Credit Suisse Gets Sued and Hewlett-Packard Posts a Huge Loss: Afternoon Buzzers
Shares of Hewlett-Packard (NYSE:HPQ) collapsed in the afternoon, falling as much as 11.06 percent after the company reported an $8.8 billion charge against recently-acquired Autonomy Corp. Fourth-quarter results show revenue fell 6.7 percent to $29.96 billion year over year while earnings came in at a loss of $3.49 per diluted share.
Green Mountain Coffee Roasters (NASDAQ:GMCR) has named Brian Kelley to the position of president and chief executive officer effective December 3. Kelley, who previously served as president of Coca-Cola’s (NYSE:KO) Refreshment division, will succeed Lawrence Blanford, who is retiring. Shares climbed as much as 6.55 percent in the afternoon.
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New York Attorney General Eric Schneiderman, co-chair of the anti-fraud task force established by the Martin Act, is expected to file a lawsuit against Credit Suisse (NYSE:CS) for deceiving investors when they invested in mortgage-backed securities. Shares of the Swiss bank dropped as much as 1.64 percent in the afternoon on Tuesday. The case follows a similar lawsuit filed against JPMorgan Chase (NYSE:JPM) for the actions of Bear Stearns during the crisis, which was settled for $297 million last week.
General Motors (NYSE:GM) will reportedly issue a voluntary retirement program at a South Korean unit aimed at reducing its workforce by 7,000 people. The cuts come two weeks after GM announced it would no longer be selling the 2015 model of the Chevrolet Cruze in South Korea.
Tiger Global Management LLC, the highly-watched hedge fund led by Chase Coleman, issued a vote of confidence for struggling daily deal site Groupon (NASDAQ:GRPN). Tiger bought a 9.9 percent stake worth about $201.8 million. Shares were bid up as much as 10.47 percent.
The United States Department of Housing and Urban Development released residential construction statistics for October. Housing starts for the month were up 3.6 percent from September and 41.9 percent above October of 2011.
Investing Insights: Hewlett Packard Earnings: Profit and Revenue Dip Depresses Investors.