Global Investing Roundups - Jun 18 2008 3:47AM

By: Money Morning Wednesday, June 18, 2008 3:47 AM

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Goldman Beats Expectations; Rebate Checks Boost Best Buy; Hershey Looking Long Term; InBev’s CEO: Take it or Leave it; Canadian Solar Heats up Outlooks; Computer Design Bid; Wal-Mart Pares Back Spending; Crude Dips from High on Supply & Demand

Goldman Sachs Group Inc. (GS), the world’s largest investment bank, said yesterday (Tuesday) that second-quarter earnings fell about 10%, but still managed to beat Wall Street expectations on higher fees from asset management and stock underwriting. The company reported a profit of $2.05 billion, or $4.58 per share, for the three months ended May 30 compared to $2.29 billion, or $4.93 per share a year earlier, the Associated Press reported. Revenue fell 7% to $9.42 billion from $10.18 billion a year earlier.

Best Buy Co. Inc. (BBY) said first-quarter profits dropped 7% but government rebate checks gave revenues a welcomed boost. Net income dipped to $179 million, or 43 cents per share, from $192 million, or 39 cents per share, the Associated Press reported. Revenue jumped 13% to $8.99 billion from $7.93 billion. Analysts expected $8.57 billion.

The Hershey Co. (HSY) cut its long-term earnings growth target yesterday (Tuesday) and outlined a plan to boost its brands in the United States with more advertising and product development Reuters reported. The company stood by its 2008 earnings forecast and said it expected profits to increase in 2009.

Perhaps jaded by the boardroom drama surrounding Google Inc. (GOOG) and Yahoo! Inc.’s (YHOO) merger, InBev NV Chief Executive Carlos Brito said that his company’s $65-a-share offer for Anheuser-Busch Companies Inc. (BUD) is the highest it would bid. Brito was in Washington to meet Sen.

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