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Oil Hits Another New High; Barrick Gold Corp. Strikes Profit; Molson Coors Enjoys Refreshing First Quarter; Exchange Group Profits on Volatile Markets; Legg Mason Loss; Sara Lee Hit By High Ingredient Costs; New Islamic Market Venture; Idear Shares Soar
- Oil futures climbed to another new record over $122 a barrel yesterday (Tuesday), as supply concerns permeated the market. before making a slight retreat, the Associated Press reported.
- Barrick Gold Corp. (ABX), the world's largest gold-mining company, said yesterday (Tuesday) its net income for the three months ended March 31 was $514 million (58 cents per share) compared with a loss of $159 million (18 cents per share) a year ago. Revenue rose 44% to nearly $2 billion.
- Molson Coors Brewing Co. (TAP) said yesterday (Tuesday) that strong results in the U.S. and Canada lifted first quarter gross revenue by 10% to $1.82 billion, up from $1.65 billion a year ago. , according to the Associated Press.
- NYSE Euronext (NYX) announced a 238% increase over the prior year's results for the first quarter based on record trading levels both in the United States and Europe. In a statement, the firm reported net income of $230 million, or $0.87 per diluted share, for the quarter ended Mar. 31, 2008, a $162 million increase as compared to net income of $68 million, or $0.43 per diluted share, for the quarter ended Mar. 31, 2007.
- Baltimore-based Legg Mason Inc. (LM) yesterday (Tuesday) reported a $255.5 million loss for its fiscal fourth quarter. The investment services firm stated the loss included a one-time charge of $291 million pledged as support to prop up struggling money market funds hard hit by the subprime crisis, MarketWatch reported.
- Despite an 82% increase in revenue, Sara Lee Corp. (SLE) was unable to meet analyst expectations due to the high price of commodities. The food manufacturer also The Associated Press reported. Fueled by a double-digit gain in international sales, revenue increased to $3.24 billion from $2.94 billion for the same period in the year prior.
- Dubai World LLC, the emirate's state-controlled investment group, merged Dubai Bank and Dubai Islamic Investment Group to create a $10 billion foreign-acquisition venture. The venture, Dubai Banking Group, will target investments and acquisitions "in a wide range of sectors" in Islamic markets around the world, Bloomberg reported.
- U.S. yellow pages directories publisher, Idear Inc. (IAR), stock soared 45% yesterday (Tuesday) on better than expected quarterly results. Shares gained $1.52 to close at $4.85 on an 8% increase in profit. , compared with $103 million, or 70 cents per share, for the same period in the prior year, The Dallas Business Journal reported.