The "Squawk on the Street" news team weighs in on leadership changes at Procter & Gamble, and whether the company lost its "mojo."» Read More
The New York Times may be the paper of record, it might have earned the title 'Gray Lady,' but it cannot escape the changing times. I'm not talking about the fact that that print publications across the board are suffering ad revenue declines and subscription dips.
One week after Cerberus Capital announced former Home Depot spacerCEO Bob Nardelli will take over Chrysler, the reality of the job he faces in fixing the automaker is clear. It is gonna take a while.
Sometimes I'm funny, and sometimes I just THINK I'm funny. Here are some of the responses to the blog I posted Friday, while camping outside Countrywide Headquarters.
German pay-TV broadcaster Premiere said Monday that its long-serving chief executive, Georg Kofler, is stepping down.
Qwest Communications said late Sunday it has named former Williams-Sonoma CEO Edward A. Mueller to succeed retiring Chairman and CEO Richard C. Notebaert.
So, I've been spending the entire morning today sitting outside Countrywide's corporate headquarters in Calabasas, California (at least there's a nice breeze). I'm covering the nuggets inside the company's quarterly regulatory filing which doesn't paint a pretty picture. Bottom line, the future of lending looks murky. Countrywide can't sell a lot of its loans to investors, so it's having to hold onto them.
Gannett is not for sale, CEO Craig Dubow said in a memorandum to employees, shooting down rampant speculation that the biggest U.S. newspaper publisher is preparing for a change of control.
Richard Branson's Virgin Media, said it has delayed its sale until the environment improves enough for all interested parties to bid. The British billionaire Branson is the largest shareholder of this cable TV company, which received one bid from the Carlyle group for some $23 billion, and some nibbles from other private equity players.
Late Thursday, ImClone Systems announced it has finally hired a permanent CEO. It'd been without one for about two years. The biotech company which makes the cancer drug Erbitux and became reluctantly famous in the Martha Stewart stock-trading case tapped a guy named John Johnson for the role.
Ford CEO Alan Mulally's suggestion that higher fuel taxes might curb our country's gas consumption is one of those ideas that makes sense on paper, but in reality, likely won't happen. I know, some of you are gonna say, "wait a minute, they pay higher gas taxes in Europe. If it works there, Why can't it work here?"
News Corp earnings come out after the bell, followed by a conference call at 4:30 eastern. Analysts focus on the call (there's always a Q&A period after the presentation) will be much less on the numbers, and much more on CEO Rupert Murdoch's guidance. The hot topic of the day is Dow Jones. Analysts may ask Murdoch to justify the 67% premium he's paying for the company in an industry facing such slow growth.
A day after former Brocade CEO Gregory Reyes was found guilty on all 10 securities fraud charges brought against him, dozens of Silicon Valley executives--and hundreds of executives nationwide--faced with the same allegations, will have to re-think their defense strategies. The sweeping verdict in the first-of-its-kind criminal case for the U.S. Justice Department sent a seismic ripple through this region yesterday.
Who doesn’t want to be Sir Richard Branson? Today, though, he may have bitten of more than his beknighted mouth can chew. I wish him well in starting a new airline based in San Francisco, Virgin America. He will need luck. Folks, if you’ve ever flown in or out of San Francisco, you know what I'm talking about—the bitter resentment growing in your belly as the fog settles in once more and delays your flight for two hours.
DreamWorks SKG couldn't have gotten off the ground more than a decade ago if it weren't for Paul Allen's $500 million investment. Perhaps his work is done--now he's selling $150 million of DreamWorks Animation stock back to the company, and doing a secondary offering to sell an additional 10 million shares to the public.
In one of his last public appearances before investors in March, Bear Stearns Co-president Warren Spector assured them the investment bank had a strong culture of "no surprises."
Talk about moving fast. Just two days after taking ownership of Chrysler, Cerberus Capital has put a new man in charge of the struggling automaker. And it's a bold move picking an auto industry outsider. Bob Nardelli steps in as Chrysler's chairman and CEO in a move that many will question. Yet, I think this move could work for a couple reasons.
So, I just got off the Pozen conference call about the Trexima delay (by the way, it won't be called Trexima if/when it comes to market, as the FDA is asking Glaxo for a name change. The agency sometimes does this if, for example, it believes the name looks or sounds too much like an existing drug and could confuse pharmacists.)
A hospital in Pittsburgh is banning Crocs, the comfy rubbery shoes with holes in them. Hospital officials call them a hazard, fearing a nurse might drop a syringe on his or her foot and, bingo! One nurse tells the AP that's a croc. "I mean, I can get a needle stuck in my arm or my leg."
When the July auto sales come out later today, the most interesting numbers to watch may be those for Chevrolet and Toyota. Halfway through this year the two were neck and neck in the battle to be America's top selling brand. I know some of you will read this and think, "who cares?". Well, the long list of people who care stretches from Detroit to Tokyo, and for good reason.
When I sat down to talk with GM CEO Rick Wagoner this morning on "Squawk Box," I was expecting to see a man, beaming over the better than expected second quarter earnings. Instead, I saw the Chairman of a company who looked cautious. Why? Well, maybe it's because General Motors' glass is half full, and filling it up even more will be a challenge. Certainly the second half of this year will be tougher than the first half.