Markets & Finance

Verizon to Spin Off Units

Wells Fargo reports higher earnings; plus more stocks in the news Tuesday

From Standard & Poor's Equity ResearchVerizon Communications Inc. (VZ) and FairPoint Communications, Inc. (FRP) announced agreements that will result in Verizon establishing a separate entity for its local exchange and related business assets in Maine, New Hampshire and Vermont, spinning off that new entity to Verizon's stockholders, and merging it with and into FairPoint.

Wells Fargo (WFC) reported record diluted earnings per common share of $2.49 for 2006, up 11 percent from $2.25 in 2005.

TD Ameritrade (AMTD) Posts $0.24 vs. $0.21 first quarter EPS on a sharp revenue rise. Reaffirms a midpoint of $1.10 EPS guidance for fiscal year 2007.

LG.Philips (LPL) posted $190 million fourth quarter operating loss vs. $359 million operating profit.

General Electric (GE) agreed to purchase Smiths Aerospace, a U.K.-based supplier of integrated systems for aircraft manufacturers and components for engine builders, for $4.8 billion in cash.

Atticus Capital, which owns 6 million (3%) shares of Freeport McMoran (FCX), says it will vote in favor of Freeport's proposed acquisition of Phelps Dodge.

Express Scripts (ESRX) commenced an exchange offer for all outstanding shares of Caremark at $29.25 in cash and 0.426 Express Scripts shares per Caremark Rx (CMX) share.

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