Lenovo Posts Huge loss

admin — Fri, 22 May 2009 19:50:55 +0000

Lenovo Group, China’s biggest personal computer maker, posted its largest quarterly loss on record, largely because of weak demand for electronics. Lenovo’s net loss for the fourth quarter ended March 31 amounted to US$264M vs. a profit of US$140M year over year. The loss was wider than expected as analysts had forecasted a loss of US$211M. After posting the results, Lenovo said the overall environment will continue to be “very challenging” this year. Lenovo stock fell 5.06% to close at US$7.5 in trading yesterday.

Overnight Market News – May 21, 2009

admin — Fri, 22 May 2009 05:59:26 +0000

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GMAC Llc to Receive Over USD 7B in US Government Aid for Auto Financing
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Computer-Maker, Lenovo Group Ltd Reports Record Fourth Quarter Net Loss of USD 264mm vs Net Profit of USD 140mm yoy
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Singapore’s First Quarter GDP Plummets by an Annualized 14.6%, Smaller-Than-Expected
Crude Oil Stands at USD 62.04 per Barrel
Ethanol Stands at USD 1.82 per Gallon
Natural Gas Stands at USD 3.97 per British Thermal Unit (Btu)
Dow Jones Industrial Averages Falls 52.81 Points (-0.62%)
London FTSE Index Falls 105.49 Points (-2.36%)
Japan Nikkei Index Falls 80.49 Points (-0.86%)
Hong Kong Hang Seng Index Falls 276.35 Points (-1.58%)
Brazil Bovespa Index Falls 101.52 Points (-0.20%)

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Lenovo Posts Huge loss

Overnight Market News – May 21, 2009