Company News Briefs: S&P Lowers Ratings On World’s Largest Steelmaker, Former AT&T Chairman To Head General Motors

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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