Stocks in The News (YHOO, CHK, NYT, IAG)
Yahoo! Inc. (NASDAQ:YHOO) yesterday announced that the Board of Directors has named Fred Amoroso as Chairman of the Board of Directors and Ross Levinsohn as interim Chief Executive Officer (CEO), effective immediately.
The Company also announced that its Board has reached an agreement with Third Point LLC to settle its pending proxy contest related to the Company’s 2012 annual meeting of shareholders. Mr. Amoroso replaces Roy Bostock, who has stepped down from his role as Non-Executive Chairman in order to accelerate the leadership transition for the new Board.
Chesapeake Energy Corporation (NYSE:CHK) on May11, 2012, announced that it has entered into a $3.0 billion unsecured loan from Goldman Sachs Bank USA and affiliates of Jefferies Group, Inc. The net proceeds of the loan will be utilized to repay borrowings under the company’s existing corporate revolving credit facility.
The New York Times Company (NYSE:NYT) on May 11, 2012, said that said it has sold its remaining stake in Fenway Sports Group, owner of the Boston Red Sox, in a deal valued at $63 million. The sale of New York Times’ remaining 210 Class B units in the Fenway Sports Group will result in a one-time pretax gain of $38 million for the second quarter.
IAMGOLD Corporation (USA) (NYSE:IAG) reported first-quarter net earnings of $119 million or $0.32 per share, as compared to $153.4 million or $0.41 per share in the same quarter last year. Adjusted earnings for the quarter were $92.4 million or $0.25 per share. Revenues from continuing operations were $404 million, compared to $414 million in the comparable quarter last year. Analysts expected earnings of $0.28 per share on revenue of $435.27 million for the quarter.
As previously disclosed, the company expects attributable gold production for 2012 to be in the range of 840,000 to 910,000 ounces at a cash cost of between $670 and $695 per ounce.