Company News Briefs: S&P Lowers Ratings On World’s Largest Steelmaker, Former AT&T Chairman To Head General Motors
By Zacks Investment Research on June 10, 2009 | More Posts By Zacks Investment Research | Author's Website
Home Depot (HD) reiterated its sales outlook and raised its earnings view for the year. The firm expects comparable sales to drop about 9% during the fiscal year, with earnings from continuing operations expected flat to down 7%, and adjusted earnings down 20-26%. It had earlier viewed a 7% profit drop, with adjusted earnings declining 26%
Talbots (TLB) announced plans to eliminate an additional 20% of its workforce after reporting a first quarter loss
The Swiss government is reportedly in talks with several potential buyers for a $5.5 billion stake in UBS (UBS)
Former AT&T (T) chairman and CEO Whitacre was named to head bankrupt automaker General Motors (GMGMQ.PK)
S&P lowered its credit rating on the world’s largest steelmaker, ArcelorMittal (MT), also issuing a negative outlook on the firm
Malaysian gaming group, Genting, has bought a 3.2% stake in MGM Mirage (MGM) for $100 million, as well as $100 million in MGM secured notes
Goldman Sachs (GS) raised its price target for Research in Motion (RIMM) to $96 from $85 for shares, but maintained its “buy” rating
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