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April 2012
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Icahn seeks up to $7 billion for Dell bid

By Michelle Sierra NEW YORK (Reuters) - Activist investor Carl Icahn and Southeastern Asset Management Inc have initiated talks with banks and asset managers to line up commitments for as much as $7 billion in bridge loans to back their leveraged recapitalization proposal for Dell Inc, banking sources told Thomson Reuters LPC on Thursday. Jefferies & Co is leading the deal. Icahn and Southeastern are looking to lock in the financing before Dell shareholders meet in July to vote on a rival take-private offer from CEO Michael Dell and Silver Lake Partners. ...

Wall Street sags, but ends off session lows; HP hits 52-week high

By Angela Moon NEW YORK (Reuters) - Stocks slipped on Thursday but finished sharply off their session lows as a rally in Hewlett-Packard's shares offset worries about weak Chinese manufacturing data and the prospects of the Federal Reserve reducing its monetary stimulus. Trading was choppy as many traders were adjusting their positions ahead of the long holiday weekend. Markets will be closed on Monday for Memorial Day. Hewlett-Packard shares jumped more than 17 percent to a fresh 52-week high a day after the world's largest PC maker raised its outlook. ...

Google faces new federal antitrust probe: source

WASHINGTON (Reuters) - U.S. regulators are in the early stages of an antitrust probe into whether Google Inc, which dominates web display advertising, has broken antitrust law in how it handles some ad sales, a source told Reuters on Thursday. The source said that it was unlikely that the Federal Trade Commission had sent out civil investigative demands in relation to the probe, which would be the sign of a formal and more serious investigation. ...

SAC lawyers met prosecutors to argue against charges

By Emily Flitter and Matthew Goldstein NEW YORK (Reuters) - Steven A. Cohen's lawyers made their best case argument a month ago to federal prosecutors about why the hedge fund billionaire and his SAC Capital Advisors should not be charged with criminal wrongdoing in a long-running insider trading investigation. But people familiar with the late April meeting said the lengthy presentation did not impress federal prosecutors, who are now considering whether to use a law aimed at prosecuting the Mafia and drug gangs to pursue a criminal case against Cohen's $15 billion hedge fund. ...

NYSE says AEP, NextEra trades stand after crash at open

By Caroline Valetkevitch NEW YORK (Reuters) - All trades in American Electric Power Inc and NextEra Energy Inc in a crash that happened in the first minute of trading on Thursday will stand, the New York Stock Exchange said, following the latest in a flurry of unexplained sharp drops in the market. The stocks each dropped more than 50 percent in the first minute of trading, though ended just down slightly. The share drops were the latest such incidents for the market since the May 6, 2010, "flash crash," a computer-driven trading glitch that caused a sudden afternoon tumble in the major U.S. ...

U.S. sees first drop in F-35 costs; other programs steady

By Andrea Shalal-Esa WASHINGTON (Reuters) - The Pentagon on Thursday told Congress it expected a 1 percent drop in the cost of its biggest weapons program, the Lockheed Martin Corp. F-35 fighter jet, while averting the huge cost increases seen on other weapons programs in recent years. The Defense Department's annual report to lawmakers showed a $40 billion, or 2.4 percent, cost increase in 78 major arms programs, mainly due to accounting changes and higher order quantities. ...

Proxy advisory firm settles SEC charges over data breach

By Sarah N. Lynch WASHINGTON (Reuters) - Institutional Shareholder Services has settled civil charges by U.S. regulators that an employee of the prominent proxy advisory firm shared nonpublic voting data in exchange for meals and concert tickets. The Securities and Exchange Commission said on Thursday that ISS, a unit of MSCI Inc, will pay a $300,000 penalty and hire an independent compliance consultant. In settling, ISS neither admitted nor denied the SEC allegations that it violated financial adviser rules designed to prevent misuse of material non-public customer information. ...

Former Goldman banker settles SEC 'pay-to-play' charges

By Lisa Lambert and Jonathan Stempel WASHINGTON/CHICAGO (Reuters) - A former Goldman Sachs Group Inc. investment banker has agreed to a five-year securities industry ban and a record fine to settle Securities and Exchange Commission charges that he broke rules against influence peddling to win bond underwriting business in Massachusetts. Without admitting or denying wrongdoing, Neil Morrison, 38, accepted what the SEC said was the first industry ban for violating "pay-to-play" rules governing the $3.7 trillion municipal bond market. ...

Sears losses mount as cold weather bites, shares down

(Reuters) - U.S. retailer Sears Holdings reported a bigger-than-expected quarterly loss as cooler weather hurt sales at its stores, indicating that the company's turnaround could take much longer than expected. Shares of the company, which also said it was considering selling its service contracts business, fell 12 percent to $51.41 in heavy trading after the bell. The disappointing results came just months after Chairman and controlling shareholder Eddie Lampert took over as chief executive from Louis D'Ambrosio, who stepped down due to a family member's health issue. ...

Gap profit soars; Aeropostale first quarter sales plummet

(Reuters) - Gap Inc reported a higher first-quarter profit on Thursday, helped by a rise in same-store sales at its Old Navy and namesake chains, and growth in Asia. Gap has staged a comeback in the last few years, offering hipper fashions that have found favor again with shoppers that in the interim had flocked to Zara parent Inditex SA and homegrown competitors such as Forever21. The company, which also owns Banana Republic, posted net income of $333 million, or 71 cents per share, for the quarter ended May 4, up 42.9 percent from $223 million, or 47 cents per share, a year earlier. ...

Archive for April 11th, 2012

11 Apr

Syria deadline passes, no reported violence

The deadline for a U.N.-backed ceasefire aimed at halting more than a year of bloodshed in Syria passed on Thursday with no immediate reports of violence.

Original post by Reuters and software by Elliott Back

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Archive for April 11th, 2012

Syria deadline passes, no reported violence