There was a lot of bearish (or less bullish) commentary today, which is appropriately reflected in today’s Quick Hits section. Obama’s proposed budget that projects a $1.841 trillion (!) deficit and changes to tax code also weighed on sentiment.
Intel (INTC) +0.52%
The Financial Times reports that Intel is on the verge of receiving one of the largest penalties in Europe for anti-competitive behavior after a near-decade long investigation into the group’s marketing practices.
The charges accuse Intel of abusing its dominant market position by offering illegal rebates to computer manufacturers, shutting rival Advanced Micro Devices (AMD) out of the market.
Principal Financial Group (PFG) -14.10%
Principal Financial announced it will be selling 42.3 million shares of its common stock. The offering will be worth about $1 billion, compared with the company’s current market cap of approximately $5.5 billion, and will be used for “general corporate purposes.”
CFO Terrance Lillis said investment losses in coming quarters will be “higher than normal,” as borrowers struggle to repay debts. Still, Lillis and several analysts have argued that market declines are overstating future losses on Principal’s fixed-income portfolio.
Quick Hits
- By Most Measures, Stock No Longer Look Cheap
- Merrill’s Rosenberg: Goodbye, Thank You, Yes It’s Just A Sucker’s Rally
- Sorry, We’re Still Screwed
Peter Lazaroff, Junior Analyst
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