New York Times Hires Goldman to Sell Boston GlobeAccording to a Boston Globe report, struggling newspaper giant New York Times ( NYT) is planning to sell the Boston Globe with Goldman Sachs ( GS) pegged as the manager of the sale. The Globe cited two potential unnamed buyers for the report. It said that the New York Times will begin accepting bids within a few weeks.
CB Richard Ellis Provides Second-Quarter Guidance; Shares Rise on Hedge Fund InvestmentCommercial real estate giant CB Richard Ellis ( CBG) issued second-quarter profit guidance Wednesday for the first time in several quarters, and also announced that it sold 13.4 million shares to hedge fund Paulson Capital ( PLCC) ( PLCC). The Los Angeles-based company said it expects second-quarter adjusted net income to range between flat and 7 cents per share. On average, Wall Street analysts expect a profit of 7 cents per share. CB had previously declined to offer guidance for several quarters in a row, due to uncertain market conditions.
Brown-Forman Fourth-Quarter Earnings Beat ExpectationsAlcoholic beverage maker Brown-Forman ( BF.A) on Wednesday reported fourth-quarter earnings that bested Wall Street analysts' forecasts. The Louisville, Ky., company, which makes Jack Daniels and Southern Comfort, reported fiscal fourth quarter profits of $79.6 million or 53 cents a share, down 19% from $98.7 million or 65 cents a share in the year-ago period. Sales in the latest quarter fell 12% to $683.3 million, partially due to the company's distributors reducing their inventories. These results easily beat analyst estimates. On average, Wall Street analysts expected a profit of 49 cents per share on sales of $638 million. Looking ahead, the company forecast full-year earnings to range from $2.60 to $3.00 per share. Brown-Forman shares rose $1.71, or +3.8%, in morning trading Wednesday. We had removed shares of Brown-Forman from our "recommended" list on Aug.28 when the shares traded at $77.02. The company has a 2.54% dividend yield based on last night's closing stock price of $45.27. The stock has technical support in the $39 to $41 price area. If the shares can firm up, we see overhead resistance around the $53 price level. We would remain on the sidelines for now. Brown-Forman holds a Dividend.com DARS Rating of 3.2 out of 5 stars.