CB Richard Ellis Group Inc. (CBG) reported third quarter earnings of 4 cents a share. Excluding one-time charges, the company earned 8 cents per share which was a penny down from the Zacks Consensus Estimate of 9 cents. The company had earned 27 cents on an adjusted basis in the year-ago period. CB Richard Ellis reported a net income of $12.4 million or 4 cents a share, down from income of $40.4 million or 19 cents a year earlier. The credit market downturn and the economic recession have significantly impacted major investment sales and leasing markets globally. Increased unemployment levels coupled with store closures by retailers are significantly impacting the commercial real estate market and thereby impacting the company’s earnings. However, the company is experiencing the benefits of the cost containments measures and remains right on track to achieve its goal of reducing annualized operating ...

Jones Lang LaSalle Incorporated (JLL), a leading real estate investment trust (REIT), has recently tied up with Real Estate Disposition LLC, a global leader in real estate auction marketing, for online auctions of commercial properties.   The strategic move is intended to provide an impetus to the beleaguered commercial real estate market that was bogged down in the continued economic downturn and sub-prime crisis. The online auction program would increase the scope of traditional outreach and expose the property to a comparatively wider base of investors. The first property to be auctioned online is an office building spanning 100,000 square feet in Ohio. The building was earlier occupied by Procter & Gamble Co (PG) and later became a surplus facility for the company when it shifted its headquarters to Cincinnati. Jones Lang is a leading full-service real estate firm that provides corporate, financial and investment ...

Shares of CB Richard Ellis Group Inc. (CBG) gained more than 60% a day after the real estate services company said its lenders have agreed to amend certain terms of their credit agreement.

Among other changes, the allowance for a higher maximum leverage ratio and a lower minimum interest coverage ratio would provide CB Richard Ellis with considerably increased financial flexibility to navigate the ongoing economic downturn.

The company will be able to adjust covenant EBITDA by adding back expenses up to $75 million for cost savings in any four-quarter period through December 31, 2010.

CB Richard Ellis was up 59% to $4.77 in morning trade on the New York Stock Exchange.

"CBG" Free Stock Analysis: Buy? Sell? Hold?Zacks Investment Research