EmptyGE SETS STREAMLINING
NBC Universal parent General Electric unveiled a further streamlining by cutting the number of its divisions from six to four. The conglomerate's main units are now GE Energy Infrastructure, GE Technology Infrastructure, GE Capital and NBC Universal, chairman and CEO Jeff Immelt said Friday. "Led by Jeff Zucker, this segment is unchanged and will continue to focus on its strategic evolution through globalization and diversification," GE said about NBC Uni.
GOOGLE SHARES ON RISE
Shares of Google rose Friday as analysts touted the online giant's prospects. Soleil Securities analyst Laura Martin upgraded her rating on Google shares from "hold" to "buy," arguing that future new revenue streams will create opportunities for the firm. Meanwhile, Cowen and Co. lowered its U.S. Web advertising forecast but kept its "outperform" rating, arguing that the company will get 45% of the incremental ad gain this year.
BELO BEATS STREET
TV station operator Belo Corp. posted second-quarter earnings that beat Wall Street expectations when excluding results from the recently spun-off newspaper unit. The Dallas-based company reported a profit of $26.4 million. Revenue of $189 million was down nearly 5% from the year-ago period as spot advertising revenue fell 6.4%. Belo CEO Dunia Shive said the company will continue to focus on cost-cutting opportunities in the current U.S. economy.