Morgan Stanley exec Scott named to NYSE board
NYSE Euronext said Monday it appointed investment bank executive Robert Scott to its board of directors and audit committee.
Scott has worked at Morgan Stanley, a top Wall Street investment house, for four decades. He was the bank’s president and chief operating officer until December 2003, and remains there as an advisory director.
NYSE is among the world’s top operators of financial markets, running equities exchanges including the New York Stock Exchange and Euronext, and the derivatives exchange NYSE Liffe. [Read the full article]
German software maker SAP AG’s stock slid 2.5 percent Monday, the day after CEO Leo Apotheker unexpectedly resigned and was replaced with a pair of co-chief executives.
The company’s stock closed at euro32.56 ($44.53) even as the wider German DAX blue-chip index rose nearly 1 percent.
Analysts said the move was part of the company’s effort to regroup and improve earnings performance in the wake of the financial crisis, which caused many companies to scale back.
“The issue with maintenance, poor quarterly performance, his aggressive but brash style, and a need for a technologist at the helm all contributed to the decision,” said R. “Ray” Wang, an analyst with Altimeter Group LLC in California. [Read the full article]
CVS Caremark Corp (NYSE:CVS – News) said recent problems at its pharmacy benefits management unit have been corrected and it posted a slightly better-than-expected rise in quarterly profit as its drugstore bested its rivals, driving the company’s shares up as much as 8.8 percent.
Just three months ago, CVS shocked investors when it said the pharmacy benefits business, which administers prescription drug benefits for employers and health plans and operates a large mail-order pharmacy, lost out on about $4.8 billion of business heading into 2010, leading to the departure of the unit’s president.
During Monday’s quarterly call the new PBM president explained that problems were isolated and have since been fixed. Per Lofberg said he has not seen any problems with client satisfaction during his first month on the job. [Read the full article]
Hasbro Inc (NYSE:HAS – News) posted a much stronger-than-expected quarterly profit and said the momentum in its games and its toys for boys would help 2010 profit and revenue rise, sending its shares up nearly 14 percent.
The upbeat forecast in an “entertainment-light” year for Hasbro — with toys tied to the releases of only two movies “Iron Man 2” and “Toy Story 3” — cheered investors, boosting its stock to the highest level since September 2008.
The No. 2 toymaker behind Mattel Inc (NasdaqGS:MAT – News) also hopes to benefit from its joint venture with Discovery Communications Inc (NasdaqGS:DISCA – News) to form a new children’s television network — The Hub — and the creation of Hasbro Studios. [Read the full article]