Icahn Blasts Forest Labs’ Directors
In an open letter to the board of directors of Forest Laboratories Inc. (NYSE: FRX), activist investor Carl Icahn doesn’t beat around the bush: Your recent letter has taken things a step further from…
All Work
Paul Ausick
Woes at Chinese Internet Companies Continue
Only one of China’s top Internet companies carries a higher share price today than it did one year ago. And that’s due only to the company’s acquisition by one of its competitors. That’s a…
US Economic Confidence Slides Again — Gallup
The Gallup US economic confidence index fell to -27 last week, the lowest reading since the end of January. The best reading so far this year came in mid-May at -16, a four-year best.…
Homebuilder Confidence Rises Most in Five Years
Signs of a recovery in the US housing market are everywhere. The National Association of Homebuilders/Wells Fargo housing market index is just the latest signal. The index rose 6 points in July, to 35,…
Warning from Nabors Highlights Concerns for Oil Field Services Results
Oil and gas driller Nabors Industries Ltd. (NYSE: NBR) warned this morning that the company expects second-quarter operating results to miss consensus estimate, mainly as a result of higher costs: The shortfall is attributable…
Currency Exchange Rates, One-Time Charges Hit J&J
Health care giant Johnson & Johnson (NYSE: JNJ) reported second-quarter earnings this morning, posting adjusted earnings per share (EPS) of $1.30 on revenue of $16.5 billion. The consensus estimate from analysts called for EPS…
Coke Boosts EPS on Share Buybacks
The Coca-Cola Co. (NYSE: KO) reported second-quarter results this morning, posting EPS of $1.21 on revenue of $13.1 billion. Net earnings were slightly lower compared with last year: $2.79 billion versus $2.8 billion a…
U.S. Drought Widens, Crop Threats Increase
The worst drought in 56 years now threatens crops in a vast swath of the U.S. midsection, running from Indiana to the Sierras. The seasonal outlook through September shows about 70% of the country…
Microsoft Unveils Office 365 Preview — Just Wait for Windows 8
Microsoft Corp. (NASDAQ: MSFT) today announced the release of its official preview version of Windows Office 365. Like competitor Google Inc. (NASDAQ: GOOG) with Google Apps, Office 365 is cloud- and subscriber-based. Microsoft CEO…
24/7 Wall St. Closing Bell — July 16, 2012: Market Takes Small Loss, Waits on Bernanke
The three major US stock indexes opened lower this morning following some lackluster data on the US economy. The Empire State manufacturing data improved, but retail sales posted an unexpected decline (our coverage here).…
Persian Gulf Incident Could Heat Up Crude Prices
A US Navy supply ship fired on a small boat of the cost of Dubai after the boat failed to respond to warnings and continued its rapid approach toward the Navy ship. The New…
Corn Futures Rising Again
Lack of rainfall in the US Midwest has pushed corn futures to a 10-month high, even though some rain is forecast for this week. Hot weather is expected to continue, and the amount of…
First Solar Shares Rise … Just Because
Shares of First Solar Inc. (NASDAQ: FSLR) are up about 8% in the early afternoon on the company’s announcement that it has now installed another 100 megawatts of solar panels at its Agua Caliente…
The Ethanol Paradox: Higher Prices on Lower Demand
Hot, dry weather in the nation’s main corn-growing region have pushed corn prices to nearly $7.80/bushel this morning, a level not reached since last September. About 40% of the US crop is used to…
IMF Forecasts More Weakness in Global Economy
In one of the periodic updates to its 2012 World Economic Outlook, the International Monetary Fund (IMF) said today that global economic growth in 2013 will decline from a previous estimate of 4.1% to…
MSNBC.com Becomes NBCNews.com
NBC News, a division of Comcast Corp. (NASDAQ: CMCSA), has acquired total ownership of the company’s jointly owned MSNBC.com website from Microsoft Corp. (NASDAQ: MSFT). Microsoft and NBC, formerly owned by General Electric Co.…
Coal Miners Face Years of Low Prices, Problems
Billionaire Wilbur Ross, who founded International Coal Group in 2005 and sold the company to Arch Coal Inc. (NYSE: ACI) last year for $3.4 billion, told Bloomberg News that current problems in the coal…
Blank Check Firm Dissolves
Special purpose acquisition firm Hicks Acquisition Co. II, Inc. (NASDAQ: HKAC) went public in October 2010 and closed its doors today after failing to complete its acquisition of privately held Appleton Papers. According to…
Sands Gets OK on Macau Project Extension
Earlier this year, Las Vegas Sands Corp. (NYSE: LVS) was denied land rights to an expansion project on Macau. The land, called Parcels 7 and 8, was part of a larger project on which…
Airbus Accuses Boeing of Starting a Price War
At the close of last week’s Farnborough Air Show near London, Boeing Co. (NYSE: BA) reported that it had taken orders with a list price value of $35.6 billion. Airbus reported new orders with…