FDIC today released data on commercial banks insured by them. Net Earnings for these commercial entities fell to $5 billion, a decline of $31.8 billion (86.5 percent) from the $36.8 billion that the industry earned in the second quarter of 2007. The latest earnings were the lowest for the industry since the fourth quarter of [...]
August 26th, 2008 | rp | Comments | ContinuedFinance
Wikinvest launches with embedable stock charts
Today, Wikinvest launched with the web’s first-ever interactive, embeddable stock chart. The charts are as easy to embed as a YouTube video, and users can click, drag, pan, zoom, and play with no page refresh. And it’s all completely free. So here’s how Nasdaq is doing today using a wikinvest chart
The stock charts are definitely [...]
August 1st, 2008 | rp | Comments | Continued
Apple shares tank after hours despite strong Q3
Apple’s stock got hammered after hours despite a strong quarter and significant growth in Mac computer sales. The company today announced financial results for its fiscal 2008 third quarter ended June 28, 2008. The Company posted revenue of $7.46 billion and net quarterly profit of $1.07 billion, or $1.19 per diluted share. Revenues and EPS [...]
July 21st, 2008 | rp | Comments | ContinuedBudweiser goes belgian for $49.91 billion
Anheuser-Busch, makers of Budweiser beers, have reportedly agreed to be acquired by Belgian brewer InBev for $49.91 billion.This acquisition makes InBev worlds biggest beer maker. The deal was reached at $70 a share a $5 increase from the last offer. InBev’s famous brands in US are Stella Artois and Beck’s.It has been speculated that Anheuser [...]
July 13th, 2008 | supa | Comments | ContinuedRIM reports Q1 FY09 revenues, stock tanks after hours
Blackberry maker Research In Motion ( RIM ) reported earnings for first quarter of FY09. Revenue for the quarter was $2.24 billion, up 107% from $1.08 billion in the same quarter of last year.
During the quarter, RIM shipped approximately 5.4 million devices. Approximately 2.3 million net new BlackBerry® subscriber accounts were added in the quarter. [...]
Subprimes explained - for the comicaly inclined
A friend of mine, Ashish Das, forwarded this to me. A very nice comical primer on what the subprime mess is about. There has been a lot of noise on this issue and for good reason so here goes. Let me know what you folks out there think. BTW, we are now officialy [...]
June 16th, 2008 | rp | Comments | ContinuedWallStreet’s bloody Week: Financial Companies to report
Financial companies are expected to kick off the earning reporting season with more profit declines. This week’s big names are Lehman Brothers, Goldman Sachs and Morgan Stanley.
Lehman Brothers Holdings Inc. (Ticker: LEH)
Earnings expected on Monday, June 16 at 8:15 am ET
In pre-earnings announcement, declared expected loss of $2.8 billion and plans to raise $6 billion [...]
Saudi’s to produce more Oil, prices fall
United Nations chief Ban-ki-moon said world’s biggest producer of oil, Saudi Arabia, is to increase its oil production by more than half a million barrels per day (bpd) to 9.7 bpd in July. The news was reported in Abu-Dhabi based National Newspaper after Ban-ki-moon met Saudi oil minister Ali al-Naimi.
Following the news of higher production, [...]
Vodafone CEO steps down
Vodafone Group Plc today announces that, after five years in the role, Arun Sarin will be retiring as Chief Executive at the end of the Company’s AGM on 29th July 2008. He will be succeeded by Deputy Chief Executive Vittorio Colao.
Under Sarin, Vodafone expanded heavily into emerging markets including Romania, Czech Republic, Turkey, and most [...]
VC deals steady in India, drop in China for Q1
According to a report from VentureWire, venture investments in two of the biggest emerging economies, China and India, have maintained a healthy pace. Deals in India held steady but dropped in China compared to a year ago.
Venture capital firms invested $98.9 million in 16 Indian companies in the first quarter. By sector, seven companies in [...]
HP’s Q2 profit up, margins rise due to non-US demand
HP Reported Second Quarter 2008 results today. Highlights from the quarter are as follows - net revenue up 11%, or $2.7 billion, from a year earlier to $28.3 billion , GAAP operating profit up 22% to $2.6 billion; $0.80 earnings per share, up from $0.65 a year earlier and non-GAAP operating profit up 22% to [...]
May 20th, 2008 | rp | Comments | Continued
JPMorgan may face SEC civil charges
According to Reuters, JPMorgan Chase & Co has received a notice from SEC indicating the company may face enforcement action related to one of their units involved in the bidding of various financial instruments associated with municipal securities.
Last month Bear Sterns Cos also got a notice from SEC related to anti competitive activity in the [...]
HP in talks to buy EDS for over $12B
According to Wall Street Journal, Hewlett-Packard is closing negotiations to buy information technology services provider Electronic Data Systems. Expected sale price is to fall between $12 - $13 billion.
EDS stock prices were up 28% to close at 24.13. HPQ closed down 5%.
Sphere: Related Content
May 12th, 2008 | supa | Comments | Continued
Fixed rate mortgages steady, Adjustable Rate’s fall
Bankrate.com reported today that Fixed rate mortage were mostly unchanged this week. The average conforming 30-year fixed mortgage rate backtracked to 6.13 percent, according to their weekly national survey of large lenders. The average 15-year fixed rate mortgage popular for refinancing was unchanged at 5.71 percent, while the average jumbo 30-year fixed [...]
May 9th, 2008 | rp | Comments | Continued
Toyota reports 2008 financials, outlook for 2009
Toyota motor corporation today announced it’s financials for the fiscal year ended March 31, 2008. Net revenue was up 9.8% compared to the last fiscal year and totaled 26.29 trillion yen. Operating income was also up 1.4% to 2.27 trillion yen. Income before income tax, minority interest and equity in earnings of affiliated [...]
May 8th, 2008 | rp | Comments | Continued
Ballmer’s letter to Jerry Yang - not acquiring Yahoo
Dear Jerry:
After over three months, we have reached the conclusion of the process regarding a possible combination of Microsoft and Yahoo!.
I first want to convey my personal thanks to you, your management team, and Yahoo!’s Board of Directors for your consideration of our proposal. I appreciate the time and attention all of you have given [...]
Microsoft Withdraws offer to acquire Yahoo
Microsoft has withdrawn it’s offer to acquire Yahoo after several unsuccesful rounds of discussions between the companies. Microsoft made a $31 a share bid for Yahoo on January 31st in an effort to compete with Google, the market leader in internet search.
Yahoo’s CEO, Jerry Yang, has stood firm on his belief that a $31 a [...]
Berkshire profit falls 64%, revenue down year over year
Berkshire reported earnings for first quarter 2008. Revenue for the quarter was down year over year. Operating earnings for Q1 2008 was $1.93 billion compared to $2.21 billion one year ago. Net income was $607 per class A share, down from $1682 one year ago.
Fall in earnings resulted due to an unrealized $1.6 billion [...]
Sun shares tank on Q3 loss, flat Q4 guidance
Sun Microsystems reported earnings loss of $34 million or 4 cents a share. The 3rd quarter loss includes the cost of purchasing MySQL AB, a leading data base software company, giving sun a strong foothold in the web-based companies. Schwartz, Sun CEO, added that slower-than-expected sales to government agencies also dragged down the results.
Wall street [...]
Geezeo says Booyah!
Geezeo, a free web based personal financial applications company, announced that TheStreet.com (TSCM ) had made a strategic investment in the company.
TheStreet.com’s investment in Geezeo includes an initial investment of $1.2 million for an approximate 13% interest in Geezeo and the [...]
Cray to use Intel Xeon processors on their supercomputers
Intel and Cray signed a multi year agreement to use Intel Xeon processors in Cray supercomputers for the HPC market. The two companies agreed to collaborate on developing innovative multi-core and advanced interconnect technologies for future designs.
Cray servers have been designed around processors from AMD, arch rival to Intel. AMD has been struggling to keep [...]
Rackspace Inc. files for IPO
Rackspace Inc. (Rackspace® Hosting) , a leading provider of business IT hosting services filed a registration statement on form S-1 with the Securities and exchange commission related to it’s proposed initial public offering of common stock.
Rackspace had revenues of $362 million in 2007 with over 29,000 business customers and has been growing its revenue at [...]
Apple Q2 net profit up 36%, margins decline
Apple computers announced it’s earnings for Q2 FY08. The Company posted revenue of $7.51 billion and net quarterly profit of $1.05 billion, or $1.16 per diluted share. These results compare to revenue of $5.26 billion and net quarterly profit of $770 million, or $.87 per diluted share, in the year-ago quarter.
Among it’s top 3 businesses
Apple [...]
April 23rd, 2008 | rp | Comments | ContinuedYahoo beats analyst estimates - Q1-08
Yahoo just announced their Q108 financial results. Revenue for the quarter was $1.82 billion compared to $1.67 billion for Q107 - and increase↑ of 9%. Excluding the traffic acquisition costs, revenue for the quarter was $1.35 billion compared to $1.2 - an increase↑ of 14%
GAAP income for the quarter was $542 million. Excluding [...]
Worried about credit fraud - Here’s what to do
I recently got a letter from my ex-employer stating that the company offices had been broken into. Some laptops were stolen and ex-employee accounts may have been compromised. Being a first time experience with something like this, I was naturally worried about someone using my private information for credit fraud purposes and so i started [...]
April 20th, 2008 | rp | Comments | Continued
