General Motors Inc. is sort of the anti-Ross Perot, the company that informs you that no matter what the circumstance, it still needs a boatload of money just to make getting up in the morning worth it. The automotive giant (ish) asked for $18 billion in federal loans, one-and-a-half times the size of what it asked for a few weeks ago, amid a 41% decline in auto sales in November. But the thin...
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Freddie Mac said it may undertake a reverse stock split, subject to the approval of the U.S. Treasury Department, to bring its share price above the New York Stock Exchange's minimum threshold for continued listing.
Sigma Designs (SIGM) this afternoon reported results for its fiscal third quarter ended November 1 in line with its recently reduced guidance. For the quarter, the company reported revenue of $46.8 million and non-GAAP profits of 27 cents a share. Sigma had projected revenue of $46.5 million, down 20% from Q2. The Street consensus was $46.4 million and 29 cents. The company did not provide any ...
Rob Curran reports: The quote for the Nasdaq Composite index was frozen for 48 minutes on platforms, screens, Web sites and other sources because of a glitch at the exchange’s index arm Tuesday. The Nasdaq Composite was up 18.13, or 1.3%, at 1416.2 for 48 minutes. A spokesperson for Nasdaq OMX Group said the freeze began at 3:07 p.m. and was resolved at 3:55 p.m. The Nasdaq finished up 51...
Today’s tickers: RIMM, BP, NXY, MMM, USB, WFC, GS & GE RIMM – Research in Motion – Terrible results from fellow-handset maker, Palm clouded the prospects for RIMM as well as the mobile phone industry sending shares of the Canadian manufacturer of the Blackberry device 7% lower to $37.02. The company recently faced delays in shipping its novel Blackberry Storm, but news tha...
Filed under: Products and services, Hewlett-Packard (HPQ), Best Buy (BBY), Black Friday Dell Inc. (NASDAQ: DELL) came in second to global PC sales leader Hewlett-Packard Co. (NYSE: HPQ) during the Black Friday shopping frenzy and the ensuing weekend, according to analyst firm Thomas Weisel Partners. The report, however, analyzed sales only at a single retailer, Best Buy Co. (NYSE: BBY).Thomas W...
Filed under: Law, Bank of America (BAC), HousingEveryone cheered when Countrywide Financial, owned by Bank of America (NYSE: BAC), agreed to modify loans under a settlement with 11 state attorneys general reached in October.Everyone, that is, except the people who held those mortgages and stood to lose hundreds of millions of dollars as a result of slashed balances and reduced interest rates. S...
Filed under: Forecasts, Recession, Financial CrisisA journalism professor of yours truly, Jon Sandberg, who also served in key positions for several Connecticut governors, had an interesting technique that he frequently deployed in seminars. A student would pose a question and Sandberg would say, "That's a good question. Is it acceptable and ethical to publish information that you know would sh...
Scott Freidheim, a right-hand man to the chief executive of Lehman Brothers, is leaving that bankrupt investment bank to join another embattled company. Mr. Freidheim, the former co-chief administrative officer and executive vice president of Lehman Brothers, will become an executive vice president of operating and support businesses at Sears Holdings, the company announced Tuesday. Sears, whic...