Dubai World, ConAgra: Monday's Headlines - TheStreet

Dubai World, ConAgra: Monday's Headlines

Monday's early headlines include Dubai World's meeting with its creditors, and earnings from ConAgra.
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) -- Here are the top stock market headlines for the morning of Monday, Dec. 21, 2009.

Monday's Early Headlines

  • Dubai World to Meet With Creditors Without Plan -- Reuters reports that state-owned Dubai World will not offer any concrete proposals to delay $22 billion in debt when it meets creditors on Monday. The debt-saddled company had been expected to formalize a request for a payment standstill when it meets some 90 creditors at Dubai's World Trade Center, the report said, although the company disappointed investors after saying its two-hour presentation would only offer a look at its financial situation. In late November, Dubai roiled world markets after asking creditors to delay $59 billion in debt.
  • Health Care Bill Clears Senate Test -- Early Monday, the landmark health care legislation passed a Senate test by a 60-40 vote across party lines to end debate, setting up a potential passage by Christmas day. The bill would extend coverage to more than 30 million Americans who now lack it while banning insurance company practices such as denial of benefits on the basis of pre-existing medical conditions.
  • GM Receives New Inquiries For Saab -- General Motors has received several new inquiries about its Saab business but is still making preparations to wind down the division. This follows GM's statement Friday that talks with Dutch automaker Spyker had fallen apart because of unidentified and unsolvable issues that had arisen in plans to sell the Saab division. "Should something concrete develop we'll consider it, but in the meantime we're making the wind-down preparations," John Smith, GM vice president, told The Wall Street Journal via an email.
  • AIG Expects Bailout Repayment in Two Years -- The Financial Times reports that American International Group (AIG) - Get Report CEO Robert Benmosche predicts it will take at least two years for AIG to sell businesses and earn enough profits to repay the U.S. government and persuade it to sell its 80% stake in the insurer. "The more time we have, the greater the probability we'll pay back all of the aid. But our goal is to pay back all of it," Benmosche told the FT.
  • Sanofi-Aventis to Acquire Chattem -- Sanofi-Aventis (SNY) - Get Report said Monday it will acquire Chattem (CHTT) in a $1.9 billion transaction, or $93.50 a share. The deal creates the world's fifth-largest consumer healthcare company measured by product revenue.

Monday's Earnings Roundup

  • ConAgra (CAG) - Get Report is expected to report quarterly earnings results before the start of trading Monday. The company should post earnings of 47 cents a share on revenue of $3.33 billion, according to Thomson Reuters.
  • Jabil Circuit (JBL) - Get Report will report quarterly results after the close of trading Monday, with analysts looking for a profit of 29 cents a share on revenue of $3.11 billion, according to Thomson Reuters.

-- Written by Robert Holmes in Boston


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