- Seven of the largest US buyout firms, led by Silver Lake Partners, agreed to acquire software maker SunGard Data Systems for $11.3 billion, collaborating in the biggest leveraged buyout since 1989.
- AmerisourceBergen Corp. cut its fiscal 2005 forecast for earnings per share from continuing operations to $3.10 to $3.50 from $4.00 to $4.10.
- AIG used private, offshore companies for six times more reinsurance than any of its nine biggest US competitors.
- Sprint Corp., Comcast and Time Warner are among companies whose borrowing costs may fall relative to government securities as investors buy their bonds rather than General Motors’ debt.
- An earthquake measured at a preliminary magnitude of 8.2 struck off the northwestern coast of Indonesia, possibly triggering a tsunami in the same area where a temblor caused widespread death and destruction in December.
- The US dollar is climbing to a five-month high against the yen and gained versus the euro on speculation reports this week will show US economic growth is outpacing Germany and Japan.
- Crude oil futures in NY are falling, extending last week’s decline from a record, on speculation of ample supplies when global consumption peaks in the third and fourth quarters.
The Wall Street Journal:
- The SEC is assuring companies they will not be forced into a one-size-fits-all approach to valuing employee stock options when it announces new accounting rules.
- Microsoft is adding features to the next versions of the Windows operating system and Internet Explorer browser to help prevent rogue Web sites from obtaining personal information.
- Professional short-sellers are increasingly betting against real-estate investment trusts, citing a Banc of America report.
- The SEC has sent subpoenas to 12 senior executives at AIG as investigations continue into transactions that may have been used to bolster its financial position.
- Television networks are planning shows with religious themes for next season as the success of “The Passion of the Christ” and “The Da Vinci Code” indicate there is a market for spiritual themes in popular culture.
The New York Times:
- New FCC Chairman Martin will try to broaden broadcasting indecency rules and increase fines for violations.
- A unit of billionaire investor Warren Buffet’s Berkshire Hathaway is being examined by investigators from the SEC, NY Attorney General Spitzer, the US Justice Department and regulators in Ireland, Britain and Australia.
- EBay sales may be considered taxable income under IRS instructions.
- Krispy Kreme Doughnuts Inc. is expected to receive a $225 million loan from CSFB and hedge fund Silver Point Capital.
- Dog-treat dispensers, for owners and their pets who are on the go, are popping up on the streets of New York.