Hints and tips:
...The largest percentage write-offs were 84% by Qwest, 63% by Clear Channel Communications, 47% by Boeing, 45% by Aetna, and 43% by AOL Time Warner....
...Morgan Stanley acted as financial adviser and Wilson Sonsini Goodrich & Rosati, Professional Corporation acted as legal adviser to Savvis....
...Deere & Co, Qwest and Caterpillar all expect to take charges of over $100m, while companies like AK Steel, Honeywell and 3M anticipate smaller charges....
...“Are we turning the market into a day-trading environment, or is there still some value to holding great corporations in this country?”...
...Meanwhile, a glut of other downbeat developments once again underscored the extent of the recession and the toll it was taking on US corporations....
...Shares in Qwest rose by 2.6 per cent to $9.11....
...Verizon, the second-largest US carrier, gained 0.5 per cent to $33.73, while QWest Communications International – widely seen as a takeover target for Verizon – gained 3.8 per cent to $6.84....
...And Verizon, while getting no bargain, has the chance to build its long-distance business for large corporations far more quickly than would otherwise have been possible....
...Assets now controlled by the private Anschutz Corporation include a clutch of US soccer teams (bought cheaply when the league ran into financial trouble) and thousands of debt-laden US cinemas that still...
...However, supply is a function of demand and is therefore not negative for the rest of the market - at least not as long as the credit cycle remains favourable for corporations....
...Qwest shares fell 2.1 per cent to $3.74, while shares in Verizon, which is also stalking the company, slid 0.9 per cent to $35.21....
...SBI, the investment arm of Softbank Corporation, said it would set up a venture capital fund with Fuji TV and NBS to invest in content, media and broadband upstarts....
...In fact, outsourcing is no longer just for the largest corporations - he is beginning to do business with mid-sized companies eager to send jobs overseas....
...Firstly, Rupert Murdoch assembled some of his top executives and management consultancy McKinsey to help develop a new internet strategy for his News Corporation group....
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