Amazon.com Won’t Go Down with the Ship
Jeff Bezos loves to “kerfuffle” Wall Street. That’s the word he uses to describe what he does to critics who can’t fathom how he built a multibillion-dollar company without turning a profit for eight years. (discl. - I’m long AMZN)
(tags: stocks amazon business Internet)
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SAN FRANCISCO (MarketWatch) — Internet entrepreneur Brad Greenspan said Monday that over five separate groups are now interested in investing in Dow Jones & Co., alongside his own Journal Investment Group. Greenspan, one of the founders of MySpace.com, has previously offered to acquire a stake in Dow Jones through a leveraged recapitalization, while investing in its online properties. That bid followed the $5 billion offer originally made by News Corp. in May for Dow Jones , the parent of publications including The Wall Street Journal and MarketWatch, the publisher of this report. Greenspan said in a prepared release that the interested groups would invest $600 million in ”new media initiatives” for Dow Jones. He said he has asked the Dow Jones board to provide ”basic due diligence material” to groups, which he did not identify, other than to say that ”all of these investors have completed similar or larger sized transactions historically.”
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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With cash piling up on balance sheets, a wave of M&A activity could be on the way, an analyst says.
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A lawsuit seeking damages from Dubai ruler Sheikh Mohammed over the use of thousands of underage camel jockeys has been dismissed by a federal US judge, AP reports. District judge Cecilia Altonaga said the case did not belong in US courts. But she did not comment on whether the UAE's programmes for the former child jockeys were sufficient.
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HONG KONG (MarketWatch) — Asian shares were volatile early Tuesday, with Japanese stocks mixed as losses in electronic parts maker Kyocera Corp. were matched by gains in Mitsubishi Electric and Sharp Corp,. while Australian shares advanced on Wall Street’s rebound overnight.
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LOS ANGELES (MarketWatch) — The current vote tally among Bancroft family members who control Dow Jones & Co. isn’t sufficient for News Corp. to proceed with its plan to buy the publishing giant, officials said Monday, and it was unclear whether the family would come up with enough votes as a deadline passed for a decision on the proposal.
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Insurance underwriter rises on report that its subprime exposure is minimal.
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Wall Street rebounded while the deteriorating state of the credit market kept the stocks of companies that had agreed to buy-outs on the defensive
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SAN FRANCISCO (MarketWatch) — Chief Justice John Roberts suffered a seizure before falling at his vacation home in Maine, according to a report late Monday on CNN’s Web site, which cited the Supreme Court. Roberts will be hospitalized overnight, the report said. Witnesses reported seeing Roberts fall on a dock earlier in the day, though his injuries did not appear serious. Roberts has no known medical conditions, though he previously suffered an unexplained seizure in 1993, according to the report. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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SAN FRANCISCO (MarketWatch) - Anadarko Petroleum Corp. reported late Monday second-quarter net income of $652 million, or $1.39 a share, down from $814 million, or $1.76 a share, a year ago. Revenue for the three months ended June 30 rose 83% to $3.31 billion from $1.81 billion. Analysts polled by Thomson Financial had expected the Houston-based oil and gas producer to post earnings of 79 cents a share on nearly $2.51 billion in revenue. Anadarko shares rose 1% ahead of the report to close at $50.10.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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