From Fnno.com, this is the Financial News Network, your source for the latest business news. Here's a few things to watch for in the financial world today July 30.
HSBC (NYSE:HSBC) in a bind this morning after announcing its profit fell in the first half of the year. This was due to the $2 billion the company set aside to cover the US law enforcement and regulatory costs of a money laundering probe. All in all the company lost a total of 3% in profit from a year ago, coming in at $10.6 billion.
Next stock to keep an eye on: General Motors (NYSE:GM). The company's global marketing chief Joel Ewanick has abruptly departed from the automaker. Ewanick was recently responsible for the decision to remove advertising from Facebook and to not buy an ad slot during the Super Bowl in 2013. These decisions were seen as controversial to many investors. Spokesman for GM Greg Martin said that Ewanick, "failed to meet the expectations the company has for its employees." More information on this departure when it becomes available.
Finally, Martha Stewart's company did better than analysts expected. Martha Stewart Omnimedia (NYSE:MSO) reported a second quarter loss of 4 cents a share, less than the 7 cent loss that was expected. Revenue for the quarter fell 13% to $47.9 million, lower than expectations of $51.8 million. The company attributed the better quarterly showing due to higher revenue from its merchandising business that offset the troubles in its publishing arm.
Those were a few things to watch out for here on the Financial News Network. For more coverage and analysis of the business world follow us on twitter @FNNOnline or check out our website at fnno.com. I'm Chuck Pierce.