MarketWatch Headlines
Directory assistance firm Kgb withdraws $250 million IPO At MarketWatch 07:43 AMNEW YORK (MarketWatch) -- Directory assistance company Kgb late Thursday withdrew its initial public offering to raise up to $250 million. The New York-based company changed its corporate name from Infonxx Inc. to Kgb last year. "The company is requesting such withdrawal because of unfavorable market conditions that would adversely affect the offering of the securities," Kgb said. Goldman Sachs , J.P. Morgan and Banc of America Securities comprised the banking team for the IPO.
Xerox cuts first-quarter earnings forecast
At MarketWatch 07:09 AMNEW YORK (MarketWatch) -- Xerox Corp. said Friday that was lowering its first-quarter 2009 earnings expectations to a range of 3 cents to 5 cents a share from a range of 16 cents to 20 cents a share. The reduction includes a 6-cent impact from Xerox's share of Fuji Xerox's restructuring and a lower-than-expected Fuji Xerox profit from an industry-wide slowdownin technology spending.
Fiat says it won't assume Chrysler debt At MarketWatch 07:00 AMLONDON (MarketWatch) -- Responding to reports that it will assume Chrysler debt, Fiat Group said it won't. "Fiat Group intends to make it absolutely clear that the proposed alliance will not entail the assumption of any current or future indebtedness of Chrysler," the company said in a brief statement.
Euro-zone Jan. industrial production plunges 17.3% on year At MarketWatch 06:06 AMLONDON (MarketWatch) -- Industrial production in the euro zone continued to tumble in January, posting a 3.5% decline from December and dropping 17.3% from the level seen in January 2008, the statistical agency Eurostat reported Friday. Economists had expected a 4% monthly decline but a 15.5% year-on-year fall.
Ericsson wins contract to supply 3G networks to China Unicom At MarketWatch 05:39 AMLONDON (MarketWatch) -- Swedish telecoms-equipment maker Ericsson on Friday said it has won a contract with China Unicom to build third-generation WCDMA networks in 15 provinces in China. The financial terms of the deal weren't announced. Ericsson said deliveries and deployment have already started.
Hong Kong inflation eases to 0.8% in February At MarketWatch 05:35 AMHONG KONG (MarketWatch) -- Hong Kong's consumer price inflation eased to an annualized 0.8% in February, a two-year low, cooling from a 3.1% rise in January, as softer food prices and government waivers on some public services helped cushion the overall price index.
Europe stocks drop at the open with Ericsson, Nokia lower At MarketWatch 04:11 AMLONDON (MarketWatch) -- European stocks dropped on Friday, as a weak close on Wall Street and profit warning from the mobile-phone making unit that's half owned by Ericsson dragged on markets. Ericsson dropped 5.1% after the warning by Sony Ericsson Mobile Communications, and rival Nokia fell 4.1%. The U.K. FTSE 100 fell 0.8% to 3,787.65, the German DAX 30 fell 0.6% to 4,019.30 and the French CAC 40 fell 1% to 2,748.66.
Sony Ericsson says demand, de-stocking to hurt results At MarketWatch 04:05 AMLONDON (MarketWatch) -- Sony Ericsson Mobile Communications, the mobile phone making joint venture between Sony and Ericsson , said first-quarter sales and pretax profit continue to be affected by weak consumer demand as well as de-stocking in the retail and distributionchannels. It expects to ship gross 14 million phones at an average price of 120 euros, with gross margin falling both from year-earlier and the 15% level in the fourth quarter. Sony Ericsson may lose as much as 390 million euros before tax, excluding restructuring charges in the range of 10 to 20 million euros.
U.K. hedge fund collapses over derivatives position: report At MarketWatch 04:00 AMLONDON (MarketWatch) -- U.K. hedge fund manager Weavering Capital put its $639 million Weavering Macro Fixed Income fund into administration late Thursday after the discovery that the fund's main assets was a $637 million derivatives trade with an offshore company controlled by the fund's founder and chief executive, according to a report in the Financial Times. Weavering Capital called in administrators after claims that the trade could not be paid, the newspaper reported. The fund was frozen a week ago after the position was discovered, it added.
Northern Rock continued to make high-risk loans after rescue At MarketWatch 03:50 AMLONDON (MarketWatch) -- The U.K. government could have acted more decisively in its handling of failed lender Northern Rock and allowed the mortgage bank to keep writing high-risk loans even after it had been propped up with public money, according to a report from the National Audit Office. The report found that Northern Rock continued to write mortgages for up to 125% of a property's value throughout the period that it was receiving emergency support, although at a reduced volume. The government auditor also said that the Treasury "did not challenge with sufficient rigour" the company's...
Regus profit rises 10.5%, dividend increased At MarketWatch 03:38 AMLONDON (MarketWatch) -- Office space provider Regus Plc said Friday that its 2008 net profit rose 10.5% to 113.9 million pounds as revenue grew 25% to 1.08 billion pounds. Regus said markets became tougher in the final quarter of the year, but it has attracted new clients that are looking to reduce their office costs. The total dividend payout for the year will rise 80% to 1.8 pence a share, Regus said. It added revenue grew in all its geographical regions and that for 2009 the focus will be on driving down costs.
GlaxoSmithKline reduce Quest Diagnostics stake At MarketWatch 03:28 AMLONDON (MarketWatch) -- Drug company GlaxoSmithKline said Friday that it has sold around 5.7 million shares in Quest Diagnostics Inc. since March 17 for roughly $256 million. The company said $200 million of the shares were sold back to Quest and the rest were sold on the open market. The sale was part of the group's gradual reduction of its holdings. GlaxoSmithKline said that following the sale it holds 30.8 million shares, or around a 16.5% stake in Quest, worth $1.36 billion.
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