May 23, 2013

Business Headlines

Business News

  • Icahn seeks up to $7 billion for Dell bid

    File photo of investor Carl Icahn speaks at the Wall Street Journal Deals & Deal Makers conference, held at the New York Stock ExchangeBy Michelle Sierra NEW YORK (Reuters) - Activist investor Carl Icahn and Southeastern Asset Management Inc have initiated talks with banks and asset managers to line up commitments for as much as $7 billion in bridge loans to back their leveraged recapitalization proposal for Dell Inc, banking sources told Thomson Reuters LPC on Thursday. Jefferies & Co is leading the deal. Icahn and Southeastern are looking to lock in the financing before Dell shareholders meet in July to vote on a rival take-private offer from CEO Michael Dell and Silver Lake Partners. ...


  • Wall Street sags, but ends off session lows; HP hits 52-week high

    Traders work on the floor at the New York Stock ExchangeBy Angela Moon NEW YORK (Reuters) - Stocks slipped on Thursday but finished sharply off their session lows as a rally in Hewlett-Packard's shares offset worries about weak Chinese manufacturing data and the prospects of the Federal Reserve reducing its monetary stimulus. Trading was choppy as many traders were adjusting their positions ahead of the long holiday weekend. Markets will be closed on Monday for Memorial Day. Hewlett-Packard shares jumped more than 17 percent to a fresh 52-week high a day after the world's largest PC maker raised its outlook. ...


  • Google faces new federal antitrust probe: source

    Google signage seen at the company's headquarters in New YorkWASHINGTON (Reuters) - U.S. regulators are in the early stages of an antitrust probe into whether Google Inc, which dominates web display advertising, has broken antitrust law in how it handles some ad sales, a source told Reuters on Thursday. The source said that it was unlikely that the Federal Trade Commission had sent out civil investigative demands in relation to the probe, which would be the sign of a formal and more serious investigation. ...


  • SAC lawyers met with prosecutors to argue against charges: sources

    Exterior of Headquarters of SAC Capital Advisors, L.P. in StamfordBy Emily Flitter and Matthew Goldstein NEW YORK (Reuters) - Lawyers for SAC Capital Advisors called a meeting with U.S. prosecutors and FBI agents in April to argue that there should be no insider trading charges filed against the $15 billion hedge fund or its founder, Steven A. Cohen, according to sources familiar with the matter. Lawyers for the firm made an "aggressive presentation," according to the sources, reviewing the government's investigation in detail to support their claim that the government did not have enough evidence to charge Cohen. ...


  • Gap profit soars; Aeropostale first quarter sales plummet

    A Gap retail store is shown in San Francisco(Reuters) - Gap Inc reported a higher first-quarter profit on Thursday, helped by a rise in same-store sales at its Old Navy and namesake chains, and growth in Asia. Gap has staged a comeback in the last few years, offering hipper fashions that have found favor again with shoppers that in the interim had flocked to Zara parent Inditex SA and homegrown competitors such as Forever21. The company, which also owns Banana Republic, posted net income of $333 million, or 71 cents per share, for the quarter ended May 4, up 42.9 percent from $223 million, or 47 cents per share, a year earlier. ...