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Pixar and Disney in $7.4B Deal
Jan 24, 4:50 PM EST |
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| Computer Associates earnings nearly doubles but stock fell. Corning surprises with one-time charge of 24 cents. Netflix delivers earning,subs growth. |
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| Market traded in the positive zone for the most of the session as fresh batch of earnings from railroad, industrial and select tech companies met or exceeded earnings guidance.Late in the day Disney and Pixar released the details of the most awaited deal. Steve Jobs to become largest shareholder of Disney. Disney will issue 2.3 share for every Pixar stock and Disney will boost its stock buyback from 225 million to 400 million. |
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United Tech Gains on Revenue
Jan 24, 4:54 PM EST |
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| Warner Bros. and CBS will join in a 50-50 partnership as 2 television networks, UPN and WB, will merge to form a new network called The CW. |
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| Earnings reports from major companies and oil decline kept stocks in the positive. 3M Co. reported Q4 profit rise, but missed estimates. DuPont beat expectations, despite its Q4 decline. The chemicals company forecast disappointing Q1 earnings. McDonald''''s quarterly profit and J & J''''s income rise met expectations. Lexmark posted 47% profit drop in Q4 but beat estimates. United Tech posted higher Q4 profit on 14% revenue growth. |
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McDonald's Meets Expectations
Jan 24, 11:58 AM EST |
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| DaimlerChrysler announced that it would reduce administrative staff by 20% over three years, cutting 6,000 jobs and saving $1.2 billion a year. |
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| Stocks opened higher on mostly positive earnings reports from major companies. 3M Co. reported Q4 profit rise of 99 cents a share, but missed estimates. DuPont beat expectations, despite its Q4 decline. The chemicals company forecast disappointing Q1 earnings. McDonald''s quarterly profit and J & J''s income rise met expectations. Lexmark posted 47% profit drop in Q4 but beat estimates. The company plans to cut about 825 jobs and freeze its U.S. pension plan. The stock gained over 8%. |
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3M's Profit Misses Estimates
Jan 24, 9:41 AM EST |
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| Lucent Technologies and Agere Systems reported Q4 net income loss. Dupont's Q4 profit fell, beat estimates. J & J's income met expectations. |
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| Asian markets rebounded from last-week sharp losses. The leading gainers were South Korean Kospi, surging to 2.3% and the Nikkei, up 1.9% at 15,648.89. European averages traded in a tight range at mid-day with the German DAX 30 flat at 0.03%, while the French CAC 40 down 0.2%. In earnings news, American Express reported Q4 profit decline of 59 cents a share from 71 cents a year ago, despite a 9% revenue growth. AirTran Holdings posted Q4 net loss, despite a 46% rise in revenue. |
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