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Daily Archives: December 8, 2008

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Reliant Energy Eliminates a Credit Facility (RRI, CEG, BRK.A)

Posted: December 8, 2008 at 9:17 am

Late on Friday, Reliant Energy (NYSE:RRI) announced that it had terminated a $300 million retail working capital facility with Merrill Lynch. The company had failed to meet its EBITDA covenant ...
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Hess Reins in Capital Spending (HES)

Posted: December 8, 2008 at 9:14 am

In 2006, Hess Corporation (NYSE:HES) invested $3.84 billion in capital spending. Last year, the company spent $3.58 billion, and while the figure for this year isn't final yet, Hess planned ...
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De-Hefnerizing Playboy (PLA)

Posted: December 8, 2008 at 9:05 am

Playboy Enterprises Inc. (NYSE: PLA) has announced that Christie Hefner is stepping down as Chairman & CEO of the company.  Her two-decade reign over the magazine publisher and adult-oriented media ...
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Deutsche Bank Said Chesapeake Energy (CHK) News Is Just What The Doctor Ordered

Posted: December 8, 2008 at 8:49 am

Deutsche Bank commented on Chesapeake Energy (CHK) today after the company updated its financial and operational plans, which included a major Capex retrenchment. Deutsche Bank said this is just what ...
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Dow Chemical (DOW) Cuts, The Worst Press Release Of The Year

Posted: December 8, 2008 at 8:16 am

What a great way to fire people. Dow Chemical (DOW) chopped 5,000 full-time people and cut 6,000 contractors. Its press release on the plans said the firm was announcing "a ...
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As Economy Gets Weaker, McDonald’s (MCD) Gets Stronger

Posted: December 8, 2008 at 8:09 am

A recession is supposed to pull everyone under, but that everyone does not seem to include McDonald's (MCD). The fast food firm announced that that global comparable sales increased 7.7% ...
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Top Pre-Market Analyst Upgrades & Downgrades (DVN, ECA, STR, RSG, APC, AIN, AVB, BRE, CBST, DLTR, MEOH, SOA, SU, UDR)

Posted: December 8, 2008 at 7:51 am

These are some of the top pre-market upgrades and downgrades we have seen from Wall Street analysts this Monday morning:Devon Energy (DVN) Raised to Buy at Jefferies.EnCana (ECA) Raised to ...
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3M Joins Layoffs & Guidance Cut Game (MMM)

Posted: December 8, 2008 at 7:41 am

3M (NYSE: MMM) is joining the layoff front.  This morning the company previewed a presentation it would give institutional investors detailing cost cutting actions.  The company is lowering guidance and ...
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The New York Times Company (NYT): Leasing The Future Instead Of Fixing The Present

Posted: December 8, 2008 at 7:38 am

The New York Times Company (NYT) will mortgage its building in the hope of getting as much as $225 million to help it through a cash crunch. According to The ...
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The Tribune Company Is More About Private Equity Than Newspapers

Posted: December 8, 2008 at 6:48 am

The Tribune Company may go into Chapter 11 this week. The newspaper industry has several companies headed that way. Journal Register and Gatehouse are at the top of the list.Tribune's ...
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As Downturn Spreads, Business Failures Could Be Key To Depth Of Trouble

Posted: December 8, 2008 at 6:24 am

Cutting jobs is one thing. Going out of business is another. As it becomes clear that millions of jobs will be lost by companies which are weak but will probably ...
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As Economic Concerns Spread, Even Healthier Companies Cut Further

Posted: December 8, 2008 at 6:05 am

One of the hallmarks of this recession is that even healthy companies are willing to cut costs and cut them more than once. HP (HPQ) laid off 24,000 people a ...
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Retailing’s Little Secret: People Are Spending Less

Posted: December 8, 2008 at 5:48 am

There are two components to retail sales. The first is the total number of transactions that a business makes. The other is the yield-per-sale. So far this holiday season, total ...
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Merrill Lynch’s (MER) Thain: The Only Man On Wall St. Who Earned His Pay

Posted: December 8, 2008 at 5:35 am

The board of Merrill Lynch (MER) is fighting with CEO John Thain over whether he should get a bonus. The board will probably win. It is the board. And, since ...
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Santa’s Last Stand

Posted: December 8, 2008 at 4:49 am

Economists, politicians, and the media have spent a number of weeks examining the wrong holiday season. The results for this year are nearly set in stone. For reasons that no ...
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