Top 10 News Items of the Week (06/09-06/13): LEH, YHOO/MSFT, BUD, C, more...
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StreetInsider.com's Top 10 News Items for the Week of June 9-13
1. Lehman Brothers (NYSE: LEH) replaces CFO, Erin M. Callan, and President/COO, Joseph M. Gregory, as it continues to struggle with the credit meltdown.
2. Yahoo! Inc. (Nasdaq: YHOO) announced that discussions with Microsoft (Nasdaq: MSFT) regarding a potential transaction are over. Microsoft is not interested in pursuing an acquisition of all of Yahoo!, even at the price range it had previously suggested. Microsoft continues to to be interested in some type of alternative transaction. Yahoo! announced a search deal with Google (Nasdaq: GOOG). Yahoo! shares are down 15% on the week.
3. After weeks of rumors, Anheuser-Busch Cos. Inc. (NYSE: BUD) disclosed they received a $65 per share unsolicited takeover offer from InBev. The company said they would review the offer, but the latest reports suggest Anheuser-Busch is in merger talks with Groupo Modelo to fend of the InBev overture.
4. Lehman Brothers (NYSE: LEH) reported a massive Q2 loss of $5.15 per share and raised $6 billion in capital.
5. Citi (NYSE: C) basically shut down its Old Lane hedge fund, which it bought in 2007 from its current CEO Vikram S. Pandit.
6. Invitrogen Corporation (NASDAQ: IVGN) agreed to acquire Applied Biosystems Group (NYSE: ABI) in a cash and stock transaction valued at $6.7 billion.
7. Willis Group Holdings Limited (NYSE: WSH) agreed to acquire Hilb Rogal & Hobbs Company (NYSE: HRH) in a $2.1 billion cash and stock deal
8. Airlines continued to cut capacity: US Airways (NYSE: LCC) cut Q4 mainline capacity by six to eight percent.
9. KeyCorp (NYSE: KEY) disclosed it will take a Q2 charge of $1.1-$1.2 billion, will raise approximately $1.5 billion of additional equity capital and plans to cut its dividend by 50%.
10. On Thursday, it was reported that May Retail Sales rose 1%, above the consensus of +0.5%.
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