Markets & Finance

Marsh & McLennan Reportedly to Sell Putnam for $3.9 Billion


Apple's Jobs recognizes $84 million expense related to stock option accounting; Doral Financial posts higher earnings; plus more stocks in the news Friday

Marsh & McLennan (MMC) the Wall Street Journal reports that the company has agreed to sell Putnam for $3.9 billion to Power Corp. of Canada as part of CEO Cherkasky's effort to retool after a share-trading scandal.

Apple Computer (AAPL) Says CEO Steve Jobs was aware of favorable stock-option grant dates, but he did not financially benefit from these grants. Recognizes total additional non-cash stock-based compensation expense of $84 million after tax.

Doral Financial (DRL) Posts $0.34 third quarter loss vs. $0.30 earnings per share (EPS) on a 34% decline in net interest income. Notes results continue to reflect a difficult business environment.

Goodyear Tire & Rubber (GT) Expects to realize substantial cost savings as a result of a master contract ratified by members of United Steelworkers union. Sees $70 million savings in 2007, $240 million in 2008, and $300 million in 2009.

Rick's Cabaret (RICK) Sees fiscal year 2007 revenue of $32 million to $34 million and EPS of about $0.48.

Oscient Pharmaceuticals Corporation (OSCI) Amends its license and option deal with LG Life Sciences, Ltd. for the company's antibiotic product and Factive tablets. The amendment adds several European countries so that all of the current members of the European Union are included.

Ipsco Inc (IPS) Cuts $3.30 to $3.50 fourth quarter EPS guidance to between $3.00 and $3.10, excluding any impact of the NS Group acquisition, forex gains or losses, and the effects of share price volatility, due to a larger-than-expected decline in steel plate and tubular shipment demand.


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