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  May 2012

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• Breaking News

  • 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. ...
  • 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
    (Reuters) - U.S. retailer Sears Holdings reported a much bigger-than-expected quarterly loss as cooler weather hurt sales at its stores and the company said it was considering a sale of its service contracts business to shore up liquidity. Shares of the company fell 12 percent to $51.41 in heavy trading after the bell. Same-stores sales fell 3.6 percent in the United States. Overall sales fell 9 percent to $8.5 billion, missing the average analyst estimate of $8.74 billion, according to Thomson Reuters I/B/E/S. ...
  • Sprint, SoftBank complete U.S. state regulatory review process
    NEW YORK (Reuters) - Sprint Nextel and SoftBank Corp said on Thursday they had received all necessary state regulatory approvals for the Japanese company's proposed $20.1 billion purchase of 70 percent of Sprint. The California Public Utilities Commission voted on Thursday to approve the deal, according to the companies, which said this was the final state approval required for the transaction. The companies are still working with the Federal Communications Commission and other Federal government agencies reviewing the transaction, SoftBank and Sprint said. Sprint, the No. 3 U.S. ...
  • 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. ...
  • Who repaid U.S. loan first? Chrysler, Tesla don't see eye to eye
    By Deepa Seetharaman DETROIT (Reuters) - Chrysler Group LLC and Tesla Motors Inc , both led by media-savvy executives, are trading public jabs over the definition of payback. Tesla wired $452 million on Wednesday to repay the remaining portion of its U.S. Department of Energy loan with interest. The company described itself as "the only American car company to have fully repaid the government. Chrysler's snappy rejoinder came four hours later: "Not exactly, Tesla." In 2009, Tesla won a federal loan as part of a DOE program to promoted advanced vehicle development. That same year, the U.S. ...

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