Stocks in the news: General Motors, Tiffany, J Crew
The following post rounds up the companies making headlines today:
General Motors Corp (GM) reached a new deal with bondholders Thursday, but news agencies also report that it will file for bankruptcy protection on Monday June 1. The deal with its creditors and workers should help speed the process. Meanwhile, the future of GM's European operations remains cloudy after Fiat's chief Sergio Marchionne said he's "perplexed" by financing issues arising in talks to buy Opel and will skip a meeting in Berlin that may decide the unit's future.
Tiffany & Co. (TIF) reported quarterly results this morning, posting a lower-than-expected profit as shoppers, not surprisingly, avoided jewelry. Still, the company kept its full-year forecast, citing a smaller sales decline so far in May. Shares declined 2 percent ahead of the bell.