COMPANIES

The sign on a Bank of America ATM machine is pictured in downtown Los Angeles

Even Warren Buffett Can’t Stop Bank of America’s Stock From Plunging

So far, it has been a tough week for the troubled Bank of America Corp. (BAC). The firm's stock hit a new 52-week low Tuesday, dropping more than 3 percent to $5.03 a share, the lowest level since March 12, 2009. After the market closed, more bad news came as Standard & Poor's downgraded the bank's long-term credit rating by a notch to A- from A.
More news
The Empire State Building sits between the Bank of America building and the Chrysler Building at sunset in New York

Empire State Building Owners Plan to Form Public Company

The Malkin family, the New York landlords who own the Empire State Building, plan to file to become a publicly traded real estate investment trust (REIT) in around three months, it said in a Securities and Exchange Commission filing.
A woman leaves the office complex where MF Global Holdings Ltd has an office in midtown Manhattan

KPMG Recovers $500 Million of MF Global Client Money

MF Global UK administrator KPMG said it had recovered about $500 million of client assets frozen at the defunct broker and planned to make significant returns to customers before the March 2012 claims deadline.
American Airlines

AMR Corporation Files for Bankruptcy

R Corp. filed for bankruptcy protection in New York despite the fact that the company has more than a reported $4 billion in cash on hand. AMR shares, traded on the New York Stock Exchange, were halted earlier on the news. But after trading resumed, AMR Corporation common stock is trading down 85.93 percent on the day to 23 cents -- near a 52-week low of 20 cents.
Infosys

Infosys Profit, Revenue Estimates Revised by Susquehanna

Susquehanna Financial has revised its profit and revenue estimates of software major Infosys Ltd. (NASDAQ:INFY), following a statement from S.D. Shibulal, its Chief Executive Officer (CEO) that the demand environment, which started to deteriorate 45 days ago, has yet to recover.
A view shows the AT&T store sign in Broomfield, Colorado

AT&T and T-Mobile Merger Madness: Positive for Clearwire, Negative for Sprint

AT&T, Inc. (NYSE:T) and T-Mobile's withdrawal of their Federal Communications Commission (FCC) application to transfer spectrum and AT&T's intent to book the full $4 billion break-up fee as a non-cash charge against fourth-quarter earnings indicates that there is only a slim probability that the deal will be approved.
Fun Vii

Toyota Unveils ‘Smartphone on Wheels’

Want to change the way your car looks just by pressing a button? Well, you could probably do so in near future, as Toyota has unveiled a futuristic concept car which promises exactly that and much more.
IBTimes Logo

Lionsgate and Summit in new merger talks

Two of Hollywood's leading independent studios, Lionsgate and Summit, have started merger discussions, according to an individual with knowledge of the talks.
IBTimes Logo

Onyx Shares Jump on Report of Potential Sale

Shares of Onyx Pharmaceuticals Inc (ONXX.O), known for its liver cancer drug Nexavar, jumped more than 20 percent on Monday, after Bloomberg reported the company was exploring options, including a possible sale.
IBTimes Logo

DOJ Probes Del Monte Sale for Antitrust Violations

The Department of Justice has opened a probe into the $4 billion takeover of Del Monte Corp by private equity investors led by KKR and Co (KKR.N), according to court papers regarding an investor settlement over the transaction.
world map

U.S. Firms Added Jobs Offshore, Cut Jobs At Home

U.S-based multinational corporations added almost 3 million jobs to their payrolls in foreign countries between 1999 and 2009, while slashing 864,600 jobs at home, as they become increasingly dependent on foreign sales. Is tax holiday a viable solution?

Pages

IBT Spotlight

We Help Businesses Find B2B Service Providers They Can Trust.