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Freddie Mac posts loss of $6.3 billion
Freddie Mac said its losses narrowed to $6.3 billion in the third quarter and it didn't need a federal cash infusion.
The McLean, Va., mortgage finance company has received about $51 billion since it was seized by federal regulators in September 2008, but avoided tapping the government for more aid for the second straight quarter.
The quarterly loss, which works out to $1.94 a share, includes $1.3 billion in dividends paid to the Treasury Department. It compares with a loss of $25 billion, or $19.44, in the year-earlier period.
AIG has second straight profit
American International Group Inc., the insurance giant whose near-collapse last year prompted a massive federal bailout, posted its second consecutive quarterly profit, thanks in part to rebounding credit markets.
The New York-based insurer reported third-quarter net income of $455 million, or 68 cents a share, compared with a $24.5-billion loss a year earlier.
But in a statement, Chief Executive Robert Benmosche warned that the company's results would remain volatile.
Berkshire reports $3.2-billion profit
Berkshire Hathaway Inc., billionaire investor Warren Buffett's company, said its third-quarter profit tripled as the improving economy and stock market boosted the value of its derivative contracts.
Its net income of $3.2 billion, or $2,087 a share, was up from $1.1 billion, or $682, in the same period last year.
Berkshire owns more than 60 subsidiaries and has major investments in firms such as Coca-Cola Co. and Wells Fargo & Co. Its insurance companies performed well but its other operating companies struggled.
Sun Micro says revenue fell 25%
Sun Microsystems Inc. suffered a 25% fall in quarterly revenue as uncertainty over its delayed sale to Oracle Corp. hurt its business.
Lower operating expenses helped the computer maker curb its fiscal first-quarter loss to $120 million, or 16 cents a share, from $1.68 billion, or $2.24, a year earlier, according to a filing with the Securities and Exchange Commission.
But revenue fell to $2.24 billion from $2.99 billion a year earlier and was lower than Thomson Reuters' analyst estimate of $2.34 billion.
COURTS
Ruling against PepsiCo vacated
A Wisconsin judge is tossing out a decision -- for now, at least -- that could have cost PepsiCo $1.26 billion after the soft drink maker didn't respond to a lawsuit alleging it stole the idea for bottled water.
Two men claim that PepsiCo violated trade secrets and stole their idea to sell bottled water. They won a default $1.26-billion judgment last month after PepsiCo didn't respond.
PepsiCo says a secretary who received letters relating to the case failed to act on them.
INTERNET
EBay settles with Skype founders
EBay Inc. has settled a legal skirmish with the founders of Skype that threatened to complicate EBay's plans to sell most of the Internet phone service to a group of investors for $2 billion.
The settlement gives Skype ownership of crucial software that had been licensed from a company founded by Niklas Zennstrom and Janus Friis. In return, Zennstrom and Friis will get a 14% stake in Skype, with the investors getting 56% and EBay keeping 30%.
The founders also agreed to make a "significant" capital investment in Skype, EBay said.
-- times wire reports
Freddie Mac said its losses narrowed to $6.3 billion in the third quarter and it didn't need a federal cash infusion.
The McLean, Va., mortgage finance company has received about $51 billion since it was seized by federal regulators in September 2008, but avoided tapping the government for more aid for the second straight quarter.
The quarterly loss, which works out to $1.94 a share, includes $1.3 billion in dividends paid to the Treasury Department. It compares with a loss of $25 billion, or $19.44, in the year-earlier period.
AIG has second straight profit
American International Group Inc., the insurance giant whose near-collapse last year prompted a massive federal bailout, posted its second consecutive quarterly profit, thanks in part to rebounding credit markets.
The New York-based insurer reported third-quarter net income of $455 million, or 68 cents a share, compared with a $24.5-billion loss a year earlier.
But in a statement, Chief Executive Robert Benmosche warned that the company's results would remain volatile.
Berkshire reports $3.2-billion profit
Berkshire Hathaway Inc., billionaire investor Warren Buffett's company, said its third-quarter profit tripled as the improving economy and stock market boosted the value of its derivative contracts.
Its net income of $3.2 billion, or $2,087 a share, was up from $1.1 billion, or $682, in the same period last year.
Berkshire owns more than 60 subsidiaries and has major investments in firms such as Coca-Cola Co. and Wells Fargo & Co. Its insurance companies performed well but its other operating companies struggled.
Sun Micro says revenue fell 25%
Sun Microsystems Inc. suffered a 25% fall in quarterly revenue as uncertainty over its delayed sale to Oracle Corp. hurt its business.
Lower operating expenses helped the computer maker curb its fiscal first-quarter loss to $120 million, or 16 cents a share, from $1.68 billion, or $2.24, a year earlier, according to a filing with the Securities and Exchange Commission.
But revenue fell to $2.24 billion from $2.99 billion a year earlier and was lower than Thomson Reuters' analyst estimate of $2.34 billion.
COURTS
Ruling against PepsiCo vacated
A Wisconsin judge is tossing out a decision -- for now, at least -- that could have cost PepsiCo $1.26 billion after the soft drink maker didn't respond to a lawsuit alleging it stole the idea for bottled water.
Two men claim that PepsiCo violated trade secrets and stole their idea to sell bottled water. They won a default $1.26-billion judgment last month after PepsiCo didn't respond.
PepsiCo says a secretary who received letters relating to the case failed to act on them.
INTERNET
EBay settles with Skype founders
EBay Inc. has settled a legal skirmish with the founders of Skype that threatened to complicate EBay's plans to sell most of the Internet phone service to a group of investors for $2 billion.
The settlement gives Skype ownership of crucial software that had been licensed from a company founded by Niklas Zennstrom and Janus Friis. In return, Zennstrom and Friis will get a 14% stake in Skype, with the investors getting 56% and EBay keeping 30%.
The founders also agreed to make a "significant" capital investment in Skype, EBay said.
-- times wire reports
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