Camaro comes back with better mileage
GM's Chevrolet showed off its 2010 Camaro on Monday, bringing back the iconic sports car it retired in 2002, but with a focus on fuel efficiency. The new Camaro will get 26 miles per gallon on the highway, GM said. It will hit showrooms in the first quarter of 2009.
Yahoo quiets Icahn
Yahoo Inc. averted a showdown with rabble-rousing investor Carl Icahn on Monday by giving him three seats on its board of directors in a truce that still leaves the door open for a possible sale to Microsoft Corp. The compromise spares Yahoo from more bickering with Icahn, an acerbic billionaire who had spent the past two months spearheading a rebellion to replace the Internet company's entire board in retaliation for its rejection of Microsoft's $47.5 billion takeover bid in May. The duel had been scheduled to culminate in a shareholder vote at Yahoo's Aug. 1 annual meeting.
$43B is OK, but ...
Biotechnology pioneer Genentech Inc. considered Roche Holding's $43.7 billion offer for its remaining shares Monday as investors made clear their feelings that the Swiss pharmaceutical giant should pay considerably more. But some analysts said Roche, already Genentech's majority shareholder, has leverage to keep the price for the maker of the blockbuster cancer therapy Avastin and other cancer treatments from spiraling much higher. Genentech's stock price climbed well above Roche's offer of $89 per share in midday trading Monday, a bet that the independent directors weighing the Basel-based company's bid will demand more money.
As bad as bad gets
How bad has it been for mortgage-finance firms and thrifts? Of 168 publicly traded companies, 95 percent suffered stock declines in the past year, which was before last week's bounce. Nine of the stocks were trading at less than $1. Among the worst hit: Radian, a provider of financial services and credit-related insurance coverage, and Triad Guaranty, which provides private mortgage insurance products. Both were down 98 percent. Nine firms, mostly engaged in retail and commercial banking, were up in the period.
Mervyns, which operates about 175 stores in seven states, but primarily in California, is facing bare shelves and a cash crunch as the economic downturn squeezes the retailers.