Wall St. Brief: Investors Await Firm Yahoo! CEO News, Chevron Gets LUCKY
Yahoo! Inc. (NASDAQ:YHOO) is expected to name Ross Levinsohn as its permanent CEO, according to an L.A. Times report. Yet, AllThingsD the announcement will not come today and the company may be pursuing last minute options. The news isn’t too surprising as Yahoo’s Chairman Fred Amoroso gave his support for Levinsohn after Jason Kilar took his hat out of the ring for the job. The announcement was originally thought to come today at the company’s annual meeting, but now sources are saying otherwise. No news yet on when the announcement will come.
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Supervalu (NYSE:SVU) is reviewing either a sale of all or a portion of the company. It suspended its dividend after fiscal quarter earnings largely missed estimates. Earnings per share tanked 46 percent to $0.19 and revenue fell 4.5 percent to $10.6 billion. This was affected by declining customer traffic at its traditional grocery stores as rivals slashed their prices.
HSBC (NYSE:HBC) is preparing for fines as high as $1 billion as it gets ready to apologize to Congress next week for the lack of controls that enabled the bank to be utilized for money laundering of terrorist and other criminal activities. The bank’s CEO Stuart Gulliver will present at the July 17 according to MarketWatch. While HSBC’s penalty is expected to be higher, ING (NYSE:ING) was recently fined $619 million fine for its role from laundering funds for Iran and Cuba.
Blackstone (NYSE:BX) will reportedly join former AIA Group (AAIGF.PK) chief Mark Wilson and Swiss Re (SWCEF.PK) in a bid for ING’s (NYSE:ING) Asian insurance business. The group may bid €5B-€6B ($6.1 billion to $7.3 billion), possibly hitting ING’s desired $7 billion. AIA, Korea Life Insurance and Manulife (NYSE:MFC) have also made bids.
Investigators have concluded their review and found the 2011 Brazil offshore oil spill by Chevron (NYSE:CVX) resulted in little environmental damage. From the event, Chevron and Transocean (NYSE:RIG) are dealing with criminal charges and fines of $10 billion-plus. Meanwhile on Wednesday, Chevron said it sees second quarter earnings declining to first quarter numbers thanks to increased refining margins and asset sales offsetting upstream profit declines.
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