Wednesday, August 06, 2008
U.S. stocks lower as Freddie Mac revives housing worries
U.S. stocks lower as Freddie Mac revives housing worries
U.S. stocks trade lower, giving back some of the previous session's
strong gains, as oil rises again and giant government-sponsored mortgage
giant Freddie Mac cuts its dividend.
Freddie Mac takes $821 million loss, plans dividend cut
Freddie Mac, the second-biggest buyer of U.S. mortgages, reports a
second-quarter loss of $821 million, as the battered housing market and
slumping credit conditions take a further toll on the bottom line.
Shares of Freddie and larger sibling Fannie Mae both come under selling
pressure.
Brown battered as Bank of England sticks to sidelines
With Britain's economy heading toward a possible recession, Prime
Minister Gordon Brown is fighting for his political life, but the man
with his hand on the levers of monetary policy -- Bank of England
Governor Mervyn King – has largely escaped the brickbats as he
prepares for a Thursday meeting of the bank's rate-setting Monetary
Policy Committee.
Time Warner profit drops 26%, company reiterates outlook
Time Warner Inc. reports Wednesday that second-quarter net income
dropped 26% on declining profits from its AOL and publishing arms.
Xstrata launches $10 billion bid for platinum producer Lonmin
Swiss-based mining group Xstrata Wednesday launches an unsolicited $10
billion takeover bid for London-based miner Lonmin in an effort to
accelerate its platinum growth strategy.
