Story Stocks: Citigroup (NYSE:C), Avon Products (NYSE:AVP), Exxon (NYSE:XOM), Sprint Nextel (NYSE:S)
Goldman Sachs Group and Citigroup (NYSE:C) scrapped a $1.5 billion commercial-mortgage bond sale after Standard & Poor’s said it wouldn’t rate the notes. The deal won’t close today as planned because S&P is reviewing its criteria for commercial mortgage-backed securities and can’t provide a rating, the banks said in a joint statement through Business Wire. The ratings company won’t give debt grades to any new transactions that are based on certain criteria, New York-based S&P said in a separate statement. -Bloomberg Avon Products (NYSE:AVP) said its second-quarter profit rose to $206.2 million, or 47 cents a share, from $167.6 million, or 39 cents a share, in the year-ago period. Sales rose 8% to $2.82 billion from $2.6 billion. . . . → Read More: Story Stocks: Citigroup (NYSE:C), Avon Products (NYSE:AVP), Exxon (NYSE:XOM), Sprint Nextel (NYSE:S)
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