Saturday, February 07, 2009
Breaking News
Baseball star Alex Rodriguez tested positive for steroids in 2003,
sources tell Sports Illustrated.
News Alert!
KBR charged with bribing Nigerian officials for contracts
02/06/09 10:03 PM, EST
The former Halliburton subsidiary KBR has been charged with bribing
Nigerian government officials with "tens of millions of dollars" to
obtain "billions of dollars in contracts," according to court
documents filed late Friday in Houston, Texas.
Energy: Iraq oil minister predicts OPEC output cuts
The Organization of Petroleum Exporting Countries, in an effort to
prop up flagging oil prices, is likely to agree to further production
cuts when its members gather next month, Iraq's oil minister says.
Friday, February 06, 2009
Georgia's FirstBank Financial closed by U.S., marking seventh bank failure of 2009
Georgia's FirstBank Financial closed by U.S., marking seventh bank
failure of 2009
2/6/2009 5:19:32 PM EDT
Senators set tentative pact on $780 billion stimulus bill: reports
Senators set tentative pact on $780 billion stimulus bill: reports
2/6/2009 6:03:19 PM EDT
Markets Friday, 02/6/2009
| Dow : 8280.59 up 217.52 | S & P : 868.60 up 22.75
|
| NASDAQ: 1591.71 up 45.47 | Bond (10Y): 2.98%, 106.44
MARKETS:
Big rally on Wall Street
Wall Street breaks its four-week losing streak on optimism about the
government's stimulus package and bank bailout plan.
Oil ends down 2.4%, at $40.17 a barrel, on investors' continuing concerns about a drop in demand.
Oil ends down 2.4%, at $40.17 a barrel, on investors' continuing
concerns about a drop in demand.
Consumer credit fell by $6.6 billion in December, the third straight month in which shoppers cut borrowing, according to the Fed.
Consumer credit fell by $6.6 billion in December, the third straight
month in which shoppers cut borrowing, according to the Fed.
Dow closes 216 points higher and Nasdaq ends at highest level in a month as lawmakers debate the fate of economic rescue plan.
Dow closes 216 points higher and Nasdaq ends at highest level in a
month as lawmakers debate the fate of economic rescue plan.
Energy: Oil futures fall more than 3% after grim jobs data
Oil futures posted steep losses after the government reported that
nonfarm payrolls plunged in January by the largest amount in 34 years,
rekindling concerns about the severity of the U.S. recession.
Breaking News
U.S. unemployment rose by 598,000 to 7.6 per cent in January, Labor
Dept. reports, the worst monthly job loss since 1974.
Energy: Forty dollars may be bottom for oil prices
Crude oil prices have consistently traded above $40 over the past two
weeks, fueling expectations that the beaten down commodity has finally
stabilized around that level.
NEWS Alert!
FEMA food kits may contain tainted peanut butter
02/04/09 10:07 PM, EST
Food kits recently distributed as part of a disaster relief effort in
Kentucky and Arkansas may contain peanut butter contaminated with
salmonella linked to a nationwide outbreak, the Federal Emergency
Management Agency said Wednesday.
Dow surges over 200 points as Wall Street rally accelerates on optimism about the economic stimulus plan.
Dow surges over 200 points as Wall Street rally accelerates on
optimism about the economic stimulus plan.
Senate may vote Friday on stimulus package
Senate may vote Friday on stimulus package
The top Democrat in the Senate says there's sufficient support to pass
the Obama administration's massive economic-stimulus package, but the
search for Republican support continues.
FIVE REASONS BUYING A HOUSE NOW IS A WISE MOVE
People are afraid to buy a home in times like these, with the economy
tanking and home prices continuing to fall. But if you're brave enough
to stray from the herd, you might be in for the home-buying
opportunity of a lifetime.
FIVE REASONS BUYING A HOME IN 2009 IS A BAD IDEA
The unemployment rate is creeping up and home prices keep falling: Two
great reasons why it might be best to put your home buying plans on
hold.
BRITISH AIRWAYS' SHARES GAIN IN THE FACE OF QUARTERLY LOSS
British Airways swings to a third-quarter loss, a reflection of
business passengers traveling less and the weakening of the British
pound. Shares trade higher amid hints of optimism over the renewed
potential for a merger with Spain's Iberia.
Thursday, February 05, 2009
Treasury's Geithner to unveil 'comprehensive' bank-rescue plan Monday
Treasury's Geithner to unveil 'comprehensive' bank-rescue plan Monday
2/5/2009 4:00:43 PM EDT
Markets Thursday, 02/5/2009
| Dow : 8063.07 up 106.41 | S & P : 845.85 up 13.62
|
| NASDAQ: 1546.24 up 31.19 | Bond (10Y): 2.91%, 107.00
MARKETS:
Stocks stage a rally
Wall Street climbs as hopes for government bailout plan lift
financials. Wal-Mart's January sales results help, too
Grim January for most retailers, same-store sales show
Grim January for most retailers, same-store sales show
As consumers continue to retrench, retailers' sales results for
January paint hardly a pretty picture of the state of play in the
industry -- so much so that Wal-Mart, the world's largest retailer,
has decided to forego monthly sales reports altogether in favor of a
quarterly timetable.
KELLOGG PROFIT RISES 2%, HELPED BY PRICE HIKES
Kellogg's net income sweetens by 2% on a boost in sales helped by
price increases.
BANK OF ENGLAND CUTS, WHILE ECB STANDS PAT
Bank of England continues a campaign of aggressive rate cuts Thursday,
while the European Central Bank leaves its key lending rate unchanged
at 2%.
SWISS RE GETS INJECTION FROM BERKSHIRE HATHAWAY, POSTS LOSS
Swiss Re will raise up to 5 billion Swiss francs ($4.3 billion) of fresh
capital, including 3 billion francs from Warren Buffett's investment
firm Berkshire Hathaway, in order to protect its AA credit rating. S&P
warns of a possible downgrade.
Wal-Mart tallies stronger-than-projected 2.1% growth in U.S. comp-store sales for January
Wal-Mart tallies stronger-than-projected 2.1% growth in U.S.
comp-store sales for January
2/5/2009 7:52:58 AM EDT
Breaking News
Bank of England cuts key interest rate half a point to new record low
of 1.0 percent in latest bid to tackle recession.
First-time unemployment filings surge 35,000 to 626,000, a 26-year high, in latest week.
First-time unemployment filings surge 35,000 to 626,000, a 26-year
high, in latest week.
Stocks open lower following a bigger-than-expected jump in jobless claims and dismal retail sales reports.
Stocks open lower following a bigger-than-expected jump in jobless
claims and dismal retail sales reports.
Energy: Oil and gas companies slide lower with broad market
Bearish economic indicators weigh on energy stocks, as gains in the
previous session give way to selling on grim employment data.
Wednesday, February 04, 2009
Fwd: Tech Daily: Weakness drags down sector at market close
Tech Stocks: Weakness drags down sector at market close
2/4/2009 4:32 PM ET
Technology stocks put in a mildly disappointing performance as gains from
video-game publisher Electronic Arts Inc. and networking-equipment giant Cisco
Systems Inc. are partially outweighed by weakness throughout the sector.
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Cisco earnings fall as forecast disappoints Wall Street
2/4/2009 5:36 PM ET
Cisco Systems Inc. reported a 27% drop in fiscal second-quarter profit, better
than what Wall Street had anticipated. The shares fell in after-hours trading
on a disappointing forecast.
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House acts to delay digital TV transition until June
2/4/2009 5:35 PM ET
The House votes to put off until June this month's scheduled mandatory shift to
digital for U.S. TV broadcasters until June, a move likely to find support from
President Obama.
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THQ swings to big loss and plans to lay off 600 workers
2/4/2009 5:19 PM ET
THQ Inc. posts a big net loss for the third fiscal quarter as video game sales
fell and the company was forced to take big charges for the write-down of
certain assets.
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Google to AOL: We'd like our money back now
2/4/2009 4:42 PM ET
Google is pressing Time Warner to either refund its $1 billion investment or
spin it out as a public company.
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Time Warner reports $16 billion loss; outlook weak
2/4/2009 4:05 PM ET
Time Warner posts a fourth-quarter loss of $16 billion after writing down the
value of intangible assets held by the company's cable operations, AOL and Time
Inc. Quarterly revenue slips 3%.
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Analyst praises Oracle as it keeps buying during downturn
2/4/2009 2:08 PM ET
Shares of Oracle Corp. rise, as a Citigroup analyst praises the software
giant's stock as a "safe haven" amid the souring economy.
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Analysts hope for more clarity on tech with Cisco results
2/4/2009 1:19 PM ET
Cisco Systems is expected to post an 8% sales decline when it releases its
second-quarter results after the bell Wednesday -- and to shine a bit of light
on what has become a murky view of the technology arena.
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EA shares jump on cost-cutting plans, outlook
2/4/2009 12:39 PM ET
Electronic Arts Inc. shares jump as investors cheer cost-cutting plans, which
include the layoffs of 1,100 workers, as well as the company's outlook for the
next fiscal year.
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AT&T may buy $3 billion worth of Verizon assets: report
2/4/2009 10:40 AM ET
AT&T is reported to be one of the top bidders for $3 billion of wireless
spectrum that archrival Verizon must sell to comply with federal regulators as
part of its recent acquisition of Alltel.
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PCCW shareholders OK going private; regulators probe vote
2/4/2009 10:34 AM ET
Minority shareholders in PCCW Ltd. vote to accept investors' plan to privatize
Hong Kong's top fixed-line telecommunications firm, as regulators reportedly
launched a probe into the deal.
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Shares of Rambus plunge on federal court decision
2/4/2009 10:09 AM ET
Shares of Rambus Inc. plunge more than 10% Wednesday morning after a federal
court suspends proceedings in the company's patent-infringement cases against
several chip makers.
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Alcatel-Lucent posts 3.89B euro loss as it takes hefty charge
2/4/2009 8:29 AM ET
Alcatel-Lucent SA, the world's largest maker of telecoms equipment, on
Wednesday says its fourth-quarter loss widened significantly as it wrote down
the value of assets by 3.9 billion euros ($ 5 billion), but a
better-than-expected underlying performance helps the shares.
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Economic Report: Layoff announcements surge to highest level in seven years
2/4/2009 8:03 AM ET
Major U.S. retailers slashed their payrolls in January, helping to push the
total number of corporate announced layoffs in the month to the most in seven
years, according to the latest monthly tally compiled by Challenger Gray &
Christmas.
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Israel Stocks: Israel stocks up; banks in view as UBS cuts Leumi
2/4/2009 7:09 AM ET
Israel stocks on Wednesday rose broadly and sharply for a second day, with
investors again focusing attention on the banks and driving them higher in the
face of some tough analyst remarks.
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Japan's Elpida may apply for public funds: reports
2/3/2009 10:33 PM ET
Japan's Elpida Memory Inc. is considering seeking public funds under a
government program designed to help non-financial companies during the global
economic crisis, according to media reports Tuesday.
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Electronic Arts to lay off 1,100 as net losses grow
2/3/2009 6:44 PM ET
Electronic Arts Inc. said Tuesday that net losses slid deeper in its third
fiscal quarter as video game sales for the crucial holiday period came in below
expectations.
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Cisco shares rise on upgrade
2/3/2009 5:08 PM ET
Shares of Cisco finish higher after an analyst upgrades the tech giant to a buy
rating, citing the company's ongoing bid to cut expenses in a time of slowing
demand.
Energy: Refiner Sunoco swings to profit on surging fuel margins
Subject: Energy: Refiner Sunoco swings to profit on surging fuel margins
Independent oil refiner Sunoco Inc. said late Wednesday that surging
profits from its retail fuel sales, lower crude-oil prices and
improved refining margins drove its fourth-quarter earnings back into
the black.
Markets Wednesday, 02/4/2009
| Dow : 7956.66 down 121.70 | S & P : 832.23 down 6.28 |
| NASDAQ: 1515.05 down 1.25 | Bond (10Y): 2.94%, 106.81
MARKETS:
Stocks slip in choppy session
Blue chips lead retreat as investors focus on weak earnings from
Disney and Kraft, and more worries about the bank sector.
Dow ends down 1.5% on weak earnings reports and dour forecasts from blue-chip companies. Nasdaq, S&P end lower as well.
Dow ends down 1.5% on weak earnings reports and dour forecasts from
blue-chip companies. Nasdaq, S&P end lower as well.
Oil prices fall 46 cents to settle at day's low, $40.32 a barrel, on concerns about waning global energy demand.
Oil prices fall 46 cents to settle at day's low, $40.32 a barrel, on
concerns about waning global energy demand.
Stock investors overlook earnings in favor of Washington
Stock investors overlook earnings in favor of Washington
Another day of stock gains have more to do with the unfolding drama on
Capitol Hill than economic data and corporate results, which on
Wednesday mostly
underscored the need for government moves to stem the recession.
OBAMA LIMITS BAILED-OUT BANK CEO PAY TO $500,000
Responding to concerns about Wall Street excesses, President Barack
Obama announces that executives at financial institutions receiving
"exceptional assistance" from the government will have their pay
limited to $500,000.
ECONOMIC REPORT: ISM SERVICES INDEX SHOWS SURPRISE RISE FOR JANUARY
U.S. nonmanufacturing sectors contracted but at a slower pace in
January, according to a report from the Institute for Supply
Management that shows that
the global slowdown is still taking its toll on demand.
WEEK-TO-WEEK REFINANCING APPLICATIONS RISE 15.8%: MBA
Applicants eager to lock in lower rates give rise to a 15.8% increase
in the number of applications filed to refinance existing mortgages
compared with the week before, Mortgage Bankers Association data show.
TIME WARNER REPORTS $16 BILLION QUARTERLY LOSS ON WRITE-OFFS
Time Warner posts a fourth-quarter loss of $16 billion after writing
down the value of intangible assets held by the company's cable
operations, AOL and Time Inc. Quarterly revenue slips 3%.
Oil prices edge off highs after government reports bigger-than-expected rise in crude inventories.
Oil prices edge off highs after government reports
bigger-than-expected rise in crude inventories.
Obama details his salary crackdown – caps pay at $500,000 for senior execs at firms that got 'exceptional' bailout help.
Obama details his salary crackdown – caps pay at $500,000 for senior
execs at firms that got 'exceptional' bailout help.
Time Warner reports $16 billion fourth-quarter loss; sales down 3%
Time Warner reports $16 billion fourth-quarter loss; sales down 3%
2/4/2009 6:03:09 AM EDT
Energy: Sector moves up with crude prices, ahead of weekly supply data
Energy stocks rose along with crude prices and ahead of key weekly
petroleum inventory data due later Wednesday.
U.S. service sector still shrinking in January -- but at reduced rate
U.S. service sector still shrinking in January -- but at reduced rate
2/4/2009 10:08:50 AM EDT
U.S. private-sector payrolls fell by 522,000 in January, ADP survey data show
U.S. private-sector payrolls fell by 522,000 in January, ADP survey data show
2/4/2009 8:16:19 AM EDT
Treasury to sell $67 billion in new debt, a record for a quarter.
Treasury to sell $67 billion in new debt, a record for a quarter.
Stocks open mixed amid more bad news on job cuts and ongoing dismal corporate results.
Stocks open mixed amid more bad news on job cuts and ongoing dismal
corporate results.
Tuesday, February 03, 2009
Energy: Stocks in focus for Wednesday
Among the companies whose shares are expected to see active trade in
Wednesday's session are Visa, Time Warner, Kraft, Pepsi and Sara Lee.
Energy: Refinery workers settle contract dispute with oil majors
The United Steelworkers union says it reached a tentative agreement
with a unit of Royal Dutch Shell, a move that averts a possible strike
at facilities that handle the bulk of the U.S.'s crude oil refining
capacity.
Markets Tuesday, 02/3/2009
| Dow : 8078.36 up 141.53 | S & P : 838.51 up 13.07
|
| NASDAQ: 1516.30 up 21.87 | Bond (10Y): 2.88%, 107.31
MARKETS:
Stocks stage rally
Wall Street charges an advance after a mixed morning as investors
welcome Merck earnings and a surprise rise in pending home sales.
Disney shares slammed after results miss expectations
Disney shares slammed after results miss expectations
Walt Disney Co. shares are hit hard late after the media giant's
quarterly earnings and revenue come in lighter than expected by Wall
Street.
ELECTRONIC ARTS TO LAY OFF 1,100 AS NET LOSSES GROW
Electronic Arts Inc. said Tuesday that net losses slid deeper in its
third fiscal quarter as video game sales for the crucial holiday
period came in below expectations.
POOR U.S. CAR SALES COULD SIGNAL START OF A BOTTOM FOR
INVESTORS
While January's car sales prove just as awful as expected, and in some
cases worse, the fact they seem to be stabilizing -- albeit at an
awful rate -- couldbe a positive for an equities market looking for a
floor.
DETROIT TRIO POST SALES DECLINES OF MORE THAN 40% IN JANUARY
Ford Motor Co. reports a 42.1% drop in January U.S. sales, pinning the
blame on a big pullback from its fleet customers and saying its retail
business has. stabilized since the swift retreat last fall.
AMAZON KINDLE A BIG SELLER IN 2008, ANALYSTS SAY
Amazon.com has steadfastly refused to disclose details on the sales of
its popular e-book reader known as the Kindle, which hasn't stopped
Wall Street analysts from trying to pinpoint the number anyway.
Markets stage a late rally, with Dow up 1.8% to close above 8,000. S&P up 1.5%, Nasdaq up 1.3%.
Markets stage a late rally, with Dow up 1.8% to close above 8,000. S&P
up 1.5%, Nasdaq up 1.3%.
General Motors vehicle sales in January tumble 49%.
General Motors vehicle sales in January tumble 49%.
US Stocks Get Boost From Home Sales Data,Industrials Over 8000
U.S. stocks got a boost from a rise in pending home sales, though
gains remained modest after a mixed finish Monday that left blue chips
within sight of their bear-market lows. The Dow Jones Industrial
Average was up about 60 points to move over 8000 in recent trade. It
was bolstered by gains for drug
maker Merck, which rose 4.1% after posting a profit for the fourth
quarter, and Alcoa, which advanced 3.9% amid a broad gain among
basic-materials stocks.
General Motors fell 5.2% ahead of what are expected to be grim
auto-sales figures to be released later in the day. The S&P 500 Index
was up 0.6%, with. its basic-materials sector up 2.1% and its
financial index down 1.1%.
U.S. CAR SALES COULD SIGNAL THE START OF A BOTTOM FOR
INVESTORS
While January's car sales are projected to be terrible, the fact they
seem to be stabilizing -- albeit at an awful rate -- could be a
positive for an equities market looking for signs of a floor that
might begin to indicate better times ahead.
MERCK SWINGS BACK TO PROFIT DESPITE SALES DECLINE
Merck returns to profitability in the fourth quarter, after losing
money in the year-earlier period due to a legal hit over a pulled pain
killer.
EARNINGS OUTLOOK: MOTOROLA POSTS $3.6 BILLION LOSS, SUSPENDS DIVIDEND
Investors already know Motorola Inc. had a poor fourth quarter. What
they want to know Tuesday when Motorola reports full results is if the
company will
suffer even more in the first few months of 2009 -- and beyond.
DISNEY KICKS OFF BIG EARNINGS WEEK FOR MEDIA
Walt Disney Co. reports its first-quarter fiscal results after the
market closes Tuesday, a report that will be closely watched as a
guide to what to expect from big media conglomerates in 2009.
Energy: Dow Chemical, Merck & Co. Citi, Motorola in the spotlight
U.S. stock market futures were broadly flat Tuesday as investors eyed
heavy losses from the likes of Dow Chemical, Motorola and BP.
Monday, February 02, 2009
Bill could collapse credit default swaps market, strategist says
Industry: Energy
Ahead of a two-day hearing on derivatives, a bond analyst is warning
that a proposed House bill to ban speculation in the once-obscure
securities would annihilate the $31 trillion credit-default swaps
market.
Breaking News Mon., February 2, 2009
Eric Holder Is Confirmed as Attorney General, The First
African-American to Hold the Post [6:39 p.m. ET]
Energy: Stocks in focus for Tuesday
Among the companies whose shares are expected to see active trade in
Tuesday's session are Motorola, UPS, Yum Brands, Electronic Arts, and
Disney.
Market Briefing Newsletter for Monday, 02/2/2009
| Dow : 7936.75 down 64.11 | S & P : 825.44 down 0.44 |
| NASDAQ: 1494.43 up 18.01 | Bond (10Y): 2.72%, 108.75
MARKETS:
Techs rise, blue chips slide
A rally in big technology shares helps lift the Nasdaq, but economic
fears limit bigger gains.
US Stocks: Industrials, Financials Weak; Tech Bounces
US Stocks: Industrials, Financials Weak; Tech Bounces
Industrial and financial stocks fell again Monday as the stock market
awaits hints about the outlook of the banking system, economic growth
and corporate earnings. Technology stocks, which are less dependent on
financing than corporations in most sectors, were strong. The stock
market remains on tenterhooks, waiting for the latest Treasury
Department plan to rescue the banking sector. Treasury Secretary
Timothy Geithner will divulge that plan next
week, according to reports. Currently, traders are flying blind,
because many corporations are refusing to give financial projections
in the absence of a specific economic-recovery plan, which in many
cases will be decisive for their earnings prospects.
MACY'S JOINS THE LAYOFF PARADE: 7,000 JOBS TO BE SHED IN REORG
Joining the parade of companies laying off thousands, department-store
giant Macy's announces its will cut loose 7,000 jobs in a
restructuring while slashing its quarterly dividend by 62%.
EARNINGS OUTLOOK: MOTOROLA'S WIRELESS FUTURE IN FOCUS
Investors already know Motorola Inc. had a poor fourth quarter. What
they want to know Tuesday when Motorola reports full results is if the
company will suffer even more in the first few months of 2009 -- and
beyond.
ECONOMIC REPORT: U.S. REAL CONSUMER SPENDING DROPS SIXTH TIME IN SEVEN MONTHS
As U.S. real consumer spending falls for the sixth time in seven
months, Americans' savings rate grows, December data compiled by the
Commerce Department show.
GM SEEKS $7 BILLION IN TAX RELIEF FROM CONGRESS: REPORT
General Motors Corp. is struggling to avoid a $7 billion tax
associated with a U.S. Treasury Department plan to give much of the
troubled company's outstanding stock to debt holders, the United Auto
Workers union and the federal government, according to a published
report.
Oil settles down $1.60, at $40.08 per barrel, amid investor pessimism about energy demand.
Oil settles down $1.60, at $40.08 per barrel, amid investor pessimism
about energy demand.
Fed says credit remains tight but fewer banks toughened lending standards in 4th quarter; demand for loans remains weak.
Fed says credit remains tight but fewer banks toughened lending
standards in 4th quarter; demand for loans remains weak.
Macy's says it will cut 7,000 jobs, or 4% of total workforce.
Macy's says it will cut 7,000 jobs, or 4% of total workforce.
Strike looms as refinery workers continue talks
Some 24,000 employees at Gulf of Mexico oil refineries work under a
contract extension Monday, as negotiations between the crude majors
and the United Steelworkers union continue in the face of a possible
strike.
U.S. real consumer spending drops sixth time in seven months
U.S. real consumer spending drops sixth time in seven months
As U.S. real consumer spending falls for the sixth time in seven
months, Americans' savings rate grows, December data compiled by the
Commerce Department show.
MATTEL TO SHRINK TOY LINES AFTER PROFIT FALLS 46%
Mattel's fourth-quarter profit falls 46%, as toy maker cites ongoing
economic slump. Shares tumble 15% in early trading.
ECONOMIC REPORT: ISM FACTORY INDEX BOUNCES OFF LOWS IN JAN.
The nation's manufacturing sector contracted again in January, but at
a less rapid pace than the prior two months, the Institute for Supply
Management reports.
GM SEEKS $7 BILLION IN TAX RELIEF FROM CONGRESS: REPORT
General Motors Corp. is struggling to avoid a $7 billion tax
associated with a U.S. Treasury Department plan to give much of the
troubled company's outstanding stock to debt holders, the United Auto
Workers union and the federal government, according to a published
report.
BRITISH SNOW STORM COULD BE TOUGH ON TEETERING FIRMS
London's transport system may not be the only victim of Britain's
biggest snow storm in 18 years, an economist said Monday.
Purchasing managers' manufacturing index rises in January, but remains at recessionary level.
Purchasing managers' manufacturing index rises in January, but remains
at recessionary level.
Sunday, February 01, 2009
Breaking News: Pittsburgh Steelers win Super Bowl XLIII
The Pittsburgh Steelers defeated the Arizona Cardinals 27-23 to win
Super Bowl XLIII and capture Pittsburgh's sixth Super Bowl title.
