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Nestle (NSRGY) sees a healthy full year outlook driven by falling raw material costs and better margins that boost EPS; sees organic sales growth of 5-6 percent. North America, however, maybe challenging considering low consumer confidence. Sales volume to benefit from growth in emerging markets in Asia, Oceania and Africa.
Investing Insights: Wall Street Brief: Yahoo’s BIG Turnaround Underway, News Corp MISSES.
Nokia (NYSE:NOK) sells off its Qt software operations to Finnish IT services company Digia for an undisclosed amount. The unit came with Norwegian company Trolltech, which Nokia acquired for $150 million in 2008.
According to the WSJ, Knight Capital (NYSE:KCG) sold about $2.4 billion worth of stocks out of the $7 billion that it held at one point during the day it suffered the fateful I.T. malfunction. The rest of the stocks were sold to Goldman Sachs (NYSE:GS) after an unsuccessful offer from UBS (NYSE:UBS), netting a loss of $440 million for Knight.
The 60-day warning period regarding potential layoffs and the impending automatic defense cuts that kick in January have combined to put Pratt & Whitney (NYSE:UTX) in a legal quandary – this despite assurances from the Labor Dept that the circumstances of the spending cut are too uncertain, and hence the 60-day law may not apply. Significantly, the warning period commences just a few days before the November elections.
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