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Google (GOOG)

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."

Jan 20 · 4:36:00 PM
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by Larry Etter

Morgan Stanley (MS)

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.

Jan 20 · 3:45:00 PM
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by Larry Etter

Housing

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.

Jan 20 · 3:40:00 PM
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by Larry Etter


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