Market News
JetBlue Airways Corporation (JBLU)
JetBlue Airways Tuesday announced plans to further grow its presence in Boston with new daily nonstop service to San Jose, California, beginning May 13, 2010. .
San Jose will be JetBlue's 34th nonstop destination from Boston's Logan International Airport.
Dec 15 · 10:39:00 AM · Source: Company News
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by Larry Etter
Weyerhaeuser (WY)
Weyerhaeuser Company Tuesday said it will convert to a real estate investment trust (REIT)structure, saying the conversion will position it to be more competitive in its timberlands business.
Analysts say the move to a REIT will cut Weyerhaeuser's tax burden and give its investors higher returns. The company would still trade on an exchange and would be required to pay out most income to shareholders.
Dec 15 · 10:29:00 AM · Source: Company News
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by Larry Etter
Weyerhaeuser (WY)
Weyerhaeuser Company Tuesday said its board of directors has approved amendments to the company's articles of incorporation to eliminate the company's classified board structure and remove existing super majority voting provisions. The board will ask shareholders to approve these amendments at Weyerhaeuser's annual shareholder meeting in April 2010. It will take a 66 2/3 percent favorable vote of the outstanding shares to approve the amendments. Shareholders will receive information on these proposals in the 2010 proxy statement to be mailed in February.
Dec 15 · 10:26:00 AM · Source: Company News
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by Larry Etter
Wells Fargo (WFC)
Wells Fargo & Company said it will redeem the $25 billion of series D preferred stock issued to the U.S. Treasury in October 2008 under the government’s Troubled Asset Relief Program (TARP), upon successful completion of a $10.4 billion common stock offering.
The company's CEO said Wells Fargo is "now we’re ready to fully repay TARP in a way that serves the interests of the U.S. taxpayer, as well as our customers, team members and investors."
Dec 15 · 10:20:00 AM · Source: Company News Release
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by Larry Etter
Best Buy (BBY)
Best Buy said Tuesday that its third-quarter net income increased to $227 million, or 53 cents a share, up from $52 million, or 13 cents, earned in the same period a year earlier. That prior period had a 22-cent charge. Third quarter sales increased 5% to $12.02 billion from $11.5 billion. Sales at locations open at least 14 months, a key industry-performance benchmark, rose 1.7%.
Margins, however, are under pressure as sales of low-cost laptops and lower priced flat panel TVs are dominating Best Buy sales.
Dec 15 · 10:13:00 AM · Source: Company News
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by Larry Etter
Citigroup (C)
CNBC is reporting that Citigroup laid out a plan to repay the money it owes the U.S. government, including issuing $17 billion of stock immediately, as the bank looks to end the pay restrictions that came with the funds.
Dec 14 · 1:35:00 PM · Source: CNBC
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by Rich Pike
Exxon Mobil (XOM)
Exxon Mobil agreed to buy XTO Energy Inc. for $31 billion. Owners of XTO will get 0.7098 share of Exxon for each of their shares, the companies said today in a statement. The transaction values XTO at $51.69 a share, 25 percent higher than its last closing price.
XTO is the largest producer of U.S. natural gas. This is a bet by Exxon Mobil that U.S. emissions restrictions will spur increased demand for natural gas.
Dec 14 · 1:30:00 PM · Source: Bloomberg.com
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by Rich Pike
McDonald's (MCD)
CNN.com is reporting that McDonald's will start offering breakfast for a buck with the launch of a national dollar menu in January. The breakfast dollar menu will be backed with advertising across the U.S., and will feature five items: two sausage sandwiches, a sausage burrito, a 12-ounce coffee and a hash brown. The menu may feature some variations based on markets.
The concern here is that McDonald's margins are going to get squeezed. Their strategy seems to be to try to maintain market share and traffic in this tough environment.
Dec 11 · 1:05:00 PM · Source: CNN.com
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by Rich Pike
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