According to Reuters, British firm FirstGroup will buy the parent of Greyhound Bus, Laidlaw (LI).
Reuters writes that Alcatel-Lucent (ALU) will cut 12,000 jobs as it struggles with its merger and huge Q4 losses.
Reuters reports that Gap (GPS) had its first monthly sales improvement in a year during January and raised its outlook.
Reuters also reports that the Philip Moris unit of Altria (MO) will raise prices on some of its smaller cigarette brands.
The Wall Street Journal reports that Steve Jobs of Apple (AAPL) was involved in cutting a deal including backdated options with a film director when Jobs ran Pixar. The company is now part of Disney (DIS).
The Wall Street Journal also reports that Goldman Sachs (GS) is expected to bring in $19 billion for its new private equity fund.
The Wall Street Journal also writes that the European Union plans to argue to the World Trade Organizations that Airbus does not compete unfairly with Boeing (BA) because the European aircraft manufacturer gets subsidies. It will use the rise in sales for Boeing jets as part of its argument.
The Wall Street Journal also writes that Kodak (EK) will expand its job cuts as part of its four-year resturcturing program.
The Wall Street Journal also writes that AutoNation (AN), the county’s largest magadealer want Detroit to build cars to customer tastes to cut the huge inventory on dealer’s lots. The CEO of the company recently met with the heads of Ford (F), GM (GM) and Chrysler (DCX).
The Wall Street Journal also reports that the head of home builder Toll (TOL) sees improved demand in some markets despite horrible figures for the company’s latest quarter.
The Wall Street Journal also writes that profits at Pepsico (PEP) rose 61% based mostly on increasing demand overseas.
The New York Tiimes writes that Fox (NWS) intends to launch a cable business channel later this year.
The New York Times reports that Fortess will go public at $18.50 a share, the first private equity firm to do so in the US.
The FT reports that HSBC (HBC) has problems with loans at its US mortgage arm.
The FT also reports that Warner Music (WMG) defended its rights to protect its music downloads with digital rights management, putting its at odds with Apple (AAPL).
Barron’s reports that US executives are cutting back their earnings outlooks. According to Thomson Financial there are "3.3 times as many companies ratcheting down first-quarter earnings estimates as there are companies with positive guidance".
Douglas A. McIntyre
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