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Wall Street Breakfast: Must-Know News

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Loeb pushes for Sony spinoff. Daniel Loeb, whose Third Point Capital has a 6.5% stake in Sony (SNE) worth some $1.1B, is pushing for a spinoff of the company’s entertainment business including the film studio responsible for James Bond blockbuster “Skyfall” and the music label which houses big name artists such as Taylor Swift. Andrew Ross Sorkin says Loeb flew to Tokyo last weekend and hand-delivered a letter to CEO Kazuo Hirai praising the company’s turnaround initiatives but calling for greater focus. In order to “ensure the success” of a potential spinoff, Third Point would be willing to put up $2B to backstop an IPO of around 15-20% of the entertainment arm, the letter said. Other corporate assets Loeb thinks could be ripe for a split include the company’s insurance division.

U.S. oil boom fuels non-OPEC supply growth. Thanks to U.S. shale oil, demand for OPEC


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Wall Street Breakfast: Must-Know News

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Wall Street Breakfast Editors submit:

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Intel net profit slumps 25%. Intel’s (INTC) Q1 net profit fell 25% to $2.05B as the company continued to be hurt by the slump in the global PC market. Adjusted EPS of $0.40 slightly missed expectations while revenue slipped 2.5% to $12.58B and also undershot forecasts. However, Intel said it should recover in H2 and probably generate “double-digit revenue growth for the year,” boosted by the improving economy and sales of its Haswell chips for ultrabook computers. Shares were -0.5% premarket.

European car sales continue to plunge. European car registrations dropped for the 18th consecutive month in March, slumping 10% to 1.35M vehicles. Germany led the way as sales skidded 17%, while Spain, Italy and France all fell, although the U.K. rose 5.9%. GM’s (GM) registrations dropped 13%, Ford’s (F) 16% and Toyota’s (TM) 17%, although Honda’s (HMC) rose 17%. "People have stopped buying cars


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Wall Street Breakfast: Must-Know News

Topnews, Worldnews, , , , , , , , , , , , , , , , , , , , , ,

Wall Street Breakfast Editors submit:

Top Stories
PC shipments plunge. Global PC shipments slumped 13.9% on year to 76.9M units in Q1, estimates IDC, which blamed the introduction of Microsoft’s (MSFT) Windows 8 for the drop. “The Windows 8 launch not only didn’t provide a positive boost to the PC market, but appears to have slowed (it down),” IDC said. H-P (HPQ) was the market leader even though its share fell to 15.7%, while Lenovo (LNVGY.PK) came in at number two and Dell (DELL) at number three.

Japanese car makers recall 3.4M vehicles. Four Japanese car makers have recalled 3.4M vehicles globally due to a malfunctioning inflator in the front-seat airbags, which are made by Takata (TKTDF.PK), although no injuries or deaths have been reported. Toyota (TM) is recalling 1.73M cars, Honda (HMC) 1.14M, Nissan (NSANY.OB) 480,000 and Mazda (MZDAY.PK) 45,500. Takata’s shares slumped 9% in Tokyo, although Toyota’s rose 2.5%


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