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Crisis on Dealers' RowCar dealers are fighting for survival, and maybe an upper hand, as business turns cold.Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 5:28 pm Hundreds wait at Verizon stores for BlackBerry Storm (Reuters)
Source: Yahoo! News: Business | 21 Nov 2008 | 5:25 pm Unemployed? More help for youCongress passed legislation late Thursday to extend the period of government assistance to Americans struggling in the shrinking job market.Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 5:25 pm Bargain hunters lift stocks, but Citi sinks (Reuters)
Source: Yahoo! News: Business | 21 Nov 2008 | 5:24 pm Retired from GM: One worker's fearsStanding at the factory gate he once entered for 33 years is like visiting a cemetery for George Hall.Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 5:11 pm Stocks in tough road higherStocks struggled to rise Friday in volatile trading as the major gauges bounced around fresh multi-year lows and investors kept an eye on Citigroup.Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 5:10 pm BlackBerry Bold selling "really well": RIM co-CEOTORONTO (Reuters) - Research In Motion's high-end BlackBerry Bold smartphone is selling "really well," the company's co-CEO said on Thursday, even as an analyst warned RIM would not be immune from the slowing economy.Source: Reuters: Business News | 21 Nov 2008 | 5:06 pm Wal-Mart names Mike Duke to replace Scott as CEO (AFP)
Source: Yahoo! News: Business | 21 Nov 2008 | 5:05 pm London Markets: Pharma leads London to lower close; miners buck trendInvestors returned to the metals sector in London Friday, but it wasn’t enough to sustain a rally through the afternoon and stocks closed lower once again, led by declines in the pharmaceutical sector.Source: MarketWatch.com - Top Stories | 21 Nov 2008 | 5:05 pm Citigroup (C) Finally Gets It Right By Considering Auction Block
Shares of the big bank fell to a low of $3.57. In the summer of 2007, that stock traded about $52. Finally, Citi has determined that it may not have the people or the balance sheet to stay in business on its own. According to The Wall Street Journal, "Executives at Citigroup Inc., faced with a plunging stock price, began weighing the possibility of auctioning off pieces of the financial giant or even selling the company outright, according to people familiar with the matter." Citi's board may be looking at the difficulty that Barclays (BCS) is having raising $10 billion in new capital. Some large shareholders are against the pricing and dillution which would come from the deal, and the plan to issue shares may be voted down. If that happens, Barclays is in real trouble having lost access to a huge new pool of capital If the Cit's stock continues to fall and customers of the firm lose confidence in its ability to operate, Citi could face a fate like Wachovia's, which the federal government forced into a sale to Wells Fargo (WFC), or AIG (AIG) which sold a controlling interest to the Fed in exchange for what has turned out to be over $100 billion in loans. Citigroup still has time to avoid coming to an ignominious end, but that time is running out. If Barclays shareholders turn down it plan to raise money, Citi will also be running out of options. Douglas A. McIntyre Source: 24/7 Wall St. | 21 Nov 2008 | 5:05 pm Wal-Mart makes surprise CEO appointmentIn a surprise move, No. 1 retailer Wal-Mart Stores names its top international executive, Mike Duke, to succeed Lee Scott as president and chief executive officer.Source: MarketWatch.com - Top Stories | 21 Nov 2008 | 5:05 pm Citi under $4, Pandit said to reject Smith Barney saleAmid speculation its board of directors might consider a sale of all or part of the company, shares of Citigroup continue to fall prey to heavy selling.Source: MarketWatch.com - Top Stories | 21 Nov 2008 | 5:04 pm Telecom Stocks: Sprint, Verizon gain; AT&T lowerWASHINGTON (MarketWatch) - Sprint Nextel Corp and Verizon Communications Inc. led telecommunications stocks in Friday trades after several days of sharp losses. Stocks were split between advancers and decliners, with early gains mostly evaporated.Source: MarketWatch.com - Top Stories | 21 Nov 2008 | 5:01 pm Citigroup plunges on uncertaintyShares in Citigroup, one of the biggest banks in the US, fell on Friday amid uncertainty about the firm's future.Source: BBC News | Business | World Edition | 21 Nov 2008 | 5:00 pm NewsWatch: U.S. stocks struggle to retain gains as financials hit againU.S. stocks on Friday returned to modest gains after a brief dip into the red, with Citigroup's pummeled shares again bruising the financial sector.Source: MarketWatch.com - Top Stories | 21 Nov 2008 | 5:00 pm Earnings, sales declines push Dell lower after shortlived rallyShares of Dell Inc. rally after the computer giant reports a 5% drop in third-quarter earnings as sales also decline due to what executives called "a challenging demand environment," particularly during October.Source: MarketWatch.com - Top Stories | 21 Nov 2008 | 5:00 pm Europe Markets: Pharmaceuticals slide as stocks in Europe end lowerStocks in Europe couldn’t hold early gains Friday, fading to conclude a brutal week as data showed the Continent’s economy contracting at a brisk pace.Source: MarketWatch.com - Top Stories | 21 Nov 2008 | 4:58 pm Market Snapshot: U.S. stocks struggle to retain gains as financials hit againU.S. stocks on Friday returned to modest gains after a brief dip into the red, with Citigroup's pummeled shares again bruising the financial sector.Source: MarketWatch.com - Top Stories | 21 Nov 2008 | 4:53 pm Households to cut Christmas gifts spending: surveyNEW YORK (Reuters) - U.S. households could cut spending on Christmas gifts by about 11.3 percent this year, the Conference Board said on Friday, as the worst economic crisis since the Great Depression erodes consumer wealth.Source: Reuters: Business News | 21 Nov 2008 | 4:52 pm GM to return two leased jets amid criticismDETROIT (Reuters) - General Motors Corp will return two of its leased corporate jets amid intense criticism in Washington this week on the luxury travel arrangements of its chief executive even as the company pleads for federal aid.Source: Reuters: Business News | 21 Nov 2008 | 4:49 pm GM to return two leased jets amid criticism (Reuters)
Source: Yahoo! News: Business | 21 Nov 2008 | 4:49 pm DTE Energy Signs With Fifth Third Bank's Highly Accurate ProductCINCINNATI, Nov. 21 /PRNewswire-FirstCall/ -- Fifth Third Bank (Nasdaq: FITB) recently signed DTE Energy, a Detroit-based diversified energy company, to bring the...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Nov 2008 | 4:49 pm RBC's Cassidy Says Financials `Still Very Dangerous'Source: Bloomberg - All Podcasts | 21 Nov 2008 | 4:48 pm California unemployment jumps to 8.2%, third-highest in the U.S.The state's unemployment rate rises half a percentage point in October from the month earlier. In the past 12 months, more than 100,000 jobs have been lost.California's unemployment rate rose dramatically in October to 8.2%, its highest level in 14 years, the U.S. Department of Labor reported this morning. Source: L.A. Times - Business | 21 Nov 2008 | 4:48 pm Wal-Mart Watch Responds to Lee Scott Stepping Down as Wal-Mart CEOWASHINGTON, Nov. 21 /PRNewswire-USNewswire/ -- In response to Wal-Mart's announcement today that Mike Duke will replace Lee Scott as the Chief Executive Officer, Wal-Mart...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Nov 2008 | 4:44 pm The Fed: Richmond Fed's Lacker doubts U.S. will experience deflationIt’s unlikely that the U.S. economy will experience a period of generally falling prices, known as deflation, in coming months, the president of Federal Reserve Bank of Richmond, Va., says.Source: MarketWatch.com - Top Stories | 21 Nov 2008 | 4:43 pm Citigroup directors weigh options as crisis deepensCitigroup's crisis deepened as its shares continued to slump in spite of a planned investment of about $250m by Prince Alwaleed Bin Talal, its largest individual investorSource: Financial Times - US homepage | 21 Nov 2008 | 4:42 pm Cheap gas can't save the economyThe stock market stinks like a moldy piece of Limburger cheese. Unemployment is on the rise. Home prices continue to fall. There are fears that one or more of Detroit's Big Three could go bankrupt.Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 4:41 pm User video content under siegeIf you visit YouTube.com - where close to half of all online video is seen - the power-to-the-people motto "Broadcast yourself" appears at the top of your browser. Lately, though, it's hard not to wonder if the "you" in YouTube doesn't increasingly refer to "them": the Big Kahuna media companies whose video wares have been gaining more notice both on YouTube and elsewhere on the web.Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 4:40 pm Bond Report: Treasury yields rise from multi-year lows as stocks reboundTreasury prices decline, pushing yields up from multi-year lows seen during the previous session, as the bond market reflects on a remarkable week.Source: MarketWatch.com - Top Stories | 21 Nov 2008 | 4:36 pm Beacon Equity Issues Technical Trade Alerts on Recent Analyst Upgrades: HOTT, WIN, DSX, GYMB, BMS, AWCDALLAS, Nov. 21 /PRNewswire/ -- BeaconEquity.com announces the availability of Trade Alerts on stocks making news today. Investors can view all of the daily...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Nov 2008 | 4:35 pm Economic Slowdown Hits GPON Market, Report FindsA drop in new home construction and delays in FTTH deployment will hinder GPON revenues, but the market will continue to grow, says Light Reading Insider NEW YORK,...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Nov 2008 | 4:30 pm Citigroup shares drop as CEO plans to keep Smith BarneyNEW YORK (Reuters) - Citigroup Inc shares tumbled for a fifth straight day, as Chief Executive Vikram Pandit tried to downplay speculation the banking giant might sell major businesses to restore its health and investor confidence.Source: Reuters: Business News | 21 Nov 2008 | 4:28 pm Citigroup shares drop as CEO plans to keep Smith Barney (Reuters)
Source: Yahoo! News: Business | 21 Nov 2008 | 4:28 pm MutualFirst Financial, Inc., Declares Cash DividendMUNCIE, Ind., Nov. 21 /PRNewswire-FirstCall/ -- MutualFirst Financial, Inc. (Nasdaq: MFSF), the holding company of MutualBank, has announced the Company will pay a cash...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Nov 2008 | 4:24 pm Big Three jet into furore over funding callThe irony was about as subtle as an SUV.Source: Latest Business News from Times Online | 21 Nov 2008 | 4:22 pm JAL Hotels Co., Ltd. Plans New Nikko Hotels in IndiaJAL Hotels Will Operate Luxury Hotels for DB Hospitality Private Limited TOKYO, Nov. 21 /PRNewswire/ -- JAL Hotels Co., Ltd. has signed a comprehensive agreement...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Nov 2008 | 4:22 pm Wall St. falls as economic woes, Citi weighNEW YORK (Reuters) - U.S. stocks fell into negative territory on Friday as shares of financials including Citigroup declined and investors worried about the deepening economic slump.Source: Reuters: Business News | 21 Nov 2008 | 4:21 pm USA Solutions Designs New Compost-A-Mat Sizes for Pork ProducersST. JOSEPH, Minn., Nov. 21 /PRNewswire/ -- USA Solutions announces two new sizes of Compost-A-Mats that can be used in farrowing and wean-to-finish barns. Producers can...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Nov 2008 | 4:21 pm Seven Summits Research Releases Comments on JPM, MO, INFY, BMY, and ITUCHICAGO, Nov. 21 /PRNewswire/ -- Seven Summits Research releases NewsBites on key stocks. Seven Summits Strategic Investments NewsBites are available to allSource: Infocious RSS raw feed - channel BNewsBusiness | 21 Nov 2008 | 4:16 pm Obama not eyeing prepackaged carmaker bankruptciesCHICAGO (Reuters) - President-elect Barack Obama's transition team is not exploring a prepackaged bankruptcy plan for U.S. automakers, officials from Obama's team said on Friday.Source: Reuters: Business News | 21 Nov 2008 | 4:15 pm U.S. consumers expect steep unemployment rise: surveyNEW YORK (Reuters) - U.S. consumers expect the unemployment rate to rise steeply in a prolonged recession, and as a result have slashed spending plans, according to a survey released on Friday.Source: Reuters: Business News | 21 Nov 2008 | 4:13 pm Free, Gift-Wrapped TD Bank Visa(R) Gift Card = Perfect GiftMore than a Gift Card, it's a Present CHERRY HILL, N.J., Nov. 21 /PRNewswire/ -- With the National Retail Federation projecting a 5.5 percent decrease in sales this...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Nov 2008 | 4:13 pm Citi shares drop again despite sale speculationShares of Citigroup enjoyed a brief bounce Friday morning before heading lower once again, falling 16% despite reports that the beleaguered bank may be looking to raise more capital or even sell the whole firm.Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 4:04 pm PPL to Pay Quarterly Stock Dividends Jan. 1ALLENTOWN, Pa., Nov. 21 /PRNewswire-FirstCall/ -- PPL Corporation (NYSE: PPL) on Friday (11/21) declared a quarterly common stock dividend of $0.335 per share, payable...Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Nov 2008 | 4:03 pm Fonterra takes axe to payout forecastDairy giant Fonterra has slashed its payout forecast, ripping more than $700 million from the economy. Fonterra yesterday made an unscheduled change to its forecast payout to farmers, cutting it by 60c to $6 per kg of milksolids. Based...Source: New Zealand Herald - Business | 21 Nov 2008 | 4:00 pm English calls for private sector supportNew infrastructure minister Bill nglish has laid down the challenge to business to come up with ideas to become involved in a construction spendup one estimate puts at $70 billion over the next decade. English says the Government...Source: New Zealand Herald - Business | 21 Nov 2008 | 4:00 pm Liam Dann : Time to start building your ArkWhat a week. It hasn't had any key flashpoint - like the high drama of the Lehman Brothers collapse or the day on October 10 when the credit markets froze - but the bad news just kept piling up. What makes the news of the past...Source: New Zealand Herald - Business | 21 Nov 2008 | 4:00 pm Wall St freefall hits local sharesThe New Zealand sharemarket suffered yet another horrid session yesterday, following the latest Wall St rout. Wall St went into freefall, with major indices falling more than 5 per cent after oil fell sharply, politicians baulked...Source: New Zealand Herald - Business | 21 Nov 2008 | 4:00 pm Brian Gaynor: The bigger the bubble, the more the troubleThe economic outlook is even more downbeat in Europe than it is in New Zealand. Share markets are tumbling and the media are dominated by reports of depressed housing markets, banking problems and job losses. Economic pessimism...Source: New Zealand Herald - Business | 21 Nov 2008 | 4:00 pm China plans to overhaul dairy industryChina has announced a complete overhaul of its dairy industry to improve safety at every step - from cow breeding to milk sales - saying its worst food quality scandal in years had revealed "major problems". Changes will be made...Source: New Zealand Herald - Business | 21 Nov 2008 | 4:00 pm Rolls-Royce to slash 2000 jobs as demand slumpsRolls-Royce Group said yesterday it plans to cut up to 2000 jobs next year as demand for its products slumps amid the global economic downturn. The aircraft engine maker plans to slash 140 jobs at its aerospace assembly and test...Source: New Zealand Herald - Business | 21 Nov 2008 | 4:00 pm Diana Clement: Retirement decisions can be a minefieldOlder people face a minefield when it comes to the choice between staying at home and moving to retirement facilities. For those who want to keep their wealth, staying at home is one of the few options available - but even then...Source: New Zealand Herald - Business | 21 Nov 2008 | 4:00 pm Mary Holm: Christmas cheer closer to homeQ: I was interested in your article last week in regard to giving meaningful Christmas presents. While it is commendable to encourage people to buy a goat or a chicken for the unseen poor overseas there is a charity much closer...Source: New Zealand Herald - Business | 21 Nov 2008 | 4:00 pm Tanker diversion warningThe head of the International Maritime Organisation warned yesterday of "a series of negative repercussions" if ships have to reroute round southern Africa to avoid piracy in the Gulf of Aden. One of the world's biggest shippers,...Source: New Zealand Herald - Business | 21 Nov 2008 | 4:00 pm Wal-Mart's Scott retiring as CEO, Duke to succeedNEW YORK (Reuters) - Wal-Mart Stores Inc, the world's largest retailer, said Lee Scott will retire as chief executive early next year and will be succeeded by Mike Duke, who heads its international operations.Source: Reuters: Business News | 21 Nov 2008 | 3:57 pm Wal-Mart's Scott retiring as CEO, Duke to succeed (Reuters)
Source: Yahoo! News: Business | 21 Nov 2008 | 3:57 pm Wall Street recovers some of heavy lossesUS stocks recovered some ground from the 11 year lows hit in the previous session as investors hoped for a possible rescue or merger for Citigroup that could help ease mounting concerns over the health of the financial systemSource: Financial Times - US homepage | 21 Nov 2008 | 3:54 pm Help for mounting 401(k) lossesQuestion: I'm retired and my 401(k) has lost approximately 35% over the past year. My financial adviser tells me to stay the course, but the losses keep mounting. What should I do? -Dale Marcos, Lafayette, IndianaSource: Business and financial news - CNNMoney.com | 21 Nov 2008 | 3:49 pm Stocks show moderate advance after sell-offNEW YORK -- Wall Street took a break from two days of steep selling to show a moderate advance today as energy, technology and financial stocks mostly rose.Source: L.A. Times - Business | 21 Nov 2008 | 3:44 pm Stocks show moderate advance after sell-offNEW YORK -- Wall Street took a break from two days of steep selling to show a moderate advance today as energy, technology and financial stocks mostly rose.Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 3:44 pm Pressure grows on Obama as world economy deterioratesLONDON/NEW YORK (Reuters) - US stocks recovered some ground on opening on Friday, though Citigroup fell further, amid continued fear that central bank moves to stabilize financial markets might not be enough to prevent a prolonged global recession.Source: Reuters: Business News | 21 Nov 2008 | 3:42 pm Gas prices below $2It took gas prices more than three years to rise from $2 to a record high of $4.11, but just four months to plummet all the way back again - and then some.Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 3:40 pm New Chips Can't Save AMD (AMD)(INTC)
AMD's shares currently trade at $1.85. Less than two years ago, the stock was at $22. AMD has replaced its CEO, but it cannot replace its balance sheet with $4.9 billion in debt and its P&L which move from losses to tiny operating profits from quarter to quarter. Wall St. have thrown in the towel on AMD. It makes perfectly outstanding products, but it is up against a company which has 80% of the global market and a substantial balance sheet. Investors don't think AMD can maneuver into a really competitive position with its boat anchor of financial obligations. Douglas A. McIntyre Source: 24/7 Wall St. | 21 Nov 2008 | 3:39 pm Duke to replace Scott as Wal-Mart chiefWal-Mart, the world's largest retailer, surprised investors with the announcement that Lee Scott, chief executive since 2000, would retire in February as the retailer flourishes amid the broad economic downturnSource: Financial Times - US homepage | 21 Nov 2008 | 3:31 pm EU warns against car subsidy raceEU Competition Commissioner Neelie Kroes tells France and Germany not to start a "subsidy race" to save the car industrySource: BBC News | Business | World Edition | 21 Nov 2008 | 3:30 pm Sanford's Hintz Says Citigroup Should Ride Out CrisisSource: Bloomberg - All Podcasts | 21 Nov 2008 | 3:27 pm Fortis's Ballard Likes Banking Industry Dividend YieldsSource: Bloomberg - All Podcasts | 21 Nov 2008 | 3:25 pm Hewlett-Packard Rated `Buy' at Goldman on Earnings ResiliencySource: Bloomberg - All Podcasts | 21 Nov 2008 | 3:20 pm Oil rallies from 3-1/2 year lowsLONDON (Reuters) - Oil rallied from three-and-half-year lows on Friday, spurred partly by gains in global stock markets reflecting hopes that central banks around the world might cut interest rates, including China.Source: Reuters: Business News | 21 Nov 2008 | 3:18 pm Wal-Mart names Duke to succeed Scott as CEOBENTONVILLE, Ark. -- Wal-Mart Stores Inc., the world's largest retailer, unexpectedly announced today that its chief executive will retire in February and be replaced by the head of its international division...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 3:18 pm Wal-Mart names Duke to succeed Scott as CEOBENTONVILLE, Ark. -- Wal-Mart Stores Inc., the world's largest retailer, unexpectedly announced today that its chief executive will retire in February and be replaced by the head of its international division.Source: L.A. Times - Business | 21 Nov 2008 | 3:18 pm Is Gap (GPS) Back From The Dead?Is retailer Gap (GPS) back from the dead? At least two analysts think so following the company's solid third quarter results and guidance after the close. This morning, Gap's stock is trading 10% higher. Gap reported third quarter EPS of $0.35, 1 cent better than the analyst estimate of $0.34. Revenue for the quarter was $3.6 billion, versus the consensus of $3.57 billion. The company also reaffirmed their FY08 EPS guidance of $1.30 to $1.35. Even a slight beat and a reaffirmation of guidance is a huge positive in this brutal retail environment. Source: 24/7 Wall St. | 21 Nov 2008 | 3:10 pm Citigroup shares plunge 18% as board meetsShares in Citigroup fell by nearly 18 per cent in early trading as the US bank called a board meeting to discuss its future stability, including whether to find a merger partner or sell-off some of its assets.Source: Latest Business News from Times Online | 21 Nov 2008 | 3:07 pm Fair value: the pragmatic solutionBookkeeping rules have taken a lot of heat in this year's financial meltdown. But some accountants have an idea that could cool the debate over so-called fair value accounting.Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 2:53 pm World Cup woesWill the downturn threaten the 2010 World Cup?Source: BBC News | Business | World Edition | 21 Nov 2008 | 2:45 pm Has Gap Finally Found Redemption? (GPS)
After the close yesterday, Gap posted earnings at $0.35 EPS on revenue of $246 million. While other retailers are stinking up a storm, this compares to earnings of $0.30 EPS and $238 million last year. While sales did drop over 7% to $3.56 billion, analysts' estimates from Thomson Reuters (First Call) were only $0.34 EPS and $3.57 billion. The company said that it still expects earnings of $1.30 to $1.35 per share for the full year year, and this compares to analysts' estimates of $1.33 per share. Gap is under a new CEO named Glenn Murphy, and his efforts at managing inventory, cutting costs, closing stores and consolidating Gap format stores appears to be paying off. This is on top of same store sales in the quarter coming in at -12%, which is worse than the -5% last year in the same period. Murphy did give the same sort of caution ahead by saying that the fourth quarter is going to be a challenging one. He also said that he does not expect any improvement in the economy for at least six months. Old Navy continues to be the eye-sore here. Its same store sales were down at -18% for the quarter. The Gap brand stores posted same store sales of -7% in North America and the Banana Republic brand saw a drop of -11% as it is a higher-end purchase. There is one thing that the namesake Gap brand and Old Navy have in common, which is not the case at the upscale Banana Republic. They are low-priced retailers. Joe Public is pinching pennies left and right, and this may be playing into the company's favor. Murphy is lowering inventories to compensate for the environment and he is still cutting down real estate holdings. The company is likely still a ways off from posting positive same store sales gains, but the good news is that the bar is being set lower and lower. That will act as a springboard when he does (if he does) get the ship turned. What is amazing is that despite all of the drops in same store sales on an endless basis and despite all of its problems, the company has continued to be profitable. We still believe that the company needs to jettison Old Navy off to shareholders. Right now that brand should be called Old Lamie. if the company can change its image and keep its price point, it could actually have a solid value offering while the world is in the poor house. Shares closed at $9.51 yesterday and the absolute intra-day low is $9.41 over the last year (also yesterday). This stock has only seen the sub-$10 level yesterday and it was above $19.00 in September. Shares are up 13% at $10.75 right before the open. Even at this morning's gap-up price, Gap now trades at about 8.3-times projected earnings. It gets easy to keep ringing the same tune at troubled companies calling. Some companies do ultimately make a turn, and it is important for critics to have a moment of clarity and recognize that things may be changing. As long as the market tank-o-la doesn't keep coming over and over, this one may finally be worth a look. For the time being we are actually going to keep this one on a positive watch list. Stay tuned.
Jon C. Ogg Source: 24/7 Wall St. | 21 Nov 2008 | 2:32 pm Darling 'to force banks to lend'Chancellor Alistair Darling is reportedly planning to force banks to lend to small firms in the pre-Budget report.Source: BBC News | Business | World Edition | 21 Nov 2008 | 2:09 pm Warren Buffett Double Dipping in USG (USG, BRK-A, FFH)
In the deal, it looks like $300 million are being sold to Warren Buffett's Berkshire and $100 million to Fairfax Financial Holdings Limited. This is not a new investment for Buffett. Berkshire Hathaway already holds the largest independent share of this stock. The notes will bare a rate of 10% initially. USG will also seek shareholder approval to allow conversion of the notes into shares of USG common stock and if approved these will come at a conversion price of $11.40 per share. Here is where this deal gets interesting. If shareholder approval is not obtained prior to the 135th day after closing of the sale of the notes, the notes will come to 20% per year until after shareholder approval is obtained. This shareholder approval should be easy to get considering that Berkshire owns a significant chunk of it already. Berkshire Hathaway and Fairfax have agreed to vote all shares in favor of the proposal to permit conversion of the notes. This is really bolstering the value of the stock this morning at USG. Shares closed yesterday at $5.66, making Buffett's stake worth only around $100 million. Considering that this stock has sold off 90%, that is a substantial blow without this new investment. Shares are trading up 37% at $7.66 this morning before the open.
Jon C. Ogg Source: 24/7 Wall St. | 21 Nov 2008 | 2:04 pm Change at Wal-MartThe bad news? You get to run a retailer when consumer spending has collapsed. The good news? It just happens to be the biggest, most-powerful retailer in the world, one whose discounting, efficiencies, and global reach have allowed it to prosper during a recession. Smiling on Wal-Mart Storm Clouds Over Black Friday Wal-Mart Crams for Back-to-School Source: Portfolio.com: Top 5 | 21 Nov 2008 | 2:00 pm Obama Camp Denies Pre-Packaged Chapter 11 Plan For Detroit
According to Reuters, President-elect Barack Obama's transition team is not exploring a prepackaged bankruptcy plan for U.S. automakers, officials from Obama's team said on Friday. Douglas A. McIntyre Source: 24/7 Wall St. | 21 Nov 2008 | 1:53 pm Lee Scott Out At Wal-Mart (WMT)
The board also promoted Eduardo Castro-Wright to vice chairman of Wal-Mart Stores, Inc., effective immediately. Lee Scott is apparently only going to serve as an adviser for a period of time. Mike Duke is president of Wal-Mart International, and the company will make a successor announcement by the end of the fiscal year. Lee Scott was one of our CEO's To Go, but that was for 2007. He was essentially bailed out by the recession because the stock never performed well under him during the bull market. Our list of the 10 CEO's To Go for 2008 saw 7 or 8 of the 10 choices come to fruition. Update at 9:05 AM EST: Wal-Mart shares are up 1.6% at $51.50 in the pre-market.
Jon C. Ogg Source: 24/7 Wall St. | 21 Nov 2008 | 1:48 pm The Black Friday Ten: Retailers Who May Not See 2009 (BONT)(DDS)(TLB)(PIR)(CPWM)(WSM)(CHS)(SKS)(EBHI)(RDA)
The most astonishing fact about the retail industry now is that the environment has gotten much worse than it was when each of these businesses began to fail. Sales at stores across the country will be down this holiday season. Some analysts believe that the numbers will be as bad as for any fourth quarter in thirty-five years. Adding to the problem of slow consumer spending brought on by the recession is an unprecedented liquidity crisis. Retailers who need access to capital for inventory, rent, and personnel costs are finding that it is nearly impossible to get access to funds without a pristine balance sheet and a history of substantial positive cash flow. These troubles point to a number of other retail chains going out of business between now and early next year. Sales on Black Friday, the day after Thanksgiving, which is considered the bellwether of holiday sales, will determine the fate of several companies which are now viewed as the weakest operators in the industry. Here is a list of ten companies which may well not make it if their sales drop by double digits this holiday season compared to last: 1. Bon-Ton Stores (BONT) trades at $.80, down from a 52-week high of $15.06. That probably says all that needs to be said, but there is more. Over its last three fiscal quarters BONT has lost $82 million. In the latest quarter, same-store sales were off over 8% and total revenue was down 7% to $725 million. The company has interest expense of $25 million. BONT says that its revolving credit facility will get it through any cash crunch. Maybe. With long-term debt of $2.5 billion and $374 million in accounts payable, there is not much margin for error. The company needs an outstanding holiday season. 2. Dillard's (DDS) is a retail operator that really is in trouble. It has 318 stores, which makes it a relatively small operation in a world dominated by outfits like Sears (SHLD) which has more than 3000 locations. Dillard's stock is at $2.83, down from a 52-week high of $23.11. S&P dropped the company's credit rating recently and said, "The rating change reflects our belief that the company will be more challenged than previously expected by the current weak economic environment in the U.S., and that credit metrics will deteriorate more than we had originally projected." In October, the firm's sales dropped more than 9% to $406 million. Dillard's points to its revolving credit facility with JP Morgan as its lifeline. In the last quarter, the company lost $38 million. It made $45 million in debt services payments and has long-term debt of $807 million. In other words, no dry powder.
4. Pier 1's (PIR) shares are on sale for $.38. A little less than a year ago they would have cost $8.25, making this a remarkable write-down. PIR said its Q3 same-store sales would be down as much as 18%. The firm says it has a $325 million credit facility, but the stock market clearly thinks that is inadequate. The company's guidance for the quarter sent shareholders running for the exits. In the last quarter, revenue fell 7% and the company lost $30 million. Pier 1 pulled its guidance because it believes it cannot predict how much the retail market will deteriorate. With $183 million in debt, it won't take much to tip Pier 1 into insolvency. 5. Cost Plus (CPWM) recently released earnings and they looked grim. Among other things, the chain said same-store sales could drop 6% in the current quarter. The 296-store retailer predicted poor revenue of as little as $356 million for the period. In the quarter just past, revenue was flat at $213 million and Cost Plus lost $26 million. The firm has $146 million in long-term debt and obligations. Cost Plus pointed out that its credit line borrowings peaked at $125 million in November, well under the limit of the $200 million credit facility. But, that does not leave much room for the company to miss its numbers. The stock trades at $1.13, down from a 52-week high of $6.22. 6. Williams-Sonoma (WSM) operates 600 stores. The company is doing badly enough that Barclays Capital recently said that it may violate financial covenants on its $300 million credit facility. The retailer made a sharp downward revision in its forecasts. It said it would lose as much as $.12 a share in the third quarter against its previous projection of as much as a $.04 profit. It took revenue forecast down as low as $732 million. The earlier projection had sales as high as $820 million. WSM also made extremely sharp cuts in its projections for the fourth quarter. Lenders take loan covenants more seriously in a recession than might be true during other periods. WSM has to beat its numbers or face a chance of its lenders pushing for remedies.
8. Fitch recently cut its ratings on Saks (SKS) to "B" from "B+", hardly investment grade. The retailer has debt of $649 million. In the last quarter, Saks same-store sales were off almost 12% and got progressively worse as each month in the period went by. Like other weak retailers, Saks is in a race to improve sales and earnings before its debt catches up to it. The firm's stock has dropped to $3.30 from a 52-week high of $22.19. In the last quarter, Saks lost $43 million. In its statement about its financial situation, the company said it believes it has ample flexibility under its existing debt facilities. If Saks' drop-off in revenue continues from last quarter's rate of 12% or gets considerably worse over the holidays, the chain could have a very difficult time keeping all of its stores open. 9. Eddie Bauer's (EBHI) shares trade for $.86, down from a 52-week high of $8.72. The company recently reported an operating loss of $17 million. Revenue dropped slightly to $207 million. The firm has almost 400 stores and outlets. The worst bit of news is that, as of the end of the last quarter, EBHI had only $3 million in cash. It has a $192 million senior term note and $27 million in short term borrowing. It would be nearly impossible to convince investors that EBHI will make it well into next year if sales are poor this holiday season
Merry Christmas Source: 24/7 Wall St. | 21 Nov 2008 | 1:41 pm Scottish knights abandon HBOS counter dealThe Scottish knights opposing the Lloyds TSB takeover of HBOS today abandoned their campaign, blaming the Government for putting impediments in the way of an alternative rescue.Source: Latest Business News from Times Online | 21 Nov 2008 | 1:23 pm A Takeover in the Oil & Gas Minis (ROYL, ASPN)
Aspen holds 130,000 barrels of proved crude oil reserves and 2.7 million cubic feet of proved natural gas reserves. That's about 600,000 barrels of oil equivalent. Royale is offering $1/share for about half of that. That's 300,000 boe for about $13/b. That's a good deal for Royale, which has seen it's share price drop from a 52-week high of $14.70 to close yesterday at $2.31, a drop of nearly 85%.
Paul Ausick Source: 24/7 Wall St. | 21 Nov 2008 | 1:19 pm Not Much Sunshine in Canada Either (CSIQ)
The company's guidance is what's really going to hurt. Everything has been redirected to point down: production, margins, and earnings. Here's the money quote: "Due to the present market environment, adjustments to the balance sheet may be necessary in order to reflect the market value of inventory and receivables that could result in a net loss for the 4th quarter of 2008." Combine that with a projected drop in gross margin to 13%-15%, and Canadian Solar's outlook is grim. The share price is down nearly 93% from its 52-week high of $51.80. It's moving down more by about 13% in pre-open trading this morning.
Paul Ausick Source: 24/7 Wall St. | 21 Nov 2008 | 1:17 pm Report: Ford Germany needs no state bailout money (AP)AP - Bernhard Mattes, chief of Ford Motor Co.'s German unit, said that while the company can survive without a bailout from the German state, it hopes the European Union will help the ailing auto industry with a loan package.Source: Yahoo! News: Business | 21 Nov 2008 | 1:02 pm Eurozone business activity fallsBusiness activity in the 15 countries sharing the euro falls in November to a ten-year low, the purchasing managers' index (PMI) shows.Source: BBC News | Business | World Edition | 21 Nov 2008 | 12:38 pm Gap profits higher than expectedAmerican clothes retailer Gap defies Wall Street forecasts and reports higher-than-expected third quarter net profits.Source: BBC News | Business | World Edition | 21 Nov 2008 | 12:33 pm The Citi ConundrumWhat's a global bank with a $1 trillion balance sheet to do? Attract a Big Investor. On Thursday, Prince Alwaleed bin Talal of Saudi Arabia said that he would increase his stake in Citi to 5 percent from less than 4 percent, expressing his support for Pandit and the bank's management. Yet, the shares still fell 26 percent. The market was unimpressed with the prince because his move represented a relatively small amount of money—he was arguably just retopping an investment that had been diluted by Citi's capital raises. And the prince's reputation as a savvy investor has been questioned by his loyalty to the bank. But if someone like a Warren Buffett or another financial institution were to take a 5 percent stake, proclaiming Citi's long-term viability, that would change the perception of the bank quickly. Stay the Course. Just get through to 2009. This is not entirely wishful thinking. Pandit's moves do make strategic sense, and there is a real likelihood that the fear that has buffeted markets and Citi will ease with a new year and a new government. Richard Beales on Breakingviews.com says of Citi: "There are recovery scenarios, but precious few investors have the nerve to bet on them. It's all about safe, relatively predictable investments that won't lose any more money. That may, perhaps, be a particularly acute feeling as an exhausting 2008 winds down—the end of the reporting year for most market players." We may learn more today as Pandit plans to hold a meeting for senior managers and the board of Citi will meet, according to reports. Related Links Citi Under Siege Citi Can Sleep Knives Out at Citi Source: Portfolio.com: Top 5 | 21 Nov 2008 | 12:30 pm Repossession of homes up by 12%The number of properties repossessed by mortgage lenders rose by 12% to 11,300 in the third quarter of the year.Source: BBC News | Business | World Edition | 21 Nov 2008 | 12:10 pm Honda Swindon closing for 50 daysHonda is to cut production in Japan and Europe and close its Swindon plant in the UK in February and March next year.Source: BBC News | Business | World Edition | 21 Nov 2008 | 12:01 pm Russian oil giant circles RepsolSpanish savings bank La Caixa may sell its 14% stake in Spanish-Argentine energy firm Repsol to Russia's Lukoil.Source: BBC News | Business | World Edition | 21 Nov 2008 | 11:38 am US petrol prices sink below $1 a gallonUS wholesale petrol prices slipped below the $1 a gallon level, as commodity markets priced in a likely demand crunch amid forecasts for a prolonged global recessionSource: Financial Times - US homepage | 21 Nov 2008 | 11:36 am Eurozone business activity at slowest in a decadeThe eurozone's recession is deepening rapidly, with private sector activity contracting this month at the fastest rate for at least a decade, a closely watched survey has indicatedSource: Financial Times - US homepage | 21 Nov 2008 | 11:31 am In from the coldThere are signs of Belarus emerging from isolationSource: BBC News | Business | World Edition | 21 Nov 2008 | 11:19 am Sir Tom's bid for Flying Brand's collapsesSir Tom Hunter, the Scottish entrepreneur, has failed in his attempt to take over Flying Brands, the struggling postal retailer of flowers and other garden products.Source: Latest Business News from Times Online | 21 Nov 2008 | 11:19 am HK stocks rise on talk of China rate cut (AP)AP - Hong Kong stocks advanced Friday, breaking a four-day losing streak, on bargain-hunting and speculation that China will cut interest rates over the weekend.Source: Yahoo! News: Business | 21 Nov 2008 | 11:13 am Home repossessions rise 12% as economy worsensRepossessions in July, August and September jumped sharply by 12 per cent and, according to the Council of Mortgage Lenders, full year numbers are expected to soar by 70 per cent compared to 2007.Source: Latest Business News from Times Online | 21 Nov 2008 | 10:32 am Honda to close Swindon plant for two monthsHonda, the Japanese carmaker, today said it will close its factory in Swindon for two months, leaving nearly 5,000 workers with only basic pay during February and March.Source: Latest Business News from Times Online | 21 Nov 2008 | 9:13 am Stocks open lower after jobless claims jumpNEW YORK -- Fresh worries about widening unemployment are adding investors' list of concerns about the economy and are weighing on stocks in early trading.Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 8:00 am Pasadena Macy's ready to unveil its new lookA sale with deep discounts brought out the crowds Thursday, but official opening is Saturday. The building, first opened in 1947 as a Bullocks department store, needed seismic upgrades and interior remodeling...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 8:00 am Kaiser Permanente gets perfect four-star rating on HMO score cardCalifornia officials hope consumers will use the survey's results to shop for health coverage. Kaiser Permanente got a perfect four stars...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 8:00 am Kaiser Permanente gets perfect four-star rating on HMO score cardCalifornia officials hope consumers will use the survey's results to shop for health coverage.Kaiser Permanente got a perfect four stars for medical care on an annual HMO score card that California officials hope consumers will use to shop for health coverage. Source: L.A. Times - Business | 21 Nov 2008 | 8:00 am Citigroup stock dive rebuffs claim by Treasury's PaulsonThe financial giant's shares lead a meltdown in financial issues just one week after Paulson says he believes 'the banking system has been stabilized.' ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 8:00 am Dow sinks nearly 445 points after last-minute sell-offThe blue-chip index closes the day at 7,552 -- its lowest since March 2003 -- as investors endure another spate of depressing economic news and anxiety over the fate of troubled U.S. automakers. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 8:00 am Congress extends jobless benefitsWhite House says President Bush will quickly sign the legislation. Jarred by new alarms on the jobless front,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 8:00 am State Farm, Farmers to raise California homeowner insurance ratesInsurance Commissioner Steve Poizner's decision is denounced by some, but others say recent wildfires make increases reasonable. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 8:00 am Bailout door for automakers still openLeaders in Congress agree to revisit the matter next month but want detailed plans on how the aid would be used. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 8:00 am Citigroup stock dive rebuffs claim by Treasury's PaulsonThe financial giant's shares lead a meltdown in financial issues just one week after Paulson says he believes 'the banking system has been stabilized.'Many things that Treasury Secretary Henry M. Paulson has said about the credit crunch and financial markets have come back to haunt him. Source: L.A. Times - Business | 21 Nov 2008 | 8:00 am BlackBerry maker Research in Motion launches counterattack against iPhoneThe company unveils the Storm, a device that lets users take pictures, play movies and music and visit Facebook and MySpace pages with ease -- and has the 'world's first "clickable" touch screen.'The BlackBerry, a phone and e-mail device that just a few years ago could be found mostly clipped to the belts of high-powered professionals, isn't just for workaholics anymore. Source: L.A. Times - Business | 21 Nov 2008 | 8:00 am How low can gasoline go? The slope is still slipperyTwo independent stations declare price war against chainsOil's half-off sale got better Thursday as crude tumbled $4 to $49.62 a barrel, with market watchers predicting even more slippage ahead -- coming soon to a fuel pump near you. Source: L.A. Times - Business | 21 Nov 2008 | 8:00 am Bailout door for automakers still openLeaders in Congress agree to revisit the matter next month but want detailed plans on how the aid would be used.Congressional leaders agreed Thursday to give Detroit automakers more time to make their case for a $25-billion emergency bailout, but they demanded that General Motors Corp., Ford Motor Co. and Chrysler provide detailed plans for using the money to assure their long-term viability without more handouts. Source: L.A. Times - Business | 21 Nov 2008 | 8:00 am State Farm, Farmers to raise California homeowner insurance ratesInsurance Commissioner Steve Poizner's decision is denounced by some, but others say recent wildfires make increases reasonable.As if plummeting real estate values weren't enough, insurance rates are heading up for many California homeowners. Source: L.A. Times - Business | 21 Nov 2008 | 8:00 am Downey Financial could be next bank casualtyMortgage losses have weakened the S & L to the point that there's little hope it can win government bailout funds, observers say.Reeling from mortgage loan losses, Downey Financial Corp. warned last week that its choices were stark: Raise capital or risk a government takeover. Source: L.A. Times - Business | 21 Nov 2008 | 8:00 am John Lewis sales plunge 14 per centSales at John Lewis, the department store group and high street bellwether, plunged by 14 per cent last week, in one of the retailer's worst trading periods in recent history.Source: Latest Business News from Times Online | 21 Nov 2008 | 7:49 am Honda Is Geared Up for Better Days (Screens)Honda is in the best position of all the auto companies for a recovery.Source: SmartMoney.com | 21 Nov 2008 | 5:00 am 7 Alert Services That Help You Save (Deal of the Day)Email alerts help you save on everything from airfare to overdraft fees.Source: SmartMoney.com | 21 Nov 2008 | 5:00 am 5 Emerging-Market Funds for Better Days (Screens)It's too early to buy now, but keep these in mind for the future.Source: SmartMoney.com | 21 Nov 2008 | 5:00 am Rescuing the Big Three Is a Necessary Evil (Ahead of the Curve)Donald Luskin: Why we can't afford not to bail out auto makers.Source: SmartMoney.com | 21 Nov 2008 | 5:00 am SmartMoney's Annual Gift GuideWe discovered some smart splurges for even reluctant shoppers.Source: SmartMoney.com | 21 Nov 2008 | 5:00 am Congress reaches an impasse on car bail-outThe US Congress could not approve a new emergency loan to the country's troubled car sector, Democratic leaders said, after two days of hearings on Capitol Hill in which industry leaders' plea for aid appeared to backfireSource: Financial Times - US homepage | 21 Nov 2008 | 1:18 am Dell reports reversal of fortunesThe world's second biggest PC maker suffers an unexpectedly steep decline in revenue in its latest quarter as the economic downturn hits corporate demand for technologySource: Financial Times - US homepage | 21 Nov 2008 | 1:05 am After The Close - ThursdayAUTODESK (ADSK), which makes design software, said Q3 EPS climbed 14% to 56 cents ex items, topping views by 3 cents. Sales jumped 13% to $607...Source: Investor's Business Daily: BUSINESS | 21 Nov 2008 | 12:48 am In Brief - ThursdayXTO Energy (XTO), a natural gas producer, curbed its '09 capital spending plans by 27% to $3.3 bil. It'll spend $1.25 bil on debt reduction and...Source: Investor's Business Daily: BUSINESS | 21 Nov 2008 | 12:48 am Business Briefs - ThursdayBarnes & Noble EPS, sales miss. The bookseller swung to a Q3 loss of 21 cents a share ex items, a nickel worse than views. Revenue fell 4% to...Source: Investor's Business Daily: BUSINESS | 21 Nov 2008 | 12:48 am Trends & Innovations - ThursdayCollege unveils gunfire detectorsSource: Investor's Business Daily: BUSINESS | 21 Nov 2008 | 12:48 am Foreclosure Pincers Tighten On Condo ComplexesAs president of the Venetia condo association board, Sharon Dodge suffers from a malaise spreading fast across the U.S.: foreclosure fallout.Source: Investor's Business Daily: BUSINESS | 21 Nov 2008 | 12:48 am For-Profit Education Company Works To Upgrade Its OfferingsDeVry outgrew its roots in radio and TV repair training years ago.Source: Investor's Business Daily: BUSINESS | 21 Nov 2008 | 12:48 am US report sees shift of power to eastA multi-polar system is emerging with a less dominant US and a more powerful China and India and a 'historic' transfer of wealth from west to east, according to the Global Trends 2005 reportSource: Financial Times - US homepage | 21 Nov 2008 | 12:27 am BBC plans for local outlets under threatControversial BBC plans to develop local news websites are expected to suffer a setback today, with ministers voicing concerns over the impact that the scheme will have on the viability of local newspapers.Source: Latest Business News from Times Online | 21 Nov 2008 | 12:01 am CBI chief Richard Lambert opposes big bailout for carmakersRichard Lambert, the CBI Director-General, risked the wrath of Britain's biggest industry yesterday when he said that UK carmakers should not receive large American-style bailouts.Source: Latest Business News from Times Online | 21 Nov 2008 | 12:00 am Turkey closes on $40bn IMF safety valve$Turkey is close to agreeing a deal with the International Monetary Fund (IMF) that would allow it to draw up to $40 billion ($£27 billion) in funds if needed to help the country to combat the global credit crisis.Source: Latest Business News from Times Online | 21 Nov 2008 | 12:00 am New Exchange-Traded Fund Focuses on U.S. Real EstateSource: Bloomberg - All Podcasts | 20 Nov 2008 | 11:12 pm Let the big publishers fallMajor publishers are struggling to stay afloat. But author and commentator Megan Hustad said some no longer produce the quality publications they used to, and she won't miss them if they go under.Source: Marketplace | 20 Nov 2008 | 11:11 pm Broke and BrokenThat the Dow Jones Industrial Average and Standard & Poor's 500 kept falling Thursday, down to their lowest levels since when Britney Spears was svelte, is no longer news.The news is simply that the bag of tricks upon which regulators, traders, and assorted smart money relied for so long is truly empty. The last hour of trading took investors further into the economic sinkhole as grim forecasts and plunging oil prices gripped Wall Street. What didn't work today was strong-arming on Capitol Hill as guerilla bands from both parties tried to push through a federal bailout of the auto industry. News that it was close to happening actually lifted the Dow to triple-digit gains early in the day, a flash that quickly became a memory as Democratic leadership put the brakes on. What also didn't work was Prince Alwaleed bin Talal's grandstanding buy of Citigroup shares. Long known as being among the smartest of the smart money, the Saudi billionaire can now join Warren Buffett, G.E. boss Jeff Immelt, and countless others who are bottom-feeding before Wall Street has found its bottom. His Kingdom Holding Co. is down 63 percent this year, costing him $13 billion in paper losses, according to Bloomberg. The prince stepped up today and increased his stake in the megabank from 4 percent to 5 percent—a buy that Bloomberg estimates cost nearly $350 million. Citi's shares closed at a 15-year low of $4.71, down 26 percent for the day. History may absolve him, but on this day, the prince looked desperate, hoping his aura would pull Citi out of the doldrums more effectively than massive job cuts, draconian restructuring, and, likely, a few more heads rolling from corner offices. The cosmetic moves and shows of bravado won't hide what's ailing the markets or the U.S. economy: growing fears of corporate bankruptcies and credit chill that don't show any signs of lifting.Related Links Next Year's Headlines Another Day, Another Rout Hoping for a Fed Encore Source: Portfolio.com: Top 5 | 20 Nov 2008 | 11:00 pm Miner gets only tiny cut of mineral haulCongo's mining industry makes hundreds of millions of dollars from a mineral used in cellphones and laptops. But the miners themselves barely scrape by. Reporter Gregory Warner profiles one of them.Source: Marketplace | 20 Nov 2008 | 9:52 pm Mercedes Unveils Diesel SUV With Less Smog, Better MPGSource: Bloomberg - All Podcasts | 20 Nov 2008 | 9:48 pm Begging for Bailout, U.S. Cities Told to Go Fish: CommentarySource: Bloomberg - All Podcasts | 20 Nov 2008 | 9:32 pm Kilpatrick Says $340 Billion in Wages to Be Lost with CarmakersSource: Bloomberg - All Podcasts | 20 Nov 2008 | 9:26 pm Vampire flick expected to make a killingTeen vampire movie "Twilight" has already sold out advance tickets in hundreds of theaters for its opening on Friday, demonstrating again that the teen market remains hot. Stacey Vanek-Smith reports.Source: Marketplace | 20 Nov 2008 | 8:38 pm Merk Says Additional Fed Rate Cuts May Not Stimulate LendingSource: Bloomberg - All Podcasts | 20 Nov 2008 | 8:36 pm FDIC's plan for home loans gains supportSupport is building for an anti-foreclosure plan proposed by Sheila Bair, the head of the Federal Deposit Insurance Corporation, in spite of resistance from the Bush administration that appointed Ms Bair to officeSource: Financial Times - US homepage | 20 Nov 2008 | 7:55 pm Wolkonowicz Sees Congressional `Reluctance' for Bridge LoanSource: Bloomberg - All Podcasts | 20 Nov 2008 | 7:31 pm Basel outlines stricter limits for banks' capitalPlans to make banks hold greater capital reserves and limit the amount they can borrow have been outlined by the world's leading banking watchdog in an effort to prevent a repeat of the credit crisisSource: Financial Times - US homepage | 20 Nov 2008 | 7:20 pm GMAC wants to become a bankLike AmEx, financial services company GMAC has applied for status as a bank, which would make it eligible to receive bailout funds. Tess Vigeland asks banking law professor Lissa Broome to explain the trend.Source: Marketplace | 20 Nov 2008 | 5:33 pm Companies want pension rules changedSome of the nation's largest companies are asking Congress to suspend rules requiring them to contribute more money to pension funds. Washington Bureau Chief John Dimsdale reports.Source: Marketplace | 20 Nov 2008 | 5:31 pm Drive, D.C. SaidA deadly game of chicken is being played between Detroit and Washington. Aid or collapse? Related Links Detroit Needs a Miracle The Drive to Save Detroit Ugh, What a Feeling, Toyota Source: Portfolio.com: Top 5 | 20 Nov 2008 | 5:30 pm Automakers lose a champion on the HillCongressman Henry Waxman has replaced John Dingell as chairman of the House Energy Committee, a loss of influence for the Big Three automakers. Alisa Roth reports.Source: Marketplace | 20 Nov 2008 | 5:27 pm How low can the market go?The Dow has taken more dramatic dives this week, once again raising the question of where the bottom is. Jeremy Hobson takes it up with investment specialists in New York.Source: Marketplace | 20 Nov 2008 | 5:21 pm
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