(Hot Trends article updated with information on Nokia Siemens' acquisition of Motorola's wireless equipment and the Chapter 11 filing from Innkeepers USA Trust.)
NEW YORK (
is a hot search topic today after the company announced that
Nokia Siemens Networks
will buy the majority of its wireless network equipment business for $1.2 billion.
"This is an exciting acquisition that I believe has significant benefits for customers, employees and our shareholders," said Rajeev Suri, CEO of Nokia Siemens Networks.
Nokia Siemens Networks is the second leading global wireless vendor, and expects the acquisition of Motorola's wireless network to make it the leading foreign wireless vendor in Japan and the third largest in the United States.
U.S. Real Estate is a popular search today following news that
Innkeepers USA Trust
filing for bankruptcy
and a new report from the National Association of Home Builders.
Innkeepers said the real estate investment trust owes creditors more than $1 billion.
"Our company is entering into this last phase of its ongoing restructuring process in order to return to a position of financial and operational strength," said Marc Beilinson, the company's chief restructuring officer. "We are generating positive operational cash flows and, along with our two DIP financing agreements, we have the resources to meet our ongoing financial needs. We and our third party managers will continue to operate our hotels and serve our guests in the ordinary course," said Beilinson.
The agreement will allow the company to continue running its 72 hotels and properties across the country during reorganization.
The National Association of Home Builders also announced today that its housing market index fell two points in July to 14, reaching the index's lowest level since April 2009.
"We continue to see a lull in home buying activity following the expiration of the federal home buyer tax credit program, as many of the sales that would have occurred this summer were likely pulled forward to meet that program's deadline," said Bob Jones, chairman of the NAHB. "In addition, builders are reporting continuing consumer hesitancy regarding home purchases due to uncertainty in the overall economy and jobs markets."
787 Dreamliner completed its first international flight on Sunday. The highly-anticipated commercial airliner is made of lightweight composite materials and uses 20% less fuel than similar-sized airplanes.
The Dreamliner flew from Seattle to Farnborough, U.K. on a nonstop flight.
"With hundreds of flights completed, we continue to make progress with the 787 Dreamliner and 747-8 Freighter in flight test and are focused on ensuring that both airplanes are ready to enter service so they start earning revenue for our customers," said Jim Albaugh, president and CEO, at the
Farnborough International Airshow
following the flight.
Boeing hopes to deliver the Dreamliner by the end of this year. Commercial flights may not take place until January of 2011.
International Monetary Fund is a popular search topic today after the IMF and the European Union decided to suspend talks with Hungary regarding the country's budget problems. The IMF and the EU will require Hungary to work harder to meet deficit requirements before offering additional monetary assistance.
"Difficult decisions will be needed not only on the revenue side -- where the high financial sector levy, which is likely to adversely affect lending and growth, is planned to be temporary -- but also on the spending side," said Christoph Rosenberg, the IMF's mission leader.
Hungary received a $25.8 billion bailout from the IMF and the EU in October 2008.
The chatter on Main Street (a.k.a. Google) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on Google, and highlights the news that could make stocks move.
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