Sears & Kmart; RBS & ABN Amro; Sprint & Nextel
Retail blues... Sears, net income dropped 47% as revenue declined 7%.
Same store sales at Sears -4%; at Kmart -5.2%. The stock had lost 43% of its value in the past 12 months through yesterday; today another 3% down.
Pull up yer kilts... Royal Bank of Scotland, U.K.'s #2 bank, reported a 16% increase in second-half profit on gains.
The acquisition of ABN Amro Holding NV pushed up RBS's credit-related writedowns by almost $2 billion to about $4.9 billion.
Can you hear me now? ... Sprint Nextel, #3 U.S. wireless carrier, posted a $29.5 billion loss
and scrapped its dividend after writing down the value of Nextel Communications and losing 683,000 customers.
Sales fell 5.7% producing the the 5th largest among S&P 500 companies since 1990.
Sprint expects 1.2 million contract subscribers to leave this quarter, as many as it lost in all of 2007.
As credit default swaps on Sprint soared to a record high, the value on their outstanding bonds fell,
raising the yields which will cost the company more money to service the debt and increase their future borrowing costs.
The stock had fallen 32% this year and fell another 12% today.
Same store sales at Sears -4%; at Kmart -5.2%. The stock had lost 43% of its value in the past 12 months through yesterday; today another 3% down.
Pull up yer kilts... Royal Bank of Scotland, U.K.'s #2 bank, reported a 16% increase in second-half profit on gains.
The acquisition of ABN Amro Holding NV pushed up RBS's credit-related writedowns by almost $2 billion to about $4.9 billion.
Can you hear me now? ... Sprint Nextel, #3 U.S. wireless carrier, posted a $29.5 billion loss
and scrapped its dividend after writing down the value of Nextel Communications and losing 683,000 customers.
Sales fell 5.7% producing the the 5th largest among S&P 500 companies since 1990.
Sprint expects 1.2 million contract subscribers to leave this quarter, as many as it lost in all of 2007.
As credit default swaps on Sprint soared to a record high, the value on their outstanding bonds fell,
raising the yields which will cost the company more money to service the debt and increase their future borrowing costs.
The stock had fallen 32% this year and fell another 12% today.
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