BUSINESS BRIEFS
Chrysler lenders expected to present counteroffer
Advertiser News Services
DETROIT — Banks and other lenders that hold $6.9 billion in secured Chrysler LLC debt are preparing a counteroffer after they rejected Chrysler and the government's plan to erase the loans for $1 billion, according to a person briefed on the negotiations.
The lenders are likely to ask for more than the initial offer of 15 cents on the dollar, the person said yesterday. They also are likely to seek equity in the company so they can benefit if Chrysler forges an alliance with Italian automaker Fiat Group SpA and becomes profitable again, said the person, who spoke on condition of anonymity because the talks are private.
INTEL'S QUARTERLY PROFIT LOWER, BUT BEATS WALL ST. FORECAST
SAN FRANCISCO — Intel Corp.'s first-quarter profit blew past Wall Street's grim forecasts as the chip maker's CEO proclaimed yesterday that personal computer sales "bottomed out" and have started recovering.Although the chipmaker's earnings fell 55 percent and revenue dropped 26 percent, both beat Wall Street's estimates.
The company earned $647 million, or 11 cents a share, on $7.1 billion in revenue during the quarter ended March 28. A year ago, it earned $1.4 billion, or 25 cents a share, on $9.7 billion in sales. Analysts had predicted sales of just less than $7 billion and net income of $157 million, or 3 cents a share.
STRONGER DOLLAR PULLS DOWN JOHNSON & JOHNSON PROFITS
TRENTON, N.J. — Healthcare products maker Johnson & Johnson said yesteday its first-quarter profit dipped only slightly, beating Wall Street expectations, despite sales falling worldwide.The company said the recession cut into consumer products sales but that the biggest drag on revenue was the stronger dollar, which pulled down overall revenue by 6 percent.
The maker of baby shampoo, contraceptives and biotech drugs posted net income of $3.5 billion, or $1.26 per share. That's down from $3.6 billion in 2008's first quarter.
