Sony ( SNE), the Japanese electronics giant, said Tuesday it projects an annual loss of 520 billion yen ($6.4 billion), much wider that earlier predictions of a loss of 220 billion yen. Sony is recording a charge of 300 billion yen from write-offs of deferred tax credits in the United States. Sony forecast a return to profit in the year through March 2013. On Monday, media reports said Sony, hurt by weakness at its LCD television unit. was preparing to cut 10,000 jobs, or 6% of its work force, by the end of the year. Spectrum Pharma: The Growth Party Is Over
Yahoo! ( YHOO) CEO Scott Thompson holds an all-staff meeting Tuesday at 1 p.m. EDT to brief employees on the company's new management structure. The Internet company said last week it would be slashing 2,000 jobs.
Vivus ( VVUS) said the review date of its new drug application for Qnexa has been extended by three months. The company said it has been informed that the Food and Drug Administration has moved the Prescription Drug User Fee Act date for its review of Qnexa's NDA to July 17 from April 17. The stock fell more than 8%% in after-hours trading on Monday. Fidelity, Federated Lead Charge Against Money Fund Reform
Supervalu ( SVU), the grocery retailer, is expected by analysts Tuesday to post a profit of 35 cents a share in its fiscal fourth quarter. 5 ETFs to Watch This Week
-- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.