NEW YORK (
) -- Here are the top stock market headlines for the morning of Monday, Nov. 16, 2009.
Monday's Early Headlines
- GM to Begin Repayments Early -- General Motors reported its first financial results since emerging from bankruptcy in July, saying costs fell by 59% while revenue increased 15%. However, GM posted an after-tax loss of $1.2 billion. The automaker said favorable operating conditions will enable it to accelerate repayment of its outstanding loans from the U.S. and Canadian governments. Initial payments are slated for next month, when the U.S. will collect $1 billion and Canada will collect $192 million. Quarterly payments will follow, it said.
- Hoenig Warns of U.S. Weakness -- Reuters reports that Kansas City Federal Reserve President Thomas Hoenig told an audience in Abu Dhabi that the U.S. economy still needs to work through "significant weaknesses." Hoenig added that all financial institutions should be allowed to fail, no matter the size or political influence.
- JPMorgan to Buy Out British Broker: Report -- The Financial Times reports that JPMorgan Chase (JPM) - Get JPMorgan Chase & Co. (JPM) Report is in talks to buy out its remaining 50% stake in Cazenove, the 190-year-old British stockbroker, in a deal for 940 million pounds ($1.57 billion), citing sources familiar with the development. Discussions between the two companies are continuing and no final decision on a deal has been made.
- Cisco Raises Bid for Tandberg -- Cisco Systems (CSCO) - Get Cisco Systems, Inc. Report has raised its offer for video-conferencing company Tandberg of Norway to $3.41 billion. Last month, Cisco offered $3 billion to buy the world's biggest maker provider of videoconferencing equipment for businesses. Some shareholders, including the Oslo Pension Fund and Rasmussen Group, resisted Cisco's first bid, citing Tandberg's ability to generate strong revenue as an independent company, according to an Oct. 15 report in The Financial Times.
Monday's Earnings Roundup
- Lowe's (LOW) - Get Lowe's Companies, Inc. (LOW) Report reported third-quarter adjusted earnings of 24 cents a share, matching the Thomson Reuters average estimate. Revenue declined 3% from a year ago to $11.38 billion, slightly above consensus. Looking ahead to the fourth quarter, Lowe's expects earnings to fall between 9 cents and 13 cents a share, compared with estimates for a profit of 10 cents a share. Fourth-quarter sales should be flat compared with a year ago, which is also in line with forecasts.
- American Dairy (ADY) posted third-quarter earnings of 52 cents a share while revenue jumped 94.1% from a year ago to $72.1 million. However, the company offered weak guidance for the full year, saying it expects revenue to fall in a range of $270 million to $290 million, compared with the consensus target of $337.4 million.
-- Written by Robert Holmes in New York
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