Saturday, December 13, 2008
International News
TOP STORIES as of 1000 GMT -- 13 December, 2008
170 ARRESTED IN GLOBAL CHILD PORN PROBE
More than 170 people around the globe have been arrested in a
major operation targeting international child pornographers,
U.S. officials said. The probe and arrests stretched from North
America and Europe to Australia.
WHITE HOUSE MAY BAIL OUT BIG 3
The Bush administration says it will consider using the money
set aside to help banks and Wall Street to rescue the auto
industry.
ZIMBABWE: CHOLERA IS GENOCIDE BY UK
One of Zimbabwe's top officials blamed his country's spreading
cholera outbreak on what he calls "a genocidal onslaught" by
Zimbabwe's former colonial ruler -- Britain.
ECUADOR WON'T PAY FOREIGN DEBT INTEREST
Ecuadorian President Rafael Correa said Friday he will not pay
interest on the nation's foreign debt and that he was prepared
to accept any consequences.
TAIWAN'S EX-PRESIDENT CHEN RELEASED ON BAIL
Former Taiwanese President Chen Shui-bian was indicted Friday on
several corruption charges, including embezzlement and accepting
bribes.
PRESSURE GROWS ON EMBATTLED ILLINOIS GOVERNOR
Embattled Illinois Gov. Rod Blagojevich, asked by reporters
today whether he plans to resign, said only that he'll "have a
lot to say at the appropriate time." Hours earlier, Illinois
Attorney General Lisa Madigan had asked the state Supreme Court
to remove Blagojevich -- accused of trying to sell off a U.S.
Senate seat -- temporarily from office.
PENTAGON WEIGHS OPTIONS OVER SOMALI PIRATES
The Pentagon is looking at options, but there are no plans for
U.S. forces to go ashore in pursuit of pirates in Somalia, a
spokesman for the Joint Chiefs of Staff said Friday.
U.S. ENVOY URGES INTERNATIONAL MUMBAI PROBE
U.S. Deputy Secretary of State John Negroponte called Friday for
international support to help India investigate the deadly
terrorist attacks in Mumbai.
BUSINESS:
STOCKS SLIDE ON U.S. AUTO BAILOUT NEWS
World markets endured fresh punishment Friday as U.S. lawmakers'
rejection of a $14 billion bailout for the ailing Detroit auto
industry, weakening currencies in the U.S. and the UK and the
bleak economic outlook weighed on investors' minds.
EU APPROVES $267B BAILOUT PLAN
European Union leaders meeting in Brussels have approved a
€200 billion ($267 billion) stimulus plan for the 27-nation
bloc's battered economy.
FORMER NASDAQ CHAIRMAN CHARGED WITH FRAUD
Former Nasdaq chairman Bernard Madoff was arrested Thursday and
charged with a single count of securities fraud for allegedly
operating a multibillion-dollar Ponzi scheme from his investment
advisory business, federal authorities said.
Friday, December 12, 2008
FDIC, state regulators seize Sanderson State Bank of Texas, 25th bank to fail this year
FDIC, state regulators seize Sanderson State Bank of Texas, 25th bank
to fail this year
12/12/2008 6:32:10 PM EDT
Haven Trust Bank of Duluth, Ga., is 24th U.S. bank failure of year
Haven Trust Bank of Duluth, Ga., is 24th U.S. bank failure of year
12/12/2008 5:14:43 PM EDT
Markets Friday, 12/12/2008
| Dow : 8629.68 up 64.59 | S & P : 879.73 up 6.14 |
| NASDAQ: 1540.72 up 32.84 | Bond (10Y): 2.57%, 110.22 |
MARKETS:
Stocks rally on bailout hopes
Wall Street gains at end of choppy session on bets that the automakers
will get help after all.
Stocks end week with mixed results and hope for carmakers
Stocks end week with mixed results and hope for carmakers
U.S. stocks on Friday erase early losses to finish nearly flat for the
week after the Bush administration said it would step in to prevent a
failure of U.S. automakers amid worries that more layoffs would deepen
the recession.
WHITE HOUSE PLEDGE REVIVES HOPES FOR AUTO INDUSTRY
The Treasury Department says it would step in and lend funds to the
Big Three automakers until Congress has time to consider a long-term
rescue package for the beleaguered U.S. industry.
CHIP SALES TO FALL FOR JUST FIFTH TIME IN 25 YEARS
The semiconductor industry will post a decline in annual sales this
year, only the fifth time that has happened in past quarter of a
century, an industry research group says.
INVESTOR SUITS EXPECTED AGAINST FUND PONZI SCHEME
High-net-worth and pension-fund investors are expected to launch a
rash of investor lawsuits on the federal and state levels against
Bernard L. Madoff Investment Securities LLC, whose founder was
arrested and charged with securities fraud in what federal prosecutors
are calling a Ponzi scheme that could involve losses of more than $50
billion.
BOSSES TURN TO GRINCHES AS LIGHTS GO OUT ON HOLIDAY PARTIES
Companies big and small are giving the pink slip to traditional
once-a-year gatherings that spread good cheer, give thanks for a tough
year and let the maintenance crew rub elbows and tell tales at the bar
with the higher ups.
The Dow gains 65 points to close at 8,630 amid talk that the White House may provide help for Detroit carmakers.
The Dow gains 65 points to close at 8,630 amid talk that the White
House may provide help for Detroit carmakers.
Energy: Ecuador defaults on its foreign debt
Ecuador's President Rafael Correa made good on his threat to default
on the country's foreign debt Friday, saying Ecuador will not make a
payment due Dec. 15, according to media reports.
Energy: Obama energy team to boost solar, wind, biofuel, analyst predicts
President-elect Barack Obama's expected nominee for energy secretary,
Steven Chu, boasts a résumé that includes not only a 1997 Nobel prize
for physics, report analysts at Lazard, but a record of solar, wind
and ethanol support.
Oil settles $1.70 lower to $46.28 a barrel after the White House indicates that it is willing to use TARP funds to rescue Detroit.
Oil settles $1.70 lower to $46.28 a barrel after the White House indicates that it is willing to use TARP funds to rescue Detroit.
Stocks off session lows as Treasury vows to help auto industry
Stocks off session lows as Treasury vows to help auto industry
U.S. stocks stage a partial recovery from earlier lows after the
Treasury Department says it would step in to prevent a failure of the
U.S. auto industry amid intensifying worries that more layoffs would
deepen the recession.
WHITE HOUSE BREATHES NEW LIFE INTO AUTO BAILOUT
The Treasury Department says it would step in and lend funds to the
Big Three automakers until Congress has time to consider a long-term
rescue package for the beleaguered U.S. industry.
CURRENCIES: FAILED AUTO BAILOUT SENDS DOLLAR TO 13-YEAR LOW VS. YEN
The dollar tumbles to a 13-year low versus the Japanese yen and falls
against most major currencies after a $14 billion loan package
targeted for the U.S. auto industry collapses.
ECONOMIC REPORT: PRODUCER PRICES FALL SHARPLY AGAIN IN NOVEMBER
U.S. wholesale prices fall sharply for the second straight month as
weak demand pulls down prices for energy supplies and other raw
materials.
BANK OF AMERICA TO CUT UP TO 35,000 JOBS OVER THREE YEARS
Bank of America plans to cut up to 35,000 jobs over the next three
years as the financial giant adjusts to a recession and completes the
pending acquisition of brokerage firm Merrill Lynch.
Energy: Oil driling shares lead declines as sector bathes in red
Energy stocks trade deeply in the red, playing off lower oil prices
and fresh predictions of weaker energy demand in the face of the
global economic slowdown.
Energy: Crude skids 7% in reaction to failure of U.S. auto-rescue plan
Crude-oil futures tumbled 7% Friday, a reversal after rallying more
than 10% in the previous session, as last-ditch plans for a bailout of
the U.S. auto industry collapsed.
White House says it will consider using money from $700B bailout to 'prevent a collapse of troubled automakers.'
White House says it will consider using money from $700B bailout to
'prevent a collapse of troubled automakers.'
U.S. stock indexes open lower amid car-industry doubts; Dow off 125 points
U.S. stock indexes open lower amid car-industry doubts; Dow off 125 points
12/12/2008 9:37:59 AM EDT
U.S. producer prices decline sharply for second consecutive month
U.S. producer prices decline sharply for second consecutive month
8:31:59 AM EDT
Retail sales slip for the 5th straight month - down 1.8% - while wholesale prices fall 2.2%, the government reports.
Retail sales slip for the 5th straight month - down 1.8% - while
wholesale prices fall 2.2%, the government reports.
Thursday, December 11, 2008
Auto bailout measure collapses in Senate, leaving fate of GM and Chrysler uncertain.
Auto bailout measure collapses in Senate, leaving fate of GM and
Chrysler uncertain.
Bank of America to cut up to 35,000 jobs over three years
Bank of America to cut up to 35,000 jobs over three years
Bank of America plans to cut up to 35,000 jobs over the next three
years as the giant lender adjusts to a recession and completes the
pending acquisition of brokerage firm Merrill Lynch.
MARKET SNAPSHOT: U.S. STOCKS TRADE LOWER AS AUTO BAILOUT UNCERTAINTY WEIGHS
U.S. stocks rebound from early weakness to flirt with positive
territory, with energy stocks rising as crude oil prices surged
another 11% on a weak dollar and expectations of upcoming production
cuts.
FUTURES MOVERS: OIL SOARS 10% ON POSSIBLE OPEC OUTPUT CUT, DOLLAR TUMBLE
The benchmark crude contract extends its rally on rising expectations
that the Organization of Petroleum Exporting Countries will cut
production at its meeting next week. A weak dollar also lends a
helping hand. Energy traders bid reformulated gasoline and heating oil
to big gains as well.
HOUSE AUTO BAILOUT IMPERILED IN SENATE
Senate Republicans and Democrats are at odds with each other over a
$14 billion package of loans for the struggling U.S. auto industry,
making passage of the House-approved package unlikely in the Senate.
Bank of America to cut up to 35,000 jobs over the next three years
Bank of America to cut up to 35,000 jobs over the next three years
12/11/2008 4:19:43 PM EDT
Dow drops 195 points to close at 8,565 as investors worry about Senate opposition to Detroit bailout bill.
Dow drops 195 points to close at 8,565 as investors worry about Senate
opposition to Detroit bailout bill.
Dow industrials down 200 points with GM, J.P. Morgan, B. of A. pacing slide
Dow industrials down 200 points with GM, J.P. Morgan, B. of A. pacing slide
| 3:14:24 PM EDT
Energy: Russian ruble weakens, as reserves tumble
Russia's central bank allows the ruble to weaken, widening its trading
band for the fifth time in a month, as the country's international
reserves fell by nearly $18 billion last week, highlighting the
ongoing pressure on the Russian currency.
Crude-oil futures jump 10%
Crude-oil futures jump 10%
12:33:32 PM EDT
U.S. stocks trade all but flat; energy gains offset auto jitters
U.S. stocks trade all but flat; energy gains offset auto jitters
U.S. stocks rebound from early weakness to flirt with positive
territory , with energy stocks rising as crude-oil prices surge
another 7% on a weak dollar and expectations of upcoming production
cuts. GM and Ford shares are back on the defensive.
FATE OF AID TO BIG THREE AUTOMAKERS RESTS IN SENATE
Senators begin considering a $14 billion package of emergency loans to
the Big Three automakers, as Republicans in the chamber threaten to
block the bill a day after the House approved the aid.
MORTGAGES: 30-YEAR FIXED-RATE IS LOWEST SINCE MARCH 2004: FREDDIE MAC
Rates on fixed-rate mortgages fell again this week, bringing the
30-year fixed-rate to its lowest level in more than four years,
according to Freddie Mac's weekly survey.
FUTURES MOVERS: CRUDE-OIL FUTURES SOAR 8%, EXTENDING RALLY
Oil futures extend their rally on rising expectations that the
Organization of Petroleum Exporting Countries will cut production at
its meeting next week.
CURRENCIES: DOLLAR FALLS SHARPLY ON GRIM ECONOMIC DATA
The British pound rebounds slightly versus the euro Thursday, a day
after tumbling to another record low against the single currency amid
aggressive monetary and fiscal easing by U.K. authorities
Energy: U.S. trade gap widens in Oct.
The weak U.S. economy pushed exports and imports down in October, but
the overall deficit rose as the volume of oil imports spiked, a
government report showed Thursday.
Average 30-year U.S. mortgage rate at 4 1/2-year low
Average 30-year U.S. mortgage rate at 4 1/2-year low
12/11/2008 10:25:23 AM EDT
Oil and natural gas shares rise with commodity prices
Investors move into energy stocks despite weakness in the broad market
on Thursday, as shares of oil and natural gas stocks tapped into
rising commodity prices.
Energy: Crude-oil futures soar 4%, extending rally
Oil futures extended their rally Thursday on rising expectations that
the Organization of Petroleum Exporting Countries will cut production
at its meeting next week.
Breaking News Thu., December 11, 2008
New Jobless Claims Jump to 573,000, Highest Level in 26 Years [8:40 a.m. ET]
Energy: Bowing to oil's plunge, Marathon delays decision on separation
Marathon Oil will likely wait for market conditions to improve before
it would move ahead with a plan to split into two publicly traded
entities, the company says.
U.S. stocks dip early Thursday; top blue-chip decliners: GM, Bank of America, Citi
U.S. stocks dip early Thursday; top blue-chip decliners: GM, Bank of
America, Citi
12/11/2008 9:54:43 AM EDT
Wednesday, December 10, 2008
Breaking News Wed., December 10, 2008
House Approves Bill to Lend Up to $14 Billion to Bail Out U.S. Auto
Companies [8:55 p.m. ET]
Stocks settle higher. Nasdaq and S&P gain about 1% as investors are heartened by movement on a $14B auto bailout.
Stocks settle higher. Nasdaq and S&P gain about 1% as investors are
heartened by movement on a $14B auto bailout.
Oil prices gain $1.45 to settle at $43.52 a barrel on news of $14B Detroit rescue deal between White House, congressional Democrats.
Oil prices gain $1.45 to settle at $43.52 a barrel on news of $14B
Detroit rescue deal between White House, congressional Democrats.
Treasury: U.S. budget deficit reaches $402B in first 2 months of fiscal year – compared to a $455B shortfall for all of last year.
Treasury: U.S. budget deficit reaches $402B in first 2 months of
fiscal year – compared to a $455B shortfall for all of last year.
Congressional Democrats and the White House have struck deal to provide $15 billion bailout to U.S. auto industry.
Congressional Democrats and the White House have struck deal to
provide $15 billion bailout to U.S. auto industry.
Auto-industry bailout bill finalized by White House, congressional Democrats: report
Auto-industry bailout bill finalized by White House, congressional
Democrats: report
11:09:56 AM EDT
Energy: Canadian stocks rise, boosted by commodities rally
Canadian stocks rise, propelled by strong gains in commodity prices
and optimism about the U.S. government's possible bailout of the auto
industry.
Stocks jump out of the gate as Wall Street welcomes news of progress on auto bailout.
Stocks jump out of the gate as Wall Street welcomes news of progress
on auto bailout.
Crude futures rise more than 4% ahead of U.S. petroleum data
Crude-oil futures move up more than 4% in early Globex action, as
energy traders get ready for data on U.S. petroleum stockpiles that
are expected to show an increase in crude supplies last week.
Tuesday, December 09, 2008
Tech : Semiconductors' rise can't lift rest of tech sector
Tech Stocks: Semiconductors' rise can't lift rest of tech sector
12/9/2008 4:24 PM ET
Technology stocks showed some signs of life in early trading Tuesday
as chip stocks took the spotlight following earnings warnings from
Texas Instruments
Inc. and Broadcom Corp.
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Electronic Arts warns of disappointing game sales
12/9/2008 4:47 PM ET
Video-game publisher says revenue and earnings for its crucial fourth
quarter will come in below expectations due to disappointing video
game sales.
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Novellus to cut workforce by 10%
12/9/2008 4:30 PM ET
Novellus Systems Inc. says it plans to cut 10% of its workforce and
warned that its results for the current quarter will be "below the low
end" of its outlook due to weakening demand.
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Chip shares jump despite earnings, sales warning
12/9/2008 4:25 PM ET
A volatile tech market got a pleasant, if puzzling, surprise Tuesday
as shares of chip companies jumped -- despite serious earnings and
revenue warnings from major players.
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Texas Instruments lowers outlook
12/9/2008 4:20 PM ET
Shares of Texas Instruments Inc. close higher in seesaw session after
the company slashes its outlook but outlines steps to cut costs.
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MarketWatch First Take: Sony tries yet another big restructuring
12/9/2008 2:16 PM ET
Sony Corp.'s restructuring plan seems like a massive revamping to
reduce its overhead, but some on Wall Street believe that even more
cuts could come, as the sprawling conglomerate sees its sales slide in
the global recession.
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Israel Stocks: Market turns lower after 3 up days; Teva funds the Barr deal
12/9/2008 10:40 AM ET
Israel's benchmark stock index falls Tuesday, breaking three days of
gains, as some major banks and Teva Pharmaceutical decline, offset by
strength in Israel Chemicals.
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Indications: Stock futures turn negative as weekly chain-store sales drop
12/9/2008 9:15 AM ET
U.S. stock futures erased gains and pointed to a lower start on
Tuesday after Texas Instruments Inc. and FedEx Corp. cut their
earnings forecasts and a measure of chain-store sales declined last
week, further illustrating the weakened economy.
Markets Tuesday, 12/9/2008
| Dow : 8691.33 down 242.85 | S & P : 888.67 down 21.03 |
| NASDAQ: 1547.34 down 24.40 | Bond (10Y): 2.63%, 109.72
MARKETS:
Stocks slump after rally
Wall Street retreats after surging 21% in 2 1/2 weeks.
U.S. stocks slide as corporate outlooks disappoint
U.S. stocks slide as corporate outlooks disappoint
U.S. stocks decline, putting the brakes on two sessions of gains, as
companies including Texas Instruments Inc., FedEx Corp. and Danaher
Corp. offer gloomy earnings projections.
GOVERNOR CHARGED WITH SOLICITING BRIBES FOR OBAMA'S SEAT
Federal agents arrest Illinois Gov. Rod Blagojevich and his chief of
staff on fraud and bribery charges related to the appointment of a
successor for President-elect Barack Obama in the U.S. Senate and a
threat to withhold state assistance to the Tribune Co.
BOND REPORT: TREASURYS UP; GOVERNMENT SELLS T-BILLS AT 0%
Treasurys head higher, helped by a strong bill auction that showed
investors simply wanted assurance that they'd get their principal
back.
LAWMAKERS: FANNIE MAE CEO MADE POOR CHOICES
Mortgage giants Fannie Mae and Freddie Mac made irresponsible
investments in recent years that cost taxpayers billion of dollars,
said House Oversight Committee chairman Henry Waxman, citing internal
documents.
CONSUMERS TRADING DOWN ON FOOD, GROCER KROGER SAYS
More shoppers are hunting for bargains in grocery stores and willing
to pay less for a no-name brand, the big U.S. supermarket chain says.
----------------------------------------
The percentage of U.S. mortgage holders who were behind in their
payments soared to a record 6.99% of loans outstanding in the third
quarter, the Mortgage Bankers Association said Friday, and the number
of mortgages somewhere in the foreclosure process was also at a new
high.
Dow ends about 240 points lower, ending a 2-day rally, as investors mull negative corporate news and possible Detroit bailout.
Dow ends about 240 points lower, ending a 2-day rally, as investors
mull negative corporate news and possible Detroit bailout.
Oil prices fall $1.21 a barrel to settle at $42.50, as traders fear a possible OPEC cutback may not be enough to sustain prices.
Date: Tue, Dec 9, 2008 at 3:05 PM
Energy: Solana solar-power project moving through pipeline
The largest thermal solar plant in the U.S. clears an important
regulatory hurdle, but financing for the estimated $1 billion Solana
project in Arizona remains in limbo.
Dow drops 200 points, sliding after a 2-day rally, as Wall Street weighs possible Detroit bailout.
Dow drops 200 points, sliding after a 2-day rally, as Wall Street
weighs possible Detroit bailout.
U.S. stocks trim losses after sign of some stability in housing
U.S. stocks trim losses after sign of some stability in housing
U.S. stocks scale back losses as a leading indicator of the housing
market proves less dire than expected, offsetting disappointing
forecasts from Texas Instruments and FedEx.
FUTURES MOVERS: OIL TRADES FLAT NEAR $44 A BARREL AFTER MONDAY'S RALLY
Oil futures traded little changed near $44 a barrel Tuesday after
surging 7% in the previous session, as traders considered a possible
production cut by the OPEC oil cartel at its upcoming meeting.
NEW YORK TIMES WARNS OF 'CHALLENGING' YEAR IN 2009
New York Times Co. says it expects next year to be "among the most
challenging" it has ever faced as advertising revenues fall further.
U.K. RETAIL SALES FELL IN NOVEMBER AND 2009 LOOKS EVEN WORSE
Total U.K. retail sales fall for a second month in November, a survey
from the British Retail Consortium shows Tuesday, as cash-strapped
customers rein in. their holiday spending.
SONY TO CUT 8,000 JOBS AND CLOSE 10% OF MANUFACTURING SITES
Sony Corp. plans to cut 8,000, or 5%, of the jobs in its electronics
division and close about 10% of its 57 manufacturing sites worldwide
in an effort to save more than 100 billion yen ($1.08 billion) by
March 2010.
Energy: Exco, Petrohawk rally on Haynesville natural gas discoveries
Energy Stocks - Exco, Petrohawk rally on Haynesville natural gas
Exco Resources and Petrohawk Energy Corp. shares rose sharply Tuesday
despite flat trading in energy stocks after the companies announced
big natural gas discoveries in the Haynesville shale.
Energy: Oil trades flat near $44 a barrel after Monday's rally
Oil futures traded little changed near $44 a barrel early Tuesday
after surging 7% in the previous session, as traders considered a
possible production cut by the OPEC oil cartel at its upcoming
meeting.
Illinois Gov. Rod Blagojevich taken into federal custody: report
Illinois Gov. Rod Blagojevich taken into federal custody: report
12/9/2008 9:27:46 AM EDT
Realtors group says pending home sales fell 1% in October compared to 2007 - less than expected.
Realtors group says pending home sales fell 1% in October compared to
2007 - less than expected.
Stocks fall at the open as investor optimism over a proposed auto bailout is tempered by ongoing economic worry.
Stocks fall at the open as investor optimism over a proposed auto
bailout is tempered by ongoing economic worry.
Monday, December 08, 2008
Tech: Broad gains help sector start week on a high note
Tech Stocks: Broad gains help sector start week on a high note
Technology stocks rise, with most bellwethers gaining ground along
with the broader market following reports that a deal could be near to
help bail out the U.S. auto industry.
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National Semi sees slumping sales, moves to cut output
12/8/2008 5:38 PM ET
National Semiconductor will scale back production, citing a sharply
lower sales outlook and a drop in its quarterly profit.
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Texas Instruments drastically cuts earnings, sales
12/8/2008 5:28 PM ET
Texas Instruments drastically slashes its earnings and revenue outlook
for the fourth quarter, yet another sign of a slowing market for
technology.
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AMD to get smaller stake in 'asset smart' spinoff
12/8/2008 4:37 PM ET
Advanced Micro Devices Inc. will get a smaller stake in the planned
multibillion-dollar joint venture with an Abu Dhabi investment firm,
as the "challenging economic environment" prompts the renegotiation of
the chip giant's "asset smart" deal.
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Analyst says Google, search ads face tough quarter
12/8/2008 2:46 PM ET
Internet search, which has so far served as a dependable source of
growth for online advertising, could possibly see its first-ever
sequential decline in the first quarter of next year, according to a
Wall Street analyst.
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Online shopping jumps in shortened holiday season
12/8/2008 11:54 AM ET
Online shopping saw a sharp boost in the first week of December,
thanks in part to a shortened holiday season, as consumers scoured the
Web seeking deals ahead of Christmas.
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Israel Stocks: Market higher for third day; Merrill sees a tough 4th quarter
12/8/2008 10:08 AM ET
Israeli stocks rose on Monday for a third day, with
all but one of the blue chips higher, led by Israel Chemicals, the
banks and Teva Pharmaceutical.
Markets Monday, 12/8/2008
| Dow : 8934.18 up 298.76 | S & P : 909.70 up 33.63 |
| NASDAQ: 1571.74 up 62.43 | Bond (10Y): 2.74%, 108.69
MARKETS:
Stocks rally for a second day
Wall Street advances on Obama's comments on the economy and hopes for
an automaker bailout.
Stocks end sharply higher as deal to help automakers takes shape
Stocks end sharply higher as deal to help automakers takes shape
U.S. stocks climb, with the Dow Jones Industrial Average closing at
its highest level in a month, as investors cheer President-elect
Barack Obama's pledge of massive infrastructure investment and a
likely deal for the auto industry.
TRIBUNE CO. FILES FOR BANKRUPTCY; CUBS FRANCHISE NOT IN FILING
The media company files for bankruptcy protection to restructure its
nearly $13 billion debt load, a move that dramatically underscores the
dire circumstances clouding the near-term future of the newspaper
industry.
DEAL SEEN ON AID FOR AUTOMAKERS BY END OF DAY
A deal on as much as $17 billion in loans for the struggling Big Three
automakers is likely by the end of the day, according to the White
House and a top Democratic lawmaker.
3M LOWERS FULL-YEAR OUTLOOK, CUTS 1,800 JOBS
The St. Paul, Minn.-based maker of office, display graphics and
industrial products slashes its full-year forecast following a sharp
sales decline, and is reducing its workforce by nearly 2%.
ANALYST SAYS GOOGLE, SEARCH ADS FACE TOUGH QUARTER
Internet search, which has so far served as a dependable source of
growth for online advertising, could possibly see its first-ever
sequential decline in the first quarter of next year, according to a
Wall Street analyst.
Stocks finish solidly higher as auto rescue plan takes shape; GM rallies 20%; Ford up 24%
Stocks finish solidly higher as auto rescue plan takes shape; GM
rallies 20%; Ford up 24%
12/8/2008 4:05:21 PM EDT
Tribune Co. files for Chapter 11 bankruptcy
Tribune Co. files for Chapter 11 bankruptcy
12/8/2008 1:48:02 PM EDT
InBev cutting 6% of U.S. jobs after Anheuser-Busch acquisition
InBev cutting 6% of U.S. jobs after Anheuser-Busch acquisition
1:31:11 PM EDT
Stocks rally on hopes for government auto bailout
U.S. stocks extend prior session's rally, with investors cheered by
President-elect Barack Obama's pledge of massive infrastructure
investment and reports a deal is in the works to help the failing auto
industry.
WHITE HOUSE, LAWMAKERS NEAR AUTO BAILOUT DEAL
The broad outlines of a deal to bail out the failing U.S. auto
industry have been agreed on between congressional Democrats and the
White House, though a leading Republican senator is threatening a
filibuster.
3M LOWERS FULL-YEAR OUTLOOK, CUTS 1,800 JOBS
3M slashes its full-year forecast following a sharp sales decline, and
says it reduced its workforce by nearly 2%.
DOW CHEMICAL CUTS 11% OF WORKFORCE; CLOSES PLANTS
Dow Chemical Co. says it will slash about 5,000 full-time jobs, or
about 11% ofits global staff, and eliminate an additional 6,000
positions in its contractor workforce as it moves to address "current
economic realities."
Energy: Oil drillers, natural gas producers post generous gains
Natural gas shares and drilling stocks rose sharply Monday after
Chesapeake Energy scrapped plans to issue stock and announced a
healthy cash position.
Energy: Chesapeake shares soar 28% after it scraps stock sale
Shares of Chesapeake Energy Corp. soar after it cancels plans to issue
stock, cuts back its capital spending for the fourth time in recent
months, and says it has more than enough cash on hand.
Dow Chemical slashing workforce by 11%, closing 20 facilities, idling 180 plants
Dow Chemical slashing workforce by 11%, closing 20 facilities, idling 180 plants
12/8/2008 8:13:57 AM EDT
Dow industrials up 191 points as U.S. stocks rise at Monday's open
Dow industrials up 191 points as U.S. stocks rise at Monday's open
12/8/2008 9:34:14 AM EDT
Energy: U.S. stock futures rise; auto and infrastructure plans in focus
U.S. stock-market futures on Monday pointed to an extension of the
previous session's rally, rising after lawmakers reportedly agreed the
outline of a deal to rescue the auto industry and President-elect
Barack Obama pledged massive new infrastructure investment.
