×

STOCKS NEWS-Polycom CEO to step down

Real-time equity news U.S. stock market report 0857 ET 10May2010-Polycom CEO to step down ------------------------------------------------------------------------------ Video conferencing company Polycom Inc said Robert Hagerty will step down as chief executive and resign from the board on Monday. Polycom named Executive Vice President Andrew Miller, a former CEO of Norwegian rival Tandberg, as chief executive. Hagerty, who also served as chairman, will be an adviser to Miller and the board. David DeWalt, Polycom's lead independent director, will assume the role of chairman. For details, see Shares of Polycom closed Friday at $29.20. Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0850 ET 10May2010-Mill Road to buy Rubio's for $91 mln ------------------------------------------------------------------------------ Mexican restaurant chain Rubio's Restaurants Inc said it agreed to be acquired by private equity firm Mill Road Capital LP for about $91 million in cash. The offer of $8.70 a share represents a premium of about 14 percent to Rubio's Friday closing price of $7.66. For details, see Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0836 ET 10May2010-Hotel companies are overpriced: Barron's ------------------------------------------------------------------------------ Hotel stocks may be overpriced considering that the industry is only just emerging from one of its worst slumps ever and are vulnerable to any faltering of the economy, Barron's said in its May 10 edition. Barron's pointed to Starwood Hotels and Resorts, saying its $47 share price was high at 52 times projected 2010 earnings, and Hyatt Hotels , whose shares have risen to about $40 from $25 when it went public last autumn, despite expectations it will lose money this year. For details, see Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0832 ET 10May2010-Sony profit to beat estimates on cost cuts ------------------------------------------------------------------------------ Sony Corp said it is likely to swing to an annual profit in the past financial year and beat forecasts, instead of an estimated loss. Analysts, however, are focused on how well Sony will shift gears from its restructuring phase to sales growth even as Japanese rival Panasonic Corp beat its forecast for the past year. For details, see U.S.-listed shares of Sony rose 2.7 percent to $33.79 before the bell. Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0827 ET 10May2010-Goldman warns of more litigation, investigations ------------------------------------------------------------------------------ Goldman Sachs Group Inc, facing fraud charges from U.S. securities regulators, on Monday warned that more litigation and investigations could be coming. Goldman, in a quarterly regulatory filing, disclosed a number of probes and reviews. It said it anticipates additional shareholder actions and other investigations related to its offerings of collateralized debt obligations, which are at the heart of Securities and Exchange Commission charges against the firm. For details, see Shares of Goldman rose 3.7 percent to $148.30 before the bell. Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0824 ET 10May2010-Crude oil rallies on emergency rescue deal ------------------------------------------------------------------------------ June crude futures advanced on Monday after policymakers agreed a $1 trillion rescue package to stabilise world financial markets and try to resolve the euro zone debt crisis. For details, see The contract was up 3.6 percent to $77.78 per barrel. Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.