Friday, July 11, 2008
Breaking News Fri., July 11, 2008
THE SENATE PASSES $300 BILLION HOUSING RESCUE PACKAGE TO AID HOMEOWNERS
THREATENED WITH FORECLOSURE
Market Briefing Newsletter for Friday, 07/11/2008
| Dow : 11100.54 down 128.48
| S & P : 1239.49 down 13.90
| NASDAQ: 2239.08 down 18.77
| Bond (10Y): 3.95%, 100.03
MARKETS:
Stocks whipsawed by Fannie and Freddie
Wall Street closes down, but off the day's lows, as fears of a
government takeover of mortgage backers eases.
U.S. stock indexes end wild ride off day's lows; Dow, S&P lose more than 1% on week
U.S. stock indexes end wild ride off day's lows; Dow, S&P lose more than
1% on week
7/11/2008 4:03:17 PM
U.S. stocks end with weekly losses on Fannie, Freddie trouble
U.S. stocks sink, with the Dow industrials falling below the 11,000
level for the first time since August 2006, as the price of oil climbed
and investors contemplated the possible demise of mortgage buyers Fannie
Mae and Freddie Mac.
MarketWatch First Take: Fed can lend to just about anyone
Shares of Fannie Mae and Freddie Mac bounce higher on a report that the
companies have been assured by Fed Chairman Ben Bernanke that they can
borrow money if necessary. The fact is, even your Aunt Mabel could get
an emergency loan from the Fed.
Bonds, cash and precious metals are golden in this market
BOSTON
Holly Hooper-Fournier, editor of the Mutual Fund Strategist newsletter,
says that the vast majority of the stock market is not worth owning
right now, and said that investors should focus investments on gold and
precious metals, domestic bonds and cash.
How turmoil over Fannie, Freddie could affect morgtage market
Get ready to see mortgage rates rise somewhat as concerns about Freddie
Mac and Fannie Mae continue, those in the mortgage industry say.
More excitement greets Apple's new iPhone
The release of Apple's new 3G iPhone draws the expected long lines in
many countries where the new mobile phone became available for the first
time, as computer-industry analysts anticipate weekend sales to surpass
those of the initial iPhone rollout a year ago.
Midday Report: Fannie Mae, Freddie Mac shares crater under insolvency fears
Fannie Mae, Freddie Mac shares crater under insolvency fears
As senior Bush administration officials reportedly weighing a plan that
would see the government take over one or both of the two largest U.S.
mortgage finance firms, shares of Fannie Mae and Freddie Mac come under
renewed waves of selling pressure.
Futures Movers: Crude soars atop $147 on fresh speculation over attack
on Iran
Crude-oil futures soar to a fresh record high as mounting tensions
between Iran and the West as well as worries about supply disruptions in
Nigeria and Brazil combine to propel prices to new highs, at one point
eclipsing $147 a barrel
Economic Report: Consumers still extremely gloomy, sentiment survey
shows
U.S. consumers' mood remains extremely pessimistic, according to a
sentiment survey for July.
Apple hopes to continue winning streak with 3G iPhone
When Apple Inc. puts the new 3G version of the iPhone on sale, the
company will look to add to its decade-long string of successes in
creating the "next big thing" in technology.
Dow sinks below 11,000 for the first time in nearly two years amid worries about health of Fannie Mae and Freddie Mac.
Dow sinks below 11,000 for the first time in nearly two years amid
worries about health of Fannie Mae and Freddie Mac.
Treasury Secretary Paulson, trying to calm investors, says government is focused on assuring health of Freddie and Fannie, AP says.
Treasury Secretary Paulson, trying to calm investors, says government is
focused on assuring health of Freddie and Fannie, AP says.
France's Credit Mutuel to buy Citi's German retail operations for $7.7 billion
France's Credit Mutuel to buy Citi's German retail operations for $7.7
billion
7/11/2008 3:14:40 AM
France's Credit Mutuel to buy Citi's German retail operations for $7.7 billion
France's Credit Mutuel to buy Citi's German retail operations for $7.7
billion
7/11/2008 3:14:40 AM
General Electric to sell Japanese loan business for $5.4 billion to Shinsei
General Electric to sell Japanese loan business for $5.4 billion to
Shinsei
7/11/2008 4:26:41 AM
General Electric meets per-share estimates as second-quarter net falls 6%
General Electric meets per-share estimates as second-quarter net falls
6%
7/11/2008 6:33:08 AM
InBev boosts Anheuser-Busch bid to $70 a share seeking friendly deal: WSJ.com
InBev boosts Anheuser-Busch bid to $70 a share seeking friendly deal:
WSJ.com
7/11/2008 7:55:35 AM
Crude oil hits record-high $146.90 a barrel
Crude oil hits record-high $146.90 a barrel
7/11/2008 8:52:47 AM
Stocks tumble as investors brace for volatile day. Oil hits new record, and embattled Freddie and Fannie sink over 40% at open.
Stocks tumble as investors brace for volatile day. Oil hits new record,
and embattled Freddie and Fannie sink over 40% at open.
Thursday, July 10, 2008
MarketsThursday, 07/10/2008
| Dow : 11229.02 up 81.58
| S & P : 1253.39 up 8.70
| NASDAQ: 2257.85 up 22.96
| Bond (10Y): 3.80%, 100.56
MARKETS:
Stocks: Roller coaster, then rally
Wall Street returns to positive territory as strength in chips counters
$5 jump in crude prices and more worries about Fannie, Freddie, Lehman
and GM.
Stocks end higher, with Alcoa rallying and revival in M&A
Stocks end higher, with Alcoa rallying and revival in M&A
Stocks bounce higher after Federal Reserve chief Ben Bernanke and
Treasury Secretary Henry Paulson call for an overhaul of rules governing
U.S. financial markets, while investors mull the fate of Fannie Mae and
Freddie Mac, along with a large takeout bid in the chemical sector.
Futures Movers: Oil jumps to above $141 on geopolitical concerns
Benchmark crude futures move up more than 1%, playing off fresh
developments in oil-rich Nigeria and the Middle East.
Dow Chemical to buy Rohm & Haas for $15 billion
Dow Chemical agrees to buy Rohm & Haas for $15 billion, in what it
called a "decisive move" to increase the chemical giant's profit and
help end its cyclicality.
Telecom Report: AT&T makes big bet on new 3G iPhone
By slashing the price of the iPhone to $200, AT&T hopes to lure millions
of new customers to its wireless service, already one of the largest in
the nation.
Precipitous drop in gambling revenue guts casino stocks
Casino stocks are battered again, with shares of the big players
scraping to multiyear lows on the back of news of a precipitous drop in
Nevada's gambling revenue.
Wall Street ends in positive territory, capping a volatile day. Oil prices and instablity in the mortgage market buffeted shares.
Wall Street ends in positive territory, capping a volatile day. Oil
prices and instablity in the mortgage market buffeted shares.
Oil spikes above $142 a barrel, up more than $5, in late-session surge.
Oil spikes above $142 a barrel, up more than $5, in late-session surge.
U.S. stock mostly lower on Fannie, Freddie woes
U.S. stock mostly lower on Fannie, Freddie woes
Wall Street trades mostly lower as worries about what might be in store
for government-sponsored mortgage buyers Fannie Mae and Freddie Mac cast
a fresh shadow across the stock market.
Bank of England leaves key rate unchanged at 5%
Caught between a softening economy and soaring inflation, the Bank of
England keeps its key interest rate unchanged at 5%.
Economic Report: Initial jobless claims fall 58,000 to lowest since
April
U.S. initial jobless claims fell to their lowest level since April in
the latest week, but continuing unemployment claims reach a level not
seen since December 2003, government data show.
Dow Chemical to buy Rohm & Haas for $15 billion
Dow Chemical agrees to buy Rohm & Haas for $15 billion, in what it
called a "decisive move" to increase the chemical giant's profit and
help end its cyclicality.
Steve & Barry's bankruptcy deals another blow to malls
NEW YORK
U.S. mall owners, already facing declining sales and traffic at anchor
department stores, were dealt yet another blow Wednesday with the
bankruptcy of once fast-growing retailer Steve & Barry's.
Bernanke and Paulson urge lawmakers to pass legislation to modernize the nation's beleagured financial system.
Bernanke and Paulson urge lawmakers to pass legislation to modernize the
nation's beleagured financial system.
Shares of Fannie Mae and Freddie Mac plummet after reports on concerns about the health of the mortgage finance giants.
Shares of Fannie Mae and Freddie Mac plummet after reports on concerns
about the health of the mortgage finance giants.
Wednesday, July 09, 2008
Markets Wednesday, 07/9/2008
| Dow : 11147.44 down 236.77
| S & P : 1244.69 down 29.01
| NASDAQ: 2234.89 down 59.55
| Bond (10Y): 3.81%, 99.94
MARKETS:
Stocks slump on techs, banks
Wall Street retreats further into bear territory, with the Dow and S&P
500 hitting nearly 2-year lows, on earnings jitters and a weak dollar.
U.S. stocks end sharply off as financial sector caves
U.S. stocks end sharply off as financial sector caves
U.S. stocks wobble, with the Dow industrials failing to extend the
blue-chip index's largest one-day jump in nearly a month.
Futures Movers: Oil regains some ground as Iran test fires missile
Crude-oil futures bounce back from their biggest drop in nearly four
months, playing off reports that Iran test-fired a long-range missile as
well as a wider-than-expected drop in U.S. crude inventories.
Air Force reopens disputed $35 bln tanker contract
Air Force reopens huge contract for in flight refueling tankers.
Cisco hits new low on worries about IT spending, economy
Cisco Systems Inc. shares slip to a new 52-week low after a pair of Wall
Street analysts voiced concern about the high-tech giant's upcoming
quarter, which may be pressured by a slowing U.S. economy.
Partying like it's 1980 all over again
High gas prices, home mortgage troubles, a weak dollar, rising inflation
concerns, recession fears, tortured foreign policy -- those same issues
helped bounce Jimmy Carter out of office nearly three decades ago and
catapulted Ronald Reagan to the White House and spell serious trouble
today for GOP hopeful John McCain.
U.S. stocks slightly higher as oil's rise limited
U.S. stocks slightly higher as oil's rise limited
U.S. stocks wobble higher, with the Dow industrials trying to extend the
blue-chip index's largest jump in nearly a month as a mild rise in oil
prices offsets cheer over Alcoa Inc.'s better-than-forecast results.
Futures Movers: Oil regains some ground as Iran test-fires missile
Crude-oil futures bounce back from their biggest drop in nearly four
months, playing off reports that Iran test-fired a long-range missile as
well as a wider-than-expected drop in U.S. crude inventories.
Alcoa shares rise as analysts laud quarterly report
Alcoa trade as much as 5% higher, playing off the aluminum giant's
mostly upbeat second-quarter financial results.
Yahoo CEO Yang accuses Microsoft of 'destabilizing' move
Yahoo CEO Jerry Yang accuses Microsoft Corp. of trying to destabilize
the Internet portal by giving a voice to support a proxy battle by
billionaire investor activist Carl Icahn.
Merrill could get as much as $5 bln for Bloomberg stake: report
BOSTON
A blind trust of New York City Mayor Michael Bloomberg is willing to pay
between $4.5 billion and $5 billion for the 20% of Bloomberg L.P. that
Merrill Lynch & Co. holds, according to a published report Wednesday.
Oil prices shoot up after government report shows crude stockpiles fell 5.9 billion barrels last week - much more than expected.
Oil prices shoot up after government report shows crude stockpiles fell
5.9 billion barrels last week - much more than expected.
Stocks open mixed as investors remain wary of oil prices, which rose after Iran conducted a missile test.
Stocks open mixed as investors remain wary of oil prices, which rose
after Iran conducted a missile test.
Aluminum maker Alcoa reports earnings of 66 cents per share, in line with analyst projections. Sales of $7.6 billion beat estimates.
Aluminum maker Alcoa reports earnings of 66 cents per share, in line
with analyst projections. Sales of $7.6 billion beat estimates.
Tuesday, July 08, 2008
MarketsTuesday, 07/8/2008
| Dow : 11384.21 up 152.25
| S & P : 1273.70 up 21.39
| NASDAQ: 2294.44 up 51.12
| Bond (10Y): 3.88%, 99.91
MARKETS:
Stocks stage recovery
Wall Street advances after choppy session, thanks to falling oil prices
and a bounce in technology and financial services shares. Alcoa reported
after the close.
U.S. stocks solidly higher as oil drops, Fed talk calms worries
U.S. stocks solidly higher as oil drops, Fed talk calms worries
U.S. stocks close with strong gains as crude's biggest price dive in
nearly four months brightens the outlook for transportation firms and
retailers, and the Fed offers a line to the battered financial sector.
The Fed: Bernanke seeks new regulatory powers for Fed
Federal Reserve Chairman Ben Bernanke says the Fed should have
additional powers to prevent and limit financial market turmoil.
Futures Movers: Crude falls $5.33, the most in nearly four months
Crude-oil futures tumble more than $6, poised for their biggest loss in
nearly four months, as the rising dollar and economic worries spur
investors to sell commodities.
VMware shares fall more than 24% on surprise departure of CEO
SAN FRANCISCO
VMware Inc. shares lost almost a quarter of their value Tuesday after
the virtualization technology company stunned investors by replacing CEO
and co-founder Diane Greene, following a tumultuous year for one of the
tech-sector's hottest public offerings of 2007.
FundWatch: John Templeton, pioneer investor, dies at 95
John Templeton, the legendary mutual-fund manager who was a pioneer of
international investing and later committed much of his fortune to
scientific causes, has died at 95.
Stocks down again on more evidence of weak housing market
Stocks down again on more evidence of weak housing market
NEW YORK
U.S. stocks on Tuesday twisted lower in indecisive trade as comments
from Federal Reserve Chairman Ben Bernanke offered only some respite
from credit-market jitters and as an index offered further evidence of a
weakened housing market.
The Fed: Bernanke seeks new regulatory powers for Fed
Federal Reserve Chairman Ben Bernanke says the Fed should have
additional powers to prevent and limit financial market turmoil. .
Fannie Mae, Freddie Mac shares fall after rebound
Shares of big mortgage-buyers Fannie Mae and Freddie Mac begin to
recover from their earlier losses after comments by analysts and
regulators ease concerns about the companies' need to raise new
capital.
Futures Movers: Crude slumps to near $135 a barrel
Crude-oil futures fall more than $5, looking to suffer their biggest
loss in nearly three weeks, as the rising dollar and economic worries
spur investors to sell commodities.
'Pickens Plan' aims to lessen U.S. reliance on foreign oil
T. Boone Pickens lays out his self-proclaimed "Pickens Plan" to reduce
American dependence on foreign oil, with the target of cutting demand by
more than a third in the next two years. See
Stocks open mixed as worries about the stability of financial firms offset lower oil prices.
Stocks open mixed as worries about the stability of financial firms
offset lower oil prices.
=?UTF-8-STRICT?Q?Realtors=E2=80=99_group_says_pending_home_sales_f?= =?UTF-8-STRICT?Q?ell_4.7%_in_May_and_are_down_14%_from_last_year_=E2=80?= =?UTF-8-STRICT?Q?=93_a_sign_of_persistent_housing_trouble.?=
Realtors' group says pending home sales fell 4.7% in May and are down
14% from last year – a sign of persistent housing trouble.
Oil selloff accelerates with prices sinking more than $5 a barrel to $136.
Oil selloff accelerates with prices sinking more than $5 a barrel to
$136.
Fed Chair Bernanke says central bank may extend its emergency loan program for Wall Street.
Fed Chair Bernanke says central bank may extend its emergency loan
program for Wall Street.
Monday, July 07, 2008
Markets Monday, 07/7/2008
| Dow : 11231.96 down 56.58
| S & P : 1252.31 down 10.59
| NASDAQ: 2243.32 down 2.06
| Bond (10Y): 3.90%, 99.16
MARKETS:
Stocks: Back to the bear
Major gauges end choppy session in bear market territory as a last-hour
recovery attempt fizzles out amid financial market worries.
Markets.Monday, 07/7/2008
| Dow : 11231.96 down 56.58
| S & P : 1252.31 down 10.59
| NASDAQ: 2243.32 down 2.06
| Bond (10Y): 3.90%, 99.16
MARKETS:
Stocks: Back to the bear
Major gauges end choppy session in bear market territory as a last-hour
recovery attempt fizzles out amid financial market worries.
U.S. stocks shave losses as technology sector gains
U.S. stocks shave losses as technology sector gains
U.S. stocks headed toward a lower close Monday after a rally triggered
by falling oil prices dissolved amid concerns about the health of the
banking sector.
Futures Movers: Crude falls first day in four as Iran softens nuclear
views
Crude-oil futures slide nearly $6, leading a broad retreat in
commodities, as strength in the dollar amid the Group of Eight meeting
puts the benchmark contract under heavy selling pressure.
Currencies: Dollar dips as stocks turn lower
The U.S. dollar loses earlier gains, coming under pressure as stocks on
Wall Street fall sharply amid renewed financial jitters, taking the
focus away from the meeting of Group of Eight world leaders in Japan.
The Fed: Fed's Yellen says things could get worse before they get
better
The fragility of the U.S. housing and bank system could further throw a
kink in financial markets before an anticipated recovery in 2009, says
San Francisco Federal Reserve President Janet Yellen.
Anheuser-Busch CEO's uncle part of InBev push to oust board
Belgian brewer InBev, making the latest move in its quest to buy
Anheuser-Busch, puts forth an alternative slate of directors that
includes a descendant of the founding Busch family who's the uncle of
Anheuser-Busch's CEO.
20 minutes left in the trading session.
Stocks reverse course with the Dow and Nasdaq moving into positive
territory with 20 minutes left in the trading session.
Oil settles nearly $4 lower at $141.37 a barrel, after closing at a record high late last week.
Oil settles nearly $4 lower at $141.37 a barrel, after closing at a
record high late last week.
Federal Reserve and Securities and Exchange Commission announce pact to work together more closely on market regulation.
Federal Reserve and Securities and Exchange Commission announce pact to
work together more closely on market regulation.
Midday Report: Crude-oil futures fall 3% as dollar gains
Crude-oil futures slide 3%, leading a broad retreat in commodities, as
strength in the dollar amid the Group of Eight meeting puts the
benchmark contract under heavy selling pressure.
Bond Report: Treasurys little changed ahead of Fed speakers
Treasurys were little changed early Monday as investors, lacking any
economic reports, focused on outlooks due from Federal Reserve
officials.
Market Snapshot: U.S. stock indexes lifted as oil falls more than $3.50
a barrel
NEW YORK
U.S. stocks on Monday swung solidly higher as a rising dollar and a drop
in commodities prices -- including crude oil falling as much as $5.0 a
barrel -- helped offset caution about second-quarter earnings season.
Bertha becomes first Atlantic hurricane of 2008
LONDON
Tropical storm Bertha strengthened into the first hurricane of the 2008
season overnight, an early indication that this year's season could be
as busy as usual, if not busier.
Financial shares turn lower amid weakness in bank stocks
U.S. financial stocks move into the red, reversing early gains, as
investors key on further evidence of a sour investment climate for
banking stocks.
Stocks rise at open as oil prices decline sharply and the U.S. dollar gains strength.
Stocks rise at open as oil prices decline sharply and the U.S. dollar
gains strength.
Crude-oil futures fall more than $4 a barrel; dollar gains; U.S. stocks rise
Crude-oil futures fall more than $4 a barrel; dollar gains; U.S. stocks
rise
7/7/2008 9:35:19 AM
