Bloomberg:
- Tyco International(TYC) says it’s splitting into three public companies to jumpstart a sluggish recovery from an accounting and larceny scandal.
- General Motors(GM) expects “improved” results this year and next as new products boost revenue and cost-cutting measures take hold.
- US Treasuries are rising after a government report showed producer prices excluding food and energy rose less than forecast.
- S&P reduced its rating on Verizon Communications’ debt and may lower five more phone companies as competition from the cable industry increases.
- President Bush urged the UN Security Council to deal with the diplomatic standoff over Iran’s nuclear ambitions, saying a nuclear-armed Iran is “unacceptable.”
- Boston Scientific(BSX) raised its offer for cardiac device maker Guidant(GDT) to $25.3 billion, topping Johnson & Johnson’s(JNJ) bid and promising to pay more for any delay in completing the purchase.
Wall Street Journal:
- American International Group(AIG) is likely to pay more than $1 billion to settle state and federal civil fraud charges.
- GlaxoSmithKline Plc(GSK) hopes to be allowed to sell its Xenical weight-loss drug in the US without prescription.
- US soldiers in Iraq are strengthening vehicles’ armor-plating and using electronic devices to prevent concealed explosives from detonating.
- AutoNation, the largest US car dealer, backed GM’s new price-cut strategy, even as other dealers expressed worries about profit margins.
- Citadel Investment Group LLC, a Chicago-based hedge fund, is among an increasing number of funds imposing penalties on investors that try to withdraw their money.
- Sony Pictures Entertainment and other Hollywood film producers are reconsidering giving top stars part of movie revenue, to help maintain profit as cinema attendance slides.
- Richard Barton, formerly the head of Expedia Inc., said his new business, Zillow.com, will in the next six months unveil a test version of a set of Internet tools to help people to buy and sell homes.
- The US and state governments should reduce their role in health care and encourage a free-market approach to provide more insurance options at lower cost.
Washington Post:
- The US government has sent almost 600 auditors and investigators to the Gulf Coast region to monitor $8.3 billion in contracts awarded to aid victims of last year’s hurricanes.
NY Times:
- St. Jude Medical(STJ) has benefited in the past year from Guidant’s(GDT) recent missteps in recalling faulty pacemakers and failing to warn doctors quickly about the problems.
LA Times:
- Dave Marash, a reporter for the “Nightline” news program on Walt Disney’s(DIS) ABC, will become a co-anchor for the Arab network Al Jazeera.
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