General Motors Corp (GM)
GM filed for bankruptcy on June 1 and their ticker has now changed to GMGMQ. The new company is at this URL: http://www.weseed.com/company/gmgmq-general-motors
European Stocks Drop After U.S. Home Sales Decline More Than Expected
12:21 PM Eastern Standard Time, 01/25/2010 (MidnightTrader) -- European bourses ended lower, moving in step with Wall Street weakness, after a larger-than-expected drop in U.S. home sales raised concerns about the strength of the U.S. economic recovery.
December home sales fell 16.7%, the largest monthly drop in more than 40 years and worse than expectations for a 10% decline, according to Thomson Reuters.
In company news, Ericsson (ERIC) fell after the company reported a 92% plunge in Q4 net income to 314 million kronor ($43 million) as phone companies reduced spending on networks. Analysts had anticipated profit of 2.5 billion kronor, the average of 17 estimates compiled by Bloomberg.
Bayer AG declined after the German drugmaker said it's stopping a mid-stage trial with the experimental Factor VIII recombinant treatment to fight hemophilia because it isn't likely to meet the tests' goal.
On the upside, Philips Electronics (PHG) reported Q4 net income of 251 million euros ($355 million), beating forecasts for a profit of 249 million euros, according to the average of 12 estimates compiled by Bloomberg.
Spyker Cars NV jumped on speculation that it and General Motors (GM) have reached an agreement for Spyker to buy GM's SAAB unit.
In economic news, Hungary's central bank cut the benchmark interest rate to the lowest level since May 2006. The Magyar Nemzeti Bank lowered the benchmark two-week deposit rate by a quarter-point to 6%. The cut matched the forecast of 17 of 20 economists in a Bloomberg survey.
London's FTSE-100 ended down 1.4% at 5,260.31. Germany's DAX index fell 1.12% to 5,631.37, and France's CAC-40 lost 1.02% to 3,781.85.
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