Hertz (HTZ) announced it will spin off its Hertz Equipment Rental business for $2.5 billion. The company said part of the proceeds from the spin-off will be used to fund a $1 billion share repurchase. Hertz also reported earnings before the bell that missed on the top and bottom line due to lower than expected pricing and higher expenses related to carrying extra fleet. Earnings per share missed by $0.06 while revenue rose 10%, but missed estimates.
Sources tell Reuters Microsoft (MSFT) CEO Satya Nadella may unveil an iPad version of Microsoft Office at a speech in San Francisco on March 27th, his first major event since taking over for Steve Ballmer earlier this year. Microsoft reportedly has had versions of Office for the iPad and the iPhone for months, but delayed the release due to internal divisions.
The Wall Street Journal is reporting that Amazon (AMZN) will begin shipping its long-awaited video-streaming device in April through its website as well as retailers like Best Buy and Staples. Right now, Amazon offers its own streaming-video service, but it's only available on other companies' devices. No word yet on pricing for the Amazon device.
Oracle (ORCL) is scheduled to report quarterly earnings after the close today. Analysts expect a 4% percent increase in revenue and earnings per share to come in a penny below last year. Wall Street will be watching hardware product growth as well as the cloud business.
And watch General Motors (GM) shares again today after company announced yesterday another round of recalls due to three different problems. These latest recalls involve about 1.5 million vehicles and are unrelated to the previous recalls that were due to faulty ignition switches. GM CEO Mary Barra last night said this is a turning point in the company's history. Federal authorities are investigating GM's handling of the recalls.
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