Bank of America Corp. (NYSE: BAC) agreed to waive legal privileges linked to its purchase of Merrill Lynch , in a step that could force the bank to hand over more details of how much it knew when it bought the investment bank, federal regulators said on Tuesday. The agreement, still subject to court approval, would allow the U.S. Securities and Exchange Commission to look at more details concerning the bank’s failure to disclose information to shareholders about Merrill Lynch’s performance and pending losses. –AOL Money and Finance
U.S. agribusiness and trading company Cargill Inc CARG.UL reported a 65 percent drop in quarterly profit on Tuesday, hurt by plunging earnings at fertilizer maker Mosaic Co (NYSE: MOS), in which Cargill is the majority shareholder. Mosaic said last week that profit fell 91 percent in its first quarter as farmers, many of whom had stocked up on fertilizer earlier in the year, held back on purchases in the quarter ended August 31. Minneapolis-based Cargill, one of the world’s largest private corporations, said it earned $525 million in its fiscal first quarter that ended August 31, compared to $1.49 billion a year earlier. –Reuters
South Korean stocks fell as news of North Korea’s test-firing of five short-range missiles on Monday damped sentiment, though the South Korean won edged higher against the U.S. dollar. "The local currency remains stronger against the U.S. dollar, indicating that the test firing has not heightened the geopolitical risk," said Kim Seung-han at HI Investment & Securities. –The Wall Street Journal
Intel Corp. (NASDAQ: INTC) reports its third-quarter numbers after the market closes Tuesday. Intel, the world’s No. 1 maker of microprocessors for PCs and computer servers, raised its guidance in August based on stronger-than-expected demand. Intel said it expects revenue of $8.8 billion to $9.2 billion, and gross profit margin of 53 to 55 percent. Wall Street expects Intel to post $9.0 billion in sales and 27 cents per share in profit. That’s below last year’s profit of 35 cents per share and sales of $10.2 billion. –AOL Daily Finance
CIT Group Inc. (NYSE: CIT), the 101-year-old lender that may file for bankruptcy protection, said Jeffrey Peek plans to resign as chairman and chief executive officer by the end of the year. The board formed a search committee to find a new CEO, New York-based CIT said in a statement today. Peek, 62, joins a list of bank executives who have announced plans to step down in recent weeks. Bank of America Corp. CEO Kenneth Lewis said last month he would be leaving by the end of the year, and Morgan Stanley head John Mack announced he would retire and hand over the job to Co-President James Gorman. -Bloomberg
Johnson & Johnson (NYSE: JNJ) posted third-quarter net income of $3.35 billion, or $1.20 a share, compared with $3.31 billion, or $1.17 a share, for the same quarter in 2008. Sales slipped 5% to $15.08 billion, from $15.92 billion. According to a recent poll of analysts, J&J had been expected to post earnings of $1.13 a share, with revenue of $15.19 billion. J&J also raised its 2009 adjusted earnings outlook to the range of $4.54 to $4.59 a share. -Marketwatch
-Jutia Group
Posted By: Alfa Spartan
News Syndication by Ramberg Global Content News.
