(At 7:30 a.m. EDT)
Monday's Early Headlines
White House Budget Chief Says Worst is Over.
White House budget director Peter Orszag said Sunday that the free-fall in the U.S. economy appears to have stopped, even as the White House prepared to revise its budget projections to reflect higher-than-expected unemployment.
State Street to Raise Capital Through Offerings.
said it plans to raise new funds through common stock and non-guaranteed senior note offerings as part of an effort to repay money borrowed through the Troubled Asset Relief Program. State Street expects to raise $1.45 billion from the common stock offering, which will be used to pay back the $2-billion government loan. Shares were down nearly 5% ahead of the opening bell.
American International Group
said Sunday it will spin off its Asian life insurance unit American International Assurance Co., known as AIA Group, in an initial public offering to help repay billions of dollars in U.S. government loans. No timetable for the IPO was disclosed, although it is expected to fetch about $5 billion. Shares of AIG were up 5% before the start of trading.
India's Sensex stock index jumped a record 17% after Prime Minister Manmohan Singh's Congress Party won nationwide elections, halting trading on the index for the first time ever. The rupee and bonds also jumped on Singh's victory.
Berkshire Buys Banks.
In a regulatory filing last week, Warren Buffet's
said it has increased stakes in
. The company also upped its positions in
Johnson & Johnson
while cutting its holdings in
Lloyds Banking Group
said Sunday that Chairman Sir Victor Blank will to retire from his position by June 2010. The announcement comes amid criticism for Lloyds' decision to purchase HBOS bank, a deal that was pushed by the U.K. government.
The Wall Street Journal
will make a stronger push with its electronics offerings starting this week in order to compete better with
Earnings and Economic News
reported first-quarter earnings of $476 million, or 32 cents a share, below a year earlier but above the views of analysts. Sales fell 1.5% from the year-ago quarter to $11.83 billion, but also came in ahead of targets. The home improvement retailer's Chairman and CEO Robert Niblock said gross margin growth and expense management helped during the quarter. Lowe's shares were up 12% in premarket trading.
The economic calendar is empty Monday, with no reports scheduled for release.