Sun Microsystems, the server and software maker, swung to a first-quarter profit that matched Wall Street’s expectations Monday, marking the company’s first full year in the black since the dot-com meltdown. Bolstered by stronger sales of its high-end servers and improved cost controls, Sun Microsystems Inc.’s (JAVA) net income was $89 million, or 3 cents per share for the three months ended Sept. 30.
CITIGROUP
The nation’s largest bank shareholders may have finally gotten what they wanted — the resignation of Chairman and Chief Executive Charles Prince — but Wall Street’s worries are far from over. At an emergency meeting of the Citi board Sunday, Citigroup Inc. (C) announced Prince’s departure, but also estimated it would take additional losses of $8 billion to $11 billion.
