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Five insiders bought $592.7K in Orbitz Worldwide Inc's (NYSE: OWW) stock at per-share prices ranging from $9.55 to $10.10, reported Barron's Online's (subscription required) "Inside Scoop" column.
The Financial Times (subscription required) reported that General Electric Company (NYSE: GE) is believed to be considering the sale of Lake, its Japanese consumer finance subsidiary.
According to security company Symantec Corporation's (NASDAQ: SYMC) blog, there is a new Trojan called "infostealer.monstres" which is attacking online recruitment site Monster.com (NASDAQ: MNST).
The New York Times reported that the market is having doubts about the deal for the Tribune Company (NYSE: TRB), despite confidence from those involved that the deal will be done.
Just weeks after acquiring its first pension scheme, Citigroup Incorporated (NYSE: C) is looking for another; Citi is said to be looking at a European scheme that is worth about £200M, reported the U.K. Times.
While the rugged cowboy has been the face for Altria Group Inc's (NYSE: MO) Philip Morris for many years now, the global brand could be fading, according to the U.K. Times.
American Express Company (NYSE: AXP) has put its private banking business, which could be worth $400M-$500M, up for sale, according to the U.K. Times.
The Telegraph reported that a subsidiary of HSBC Holdings (NYSE: HBC), the Hong Kong and Shanghai Banking Corporation, is in talks to buy a 51% controlling stake in Korea Exchange Bank, which would cost in the region of £2.5B.
Speculation intensified that the Federal Reserve is going to cut interest rates shortly, and moreover, some are suggesting that it already has cut them stealthily, reported the Wall Street Journal (subscription required).
The CEO of Deutsche Telekom (NYSE: DT) , René Obermann, called for the European mobile phone networks to be consolidated, reported the Independent.
Citigroup Incorporated (NYSE: C) is believed to be negotiating the purchase of a European pension plan worth about GBP200M, reported the U.K. Times.
U.S. Treasury Secretary Henry Paulson said the economy and markets are "resilient," and can absorb any losses from the recent market instability, and has not raised the possibility of policy changes to deal with the markets' problems, reported the New York Times.
The Wall Street Journal (subscription required) reported that Treasury Secretary Henry Paulson said that the downturn "will extract a penalty on the growth rate" and that "the economy and the markets are strong enough to absorb the losses" without starting a recession.
KKR Financial Holdings, a real estate affiliate of Kohlberg Kravis Roberts & Co., wants to delay a $5B repayment in short term debt held by about 15 investors that includes money market funds, and hitting hard at the commercial paper market, reported the Wall Street Journal.
Goldman Sachs Group Inc (NYSE: GS) and Deutsche Bank AG (NYSE: DB) have withdrawn their commitments to underwrite up to $1B to finance films for Metro-Goldwyn-Mayer because of the tightening of the credit markets, reported the Financial Times (subscription required).
Investors buying EMC Corporation (NYSE: EMC), which owns 86% VMware Inc (NYSE: VMW) , on the dip could get a cool 40% discount to VMware's hot shares, effectively buying VMware's 84 cents per share in earnings next year at a P/E of just 42 times, versus the 67 times multiple the market is paying for VMware shares outright, reported the Barron's Online (subscription required) "Weekday Trader" column.
Home Depot Inc's (NYSE: HD) second quarter income drop of 15% may affect what will happen with the company's share buyback that is in part tied to the sale of its HD Supply wholesale business, reported the Wall Street Journal.
New Gap Inc (NYSE: GPS) CEO Glenn Murphy bought 150K shares of Gap stock for $2.3M Friday at an average price of $15.55, according to a Monday filing the SEC, reported Barron's Online's "Inside Scoop" column.
The Financial Times reported that share prices and currencies in the Asia-Pacific region tumbled earlier today, as investors worried about the subprime mess pulled back from emerging markets.
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Sony Corporation (NYSE: SNE) will announce plans to float its highly profitable financial services division, Sony Financial Holdings, in what could be Japan's biggest initial public offering this year, creating a company with a market value close to 1T yen, reported the U.K. Times.
Merck and Co. Inc (NYSE: MRK) CFO Judy Lewent sold 200K shares for $10.3M from July 26 through Aug. 7, at an average price of $51.31 per share, reported Barron's Online's "Inside Scoop" column.
The Royal Bank of Scotland (OTC: RBSPY)-led consortium seeking to purchase Dutch bank ABN Amro Holdings NV (NYSE: ABN) raised its stake in ABN to more than 3% between Friday and Monday, reported the Financial Times.
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The Independent reported that Barclays' (NYSE: BCS) bid for Dutch bank ABM Amro was approved by the Netherlands' Ministry of Finance yesterday.
A highly publicized civilian nuclear deal with the U.S. still allows India to test nuclear weapons, according to Prime Minister Manmohan Singh, reported the Associated Press.
White House deputy chief of staff Karl Rove is expected to resign August 31, reported the Wall Street Journal.
Quantitative fund managers, including Barclay's (NYSE: BCS) and Goldman Sachs (NYSE: GS), are expected to start providing information on their funds activity which were part of the roller coaster stock market the past weeks, according to the Wall Street Journal.
According to the Wall Street Journal, the European Central Bank and the Bank of Japan have added liquidity to markets: The ECB added $65.28B at rates beginning at 4.06% and The Bank of Japan added $5.07B to markets.
The Financial Times reported, citing a person "briefed on the situation," that Citigroup Inc (NYSE: C) has lost more than $700M in credit business in recent weeks, but this is not a serious problem for the company as it earned $20B last year.
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Lord Marland, the former Tory Party Treasurer, and the Reuben brothers may join together to make a joint offer for Orient-Express Hotels (NYSE: OEH), valued at $3B, reported the Telegraph.
According to Kommersant, PepsiCo (NYSE: PEP) has reached an agreement to purchase over 70% of the stock of Lebedyansky, Russia's largest juice producer, for between $1.5B and $2B.
Barron's Online's (subscription required) "Inside Scoop" column reported that American Express Company (NYSE: AXP) Director Jan Leschly spent $2M on 32,000 shares -- the largest purchase at American Express in four years.
Electronic Arts Inc (NASDAQ: ERTS) and Hasbro Inc (NYSE: HAS) have joined forces to create electronic versions of popular board games such as Monopoly and Scrabble, according to the Wall Street Journal (subscription required).
Another former Ford Motor Company (NYSE: F) executive, Sir Nick Scheele, has joined the bidding war for the company's Jaguar and Land Rover divisions, reported the Financial Times (subscription required).
British retail chain WH Smith is among several companies seeking to buy the U.K. operations of troubled bookseller Borders Group Inc (NYSE: BGP) , reported the Telegraph.
People are buying Marshall & Ilsley Corporation (NYSE: MI) because it is a bargain when you consider that Marshall is spinning off to shareholders its traditional banking and processing business in Q4.
One safe and steady stock in these volatile markets may be Iron Mountain Inc (NYSE: IRM), the world's largest provider of information storage and protection, whose business has been rock-solid and whose stock has kicked up despite the market's wild swings.
Shinhan Financial Group (NYSE: SHG), which has very solid credit metrics and top-quality loan portfolios, is attracting positive attention.
French bank BNP Paribas' Investment Partners unit is temporarily suspending three of its funds because of a lack of liquidity in the market as a result of the troubled subprime mortgage market, reported the Wall Street Journal (subscription required).
Toyota Motor Corporation (NYSE: TM) will delay for one or two years its new high mileage hybrids with lithium-ion battery technology due to possible safety problems, reported the Wall Street Journal.
Barron's Online's (subscription required) "Weekday Trader" argued that it may be time to take profits in Chipotle Mexican Grill Inc (NYSE: CMG), as the company hit a record high yesterday and trades at an enormous multiple.
The Financial Times (subscription required) reported that MMC Energy Inc (NASDAQ: MMCE) is not entering the ethanol market as the company does not believe it can be profitable yet.
OTHER PAPERS:
The U.K. Times reported that Oracle Corporation (NASDAQ: ORCL) president Charles Phillips said a global credit crunch will help Oracle as it will hurt competing private equity firms from raising cheap capital.
The Wall Street Journal's "Ahead of the Tape" focused on the upcoming earnings report from American International Group Inc (NYSE: AIG) after the close today, as a fresh barometer to gauge the subprime market -- AIG has exposure as a lender, insurer, and investor.
With uncertainty in the debt markets, Virgin Media Inc's (NASDAQ: VMED) plans to sell itself were put off until conditions improve, reported the Wall Street Journal.
The Financial Times reported that Oleg Deripaska, the owner of Russia's biggest aluminum maker, has acquired a stake in General Motors Corporation (NYSE: GM) of just under 5%, say two people with direct knowledge of the matter.
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The Chinese government, which holds $1.33 trillion in foreign reserves, has made economic threats against the U.S., saying it may liquidate its holdings in U.S. Treasury bonds if the U.S. imposes trade sanctions to force a yuan revaluation, reported the Telegraph.
The New York Post has learned that Warner Music Group Corp (NYSE: WMG) may go private due to its plummeting stock price and negative investor sentiment towards the music industry in general.
With his company's stock near a 52-week low, Robert Willett, CEO of Best Buy Incorporated's (NYSE: BBY) international operations, bought nearly $500K in stock, reported Barron's Online's "Inside Scoop" section.
The Wall Street Journal reported that Sun Microsystems Inc (NASDAQ: SUNW) is today expected to introduce a new microprocessor called UltraSparc T2, will be able to process up to 64 threads at one time -- most chips can handle up to four threads at a time.
According to the Financial Times, citing a source familiar with his pay package, Robert Nardelli will college a salary of $1 a year in his new role as CEO of Chrysler, which is 20% owned by DaimlerChrysler (NYSE: DCX).
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The New York Mercantile Exchange (NYSE: NMX) is quietly selling its lower Manhattan headquarters, asking for between $600M and $700M, ahead of a deal to sell itself, reported the New York Post.
The Wall Street Journal reported that Kroger (NYSE: KR) announced last week that it would stop selling milk that carried synthetic hormones that are made by Monsanto Company (NYSE: MON), despite the FDA saying the hormones are safe.
A group of financial experts predicted that the U.S. will enter a recession soon, due to inflation, the economic prescriptions of a Democratic president, and the housing market meltdown, reported Barron's Magazine.
OTHER PAPERS:
According to insiders, Martha Stewart is not happy with Lampert's Kmart chain as she feels the company is not doing enough to sell her Martha Stewart products in its stores, which in turn is causing a "drag" on Martha Stewart Living Omnimedia Inc's (NYSE: MSO) earnings, reported the New York Post.
Qatari investment firm Delta Two may have to provide more than GBP1B in additional equity in order to win backing from J Sainsbury's (OTC: JSAIY) board for its offer for Sainsbury, reported the U.K. Times.
Paul Tudor Jones runs some of the best managed hedge funds anywhere, averaging over a 24% annual return over the last 20 years, but last month they reported heavy losses, according to the Wall Street Journal.
The Wall Street Journal reported that Google Inc (NASDAQ: GOOG) is speaking with wireless operators , such as T-Mobile USA and Verizon Wireless, as well as phone manufacturers about carrying their products.
The Financial Industry Regulatory Authority is expected to fine Morgan Stanley (NYSE: MS) a total of $6.1M for alleged overcharging of customers on bond sales totaling $59M, reported the Wall Street Journal.
Barron's "Inside Scoop" section reported that Andrew J. McKelvey, who stepped down as Monster Worldwide Inc's (NASDAQ: MNST) chairman and CEO last October, has sold 1.27M shares for $48.6M on the open market since Friday, according to SEC data.
OTHER PAPERS:
Martha Stewart Living Omnimedia (NYSE: MSO) is reportedly joining with private-equity partner GTCR Golder Rauner to buy food-crafting company Wilton Industries and paint-by-number specialist Dimension Holdings, reported the New York Post.
WEBSITES:
According to DigiTimes.com, Taiwan component suppliers for the iPhone have said they are not seeing any reduction in orders from Apple Inc (NASDAQ: AAPL).
Bear Stearns Companies Inc (NYSE: BSC), already forced to shut two hedge funds that bet heavily on the risky subprime-mortgage market, is now facing big losses in a third fund that has roughly $900 million in mortgage investments, according to people familiar with the matter, reported the Wall Street Journal (subscription required).
According to people familiar with the matter, Dow Chemical Company (NYSE: DOW), the largest chemicals group in the U.S., is considering making a counter-bid for ICI, which has a GBP7.8B bid from Akzo Nobel (NASDAQ: AKZOY), reported the Telegraph.
The Telegraph reported that British Airways (OTC: BAIRY) has agreed to pay a fine of GBP121.5M to the U.K.'s Office of Fair Trading and will also pay a fine to the U.S. Department of Justice because of its involvement in an alleged price-fixing scandal.
WEBSITES:
Home Depot Inc (NYSE: HD) has fired four purchasing managers for their involvement in a purchasing scandal involving millions of dollars in kickbacks regarding the display of flooring products, reported CBS News.
Rupert Murdoch's $5B, $60 a share offer for Dow Jones & Company (NYSE: DJ) appeared to be closer to a final deal as Dow Jones was negotiating with News Corporation (NYSE: NWS) to pay advisory fees for the Bancrofts, the majority stock holders, in exchange for some of the holdout members to back the deal, according to the Wall Street Journal.
Barron's Online's "Inside Scoop" column reported that so far this year, five top BlackRock Inc (NYSE: BLK) executives grossed more than $82.4M by selling 486.5K shares on the open market at per-share prices ranging from $147.30 to $179.93, according to Thomson Financial data.
OTHER PAPERS:
Mortgage woes continued to deepen yesterday, reported the New York Times, which noted that the New York Stock Exchange elected not to allow trading yesterday on the shares of American Home Mortgage Investment Corp (NYSE: AHM), after the company reported that it would suspend its dividend and faced "significant" margin calls from banks.
The New York Times reported that AT&T Inc (NYSE: T) has made a deal with online music retailer EMusic that will allow people to buy songs from independent labels through their cell phones.
The Los Angeles Times reported that Toyota Motor Corporation (NYSE: TM) will introduce a new "standard" version of its Prius gas-electric hybrid for the 2008 with a base price of $20,950, 5.5% less than the lowest cost 2007 model.
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