WALL STREET JOURNAL: Nissan Motor (NSANY) and Chrysler are already working together on pickups and subcompact cars. Now the two are discussing jointly producing mid-size cars that would be sold in the U.S. under Chrysler’s name, the Wall Street Journal reported…Citigroup (C) may buy back $5B to $8B of auction-rate securities from its own customers, though the Wall Street Journal said this move may pressure other Wall Street firms to give investors of those securities their money back. One person familiar with the matter said Citigroup was nearing a deal with regulators to resolve allegations of wrongdoing, and a preliminary agreement could be reached as early as today…INVESTOR’S BUSINESS DAILY: Back in March home health nursing company Amedisys (AMED) paid $395M for TLC Health Care Services and it immediately took them to a higher level. At the time CEO William Borne said: “This is a transformative transaction for Amedisys.” And so it was, according to Investor’s Business Daily’s “The New America”. The company picked up TLC’s 92 home health agencies and 11 hospice agencies in 22 states, and it boosted its nursing agencies to 442 and its hospice agencies to 240. It also gave Amedisys a national presence by expanding its operations to a number of new states…BOSTON GLOBE: The Boston Globe reported that Procter & Gamble (PG) will close its second Gillette packaging plant in Devens by by the end of 2010. Additionally, Procter will cut 215 jobs, or about 9% of its Massachusetts workers, at its manufacturing plant in South Boston…
Asian Markets Wrap-Up for Thursday, August 7
Stocks declined in most major Asian countries, after several companies reported lower than expected profits. JAPAN: Banks spearheaded a retreat after Chuo Mitsui, a bank, reported that its Q1 earnings sank 52%. The Nikkei 225 lost 0.98%, to 13,124.99. Chuo Mitsui dropped 4% and Mizuho Financial Group (MFG) declined 3.5% while Shinsei Bank (SKLKF) fell 6.7%. Nippon Telegraph & Telephone (NTT) retreated 6.6%, after earnings at two of its regional subsidiaries dropped sharply. Some exporters rose, after the yen weakened against the dollar. Suzuki Motor (SZKMF) advanced 2.7%, while Fuji Heavy Industries (FUJHY) climbed 4.4%. HONG KONG: Stocks advanced slightly, as a decline in oil prices increased optimism about companies’ profits. The Hang Seng Index increased 0.7%, to 22,104.20. Clothing retailer Espirit rose 3.8%, while Li & Fung, which manufactures various consumer items, advanced 3.1%. Standard Chartered (STAN), a bank, gained 4.4% after reporting that its 1H08 profit surged 31%. Cathay Pacific Airways (CPCAY) declined 3.9% after reporting a 1H08 loss of $85M. AROUND ASIA: China’s CSI 300 Index inched down 0.05%, while South Korea’s KRX 100 declined 0.97% and Taiwan’s Taiex inched down 0.02%… Toyota (TM) said its net income sank 28.1% in Q2.
