Wellpoint; Texas Instruments; Hovnanian; Bear Stearns
WellPoint lowered its earnings guidance, Texas Instruments lowered its Q1 outlook. Crude hit 109.75.
Running out of money... Homebuilder Hovnanian posted a sixth straight quarterly loss, Q1 loss was $131 million.
New Jersey's biggest homebuilder also reached an agreement with its banks on new lending terms.
The accord allows Hovnanian's tangible net worth to fall to lower levels before the company is considered in default.
A new $900 million credit line is secured with first-lien mortgages on Hovnanian-owned properties.
Out of money... Bear Stearns had its price target cut to $45 from $90 at Punk Ziegel due to lower earnings estimates.
Ziegel said Bear may be forced to find a merger partner.
Running out of money... Homebuilder Hovnanian posted a sixth straight quarterly loss, Q1 loss was $131 million.
New Jersey's biggest homebuilder also reached an agreement with its banks on new lending terms.
The accord allows Hovnanian's tangible net worth to fall to lower levels before the company is considered in default.
A new $900 million credit line is secured with first-lien mortgages on Hovnanian-owned properties.
Out of money... Bear Stearns had its price target cut to $45 from $90 at Punk Ziegel due to lower earnings estimates.
Ziegel said Bear may be forced to find a merger partner.
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