Friday, November 02, 2007
Breaking News Fri., November 2, 2007
Breaking News
CITIGROUP CEO CHARLES PRINCE, UNDER PRESSURE OVER MORTGAGE LOSSES, IS
EXPECTED TO OFFER HIS RESIGNATION, WALL STREET JOURNAL REPORTS
Citigroup CEO Charles Prince to offer his resignation over weekend: report
BULLETIN
Citigroup CEO Charles Prince to offer his resignation over weekend:
report
U.S. stocks end volatile session with gains
DJIA
13,595
+27.23
S&P
1,509
+1.21
NASDAQ
2,810
+15.55
10Yr
4.29%
-0.070
U.S. stocks end volatile session with gains
NEW YORK
U.S. stocks on Friday capped a volatile trading day with modest gains
after investors weighed a surprisingly strong October jobs report and an
unexpected rise in factory orders against ongoing credit-related
upheaval in the financial sector.
Financial Stocks: Merrill, WaMu lead sector lower as practices
questioned
NEW YORK
After hitting five-year lows a day earlier, financial stocks continued
to slide on Friday as investor concerns focused on Merrill Lynch and
Washington Mutual.
Economic Report: October job growth strongest since May
WASHINGTON
Shaking off fears about weakness in housing and credit, the U.S. economy
created 166,000 net jobs in October, the best job growth since May, the
Labor Department reported Friday.
Writers Guild calls strike; walkout could begin Monday
LOS ANGELES
A walkout by Hollywood screenwriters may occur as early as Monday as the
Writers Guild of America has called for a strike.
The Ratings Game: Street views sharply divided over EA's results,
outlook
SAN FRANCISCO
Despite the fact that Electronic Arts Inc. issued better-than-expected
results for the September quarter and sees a strong performance for the
holiday season, Jeetil Patel of Deutsche Bank thinks it's time for
investors to start getting out of the stock.
U.S. stocks reverse course, trade mixed; financials lower
DJIA
13,488
-79.18
S&P
1,497
-11.41
NASDAQ
2,787
-7.38
10Yr
4.29%
-0.072
U.S. stocks reverse course, trade mixed; financials lower
NEW YORK
U.S. stocks on Friday shed earlier gains with investors funneling money
into the perceived safety of Treasurys instead, as anxiety about
financial stocks overshadowing a surprisingly strong October jobs report
and an unexpected rise in factory orders.
Hedge Funds: Paulson hedge funds cut subprime bets after huge gains
SAN FRANCISCO
Paulson & Co., a $24 billion hedge fund firm that's generated huge
returns from betting against subprime mortgage securities, has begun
trimming those positions.
British Airways cuts sales forecast again as profit jumps 51%
LONDON
British Airways reported a 51% rise in fiscal first-half profit on
Friday on back of lowered costs, but the airline trimmed its sales
outlook again as the weaker dollar kept Americans from flying across the
ocean.
Retirement Living: Workers' retirement-plan participation drops for
second year
SAN FRANCISCO
Thanks in part to fewer employers enrolling their workers in traditional
pensions, the portion of employees participating in a retirement plan
dropped in 2006, the Employee Benefit Research Institute said Thursday.
Temporary alternative minimum tax 'patch' advances
WASHINGTON
The House's tax-writing committee on Thursday approved a Democratic plan
that aims to shield middle-class taxpayers from the alternative minimum
tax this year while offsetting lost revenues by raising taxes on some of
the income earned by hedge-fund and private-equity fund managers.
Breaking News: 166,000 jobs added to payrolls in October
Employers boosted payrolls by a surprisingly strong 166,000 in October,
the
most in five months, an encouraging sign that the nation's employment
climate
is holding up relatively well against the strains of a housing collapse
and
credit crunch.
Stock futures turn higher on strong October jobs report.
Stock futures turn higher on strong October jobs report.
Thursday, November 01, 2007
Dow slides more than 360 points on earnings, financial woes
DJIA
13,567
-362.14
S&P
1,508
-40.94
NASDAQ
2,794
-64.29
10Yr
4.36%
-0.114
Dow slides more than 360 points on earnings, financial woes
NEW YORK
U.S. stocks swooned Thursday, with the Dow industrials sliding more than
360 points, as a downgrade of Citigroup Inc. revived concerns about woes
in the financial sector, sobering up markets after the euphoria of the
Federal Reserve's rate cut the previous day.
The Ratings Game: Citigroup takes a hit on concern it must cut its big
dividend
NEW YORK
Citigroup shares tumbled nearly 7% to reach a multiyear low Thursday
amid new concerns that the financial services conglomerate may not be
able to support its hefty dividend payout.
Exxon Mobil's quarterly net income off 10%; revenue up 2.7%
NEW YORK
Exxon Mobil Corp.'s third-quarter income fell 10% in its biggest
year-over-year drop in three years as the rising cost of oil boosted
expenses and outpaced any increases in prices that the petroleum giant
could get for its products, financial results showed Thursday.
Futures Movers: Crude futures fall from record high to close 1% lower
SAN FRANCISCO
Crude-oil futures retreated Thursday from a record high set during the
previous session, as a rebounding dollar reduced the appeal of oil as an
alternative investment and crude investors locked in gains.
John Dvorak's Second Opinion: How to beat Google? Work smarter and
harder
BERKELEY, Calif.
Insofar as the market is concerned, Google Inc is now the fifth-largest
company in the USA. I am more than a little amused, as my suspicion that
we are entering Bubble 2.0 is confirmed.
Dow industriuals down more than 300 points; big losers: Citi, GM, AIG, AmEx, J.P. Morgan
Dow industriuals down more than 300 points; big losers: Citi, GM, AIG,
AmEx, J.P. Morgan
Wall Street tanks. Dow loses 370 points or 2.6% in worst performance since August. Nasdaq sheds 64 points, 2.2%.
Wall Street tanks. Dow loses 370 points or 2.6% in worst performance
since August. Nasdaq sheds 64 points, 2.2%.
U.S. stocks slide on earnings, financial woes
DJIA
13,710
-219.07
S&P
1,523
-25.50
NASDAQ
2,821
-38.08
10Yr
4.36%
-0.114
U.S. stocks slide on earnings, financial woes
NEW YORK
U.S. stocks fell sharply Thursday, with the Dow industrials sliding over
240 points, after Exxon Mobil's worse-than-expected earnings and ongoing
trouble in the financial sector sobered up the market after the euphoria
of the Federal Reserve's rate cut.
The Ratings Game: Citigroup might have to cut dividend to raise capital,
CIBC says
BOSTON
Citigroup in the near term may be required to raise more than $30
billion by either selling off assets, slashing its dividend, raising
capital or resorting to a mix of these measures, analysts at CIBC World
Markets said.
Exxon Mobil's quarterly net income off 10%; revenue up 2.7%
NEW YORK
Exxon Mobil Corp.'s third-quarter income fell 10% as the rising cost of
oil boosted expenses and outpaced any increases in prices that the
petroleum giant could get for its products, financial results showed
Thursday.
Futures Movers: Crude-oil futures fall sharply amid stock decline
NEW YORK
Crude-oil futures fell sharply Thursday, following their record-breaking
climb to more than $96 a barrel in electronic trading, as U.S. stocks
posted steep losses on Wall Street driven in part by oil giant Exxon
Mobil's worse-than-expected earnings.
Election Notebook: Democratic contenders don't embrace Rangel tax plan
WASHINGTON
A Democratic plan to repeal the alternative minimum tax and replace it
with a surtax on Americans earning more than $150,000 a year received
limited support from the party's top presidential contenders in Tuesday
night's debate.
Dow industrials fall as much as 202 points in first 10 minutes of trading
BULLETIN
Dow industrials fall as much as 202 points in first 10 minutes of
trading
Personal income up in line with forecasts, spending a little below expectations, Dow Jones reports.
Personal income up in line with forecasts, spending a little below
expectations, Dow Jones reports.
Wednesday, October 31, 2007
Wall Street ends October with monthly gains
DJIA
13,930
+137.54
S&P
1,549
+18.36
NASDAQ
2,859
+42.41
10Yr
4.48%
+0.092
Wall Street ends October with monthly gains
NEW YORK
U.S. stocks closed with monthly gains Wednesday after resuming their
rally after the Federal Reserve's interest-rate decision, offering Wall
Street just what it had been clamoring for, a quarter-point cut to
4.5%.
Economic Report: Inflation was low because oil prices surged
WASHINGTON
As odd as it sounds, the government reported that inflation was at a
four-decade low in the third quarter, primarily because import oil
prices rose so much.
The Fed: Fed cuts by a quarter-point, suggests that might be it
WASHINGTON
The Federal Reserve gave the economy its second anti-recession shot in
six weeks on Wednesday, cutting short-term interest rates by a
quarter-point, but signaled that it wants to hold off doling out any
more medicine.
The Federal Reserve cuts rates by a quarter of a point, bringing the fed funds rate to 4.5%, citing housing concerns.
The Federal Reserve cuts rates by a quarter of a point, bringing the fed
funds rate to 4.5%, citing housing concerns.
Crude oil prices skyrocketed $4.15 to settle at $94.53 a barrel on report of lower inventories, topping Monday's record.
Crude oil prices skyrocketed $4.15 to settle at $94.53 a barrel on
report of lower inventories, topping Monday's record.
Crude futures rally on surprise drop in inventories
DJIA
13,841
+48.61
S&P
1,541
+10.55
NASDAQ
2,835
+19.11
10Yr
4.40%
+0.021
Crude futures rally on surprise drop in inventories
SAN FRANCISCO
Crude-oil futures rallied to trade near record highs on Wednesday after
the Energy Department reported a surprise drop in U.S. crude inventories
in the latest week, while a possible rate cut this afternoon from the
Federal Reserve could further lift oil prices.
Economic Report: U.S. economy grows 3.9%, fastest in six quarters
WASHINGTON
The U.S. economy shook off the worst housing downturn in a generation to
grow at a 3.9% annual pace in third quarter, the best performance in six
quarters, the Commerce Department estimated Wednesday.
Google tops $700 mark; Wall Street sees more gains
SAN FRANCISCO
Google Inc.'s seemingly unstoppable stock set a new milestone Wednesday
morning, topping the $700 mark to set a new all-time high for a company
whose market value has already jumped by more than 50% for the year.
Market Snapshot: Wall Street gains ahead of Fed decision
NEW YORK
U.S. stocks coasted higher Wednesday, with investors cheered by thoughts
the day could bring another interest-rate reduction by the Federal
Reserve.
Oil prices rally on big surprise drop in crude inventories.
Oil prices rally on big surprise drop in crude inventories.
U.S. economy grew at 3.9% rate in third quarter, higher than forecast, Dow Jones reports.
U.S. economy grew at 3.9% rate in third quarter, higher than forecast,
Dow Jones reports.
Tuesday, October 30, 2007
U.S. stocks end lower ahead of Fed's next interest-rate move
DJIA
13,792
-77.79
S&P
1,531
-9.96
NASDAQ
2,816
-0.73
10Yr
4.38%
0.000
U.S. stocks end lower ahead of Fed's next interest-rate move
NEW YORK
Stocks declined Tuesday, with Apple Inc.'s sales offering a late lift to
technology stocks amid ongoing speculation about the Federal Reserve's
next interest-rate move, and on Procter & Gamble's warning that rising
commodity prices would dent profit.
Apple's Leopard leaps, but will Mac sales follow?
SAN FRANCISCO
Apple Inc. saw booming sales of the latest version of its operating
system over the weekend, which may help boost momentum for the company's
line of Mac computers during the holiday season.
Economic Report: Home prices falling at record pace in August:
Case-Shiller
WASHINGTON
The 13-month-long decline in home prices in 20 major U.S. cities
accelerated in August, with prices dropping a record 0.7% in the month,
according to the Case-Shiller price index released Tuesday by Standard &
Poor's Corp.
Procter & Gamble profit jumps 14%; sees margin pressure
SAN FRANCISCO
Consumer-products giant Procter & Gamble Co. said Tuesday quarterly
income grew 14% on the year, helped by sales of laundry products,
fragrances, razor blades and diapers.
Congress approves seven-year Internet tax ban
WASHINGTON
Internet-access taxes and other Web-related levies would remain
prohibited through 2014, according to legislation that cleared the House
without opposition Tuesday.
U.S. stocks slide as Procter & Gamble cuts profit outlook
DJIA
13,804
-65.27
S&P
1,531
-9.90
NASDAQ
2,810
-7.35
10Yr
4.39%
+0.004
U.S. stocks slide as Procter & Gamble cuts profit outlook
NEW YORK
U.S. stocks fell Tuesday amid speculation the Federal Reserve might not
cut interest rates after all and Procter & Gamble's forecast that the
rising cost of goods would dent the consumer-products giant's profit in
the current quarter.
Merrill CEO out as loss crushes veteran O'Neal
NEW YORK
Merrill Lynch & Co Inc said Tuesday that embattled CEO and 21-year
company veteran Stan O'Neal is leaving the company less than a week
after taking personal responsibility for the largest quarterly loss in
the 93-year old Wall Street firm's history.
Economic Report: Home prices falling at record pace in August:
Case-Shiller
WASHINGTON
The 13-month-long decline in home prices in 20 major U.S. cities
accelerated in August, with prices dropping a record 0.7% in the month,
according to the Case-Shiller price index released Tuesday by Standard &
Poor's Corp.
Economic Report: Job worries drag U.S. consumers confidence lower
WASHINGTON
Consumers are less upbeat about the U.S. job market, with an index
tracking the level of their confidence sliding to its lowest level since
October 2005, shortly after Hurricane Katrina hammered the Gulf Coast,
economic data showed Tuesday.
Procter & Gamble profit jumps 14%; sees margin pressure
SAN FRANCISCO
Consumer-products giant Procter & Gamble Co. said Tuesday quarterly
income grew 14% on the year, helped by sales of laundry products,
fragrances, razor blades and diapers.
Monday, October 29, 2007
U.S. stocks end higher as investors anticipate rate cut
DJIA
13,870
+63.56
S&P
1,540
+5.70
NASDAQ
2,817
+13.25
10Yr
4.38%
-0.006
U.S. stocks end higher as investors anticipate rate cut
NEW YORK
U.S. stocks ended with gains on Monday, with expectations of another
interest-rate cut by the Federal Reserve helping to bolster financial
stocks badly battered in recent months by subprime mortgage losses.
Fink viewed as natural to replace O'Neal at Merrill Lynch
SAN FRANCISCO
A familiar name is topping many Wall Street insiders' lists for the next
chief executive at Merrill Lynch & Co.
Verizon, AT&T neck and neck in mobile wars
WASHINGTON
When it comes to the wireless-phone business, there's AT&T Inc. and
Verizon Wireless - and then there's everyone else.
Capitol Report: Billions at stake in greenhouse gas debate
WASHINGTON
Coming up with a solution to global warming will be easy compared with
the political battles over who will pay for it.
The Fed: Fed to cut rates to manage risks, analysts say
WASHINGTON
Many economists believe the Federal Reserve will cut its policy
interest-rate target by a quarter-percentage point to 4.5% on Wednesday
to contain the risks that financial market turmoil could continue,
possibly leading to a recession.
Crude oil rose $1.67 on the New York Mercantile Exchange to settle at $93.53, another record high.
Crude oil rose $1.67 on the New York Mercantile Exchange to settle at
$93.53, another record high.
Stocks end higher across the board Monday as Wall Street ignores record oil prices and awaits Wednesday's Fed decision.
Stocks end higher across the board Monday as Wall Street ignores record
oil prices and awaits Wednesday's Fed decision.
U.S. stocks remain higher as investors anticipate rate cut
DJIA
13,847
+40.64
S&P
1,538
+3.29
NASDAQ
2,812
+7.87
10Yr
4.39%
-0.002
U.S. stocks remain higher as investors anticipate rate cut
NEW YORK
U.S. stocks climbed on Monday, with investors' hopes of another
interest-rate cut by the Federal Reserve helping bolster financial
stocks badly battered in recent months by subprime mortgage losses.
European shares advance behind commodity sector gains
LONDON
European shares rose on Monday, with mineral extractors such as Rio
Tinto in the lead as gold prices continued to strengthen and deals
continued apace, while hopes for a U.S. interest-rate cut buoyed the
broader market.
Merrill Lynch's CEO to depart amid board pressure: reports
BOSTON
Stan O'Neal, Merrill Lynch & Co.'s beleaguered chief executive, has
decided to leave the firm and was negotiating the terms of his
departure, according to media reports.
Futures Movers: Oil tops $93 a barrel on Mexico's production halt
SAN FRANCISCO
Crude-oil futures rose past $93 a barrel for the first time on Monday,
getting a lift as bad weather forced a halt to production in Mexico. Oil
futures were also boosted by a weak dollar, which touched the lowest
level against the euro in eight years.
Metals Stocks: Gold futures near $800 an ounce as rally continues
LONDON
Gold futures traded close to the psychologically important $800-an-ounce
level on Monday, gaining just days before a U.S. interest-rate decision
as traders stepped forward to buy the popular inflation hedge.
Sunday, October 28, 2007
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