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Sunday, November 8 2009 |
05:25 PM EDT |
DJIA (DIA)
S&P 500 (SPY)
Market Week: Looking Forward
Weekend Reads: Tech, Failure and Folly
Friday Recap: Bumpy Ride Ends Okay
The Money Pit Called Fannie Mae
News: Fannie Mae Files $15.8B in Claims in Lehman Bankruptcy (Bloomberg)
Gold Outlook: Still Shiny
Day of the Droid
Joblessness Hits New High
Parsing Buffett's BNI Buy
Europe Eases Up on Quantitative Easing
- Brits More Critical About 'Quantitative Easing' than Americansby Tim Iacono
- European Central Bank: Time to Phase Out Liquidity Programsby Market Blog
- The ECB Prepares Q.E. Exit Strategies; Rate Unchangedby The LFB
- U.K. Asset Protection: Are Barclays, Lloyds Getting Gift or Squeeze?
More on: Economy, Government Policy
Market Currents|Top Stories
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4:31 PM
Northrop's (NOC) TASC sale speaks to the return of the LBO of a new ilk. Four banks - Barclays (BCS), Royal Bank Of Canada (RY), Deutsche Bank (DB) and a lending unit of the Canada Pension Plan - are providing senior debt of well under $1B to fund the buyout, a figure that would have been a rounding error for one bank during the credit boom.
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4:21 PM
Berkshire Hathaway (BRK.A): Q3 net income of $3.24B vs. $1.06B last year. Operating income $2.06B vs. $2.07B last year. Book value +10.1% from Q2 to $81,247/share. Derivative gain of $1.13B vs. -$819M last year. Was required to post $50M of collateral vs. $650M in Q2; could be required to post another $1.1B if its credit ratings are downgraded. (PR, 10-Q)
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4:07 PM
Sources say Northrop Grumman (NOC) will sell its TASC consulting unit to a pair of private-equity firms - KKR and General Atlantic - for $1.65B. TASC unit provides engineering and consulting services to the U.S. military and state governments. Welcome home LBOs. Update at 4:25: Confirmed. Northrop expects the sale to generate net cash proceeds of $1.1B, which it will use to repurchase shares.
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