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HP agrees to buy Electronic Data Systems
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HP agrees to buy Electronic Data Systems
Hewlett-Packard Co. agreed to buy Plano, Texas-based Electronic Data Systems Corp. for $13.2 billion to take on IBM in computer services. The all-cash deal announced Tuesday represents HP's biggest gamble under Mark Hurd, who was hired as chief executive in March 2005 to turn around the maker of personal computers and printers. Shares of HP, Palo Alto, Calif., sagged $2.56, or 5.5 percent, to close Tuesday at $44.27.
Bank of America reports rising credit costsBank of America Corp., the nation's second-largest bank, reported rising credit costs Tuesday. The Charlotte, N.C.-based bank also said it's on track to close its acquisition of troubled mortgage lender Countrywide Financial Corp. in the third quarter. At an investor meeting in New York, Liam McGee, Bank of America's president of global consumer and small business banking, said customers are feeling "significant economic pressure" as deflating home prices leave little equity for consumers to borrow against. The company said it expects losses in its home equity portfolio to increase in the near term and projected future losses in that area that exceed the bank's earlier range of 2 to 2.5 percent. Shares fell 83 cents, or 2.2 percent, to $36.61.
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Blog: Patent Pending
Bad markets= No IPOs
More bad financial news: there were no venture capital-backed IPOs in the second quarter, the worst quarterly performance since 1978, according to a recent report by PricewaterhouseCoopers. “There is little indication that the market will recover anytime before the second quarter in 2009,” said Tracy Lefteroff, global managing partner of the Venture Capital and Private Equity [...]
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