Welcome to the Reuters Before the Bell news mail.
Clearly there was a lot more than partying going on in the financial-economic world over the weekend, but it's not enough to reverse the slide that the stock market took on Friday. Futures are struggling just to tread water after analysts yet again dropped their quarterly earnings estimates for the Standard & Poor's 500 companies.
Wachovia reported a surprise loss and some efforts to shore up its balance sheet, including a dividend cut and a public stock offering. Its shares are down, as are those of Deutsche Bank, which The Wall Street Journal says is looking to unload $20 billion in debt.
The economic and financial-sector gloom has doused earlier bullishness on the dollar, which had been benefiting from the Group of Seven nations' increased concern over exchange-rate volatility. U.S. Treasuries are higher, as are oil prices.
Reports on monthly retail sales and business inventories are due shortly. Fed Gov. Kevin Warsh is speaking on financial market developments, a subject on which there's doubtless plenty to say.
Blockbuster has gone public with a bid to buy Circuit City for up to $1.3 billion after the electronics chain did not provide access to its books.
Until tomorrow,
Lisa Von Ahn
News Mail Editor
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Futures point to lower Wall St open
April 14, 2008 07:31 AM ET
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FRANKFURT (Reuters) - Stock index futures pointed to a weaker
start on Monday on growing concern about weaker corporate results
as the U.S. earnings season gains momentum, though financials
may offer some support.
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Wachovia posts surprise loss, eyes $7 billion capital
April 14, 2008 07:35 AM ET
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NEW YORK (Reuters) - Wachovia Corp on Monday posted a surprising
first-quarter loss as credit problems soared and said it would
cut its dividend and raise $7 billion in capital.
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Deutsche Bank aims to sell $20 billion in debt: report
April 14, 2008 07:07 AM ET
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PHILADELPHIA (Reuters) - Deutsche Bank AG aims to sell as much
as $20 billion of debt related to leveraged buyouts to investors
that include private equity firms, The Wall Street Journal reported
on Sunday.
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Blockbuster offers over $1 billion for Circuit City
April 14, 2008 07:36 AM ET
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NEW YORK/LOS ANGELES (Reuters) - Blockbuster Inc said on Monday
it has offered up to $1.3 billion for electronics retailer Circuit
City Stores Inc , in the movie rental chain's most aggressive
step yet to recast itself as an entertainment hub.
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TV hurts Philips profit, weak economy looms
April 14, 2008 06:55 AM ET
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AMSTERDAM (Reuters) - Philips Electronics reported a bigger-than-expected
28 percent drop in quarterly core profit on Monday, as its television
business sank deeper into the red, and warned of slowing economic
growth in mature markets.
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Baby foods boost Danone's first-quarter sales
April 14, 2008 07:06 AM ET
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PARIS (Reuters) - Higher sales of baby foods helped spur an 18.7
percent rise in first-quarter sales at Groupe Danone SA and
the French company said on Monday it was on course to meet its
2008 financial targets.
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Manitowoc to buy Enodis for $1.9 billion
April 14, 2008 07:22 AM ET
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LONDON (Reuters) - Manitowoc Co Inc , a U.S. maker of cranes
and restaurant equipment, has agreed to acquire British food
equipment maker Enodis Plc for around 948 million pounds ($1.9
billion), it said on Monday.
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Delta, Northwest merger pact imminent: source
April 14, 2008 06:41 AM ET
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PHILADELPHIA (Reuters) - Delta Air Lines and Northwest Airlines
aim to finalize a merger agreement within days to create the
world's largest airline, a source familiar with the situation
said on Sunday.
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FirstEnergy Ohio Perry reactor exits outage
April 14, 2008 07:38 AM ET
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NEW YORK, April 14 (Reuters) - FirstEnergy Corp's 1,231-megawatt
Perry nuclear power station in Ohio exited anoutage and ramped
up to 68 percent power by early Monday, theU.S. Nuclear Regulatory
Commission said in a report.
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UPDATE 1-RESEARCH ALERT-JP Morgan upgrades WD-40 to neutral
April 14, 2008 07:38 AM ET
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April 14 (Reuters) - J.P. Morgan raised consumer productsmaker
WD-40 Co to "neutral" from "underweight," sayingnew products
and good growth opportunities offshore should leadto accelerated
sales growth in 2009.
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