Friday, December 14, 2007
U.S. stock indexes close with weekly losses of more than 2%
22:06:08 (GMT)
U.S. stock indexes close with weekly losses of more than 2%
NEW YORK
U.S. stocks fell Friday, with the major indexes slammed by their worst
weekly drop in five weeks, as rising inflation fed investors' fears
about the economy, while reducing the odds of another Federal Reserve
rate cut next month.
Citigroup to take $49 bln of SIV assets onto balance sheet
BOSTON
Citigroup Inc. shares fell 1% on Friday as investors digested news the
banking giant will take $49 billion worth of assets from several
investment vehicles that have been damaged by the credit market crisis
and add them to its own balance sheet.
Senate passes mortgage-relief bill
WASHINGTON
The Senate on Friday approved legislation that would make it easier for
homeowners facing potentially higher mortgage payments to get help from
the government.
Markets Friday, 12/14/2007
| Dow : 13339.85 down 178.11
| S & P : 1467.95 down 20.46
| NASDAQ: 2635.74 down 32.75
| Bond (10Y): 4.23%, 100.09
MARKETS:
Economic jitters slam stocks
Wall Street retreats after a report showing a jump in consumer inflation
sparks worries that the Fed won't be able to keep cutting interest
rates.
Stocks slump. Dow and Nasdaq end more than 1% lower as a report showing a jump in consumer inflation jostles investors.
16:00:45 -0500
Stocks slump. Dow and Nasdaq end more than 1% lower as a report showing
a jump in consumer inflation jostles investors.
Stocks trim losses as technology fronts recovery attempt
17:01:09 (GMT)
Stocks trim losses as technology fronts recovery attempt
NEW YORK
U.S. stocks on Friday remained mostly lower, with technology stocks
fronting an attempted rebound, after consumer prices climbed 0.8% in
November, bolstering ongoing worries about inflation and the U.S.
economy.
Citigroup to take $49 bln of SIV assets onto balance sheet
LONDON
Citigroup shares traded higher Friday after the banking giant said it
will take $49 billion worth of assets from several investment entities
that have been damaged by the credit market crisis and add them to its
own balance sheet.
Economic Report: Consumer inflation runs at quickest pace in two years
WASHINGTON
Consumer inflation increased at the fastest pace in more than two years
in November, and analysts said the report wouldn't sit well with the
Federal Reserve.
'Made in America' more appealing as dollar drops, crude soars
LONDON
Forget about China, the U.S. is the new hot spot for global firms
looking for lower production and transport costs, increased supply-chain
flexibility and a crack at wooing the world's most demanding customers.
Consumer price increase higher than economists' forecasts, Dow Jones reports.
Consumer price increase higher than economists' forecasts, Dow Jones
reports.
Dow industrials suffer triple-digit decline as U.S. exchanges open
Dow industrials suffer triple-digit decline as U.S. exchanges open
Thursday, December 13, 2007
Markets Thursday, 12/13/2007
| Dow : 13517.96 up 44.06
| n S & P : 1488.41 up 1.82
| NASDAQ: 2668.49 down 2.65
| Bond (10Y): 4.20%, 100.34
MARKETS:
Stocks stage recovery
Wall Street finds stability at the end of a weak session influenced by
worries about the credit market crisis and inflation.
Honeywell's sweetened forecast lifts U.S. stocks to mixed close
22:01:09 (GMT)
Honeywell's sweetened forecast lifts U.S. stocks to mixed close
Wall Street suffers as a mixed batch of economic readings -- including a
sharp rise in wholesale prices -- fail to offset underlying doubts about
whether recent moves by the Federal Reserve will bolster the economy.
JetBlue shares surge following word of Lufthansa stake
JetBlue Airways Group said Thursday that Deutsche Lufthansa had agreed
to take a 19% equity stake in the New York carrier and get a seat on the
board.
SportsWatch: Mitchell steroid probe names Roger Clemens, other stars as
users
Former Sen. George Mitchell's long-awaited report on steroids in Major
League Baseball will name Roger Clemens, Andy Pettite, Gary Sheffield,
and several other current ballplayers as using the performance-enhancing
drugs, according to several media reports.
Economic Report: U.S. Nov. wholesale inflation hits highest rate since
1973
Wholesale prices rise 3.2% in November, the largest growth since August
1973, a sign which some believe could signal stagflation.
Lehman's profit falls on bond write-down, but beats forecasts
Lehman Brothers says its fourth-quarter profit fell for the third
straight quarter, slipping 11% from a year ago on net write-downs of
$830 million on fixed-income trading assets, but the results top Wall
Street expectations.
Stocks end mixed. Dow finishes slightly higher, Nasdaq tip-toes lower as investors fight inflation-fueled economic fears.
16:00:45 -0500
Stocks end mixed. Dow finishes slightly higher, Nasdaq tip-toes lower as
investors fight inflation-fueled economic fears.
Hillary Clinton Gets The Jitters
Clinton heads into the final Democratic debate before the Jan. 3 Iowa
caucuses on Thursday with her earlier aura of inevitability gone,
reports the Washington Post. She is essentially tied with Barack Obama
and John Edwards.
Market Snapshot: U.S. stocks fall as investors question how helpful Fed can be
17:06:13 (GMT)
Market Snapshot: U.S. stocks fall as investors question how helpful Fed
can be
Wall Street suffers as a mixed batch of economic readings -- including a
sharp rise in wholesale prices -- fail to offset underlying doubts about
whether recent moves by the Federal Reserve will bolster the economy.
_____________
U.S. Nov. PPI up 3.2% -- largest growth since 1973
Wholesale prices rises 3.2% in November, the largest growth since August
1973, as the jump in energy goods prices hit a record high.
_____________
Biogen shares tumble after no buyer emerges
BOSTON
Shares of Biogen Idec Inc. tumbled nearly 28% in Thursday morning
trading after the biotechnology giant said a search for potential buyers
failed to turn up suitors.
Economic Report: U.S. retail sales jump 1.2% in Nov., biggest since May
WASHINGTON
U.S. retail sales rose sharply in November, pushed higher by rising
gasoline prices, the Commerce Department reported Thursday.
Lehman's profit falls, but tops expectations
Lehman Brothers says its fourth-quarter profit fell for the third
straight quarter, slipping 11% from a year ago on net write-downs of
$830 million on fixed-income trading assets, but the results top Wall
Street expectations.
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Retail sales up 1.2%, twice expected gain; Producer prices rise 3.2% overall, biggest gain in 34 years, Dow Jones reports.
Retail sales up 1.2%, twice expected gain; Producer prices rise 3.2%
overall, biggest gain in 34 years, Dow Jones reports.
Wednesday, December 12, 2007
Markets Wednesday, 12/12/2007
| Dow : 13473.90 up 41.13
| S & P : 1486.59 up 8.94
| NASDAQ: 2671.14 up 18.79
| Bond (10Y): 4.09%, 101.25
MARKETS:
Stock rally rapidly unwinds
Fed lending measure drives Dow up nearly 300 points, but bad news from
banks brings the rally back down to Earth.
U.S. stocks recover gains as investors mull Fed action
U.S. stocks recover gains as investors mull Fed action
U.S. stocks shook off earlier gains late Wednesday, lapsing into
negative territory as investors considered moves by the Federal Reserve
and four other central banks to ease the global credit crunch.
The Fed: Fed, top central banks to flood markets with cash
WASHINGTON
The Federal Reserve and other top central banks will flood the financial
system with as much as $64 billion in extra cash in the next few weeks
in an effort to unblock the jammed credit markets, the Fed announced
Wednesday.
Futures Movers: Oil rallies 5% on U.S. inventories, central-bank
actions
SAN FRANCISCO
Crude-oil futures rallied more than $4 Wednesday to close above $94 a
barrel after data showed U.S. crude inventories dropped for a fourth
straight week and five of the world's top central banks said they were
ready to inject cash into the money markets.
Classmates IPO canceled as appetite for tech issues weakens
SAN FRANCISCO
The parent company of Classmates Media Corp., which runs the popular
Classmates.com site, has pulled the plug on the company's planned IPO,
which had been expected to price as early as this week.
Stocks end volatile day slightly higher, giving up early gains, as investors juggle Fed news, bank gloom and surging oil.
Stocks end volatile day slightly higher, giving up early gains, as
investors juggle Fed news, bank gloom and surging oil.
Dow industrials down by triple digits, nearly 400 points from intraday high
Bulletin: Dow industrials down by triple digits, nearly 400 points from
intraday high
Crude oil jumps nearly 5% to $94.39 -- highest Nymex close since November
Bulletin: Crude oil jumps nearly 5% to $94.39 -- highest Nymex close
since November
Breaking News: Fed acts to ease credit crunch
WASHINGTON (AP) - The Federal Reserve announced Wednesday that it is
coordinating with other central banks to deal with a global credit
crunch.
Oil prices remain higher after weaker-than-expected crude inventory.
Oil prices remain higher after weaker-than-expected crude inventory.
Federal Reserve in coordinated effort with other central banks to address credit crunch.
Federal Reserve in coordinated effort with other central banks to
address credit crunch.
U.S. stocks jump as Fed, allies inject liquidity
U.S. stocks jump as Fed, allies inject liquidity
NEW YORK
U.S. stocks spiked higher Wednesday, with the Dow industrials up nearly
150 points, after the Federal Reserve and four other central banks moved
to improve liquidity in the banking system and encourage short-term
lending.
The Fed: Fed, other central banks move to inject cash into money
markets
WASHINGTON
The Federal Reserve, as part of a coordinated plan with global central
banks, said on Wednesday said they were taking steps to inject up to $40
billion in reserves into the money markets to try to ease the credit
crunch currently roiling the financial system.
Economic Report: Import prices rise 2.7% in November, most in 17 years
WASHINGTON
Driven by a weaker dollar and much higher prices for petroleum and
natural gas, import prices surged 2.7% in November, the largest monthly
increase in 17 years, the Labor Department reported Wednesday.
Mortgage applications rose 2.5% last week: MBA
CHICAGO
Mortgage applications rose a seasonally adjusted 2.5% last week, as
mortgage rates headed up, according to the Mortgage Bankers
Association's weekly survey, released on Wednesday.
BHP Billiton steps up Rio battle; Xstrata seeks out partner
LONDON
Mining M&A chatter involving firms worth a combined $183 billion
continued on Wednesday, as BHP Billiton tried to convince investors of
its Rio Tinto offer and Xstrata said it has held merger talks.
Tuesday, December 11, 2007
MarketsTuesday, 12/11/2007
| Dow : 13432.77 down 294.26
| S & P : 1477.65 down 38.31
| NASDAQ: 2652.35 down 66.60
| Bond (10Y): 3.96%, 102.28
MARKETS:
Wall Street to Fed: Not good enough
Stocks tank after the Fed cuts rates by a quarter-percentage point,
rather than the half some had hoped. Dour comments on the economy factor
in too.
Cautious Fed cuts by quarter-point, no clear signal of more
Cautious Fed cuts by quarter-point, no clear signal
WASHINGTON
The Federal Reserve cut interest rates Tuesday but was more cautious
than many economists had expected. The central bank lowered the federal
funds rate by a quarter-point to 4.25%.
Market Snapshot: U.S. stock close with stiff losses as Fed disappoints
NEW YORK
U.S. stocks on Tuesday took a steep dive after the Federal Reserve
shaved both its Fed funds target and discount rates by 25 basis points
and offered a more tepid assessment of the economy than equity investors
were looking for.
Citi names Pandit CEO; Bischoff becomes chairman
NEW YORK
Citigroup Inc. named Vikram Pandit chief executive and Win Bischoff
chairman Tuesday, as the financial-services giant tries to recover from
the effects of a global credit crisis this year.
WaMu shares slide as bank slashes 3,150 jobs
SAN FRANCISCO
Shares of Washington Mutual, the largest U.S. thrift, fell in early
trading Tuesday, a day after the bank said it's slashing 3,150 jobs and
cutting its dividend.
Boeing sticks by 787 schedule, but says risks remain
SAN FRANCISCO
Boeing said Tuesday it stands by its earlier schedule for getting its
new 787 Dreamliner passenger jet into the air and to its first
customers, despite lingering glitches in its largely outsourced
manufacturing process.
Breaking News Tue., December 11, 2007
FEDERAL RESERVE CUTS INTEREST RATES A QUARTER POINT AMID CONCERNS OVER A
SLOWING U.S. ECONOMY AND CONTINUING MORTGAGE CRISIS
Stocks tank in one of worst days of year. Dow loses nearly 300 points. Investors snub Fed's quarter-point rate cut.
Stocks tank in one of worst days of year. Dow loses nearly 300 points.
Investors snub Fed's quarter-point rate cut.
U.S. stocks' advance fades ahead of Fed decision
U.S. stocks' advance fades ahead of Fed decision
NEW YORK
Stocks headed lower Tuesday amid weakness in the financial sector ahead
of the Federal Reserve's interest-rate decision, with only the Nasdaq
clinging to slight gains on upbeat technology news, including Texas
Instruments Inc.'s outlook.
The Fed: Quarter-point cut and discount-rate move seen as likely
WASHINGTON
Wall Street economists firmly expect a rate cut of a quarter of one
percentage point and also engineer an even larger reduction in the
discount rate when the Federal Reserve meets on Tuesday to consider its
monetary policy.
WaMu shares slide as bank slashes 3,150 jobs
SAN FRANCISCO
Shares of Washington Mutual, the largest U.S. thrift, fell in early
trading Tuesday, a day after the bank said it's slashing 3,150 jobs and
cutting its dividend.
TI shares rise on improved outlook
SAN FRANCISCO
Texas Instruments Inc.'s stock rose 3% Tuesday morning after the
chipmaker raised the midpoint of its revenue and earnings forecast for
the fourth quarter.
The Ratings Game: Starbucks cut to neutral at Goldman with few catalysts
in sight
NEW YORK
Goldman Sachs analyst Steven Kron cut his rating on Starbucks Corp. to
neutral from buy, as the analyst noted slower same-store sales,
declining new store productivity, margin erosion and concerns over
competition and saturation.
Twin Blasts Kill Dozens In Algeria
December 11, 2007
Twin Blasts Kill Dozens In Algeria
Two bombs have targeted a court and a United Nation's office in the
Algerian capital city, killing at least 45 people, according to
officials. The blasts come amid a surge of violence in Algeria by al
Qaeda's North Africa franchise.
Monday, December 10, 2007
Markets Monday, 12/10/2007
| Dow : 13727.03 up 101.45
| S & P : 1515.96 up 11.30
| NASDAQ: 2718.95 up 12.79
| Bond (10Y): 4.15%, 100.72
MARKETS:
Wall Street bets on rate cuts
Stocks gain as investors weigh a better-than-forecast pending home sales
index and await Tuesday's Federal Reserve rate-cut decision.
Conrad Black gets 6 1/2 years for fraud, obstruction of justice
Conrad Black gets 6 1/2 years for fraud, obstruction of justice
CHICAGO
Former media mogul Conrad Black was sentenced to 6 1/2 years in federal
prison Monday on four counts, including fraud and obstruction of
justice.
The Fed: Quarter-point cut and discount-rate move seen as likely
WASHINGTON
Wall Street economists firmly expect a rate cut of a quarter of one
percentage point and also engineer an even larger reduction in the
discount rate when the Federal Reserve meets on Tuesday to consider its
monetary policy.
UBS adds $10 bln in write-downs, gets hefty cash injection
LONDON
Swiss banking giant UBS warned Monday that it will write down the value
of its subprime mortgage holdings by a further $10 billion, leading to a
loss in the fourth quarter and potentially wiping out all its profits
for the year.
Fed expected to lower rates despite raging inflation
WASHINGTON
In a glorious bit of timing, the Federal Reserve is expected to cut
interest rates on Tuesday for a third straight meeting, just days before
government data are released showing some of the highest inflation rates
in decades.
U.S. stocks rise ahead of Fed interest-rate decision Tuesday
U.S. stocks rise ahead of Fed interest-rate decision Tuesday
NEW YORK
U.S. stocks climbed Monday as financial shares paved the way, with the
sector bolstered by an $11.5 billion investment in Swiss banking giant
UBS AG and investors riding a wave of optimism sparked by Tuesday's
likely interest-rate cut.
The Fed: Quarter-point cut and discount-rate move seen as likely
WASHINGTON
Wall Street economists firmly expect a rate cut of a quarter of one
percentage point and also engineer an even larger reduction in the
discount rate when the Federal Reserve meets tomorrow to consider its
monetary policy.
UBS adds $10 bln in write-downs, gets hefty cash injection
LONDON
Swiss banking giant UBS warned Monday that it will write down the value
of its subprime mortgage holdings by a further $10 billion, leading to a
loss in the fourth quarter and potentially wiping out all its profits
for the year.
Fed expected to lower rates despite raging inflation
WASHINGTON
In a glorious bit of timing, the Federal Reserve is expected to cut
interest rates on Tuesday for a third straight meeting, just days before
government data are released showing some of the highest inflation rates
in decades.
Construction firms rise in Europe, broader market muted
LONDON
Construction stocks got a lift from Lafarge's deal-making plans on
Monday, outperforming a muted broader European market where investors
were evaluating an update from Swiss bank UBS and preparing for an
upcoming U.S. interest rate decision.
