Tsakos Energy Reports Q1 Results (PG, TNP, WMT, CMCSA)
The Procter & Gamble Company (NYSE:PG) yesterday said that it is going to stop spending money on further expansion in emerging markets until it stabilizes its largest business lines, mainly in North America and China. The company will focus its spending in the coming fiscal year on its 40 largest business lines, which include razor blades, laundry and diapers, and make up about 50% of P&G’s sales.
Tsakos Energy Navigation Ltd. (NYSE:TNP) reported first quarter ended March 31, 2012, revenues of $66.2 million. The first quarter of 2012 ended with a net loss of $8.8 million which, excluding the year-end impairment charges, was an improvement of about 50% over the fourth quarter result mainly due to better than expected market rates. Total cash and liquid investments amounted to $193 million at the end of the first quarter 2012, an increase of $9 million over the year-end balances.
Last month, the company declared a quarterly dividend of $0.15 per share which will be paid today May 25, 2012 to shareholders of record May 21, 2012.
Wal-Mart Stores, Inc. (NYSE:WMT) on May 21, 2012, said that The California State Teachers’ Retirement System plans to vote against Wal-Mart Stores directors in an upcoming shareholder meeting, amid widening impacts from allegations of corruption at the company’s Mexico operations.
CalSTRS owns about 5.3 million shares, worth $313.5 million. Wal-Mart said that it opened an investigation of its Mexican operations after the New York Times published a lengthy article reporting that Wal-Mart executives learned in 2005 of allegations of “widespread bribery” designed to smooth the way for the company’s rapid expansion in that country.
Comcast Corporation (NASDAQ:CMCSA) is teaming up with other large cable companies to create a nationwide network of Wi-Fi hot spots, helping them fend off competition from phone carriers. Comcast is launching this service under the name of “voice 2go” and would allow its customers to make free calls and send messages through their home based wireless network or through Wi-Fi hotspots.