International News:
• Financial firm Citigroup reported a $7.6 billion quarterly loss, partly due to the
bank paying back the government $20 billion in bailout funds. On a per-share
basis, Citigroup lost 33 cents, in line with forecasts, after reporting a loss of
$2.44 a share in the prior year's quarter. (Source: CNNMoney)
• The British candy company agreed to a larger $19.5 billion takeover offer from
U.S. food maker Kraft Foods in a deal that puts an end to a four-month fight.
The board on Tuesday recommended shareholders take Kraft's cash-and-stock
offer in a move that will create the world's biggest chocolate maker. (Source:
CNNMoney)
• IBM posted a fourth-quarter profit Tuesday that beat Wall Street expectations.
The tech giant also pointed to an improved outlook for 2010. The Armonk,
N.Y.-based company reported a profit of $4.81 billion, or $3.59 per share,
which was 9% higher than what IBM reported last year. Analysts polled by
Thompson Reuters expected $3.47 per share. Sales rose a modest 1% to $27.2
billion, slightly ahead of forecasts. Sales in the company's services sector and
software sector each increased 2%, while revenue in its hardware business fell
4%. IBM expects to improve its revenue. performance in 2010. (Source:
CNNMoney)
• The euro tumbled to the lowest level in more than four months against the
dollar on concern Greece’s deteriorating fiscal situation will weigh on the
region’s economic recovery. The 16-nation currency also approached a fourweek
low against the yen on speculation European Central Bank Executive
Board member Juergen Stark will reiterate his bearish outlook for the region’s
economy and the budget deficit in Greece when he speaks today. (Source:
Bloomberg)
• Financial firm Citigroup reported a $7.6 billion quarterly loss, partly due to the
bank paying back the government $20 billion in bailout funds. On a per-share
basis, Citigroup lost 33 cents, in line with forecasts, after reporting a loss of
$2.44 a share in the prior year's quarter. (Source: CNNMoney)
• The British candy company agreed to a larger $19.5 billion takeover offer from
U.S. food maker Kraft Foods in a deal that puts an end to a four-month fight.
The board on Tuesday recommended shareholders take Kraft's cash-and-stock
offer in a move that will create the world's biggest chocolate maker. (Source:
CNNMoney)
• IBM posted a fourth-quarter profit Tuesday that beat Wall Street expectations.
The tech giant also pointed to an improved outlook for 2010. The Armonk,
N.Y.-based company reported a profit of $4.81 billion, or $3.59 per share,
which was 9% higher than what IBM reported last year. Analysts polled by
Thompson Reuters expected $3.47 per share. Sales rose a modest 1% to $27.2
billion, slightly ahead of forecasts. Sales in the company's services sector and
software sector each increased 2%, while revenue in its hardware business fell
4%. IBM expects to improve its revenue. performance in 2010. (Source:
CNNMoney)
• The euro tumbled to the lowest level in more than four months against the
dollar on concern Greece’s deteriorating fiscal situation will weigh on the
region’s economic recovery. The 16-nation currency also approached a fourweek
low against the yen on speculation European Central Bank Executive
Board member Juergen Stark will reiterate his bearish outlook for the region’s
economy and the budget deficit in Greece when he speaks today. (Source:
Bloomberg)