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| Star Silicon Valley analyst felled by Facebook IPO fallout Friday, Oct 26, 2012 08:45 PM PDT  SAN FRANCISCO (Reuters) - The firing of Citigroup stock analyst Mark Mahaney on Friday in the regulatory fallout from Facebook Inc's initial public offering was greeted with shock and dismay in Silicon Valley, where Mahaney was a well-known and well-liked figure. "Pretty shocked," was the reaction of Jacob Funds Chief Executive Ryan Jacob, who described Mahaney as one of the most respected financial analysts covering the Internet industry. "I'd put him at the top. If not at the top, then near the top," said Jacob. "He really knew what to look for. ... Full Story | Top |
| Gore's Current TV hires bankers to assess future: source Friday, Oct 26, 2012 05:39 PM PDT  LOS ANGELES (Reuters) - Current TV, the liberal cable news channel started by former Vice President Al Gore, has hired JP Morgan and The Raine Group to assess strategic options that may include a sale or strategic partnership with another media company, according to a person with knowledge of the operation. The channel, founded in 2005 by Gore and businessman Joel Hyatt, is also seeking new funding and talking with venture capitalists and other parties, the person said on condition of anonymity because the talks were private. ... Full Story | Top |
| Exclusive: Allenberg Cotton ex-No. 2 back as CEO - source Friday, Oct 26, 2012 05:26 PM PDT NEW YORK (Reuters) - Allenberg Cotton's long-time chief executive Joe Nicosia will be replaced by his former second in command, Anthony Tancredi, who is returning to run the world's biggest cotton merchant just six weeks after his shock departure, a source familiar with the situation said. Nicosia, among the most well-known and influential figures in the clubby cotton market, leaves the top post at a time of unprecedented turmoil in the industry, with merchants still suffering the fallout from a wave of contractual defaults caused by months of extraordinary volatility in prices. ... Full Story | Top |
| UBS to cut up to 10,000 jobs: source Friday, Oct 26, 2012 05:04 PM PDT  NEW YORK (Reuters) - Swiss bank UBS AG is expected to cut up to 10,000 jobs, or 16 percent of its workforce, as it contends with shrinking revenue and rising capital requirements, a source familiar with the matter said, in what would be one of the largest layoffs by a bank since the financial crisis. Switzerland's biggest bank is expected to make the cuts across the firm globally, but the bulk of the losses are likely to occur in its hard-hit trading and investment banking areas. ... Full Story | Top |
| Surface tablet buzz starts, but Windows 8 excitement muted Friday, Oct 26, 2012 04:32 PM PDT  SEATTLE (Reuters) - U.S. shoppers woke up with mild Surface fever on Friday, lining up in moderate numbers to buy Microsoft's groundbreaking tablet computer designed to challenge Apple's iPad. The global debut of the Windows 8 operating system was greeted with pockets of enthusiasm, but not the mania reserved for some previous Apple Inc launches. Microsoft is positioning the slick new computing device, which runs a limited version of Windows and Office with a thin, click-on keyboard cover, as a perfect combination of PC and tablet that is good for work as well as entertainment. ... Full Story | Top |
| Exclusive: Tancredi returns to Allenberg as CEO, replaces Nicosia Friday, Oct 26, 2012 04:27 PM PDT NEW YORK (Reuters) - Anthony Tancredi will replace Joe Nicosia as chief executive of Allenberg Cotton, returning to the world's largest cotton merchant just six weeks after his shock departure, a source familiar with the situation said. Nicosia will step down as head of the business he has run for nearly three decades, making way for Tancredi, who will take over the day-to-day running of the company, the source said. Allenberg is owned by Louis Dreyfus Corp , one of the world's largest agricultural merchants. ... Full Story | Top |
| Jobs data, election may overshadow earnings Friday, Oct 26, 2012 03:59 PM PDT  NEW YORK (Reuters) - Earnings season may be only half over, but the focus on profits should subside next week as investors turn their attention to the coming election and Friday's jobs report, the last major data release before the November 6 contest. More bellwether companies are scheduled to report results in what will be another "peak week" of the earnings season. Such a flurry of numbers normally holds Wall Street's attention and can lead to market swings. ... Full Story | Top |
| Wall Street ends flat on Apple picking, but down for week Friday, Oct 26, 2012 03:31 PM PDT  NEW YORK (Reuters) - Stocks finished flat on Friday, recovering from moderate declines as bargain hunters rushed in to buy Apple, lifting it off its lows, and scooped up other stocks recently battered by disappointing results. For the week, though, stocks slid, following a series of weak results, especially from U.S. multinational companies. Apple's stock pulled back sharply from its session low, although it still ended down 0.9 percent at $604. ... Full Story | Top |
| Citi fined $2 million over Facebook IPO, fires two analysts Friday, Oct 26, 2012 03:29 PM PDT  BOSTON/SAN FRANCISCO (Reuters) - Citigroup fired its top Internet analyst, Mark Mahaney, and paid a $2 million fine to a Massachusetts regulator to settle charges that the bank improperly disclosed research on Facebook IPO and information on other tech companies. It was the first formal charge involving an underwriter's disclosure of sensitive financial information ahead of the social media company's $16 billion initial public offering in May. ... Full Story | Top |
| Moody's warns may downgrade five big Canadian banks Friday, Oct 26, 2012 03:28 PM PDT NEW YORK/TORONTO (Reuters) - Moody's Investors Service warned on Friday it could cut its ratings on five top Canadian banks on concerns about a softening economy and volatile capital markets, a blow to a banking system named the soundest in the world four years in a row. But the outlook for the sector is no longer as rosy, Moody's said, because of the risks presented by the macroeconomic environment and a business mix that leans heavily on domestic mortgages and other consumer lending. ... Full Story | Top |
| Tech CEOs trade barbs, warm up for holiday tablet wars Friday, Oct 26, 2012 03:09 PM PDT  SAN FRANCISCO (Reuters) - The biggest names in consumer technology, stung by a string of disappointing quarterly results this month, are suiting up for what's shaping to be the fiercest holiday battle in years. Investors and consumers have already largely written off flaccid quarterly numbers from tech behemoths like Microsoft, Apple, Google and Amazon. What counts is the next 60 days, when the biggest names in technology do battle at a near-unprecedented scale and pace. ... Full Story | Top |
| TSX steady on mixed U.S. news, focus turns to Canada Friday, Oct 26, 2012 02:41 PM PDT  TORONTO (Reuters) - Canadian stocks closed flat on Friday after a choppy session in which stronger-than-expected U.S. economic data fought with limp U.S. earnings for the attention of a market that was waiting for the Canadian reporting season to start in earnest next week. "A lot of people who have positioned themselves are really just waiting for the news (to) see how things are going to come out on this side of the border," said Brian Pow, vice president, research and equity analyst at Acumen Capital Partners in Calgary, adding that disappointing results from U.S. ... Full Story | Top |
| Analysis: This earnings season, more global means more pain Friday, Oct 26, 2012 02:23 PM PDT NEW YORK (Reuters) - For many U.S. companies, the earnings period has been scary enough. For those with big overseas operations, it has been a horror show. Corporate America overall is struggling, with year-over-year earnings expected to decline for the first time in three years. But in a big switch from last year, a high proportion of overseas business is no longer a ticket to big earnings - and, in fact, has been a hindrance. "It's how the worm turns," said Uri Landesman, president at Platinum Partners in New York. "Right now, the U.S. ... Full Story | Top |
| UBS to cut up to 10,000 jobs bankwide: source Friday, Oct 26, 2012 02:18 PM PDT  NEW YORK (Reuters) - Switzerland's biggest bank, UBS AG , is expected to cut up to 10,000 jobs, or 16 percent of its workforce, as it contends with shrinking revenue and rising capital requirements, a person familiar with the company said on Friday. The cuts would be among the biggest in banking history. The layoffs are expected globally, with the bulk occurring in UBS' hard-hit trading and investment banking areas. The bank, which has more than 60,000 employees, is likely to provide details of the cutbacks when it reports its third-quarter results on October 30, the source said. ... Full Story | Top |
| Exxon gets key permit for Alaska's Point Thomson field Friday, Oct 26, 2012 02:05 PM PDT ANCHORAGE, Alaska (Reuters) - Exxon Mobil Corp on Friday received a major federal permit it needed to start construction on the Point Thomson oil and gas field on the eastern North Slope of Alaska, officials said, after an extended delay that threatened some leases there. The U.S. Army Corps of Engineers granted Exxon a wetlands-fill permit for construction of drill pads, roads, an airstrip, pipeline, and docking and other facilities needed for production at the long-languishing field - production the state of Alaska has accused the company of dragging its heels on. ... Full Story | Top |
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