Wednesday, April 7, 2010 as of 11:14 AM ET
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Read More at Wikipedia ›Activist investor Carl Icahn skewered Chesapeake Energy Corp.
's (CHK) board for corporate governance controversies and "irresponsible actions" while disclosing he acquired a sizeable new stake in the company.Icahn described the firm's shares as undervalued and indicated that he wants specific changes, including the right to name two directors at Chesapeake. He disclosed after the markets closed he holds a 7.56% stake, or 50.1 million shares, acquired for $785 million.Chesapeake's chairman, Aubrey K. McClendon, has agreed to step down from that position after it was disclosed that he had borrowed as much as $1.4 billion from firms doing business with the company. McClendon, a co-founder of the company, remains chief executive.(This story and related background material will be available on The Wall Street Journal website, WSJ.com.)"Having the current board select a new chairman without shareholder approval and without allowing for shareholder representation is akin to asking the fox, wh...Take-Two Interactive Software posted a 19 percent drop in revenue in its fiscal fourth quarter after the video game publisher moved the release of major title "Max P...
Moody's Investors Service on Tuesday left unchanged its Ba1 credit rating on General Motors Co. , adding the car company's outlook remains positive. "GM's credit qua...
Discover Financial Services (DFS) is interested in getting into the private-label credit-card business, Chief Financial Officer Mark Graf said, noting the lender "to...
Shares of Osiris Therapeutics jumped 14% to $5.60 in after-hours trading Thursday on news that Canadian regulators have approved its product Prochymal for the treatm...
Gap Inc. reported late Thursday its fiscal first-quarter profit was unchanged at $233 million from year-ago results. On a per-share basis, however, the results were ...
MEMC Electronic Materials on Wednesday said the company's chief financial officer, Mark Murphy, has resigned effective today. He will be replaced by Brian Wuebbels w...
Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) holding corporation has picked up a stake in General Motors (NYSE: GM), buying 10 million shares of the Detroit aut...
J.C. Penney Co. said on Tuesday that it swung to a first-quarter loss of $163 million, or 75 cents a share, from a profit of $64 million, or 28 cents, a year earlier...
FBN’s Robert Gray on Facebook CEO Mark Zuckerberg ringing the Nasdaq opening bell on Friday from Menlo Park, California.
Gannett Co. Inc. (GCI) has named MarketWatch Inc. founder Larry Kramer as the president and publisher of USA Today, a move that comes as the newspaper publisher look...
Energized by an 89% leap in sales, Groupon (NASDAQ:GRPN) revealed stronger-than-expected first-quarter profits on Monday, driving shares of the daily-deals company s...
Fitch Ratings said on Friday it downgraded J.P. Morgan Chase & Co.'s long-term credit rating to A-plus from AA-minus, saying that while the $2 billion trading loss d...
Activist investor Carl Icahn reported a 7.6% stake in Chesapeake Energy Corp. (CHK) Friday and called for the replacement of at least four of the embattled natural-g...
FBN’s Peter Barnes on plans for J.P. Morgan CEO Jamie Dimon to testify before a Senate Panel.
Activist investor Carl Icahn reported a 7.6% stake in Chesapeake Energy Corp. (CHK) and called for the replacement of at least four of the embattled natural gas comp...
FBN's Sandra Smith breaks down business headlines.
Hewlett-Packard Co. (NYSE:HPQ) announced better-than-expected second-quarter results and announced a major restructuring program on Wednesday, laying out a plan to c...
Pandora Media Inc. on Wednesday reported a fiscal first-quarter loss of $20.2 million, or 12 cents a share, on revenue of $80.8 million, compared with a loss of $9.1...
NetApp Inc. on Wednesday reported a fiscal fourth-quarter profit of $181 million, or 47 cents a share, on revenue of $1.7 billion. During the same period a year ago,...
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