcy protection, the Detroit News reported that Delphi Corp (OTC: DPHIQ) announced plans to sell its brake business. Delphi has retained W.Y. Campbell and Co to help sell the unit, which has around 1,000 employees worldwide.
• The New York Post learned that Dick Fuld, the CEO of Lehman Brothers Holdings Inc (NYSE: LEH), is seriously considering ways to take the company private. The Post said that talks centering on the privatization of Lehman have "gotten very serious consideration," according to sources, although details on how a maneuver may work remain unclear.

Newspaper wrap-up: Lehman CEO may look to take company private originally appeared on BloggingStocks on Tue, 15 Jul 2008 08:00:00 EST. Please see our terms for use of feeds.

With its stock trading at around 16 cents per share in the midst of bankruptcy proceedings, the executives running Delphi Corp. (OTC: DPHIQ) decided it was time to pay themselves a bonus.

The New York Times' Gretchen Morgenson summed it up this way: "Even as it asked workers, creditors, and owners to accept big losses, Delphi requested a lush executive pay package that included $87 million in cash bonuses to be paid to top managers upon the company's exit from bankruptcy. It was a wonderful example of unshared sacrifice that has become deplorably common in corporate America."

Thankfully, those of who support cutting back on the outrageous sums paid to managers have a new hero: federal bankruptcy judge Robert D. Drain refused to OK the reorganization plan unless the pay package for the executives was cut back to $16.5 million.

It's hard to imagine that the company's top executives thought they should take home such a huge package while creditors and workers got stiffed. Somehow they'll have to survive on $16.5 million.

Judge stands up to excessive pay at Delphi originally appeared on BloggingStocks on Sun, 27 Jan 2008 15:10:00 EST. Please see our terms for use of feeds.

• SPX Corp (NYSE: SPW), a North Carolina auto manufacturer that once earned 90% of its revenue from auto-related businesses, now earns less than 3% from auto-related businesses after multiple divestitures and acquisitions. SPX Corp is now an infrastructure-related products and service manufacturer for the global power market.

• Pittsburgh-based glass and coatings manufacturer PPG Industries Inc (NYSE: PPG) has put its windshield business up for sale. The company instead will rely on its high-tech coatings business and optical & specialty material segments that offer long-term growth potential.

Continue reading Auto parts manufacturers retrench

Auto parts manufacturers retrench originally appeared on BloggingStocks on Mon, 30 Jul 2007 16:51:00 EST. Please see our terms for use of feeds.

American union continues to bleed China red originally appeared on BloggingStocks on Thu, 28 Jun 2007 14:30:00 EST. Please see our terms for use of feeds.

MAJOR PAPERS:

• The Wall Street Journal had news on EW Scripps (NYSE: SSP), Dell Inc (NASDAQ: DELL), Wal-Mart Stores Inc. (NYSE: WMT) and Congress.

• E.W. Scripps is considering splitting off its newspaper operations. It owns papers in 18 markets, which account for about 30% of company revenues.
• The head of Dell's commercial business group will retire in March and the unit will be divided into two separate businesses.
• Wal-Mart said the number of workers enrolled in its health plan increased slightly this year.
• The House of Representatives passed a $2.10 increase in the federal minimum wage, to take place over the next two years in three 70 cent increments.

• The Financial Times reported that Cerberus is considering a $36B offer for Equity Office Properties (NYSE: EOP).

• The Detroit Free Press reported that Valeo (OTC: VLEEY) will not rule out buying Visteon Corp. (VC) or parts of Delphi Corp. (OTC: DPHIQ).
• Website GameDaily.com wrote that Viacom Inc's (NYSE: VIA) MTV Networks is in talks to acquire 1Up.com from Ziff Davis Media.
• The Investor's Business Daily's "New America" column wrote that Visa's plans to go public should take some of MasterCard Inc.'s (NYSE: MA) advantage in the stock market.

Newspaper wrap-up 1-11-07: Federal minimum wage raised originally appeared on BloggingStocks on Thu, 11 Jan 2007 09:44:00 EST. Please see our terms for use of feeds.

Almost every single day day of last week I said the same in the morning, that futures point to a positive start. Yet it seemed the market just couldn't get a break and was hit with one economic news after another that kept bulls at bay. Once again this morning futures are positive, pointing to a higher start for stocks, and hopefully finally ending a six-day losing streak. It would be interesting to see how the market reacts a day before the midterm elections.

Part of this early positive sentiment, undoubtedly has to do with oil prices. This morning, oil prices slipped to below $59 a barrell. This is due partly due to the belief OPEC would have a hard time fulfilling its announcement to cut production and partly because the threats to disrupt production in Nigeria and the U.S. never came to pass. At the same time, OPEC President Edmund Daukoru also said this morning that there is oversupply and warned of further production cuts.

Today there are no economic data due, and this week in general will have little from the economic front. On Thursday, trade balance will be reported and that would be the major report to note. However, a number of Federal Reserve will be speaking today and the market could very well react to that.

In Corporate news:

Some companies due to report today: Anadarko Petroleum Corp. (NYSE:APC) - estimated $1.35 earnings per share, El Paso Corp. (NYSE:EP) - estimated $0.16 earnings per share, RealNetworks Inc. (NASDAQ:RNWK) - estimated $0.22 earnings per share, and XM Satellite Radio Holdings, Inc. (NASDAQ:XMSR) - estimated -$0.46 earnings per share.

Google Inc. (NASDAQ:GOOG) yesterday announced that it will test expansion of its business into offline media and will now be helping customers buy advertisements in 50 U.S. newspapers. More than 100 advertiser were invited to join the three-month test of a Print Ads service that places ads in daily papers such as the New York Times Co. (NYSE:NYT), Gannett Co. (NYSE:GCI) and the Washington Post.

Ryanair Holdings Plc (NASDAQ:RYAAY), Europe's largest low-cost airline, posted a 24% gain in quarterly profit and lifted its 2007 guidance. Shares rose more than 3% in London.

The Wall Street Journal reported this morning that General Motors Corp.'s (NYSE:GM) Rick Wagoner said that a deal between $6 billion to $7.5 billion could be reached soon with Delphi Corp. (OTC:DPHIQ) over GM's contribution on labor costs at auto-parts maker. Wagoner is touring China where GM also displayed the company's hydrogen fuel cell-powered Sequel.

Again, according to the Wall Street Journal the U.S. Justice Department, informally probing anti-competitive behavior in the private equity sector, has requested information from Merrill Lynch's (NYSE:MER) private equity arm.

ImClone Systems Inc. (NASDAQ:IMCL) and Bristol-Myers Squibb Co. (NYSE:BMY) reported mixed results from a pair of Phase III trials of Erbitux, the cancer drug.

In the radio market, in attempt to to defend its eroding market share from satellite radio and iPods, U.S. radio operators said sales of its high-definition radios will expand to Circuit City Stores, Inc. (NYSE:CC), and stations are set to air some 75,000 ads a week pushing HD Digital radio.

Before the bell 11-6-06: Set for a positive start originally appeared on BloggingStocks on Mon, 06 Nov 2006 07:55:00 EST. Please see our terms for use of feeds.