According 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. The New York Times has been struggling to come to labor agreements with Globe labor unions recently and said it needed to cut costs or risk shutting the newspaper. The Globe posted $50 million in operating losses last year and is expected to lose $85 million this year. New York Times shares fell 18 cents or 2.9% in early afternoon trading Wednesday. Shares of New York Times are off 52-week highs of $17 a share. The stock has technical support in the $4 to $5 price area. If the shares can firm up, we see overhead resistance around the $9 price level. We do not currently rate this former dividend-paying stock, but we watch the shares of the newspaper giant very closely.
CB Richard Ellis Provides Second-Quarter Guidance; Shares Rise on Hedge Fund Investment
Commercial 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.