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U.S. Day Ahead: Detroit files for bankruptcy

Thursday, July 18, 2013 - 02:35

July 18 - Detroit's emergency manager filed for Chapter 9, making it the largest U.S. municipal bankruptcy. The move was expected as it grapples with over $18.5 billion of debt and other obligations.

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Here's what's coming your way on Friday. SA LE sale that's the -- retail me not we'll trade under starting Friday. In case you don't know what we tell me not is it's an online marketplace for coupons. It's -- investors remember the Groupon IP well. But this company has had substantial growth. Revenues went to a 144000000. And 2012. Up from just 171000000. And 2010. Revenues rose nearly 40% in the first quarter alone. The online coupon company is looking to raise up to 200 million dollars in the IPO. The opry is expected to be priced between twenty dollars and 22 would share after the close Thursday. Insiders that just taxes venture capital firm Austin Ventures are offering how the shares in the deal. Which is being led by underwriters Morgan Stanley Goldman Sachs Credit Suisse and Jack -- Even Google has a piece of us to with Google pitcher's arm which -- over 5% of the company. We've been overloaded with company earnings at number two General Electric is reporting second quarter earnings before the bell. Wall Street expecting GE to post a profit of 35 cents a share a drop -- 8% from last year. Revenue is anticipated to come in at 35 and a half billion dollars down 3% from last year. Cutting costs and being able to improve margins particularly in industrials division continued to play G. GE capital which is an -- a bank is now categorized as a systemically important financial institution. That means too big defense out so investors wanna hear what this means for the company. JPMorgan recently downgraded the stock to neutral from overweight and Morgan Stanley rated it equal weight last week. The shares are up 10% so far this year. To our top story Detroit on bankruptcy watch the city filed for bankruptcy late Thursday. We'll monitor reaction to the filing which came after the emergency manager. Failed to reach deals look and not for the city's bond holders pension bonds and other creditors to restructure Detroit's twenty billion dollars in long term debt. The filing makes Detroit the country's largest ever municipal bankruptcy case. Google and Microsoft earnings are out -- below expectations. We'll be watching how Wall Street reacts to the numbers. Follow us on Twitter at Reuters Insider and get more videos at Reuters dot com slash Reuters TV. I'm just try not -- this is Reuters.

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U.S. Day Ahead: Detroit files for bankruptcy

Thursday, July 18, 2013 - 02:35