Goldman Sachs Group, Inc. (NYSE:GS) has recently decided to sell hedge fund administrator Goldman Sachs Administration Services (GSAS) to State Street Corporation in a cash deal with a total sale price of $550 million, for which certain adjustments are needed. Awaiting regulatory approvals and other customary closing conditions, the contract is expected to be ended early in the last three months of 2012.
J.C. Penney Company, Inc. (NYSE:JCP) is under pressure today after reporting a wider loss than analysts projected and said it would not be able meet its full-year earnings forecast as Chief Executive Officer Ron Johnson’s overhaul of the fourth-biggest U.S. department-store company wanes.
The Plano, Texas-based company posted today the fiscal second-quarter net loss of $147 million or 67 cents a share, turning from a profit of $14 million or 7 cents in the same quarter last year. Before certain items, the loss was 37 cents a share, significantly higher than the 14-cent average estimate of nine analysts surveyed by Bloomberg.
Yahoo! Inc. (NASDAQ:YHOO) shares are down today after the Web portal announced that its new chief executive, Marissa Mayer, who took charge less than a month ago, was carrying out a noteworthy review of the company’s strategy.The company had decided to let Alibaba repurchase some of its stake which was a roughly 40% stake. The deal also enables Alibaba the right to buy almost 10% of Yahoo’s remaining stake when the Chinese company goes public.
Shares of Nokia Corporation (NYSE:NOK) seems under pressure after Digia Oyj’s announcement came in that it had signed a EUR 4.0 million deal to takeover the Qt software technologies and Qt business from Nokia Oyj. After the takeover, Digia will control all the Qt operations formerly carried out by Nokia. The deal is expected to seal during the third quarter of 2012, subject to customary closing conditions.