Evercore suffers in weak market
EVERCORE Partners adjusted profit fell in the third quarter as a difficult mergers and acquisitions market weighed on its revenue but the boutique investment bank said it remains cautiously optimistic about the economic environment. Evercore said investment banking revenue fell seven per cent to $128.2m (£79.5m).
Colgate-Palmolive brushes up
COLGATE-PALMOLIVE, which makes Colgate toothpaste, posted higher quarterly profits, as an increase in pricing offset sales falls. The firm saw third quarter profits of $654m (£405.7m) versus $643m last year. Pricing was up three per cent and volumes rose two per cent. It also plans to reduce headcount by six per cent by 2016.
New York Times down 22pc
THE NEW York Times posted worse-than-expected results despite an increase in circulation revenue. A 7.4 per cent rise in revenues from circulation, boosted by its digital subscription plan, could not offset a persistent slump in advertising sales. The results sent shares plummeting 22 per cent in trading last night.
Sprint Nextel losses widen
SPRINT Nextel, the wireless telecoms firm, posted a third-quarter loss that was narrower than Wall Street’s expectations on lower marketing costs but warned that its network upgrade has been delayed by about three months. Sprint’s net loss widened to $767m (£475.8m) from a loss of $301m in the year-ago quarter.