Busted!
Italian police seized assets worth $83.5 million from 13 people in a tax probe involving the 2007 sale of fashion houses Hugo Boss and Valentino. A person familiar with the probe told Reuters the Marzotto family is involved.
Zillow zapped
Zillow, operator of the largest real estate information website, tumbled as much as 25 percent after forecasting fourth-quarter revenue that trailed analysts’ estimates.
Big loser
Revel Entertainment’s $850 million term fell to 47.81 cents on the dollar, the lowest level on record, as Fitch Ratings said the effects of Hurricane Sandy may have a “material impact” on gaming demand in Atlantic City.
See ya Suzuki
Suzuki Motor will withdraw from the US automobile market after the company failed to be profitable. American Suzuki Motor Corp. filed for bankruptcy protection, according to court records.
Cable call
Time Warner Cable dropped 6.4 percent to $91.93 at the close after the loss of video customers dragged down third-quarter earnings.