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uk times posts

Newspaper wrap-up: Countrywide (CFC) begins laying off employees

Posted Aug 20th 2007 9:15AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Citigroup Inc. (C), Altria Group (MO), American Express (AXP), ,

MAJOR PAPERS:

According to an internal email, Countrywide Financial Corporation (NYSE: CFC) has begun laying off employees involved in originating loans, reported the Wall Street Journal (subscription required).

OTHER PAPERS:

The New York Times reported that the market is having doubts about the deal for the Tribune Company (NYSE: TRB), despite confidence from those involved that the deal will be done.
Just weeks after acquiring its first pension scheme, Citigroup Incorporated (NYSE: C) is looking for another; Citi is said to be looking at a European scheme that is worth about £200M, reported the U.K. Times.
While the rugged cowboy has been the face for Altria Group Inc's (NYSE: MO) Philip Morris for many years now, the global brand could be fading, according to the U.K. Times.
American Express Company (NYSE: AXP) has put its private banking business, which could be worth $400M-$500M, up for sale, according to the U.K. Times.
The Telegraph reported that a subsidiary of HSBC Holdings (NYSE: HBC), the Hong Kong and Shanghai Banking Corporation, is in talks to buy a 51% controlling stake in Korea Exchange Bank, which would cost in the region of £2.5B.

Newspaper wrap-up: Fed rumored to be cutting rates shortly

Posted Aug 17th 2007 9:20AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Wal-Mart (WMT), Citigroup Inc. (C), Sprint Nextel Corp (S), Merck and Co (MRK), Lilly (Eli) (LLY)

MAJOR PAPERS:

Barron's Online's (subscription required) "Weekday Trader" suggest investing in several pharmaceutical names during the stock market woes, including Merck & Co Inc (NYSE: MRK), Eli Lilly & Co (NYSE: LLY) and Schering Plough Corporation (NYSE: SGP).
Speculation intensified that the Federal Reserve is going to cut interest rates shortly, and moreover, some are suggesting that it already has cut them stealthily, reported the Wall Street Journal (subscription required).
Sprint Nextel Corporation (NYSE: S) will spend $5B on WiMAX through 2010, reported the Wall Street Journal.
Wal-Mart Stores Inc (NYSE: WMT) is considering smaller, higher-end stores for introduction early next year, reported the Wall Street Journal.

OTHER PAPERS:

The CEO of Deutsche Telekom (NYSE: DT) , René Obermann, called for the European mobile phone networks to be consolidated, reported the Independent.
Citigroup Incorporated (NYSE: C) is believed to be negotiating the purchase of a European pension plan worth about GBP200M, reported the U.K. Times.
U.S. Treasury Secretary Henry Paulson said the economy and markets are "resilient," and can absorb any losses from the recent market instability, and has not raised the possibility of policy changes to deal with the markets' problems, reported the New York Times.

Newspaper wrap-up: Asian markets drop overnight

Posted Aug 15th 2007 9:15AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Home Depot (HD), Sony Corp ADR (SNE), Gap Inc (GPS)

MAJOR PAPERS:

Home Depot Inc's (NYSE: HD) second quarter income drop of 15% may affect what will happen with the company's share buyback that is in part tied to the sale of its HD Supply wholesale business, reported the Wall Street Journal.
Royal Dutch Shell (NYSE: RDS.A) may sell its 50% stake in BEB Transport & Speicher Service, a German natural gas pipeline firm, reported the Wall Street Journal.
New Gap Inc (NYSE: GPS) CEO Glenn Murphy bought 150K shares of Gap stock for $2.3M Friday at an average price of $15.55, according to a Monday filing the SEC, reported Barron's Online's "Inside Scoop" column.
The Financial Times reported that share prices and currencies in the Asia-Pacific region tumbled earlier today, as investors worried about the subprime mess pulled back from emerging markets.

OTHER PAPERS:

Sony Corporation (NYSE: SNE) will announce plans to float its highly profitable financial services division, Sony Financial Holdings, in what could be Japan's biggest initial public offering this year, creating a company with a market value close to 1T yen, reported the U.K. Times.

Newspaper wrap-up: More subprime woes

Posted Aug 9th 2007 9:15AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Toyota Motor Corp. (TM), Campbell Soup (CPB), Chipotle Mexican Grill'A' (CMG), Oracle Corp (ORCL), Housing

MAJOR PAPERS:

French bank BNP Paribas' Investment Partners unit is temporarily suspending three of its funds because of a lack of liquidity in the market as a result of the troubled subprime mortgage market, reported the Wall Street Journal (subscription required).
Toyota Motor Corporation (NYSE: TM) will delay for one or two years its new high mileage hybrids with lithium-ion battery technology due to possible safety problems, reported the Wall Street Journal.
Campbell Soup Company (NYSE: CPB) is putting its Godiva Chocolatier up for sale, reported the Wall Street Journal.
Barron's Online's (subscription required) "Weekday Trader" argued that it may be time to take profits in Chipotle Mexican Grill Inc (NYSE: CMG), as the company hit a record high yesterday and trades at an enormous multiple.
The Financial Times (subscription required) reported that MMC Energy Inc (NASDAQ: MMCE) is not entering the ethanol market as the company does not believe it can be profitable yet.

OTHER PAPERS:

The U.K. Times reported that Oracle Corporation (NASDAQ: ORCL) president Charles Phillips said a global credit crunch will help Oracle as it will hurt competing private equity firms from raising cheap capital.

Newspaper wrap-up: Bear Stearns to fire top trader

Posted Aug 6th 2007 9:10AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Kroger Co (KR), Sears Holdings (SHLD), Kohl's Corp (KSS), , Martha Stewart Living Omnimedia (MSO)

MAJOR PAPERS:

According to the Wall Street Journal, citing a person familiar with the matter, Bear Stearns Companies Inc (NYSE: BSC) plans to give its top trader, Warren Spector, the ax.
The Wall Street Journal reported that Kroger (NYSE: KR) announced last week that it would stop selling milk that carried synthetic hormones that are made by Monsanto Company (NYSE: MON), despite the FDA saying the hormones are safe.
A group of financial experts predicted that the U.S. will enter a recession soon, due to inflation, the economic prescriptions of a Democratic president, and the housing market meltdown, reported Barron's Magazine.

OTHER PAPERS:

According to insiders, Martha Stewart is not happy with Lampert's Kmart chain as she feels the company is not doing enough to sell her Martha Stewart products in its stores, which in turn is causing a "drag" on Martha Stewart Living Omnimedia Inc's (NYSE: MSO) earnings, reported the New York Post.
While shopping on the Internet has always been a 24-hour ordeal, some traditional retailers such as Sears Holdings Corporation (NASDAQ: SHLD), Kohl's Corporation (NYSE: KSS) and Dick's Sporting Goods Inc (NYSE: DKS) are starting to realize the potential of offering online-only discounts when their stores are closed, reported the Chicago Tribune.
Qatari investment firm Delta Two may have to provide more than GBP1B in additional equity in order to win backing from J Sainsbury's (OTC: JSAIY) board for its offer for Sainsbury, reported the U.K. Times.

Newspaper wrap-up 7-26-07: Berkshire invests in Kraft

Posted Jul 26th 2007 9:15AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Coca-Cola (KO), Berkshire Hathaway (BRK.A), New York Times'A' (NYT), , Kraft Foods'A' (KFT)

MAJOR PAPERS:

Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK.A) acquired a stake in Kraft Foods Inc (NYSE: KFT) that was below 5%, the Wall Street Journal (subscription required) reported.
R.H. Donnelley Corporation (NYSE: RHD) has paid about $350M for Business.com, the marketing directory Web company, beating out Dow Jones & Co. (NYSE: DJ) and the New York Times Company (NYSE: NYT) in the process, according to the Wall Street Journal.
Callaway Golf Company (NYSE: ELY), which closed Wednesday at about $17.42, could swing lower as the peak summer season wanes amid continued concern about overall consumer discretionary spending, according to Barron's Online's (subscription required) "Weekday Trader" section.

OTHER PAPERS:

The U.K. Times reported that the global debt market crisis may delay or cancel the sale of Cadbury Schweppes plc's (NYSE: CSG) U.S. drinks arm.
Coca-Cola (NYSE: KO), Wipro Limited (NYSE: WIT) and Danone are in talks with Ramesh Chauhan to buy Bisleri, the bottled water brand that has become a generic name for the product category, reported the Economic Times.

Newspaper wrap-up 7-23-07: Google ready to spend on wireless licenses

Posted Jul 23rd 2007 9:15AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Google (GOOG), Apple Inc (AAPL), Ford Motor (F), Toyota Motor Corp. (TM)

MAJOR PAPERS:

If the FCC adopts auction rules that allow open access for users and wireless resellers, Google Inc (NASDAQ: GOOG) is ready to spend a minimum of $4.6B for wireless licenses, reported the Wall Street Journal.
Delayed delivery of 55,000 vehicles at Toyota Motor Corporation (NYSE: TM), due to last weeks earthquake in Japan, wont result in changes of the car maker's production systems, reported the Wall Street Journal.
The Financial Times reported on Friday that Ford Motor Company (NYSE: F) will decide next week whether to proceed with selling Jaguar and Land Rover after receiving a surprise offer for the British luxury carmakers from TPG Capital, the private equity firm, along with several other approaches.

OTHER PAPERS:

The U.K. Times reported that Efficient Capital Structures, the group seeking to push through radical changes at Vodafone Group (NYSE: VOD), has won the backing of a string of leading fund managers, including Jupiter and Invesco Perpetual.
The New York Times reported that there is a flaw in the Apple Inc (NASDAQ: AAPL) iPhone that allows hackers to take over the phone.

Newspaper wrap-up 7-20-07: Monster founder involved in options backdating

Posted Jul 20th 2007 9:15AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Alcoa Inc (AA), Monster Worldwide (MNST)

MAJOR PAPERS:

Barron's Online's (subscription required) "Inside Scoop" reported that a batch of sales at Alcoa Inc (NYSE: AA) has followed Alcoa's withdrawal of its offer to purchase Alcan Inc (NYSE: AL): from July 13-17, four senior executives grossed $41.3M by selling 877,600 shares on the open market at per-share prices ranging from $46.67 to $47.47, according to SEC data.
Andrew McKelveey, the founder and former CEO of Monster Worldwide Inc (NASDAQ: MNST) was allegedly involved in the backdating of stock option grants for employees, reported the Wall Street Journal (subscription required).

OTHER PAPERS:

Vodafone Group plc (NYSE: VOD) CEO Arun Sarin made a concession to rebel shareholders yesterday by promising to release value from Verizon Wireless, a joint venture in which Vodafone has a 45% stake, reported the U.K. Times.
From BusinessWeek's "Inside Wall Street" column:

Activist shareholders are putting pressure on Brink's Company (NYSE: BCO) to spin-off its home security unit, so that it can trade independently of the armored cars.
Pipex Pharmaceuticals Inc (AMEX: PP) has been off Wall Street's radar screen, but perhaps not for long. Pipex may have a stable of winners in the making, including an orphan drug designation.
The aircraft, auto, and architecture sectors are expected to be big users of Research Frontiers Inc's (NASDAQ: REFR) SmartGlass technology, which lets glass go from clear to opaque fast.

Newspaper wrap-up 7-18-07: Bear Stearns calls its two subprime hedge funds worthless

Posted Jul 18th 2007 9:15AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Whole Foods Market (WFMI), Barclays plc ADS (BCS),

MAJOR PAPERS:

Bear Stearns Companies Inc (NYSE: BSC) says that its two hedge funds tied to subprime loans are basically worth nothing, reported the Wall Street Journal (subscription required).
An "error in judgment" is what Whole Foods Market Inc (NASDAQ: WFMI) chairman and CEO John Mackey called his anonymous blogging about his company and rival Wild Oats Markets Inc (NASDAQ: OATS) in an apology, reported the Wall Street Journal.
SEC chairman Christopher Cox wants Congress to tighten its oversight of the $2.4T municipal bond market, the result of increasing complexities in the bond market and lax leadership at a number of firms, reported the Wall Street Journal.

OTHER PAPERS:

Kohlberg Kravis Roberts is planning to offer $24M to acquire Macy's Inc (NYSE: M), according to Women's Wear Daily (subscription required).
The U.K. Times reported that Barclays plc (NYSE: BCS) has deided against raising its bid for ABN Amro Holdings (NYSE: ABN).
Honda Motor Co. (NYSE: HMC) is increasing its production capacity in North America and in other places, in order to meet growing demand for its fuel-efficient cars and to maintain momentum for global growth, reported the Associated Press.

Newspaper wrap-up 7-16-07: IHOP buying Applebee's

Posted Jul 16th 2007 9:30AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Google (GOOG), Yahoo! (YHOO), Ford Motor (F), Alcoa Inc (AA), Verizon Communications (VZ), BHP Billiton Ltd ADR (BHP), Rio Tinto plc ADS (RIO)

MAJOR PAPERS:

IHOP (NYSE: IHP), of pancake house fame, is buying Applebee's International Inc (NASDAQ: APPB), the huge casual dining restaurant chain, for $2.2 billion in a deal concluded last night, reported the Wall Street Journal (subscription required).
Vodafone Group (NYSE: VOD) is looking at a possible $160 billion bid for Verizon Communications Inc (NYSE: VZ), reported the Financial Times (subscription required).

OTHER PAPERS:

The U.K. Times reported that Ford Motor Company (NYSE: F) is preparing to sell Volvo, the Swedish car group it bought eight years ago, in a move that could raise $8 billion.
The Observer reported that BHP Billiton (NYSE: BHP) is lining up a £20 billion bid for Alcoa Inc (NYSE: AA), after its bid for rival Alcan Inc (NYSE: AL) was trumped by Rio Tinto (NYSE: RTP).
Large American Internet companies, possibly including Google Inc (NASDAQ: GOOG) and Yahoo Inc (NASDAQ: YHOO), are considering snapping up Rediff.com India (NASDAQ: REDF), which runs one of India's most popular consumer Internet portals, reported the Hindustan Times.

Newspaper wrap-up 7-11-07: Dell to eliminate trialware in some new computers

Posted Jul 11th 2007 9:15AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Dell (DELL), FedEx Corp (FDX), Rio Tinto plc ADS (RIO), Liz Claiborne (LIZ)

MAJOR PAPERS:

Thanks to a downturn in sales, sportswear maker Liz Claiborne Inc (NYSE: LIZ) will seek to divest itself of 16 of its 36 apparel brands, equal to about $800 million of its $5 nillion in annual revenue, reported the Wall Street Journal (subscription required)
The Financial Times (subscription required) reported that Dell Inc (NASDAQ: DELL) has listened to customer concerns and has moved to eliminate "trialware" from a range of small business laptops and desktops computers.

OTHER PAPERS:

British mining company Rio Tinto plc (NYSE: RTP) is believed to be preparing a $34 billion, or $90 per share, takeover bid for Canadian aluminum company Alcan Inc (NYSE: AL), reported the U.K. Times.
According to the Economic Times, FedEx Corporation (NYSE: FDX) has failed in its attempt to buy out Indian logistics company SafeExpress.
The Chicago Tribune reported that the U.S. faces an "increased risk" of a terror attack this summer, according to U.S. Homeland Security Secretary Michael Chertoff.

Newspaper wrap-up 7-10-07: BHP talking with private equity about possible Alcoa bid

Posted Jul 10th 2007 9:15AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Citigroup Inc. (C), Alcoa Inc (AA), NYSE Euronext (NYX), Barclays plc ADS (BCS), BHP Billiton Ltd ADR (BHP)

MAJOR PAPERS:

According to the Wall Street Journal (subscription required), NYSE Euronext Inc (NYSE: NYX) is investigating the trading of ABN Amro Holdings NV (NYSE: ABN) shares in March when it announced it may sell itself to Barclays plc (NYSE: BCS).
Barron's (subscription required) "Inside Scoop" column reported that hedge fund ValueAct Capital Partners has boosted its stake in Advanced Medical Optics Inc (NYSE: EYE) to 12.6%, up from 9.9% disclosed at the beginning of June.
The Financial Times reported that Citigroup Inc (NYSE: C) is not going to reduce its financing of buyouts in the near future, said Citigroup CEO Chuck Prince.
Spanish telecom company Telefonica SA (NYSE: TEF) has made a EUR3B-plus offer to Portugal Telecom (NYSE: PT) for exclusive control of Vivo Participacoes (NYSE: VIV), reported the Financial Times.

OTHER PAPERS:

Australian mining company BHP Billiton Limited (NYSE: BHP) has opened talks with private equity firms about a possible $40B takeover of aluminum company Alcoa Inc (NYSE: AA), reported the UK Times.

Newspaper wrap-up 7-02-07: Virgin Media on the block?

Posted Jul 2nd 2007 9:20AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, News Corp'B' (NWS), , Kraft Foods'A' (KFT),

MAJOR PAPERS:

A small group of lawyers who hold overlapping roles in a number of trusts held by by the Bancroft family that controls Dow Jones and Company Inc (NYSE: DJ), may have final say on whether or not to sell the company to Rupert Murdoch's News Corporation (NYSE: NWS), according to the Wall Street Journal.
The Wall Street Journal reported that Bear Stearns Companies Inc (NYSE: BSC) has told investors in its two hedge funds, the Bear Stearns High Grade Structured Credit Strategies Enhanced Leverage fund, that it will know the total hedge fund losses on about July 16.
The Financial Times reported that Kraft Foods Inc (NYSE: KFT) is in talks with Danone (NYSE: DA) to acquire its biscuit and cereal products unit.

OTHER PAPERS:

The U.K. Times reported that Virgin Media Inc (NASDAQ: VMED) has been approached informally by a potential buyer with an $8B takeover offer, according to people familiar with the matter.
The New York Times also reported on Virgin Media's possible takeover, saying the potential buyer was Carlyle Group, and the price tag was about $20B.

Newspaper wrap-up 6-29-07: The Journal highlights struggling Applebee's

Posted Jun 29th 2007 9:15AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Apple Inc (AAPL), iPhone, USG Corp (USG)

MAJOR PAPERS:

The Wall Street Journal (subscription required) highlighted the struggles of casual dining chain Applebee's International (NADSAQ: APPB), where even the company's founder said "[Applebee's] doesn't have anything that would make me want to come back".

OTHER PAPERS:

According to the U.K. Times, Vodafone Group (NYSE: VOD) is the favorite to win the European rights for Apple Inc's (NASDAQ: AAPL) iPhone, despite stiff competition from rivals Orange and T-Mobile.
From BusinessWeek's "Inside Wall Street" column:

There's talk that Warren Buffett may increase his 17% stake in USG Corporation (NYSE: USG) before the housing cycle turns.
Demand is surging for Kaydon Corporation's (NYSE: KDN) anti-friction bearings, which are used in robotics, aerospace, and other industries, including wind power equipment.
Analysts say United Retail Group Inc (NADSAQ: URGI) has perfected fashion for the large womens' market, size 14 and over.

Newspaper wrap-up 6-25-07: eBay takes Google's AdWords back

Posted Jun 25th 2007 9:15AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Google (GOOG), eBay (EBAY), General Electric (GE), News Corp'B' (NWS),

MAJOR PAPERS:

The Wall Street Journal (subscription required) reported that online auctioneer eBay Inc (NASDAQ: EBAY) has resumed advertising with Google Inc (NASDAQ: GOOG), after having pulled its ads to prove that it didn't need to spend as heavily on Google's AdWords.
The Financial Times reported that some inside and outside of Lazard Ltd (NYSE: LAZ) are questioning if CEO Bruce Wassertein has given the company a sustainable model that will be able to thrive without the current "dealmaking binge."
According to the Financial Times, citing people familiar with the situation, News Corporation's (NYSE: NWS) Rupert Murdoch is looking beyond its $5B offer for Dow Jones and Company Inc (NYSE: DJ) in search of Internet acquisitions or a deal involving MySpace.

OTHER PAPERS:

Also concerning News Corp and Dow Jones, the U.K. Times reported that the Bancroft family, which controls Dow Jones, asked late Friday for two seats on News Corp's board, which is one more than Rupert Murdoch has been willing to offer.
General Electric Company (NYSE: GE) is seeking to build a diesel locomotive plant in India, in partnership with Indian railway companies, reported Business Standard.
Yediot Ahronot reported that Nice Systems Limited (NASDAQ: NICE) is in talks to acquire Actimize for $280M.