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’CDS report: Markets mixed as negative sentiment lingers
Markit’s Gavan Nolan wrote this CDS report
European credit indices moved wider today, losing moderate gains made earlier in the session. The Markit iTraxx Europe index was at 100.5bp (+1.1bp, 1,1%),
Companies cut 76,000 jobs in a day
Corporate bellwethers in the US and Europe slashed more than 76,000 jobs from their payrolls on Monday. US corporate groups such as Caterpillar, General Motors, Sprint Nextel, Texas Instruments, and Home Depot led the retreat,
Job cuts – the details
Caterpillar, the world’s largest maker of construction equipment, said it would cut 20,000 jobs as it reported an annual fall of more than 32% in Q4 profits – a month after slashing executive salaries and jobs at large plants.
Home Depot’s revised deal nets $7.9bn cash
Home Depot, the second largest US retailer, said on Tuesday that it now expects to receive $7.9bn in cash from the renegotiated sale of its HD Supply wholesale unit to private equity investors – a significant come-down from the $10.3bn price tag agreed in June.
Home Depot salvages unit sale, at high cost
Home Depot on Monday reportedly salvaged the sale of its wholesale supply unit to three private equity groups, after slashing the price by nearly $2bn to $8.5bn and agreeing to guarantee a portion of the debt.
Home Depot may accept $1.2bn less in sale
Home Depot is close to accepting about $1.2bn less for the sale of its wholesale distribution business to three private equity firms, reports the Wall Street Journal. But there were still substantial doubts about whether the deal would close before Thursday night’s deadline,
Home Depot supply deal in doubt
Home Depot’s plans to sell its wholesale supply division to a group of private equity buyers hung in the balance on Wednesday night amid doubts over the willingness of three investment banks to fund the deal,
Wal-Mart, Home Depot, dismay investors
The gloom surrounding the US economy intensified on Tuesday as Wal-Mart and Home Depot, the country’s two largest retailers, said they had been shunned by consumers struggling with a housing slump and higher fuel prices.
Nardelli accepts $1 a year at Chrysler
Bob Nardelli will collect a nominal salary of $1 a year in his new role as chief executive of Chrysler, say sources familar with his pay package. The former head of Home Depot’s compensation package at the US carmaker will be incentive-based.
Chrysler to name Nardelli new chief
Chrysler’s new owner, Cerberus Capital Management, has chosen former Home Depot chief executive officer Robert Nardelli as CEO, succeeding Tom LaSorda, reports Bloomberg, citing people with direct knowledge of the plan.
Home Depot plans $22.5bn buy-back
Home Depot is to buy back almost a third of its shares, in a move that reflects the drive by Frank Blake, its new chief executive, to win confidence from shareholders. The retailer said on Tuesday that a planned $22.5bn buy-back programme,
Private equity hovers over Home Depot unit
Three teams of private equity firms have formed to consider bids for Home Depot’s wholesale supply business, which could fetch about $11bn in a sale seen as crucial to the company’s refocusing on its core retail business.
Activist investor to join Home Depot board
Home Depot has named activist investor David H. Batchelder to its board, reports the Wall Street Journal. Mr. Batchelder is a principal and co-founder of Relational Investors, an investment fund that was a leading critic of Home Depot’s performance under former chief executive Robert Nardelli.
Whitworth hits out at Home Depot strategy
Ralph Whitworth, the activist investor, has amassed a stake in Home Depot and accused the second largest retailer in the US of “chronic” underperformance and “deficient strategy”. Whitworth, whose firm Relational Investors this year waged a battle against Sovereign and took a seat on the board of the Pennsylvania-based bank,