SAN JOSE, Calif. _ Brocade Communications Systems Inc. on Monday reported fiscal fourth-quarter profit of $83.4 million. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share. Analysts expected $563.1 million, according to Zacks.» Read More
In between its founding and its near-death, the company now called Citigroup has played a central role in U.S. financial history. On Tuesday, Corbat was named Citi's new CEO after the abrupt departure of Vikram Pandit, who had led the company through the financial crisis and its aftermath.
ABC, NBC and the CW all debuted new dramas last Wednesday to varied receptions. It finished a strong second behind CBS' long-running "CSI: Crime Scene Investigation" at the 10 p.m. ET slot. Despite that showing, long-slumping NBC can boast about its best showing for an early TV season in a decade.
Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director. The move shocked Wall Street, and Citigroup offered no explanation.
Apollo Group Inc. said Tuesday that its fiscal fourth-quarter net income tumbled 60 percent, hurt by higher costs and declining enrollment at the University of Phoenix.
ATTENTION SHOPPERS: Kroger Co. is forecasting stronger growth in the years ahead, as company executives outlined plans to expand into new and existing markets, as well as grow the core business. CASHING IN: The Cincinnati- based company now expects earnings per share to grow 8 to 11 percent, up from the previous forecast of 6 to 8 percent.
NEW YORK-- A Food and Drug Administration advisory panel on Tuesday recommended that the FDA approve NPS Pharmaceuticals Inc.' s experimental bowel drug Gattex. The positive recommendation from the Gastrointestinal Drugs Advisory Committee makes it more likely the FDA will approve Gattex, although does not guarantee approval.
2. "NCIS," CBS, 18.51 million. 4. "NCIS: Los Angeles," CBS, 15.18 million. 5. "The Big Bang Theory," CBS, 14.23 million.
ABC, NBC and the CW all debuted new dramas last Wednesday to varied receptions. NBC's " Chicago Fire" was a disappointment in the same time slot. NBC continued its best start in a decade in the ratings.
PARSIPPANY, N.J.-- Shares of Watson Pharmaceuticals Inc. reached new highs Tuesday after the Federal Trade Commission cleared its acquisition of Swiss drugmaker Actavis Group. Watson and Actavis will sell three approved products to Sandoz, a unit of Novartis AG, including generic versions of the antidepressant Wellbutrin XL and the anxiety drug Ativan.
NEW YORK-- Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market:. Murphy Oil Corp., up $4.74 at $63.74. Murphy Oil is spinning off its retail gasoline business into a separate company to focus on oil exploration and production.
Johnson& Johnson's third-quarter profit fell 7 percent as litigation and acquisition costs and factory upgrade expenses related to its consumer product recalls offset higher medicine and medical device sales.
NEW YORK-- In picking Michael Corbat to take over as CEO of Citigroup, the board of directors chose a low-profile veteran of the bank _ a sharp contrast to Vikram Pandit, his suddenly departed predecessor. Corbat, 52, has spent his entire career at Citigroup and its affiliated businesses.
There are lots of ways fungus could have gotten inside the Massachusetts compounding pharmacy whose steroid medication has been linked to a lethal outbreak of a rare fungal form of meningitis. Company spokesman Andrew Paven said by email that criminal investigators from the Food and Drug Administration were at the pharmacy in Framingham, Mass., on Tuesday.
LONG BEACH, Calif.-- HCP Inc. is buying 133 senior housing communities for $1.73 billion from a joint venture between Emeritus Corp. and an affiliate of The Blackstone Group L.P.. Emeritus is also buying nine remaining properties from the joint venture for $62 million, which includes $10 million in cash and a $52 million four-year loan from HCP.
Realogy priced 40 million shares at $27 apiece, and the stock soared more than 25 percent in its trading debut on Thursday. Realogy on Tuesday announced the IPO's closing, and said that the $1.2 billion raised was net of underwriters' discounts and commissions, as well as estimated offering expenses.
OMAHA, Neb.-- CSX Corp. reported a 2 percent dip in its third-quarter profit and revenue Tuesday because the railroad delivered fewer carloads of coal and crops, and fuel surcharge revenue declined. The Jacksonville, Fla.- based railroad made $455 million, or 44 cents per share. That's down from $464 million, or 43 cents per share in the same period a year ago.
2011 net income _ $11.1 billion. Citigroup revenue breakdown in 2011:. Citi Holdings, which manages various Citi assets _ $12.9 billion.
NEW YORK-- The new CEO of Citigroup says the departure of Vikram Pandit doesn't mean a change of direction for the bank. Corbat says: "Today's changes do not reflect any desire to alter the strategic direction of Citi, which we believe to be the right one." The chairman of Citi's board, Michael O'Neill, says the decision was Pandit's and there is not "another shoe to drop."
NEW YORK-- Experts say there are many ways funguses could have gotten inside the Massachusetts pharmacy at the center of the nation's deadly outbreak of fungal meningitis.
TALLAHASSEE, Fla.-- Florida Attorney General Pam Bondi is refusing to back down in her feud with the GOP- controlled Legislature when it comes to $300 million intended to help homeowners. She did not ask for spending approval over the state's share of a national $25 billion settlement with five of the nation's largest mortgage lenders.