GE Offloads This Unit and 4 Companies Making Waves This Morning
GE Capital’s (NYSE:GE) strategy to downsize its property portfolio led to the disposal of its Business Property Lending unit to EverBank Financial (EVER) for $2.51 billion; the unit provides loans to small and mid-sized companies for acquiring or leasing real estate.
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With Sunoco (NYSE:SUN) and Carlyle Group (NYSE:CG) shaking on a deal to keep SUN’s 335K bbl/day refinery in Philadelphia operational, and labor unions reportedly blessing the agreement, chances are that the imminent closure of the refinery has been averted.
The price target for Buy-rated Ford (NYSE:F) has been cut $3 to $15 by analysts at Sterne Agee as the automaker’s global business is under a cloud, particularly in Europe, where it has been unable to reduce costs in tandem with falling sales due to the difficulties of implementing changes opposite unions and government machinery.