Saturday, March 07, 2009
Freedom Bank of Georgia closed by FDIC; 17th bank failure of 2009
Freedom Bank of Georgia closed by FDIC; 17th bank failure of 2009
3/6/2009 6:17:03 PM ED
Friday, March 06, 2009
Price-to-earnings ratios sink to historic lows, could fall more
Price-to-earnings ratios sink to historic lows, could fall more
Price-to-earnings ratios, a popular measure of how expensive stocks
are by historical standards, have surpassed lows seen in recent
recessions. But that's no guarantee they won't sink further.
ECONOMIC REPORT: PAYROLLS FALL 651,000 AND JOBLESS RATE SOARS TO 8.1%
The weakness in U.S. labor markets has gathered extraordinary
momentum, wiping away millions of jobs over the past four months
alone, the Labor Department reports.
TELECOM REPORT: AT&T SEEN AS SAFE VESSEL IN WHICH TO RIDE OUT ECONOMIC STORM
As waves of bad corporate and economic news sink values of one
blue-chip company after another, among the few that continue to steam
ahead is AT&T Inc.
MACY'S UPGRADED BY GOLDMAN SACHS, MERRILL LYNCH
The department-store operator is upgraded by both Goldman Sachs and
Bank of America/Merrill Lynch, following the company's moves to
control costs, cut capital spending and expand its My Macy's
localization initiative to stoke demand.
Dow closes up 32.5 points in a turbulent trading session following bleak February jobs report.
Dow closes up 32.5 points in a turbulent trading session following
bleak February jobs report.
Payrolls fall 651,000 and jobless rate soars to 8.1%
Payrolls fall 651,000 and jobless rate soars to 8.1%
The weakness in U.S. labor markets has gathered extraordinary
momentum, wiping away millions of jobs over the past four months
alone, the Labor Department
reports.
WELLS FARGO SLASHES DIVIDEND BY 85%
Calling it a "very difficult decision," Wells Fargo & Co. slashed its
quarterly dividend 85%, to 5 cents a share from 34 cents, in an effort
to save $5 billion and help the company pay back the government's
recent investment in the firm.
DESIGNERS PULL OUT THE STOPS; ORANGE FUR TO LUXURY'S RESCUE?
With the work of survival cut out for them, upscale designers are
going to great lengths to wow consumers with something new and even a
little wild, in a desperate bid to lure luxury shoppers back to
stores.
FORMER CHIEF EXECUTIVE AT KB HOME INDICTED FOR STOCK-OPTION BACKDATING
Former KB Home KBH Chief Executive Bruce Karatz was indicted Thursday
on criminal charges that he engaged in a stock-options backdating
scheme that allowed him and other executives to take in millions of
dollars in undisclosed compensation. Karatz was indicted in a Los
Angeles federal court on 20 criminal counts, including mail fraud,
wire fraud, securities fraud and making false statements in reports
filed with the Securities and Exchange Commission.
Stocks open higher after government reports big job losses in February that fell in line with expectations.
Stocks open higher after government reports big job losses in February
that fell in line with expectations.
Breaking News Fri., March 6, 2009
Unemployment Rate Balloons to 8.1 Percent, Highest Since 1983?651,000
Jobs Lost [8:40 a.m. ET]
Energy: Oil rises nearly 2% as dollar falls, stock futures gain
Oil futures gain nearly 2% Friday, as dollar weakness and expectations
of further output cuts by the OPEC oil cartel appeared to outweigh
data showing that U.S. employment soared to the highest rate in over
25 years.
Thursday, March 05, 2009
Breaking News: Stocks plummet on GM, financial worries
NEW YORK (AP) - Stocks fell to 12-year lows on Thursday as investors
faced more disheartening economic readings, new concerns about the
stability of GM and ongoing uncertainty about the financial system.
According to preliminary calculations, the Dow Jones industrial
average is down 281 points at 6,594. The S&P 500 is down 30 at 682,
while the Nasdaq composite index is down 54 at 1,299.
Stocks end a brutal day 4% lower on concerns about GM and Citi. Dow and S&P at 12-year lows, Nasdaq at almost 6-year low.
Stocks end a brutal day 4% lower on concerns about GM and Citi. Dow
and S&P at 12-year lows, Nasdaq at almost 6-year low.
Oil settles down 4%, at $43.61 a barrel, as deteriorating outlook heightens expectations that fuel consumption will shrink.
Oil settles down 4%, at $43.61 a barrel, as deteriorating outlook
heightens expectations that fuel consumption will shrink.
Citigroup shares trade below $1 mark for first time ever
Citigroup shares trade below $1 mark for first time ever
3/5/2009 11:23:50 AM EDT
US Stocks Decline On Concerns Over Auto Makers, Financials
US Stocks Decline On Concerns Over Auto Makers, Financials
U.S. stocks declined Thursday morning, failing to build on the previous
session's bounce, as anxiety about auto makers and the financial sector
returned to center stage. The Dow Jones Industrial Average declined about 107
points shortly after the opening bell. The Standard & Poor's 500 dropped about
1.7%, hovering around 700, and the Nasdaq Composite Index fell about 1.1%.
Markets had snapped a five-day losing skid on Wednesday amid hopes that an
economic stimulus plan from China would help jolt the global economy back to
life. "Every time we get going, we fall off again," said Todd Leone, head of
listed trading at Cowen & Co.
ECONOMIC REPORT: JOBLESS CLAIMS SLIP BACK TO 639,000
The number of workers filing for state unemployment benefits falls by 31,000 to
a seasonally adjusted 639,000 last week, while the smoothed average of
continuing claims moves higher into record territory.
GILTS SURGE AS BANK OF ENGLAND RAMPS UP PRINTING PRESS
The Bank of England comes to grips with prospects for a deflationary spiral,
cutting its key lending rate nearly to zero and launching an unprecedented
program to effectively print money by buying 75 billion pounds ($106 billion)
of commercial paper and government bonds over the next three months.
CHINA'S LAWMAKERS WEIGH STIMULUS, THOUGH DETAILS VAGUE
Hopes for a major increase in Beijing's economic rescue plan are dashed, as
China's Premier Wen Jiabao pledges to bolster the economy and increase outlays
on social programs, but offers little more in terms of changes to the
government's earlier-announced $585 billion stimulus package.
ANHEUSER-BUSCH INBEV PLANS MORE COST CUTS AS NET DROPS 40%
Anheuser-Busch InBev on Thursday said its fourth-quarter profit slumped 40% as
the company unveiled a plan for which its management team is renowned: cutting
costs.
Energy: Oil stocks swing lower as crude, broad market head south
Weaker crude-oil prices put energy stocks on a lower trajectory in
morning activity, carving into gains from the previous session's rally
as hopes for another big stimulus package in China were dashed by the
nation's leaders.
Stocks open lower - Dow sheds 120 points - as investors worry about the fate of GM, which said its future is uncertain.
Stocks open lower - Dow sheds 120 points - as investors worry about
the fate of GM, which said its future is uncertain.
The number of home loans that were delinquent or in foreclosure reached 11% in the fourth quarter, mortgage industry group reports.
The number of home loans that were delinquent or in foreclosure
reached 11% in the fourth quarter, mortgage industry group reports.
European Central Bank cuts rates by half-point to record low 1.5%
European Central Bank cuts rates by half-point to record low 1.5%
3/5/2009 7:45:31 AM EDT
Wal-Mart reports that February same-store sales were up 5.1% - far surpassing analysts' estimates.
Wal-Mart reports that February same-store sales were up 5.1% - far
surpassing analysts' estimates.
Number of people filing first-time unemployment benefits fell 31,000 last week to 639,000, U.S. says. Continuing claims also fell.
Number of people filing first-time unemployment benefits fell 31,000
last week to 639,000, U.S. says. Continuing claims also fell.
Energy: Shares in Europe giave back some gains, rate calls on tap
European shares decline on Thursday, as oil producers give back some
of the previous session's sharp gains, with interest rate decisions
from the European Central Bank and the Bank of England on tap later in
the session.
Breaking News
Bank of England cuts key interest rate by half point to new low of 0.5
percent and says it will pump $105B into economy.
Wednesday, March 04, 2009
Dow rallies to close up 150 points on upbeat China news and government foreclosure fix plan. Nasdaq, S&P close up 2%.
Dow rallies to close up 150 points on upbeat China news and government
foreclosure fix plan. Nasdaq, S&P close up 2%.
Fed Beige Book says downward economic spiral continues
Fed Beige Book says downward economic spiral continues
3/4/2009 2:03:55 PM EDT
Oil ends up 9%, at $45.38 a barrel, on signs of a crude oil supply drop and increasing demand from China.
Oil ends up 9%, at $45.38 a barrel, on signs of a crude oil supply
drop and increasing demand from China.
Stock investors position for Friday's unemployment report
Stock investors position for Friday's unemployment report
With Friday's unemployment report looming large, equities investors
are sifting for advance clues to what is widely expected to be another
dreary reflection of an ongoing recession.
ECONOMIC REPORT: PRIVATE SECTOR CUT RECORD 697,000 JOBS IN FEBRUARY, ADP SAYS
U.S. private-sector firms cut 697,000 jobs in February, according to
the ADP employment index, which is based on millions of company
payroll records.
FUTURES MOVERS: OIL FUTURES SOAR 7% AFTER INVENTORIES DATA
Oil futures surge 7% to near $45 a barrel, as government data show a
surprising decline in U.S. crude inventories and as China, the
world's second-biggest oil consumer, is expected to release a new
stimulus plan.
METALS STOCKS: GOLD EDGES LOWER AS CRUDE, STOCKS RISE
Gold futures erase earlier gains, falling slightly as rising crude oil and U.S.
stocks increase investors' risk appetite and reduce the metal's investment
appeal.
UBS TAPS FORMER FINANCE MINISTER AS NEXT CHAIRMAN
UBS says Wednesday that its Chairman Peter Kurer will step down after just a
year in the role and will be replaced by former Swiss finance minister Kaspar
Villiger at its next annual meeting in April.
Stocks open higher as investors focus on talk that China's economy may be turning around.
Stocks open higher as investors focus on talk that China's economy may
be turning around.
Payroll services firm ADP says private-sector jobs fell by 697,000 in February, much more than expected.
Payroll services firm ADP says private-sector jobs fell by 697,000 in
February, much more than expected.
Energy: Oil futures surge 6% fueled by global stock gains
Oil futures surge 6%, buoyed by gains on global stock markets and
hopes that China will drag the global economy out of recession.
U.S. announces start of $75B foreclosure prevention effort aimed at 7-9 million homeowners - incentives to borrowers and companies.
U.S. announces start of $75B foreclosure prevention effort aimed at
7-9 million homeowners - incentives to borrowers and companies.
Tuesday, March 03, 2009
Markets Tuesday, 03/3/2009
| Dow : 6726.02 down 37.27 | S & P : 696.33 down 4.49 |
| NASDAQ: 1321.01 down 1.84 | Bond (10Y): 2.88%, 98.81
MARKETS:
Stocks at 12-year lows
Dow ends at lowest point since April '97, S&P 500 at lowest close
since October '96.
http://money.cnn.com/2009/03/03/markets/markets_newyork/index.htm
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Winning stocks in a losing decade
Yes, the major market indexes are at their lowest levels in a dozen
years. But many stocks have bucked the bearish trend.
http://money.cnn.com/2009/03/03/markets/thebuzz/index.htm
----------
Blockbuster seeks capital, not bankruptcy
Video rental firm retains firm to help raise funds. Shares plunge
77%Â on reports of possible filing.
http://money.cnn.com/2009/03/03/news/companies/blockbuster_bankruptcy/index.htm
----------
Obama to test home loan do-overs
Foreclosure prevention effort starting Wednesday relies on modifying
loans based on borrowers' ability to pay. Will this effort work where
others have failed?
http://money.cnn.com/2009/03/03/news/economy/loan_mods/index.htm
----------
Auto sales plunge 40%
Dismal sales reports from GM, Ford and Toyota cause the industry to
have its worst month in 27 years.
http://money.cnn.com/2009/03/03/news/companies/auto_sales/index.htm
----------
Microsoft may create 3,000 R&D jobs
Software giant plans to boost research spending by $1 billion this
year, spurring job growth, chief operating officer says.
http://money.cnn.com/2009/03/03/technology/microsoft_jobs.reut/index.htm
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Stocks back off 12-year lows as analysts debate significance
Stocks back off 12-year lows as analysts debate significance
As U.S. stocks on Tuesday bounced back from the prior day's stumble to
12-year lows, analysts, technicians and would-be historians debated
the significance of the fall, which could signal an important market
milestone or nothing much at all.
THE FED: NEW LENDING PROGRAM LAUNCHED; CONSUMERS, BUSINESS TARGETED
The Term Asset-Backed Securities Loan Facility, a much-anticipated
lending program from the Federal Reserve and the Treasury, could
generate up to $1 trillion in loans for small businesses and
consumers, the government says. The first TALF loans will be made
March 25,
ECONOMIC REPORT: U.S. JAN. PENDING HOME SALES DOWN 7.7%, REALTORS SAY
The number of new sales contracts on existing homes falls a seasonally
adjusted 7.7% in January amid job losses and weak consumer confidence,
a real estate
trade group says.
TOYOTA REPORTED SEEKING $2 BILLION LOAN FROM JBIC
Toyota's auto-financing unit is asking the Japan Bank for
International Cooperation for a loan of $2 billion under a
recently-launched program to help Japanese firms operating abroad,
reports say.
Stocks turn lower - giving up earlier gains - as economic worries weigh on investor sentiment.
Stocks turn lower - giving up earlier gains - as economic worries
weigh on investor sentiment.
Monday, March 02, 2009
Australia's central bank keeps benchmark cash rate steady at 3.25%
Australia's central bank keeps benchmark cash rate steady at 3.25%
3/2/2009 10:33:03 PM EDT
Energy: Stocks in focus for Tuesday
Among the companies whose shares are expected to see active trade in
Tuesday's session are AutoZone, Xilinx, General Motors, Ford and MBIA.
Markets Monday, 03/2/2009
| Dow : 6763.29 down 299.64 | S & P : 700.82 down 34.27 |
| NASDAQ: 1322.85 down 54.99 | Bond (10Y): 2.86%, 98.97
MARKETS:
Dow below 7,000
Blue-chip measure drops to levels not seen since 1997 as AIG reports
biggest quarterly loss in corporate history, government revamps
rescue.
U.S. stocks slide as S&P 500 running through November lows
U.S. stocks slide as S&P 500 running through November lows
Ten companies -- led by ConocoPhillips, Time Warner and Merrill Lynch
-- are behind the bulk of the carnage that added up to the worst ever
two-month start for the S&P 500, which on Monday made another run
through its November lows.
U.S. TO PROVIDE ANOTHER $30 BILLION TO AIG
As AIG reports a fourth-quarter loss topping $61 billion, the Treasury
Department and the Federal Reserve Board announce the company's in
line to receive additional federal assistance of up to $30 billion as
part of a revamped bailout of the government-owned insurance and
financial-services giant.
FINANCIAL STOCKS: BANKING STOCKS FOLLOW MARKET LOWER; AIG GETS MORE
GOVERNMENT AID
The U.S. financial sector follows the broader market lower as the Dow
Jones Industrial Average breaks below 7,000 and global economic fears
continue to weigh on stocks.
LONDON MARKETS: FTSE 100 TOUCHES 2003 LEVELS, HSBC HOLDINGS SHARES SLAMMED
The FTSE 100 briefly hits 2003 levels Monday, with HSBC Holdings
shares slammed after the lender asks shareholders for cash.
INTEL, TSMC SHARES RISE AHEAD OF 'STRATEGIC ANNOUNCEMENT'
Shares of Intel Corp. and the Taiwan Semiconductor Manufacturing Corp.
rose early Monday as investors awaited details of a "strategic
announcement" that could involve a significant outsourcing agreement
between the two semiconductor giants.
Asia markets tumble on bank jitters; Japan, Korea indexes fall 4%-5%
Asia markets tumble on bank jitters; Japan, Korea indexes fall 4%-5%
3/1/2009 11:25:44 PM EDT
Sunday, March 01, 2009
AIG to get up to $30 billion in additional TARP funds: WSJ
AIG to get up to $30 billion in additional TARP funds: WSJ
3/1/2009 2:09:24 PM EDT
