Bear Stearns posted a 79% drop in net and said it may face SEC charges for anticompetitive practices in its bidding for municipal securities.
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Regions Financial’s net income rose 1.1% on year-earlier losses from discontinued operations, as the Southeastern bank’s credit quality continued to worsen.
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India’s Infosys reported a 9.2% rise in quarterly net profit as orders slowed, but the company was upbeat about its revenue growth in the current financial year.
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British retailer Tesco reported a 12% rise in full-year net income and said it has made a strong start in the new financial year, in stark contrast to the overall sector.
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Wachovia CEO G. Kennedy Thompson is feeling buyer’s remorse over the $25 billion takeover of Golden West Financial. The bank posted a $393 million loss and said it is raising about $7 billion in capital.
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Crocs cut its first-quarter forecast and lowered its outlook for the year based on worse-than-expected sales through March 31.
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W.W. Grainger reported a 12% rise in first-quarter profit and boosted its annual earnings forecast amid rising market share.
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Eaton’s net income rose 5.6% as acquisitions and overseas demand helped drive 12% sales growth. The industrial manufacturer also raised its 2008 outlook.
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