According to Reuters, DaimlerChrysler (DCX) will cut 13,000 at its Chrysler unit and may offer the business for sale.
Reuters writes that revenue at Chinese search engine Baidu (BIDU) soared.
Reuters writes that radio operator Clear Channel (CCU) has set a February 23 deadline for the sale of 448 of its stations.
The Wall Street Journal writes that major banks are unloading home loans as default rate rise.
The WSJ also writes that Merck (MRK) agreed to pay $2.3 million in taxes to settle a dispute with the US government.
The WSJ reports that the CFO of Bristol-Myers (BMY) says that the company’s greatest challenge is replacing revenue from its blockbuster drug Plavix as it become open to generic competition. He said that cash flow from Plavix must be used to strenthen the company’s drug pipeline.
The WSJ reports that Deere (DE) reported stronger than expected earnings driven by ethanol sales.
The New York Times reports that EMI Music cuts its revenue forecasts on weak US sales.
FT reports that a plan by Hilary Clinton to open markets for generic versions of biotech drugs could threaten revenue at firms like Amgen (AMGN) and Genentech (DNA).
Barron’s reports that forward guidance at RealNetworks (RNWK) sent the stock down after hours.
Douglas A. McIntyre
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