Early numbers show travelers are looking to book bigger and better vacations as soon as the weather warms up.» Read More
LBO Troubles. Yesterday, it was Expedia drastically lowering its Dutch tender offer after Barry Diller said buyers of the bonds were trying to impose "unacceptable" terms (read: they wanted higher interest).Today, sources say that GM's Allison Transmission deal has been postponed. The deal involved selling $3.1 billion in bonds to finance the LBO of the company to Carlyle and Onex.
Wall Street is heading for a lower opening as some weak earnings and credit market jitters outweigh positive profit reports from companies like Pepsico and Lockheed-Martin. European markets are moving lower after overnight gains in Tokyo and Hong Kong shares.
Expedia, the online travel agency controlled by Barry Diller, said it is cutting its plan to buy back its own shares by almost 80 percent, blaming a lack of attractive financing available in credit markets.
Corporate America is on a share buyback binge, fueling concerns that U.S. companies are masking underlying business problems and trying to pump up their executives' compensation.
Stocks closed mostly higher, helped by lower bond yields and General Electric, which boosted the Dow. "This market bends a little bit but it doesn't break," Al Goldman, chief market strategist at A.G. Edwards., told CNBC.com. "The buyers are a little bit tired but the sellers are not very aggressive."
We can’t all be experts at everything, which is why we have people who are experts at something. Having said that, I’ll let you in on one of my little secrets -- how to tell when a pharmaceutical story has significance. ... Also: a seemingly innocuous headline -- about Expedia -- has plenty of hidden meaning.
Travel Web site operator Expedia said Tuesday it plans to buy back up to 42% of its common stock for $3.5 billion.
Stocks recovered from earlier losses to close near the unchanged mark as investors took positions ahead of tomorrow's Fed meeting. "Investors are basically still cautious despite this big run and although we're very overbought, I think the fact that we could get this overbought is bullish in itself," said Bruce Bittles, chief investment strategist at Robert W. Baird.
CNBC’s Mary Thompson reports that a survey of CEO compensation at 452 large companies found the pay of executives hired from outside is 20% higher than top officers promoted from within.
Travel Web site Expedia posted higher-than-expected quarterly profit on increased bookings and a lower tax rate, sending its shares up.
Expedia shares surged after the company announced it will repurchase up to 30 million shares for between $18.50 and $22 a share. The upper end of the range is a 19% premium over Expedia's stock price before the offer.