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Personal Finance Daily: The week's 10 best Personal Finance stories: Dec. 1-5In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Dec. 1-5:Source: MarketWatch.com - Top Stories | 6 Dec 2008 | 1:01 pm Job losses mount as economic picture worsens (AP)
Source: Yahoo! News: Business | 6 Dec 2008 | 12:50 pm Job picture could get worseIn November, the U.S. economy shed jobs at the fastest rate in 34 years - and experts say December could be even worse.Source: Business and financial news - CNNMoney.com | 6 Dec 2008 | 12:26 pm Detroit: The Smallest Bailout In The World
Bankruptcies are still on the table. Democrats are proposing to have a special session of Congress to provide money for the American car companies until the new president and Congress are in their offices. According to a number of media sources there is no agreement on what happens next. That means options still run the range from Chapter 7 to pre-packed bankruptcies with the government as debtor-in-possession. to a huge cash infusion which would allow the firms to restructure themselves. The trouble is that no of the longer term solutions may work. Which the chiefs of The Big Three have come to Congress with plans of costs cuts and negotiations with creditors, they have come up with virtually no plan about how to stop the slide in the market shares compared to the Japanese, especially in the face of domestic vehicles sales which could continue dropping though 2010. In other words, absolutely nothing has been solved. Douglas A. McIntyre Source: 24/7 Wall St. | 6 Dec 2008 | 12:25 pm Accord on federal help for automakersCongressional Democrats and the Bush White House have reached an agreement in principle on providing stopgap support for the U.S. auto industry that would keep the most troubled companies out of bankruptcy court at least through the end of March, according to congressional and industry sources.Source: Business and financial news - CNNMoney.com | 6 Dec 2008 | 12:18 pm India central bank slashes key interest ratesIndia's central bank on Saturday slashed its two key short-term interest rates by a full percentage point each to stimulate an economy hit by the global recession and shaken further by the...Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Dec 2008 | 12:13 pm 10 CEOs To Go In 2009 (BSX, C, DDS, EK, GM, NT, RAD, SNDK, SIRI, JAVA)It is that time of year where companies should have been evaluating their plans for the year ahead. Each year we come out with a list of companies who should get rid of their CEOs or which should make some strategic changes inside the company that revolve around the CEO and management. Boston Scientific Corp. (NYSE: BSX), Citigroup, Inc. (NYSE: C), Dillard's Inc. (NYSE: DDS), Eastman Kodak Co. (NYSE: EK), General Motors Corporation (NYSE: GM), Nortel Networks Corp. (NYSE: NT), Rite Aid Corporation (NYSE: RAD), SanDisk Corp. (NASDAQ: SNDK), SIRIUS XM Radio Inc. (NASDAQ: SIRI), and Sun Microsystems Inc. (NASDAQ: JAVA) are all on this year's list. With so many stocks down 50% and more, we want to stress that the list could have had hundreds of management teams on the list if stock prices were the sole criteria. Our criteria for change is far more than just poor stock performance. The list is broken down individually below and summarized with links to the full story on each individual. Boston Scientific Corp. (NYSE: BSX) is somehow still being driven by James Tobin and we cannot figure out how nor why. Tobin has led the destruction shareholder value before, and this year's antics have only added to more destruction of the company's future. Citigroup, Inc. (NYSE: C) has been a disaster. We do not blame CEO Vikram Pandit for this entirely because most of the problems were there before his fund was bought and before he took any control. The problem is that the company needs a hatchet man and a swift action-taker more than it needs what it has been seeing. There is some pain coming for the company and its workforce, and the question is when and how it comes rather than if it comes. Getting rid of a highly overpaid Bob Rubin is not going to be enough. Dillard's Inc. (NYSE: DDS) is being run like a family business and could use new blood, literally. The company is run by William Dillard II as CEO (founder's son) and as Chairman, and its President is Alex Dillard. It now has more activists after it even though management can hide behind a dual-class of stocks that allows the founding family to retain control. He is going to be a tough one to get rid of, but an outsider needs to be brought in whether the Dillard clan wants to carry the flag or not. Eastman Kodak Co. (NYSE: EK) needs to bring in new blood to more rapidly adapt to the new world of film and photography and imaging. Chairman & CEO Antonio Perez has been on our list to go, yet somehow he is still sitting on the Eastman Kodak throne despite its incredibly poor performance. General Motors Corporation (NYSE: GM) may seem like too easy of a pick of companies which need to replace their CEO. Rick Wagoner needs to leave regardless of whether the company gets a bailout or not. The first beggar presentation given to Congress was almost as big of a disaster as the sheer loss of wealth which has been seen here. Whether Congress bails the company and other auto players out is probably not going to be enough to keep Wagoner on. He might even say, "Weeee-Goner!" as he leaves. Nortel Networks Corp. (NYSE: NT) is driving off the edge into the abyss. Mike Zafirovski was brought on to fix things. Considering he came from Motorola with its lovely success story, it is of little shock how poorly this turnaround has gone and how the restructuring just never ends. The company needs to get Fafirovski out of there quick, or Nortel stock certificates will be able to be auctioned off as stock market history memorabilia. Rite Aid Corporation (NYSE: RAD) is in a pickle jar whether it reverse-splits its stock or not. We are not calling for the outright ouster of Chairman & CEO Mary Sammons, but we expect a strategy that by mid-2009 she either takes back more of the control or that she turns the CEO role to the new president. Because she turned this one around once, she has been given the benefit of the doubt more than other managers. SanDisk Corp. (NASDAQ: SNDK) is run by co-founder Dr. Eli Harari as Chairman, CEO, and a member of the Special Option Committee. He is one of the more well-known industry executives. Our call here is more of a strategy call for Harari rather than an ouster. He should remain Chairman, but the troubling times ahead and the trends of memory prices and end-user products down the road is going to require a much better CEO role. SIRIUS XM Radio Inc. (NASDAQ: SIRI) now stands at a critical juncture, and this is a call which will not come about easily. Mel Karmazin as CEO is only part of the issue here, but we think shareholders will ultimately be better without Karmazin running the ship. The reverse split and the financing needs are only part of the problem here. There is a real shot that if any access to capital comes available, he might actually be able to take this company private at everyone's expense. Sun Microsystems Inc. (NASDAQ: JAVA) has been a complete disaster under Jonathan Schwartz as CEO. When Scott McNealy dropped the CEO role to just be Chairman it seemed like a natural choice. This was a huge mistake and shareholders are being plundered as a result. Our opinion is apparently the same as many who are in or close to Sun as well. Schwartz just needs to go. Period. If you want to know how our past predictions in this exact area have gone, there is a precedent here. Our 2008 CEOs TO GO has at least 7 out of 10 picks following the path, and most of the 2007 CEOs TO GO have gone on down the road. As a reminder, not all of these calls are for sheer ousters of CEOs. Some are strategic calls. In many cases it will be hard to find a replacement as so many companies are in trouble right now. We tried our best to avoid the massive numbers of financial firms, homebuilders, retailers, media and more because so many of these sectors are in trouble and you could almost include all of them if you only looked at the stock prices. These were specific public company figures with specific reasons set out for each case. Jon C. Ogg Source: 24/7 Wall St. | 6 Dec 2008 | 12:11 pm Job losses mount as economic picture worsensRecord numbers of homeowners are falling behind on mortgage payments and the U.S. economy is losing jobs at an alarming rate with companies big and small slashing their work force. A...Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Dec 2008 | 11:57 am US ag chief: China, US agree on free farm tradeThe United States and China agree on the need to resist protectionist farm tariffs even in the face of the world economic crisis, the U.S. agriculture secretary said Saturday, while urging...Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Dec 2008 | 11:35 am More "world coordination" on rates neededLONDON (Reuters) - More international coordination of macro-economic policy is needed,, Bank of England Deputy Governor John Gieve said on Saturday.Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Dec 2008 | 11:25 am More "world coordination" on rates neededLONDON (Reuters) - More international coordination of macro-economic policy is needed,, Bank of England Deputy Governor John Gieve said on Saturday.Source: Reuters: Business News | 6 Dec 2008 | 11:25 am More "world coordination" on rates needed (Reuters)
Source: Yahoo! News: Business | 6 Dec 2008 | 11:25 am Auto Review: 2009 Chevrolet Traverse really has room for passengers and cargoWhat I liked most about the 2009 Chevrolet Traverse, the latest offering from the General, was that you could comfortably put six real people in it.Source: MarketWatch.com - Top Stories | 6 Dec 2008 | 11:00 am Auto Review: 2009 Mazda CX-9, a more manageable crossoverSay you now have a full-sized SUV and want to trade down to something more manageable and more maneuverable. A degree or three of handling would be nice to make driving a bit more fun. Of course, you want something well-built with room for kids and all the other stuff you haul. If all those ifs are you, may I recommend an extended test drive in the Mazda CX-9?Source: MarketWatch.com - Top Stories | 6 Dec 2008 | 11:00 am Losses may not mean end of Credit Suisse investment bankingZURICH (Reuters) - Recent losses at Credit Suisse Group AG do not mean the end of investment banking at the Swiss group, its chairman was quoted as saying in an interview published on Saturday.Source: Reuters: Business News | 6 Dec 2008 | 10:57 am Losses may not mean end of CG investment bankingZURICH (Reuters) - Recent losses at Credit Suisse Group AG do not mean the end of investment banking at the Swiss group, its chairman was quoted as saying in an interview published on...Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Dec 2008 | 10:33 am Stocks surge as investors bet on consumer spendingNEW YORK (Reuters) - Stocks jumped on Friday as investors bet that a steep drop in oil prices will boost consumer spending, lifting retail stocks and offsetting government data showing halfSource: Infocious RSS raw feed - channel BNewsBusiness | 6 Dec 2008 | 10:19 am India's central bank cuts key interest ratesIndia's central bank said Saturday it was slashing the nation's key interest rate by 1 percentage point amid signs of slowing economic growth. The cut, to take effect Monday, will bring...Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Dec 2008 | 9:12 am Zimbabwe to introduce 200 million dollar noteInflation-wracked Zimbabwe plans to introduce a 200 million dollar note just days after a 100 million dollar note came into circulation, the government announced Saturday. ...Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Dec 2008 | 8:47 am India slashes rates to shore up growthThe Reserve Bank of India reduced its key lending rate, or repo rate, by 100 basis points to 6.5 percent, its lowest rate in 2½ yearsSource: Financial Times - US homepage | 6 Dec 2008 | 8:38 am India's central bank cuts interest rates to boost economyIndia's central bank on Saturday cut its two key interest rates by 100 basis points each to stimulate an economy hit by the global recession and shaken further by the Mumbai attacks.Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Dec 2008 | 8:32 am Struggling NBC sends 3 top executives packingThe purging signals desperation at the peacock network, now No. 4. NBC, in a move as harsh as it was swift, forced...Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Dec 2008 | 8:00 am FedEx settles suit over contract driversThe package delivery company agrees to pay $26.8 million to settle a long-running case over whether its Ground unit workers are illegally classified as independent contractors instead of employees. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Dec 2008 | 8:00 am Jobs, clean energy are key to Obama stimulus planRecovery agenda is said to emphasize green infrastructure and health technology. President-elect Barack Obama...Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Dec 2008 | 8:00 am FDA panel backs Allergan's Lumigan for eyelash enhancementA panel of government experts said Friday that a glaucoma drug from Allergan Inc. appeared to be a safe and effective way to make eyelashes longer and fuller.Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Dec 2008 | 8:00 am 533,000 jobs lost in November -- most in more than 30 yearsLabor Department statistics show that U.S. employers have cut 1.2 million jobs in the last three months. 'This was much worse than was expected,' one analyst says. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Dec 2008 | 8:00 am 1.25 million jobs lost in three monthsThe pace of cuts signals that the recession may be even worse than feared. Pressure mounts on lawmakers, Obama to act aggressively. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Dec 2008 | 8:00 am Anaheim General Hospital loses accreditationRepeated citations for safety violations prompt the move, but the hospital is expected to remain open. Anaheim...Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Dec 2008 | 8:00 am Democrats back stopgap bailout for automakersThe $14-billion compromise requires buy-in from GOP lawmakers and the White House. Moving to keep the auto industry...Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Dec 2008 | 8:00 am India's central bank cuts key interest rateIndia's central bank has cut the nation's key interest rate by 1 percentage point amid signs of slowing economic growth. The bank announced the cut Saturday. The move will take effect...Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Dec 2008 | 7:46 am McClatchy's Miami Herald for sale: reportNEW YORK (Reuters) - The McClatchy Co has approached potential buyers about a sale of The Miami Herald, The New York Times reported on its Web site on Saturday.Source: Reuters: Business News | 6 Dec 2008 | 7:16 am Emergency aid for US carmakers reachedCongressional Democrats and the White House have reached agreement on a $15bn-$17bn package after car executives pleaded with lawmakers for help and US data showed employers axed more than 533,000 jobsSource: Financial Times - US homepage | 6 Dec 2008 | 5:19 am Lawmakers and White House agree on auto aid planWASHINGTON (Reuters) - Congressional Democrats and the White House have reached agreement on emergency aid for U.S. automakers of between $15 billion and $17 billion, two senior congressional aides said on Friday.Source: Reuters: Business News | 6 Dec 2008 | 5:12 am Lawmakers and White House agree on auto aid plan (Reuters)
Source: Yahoo! News: Business | 6 Dec 2008 | 5:12 am Market Snapshot: Washington may steal Wall Street's limelightStock investors can expect little relief from economic data or corporate reports in the week ahead, making Washington's efforts to fix the broken credit system the one possible bright spot.Source: MarketWatch.com - Top Stories | 6 Dec 2008 | 5:01 am US in new push for auto bailoutUS authorities redouble their efforts to agree a bailout deal for the car industry, after news of a huge rise in unemployment.Source: BBC News | Business | World Edition | 6 Dec 2008 | 4:09 am Democrats back stopgap aid for automakersThe compromise plan would divert $14 billion from an existing fund to avert possible bankruptcies. To pass, GOP and White House support are needed ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Dec 2008 | 3:33 am Congressional leaders reach deal on $15B auto aidCongressional Democrats and the White House have reached agreement on emergency aid for U.S. automakers of between $15 billion and $17 billion, two senior congressional aides said on Friday.Source: Infocious RSS raw feed - channel BNPaperBusiness | 6 Dec 2008 | 3:27 am 24/7 Wall St. Hooks up with Twitter & Walter Mossberg Couldn't be HappierLet's start with the most important stuff first: you can follow us at twitter here twitter.com/247wallst
Yesterday, 24/7 Wall St. announced that it would begin using Twitter to pool all of its news content into one place and encouraged our readers to check it out. At almost the exact same moment, like a sign from the heavens, Wall Street Journal's own Walter Mossberg announced that Twitter was a new service that needed to be looked at: "Twitter does a good job of giving people simplified news about others and the world around them. If you're often in a rush, Twitter can be a great resource for fast information." He went on to say its easy to use, its real-time, and it makes online news simpler when you're on the go. The following is yesterday's announcement and excerpts from Mossberg's piece. 24/7 Wall St.'s Twitter Announcement As many of our readers know, 24/7 Wall St. writes copy for a number of sites including our own sites and those of our partners. Our own sites include 24/7 Wall St., Voume Spike Investor, and BioHealthInvestor. Some of our partner sites include AOL Money & Finance, Marketwatch, MSN, Stockhouse, BloggingStocks, and Huffington Post. As a result of the somewhat fractured nature of our editorial process, we frequently don't have the opportunity to share all of our stories with the regular readers of 24/7 Wall St. We aim to change that. 24/7 Wall St. is going to try something new. We have created a Twitter page. In the site's own words, Twitter is a way to "communicate and stay connected through the exchange of quick, frequent, answers to one simple question: What are you doing?" Using Twitter, we will be able to let our readers in on what we are working on as well as what we've just finished. In short, Twitter will enable us to accomplish 1) aggregate stories that might not make it onto 24/7 Wall St.'s homepage If you're interested in any of these, follow us at twitter.com/247wallst.com and look for our new "Twitter Updates" feature on the right side of the page. Excerpts from Mossberg's piece on why Twitter needs to be looked at seriously.
Hope to see you on Twitter. Sincerely, Source: 24/7 Wall St. | 6 Dec 2008 | 2:13 am After The Close - FridayALLERGAN (AGN) got an FDA panel's backing to market its glaucoma drug for cosmetic use to make eyelashes longer and fuller.Source: Investor's Business Daily: BUSINESS | 6 Dec 2008 | 1:35 am Toyota cuts North American production furtherDETROIT (Reuters) - Toyota Motor Corp on Friday said it was cutting North American production of its best-selling cars including the Camry and Corolla sedans in response to rising inventories and a slump in sales.Source: Reuters: Business News | 6 Dec 2008 | 1:31 am Addicted to creditLevels of consumer debt are out of control, but we just keep charging. Host Tess Vigeland asks Stuart Vyse why Americans are so comfortable putting almost any expense on plastic.Source: Marketplace Money | 6 Dec 2008 | 1:20 am Day in the Work Life: Fountain designerOn this week's "A Day in the Work Life," we learn how fountain designer Bonnie Thompson choreographs water.Source: Marketplace Money | 6 Dec 2008 | 1:20 am Meeting a 'market maven'Reporter Daniel Estrin always knew his mother was on top of all the deals in town. What he didn't know was that she might be a full blown "market maven." He lays out the evidence.Source: Marketplace Money | 6 Dec 2008 | 1:20 am Getting PersonalEconomics editor Chris Farrell and host Tess Vigeland take questions on credit, investing, bank errors, and mortgages.Source: Marketplace Money | 6 Dec 2008 | 1:20 am Why now may be the time to buyThe market slump has turned many solid stocks into incredible bargains. Host Tess Vigeland asks Knight Kiplinger how to take advantage of a bear market.Source: Marketplace Money | 6 Dec 2008 | 1:20 am Here's what I'm doing: John LaineMarketplace presents "Here's What I'm Doing," a series asking people from all walks of life how they're coping with the financial crisis. In this edition, New Yorker cartoon editor John Laine.Source: Marketplace Money | 6 Dec 2008 | 1:20 am Is your mutual fund on track?It's tough to be ahead in this market, but how can you tell when the problem is your particular fund? Host Tess Vigeland asks analyst Dan Culloton how to judge the quality of a fund during tough times.Source: Marketplace Money | 6 Dec 2008 | 1:20 am Straight Story: Keeping credit in checkEconomics editor Chris Farrell sets the story straight on credit cards and being responsible with your debt.Source: Marketplace Money | 6 Dec 2008 | 1:20 am Stocks' latest rally may trip on harsh dataNEW YORK (Reuters) - Extending Friday's rally into next week is a tall order for U.S. stocks, given more data set to show the job market and retail sector are in deep distress and little hope for a respite from dismal corporate outlooks.Source: Reuters: Business News | 6 Dec 2008 | 1:07 am Stocks' latest rally may trip on harsh data (Reuters)
Source: Yahoo! News: Business | 6 Dec 2008 | 1:07 am Toyota (TM) Cuts Deeper In North America
The Japanese car company will gear down production in the US as its sales continue to fall, many months by 30% or more. According to The Wall Street Journal, "The company is expanding the number of nonproduction days at each facility this month and next at varying levels depending on the products and their inventory levels. This adds to cuts announced last month when two production days were taken out at all the plants in December and about 250 temporary workers were laid off." Toytota hopes that the action will bring down inventories. Douglas A. McIntyre Source: 24/7 Wall St. | 6 Dec 2008 | 1:01 am Job lossesThe biggest US monthly job loss since 1974.Source: BBC News | Business | World Edition | 6 Dec 2008 | 12:40 am Trends & Innovations - FridayNations change coins to save cashSource: Investor's Business Daily: BUSINESS | 6 Dec 2008 | 12:31 am Biomed Firm Has High Hopes For Real-Time Bloodless Blood TestAnyone with a fear of needles can appreciate Masimo's new product.Source: Investor's Business Daily: BUSINESS | 6 Dec 2008 | 12:31 am Managing, Against All OddsSometimes, even insurance companies could use a little insurance.Source: Investor's Business Daily: BUSINESS | 6 Dec 2008 | 12:31 am In Brief - FridayFedEx (FDX) will increase rates for FedEx Freight and FedEx National by 5.7% on Jan. 5. The shipping giant will also pay $26.8 mil to settle a...Source: Investor's Business Daily: BUSINESS | 6 Dec 2008 | 12:31 am Business Briefs - FridayBrown-Forman up, lifts outlook. The maker of Jack Daniel's whiskey and Finlandia vodka said its Q2 EPS fell 9.6% to 94 cents, beating views by a...Source: Investor's Business Daily: BUSINESS | 6 Dec 2008 | 12:31 am $1 trillion rescue: Not so out therePresident-elect Barack Obama hasn't put a dollar figure yet on his promise to create an economic recovery package that he says will generate or save 2.5 million jobs over two years.Source: Business and financial news - CNNMoney.com | 6 Dec 2008 | 12:18 am Job losses worst since 1974WASHINGTON (Reuters) - U.S. employers axed 533,000 jobs from payrolls in November, the most in 34 years, as the year-old recession hammered the economy and hardened calls for dramatic government action to restore growth.Source: Reuters: Business News | 6 Dec 2008 | 12:14 am Job losses worst since 1974 (Reuters)
Source: Yahoo! News: Business | 6 Dec 2008 | 12:14 am Georgia bank shuttered by regulatorsState regulators in Georgia closed First Georgia Community Bank on Friday, marking the 23rd bank failure of the year.Source: Business and financial news - CNNMoney.com | 6 Dec 2008 | 12:13 am Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trade in Monday's session are National Semiconductor Corp., H&R Block Inc., and Worthington Industries Inc.Source: MarketWatch.com - Top Stories | 6 Dec 2008 | 12:13 am Govt suspends Buy Kiwi Made campaignThe Government has stopped the Buy New Zealand Made advertising campaign, while it reviews its effectiveness. Minister of Economic Development Gerry Brownlee said no more money would be committed to the campaign, unless the review...Source: New Zealand Herald - Business | 6 Dec 2008 | 12:00 am Cramer's Week of Shotgun Merger Proposals (RTP, AA, BHP, FCX, ITW, MTW, NKE, UA, PFE, AGN)
Cramer's Friday evening picks may have gotten some interest last year or even earlier this year, but these involve two companies which have already had their fair share of merger issues and non-events this year on top of the commodity bubble bursting. Cramer believes that Rio Tinto (NYSE: RTP) should buy Alcoa (NYSE: AA) before the antitrust powers are able to actually block mergers. Cramer also thinks BHP Billiton (NYSE: BHP) should go buy Freeport-McMoRan (NYSE: FCX) now that the forced selling has taken the stock down to $16.00 to take over the copper and minerals mining giant. Yesterday Cramer said he's like to see Illinois Tool Works (NYSE: ITW) buy Manitowoc (NYSE: MTW). Cramer also thinks the time has come for Nike (NYSE: NKE) to finally acquire Under Armour (NYSE: UA) now the smaller company's stock has been killed. Wednesday, Cramer called for Pfizer (NYSE: PFE) to acquire Allergan (NYSE: AGN) now that Johnson & Johnson (NYSE: JNJ) decided to take out Mentor Corp. (NYSE: MNT) for a huge premium. Here was our own thought on the Allergan situation. Join our open email distribution list to hear about other mergers, important Cramer calls, Warren Buffett activities, IPO's, secondary offerings, private placements, special situations, rumors, and more.
Jon C. Ogg Source: 24/7 Wall St. | 5 Dec 2008 | 11:52 pm Credit card companies buckle downHard times are taking their toll on credit card terms, including lower limits and higher fees. Host Tess Vigeland asks columnist Liz Pulliam Weston how to avoid tougher terms.Source: Marketplace Money | 5 Dec 2008 | 11:44 pm Stocks rally despite jobs reportStocks staged a big comeback Friday, erasing big losses after a brutal November employment report, as investors extended the recent trend of buying despite the bad news.Source: Business and financial news - CNNMoney.com | 5 Dec 2008 | 11:44 pm The underemployment problemUnemployment figures are in the news, but an even larger number of workers are underemployed -- working too few hours or stuck in field unrelated to their skills. Marketplace's Rachel Dornhelm reports.Source: Marketplace Money | 5 Dec 2008 | 11:44 pm Georgia bank is 23rd failure in US this yearFirst Georgia Community Bank, a small institution with $237.5m in assets, was closed by state regulators on Friday, marking the 23rd US bank failure this yearSource: Financial Times - US homepage | 5 Dec 2008 | 11:43 pm After Hours: Hartford Financial finds higher ground; SanDisk slipsShares of Hartford Financial Services Group extended gains Friday evening after the insurer raised its outlook, and SanDisk Corp. remained in play on speculation that it may be acquired.Source: MarketWatch.com - Top Stories | 5 Dec 2008 | 11:41 pm Weekend Edition: Goldman, Morgan Stanley strategies may divergeGoldman Sachs and Morgan Stanley mark the end of an era this month when they post their first earnings since becoming commercial banks, and investors resigned to the dismal results on tap are restless for any indications about the companies' plan to grow with the less risky business model.Source: MarketWatch.com - Top Stories | 5 Dec 2008 | 11:36 pm Economic Diary on U.S. Housing Market, Consumers, JobsSource: Bloomberg - All Podcasts | 5 Dec 2008 | 11:35 pm Anderson Sees Investors Moving Assets Into Bond, Inverse ETFsSource: Bloomberg - All Podcasts | 5 Dec 2008 | 11:25 pm Canadian Markets: Stocks push past dour economic data, end higherStocks in Toronto finish higher, resisting an earlier pull from falling commodity prices, domestic political turmoil and worse-than-expected jobs data from Canada and the United States.Source: MarketWatch.com - Top Stories | 5 Dec 2008 | 11:20 pm Lawmakers mull next step in Detroit rescue planLawmakers turn their attention to passing a bailout package for ailing U.S. automakers as a disastrous U.S. unemployment report graphically illustrated the consequences of letting the Detroit Three collapse.Source: MarketWatch.com - Top Stories | 5 Dec 2008 | 11:19 pm Credit costs jump for borrowers not backed by governmentBorrowing costs leapt this week for a variety of companies that aren't on the receiving end of federal bailouts, adding to a growing divergence in credit markets.Source: MarketWatch.com - Top Stories | 5 Dec 2008 | 11:14 pm Jobs Lost, Auto Industry Restructuring, Honda Nixes RacingSource: Bloomberg - All Podcasts | 5 Dec 2008 | 11:08 pm Aid for US carmakers now 'urgent'The latest bleak US jobless figures make helping the big three car firms even more urgent, warns a leading politician.Source: BBC News | Business | World Edition | 5 Dec 2008 | 11:06 pm VIX Index of U.S. Stock Option Prices Retreats 5.8% to 59.93Source: Bloomberg - All Podcasts | 5 Dec 2008 | 10:53 pm $108M stolen in giant diamond heistRead full story for latest details.Source: Business and financial news - CNNMoney.com | 5 Dec 2008 | 10:50 pm US stocks: Firm end to day after jobs newsWall Street put an upbeat spin this morning on the government's report that the US lost more than half a million jobs last month. Stocks reversed early losses and closed sharply higher as the data raised hopes that Washington...Source: New Zealand Herald - Business | 5 Dec 2008 | 10:45 pm US job losses surge in NovemberUS employers axed 533,000 jobs in November, the biggest monthly cut since 1974, Labor Department figures show.Source: BBC News | Business | World Edition | 5 Dec 2008 | 10:43 pm Economic anxiety permeates workplaceWith layoffs and cutbacks, some workplaces have become downright bleak. Kai Ryssdal looks at how downsizing is impacting businesses and their employees.Source: Marketplace | 5 Dec 2008 | 10:36 pm American Apparel, former worker file dueling suits (AP)AP - American Apparel and an employee who had worked for the retailer since its early years filed dueling lawsuits this week, the latest legal trouble for the cotton clothier.Source: Yahoo! News: Business | 5 Dec 2008 | 10:34 pm US job losses 'worst on record'The US economy shed 533,000 jobs in November, according to a government report, bringing the year's total job losses to 1.9 million. November had the largest monthly job loss total since December 1974. "This is a dismal jobs...Source: New Zealand Herald - Business | 5 Dec 2008 | 10:30 pm Cherney opens separate legal battleMichael Cherney, the businessman suing fellow Russian oligarch Oleg Deripaska over a £2bn stake in Rusal, is embroiled in a separate legal battle over soured property deals in some of London's most expensive residential areasSource: Financial Times - US homepage | 5 Dec 2008 | 10:27 pm Warren Buffett May Have Constellation Regardless (CEG, BRK-A)
Warren Buffett and MidAmerica are getting to steal the company assets for far less than putting these together from scratch. If that wasn't what they believed to be the case then they wouldn't be doing the deal. The problem is that even if it is a steal, they were the only ones who really came in when Constellation was arguably on the verge of collapse. That $4.7 billion deal values Constellation at $26.50. It isn't a great deal for buried shareholders, but it is a bird in the hand. But the $4.5 billion offered by EDF for 50% of the Constellation nuclear assets sounds so much better on the surface. Then there is an option for $2 billion of non-nuclear assets. This sounds like two birds in the bush. Unfortunately there is a catch more than just making a higher bid that isn't for the whole operation. The problem with the higher deal is that the costs to implement it might just be far too high too implement. We have seen different calculations and tried to pull the back data. If Constellation takes the second bid, it will have to fork over nearly $600 million and issue a stake of almost 10% of common stock. But Warren left another Holy Hand Grenade of Antioch in the reactor here. MidAmerican would also get a $1 billion senior note with a 14% rate attached. Constellation has already mailed a definitive proxy to shareholders supporting the $26.50 per share bid from Warren Buffet's Berkshire Hathaway. MidAmerican also made injections (hence that senior note) despite EDF already owning a large stake. You can see why all of the calculations that gave an "implied" value north of $50.00 were just off their rocker. Implied is one thing, but a breakdown of the money generally yields something else. It looks like EDF may have just waited too long or not ponied up when it could. It could easily just go after the company in whole and pay all of the penalties to MidAmerican. But then this would be a huge premium on top of the losses EDF already has on paper today from a stake taken at higher prices. If there was a serious shot at a significantly higher priced merger headed this way, then why are the January-2009 $30.00 Call Options only trading with a $1.00 handle? Anything is possible, particularly today. It just doesn't seem to be that way in this case. It looks like, once again, Warren Buffett and friends have both sides by the shorts here. Ask Warren if you can. He'll tell you a bird in the hand is worth more than two in the bush. Join our open email distribution list to hear about other mergers, Warren Buffett activities, IPO's, secondary offerings, private placements, special situations, rumors, and more. Jon C. Ogg Source: 24/7 Wall St. | 5 Dec 2008 | 10:22 pm US indices stage last-minute rallySpectacular gains among insurers helped Wall Street stocks shrug off dire US employment figures and end a volatile week with a strong rallySource: Financial Times - US homepage | 5 Dec 2008 | 10:10 pm Research job cuts known next weekStaff working for AgResearch will how find out how many people will be made redundant next week. CEO Dr Andrew West says the institute hopes the cuts will save $5 million in the next financial year. He says agriculture research...Source: New Zealand Herald - Business | 5 Dec 2008 | 10:00 pm Ask AP: Bottom-up bailouts, gas pump tampering (AP)
Source: Yahoo! News: Business | 5 Dec 2008 | 9:48 pm Bank of America/Merrill merger wins shareholder OKNEW YORK (Reuters) - Shareholders on Friday approved Bank of America Corp's takeover of Merrill Lynch & Co , a transaction fraught with risk but one that will create a banking giant with a leading position in almost every major area of the financial system.Source: Reuters: Business News | 5 Dec 2008 | 9:37 pm Why electric car startups stalledFacing technical challenges and a weak market, many of Silicon Valley's electric-car startups are changing direction.Source: Business and financial news - CNNMoney.com | 5 Dec 2008 | 9:28 pm On the Ball: Athletes, Guns, Giants's Buress; Marbury DisputeSource: Bloomberg - All Podcasts | 5 Dec 2008 | 9:21 pm Jobs data cap grim weekUS companies suffered the biggest job losses in more than 30 years last month, underscoring the depth of a recession that is spreading rapidly from financial centres to most parts of the global economySource: Financial Times - US homepage | 5 Dec 2008 | 9:20 pm Peter Boockvar Says U.S. Housing Is Center of the `Storm'Source: Bloomberg - All Podcasts | 5 Dec 2008 | 9:12 pm Barclay's Dean Maki Sees `Sharp Recession' in U.S.Source: Bloomberg - All Podcasts | 5 Dec 2008 | 9:10 pm Foreclosures threat rises amid arrears crisisThe number of US borrowers behind on their mortgage payments or facing foreclosure rose to record highs in the third quarter and threatened to escalate as job losses mount, the Mortgage Bankers' Association saidSource: Financial Times - US homepage | 5 Dec 2008 | 9:10 pm The 52-Week Low Club (OREX)(RFMD)(BRY)(CLR)(AES)
Rf Microdevices (RFMD) Cuts guidance sharply. Falls to $.74 from 52-week high of $6. Berry Petroleum (BRY) Hit by brokerage downgrade. Sells down to $6.50 from 52-week high of $62.15. Continental Resources (CLR) Crude oil industry supplier in falling market. Dips to $13.01 from 52-week high of $83.81. AES (AES) Company being accused of fraud. Down to $5.80 from 52-week high of $22.54. Douglas A. McIntyre Source: 24/7 Wall St. | 5 Dec 2008 | 8:56 pm Bush: Protect taxpayers in auto bailoutOn the heels of the worst job-loss report in more than 30 years, President Bush on Friday urged Congress to act next week to help the ailing Big Three automakers, but stressed they needed to do so in a way that protects the taxpayer.Source: Business and financial news - CNNMoney.com | 5 Dec 2008 | 8:54 pm Clinton's debt becomes State issueSen. Hillary Clinton still owes $7 million in campaign debts, and there are laws that won't allow her to raise the money if she's confirmed as Secretary of State. Jeanne Cummings of Politico discusses Clinton's options with Kai Ryssdal.Source: Marketplace | 5 Dec 2008 | 8:52 pm Fund tries making best of bad timesHedge funds have been blamed for fueling the financial crisis. Amy Scott paid a visit to one fund that's hoping to take the lemons this economy's offering and make lemonade.Source: Marketplace | 5 Dec 2008 | 8:52 pm Weekly Wrap: A few ups, lots of downsIn our Weekly Wrap, Kai Ryssdal talks with Fortune's Leigh Gallagher Portfolio.com's Felix Salmon about this week's jobs numbers, the "official" recession, the whip-sawing markets, and the automakers' continued pleas to Congress.Source: Marketplace | 5 Dec 2008 | 8:52 pm Oil price drop not a steadying factorFor months, companies have been suffering from the high price of oil -- airlines, carmakers, truckers, you name it. How are they doing now that crude is down 70%? Alisa Roth reports.Source: Marketplace | 5 Dec 2008 | 8:52 pm Economic lessons -- the hard wayA year into a recession and job losses are getting steeper. That's not good. Recovery hinges on people working and starting to buy again. Senior Business Correspondent Bob Moon looks at where we can go from here.Source: Marketplace | 5 Dec 2008 | 8:52 pm Job losses mount across all sectorsToday's jobless report was worse than many analysts expected. The economy lost 533,000 jobs last month, the most since 1974. And the 6.7% unemployment rate was the highest since 1993. Jeremy Hobson reports.Source: Marketplace | 5 Dec 2008 | 8:52 pm U.S. Supreme Court Should Weigh Corporate Crime Law, Judge SaysSource: Bloomberg - All Podcasts | 5 Dec 2008 | 8:52 pm Record Number of Felons Seek Presidential Pardons, CommutationsSource: Bloomberg - All Podcasts | 5 Dec 2008 | 8:50 pm Changing U.S. Terror Laws No Harder Than Economy, Woolner SaysSource: Bloomberg - All Podcasts | 5 Dec 2008 | 8:48 pm Late mortgage payments and foreclosures hit recordNEW YORK (Reuters) - Late mortgage payments and the rate of home loans in foreclosure rose to record highs in the third quarter, threatening to escalate as the recession erases jobs and further strains homeowners, the Mortgage Bankers Association said on Friday.Source: Reuters: Business News | 5 Dec 2008 | 8:29 pm Permira offers to return €1.5bn to investorsEurope's biggest buy-out group, Permira, has offered to hand back €1.5bn ($1.9bn) of unused capital to investorsSource: Financial Times - US homepage | 5 Dec 2008 | 8:26 pm Oil at 4-year lowOil ended the day below $41 a barrel Friday - the lowest settlement price in 4 years - after the government reported the largest number of monthly job losses since 1974.Source: Business and financial news - CNNMoney.com | 5 Dec 2008 | 8:16 pm Chinese property hunters to raid USChinese bargain hunters are preparing to descend on American cities such as Los Angeles and San Francisco, where homeowners have suffered steep price fallsSource: Financial Times - US homepage | 5 Dec 2008 | 8:10 pm Have degree - and pink slipThere are currently a record number of unemployed college graduates seeking work. So many, in fact, that they outnumber high school drop outs on the job hunt.Source: Business and financial news - CNNMoney.com | 5 Dec 2008 | 8:08 pm Jobs figures depress oil pricesUS oil prices fall to a four-year low after figures in the US show that half a million people lost their jobs last month.Source: BBC News | Business | World Edition | 5 Dec 2008 | 7:15 pm Mortgage Bankers Says Delinquencies Rising, Set New Record
The group reported that "the delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 6.99 percent of all loans outstanding at the end of the third quarter of 2008, up 58 basis points from the second quarter of 2008, and up 140 basis points from one year ago on a seasonally adjusted basis." The report added that "the delinquency rate includes loans that are at least one payment past due but does not include loans somewhere in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the third quarter was 2.97 percent, an increase of 22 basis points from the second quarter of 2008 and 128 basis points from one year ago. The percentage of loans in the process of foreclosure set a new record this quarter." For the entire report, click here. Douglas A.McIntyre Source: 24/7 Wall St. | 5 Dec 2008 | 6:33 pm Gaza banks forced to shutSevere Israeli restrictions on the flow of goods, people and money in and out of the Gaza Strip have led to a cash shortage and the closure of banks and cash machinesSource: Financial Times - US homepage | 5 Dec 2008 | 6:30 pm Chrysler Hires Bankruptcy Attorneys
Douglas A. McIntyre Source: 24/7 Wall St. | 5 Dec 2008 | 6:25 pm Chrysler hires law firm as bankruptcy counsel: report(Reuters) - Chrysler has hired Jones Day law firm as its bankruptcy counsel, the Wall Street Journal reported on Friday.Source: Reuters: Business News | 5 Dec 2008 | 6:13 pm Late mortgage payments and foreclosures hit record (Reuters)
Source: Yahoo! News: Business | 5 Dec 2008 | 5:57 pm Toy storyCould Barbie and Bratz have stayed out of court?Source: BBC News | Business | World Edition | 5 Dec 2008 | 5:35 pm New Changewave Survey Shows Economy Going To Heck
Some highlights: "More than half of respondents (51%) project that their company sales will come in Below Plan for the 4th Quarter 2008 – 16-pts worse than the previous quarter. Only 11% say their company sales will come in Above Plan – a 7-pt decrease from previously." "More than half of respondents (51%) project that their company sales will come in Below Plan for the 4th Quarter 2008 – 16-pts worse than the previous quarter. Only 11% say their company sales will come in Above Plan – a 7-pt decrease from previously." "More than half of respondents (51%) project that their company sales will come in Below Plan for the 4th Quarter 2008 – 16-pts worse than the previous quarter. Only 11% say their company sales will come in Above Plan – a 7-pt decrease from previously." "Adding to these grim findings, the current survey shows a huge plunge in visibility going forward. Sales pipeline projections for the 1st Quarter show 39% of respondents reporting they’ll come in Below Plan, 18-pts worse than the previous survey. Just 9% say their company will come in Above Plan – 12-pts less than previously. These are by far the lowest sales pipeline numbers in a ChangeWave survey." "Nearly half of respondents (45%) project a decrease in their company’s 1st Quarter capital budget compared to the current quarter. Only 6% project an increase. " Douglas A. McIntyre Source: 24/7 Wall St. | 5 Dec 2008 | 4:52 pm Banks face pressure on rate cutBanks move after pressure from MPs to cut interest rates for mortgage customers, but savers may suffer.Source: BBC News | Business | World Edition | 5 Dec 2008 | 4:15 pm Icesave customers urged to claimAbout 24,000 people have yet to reclaim their savings which were trapped in the collapsed Icesave internet bank.Source: BBC News | Business | World Edition | 5 Dec 2008 | 4:01 pm Business leaders of the yearBusiness leader of the year: Alan Bollard Sound money and sound banks. We all rely on them, and the man tasked with maintaining that vital economic infrastructure in these perilous times is the Herald's 2008 Business Leader of...Source: New Zealand Herald - Business | 5 Dec 2008 | 4:00 pm Brian Gaynor : Hanover debacle must be turning pointIt is great to see next week's Hanover Finance debt restructuring meeting getting plenty of publicity. This is because there needs to be a serious debate about many of the company's activities, including the absence of strong independent...Source: New Zealand Herald - Business | 5 Dec 2008 | 4:00 pm I feel a moral obligation to help - HotchinLike the car company bosses who arrived by private jet to beg the US Government for a bailout, Hanover's Mark Hotchin has learned that perception is everything. With the ailing finance company preparing to plead with its investors...Source: New Zealand Herald - Business | 5 Dec 2008 | 4:00 pm Why captain Kirk has boldly goneDavid Kirk's downfall was written on the wall at Fairfax Media two years ago. Kirk stepped down yesterday after three years as Fairfax chief executive. The question now is whether the new management intends to maintain his plans...Source: New Zealand Herald - Business | 5 Dec 2008 | 4:00 pm Shotgun wedding to transform Wall StWhen shareholders vote on Bank of America's acquisition of Merrill Lynch today, they are expected to transform the bank into a business befitting its name and change the face of Wall St. The shotgun deal, valued at US$50 billion...Source: New Zealand Herald - Business | 5 Dec 2008 | 4:00 pm Vehicle sales lead slideSeasonally adjusted total wholesale trade sales fell 1 per cent, or $219 million, in the September quarter, led by an 11.3 per cent fall in motor vehicle wholesaling. Statistics New Zealand said yesterday that the fall in vehicle...Source: New Zealand Herald - Business | 5 Dec 2008 | 4:00 pm India moves to cut prices on fuelIndia is cutting fuel prices from midnight to take advantage of falling crude prices and to boost the economy.Source: BBC News | Business | World Edition | 5 Dec 2008 | 3:11 pm Shelf life: Bratz may disappear after losing the battle of the dolls to BarbieBratz dolls face removal from shops after a US court bans parent company MGA Entertainment from making the Barbie-rival.Source: BBC News | Business | World Edition | 5 Dec 2008 | 2:07 pm Nuclear Winter for JobsMr. President-elect, welcome to our nightmare: a moribund economy gripped by fear. Businesses have stopped trying to grow and are racing to cut back as quickly as possible.Few analysts, however, expected that the retrenchment would be as deep as this: 533,000 jobs were eliminated in November—the biggest losses since December 1974, when an oil shock and inflation hammered the economy and 602,000 jobs were lost. The cuts were broad, running across industry sectors. Since the official start of the recession, in December 2007, nearly 2 million jobs have been lost. In the last three months alone, 1.26 million have been lost. In November, the unemployment rate rose to 6.7 percent, the highest since October 1993, from 6.5 percent. The jobs data indicated that the downturn could be as deep and as a painful as the recessions of the early 1980s and 1970s. This slump is also a global one: The United States' biggest trading partner, Canada, today reported job losses in November that were its largest since 1982. The deterioration in the labor market is expected to pick up speed. On Thursday, a number of companies, including AT&T, Viacom, and DuPont, announced sweeping layoffs. And the uncertainty over both the automakers and financial companies may produce further cuts. Calling the recession a "crisis of historic proportions," Barack Obama, the president-elect, is pushing a plan to generate 2.5 million jobs in the next two years. For some, however, hope may be fading. The Labor Department said that the number of people who have lost their jobs and do not expect to be recalled to work increased by 298,000, to 4.7 million, in November. Over the last 12 months, the size of the discouraged unemployed has grown by 2 million. Manufacturing was among the hardest-hit industries, with 85,000 jobs cut. Manufacturing has lost 604,000 jobs since last December. Construction employment fell by 82,000 in November. Employment services cut 101,000 jobs. Retail lost 91,000 jobs. Related Links The Pain to Come We Walk the Line What a Recession Looks Like Source: Portfolio.com: Top 5 | 5 Dec 2008 | 1:00 pm Wall Street on edge ahead of unemployment reportNEW YORK -- Wall Street was on edge Friday as investors waited to learn how many jobs were lost as employers slashed their payrolls in November. Stock index futures were trading moderately lower.Source: L.A. Times - Business | 5 Dec 2008 | 12:21 pm
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Orexigen Therapeutics (OREX) Trouble with mid-stage drug trials. Drops to $1.55 from 52- week high of $15.63.
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