Takeaways for Today (10/23/2007)
Profits Decline 29% at BPBP's net income for the third quarter declined by 29 percent from the period last year. The company reported quarterly profit of $4.41 billion, or 23 cents a share, on revenue of $72.7 billion.The results beat analysts’ expectations, which were lowered when Mr. Hayward wrote in a document leaked in September that operational performance in the third quarter was “dreadful.”
BP still faces huge expenses for the accident in Texas City. More than 1,000 civil lawsuits have been filed, and the company has set aside $1.6 billion for compensation claims. It also has committed to spending $1 billion to fix problems at the plant.
CVR Engergy IPO Priced at $19 Per Share
Shares of CVR Energy Inc., a petroleum refiner and producer of nitrogen fertilizer, are expected to begin trading Tuesday after the company's IPO priced at $19 per share. CVR offered 20 million shares in the IPO. Earlier this month, the company boosted the size of its offering to 18.5 million shares, from 15.5 million shares.
CVR expected the IPO to price between $18 and $20 per share.
Wal-Mart Stores Inc cut its capital expenditure forecast on Tuesday and scaled back on planned supercenters as the world's largest retailer grapples with slowing sales in a saturated U.S. market.
AT&T profit, revenue jump
AT&T, the nation's largest telecommunications company, on Tuesday reported net income of $3.1 billion in the third quarter, a 42 percent jump from the previous year before its acquisition of BellSouth was completed.
The profit, which amounted to 50 cents per share, compared with $2.2 billion earned the July-September period last year. The year-earlier earnings worked out to 56 cents a share because the company had fewer shares outstanding.
Revenue nearly doubled to $30.1 billion in the third quarter from $15.6 billion a year earlier.
Business software maker Oracle said Tuesday it has set a deadline of Sunday at 5 p.m. Pacific time for BEA Systems to sign an acquisition agreement its so shareholders can vote on a proposed buyout.
Oracle (Charts, Fortune 500) set the deadline in a letter sent to the board of directors at BEA Systems. Shares of BEA Systems (Charts) fell 3.7 percent early Tuesday.
Cisco Systems Inc. is snapping up privately held Navini Networks Inc. for $330 million, extending the networking equipment maker's acquisition streak and providing the latest validation for the new wireless network technology called WiMax.
Richardson, Texas-based Navini makes base stations, modems and antennas for beaming and receiving radio signals using WiMax technology.
Crude falls for the third straight session; Wheat, Corn drop while Beans jump
U.S. wheat futures plummeted Tuesday, down by the Chicago Board of Trade's daily limit, as players took profits on a market that had rallied on talk of Russia imposing stiff import taxes on the grain. The sell-off in wheat sent corn prices reeling as well on the Chicago Board of Trade. CBOT soybeans resisted the trend, ending up on a technical rebound from the previous session's profit-taking.
Google to buy Nielsen data
Determined to sell more television ads, Internet search leader Google Inc. is sharpening its focus on the medium with demographic data from the influential Nielsen Co.
Under an agreement to be announced Wednesday, Google will pay Nielsen an undisclosed amount to obtain detailed information about the kinds of people who watch specific TV shows.
Honda Expects Hybrids as 10% of Global SalesHonda Motor Co. expects hybrids to account for 10 percent of its global vehicle sales by 2010, as much as five times the current level for the world's second- largest maker of gasoline-electric vehicles.
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This entry was posted by David Choi, on
Tuesday, October 23, 2007.
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