Company News Briefs: Citi Sells Brokerage Arm, Goldman Sachs Raises $2 Billion, Chevron Profits Drop 64%

The third-largest US automaker, Chrysler, filed for bankruptcy protection yesterday. The firm is expected to undergo a 30-60 day restructuring, receiving $8 billion in government funds and creating an alliance with Italian automaker Fiat, which managed its owned turnaround in the past 5 years.

Today’s expected releases include: Allergan (AGN), Chevron (CVX), Clorox (CLX), Dean Foods (DF), and MasterCard (MA).

Aon (AOC) reported a first quarter as earnings at 76, 12 cents less than expected, along with a 2.7% revenue decline to $1.85 billion.

Dean Foods (DF) reported first quarter results of 52 cents, 10 cents better than expected, as revenues dropped 12.2% to $2.7 billion with indications of a solid start to the second quarter.

Fortune Brands (FO) reported first quarter results of $1.03, ahead of estimates by 8 cents notwithstanding revenues plunged 20.3% to $1.44 billion, as was expected.

Research in Motion (RIMM) received an analyst upgrade from UBS (UBS).

Goldman Sachs (GS) issued $2 billion 5-year notes lacking government guarantees and a $750 million stock offering.

Citigroup (C) announced sale of its Japanese brokerage and investment unit to Sumitomo Mitsui Financial for about $7.9 billion.

Chevron Corp. (CVX) announced first quarter profit fell 64 percent as it, along with competitors, was distressed by lower oil and natural gas prices.

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