new yorkDennis Seid 4/13/09
Stocks edge up
ahead of earnings
n NEW YORK – Stocks erased early losses to end mostly higher Monday ahead of a flurry of earnings and economic reports that could determine whether the bets investors made in the past month on a stabilizing economy will pay off.
The Dow fell 25.57, or 0.3 percent, to 8,057.81. The Standard amp& Poor’s 500 index rose 2.17, or 0.3 percent, to 858.73, and the Nasdaq composite index rose 0.77, or 0.1 percent, to 1,653.31.
Goldman 1Q earnings
n NEW YORK – Goldman Sachs beat Wall Street’s earnings expectations, reporting profit of $1.66 billion during the first three months of this year.
The bank, considered one of the strongest banks amid the credit crisis, also says it plans to raise $5 billion in a public offering to help it pay back government bailout funds.
Goldman earned $3.39 per share, surpassing analysts’ forecast for profit of $1.64 per share for the quarter.
Circuit City seeks
to sell brand, Web site
n RICHMOND – Circuit City Stores Inc. hopes to sell its brand, trademarks and e-commerce business to Systemax Inc., the same company that purchased electronics retailer CompUSA’s intellectual property when it closed in 2008.
Circuit City, also a shuttered electronics retailer, has entered a so-called stalking horse agreement with Systemax for $6.5 million, according to bankruptcy court filings. A stalking horse bid is an initial offer for a bankrupt company’s assets from a buyer chosen by the company.
The agreement also includes two and one-half years of payments to Circuit City of a portion of Systemax’s revenue from the Circuit City Web site.