|
|
|
|
Dollar surges as markets put their money on USThe dollar charged higher yesterday, extending its biggest 24-hour rally against the euro since 1999, as currency markets scrambled to rethink competing economic prospects in the United States and the eurozone.Source: Latest Business News from Times Online | 9 Aug 2008 | 6:57 pm Bush says attack on Georgia 'dangerous escalation'US President George W. Bush called on Russia to halt the bombings immediately, as Georgia said Russia was stepping up a bombing campaign of military and civilian targets outside the conflict zoneSource: FT.com - US homepage | 9 Aug 2008 | 12:06 pm Personal Finance Daily: The week's 10 best Personal Finanace stories: Aug. 4-8In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Aug. 4-8:Source: MarketWatch.com - Top Stories | 9 Aug 2008 | 12:01 pm Continental eyes acquisition for bid defense: paperFRANKFURT (Reuters) - Continental is considering buying a peer company as part of its defense against a hostile 11.3 billion euro ($17 billion) bid from Schaeffler Group, the Financial...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Aug 2008 | 11:36 am Continental eyes acquisition for bid defense: paperFRANKFURT (Reuters) - Continental is considering buying a peer company as part of its defense against a hostile 11.3 billion euro ($17 billion) bid from Schaeffler Group, the Financial Times reported on Saturday.Source: Reuters: Business News | 9 Aug 2008 | 11:36 am UBS agrees to ‘give money back’ in deal with New YorkThe attorney-general of New York declared yesterday that his $18.5 billion ($£9.6 billion) settlement with UBS sent a signal to Wall Street that banks are “just going to have to give the money back” concerning America’s most recent bond mis-selling scandal.Source: Latest Business News from Times Online | 9 Aug 2008 | 11:18 am Bank of America (BAC) Acquires SEC Investigation As Part Of Countrywide Deal
Perhaps some of the text from the multitude of securities fraud class-action lawsuits filed against Countrywide will provide some possibilities: New York State Comptroller Thomas P. DiNapoli is serving as a lead plaintiff in one of the lawsuits and said in a press release that . "... unlawful actions and omissions by Countrywide deprived investors of the information needed to make prudent decisions." That is securities fraud, in a nutshell. The SEC investigation is certainly a headache for Bank of America and any lawsuit or settlement on that end will likely add tremendous credence to the class-action side -- and Bank of America has the deep pockets sure to attract every class-action lawyer in the country. The deal has been looked at as one that will in all probability end in failure since its consummation, and a formal SEC investigation doesn't seem to brighten its prospects. The greatest synergy of the deal may be in legal resources. State and federal regulators have just subpoenaed BofA for information related to its sales of auction rate securities. Zac Bissonnette Source: 24/7 Wall St. | 9 Aug 2008 | 10:49 am One American killed, another injured in Beijing attackOne American was killed and another seriously injured in an attack in Beijing marring the spectacular open to the 29th Olympics, Chinese authorities reported Saturday.Source: MarketWatch.com - Top Stories | 9 Aug 2008 | 10:26 am Edison International 2nd-quarter earnings nearly triple to $261 millionLower utility taxes and higher earnings at its Midwest power plants boost profit at the Rosemead company.Lower utility taxes and higher earnings at its Midwest power plants helped Edison International's profit nearly triple in the second quarter, the Rosemead company said Friday. Source: L.A. Times - Business | 9 Aug 2008 | 7:00 am Real estate brokers settle kickback suitsA California class action and a federal claim allege that the firms took money from a hazard-report firm.Hundreds of thousands of Californians could be eligible for $100 payments under the proposed settlement of a class-action lawsuit against some of the nation's largest residential real estate brokerages. The lawsuit accused the real estate brokers of taking kickbacks from a firm that provides hazard reports for properties in areas with heightened risk of floods, fire, earthquakes and landslides. Source: L.A. Times - Business | 9 Aug 2008 | 7:00 am Business briefingBANKING UBS agrees to buy back securitiesSource: L.A. Times - Business | 9 Aug 2008 | 7:00 am Profit falls at Buffett's BerkshireBillionaire investor Warren Buffett's Berkshire Hathaway Inc. on Friday posted its third consecutive profit decline because of slowing returns from insurance.Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Aug 2008 | 7:00 am The case for a new national frugalityOil prices are plunging and the stocks in your 401(k) retirement account are rebounding.Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Aug 2008 | 7:00 am Real estate brokers settle kickback suitsA California class action and a federal claim allege that the firms took money from a hazard-report firm. Hundreds...Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Aug 2008 | 7:00 am Tech geeks' creations turn up on the runway instead of information highwayThe clothing industry presents challenges they've never faced. Still, 'It's the perfect marriage of my love of interactive design and my love of fashion and design,' one entrepreneur says.Tech geeks and fashion usually clash. Think pocket protectors, hiked-up pants and T-shirts festooned with inside jokes for software coders. Source: L.A. Times - Business | 9 Aug 2008 | 7:00 am Business briefingBANKING UBS agrees to buy back securitiesSource: Infocious RSS raw feed - channel BNPaperBusiness | 9 Aug 2008 | 7:00 am The case for a new national frugalityOil prices are plunging and the stocks in your 401(k) retirement account are rebounding.Source: L.A. Times - Business | 9 Aug 2008 | 7:00 am Dow soars 300 points as oil prices tumbleThe blue-chip indicator rises to 11,734.32 as investors hope receding energy costs will stave off inflation and prop up consumer spending.A sharp slide in the price of oil propelled the Dow Jones industrial average up more than 300 points Friday as investors bet that receding energy costs could stave off inflation and prop up consumer spending. Source: L.A. Times - Business | 9 Aug 2008 | 7:00 am Fannie Mae posts $2.3-billion lossMortgage finance giant Fannie Mae reported a $2.3-billion second-quarter loss, slashed its dividend and said it would stop buying or guaranteeing loans made to people who supply little proof of income...Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Aug 2008 | 7:00 am Dow soars 300 points as oil prices tumbleThe blue-chip indicator rises to 11,734.32 as investors hope receding energy costs will stave off inflation and prop up consumer spending. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Aug 2008 | 7:00 am Worker productivity growth slides in spring quarterThe efficiency of America's workers grew at a slightly slower pace in the spring as companies sought to produce more with leaner workforces. Compensation growth slowed too.Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Aug 2008 | 7:00 am Tech geeks' creations turn up on the runway instead of information highwayThe clothing industry presents challenges they've never faced. Still, 'It's the perfect marriage of my love of interactive design and my love of fashion and design,' one entrepreneur says. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Aug 2008 | 7:00 am Berkshire Hathaway profit falls againBillionaire investor Warren Buffett's Berkshire Hathaway Inc. on Friday posted its third consecutive profit decline because of slowing returns from insurance.Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Aug 2008 | 7:00 am Edison International 2nd-quarter earnings nearly triple to $261 millionLower utility taxes and higher earnings at its Midwest power plants boost profit at the Rosemead company. Lower...Source: Infocious RSS raw feed - channel BNPaperBusiness | 9 Aug 2008 | 7:00 am Mars Petcare US Issues Voluntary Recall of Limited Bags of PEDIGREE(R) Complete Nutrition Small Crunchy Bites at Albertsons in Southern California and Las Vegas due to Potential Salmonella ContaminationFRANKLIN, Tenn., Aug. 8 /PRNewswire-USNewswire/ -- Mars Petcare US today announced a voluntary recall of limited bags of PEDIGREE(R) Complete Nutrition Small Crunchy...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Aug 2008 | 4:00 am Mars Petcare US Voluntarily Issues Limited Recall of PEDIGREE(R) Complete Nutrition Small Crunchy Bites at Albertsons in Southern California and Las VegasSTATEMENT FRANKLIN, Tenn., Aug. 8 /PRNewswire-USNewswire/ -- Today Mars Petcare US announced a voluntary recall of 100 of the 20-pound bags of PEDIGREE(R) Complete...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Aug 2008 | 4:00 am Google, Yahoo partially disclose terms of ad pact (Reuters)
Source: Yahoo! News: Business | 9 Aug 2008 | 3:40 am Google, Yahoo partially disclose terms of ad pactSAN FRANCISCO (Reuters) - Google Inc and Yahoo Inc released on Friday excerpts of a pact covering their search advertising partnership that keeps secret financial terms and the extent of other ties between the two.Source: Reuters: Business News | 9 Aug 2008 | 3:40 am Google, Yahoo partially disclose terms of ad pactSAN FRANCISCO (Reuters) - Google Inc and Yahoo Inc released on Friday excerpts of a pact covering their search advertising partnership that keeps secret financial terms and the extent of...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Aug 2008 | 3:40 am Japan Inc sees bigger profit fall than expectedJapan Inc has forecast a bigger profit decline than its earlier estimate for the year to March 2009 due to price hikes and an economic slowdown at home and in the United States, a daily...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Aug 2008 | 3:18 am Confessions of a dedicated coupon clipperShe hates cutting out and organizing those little pieces of paper, but she loves saving money. Here are her strategies for saving.I love grocery coupons. Source: L.A. Times - Business | 9 Aug 2008 | 2:54 am Digital River Founder Going With The FlowFor Digital River, a trickle of business has grown into a flood.Source: Investor's Business Daily: BUSINESS | 9 Aug 2008 | 1:07 am Satisfying A Need For SpeedWhen Charlie Vogt joined Genband as its chief executive in September 2004, the privately held network systems company generated just $5 million in...Source: Investor's Business Daily: BUSINESS | 9 Aug 2008 | 1:07 am Business Briefs - FridayGoogle: Stake in AOL may erode. The search giant warned that its $1bil investment on its 5% stake in struggling AOL is crumbling. Google GOOG said...Source: Investor's Business Daily: BUSINESS | 9 Aug 2008 | 1:07 am Maintenance Company Keeps The Lights Burning In Big BuildingsAn acquisition can build up a product portfolio and enhance a global footprint. But possibly even more important, a smart purchase can diversify a...Source: Investor's Business Daily: BUSINESS | 9 Aug 2008 | 1:07 am In Brief - FridayBerkshire Hathaway earned a net $1,859 per share, down 8%, on $30.1 bil in revenue. Warren Buffett's insurance firm earned $1,465-a-share...Source: Investor's Business Daily: BUSINESS | 9 Aug 2008 | 1:07 am Trends & Innovations - FridayMen adopt far more than womenSource: Investor's Business Daily: BUSINESS | 9 Aug 2008 | 1:07 am Union Employees Ratify New Labor Agreement at Appleton's Pennsylvania MillAPPLETON, Wis., Aug. 8 /PRNewswire/ -- Appleton employees represented by Local 10-0422 of The United Steelworkers Union have approved a four-year labor agreement...Source: Infocious RSS raw feed - channel BNewsBusiness | 9 Aug 2008 | 12:37 am BG makes sixth Brazilian deep-water discoveryBG Group and its partners in the oil-rich Santos Basin off Brazil's coast have made another "material" discovery - the sixth straight success in the region since drilling began.Source: Telegraph Business | 9 Aug 2008 | 12:01 am Credit crisis: Sticky wicket for Northern Rock and Bradford & Bingley CEOsCricket and heart failure. No, this is not the story of some poor England fan laid low by the latest Test defeat. But the abiding images of two former chief executives bowled out by the credit crisis.Source: Telegraph Business | 9 Aug 2008 | 12:01 am Mortgage lenders lose patience as repossessions jumpMortgage lenders are more impatient with borrowers struggling to pay their interest bills than ever before, it has emerged.Source: Telegraph Business | 9 Aug 2008 | 12:01 am TNK-BP boss fined £10 as row rumbles onRobert Dudley, the chief executive of oil venture TNK-BP who went into hiding after claiming a campaign of harassment against him, has one more thing to worry about - a £10.50 fine for allegedly breaching Russian labour laws.Source: Telegraph Business | 9 Aug 2008 | 12:01 am CurrenciesCurrenciesSource: Telegraph Business | 9 Aug 2008 | 12:01 am ITV's Michael Grade seeks to ditch deal on independent commissionsITV executive chairman Michael Grade is asking regulators for permission to tear up the contracts under which it commissions shows such as Doc Martin from Britain's £2bn independent production sector.Source: Telegraph Business | 9 Aug 2008 | 12:01 am Have we reached the end of the road for oil?Petrol prices are set to fall this autumn, but David Strahan argues that oil is now so scarce that it may never be affordable againSource: Telegraph Business | 9 Aug 2008 | 12:01 am Fannie slumps $2.3bn into red as defaults riseAmerican mortgage giant Fannie Mae added to the country's already-intense housing market crisis by slumping $2.3bn (£1.2bn) into the red in the second quarter.Source: Telegraph Business | 9 Aug 2008 | 12:01 am US dollar rallies as extent of worldwide recession becomes clearerThe psychology of global markets has shifted hugely over recent days as it becomes clear that Europe, Australasia and parts of Asia are sliding into recession.Source: Telegraph Business | 9 Aug 2008 | 12:01 am Americans need radical surgery to revive country's economyThe US economy is in recession. Period. And it has been in a recession since January. This is the mantra of David Rosenberg, the first Wall Street economist to predict America's current economic woes, back in January, and perhaps one of the most bearish in the economic fraternity.Source: Telegraph Business | 9 Aug 2008 | 12:01 am UBS to buy back $19bn of ARS debtWall Street's commitment to buy back auction-rate securities grew to more than $41bn when UBS reached an agreement with financial regulators to repurchase $18.6bn of such debt instrumentsSource: FT.com - US homepage | 8 Aug 2008 | 11:52 pm Wachovia cuts back mortgage lending-report (Reuters)Reuters - Wachovia Corp , the fourth-largest U.S. bank, will stop making mortgage loans through its branch offices in 19 U.S. states, a published report said.Source: Yahoo! News: Business | 8 Aug 2008 | 11:48 pm Wachovia cuts back mortgage lending-reportNEW YORK (Reuters) - Wachovia Corp , the fourth-largest U.S. bank, will stop making mortgage loans through its branch offices in 19 U.S. states, a published report said.Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Aug 2008 | 11:47 pm Wachovia cuts back mortgage lending-reportNEW YORK (Reuters) - Wachovia Corp , the fourth-largest U.S. bank, will stop making mortgage loans through its branch offices in 19 U.S. states, a published report said.Source: Reuters: Business News | 8 Aug 2008 | 11:47 pm Vista Gold Corp. Announces Second Quarter Financial ResultsDENVER, Aug. 8 /PRNewswire-FirstCall/ -- Vista Gold Corp. (Amex: VGZ; TSX) announced today its financial results for the quarter and six months ended June 30, 2008, as...Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Aug 2008 | 11:46 pm Protiviti and SAP to Present Enterprise Compliance Webinar: SAP GRC Process Control - Reducing Cost and Improving the Value of Compliance ... Really!Session Will Address Managing Business Risks Using SAP Solutions MENLO PARK, Calif., Aug. 8 /PRNewswire-FirstCall/ -- WHAT: Protiviti, a leading global provider ofSource: Infocious RSS raw feed - channel BNewsBusiness | 8 Aug 2008 | 11:43 pm Canadian Markets: Continued drop in oil rankles Canadian stocksOil retreats almost $5 in the United States, hitting energy-laden Canadian stocks that pulled the market lower.Source: MarketWatch.com - Top Stories | 8 Aug 2008 | 11:37 pm Stocks to Watch: Stocks in focus for MondayA retreat in crude oil prices may pump more energy into the broader market on Monday but financial stocks are likely to remain pressured on mounting losses as banks and other institutions continue to write down the value of soured loans.Source: MarketWatch.com - Top Stories | 8 Aug 2008 | 11:37 pm Supply & Demand Chain Executive Announces Its 2008 Supply & Demand Chain Executive 100Leading Business Magazine Presents Annual Listing of Innovative Supply and Demand Chain Vendors FORT ATKINSON, Wis., Aug. 8 /PRNewswire/ -- Supply & Demand Chain ...Source: Infocious RSS raw feed - channel BNewsBusiness | 8 Aug 2008 | 11:31 pm Berkshire Hathaway 2nd-quarter profit falls 8 pctNEW YORK (Reuters) - Warren Buffett's Berkshire Hathaway Inc said on Friday second-quarter profit fell 8 percent, hurt by weaker results from insurance underwriting.Source: Reuters: Business News | 8 Aug 2008 | 11:27 pm Insurance woes eat into Berkshire profitsWarren Buffett's Berkshire Hathaway posted a drop in quarterly profits, as the conglomerate's insurance underwriting divisions continue to weigh on resultsSource: FT.com - US homepage | 8 Aug 2008 | 11:26 pm Top Ten: The top stories of the week from MarketWatchThere may not have been a giant sucking sound coming out of the commodities market this week, but if you listened closely, you might have heard the air coming out of yet another class of assets. First it was real estate, then securitized mortgages, then stocks. Well, now it's oil and other commodities.Source: MarketWatch.com - Top Stories | 8 Aug 2008 | 11:25 pm Former National Century CEO sentenced to prisonLOS ANGELES (Reuters) - The former chief executive of National Century Financial Enterprises, who was convicted in March of witness tampering and conspiracy, was sentenced on Friday to 10 years in federal prison.Source: Reuters: Business News | 8 Aug 2008 | 11:20 pm Weekend Edition: Where to invest as oil and commodity sectors tumbleMarket logic is that when commodities fall, certain sectors, such as financials, typically do well. But in a market that’s still highly volatile, it’s important to choose the right sectors and stocks. There are few clear plays for investors willing to jump into stocks but here are some promising areas.Source: MarketWatch.com - Top Stories | 8 Aug 2008 | 11:20 pm Latin American Markets: Brazilian, Mexican equities end session, week mixedMajor Latin American markets are mixed, with Brazilian equities slightly down as commodity prices moved lower.Source: MarketWatch.com - Top Stories | 8 Aug 2008 | 11:10 pm SiRF plunges on ruling in Broadcom patent caseShares of SiRF Technology plunges after hours after rival Broadcom says a U.S. Trade Commission judge has ruled in its favor in a patent dispute between the two tech companies.Source: MarketWatch.com - Top Stories | 8 Aug 2008 | 11:04 pm Global commercial property sales halved: studyNEW YORK (Reuters) - World sales of major commercial properties fell 49 percent to $306 billion in the first six months of 2008 from the same period last year, as sales in developed countries were hit hard by the credit crisis and slowing economies, a report released on Friday said.Source: Reuters: Business News | 8 Aug 2008 | 11:02 pm Global crunchBBC News explains the world economy in graphsSource: BBC News | Business | World Edition | 8 Aug 2008 | 11:02 pm Oil falls to $115 on economic worries, dollar gainsNEW YORK (Reuters) - Oil dropped $5 to a three-month low on Friday as the dollar surged and concerns about global economic growth weighed on demand expectations.Source: Reuters: Business News | 8 Aug 2008 | 11:01 pm Storm brewingChoppy economy rocks the yachting setSource: BBC News | Business | World Edition | 8 Aug 2008 | 11:01 pm Profits plunge at Schroders as investors fleeSchroders, Britain's biggest listed fund manager, reported a 27 per cent fall in profits yesterday and gave warning that demand from individual investors would slow as they shunned the financial markets.Source: Latest Business News from Times Online | 8 Aug 2008 | 11:00 pm Managers walk fine line on redundanciesThe boss of a big British bank was musing the other day on the contrast between this downturn and the last significant economic freeze in the early 1990s. The difference, he said, was in the quality of company management. In the previous downturn, for example, housebuilders dithered and delayed when confronted with empty show homes and falling house prices. This time, by contrast, he noted approvingly, they had acted with alacrity, dismissing legions of brickies, chippies and plasterers in less time that it takes to say “deceptively spacious”.Source: Latest Business News from Times Online | 8 Aug 2008 | 11:00 pm Global Radio allowed to own five London stationsGlobal Radio will be allowed to own five radio stations in London after a landmark ruling by the Office of Fair Trading that will allow one company to control half the capital's radio advertising market. The enlarged company, controlled by a consortium of investors fronted by Ashley Tabor, will hold Capital 95.8, Heart 106.2, Xfm, Choice FM and LBC after the OFT provisionally cleared Global's £375 million purchase of GCap Media.Source: Latest Business News from Times Online | 8 Aug 2008 | 11:00 pm Evolution or revolution? Suspense builds for Wii 2Nintendo fans rejoice: there may well be a new arrival in the group's family of consoles sooner than you think. Satoru Iwata, president of the Japanese computer games group that has been lauded for its ability to attract new waves of gamers, has admitted that the company is hard at work on a follow-up to the motion-sensing Wii.Source: Latest Business News from Times Online | 8 Aug 2008 | 11:00 pm BP production hit after attacks in the CaucasusRussian shares plunged by more than 6 per cent last night to their lowest level in 14 months as investors reacted to an outbreak of fierce fighting in South Ossetia.Source: Latest Business News from Times Online | 8 Aug 2008 | 11:00 pm Home repossessions by aggressive lenders surgeThe number of people losing their homes through repossessions leapt by almost half during the first six months of this year to its highest level for 12 years, it emerged yesterday.Source: Latest Business News from Times Online | 8 Aug 2008 | 11:00 pm Need to know: Boeing faces slowdown ... Gap falls ... BG Group discoveryEconomicsSource: Latest Business News from Times Online | 8 Aug 2008 | 11:00 pm Large caps point the way as markets reach the crossroadsProfessional investors may have lost their appetite for equities but companies clearly have not. That much was evident from this week’s outbreak of bidding activity in three corners of the stock market: Xstrata’s launch of a £5.2 billion hostile takeover offer for Lonmin, the platinum miner; an unsolicited tilt by Switzerland’s Adecco at Michael Page International, the £1.1 billion recruitment consultant; and, further down the scale, the admission by Collins Stewart, the fully listed investment bank, that it has received a preliminary approach, thought to be from an Asian rival.Source: Latest Business News from Times Online | 8 Aug 2008 | 11:00 pm Berkshire earnings drop in second quarterEarnings for Warren Buffett’s Berkshire Hathaway drops during the second quarter, as the holding company reported sharply lower underwriting earnings and posted lower unrealized gains from its securities.Source: MarketWatch.com - Top Stories | 8 Aug 2008 | 10:52 pm Washington Calendar: Washington events for Aug. 11 - 15Congress is on recess until Sept. 8. All times are Eastern time.Source: MarketWatch.com - Top Stories | 8 Aug 2008 | 10:32 pm Whole Foods recalls ground beefRead full story for latest details.Source: Business and financial news - CNNMoney.com | 8 Aug 2008 | 10:31 pm Oil's drop may spur rebound; CPI in focusNEW YORK (Reuters) - Wall Street may extend its recovery push next week as investors bet that a further drop in oil prices will restrain inflation and boost prospects for profit growth.Source: Reuters: Business News | 8 Aug 2008 | 10:28 pm Berkshire Hathaway profit falls 8%Read full story for latest details.Source: Business and financial news - CNNMoney.com | 8 Aug 2008 | 10:23 pm John Edwards admits extramarital affairJohn Edwards, the former Democratic presidential candidate, admitted in a television interview that he had an affair with a former campaign staffer and that he had repeatedly lied when asked about it by reportersSource: FT.com - US homepage | 8 Aug 2008 | 10:05 pm Berkshire Hathaway 2nd-quarter profit falls 8 pct (Reuters)
Source: Yahoo! News: Business | 8 Aug 2008 | 9:55 pm Where the big jobs areDespite the slump at lowlier levels of the job market, there's currently a war for senior management talent. In fact, 70% of executive recruiters surveyed by networking organization ExecuNet (www.execunet.com), say there's a shortage of people who can step in and run things.Source: Business and financial news - CNNMoney.com | 8 Aug 2008 | 9:54 pm Stocks end the week with a bangStocks soared Friday, with the Dow industrials spiking more than 300 points, as oil prices slumped almost $5 a barrel to three-month lows and the dollar rallied against other major currencies.Source: Business and financial news - CNNMoney.com | 8 Aug 2008 | 9:53 pm Rackspace IPO tanksHopes that the web-hosting company would reignite the moribund IPO market fade with its lackluster debut.Source: Business and financial news - CNNMoney.com | 8 Aug 2008 | 9:51 pm SEC formalizes Countrywide investigationRead full story for latest details.Source: Business and financial news - CNNMoney.com | 8 Aug 2008 | 9:33 pm Buffett Still Prints Money (BRK-A, BRK-B)
Unfortunately, traders maybe looking more forward to the new list of public company holdings than anything. Net earnings were listed as $2.880 Billion, with Investment & derivative gains/losses of $610 million and operating earnings of $2.27 Billion. To derive operating earnings, the company gave a breakdown of $360M for insurance-underwriting, $884M in Insurance-investment income, $1.086B in non-insurance businesses, and a "other" loss at -$60M. As a reminder, unrealized gains are not put in earnings. If you want a full breakdown by segment, here is the full quarterly filing with the full details. Even if those who question Berkshire Hathaway as a great investment vehicle ahead, it's obvious that the old guy still knows how to roll in the dough.
Jon C. Ogg Source: 24/7 Wall St. | 8 Aug 2008 | 9:31 pm Dell Inc. Rated `Outperform' at Credit SuisseSource: Bloomberg - All Podcasts | 8 Aug 2008 | 9:26 pm Buzz Aldrin Sees Need to `Re-Evaluate' Space ProgramSource: Bloomberg - All Podcasts | 8 Aug 2008 | 9:22 pm Mortgages get more expensive - againThe good news: Mortgage giant Fannie Mae is taking steps to shore up its finances. The bad news: You're going to pay for it when you take out a mortgage.Source: Business and financial news - CNNMoney.com | 8 Aug 2008 | 9:17 pm US stocks surge on 'watershed' dollar jumpThe US dollar enjoyed its biggest one-day jump against the euro in eight years, as the long-running tendency of the dollar to weaken while commodity prices strengthened went into a dramatic reverseSource: FT.com - US homepage | 8 Aug 2008 | 9:16 pm Fannie Mae posts another huge lossNEW YORK (Reuters) - Fannie Mae on Friday posted a much larger-than-expected second-quarter loss and slashed its dividend more than 85 percent to preserve capital as home loan defaults accelerated in the bleakest U.S. housing market since the Great Depression.Source: Reuters: Business News | 8 Aug 2008 | 9:10 pm Raymond James's Saut Uses ETFs to Bet On Rebound in FinancialsSource: Bloomberg - All Podcasts | 8 Aug 2008 | 8:55 pm VIX Index of U.S. Stock Option Prices Retreats 2.3% to 20.66Source: Bloomberg - All Podcasts | 8 Aug 2008 | 8:51 pm Oil's plunge powers rally on Wall Street (Reuters)
Source: Yahoo! News: Business | 8 Aug 2008 | 8:44 pm Oil's plunge powers rally on Wall StreetNEW YORK (Reuters) - U.S. stocks soared on Friday rounding out their best week in more than three months, as oil plunged below $115 a barrel, easing inflation concerns and improving prospects for business and consumer spending.Source: Reuters: Business News | 8 Aug 2008 | 8:43 pm Hot Jobs: Mac's is big on Cape CodMac's Seafood in Wellfleet, Mass., has been serving up eats to hungry beach-goers since 1995. For our Hot Jobs series, we stopped by to talk to one of the servers, who says the whole place really cooks.Source: Marketplace | 8 Aug 2008 | 8:39 pm Private-equity firm quietly makes dealsPrivate-equity firms invested just $50 billion in the U.S. in the first half of this year, compared to $300 billion last year. Private equity is a notoriously private business. But Amy Scott got a rare look at how one firm is adapting.Source: Marketplace | 8 Aug 2008 | 8:39 pm Week on Wall StreetStockbroker and business analyst David Johnson chats with host Kai Ryssdal about what happened on Wall Street this week and what may lie ahead.Source: Marketplace | 8 Aug 2008 | 8:39 pm Firm gets good results from bad ideasTens of thousands of new consumer products hit American store shelves every year. About 90% fail. A Michigan consulting company collects many of those products, and companies pay big bucks to get inside and have a peek. Dustin Dwyer reports.Source: Marketplace | 8 Aug 2008 | 8:39 pm Safeway expands organic brand's salesSome consumers are pushing their carts away from more expensive natural and organic brand names. So the Safeway grocery chain is offering its cheaper organic label -- even for competitors' shelves. Renita Jablonski reports.Source: Marketplace | 8 Aug 2008 | 8:39 pm Where's the loyalty to frequent fliers?If you've redeemed frequent flier miles lately, you may have found airlines are adding fees to them. The idea behind frequent-flier programs was to build customer loyalty. How long can the fees continue before the loyalty disappears? Alisa Roth reports.Source: Marketplace | 8 Aug 2008 | 8:39 pm UBS tries buyback to raise confidenceUBS says it will buy back $19 billion-worth of auction-rate securities from its customers. With billions of losses already on its books, can UBS afford it? Bob Moon reports that maybe they can't afford not to.Source: Marketplace | 8 Aug 2008 | 8:39 pm Consumers feel Fannie Mae's painFannie Mae announced a $2.3 billion loss for the quarter that ended in June, which makes some wonder what's next for the housing market and the American economy. Steve Henn reports.Source: Marketplace | 8 Aug 2008 | 8:39 pm D'Amato Says People Still `Very Ambivalent' About ObamaSource: Bloomberg - All Podcasts | 8 Aug 2008 | 8:38 pm Dollar Rally, Foreign Fears Fuel Domestic Funds (Daily ETF Wrap-Up)Retailers paced broad Wall Street gains as the dollar recouped some purchasing power.Source: SmartMoney.com | 8 Aug 2008 | 8:30 pm Google: AOL stake may be loserRead full story for latest details.Source: Business and financial news - CNNMoney.com | 8 Aug 2008 | 8:29 pm Banks lining up to make investors wholeIf your bank contacts you about a bond-like investment you made some time ago, don't ignore it. You could benefit from an unusual settlement that will allow you to get back 100% of your investment's value.Source: Business and financial news - CNNMoney.com | 8 Aug 2008 | 8:28 pm Bracing for a bump at the airportWhat to do if you show up at the gate and hear that dreaded word: "overbooked?" Host Tess Vigeland talks to Scott McCartney about how to cope -- and how you can even cash in with a little luck.Source: Marketplace Money | 8 Aug 2008 | 8:20 pm Taking on foreclosure on the gridironThere's an unlikely event taking place at Gillette Stadium this week: A foreclosure prevention workshop. What happens when personal finance meets pro football? Commentator Dan Drezner brings us the play-by-play.Source: Marketplace Money | 8 Aug 2008 | 8:20 pm Adjusting to the veggie lifestyleGoing vegetarian has got a lot of buzz these days, but what does it take to get acclimated to an entirely new diet, both for your stomach and your wallet? Cash Peters reports.Source: Marketplace Money | 8 Aug 2008 | 8:20 pm Work Life: Paddle tennis championOn this week's "A Day in the Work Life," we command the table with Scott Freedman, paddle tennis champion for two decades.Source: Marketplace Money | 8 Aug 2008 | 8:20 pm Getting PersonalIn this edition of Getting Personal, Chris and Tess talk about cashing out stock, when to start contributing to an IRA, market dislocations and changing financial priorities after a new baby.Source: Marketplace Money | 8 Aug 2008 | 8:20 pm Summer School: Universal defaultWe're taking you back to the basics with our summer refresher course on finance terms. Today, learn how one bad financial decision can snowball thanks to universal default.Source: Marketplace Money | 8 Aug 2008 | 8:19 pm The world of personal finance bloggersBlogs and websites about personal finance are popping up all over the web. What drives someone to open their wallet to the world? Host Tess Vigeland asks three personal finance bloggers.Source: Marketplace Money | 8 Aug 2008 | 8:19 pm Straight Story: UnderwaterBuzz is picking up that the housing market is headed for another cliff. Economics editor Chris Farrell sets the story straight on what's ahead for the ailing housing market.Source: Marketplace Money | 8 Aug 2008 | 8:19 pm Prime versus subprime loansHow did prime borrowers end up in the same boat as subprime borrowers? Host Tess Vigeland asks real estate investor Jeremy Brandt what was behind the push towards adjustable-rate and interest-only loans.Source: Marketplace Money | 8 Aug 2008 | 8:19 pm Mortgage crunch hits prime borrowersMany with good credit took out the same kinds of loans behind the subprime mess and those borrowers are starting to feel the same pain. Host Tess Vigeland talks to a listener with good credit and an interest-only loan.Source: Marketplace Money | 8 Aug 2008 | 8:19 pm Dow Surges 303 PointsThe major indexes erased Thursday's losses and finished the week higher after oil prices fell again.Source: SmartMoney.com | 8 Aug 2008 | 8:18 pm Economic Diary on U.S., U.K. and European InflationSource: Bloomberg - All Podcasts | 8 Aug 2008 | 8:17 pm On The Ball: Favre to Jets, Tiger's Absence, Olympics ConcernsSource: Bloomberg - All Podcasts | 8 Aug 2008 | 8:10 pm US news loses dominant voicesIn recent weeks, the number of authoritative voices in the US media has grown even smaller, with the death of Tim Russert, the host of NBC's Meet The Press show, and the retirement of Robert Novak, the veteran conservative columnist and talk show regularSource: FT.com - US homepage | 8 Aug 2008 | 8:09 pm CPI Due, MBA Mortgage Apps, Toyota's Sales PlungeSource: Bloomberg - All Podcasts | 8 Aug 2008 | 8:05 pm The 52-Week Low Club 8/8/2008 (CCOI)(ANAD)(WAVE)(PRX)(CDE)
Par Pharmaceutical (PRX) Cuts full-year guidance. Drops to $12.82 from 52-week high of $24.50. Nextwave Wireless (WAVE) Low on cash. Falls to $.89 from 52-week high of $7.49. ANADIGICS (ANAD) Warns on earnings and is downgraded. Sells off to $3.06 from 52-week high of $19.53. Cogent (CCOI) Cuts revenue and earnings forecasts. Plunges to $7.31 from 52-week high of $30.16. Douglas A. McIntyre Source: 24/7 Wall St. | 8 Aug 2008 | 7:55 pm Oil sinks to 3-month lowOil prices tumbled a 3-month low near $115 a barrel Friday as the dollar rallied strongly against slumping foreign currencies and concerns about a Turkish supply disruption were eased.Source: Business and financial news - CNNMoney.com | 8 Aug 2008 | 7:25 pm Analyst Tynan Says U.S. Automakers Lag in Small-Car SupplySource: Bloomberg - All Podcasts | 8 Aug 2008 | 7:13 pm Party crashers: China's stock markets dive as Games beginSource: L.A. Times - Business | 8 Aug 2008 | 6:33 pm Bill Clinton given prime Denver rolePity Barack Obama's choice as his vice-presidential running mate. That person is now scheduled to speak immediately after Bill Clinton at the Democratic convention in Denver this month, in an exercise that gets increasingly Clintonite as it draws closerSource: FT.com - US homepage | 8 Aug 2008 | 6:30 pm Fannie Mae loses $2.3bn and cuts dividendFannie Mae warned that the US housing crisis would last well into next year as it reported a $2.3bn second-quarter loss and slashed its dividend after recording $6.2bn in credit-related and investment lossesSource: FT.com - US homepage | 8 Aug 2008 | 6:11 pm 5 Best Coupon-Clipping Web Sites (Deal of the Day)Coupon sites are everywhere. Here's where you'll find the best, most reliable deals.Source: SmartMoney.com | 8 Aug 2008 | 5:52 pm Fed Wisely Avoided Making Risky Choice on Rates: CommentarySource: Bloomberg - All Podcasts | 8 Aug 2008 | 5:31 pm The buck stops here: Chrysler sneezes, Dollar Thrifty gets the fluSource: L.A. Times - Business | 8 Aug 2008 | 5:26 pm Fannie Mae posts another huge loss (Reuters)
Source: Yahoo! News: Business | 8 Aug 2008 | 5:24 pm Fannie Mae posts another huge loss (Reuters)
Source: Yahoo! News: Business | 8 Aug 2008 | 5:24 pm Telecom pays the tollChief executive Paul Reynolds has filled a gaping hole in the leadership at Telecom and analysts are welcoming what some yesterday called a "logical plan for change". But while Reynolds has a clear plan, there is no guarantee he...Source: New Zealand Herald - Business | 8 Aug 2008 | 5:00 pm Liam Dann : Road to recovery looks too long for investorsFriday morning, 10am - at Telecom's Auckland head office chief executive Paul Reynolds begins briefing a small gathering of journalists and analysts. The message: challenging times but a pretty good result, in line with market guidance. Meanwhile,...Source: New Zealand Herald - Business | 8 Aug 2008 | 5:00 pm GPG sells Tower Australia stakeGuinness Peat Group will not reveal how much profit it will make on the sale of its 29.7 per cent stake in Tower Australia, but one analyst reckons it is at least A$186 million ($237 million). GPG yesterday announced it had conditionally...Source: New Zealand Herald - Business | 8 Aug 2008 | 5:00 pm Brian Gaynor : Blame the mess on a lack of self-disciplineHow safe is my bank? "It's as safe as houses." The answer to that question is particularly appropriate because the New Zealand financial system, which includes banks, finance companies and mortgage funds, is highly exposed to the...Source: New Zealand Herald - Business | 8 Aug 2008 | 5:00 pm Exhilarating ride may finally be overLike the sports cars he loves to collect, the property market has provided Hanover Group co-owner Mark Hotchin with an exhilarating ride to the front of the pack. But while he has arguably shown great skill in keeping Hanover on...Source: New Zealand Herald - Business | 8 Aug 2008 | 5:00 pm Brent Sheather : Property fund freeze-up long overdueThe credit crisis continues to evolve. The latest manifestation of what started with a repricing of credit risk in the US has seen local unlisted funds investing in long duration, illiquid assets such as mortgages, CDOs and property...Source: New Zealand Herald - Business | 8 Aug 2008 | 5:00 pm Tainui bullish despite gloomy profit forecastOne of the country's richest tribes expects big spending and sliding property values to hit its bottom line this year. Mike Pohio, chief executive of Hamilton-based Tainui Group Holdings and Waikato-Tainui Fisheries, said net tax-paid...Source: New Zealand Herald - Business | 8 Aug 2008 | 5:00 pm Telecom suffers as earnings fall 30pcA 30 per cent fall in fourth-quarter earnings and a forecast of a second year of declining profit sent Telecom's share price on its biggest one-day plunge in more than two years. Shares in New Zealand's largest listed company yesterday...Source: New Zealand Herald - Business | 8 Aug 2008 | 5:00 pm Warner Music cuts lossesWarner Music Group, whose artists include Disturbed and Madonna, beat Wall Street expectations yesterday after reporting narrowed losses in the third quarter as growth in Europe helped offset a slowdown in global music sales. Online...Source: New Zealand Herald - Business | 8 Aug 2008 | 5:00 pm Hole in wall puts a hole in your pocketThe sting of using another bank's cash machine got a little sharper this week, with the country's biggest bank doubling the cost of getting cash from the competition. ANZ followed an April move by BNZ to hike the cost of using...Source: New Zealand Herald - Business | 8 Aug 2008 | 5:00 pm Georgia Not on Their MindsThe world oil market is usually extremely sensitive to geopolitical conflict. Today, it seems numb to anything but movements in the dollar.Crude prices are sliding even as fighting intensifies in a region that plays a crucial role in the conduit of oil from the Caspian Sea, Georgia. On the New York Mercantile Exchange, the benchmark oil futures contract fell as much as $4 this morning, to below $116 a barrel, before recovering a bit. Oil prices have declined by about 20 percent since drawing near $150 a barrel last month. Today's slump is driving a rally in U.S. stocks. Oil prices have been falling as the value of the dollar rises and amid signs of slowing demand. Oil on the world market is priced in dollars. But the slump also comes as Russian troops have entered South Ossetia, a pro-Moscow separatist region of Georgia. President Mikhail Saakashvili of Georgia told CNN that Russian warplanes have been bombing his country. "My country is in self-defense against Russian aggression," he said. "Russian troops invaded Georgia." Russia has vowed to defend its citizens in the region. The fighting could endanger two major pipelines that run from the Caspian Sea to the Turkish coast through Georgia. The Baku-Tbilisi-Ceyhan oil pipeline runs roughly 60 miles south of the South Ossetian capital of Tskhinvali. That pipeline has been closed since Tuesday because of an explosion in Turkey, but Reuters reported that the fire is expected to be extinguished by the weekend. "In other circumstances, you might have expected it to push oil up $5," John Kemp, an economist with RBS Sempra, told Reuters. "I think it's an indication of how bearish the underlying sentiment is right now" that it has not. Related Links Exchanges' Urge to Merge Giselle Was Right How the Futures Conundrum Causes Higher Food Prices Source: Portfolio.com: Top 5 | 8 Aug 2008 | 5:00 pm Blog: 'Mostly 99 Cents Only'? Famed retailer mulls a new pricing schemeSource: L.A. Times - Business | 8 Aug 2008 | 4:34 pm RBS has £691m loss in first halfRoyal Bank of Scotland posts a pre-tax loss of £691m in the first half of 2008, the second-biggest loss in UK banking history.Source: BBC News | Business | World Edition | 8 Aug 2008 | 4:24 pm Top 5 Keys to Retiring Early (Consumer Action)Make these financial moves and retiring early doesn't have to be a pipedream.Source: SmartMoney.com | 8 Aug 2008 | 4:11 pm Russian ADR's, ETF's, Funds Hit On Military Actions (TRF, CEE, RSX, MBT, MTL, ROS, VIP, WBD)Russian shares in ETF's, closed-end funds, and ADR's are taking a little beating this morning after Russian forces have rolled in with tanks, troops, and air raids into Georgia's breakaway South Ossetia region. Deciding who is responsible is up to you, particularly as Russia and its former Soviet Union states are known for information not coming out at all or not coming out in a timely and accurate manner. Here is a list of the reactions we are seeing in these stocks, funds, and ETF's. INDIVIDUAL RUSSIAN STOCK ADR's:
EXCHANGE TRADED FUND:
CLOSED-END FUNDS:
The open ended mutual funds won't really see any pricing changes until the net asset values update at the end of the day, so where those really trade at an end of day hypothetical net asset value might be guesswork. OPEN ENDED FUNDS:
Jon C. Ogg Source: 24/7 Wall St. | 8 Aug 2008 | 3:56 pm We Test 5 Supersized Suitcases (SmartMoney Magazine)Are the new crop of supersized suitcases worth their hefty price tags? We test five.Source: SmartMoney.com | 8 Aug 2008 | 3:51 pm How to Go Broke a Few Cents at a Time (Tradecraft)Don't wait too long to take losses. Plus: Attention Wal-Mart shoppers.Source: SmartMoney.com | 8 Aug 2008 | 3:44 pm India court okays mining projectsIndia's Supreme Court says two huge and controversial mining projects can proceed in the eastern state of Orissa.Source: BBC News | Business | World Edition | 8 Aug 2008 | 3:38 pm These Gadgets Will Make Your Trip to the Games a Winner (Deal of the Day)Heading to Beijing or another exotic locale? Gear up with these gadgets and services first.Source: SmartMoney.com | 8 Aug 2008 | 3:13 pm US productivity data ease inflation fearsUS productivity rose at an annualised rate of 2.2 per cent in the second quarter and labour costs jumped less than expected, easing inflation fears and dismissing any concerns that a 1970s-style wage-price spiral could start to unfoldSource: FT.com - US homepage | 8 Aug 2008 | 3:10 pm Fannie Mae unveils loss of $2.3bnUS mortgage finance company Fannie Mae plunges $2.3bn into the red as a result of housing market woes.Source: BBC News | Business | World Edition | 8 Aug 2008 | 3:07 pm Think We're in a Recession? Head to Disneyland. (Ahead of the Curve)A recent trip to Disneyland confirmed my belief that this country is not in a recession.Source: SmartMoney.com | 8 Aug 2008 | 3:04 pm OECD sees slower economic growthParis-based group the OECD says economic slowdown lies ahead for the seven biggest economies in the world.Source: BBC News | Business | World Edition | 8 Aug 2008 | 2:56 pm Our Robin Hood Government (Tradecraft)Bailing out homeowners in the name of the 'common good' doesn't do much good at all.Source: SmartMoney.com | 8 Aug 2008 | 2:53 pm Network Rail heads may lose bonusNetwork Rail chiefs could see their bonuses cut after a report commissioned by rail regulators suggests a raft of sweeping changes.Source: BBC News | Business | World Edition | 8 Aug 2008 | 2:50 pm Thai economic dispute escalatesA dispute between the Thai government and the country's central bank about economic policy escalates.Source: BBC News | Business | World Edition | 8 Aug 2008 | 2:37 pm Trouble Brewing in Oil Patch Merger? (SII, WHQ)On June 3, 2008, Smith International (NYSE:SII) and W-H Energy Services (NYSE:WHQ) entered into a definitive merger agreement that would have Smith paying $56.10 in cash and 0.48 common share for each W-H share outstanding. At the time, the transaction valued each W-H share at $93.55, for a total value of about $3.2 billion. Analysts looked on the deal as a good match. Smith kicked off the exchange offer on June 24th, and set the offer's expiration for midnight on July 22, 2008. W-H's board unanimously recommended that shareholders accept the offer. By July 18th, Smith had received tenders for just over 2 million shares of W-H's 30 million outstanding shares. So the tender offer was extended until August 4th. As of August 8th, a total of 8.2 million W-H shares had been tendered, and today Smith extended the tender date to August 18th, to coincide with the expected Hart-Scott-Rodino clearance. Smith withdrew and re-submitted its HSR filings on July 18th, following "consultation" with the US Department of Justice Anti-Trust Division. In today's press release, Smith noted that it "remains very confident that all required regulatory approvals" will be forthcoming. But the company is also appealing to W-H shareholders to get moving on those tenders: "Smith also announced that W-H shareholders may tender their shares pursuant to a guaranteed delivery option if such shareholder’s share certificates are not immediately available or cannot otherwise be delivered by the expiration date." Is something amiss with the anti-trust filing, are W-H shareholders ignoring the unanimous recommendation of the W-H board, or have W-H shareholders misplaced their share certificates? Virtually all of W-H's stock is held by institutional investors who are probably holding out for a better offer. W-H shares closed at $90.59 yesterday, so the $93.55 offer is not much of a premium from here. Both W-H and Smith are trading down this morning, Smith by more than $2.50. This deal looks like it's going to cost more than Smith originally planned. Either that, or W-H shareholders will sit tight.
Paul Ausick Source: 24/7 Wall St. | 8 Aug 2008 | 2:35 pm 6 Globe-Trotting Funds (Fund Screen)Global funds give investors instant access to hundreds of stocks around the world.Source: SmartMoney.com | 8 Aug 2008 | 2:30 pm China welcomes the worldChina pulled off a diplomatic triumph turning the Olympic opening ceremony from the low-key political event into a spectacular visual display attended by world leadersSource: FT.com - US homepage | 8 Aug 2008 | 2:06 pm UK home repossessions rise by 48%The number of properties repossessed by mortgage lenders in the UK rose by 48% in the first half of 2008, to 18,900.Source: BBC News | Business | World Edition | 8 Aug 2008 | 1:22 pm Can Apple Put iPhone Rumors To Bed? (AAPL)
The rumor mill has been saying that Apple would release a downsized version of the iPhone. Essentially the rumors are about an iPhone Nano. Even Business Week has covered it. The prevailing rumor for a stripped down and smaller version of the iPhone due sometime around Christmas. There is just one small problem. Apple cut its iPhone prices shortly after launching last year and took a little PR hit despite lowering the entry price to bring in more customers. Then its 3G version came out roughly a year later with strong demand. Its OEM has also been said to have bumped up production for the 3G iPhone. But a newer version of the iPhone within months of the huge launch? This might create confusion or might create some resentment from those who have lined up to buy each wave of products. Apple is cool. Apple fasion. But if the company is going to make these bits of fashion as seasonal and irrelevant as fast as a one season clothing item, then customers may start feeling more resentment. In today's economy, keeping up with the Jones's is easier to do. But having to constantly up-spend in shorter and shorter periods to keep up with them isn't the right call right now. We won't address how Apple handled the Steve Jobs health rumors.
Jon C. Ogg Source: 24/7 Wall St. | 8 Aug 2008 | 1:02 pm No way outProposed solutions may make the credit crunch worseSource: BBC News | Business | World Edition | 8 Aug 2008 | 12:54 pm Hit the FannieIf Freddie Mac's big loss on Wednesday was scary, the whopper from Fannie Mae today should really give fright.
Related Links What Was Ken Lewis Thinking? The Great Panic Dud Loans Slap Freddie Mac Source: Portfolio.com: Top 5 | 8 Aug 2008 | 12:30 pm No Matter How Hard It Tries, McDonald's (MCD) Can't Stop Growing
McDonald's said that US revenue was helped by breakfast traffic. In Europe, results were especially strong, pushed ahead by 7.6%. The people on the continent used to be great chefs, but that must be over. Douglas A. McIntyre Source: 24/7 Wall St. | 8 Aug 2008 | 12:26 pm Fannie Mae (FNM): Misery Loves Company
The mortgage company reported a loss of $2.3 billion, or $2.54 a share. According to MarketWatch, Analysts surveyed by FactSet Research were expecting the big mortgage buyer to report a loss of 91 cents a share. Fannie Mae also cuts its dividend to $.05 from $.35. So much for that attractive yield. Douglas A. McIntrye Source: 24/7 Wall St. | 8 Aug 2008 | 12:20 pm What Happened To All Of The Safe Haven Stocks? (AAPL)(WMT)(T)(GOOG)(XOM)(GE)
Investors have begun to turn to Wal-Mart as a safe haven. The company has a strong balance sheet, good cash flow, and a modest 1.7% yield. The shares were supposed to hold up as the stock market went down. The stock was almost $61 before Wal-Mart posted its July numbers. Then, it collapsed straight down to under $57. Wal-Mart joins a list of large-cap stocks which were supposed to be good investments as the economy slowed. Most of the corporations on that list have proven that they don’t belong. For some of them, it only took one quarter’s results.
Each of these companies will be around for decades, but many of them have underperformed the Dow in the last quarter. They are hardly “safe” for investors who want to preserve capital in a bad market. If these firms can’t post promising results, not many companies can. Douglas A. McIntyre Source: 24/7 Wall St. | 8 Aug 2008 | 12:08 pm Analyst Downgrades 8/8/2008
Ann Talor (AMM) Cut to Market Perform at FBR Bank of America (BAC) Cut to Neutral at UBS FEMSA (FMX) Cut to Equal Weight at Morgan Stanley Hansen Natural (HANS) Cut to Neutral at JPMorgan. Source: 24/7 Wall St. | 8 Aug 2008 | 11:48 am
|
Why should Freddie Mac (FRE), the big banks and large brokerage firms have all the fun losing billions of dollars. Fannie Mae crashed the party today by announcing mind-boggling losses and cutting its dividend. The push shares down 13%
