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In what could be the biggest penalty ever imposed by the Federal Energy Regulatory Commission (FERC), Barclays (NYSE:BCS) has been given 30 days to show cause why it should not be fined almost $470 million because its traders manipulated physical electricity markets such as in California, so that profits could be earned on swaps positions, a practice known as “loss-leading”.
Global health service and insurance company Cigna (NYSE:CI) reports third quarter EPS of $1.71 which beats by $0.35 on revenues of $7.4 billion which beat estimates by $700 million and are of 31% year-on-year.
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Lloyds (NYSE:LYG) reports a lower net loss of £361 million during its third quarter compared to £501 million in the year ago period. Underlying revenue declines 7% to £4.59 billion though underlying profit almost doubles to £840 million against estimates of £554 million. Bad loan charges decline 35% to £1.26 billion. Cost-cutting is running two years ahead of schedule, the total costs in 2012 estimated to be £10 billion against £11 billion incurred in 2010.
Honda (NYSE:HMC) announced it will spend $200 million to expand an engine plant in Anna and a transmission factory in Russells Point, both in Ohio, and hire 200 workers at these plants. The announcement came on the occasion of Honda’s 30th anniversary of US auto production today.
Ford (NYSE:F) Executive Chairman Bill Ford announced that alan Mulally would continue to serve as Ford President and CEO through 2014, leading the long-term strategic development of the One Ford plan. Mark Fields has been named the company’s new Chief Operating Officer, with effect from December 1.
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