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Morning Market Roundup: Chevron Escapes Legal Pitfall, Nike Earnings


Here’s what’s important in the financial world this morning:

Legal: Chevron was not found negligent by Brazil’s oil regulator ANP for last November’s well drilling that resulted in an offshore oil spill. This could help the oil company battle its pending $11 billion lawsuit. According to ANP’s investigation, Chevron and Transocean, a drilling contractor, have been accused of operational and safety violations from a dysfunctional leaking well.

Nike Inc.: The shoemaker reported its fiscal quarter three earnings on Thursday, beating profit expectations. Looking ahead, the company has a positive outlook as it prepares to make gains from the upcoming summer London Olympics and the European Soccer Championships. The company saw its earnings per share increase 11 percent to $1.20 with its revenues rising 15 percent to $5.8 billion. Other increases included future product orders with a March to July delivery date rising 15 percent.

Airlines: According to Bloomberg, US Airways ’s possible bid for AMR, has gained support from the bankrupt airline’s creditors committee. The group includes unions, who are still waiting to settle a labor deal with AMR. Next week, the airline will try to gain approval to get rid of its current contracts and establish new contract terms as a Plan B.

Bank of America Corp.: The bank will launch the program, “Mortgage to Lease,” enabling homeowners facing possible foreclosure to give their home deeds to the bank and instead sign leases to rent their home at a current market cost. The initial reach of the program will be small, including 1,000 Arizona, Nevada and New York homeowners at this time. This initiative reflects a change for banks dealing with borrowers struggling to pay their mortgages.

[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]

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