Global Investing Roundups

Bristol Myers Moves for ImClone; Kodak Earnings Fade; Diana Shipping Doubles Earnings; Crude Stumbles Again; Google to Start VC Fund; Primetime Ad Drama; MasterCard Slumps on Less Spending; S&P Says U.S. Car Companies are “Junk”

  • Bristol-Myers Squibb Co. (BMY) yesterday (Thursday) offered $4.5 billion in cash for biotechnology company ImClone Systems Inc. (IMCL), the Associated Press reported. ImClone's board has yet to comment on the proposal, which offers its stockholders $60 per share, a 30% premium to its Wednesday closing price of $46.44. Bristol-Myers already owns about 17% of ImClone.

  • Eastman Kodak Co. (EK) said yesterday (Thursday) that second-quarter profit fell, as traditional film-based revenue slumped 14% to $847 million. Sales climbed 1% from $2.47 billion to $2.49 billion, and revenue from digital businesses rose 10% to $1.64 billion.

  • Diana Shipping Inc. (DSX) said yesterday (Thursday) that second-quarter profit more than doubled due to higher charter rates and an increase in operating days, the Associated Press reported. The company said its earnings for the quarter ended June 30 increased to $56.7 million, or 76 cents per share, up from $26 million, or 41 cents per share, for the same period last year.

 

  • Light, sweet crude oil for September delivery fell $2.69 to settle at $124.08 a barrel on the New York Mercantile Exchange yesterday (Thursday). Prices are up 59 percent from a year ago, but have dropped 11% this month on concerns demand in the U.S. is pulling back.

  • CBS Corp. (CBS) shares slumped 3% after the television network lowered its outlook based on slackening advertising sales, Forbes reported. Advertising sales fell 6% due to fewer primetime viewers and less spending by local stations. CBS reduced its guidance to the nearly flat from a prior estimate of growth of 3% - 5%.

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