May 1, 2008 |
Answering Wall Street's calls for a slimmer and more focused company, Time Warner Inc.'s chief executive said Wednesday that the cable system operator in which it holds a majority stake would become a completely separate entity. Jeffrey L. Bewkes did not spell out how and when the split-off of Time Warner Cable Inc. would be accomplished. Bewkes said that he was "very optimistic" about the prospects for the cable business but that "we just believe that the two entities would ultimately be more valuable if separated."
January 11, 2008 |
In a deal that could buttress the ailing housing market, financial titan Bank of America Corp. was deep in negotiations Thursday to buy loss-battered Countrywide Financial Corp., the biggest U.S. mortgage lender. A takeover by Bank of America would remove the threat that Calabasas-based Countrywide could fail and wreak more havoc in the mortgage market -- where loan defaults are soaring and federal policymakers have been struggling to limit the spillover in the economy.
December 29, 2007 |
Atari Inc.'s stock closed at a record low after Nasdaq warned the video game maker that it could be delisted because of its falling share price. Atari, which has reported only one profitable quarter in the last 2 1/2 years, declined 14 cents, or 9.7%, to $1.30. Atari, which developed "Pong" -- one of the first video games -- in 1972, has fallen 77% this year.
December 13, 2007 |
A corporate battle for control of the largest office landlord in downtown Los Angeles picked up steam after Maguire Properties Inc. said it would consider a sale of the company. Its stock jumped nearly 12% Wednesday on the news. At the center of the tussle is the firm's flamboyant founder, Robert F. Maguire, who has a reputation as a real estate visionary and autocratic leader.
October 24, 2007 |
Countrywide Financial Corp. unveiled a plan Tuesday to refinance or modify $16 billion in loans to help struggling borrowers, drawing cautious praise from some consumer advocates. But the lender's stock sank to a four-year low. The stock's woes could increase pressure on Chief Executive Angelo Mozilo, who faces scrutiny from the Securities and Exchange Commission and calls for his resignation amid expectations that Countrywide will report a large third-quarter loss Friday.
September 26, 2007 |
kansas city, kan. -- A federal jury ordered Vonage Holdings Corp. Tuesday to pay $69.5 million in damages for infringing six telecommunications patents owned by competitor Sprint Nextel Corp. In addition to the damages, jurors ordered the Internet phone company to pay a 5% royalty on future revenue. Shares of Vonage fell 66 cents, or almost 34%, to $1.30 on Tuesday after the verdict was announced. Sprint rose 13 cents to $18.43.
August 20, 2007 |
As Tribune Co. shareholders prepare to convene in Chicago on Tuesday to vote on an $8.4-billion buyout led by investor Sam Zell, the noise in the background is Wall Street traders chirping that the deal might never get done -- at least as proposed. Amid one of the most turbulent summers in years for the stock market, Tribune shares have slid steadily and steeply. The stock closed Friday at $25.67, just a few dimes above a multiyear low and 25% below the $34 offering price.
July 10, 2007 |
Share prices edged higher in an erratic session Monday as stock investors were reassured by a drop in Treasury bond yields but remained cautious with second-quarter earnings season kicking off this week. Investors were looking to corporate earnings to help give the market direction in the coming weeks. After the closing bell, Alcoa, the first major company to report, said second-quarter profit dipped 4% but matched analysts' projections. Alcoa shares rose 70 cents, or 1.7%, to $42.
June 20, 2007 |
Online travel company Expedia Inc. said Tuesday that it would buy back more than a third of its shares for as much as $3.5 billion, paying a premium of at least 8% over the stock's closing price Monday. Expedia said it would repurchase 116.7 million shares at $27.50 to $30 each. The news sent Expedia shares up $3.64, or 14%, to $29.14. The price range that Expedia is willing to pay represents a premium of 8% to 18% over Monday's closing price of $25.50 a share.
February 13, 2007 |
The Venezuelan government agreed Monday to buy Verizon Communications Inc.'s 28.5% stake in Nacional Telefonos de Venezuela as President Hugo Chavez seeks control over key industries. The accord calls for the government to pay $572 million, or $17.85 a share, 11% more than the Venezuelan company's closing share price Monday of $16.08. The acquisition price was disclosed after the end of regular stock trading. Nacional Telefonos shares rose as much as 2.9% to $16.55 in after-hours trading.