Google Surprises with Top Management Changes
Google today issued a surprise announcement saying that Larry Page will be the company's CEO, with current CEO Eric Schmidt moving to Executive Chairman. Google's other co-founder Sergey Brin will focus on strategic projects, specifically, new products.
While this is a surprise to the market, Schmidt says that Page and Brin no longer "need adult supervision."
Morgan Stanley Earnings Up on Record Brokerage Fee
Morgan Stanley said its fourth-quarter earnings rose 35 percent on record revenue from its brokerage, the world’s biggest. Net income rose to $836 million, or 41 cents a share, from $617 million, or 29 cents, a year earlier. Earnings from continuing operations, excluding a 17-cent gain on the sale of a stake in China International Capital Corp. and a tax gain of about 6 cents, were 20 cents a share.
The revenues and retail brokerage profits were higher than expected, validating the bank's strategy of bolstering businesses that are less threatened by tougher regulation after the financial crisis.
Sales of existing U.S. homes jumped 12.3% in December over November's levels, the National Association of Realtors said. December's existing-home sales rose to a seasonally-adjusted annualized rate of 5.28 million.
This provides an encouraging end to the worst year since 1997, as the collapse in house prices and a wave of foreclosures depressed activity over the 12-month period.
AT&T Announces New Bundle Choices
AT&T announced a new AT&T “Choice” bundle that startsat $99 a month for qualifying services and provides a combination of TV, high speed Internet, home phone or wireless voice service — an option not available in most cable bundles. Bundles can include DVR and DVR service, plus a one-year price guarantee and significant monthly savings.
E*TRADE Appoints Steven Freiberg CEO
E*TRADE FINANCIAL Corporation announced its board has appointed Steven Freiberg CEO, effective April 1, 2010. Mr. Freiberg, an experienced financial services executive, has held multiple senior level positions over a distinguished 30-year career at Citigroup. Mr. Freiberg, who also will join the Company's Board of Directors, succeeds interim CEO Robert Druskin. Mr. Druskin will remain on the Board, continuing in his role as Chairman.
February CPI Unchanged
Tthe Consumer Price Index was unchanged in February, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the index increased 2.1 percent before seasonal adjustment.
Monthly consumer price inflation hasn't been this low since March of last year
US Jobless Claims Fall By 5K
Less Americans filed first-time claims for jobless benefits last week for the third consecutive time, the Labor Department reported today. The advance figure for seasonally adjusted initial claims was 457,000, a decrease of 5,000 from the previous week's unrevised figure of 462,000. The 4-week moving average was 471,250, a decrease of 4,250 from the previous week's unrevised average of 475,500.
This is a sign the labor market is gradually improving along with the economy.
Citi's Primerica unit files for IPO
Citigroups' life insurance unit, Primerica, filed for an initial public offering of up to $252 million as part of Citigroup's plan to shed assets outside its main banking business. Citi expects to sell 18 million Primerica shares to the public and 17.2 million shares to private equity firm Warburg Pincus, plus warrants. Post-IPO, Citi's stake will be 32%-46%, while Warburg Pincus' stake will be 23%-33%.
|Google Surprises with Top Management Changes (GOOG)|
|Morgan Stanley Earnings Up on Record Brokerage Fee (MS)|
|AT&T Announces New Bundle Choices (T)|
|E*TRADE Appoints Steven Freiberg CEO (ETFC)|
|February CPI Unchanged|
|US Jobless Claims Fall By 5K|
|Citi's Primerica unit files for IPO (C)|
|MetLife to Pay $1.5 Billion in Policy Dividends (MET)|
|Producer Prices Post Largest Fall In 7 months|
|IBM Launches New Line of Servers (IBM)|
|Activists Say Whole Foods Bad for Planet (WFMI)|
|Estee Lauder Launches Global Marketing Division (EL)|
|Moody's upgrades Dr Pepper Snapple Debt (DPS)|
|P&G Recalls Two Pringles Flavors (PG)|