HP RETREATING Due to Low Sales and 3 Dow Movers Ending the Week
Bank of America Corporation (NYSE:BAC): New York Federal Reverse Bank President Tim Geithner urged the Bank of England in June 2008, to make modifications in the method in which Libor, a key interest rate benchmark, was set, according to documents obtained by Reuters.
Caterpillar Incorporated’s (NYSE:CAT) subsidiary, Caterpillar China Investment Co., Ltd and Guangxi Yuchai Machinery Co. Ltd., the main subsidiary of China Yuchai International (NYSE:CYD) comprise a joint venture known as Yuchai Remanufacturing Services. China Yuchai reports the inauguration of a new permanent facility at Suzhou Industrial Park, which will supplant the current Yuchai operations in a temporary workshop that is nearby. Caterpillar China was created primarily to supply remanufacturing services for GYMCL’s diesel engines and components. Now that the first phase of the new permanent plant is beginning operations, around 14,000 square meters of space is now ready to support Yuchai Remanufacturing’s activities. The new facility should reach full operational capacity by 2014 with around 400 employees.
Walt Disney Co. (NYSE:DIS): A group of broadcasters Thursday appealed a judge’s denial of a request for a preliminary injunction against Internet video service Aereo, says The Hill. Aereo enables New York City clients to access broadcast channels via their computers and mobile devices.
Hewlett-Packard Company (NYSE:HPQ): Shares of printer maker Lexmark (NYSE:LXK) are retreating subsequent to the reduction of its second quarter earnings per share and revenue outlook. Disappointing European demand and fluctuations in currency have been blamed for the reduction in its guidance, and the same factors are projected to negative impact its results in the second half of this year. Lexmark now forecasts that it will post second quarter adjusted earnings of 87 to 89 cents, which would be down from its previous guidance of 95 cents to $1.05 (against consensus of 99 cents). The adjusted earnings per share does not take into account restructuring-related and acquisition-related adjustments. Other printer makers moving in tandem are Xerox (NYSE:XRX) and Hewlett-Packard (NYSE:HPQ).
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