Shares in Research In Motion slipped more than 3 percent on Friday morning as investors fretted the BlackBerry smartphone’s stranglehold on corporate communications was being eroded by rival devices. Get the full story »
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Nov. 5, 2010 at 11:33 a.m.
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Filed under: Cell phones, Consumer electronics, Corporate governance, Technology BlackBerry’s corporate dominance may be eroding
GM’s $13 billion IPO to cut Treasury stake to 43%
General Motors on Wednesday finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the U.S. Treasury to a minority shareholder.
GM’s filing with the U.S. Securities and Exchange Commission is the final step before it begins marketing what is expected to be one of the largest-ever IPOs. The investors are expected to span the globe and include sovereign wealth funds.
The automaker plans to sell 365 million common shares, or 24 percent of its common stock, at $26 to $29 each, raising about $10 billion at the midpoint, according to updated initial public offering papers filed with the SEC. Get the full story »
Motorola shares slip after Citi downgrade
Motorola Inc. shares slipped Friday after a downgrade from Citi Investment Research on fears of increasing competition in the smart phone market.
Chicagoans glum about economy
Chicago-area residents’ outlook for the local economy is downright dour compared with last fall, and women are far more pessimistic than men about whether they’re living the American dream.
A survey released Thursday found three in five area residents surveyed in late June didn’t think the economy had hit bottom yet. Back in September 2009, just about half of area residents expected the economic situation to continue sliding, according to the survey commissioned by Citi. Get the full story »
Citigroup debt sales could reach $21B in 2010
Citigroup Inc. expects to issue $3 billion to $6 billion more in long-term debt this year than it previously estimated.
In a regulatory filing, the bank said it now expects to sell approximately $18 billion to $21 billion in long-term debt this year ”to maintain and solidify its structural liquidity” and to extend the length of time it has to pay down debt supporting its businesses. Get the full story »
July 20, 2010 at 12:30 p.m.
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Filed under: Banking, Housing, Mortgages, Policy, Politics, Real estate Slow start for second mortgage HAMP program
Only four of the eight largest mortgage servicers have committed to participate in a government-sponsored, yet voluntary, program designed to aid troubled homeowners with second mortgages, new data released Tuesday shows.
Of the four servicers participating in the second lien modification program — Bank of America, CitiMortgage, JPMorgan Chase and Wells Fargo Bank — only Bank of America and Chase were “operationally ready” and extending modification offers to consumers this spring, the Treasury Department said Tuesday. Get the full story »
US Treasury cuts Citi stake at $2B gross profit
The U.S. Treasury Department said on Thursday it has earned a gross profit of about $2 billion so far on the sale of about one-third of its common stock holdings in Citigroup Inc. The sales have cut the Treasury’s stake in the bank from nearly 27 percent to about 17.6 percent. Citi shares rose briefly in morning trading, before falling about 2.39 percent to $3.67 by mid-morning. Most of the banking sector was trading down. Get the full story »
