News and EventsNYSE Group, Inc. (NYSE:NYX) and the Tokyo Stock Exchange are expected to announce an alliance as early as Tuesday, according to media reports. The alliance would represent a preliminary step to creating the first stock exchange spanning North America, Asia, and Europe.
Prudential Financial, Inc. (NYSE:PRU) finally decided to unload its internet bank, Egg, to Citigroup for £575m. The sale marks an end to a long saga dating back to 2004 when the company attempted to sell the ailing division to both Royal Bank of Scotland and Citigroup.
Merrill Lynch & Co. Inc. (NYSE:MER) said that it had agreed to purchase
First Republic Bank (NYSE:FRC) yesterday in a deal worth $1.8 billion - a 44% premium to stock's the prior close. Merrill Lynch said the move was intended to add wealthy clients to its member base. First Republic operates 43 branches and specializes in mortgages for luxury homes.
Verizon Communications, Inc. (NYSE:VZ) announced lower profits, saying that it would continue its aggressive strategy to sign-up more customers to its fiber-television service despite its high costs. Capital expenditures are expected to be approximately $1 billion more than expected as a result of the new strategy; however, the company is already seeing strong penetration into the video markets as a result.
Tesoro Petroleum Corporation (NYSE:TSO) announced a $1.63 billion acquisition of Royal Dutch Shell PLC's Los Angeles refinery in a deal that clearly pleased investors today. Analysts suggest that this acquisition will help boost its flagship presence in Los Angeles and add raise the quality of its asset base. The refinery is also expected to immediately and significantly increase its earnings.
Earnings Highlights68 Companies Reporting: 28 Negative, 3 Neutral, 37 Positive
Stratex Networks, Inc. (NDAQ:STXN) is expected to report a 500% growth in earnings tomorrow with a consensus at $0.06 up from $0.01 last quarter.
O'Charley's Inc. (NDAQ:CHUX) is expcted to report a 271% growth in earnings tomorrow with a consensus at $0.26 up from $0.07 last quarter.
Con-way Inc. (NYSE:CNW) announced higher profits, supported by the sale of one of its business units. Earnings were down 23% from last quarter, however, as the company said its results are "not up to the
standards our shareholders and employees have come to expect".
Sterling Bank Corp. (NYSE:STL) is expected to report a 22% decline in earnings growth with a consensus at $0.24 down from $0.31 last quarter.
Phelps Dodge Corporation (NYSE:PD) reported strong earnings growth of 173% but failed to surprise investors as their stock moved down 2.27% today. The copper producer noted that it was continuing to benefit from strong prices for copper and
molybdenum, each of which reflects solid market fundamentals