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Wednesday, April 30, 2008 --- 86 days ago http://seekingalpha.com/article/74865-wall-street-breakfast-must-know-news?sourc
Citi to raise a paltry $3B. Citigroup (C) announced a $3B secondary offering yesterday after the close, sending its shares down 2.8%. Citi arch-nemesis, Oppenheimer analyst Meredith Whitney was unimpressed: She says Citi still needs to raise another $10-15B to fully bolster its books. "The fact that the company raised such a small amount of capital at this time confounds us," she wrote. Sources say the Government of Singapore Investment Corp. may buy a stake in the $3B offering; it already owns 4% of the company. Yesterday's news brings Citi's total fundraising efforts to $36B since its troubles began last year.
Content, content, content. Time Warner (TWX) announced a divestment of its 84% stake in Time Warner Cable (TWC). CEO Jeffrey Bewkes is eager to transform TWX into a pure media-content provider. He is expected to increase TWX's debt levels, and release as much as $5B from the proceeds to shareholders; that would leave another $4.2B for TWX. Time Warner posted Q1 EPS of $0.22, a penny short of consensus, on in-line revenue of $11.42B (+2%). Earnings at its AOL unit dived 74% as revenue dropped 23%. Ad revenue growth was just 1%. TWC EPS of $0.25 beat the consensus of $0.22. Revenue of $4.2B was in line. Voice revenue jumped 39% and broadband sales were up 11%. TWC added about 900K subscribers to 33M.
SAP slides on shortfall. SAP (SAP) announced Q1 EPS of €0.29 on revenue €2.5B. Net income fe ... |
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