Trade transaction results for says
Trade transactions: 20
Jobs Report Shows Weakening Economy
Yesterdays jobs report told a tale of weakness. The U.S. economy lost over 60,000 jobs in the short month of February and over 20,000 jobs in January. An AP article says the pink slips have increased and some economists hear the recession bell ringing.The grim snapshot of the countrys employment climate underscored the heavy toll the housing and credit debacles are taking on companies, jobseekers and the economy as a whole.It sounds like the recession bell is ringing for the U.S. economy, although it is still faint, said Stuart Hoffman, chief economist at PNC Financial Services Group.On Wall Street, stocks tumbled. The Dow Jones lost 146.70 points, a little more than 1 percent to close at 11,893.69. The Dow was down 370 for the last two days of the week.The worsening situation will prompt the Federal Reserve to cut a key interest rate deeply -- perhaps by as much as three-quarters of a percentage point -- at its next meeting March 18, or possibly sooner, to help brace the teetering economy, analysts predicted.The shower of pink slips was widespread. Factories, construction companies, mortgage brokers, real-estate firms, retailers, temporary-help firms, child day-care providers, hotels, educational services, accounting firms and computer designers were among those shedding jobs. All those cuts swamped job gains at hospitals and other health care sites, bars and restaurants, legal services and the government.President Bush was quick to reassure everyone that the economy is not in a recession. Bush said, I know this is a difficult time for our economy, but we recognized the problem early and provided the economy with a booster shot. We will begin to see the impact over the coming months.Less and less people are expecting the quick recovery that President Bush is. With the DOW falling under the 12,000 mark Friday next week could be a difficult one.Permalink | Recent Headlines | WWFeeds.com
Oil Closes at $100+ and Stock Rally Fizzles
Just as stocks seemed to be gaining some momentum oil closes at above $100 a barrel for the first time and the rally fizzles. The Dow ended up down over 10 points and the Nasdaq fell by over 15 points. There is concern that the high oil prices will translate into high gas prices during the summer driving months that will reduce consumer spending even more than the weak economy already has. In the video Reuters says OPEC mentioned a supply cut which helped to drive up oil prices.Permalink | Recent Headlines | WWFeeds.com
Oil Prices: Sky's The Limit?
Oil has continued soaring. It has now moved past the $92 mark and the question now is will it continue to climb to $100 or fall back? Reuters looks at the soaring oil prices in this video. Reuters says oil may continue upwards due to limited supply and some say traders think it is more likely to hit $100 before retreating back to $80.Direct vidoe linkPermalink | Recent Headlines | WWFeeds.com
Bernanke Says Some Small Banks May Fail
Federal Reserve Chairman Ben Bernanke said in testimony in front of U.S. Congress today that there could be some bank failures because of the ongoing credit crisis. The AP reports that Bernanke did says that the large U.S. banks will likely recover but it is disturbing to hear he expects some small bank failures.Bernanke, testifying before Congress, said that while the large U.S. banks will likely recover from the recent credit crisis, others could fail.Implying that some banks may fail stirs concerns for any investor whos familiar with financial and economic history, said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors. Investors have been very edgy about credit market conditions and banks financial conditions. Very edgy. And this doesnt remove that edginess.Earlier, stocks had fallen in response to a Labor Department report that first-time unemployment claims rose last week by 19,000 to 373,000, the highest level since late January.Scott Wren, equity strategist for A.G. Edwards & Sons, said he still believes theres less than a 50 percent chance of a recession, but that its clear employers are cautious about hiring.To consistently see claims up near 400,000, thats pretty telling often-times of a recession, he said.On the positive side Bernanke doesnt anticipate a return to the stagflation periods of the 1970s - although with gas forecast to exceed $4 a gallon not everyone is convinced. Marketwatch reports that stocks are lower today following Bernankes words and news that last years GDP growth was just 0.6%Permalink | Recent Headlines | WWFeeds.com
Clear Channel says buyout may collapse - Reuters
EarthtimesClear Channel says buyout may collapseReuters - 20 hours agoNEW YORK Reuters - Radio broadcaster Clear Channel Communications Inc said on Friday its pending $20 billion buyout may collapse, as the banks had failed to provide funding for the deal under previously agreed terms.Clear Channel Defers Dividend Wall Street JournalUPDATE:Clear Channel,Buyers Want Suit Kept In Texas State Court CNNMoney.comForbes - Bizjournals.com - Boston Globe - The Associated Pressall 564 news articles
Miserable Opening Bell?
The New York Times reports that the stock market plunge in Asia and Europe continued into Tuesday. Stocks are falling due to concerns that the U.S. economy is headed for a recession. MarketWatch has a roundup of the two day losses.Shanghai two days: -12%Japans Nikkei 225 two days: - 10.2%Hang Seng two days: -13.7%U.K. FTSE 100 two days: -8.6%German DAX 30 two days: -12.4%This sell off could extend to U.S. stocks today.Amid fears that the United States may be in a recession, the decline in stock markets accelerated this morning as exchanges opened across Asia.Markets in Tokyo, Hong Kong, Sydney all fell farther in the opening hours of trading today than they had all day Monday. Until now, overseas markets had largely avoided the sell-off that has caused steep declines recently in the United States, whose markets were closed Monday in observance of Martin Luther Kings Birthday. But investors reacted with what many analysts described as panic to the multiplying signs of weakness in the U.S. economy.And in a sign that the United States could join the sell-off today, trading in U.S. stock futures Monday suggested that the Dow Jones industrial average would fall more than 500 points at the opening bell.Marketwatch also says that the DJIA futures are currently down 650 points which could result in a miserable and nervous day of stock trading today.Permalink | Recent Headlines | WWFeeds.com
Maguire Properties Says Its No Longer Pursuing Sale (Update1) - Bloomberg
RTT NewsMaguire Properties Says It's No Longer Pursuing Sale Update1Bloomberg - 2 hours agoBy Alan Mirabella March 28 Bloomberg -- Maguire Properties Inc., the biggest office landlord in downtown Los Angeles, said it's no longer pursuing a sale of the company because no viable bids emerged.Maguire Properties says not to pursue sale ReutersMaguire Properties says no longer actively considering sale of the ... ForbesHouston Chronicle - RTT News - FOXBusiness - 24/7 Wall St.all 26 news articles
US stocks get starting lift from Lehman upgrade - MarketWatch
Conde Nast PortfolioUS stocks get starting lift from Lehman upgradeMarketWatch - 52 minutes agoBy Kate Gibson, MarketWatch NEW YORK MarketWatch -- US stocks on Friday offered an opening rise, supported by Citigroup Inc.'s upgrade of Lehman Brothers Holdings Inc. and as Accenture Ltd.Lehman Upgraded by Citigroup on `Ample' Liquidity Update2 BloombergCiti says Lehman has ample liquidity ReutersForbes - Conde Nast Portfolio - National Post - StreetInsider.com subscriptionall 24 news articles
Christmas Price Index Climbs in 2007
Prices are soaring and it will be more expensive to buy your True Love the Twelve Days of Christmas this year. The PNC Christmas Price Index says the significantly higher price of gold and increased compensation for minimum wage workers will make Christmas more expensiv. The PNC Christmas Price Index is a tongue-in-cheek economic analysis by PNC Wealth Management based on the cost of gifts in The Twelve Days of Christmas.According to the 23rd annual survey, the cost of The Twelve Days of Christmas is $19,507 in 2007, a 3.1 percent increase over last year. The rise in gift prices mirrored the U.S. governments Consumer Price Index. The Consumer Price Index is up 3.5 percent so far this year.Each year, the Christmas Price Index reflects trends in the broader economy, said James Dunigan, managing executive of investments for PNC Wealth Management. This year, increased commodities prices, concerns about the value of the dollar and the first minimum wage increase in 10 years were major factors in the increases to the Christmas Price Index.For example, True Loves are paying more this year for the five Gold rings. You can see an explanation of this below. There is also a video on the PNCs website.True Loves will have to pay a bit more for the five Gold Rings this year, as the jewelers who provide the prices for the rings report having no choice but to pass increased prices along to consumers as the price of gold continues to rise.The cost of the Gold Rings in this years Christmas Price Index reflects the general trend of increasing commodity prices in the Consumer Price Index, including gold, said Dunigan. In addition, increased fears about inflation and the value of the dollar may have led investors to turn to gold as a safer place to invest their money.The price of five gold rings now totals $395, a 21.5 percent increase over 2006 prices, but still nowhere close to 1989 prices, when the five Gold Rings hit an all-time high of $750.Milkmaids Benefit from Minimum Wage IncreaseAs the only unskilled laborers in the Christmas Price Index, the eight Maids-a-Milking make minimum wage, and have not had a raise since 1997. This year, Congress increased their wages by 13.6 percent; bringing the cost of eight Maids-a-Milking for one hour of work to $46.80. The True Love will have to reach deeper into his pockets for the milkmaids in 2008 and 2009, as well - Congress has already approved continued increases to the minimum wage for the next two years.The cost of most performers in the index - the Drummers Drumming, Pipers Piping and Lords-a-Leaping - rose a modest 3 to 4 percent, due primarily to an increase in the performers compensation, reflecting the current labor market in which the unemployment rate is still below 5 percent. Only the price for the Ladies Dancing was unchanged this year, according to Philadanco, a modern dance company in Philadelphia.Food Prices Are For the BirdsAmong the feathered friends in the Christmas Price Index, the most notable increase was a 20 percent change in the price for six Geese-a-Laying, provided by the National Aviary.For True Loves planning to serve a Christmas goose - or six - for a holiday meal, this item will be a bit more expensive, said Dunigan. Food prices have increased over the last year, which has not impacted birds like Turtle Doves and Partridges, but has had an impact on birds traditionally served as food, like Geese.Most of the other bird prices in the index remained even with last years rates, thanks to steady supply and demand for Partridges, Turtle Doves, French Hens and Swans. Aside from the Geese-a-Laying, only the Calling Birds will cost more in 2007. PNC prices the Calling Birds from a national pet store chain, and prices for Calling Birds or canaries were up 25 percent this year, thanks to higher demand and increased shipping costs for retailers.2007: Most Expensive Christmas EverFor those True Loves who prefer to do their shopping online, PNC Wealth Management calculates the cost of The Twelve Days of Christmas gifts purchased on the Web. This year, the trends identified in the traditional index are repeated in the Internet version, with overall growth of 3 percent, very close to the 3.1 percent in the traditional index. This year, the Internet index is very similar to the traditional index. For example, the price of gold is significantly higher online in 2007 compared to 2006. And, as with the traditional Christmas Price Index, bird prices are mostly even with or, in some cases, down a bit from 2006 levels. In general, Internet prices are higher than their non-Internet counterparts because of shipping costs.As part of its annual tradition, PNC Wealth Management also tabulates the True Cost of Christmas, which is the total cost of items gifted by a True Love who repeats all of the songs verses. This holiday season, very generous True Loves will pay more than ever before - $78,100 - for all 364 items, up from $75,122 in 2006. This 4 percent increase is about even with last years 3.5 percent increase.Permalink | Recent Headlines | WWFeeds.com
Bush Says Administration Will Expand Mortgage-Relief (Update1) - Bloomberg
NECNBush Says Administration Will Expand Mortgage-Relief Update1Bloomberg - 19 hours agoBy David Scheer March 29 Bloomberg -- President George W. Bush said the government will expand efforts to help homeowners avoid foreclosure as Democrats increase pressure on his administration to reduce unaffordable home-loan payments.Bush may expand help for struggling homeowners ReutersCongress poised to tackle tricky mortgage crisis NewsdayImperial Valley News - Voice of America - The Associated Press - Philadelphia Inquirerall 515 news articles
Worst Day of 2008 For Stocks
Stocks plunge again as concerns about the economy continue. Marketwatch reports that the DOW is now at a 10-month low. Today was also the worst day of the year for the stock market. It has been a short year and it hasnt been a good year at all so far.When reminded about how bad things are, the market remembers it should go down, said Art Hogan, chief market strategist at Jefferies & Co.And, it is going to take more than just monetary policy to clean up the mess weve made with this economy, Hogan said.The Philadelphia Fed Survey was a disaster, defying even the most pessimistic projections, said Frederic Ruffy, an analyst at Optionetics.Heres a look at the numbers.DOW - lost 300 points - 2.5%. Hits 10-month low.NASDAQ - lost 47.69 points - 2%S&P 500 - lost 39.94 points - 2.9%.The tumble began when the Philadelphia Fed reported dismal figures.Shortly before the Fed chairman spoke, the Philadelphia Fed said its measure of manufacturing activity feel sharply to a negative 20.9 from a revised reading of negative 1.6 in December. The report underscored the seriousness of the economic concerns that have in recent weeks drawn the focus of both Wall Street and Washington.The Philadelphia Fed just announced dreadful numbers, said John ODonoghue, co-head of equities at Cowen & Co. He said if you look back at Philadelphia Fed data for similar numbers, it takes you back to the 2001 to 2002 recession.Its not rocket science - the economy is slowing dramatically, and its being reflected in economic reports.Bloomberg says Merrill Lynchs huge 4th quarter loss also played a role in the bad day on Wall Street.Permalink | Recent Headlines | WWFeeds.com
Clear Channel Says Private-Equity Buyout May Collapse (Update3) - Bloomberg
Edmonton JournalClear Channel Says Private-Equity Buyout May Collapse Update3Bloomberg - 56 minutes agoBy Don Jeffrey March 28 Bloomberg -- Clear Channel Communications Inc., the biggest US radio broadcaster, said its sale to private- equity firms may collapse after banks backed out of financing the $19.5 billion deal.Clear Channel fight gets down 'n' dirty CNNMoney.comClear Channel says buyout may not close ReutersWall Street Journal - Bizjournals.com - Forbes - FOXBusinessall 1,429 news articles
Dow Up Over 400 Points
News that the Fed is going to provide additional liquidity for the credit markets help boost stocks to huge gains today The Dow scored its best one day percentage increase in 5 years according to Reuters. The Dow climbed 416 on the day and the Nasdaq was up 86 points.At the same time cities are starting to feel the impact of the tough housing markets. There are more homeless people. There is more crime. There are less revenues for U.S. cites.The mortgage foreclosure crisis has caused a drop in cities revenues, a spike in crime, more homelessness and an increase in vacant properties, a survey of elected local officials out today shows.About two-thirds of 211 officials surveyed by the National League of Cities reported an increase in foreclosures in their cities in the past year, according to the online and e-mail questionnaire. A third of them reported a drop in revenues and an increase in abandoned and vacant properties and urban blight.Theres a reduction in revenues at the same time that more services are needed, says Cynthia McCollum, president of the National League of Cities and councilwoman in Madison, Ala., a suburb of Huntsville. Because of foreclosures, people are stealing, crime is on the rise and we dont have more money for cops on the street.The market had a boost today but the foreclosure crisis is worsening.Permalink | Recent Headlines | WWFeeds.com
Markets React to Bear Sterns, Weekend Fed Action
JP Morgan Chase has snatched up Bear Sterns in a rapid transaction for a huge discount of $2 a share. JPMorgan Chase & Co. agreed to buy Bear Stearns Cos. for $240 million, about 90 percent less than its value last week, after a run on the company ended 85 years of independence for Wall Streets fifth-largest securities firm.Shareholders of Bear Stearns will get stock in JPMorgan equivalent to about $2 a share, compared with $30 at the close on March 14, the New York-based companies said in a statement late yesterday. The Federal Reserve is providing financial backing to JPMorgan, the second-biggest U.S. bank, and also cut the rate on direct loans to banks in its first emergency weekend action in almost three decades to stave off a broader market panic. The Fed also moved in with a rare weekend move and dropped the emergency lending rate a quarter of a point. President Bush also weighed in predicting a turnaround. President Bush rushed to strike a note of calm to the turbulent situation on Monday morning, hailing the Feds action and saying: Weve taken strong decisive action. The president spoke after meeting at the White House with Treasury Secretary Henry Paulson and other members of his economic team. Were in challenging times, Bush said.Despite all the action to help prevent losses stocks are still in negative territory again today. The Financial Times says investors are waiting for the next domino to fall.Permalink | Recent Headlines | WWFeeds.com
Gold Passes $1,000 Mark
Gold traded at a record $1,000 an ounce for the first time today. The news coincides will the recession concerns, the weak dollar and the high price of oil. The BBC reports that since the beginning of 2008 gold has jump 20%. Gold also climbed 32% last year.Since the beginning of the year the value of gold has increased by about 20%, after it rose 32% in 2007.Gold eventually settled for the day at $993.80, up $13.30 an ounce.Analysts say gold will stay high as long as dollar and growth fears remain.Every bit of bad US economic data boosts gold in two ways, said Fortis Bank.First because it reinforces the return of its role as a safe-haven asset, and second because the dollar falls on expectations of further Federal Reserve rate cuts.The price of gold story made all the major newspapers and wire services: Reuters, Guardian, The Independent, Forbes, National Post, USA Today, Financial Times, Wall Street Journal, Telegraph.co.uk, Bloomberg and New York Times to name a few.A 52% climb in just twelve months might mean gold has climbed too quickly notes USA Today columnist John Waggoner here.If youre hankering to buy gold, you may get a chance to buy it more cheaply in the next month or so. Gold bullion has soared 52% over the past 12 months and 19% this year ? and it may have gotten ahead of itself. But if you want to invest for the long run in gold ? which can have a role in a diversified portfolio ? you have three good options: gold bullion coins, gold exchange-traded funds and gold mutual funds.Then again, Waggoners column also mentions that James DiGeorgia - editor of the Gold and Energy Advisor website - says gold could climb to $2,500 an ounce.Permalink | Recent Headlines | WWFeeds.com
Economy Growing Very Slowly
The GDP grew 2.2% in 2007 and slow 0.6% in the fourth quarter of 2007. Raw Story says economists were expecting 1.2% growth in Q4.For all of 2007, the economy grew by just 2.2 percent, the weakest performance in five years, when the country was struggling to recover from the 2001 recession. The housing collapse dealt the economy its biggest blow last year. Builders slashed spending on housing projects by 16.9 percent on an annualized basis, the most in 25 years.The economy has been subject to something of the perfect storm here. It has been hit by the housing slump the credit squeeze, the subprime slime and stock price declines on Wall Street, said economist Ken Mayland, president of ClearView Economics. The economy is weathering some pretty stormy seas but it is weak.The fourth-quarters performance was much weaker -- half the pace -- than economists were expecting. They were forecasting growth to clock in a 1.2 percent pace.The 0.6 percent annualized increase in gross domestic product GDP marked a big loss of momentum from the third quarters brisk, 4.9 percent showing. The fourth-quarter pace was the slowest since the first quarter of last year.IDEAglobals chief U.S. economist calls it stall speed according to MarketWatch.com. The GDP hit stall speed, wrote Joseph Brusuelas, chief U.S. economist at IDEAglobal.GDP hadnt been any slower since the end of 2002, when the economy was struggling to recover from the recession a year earlier.The 1st quarter 2008 GDP is going to be interested. Will the economy tread along, pick up speed or start to step into a recession?Permalink | Recent Headlines | WWFeeds.com
Super Tuesday is Terrible Tuesday for Stock Market
The American public is busy trying to figure out what all these polls mean about who is going to be their partys candidate. Meanwhile, Super Tuesday has turned out to be Terrible Tuesday for the stock market. Todays news that service sector shrank sent stocks in the wrong direction.The volatility that pummeled stocks in January returned with the news that the service sector shrank last month for the first time since March 2003. The report from the Institute for Supply Management wiped out the nascent optimism about the economy that had sent stocks surging higher last week.The report drives a nail into the coffin from investors minds that were in a recession, said Todd Salamone, director of trading at Schaeffers Investment Research. That doesnt mean stock prices in the months ahead will be lower. But when you see headline numbers like this, there tends to be a reactionary sell.The ISM said its index of service sector activity, which accounts for about two-thirds of the economy, dropped below 50, a level that indicates contraction. Economists had expected another month of growth.Its possible the service sector, which includes businesses ranging from restaurants to retailers to banks, could bounce back in February as the manufacturing sector did in January after its December contraction. The benefit of the Federal Reserves two big interest rate cuts in the latter part of January could also help spur the service sector back into growth mode later this year.Marketwatchs entry says the data today is pointing toward a recession.Todays awful numbers:Dow down 370.03 2.93% - biggest one-day point drop for Dow since it dropped 387 points on Aug. 9, 2007.Nasdaq lost 73.28 3.08%Standard and Poors 500 lost 44.18 3.20%Permalink | Recent Headlines | WWFeeds.com
Vector Capital says offer to buy Captaris has expired - CNNMoney.com
Vector Capital says offer to buy Captaris has expiredCNNMoney.com - 1 hour agoBOSTON, Mar. 28, 2008 Thomson Financial delivered by Newstex -- Private equity firm Vector Capital Friday said its offer to purchase Captaris Inc. NASDAQ:CAPA for $4.75 per share has expired.UPDATE 1-Vector Capital says Captaris offer expires ReutersVector's Bid for Captaris Expires Houston ChronicleFOXBusiness - Blogging Buy Outs - Bizjournals.com - PR Newswire press releaseall 33 news articles
Bank of America to Buy Countrywide
Reuters reports that Bank of America is buying Countrywide for $4 billion.The purchase marks another acquisition for Bank of America Chief Executive Kenneth Lewis, who has spent more than $100 billion since 2004 to create the second-largest U.S. bank and the nations largest consumer bank.It also provides a lifeline for Countrywide, which became a poster child for what critics say were lending excesses that fueled the housing and credit meltdown.The largest U.S. mortgage lender has been convulsed by mounting losses and defaults, a loss of access to credit markets, and a slew of lawsuits and regulatory probes into its lending practices and Chief Executive Angelo Mozilos pay. On Tuesday, it denied rumors that it might go bankrupt.Countrywide has been hit very hard by the housing and credit problems. The deal is a big save for them and their shareholders but there are questions about what it means for Bank of America. SeekingAlpha says Bank of America will lose billions in the deal to acquire Countrywide. The Economist calls BofAs purchase a big gamble. Time will tell but it does sound like a risky acquisition.Permalink | Recent Headlines | WWFeeds.com
Fremont General says FDIC orders recapitalization of bank and ... - CNNMoney.com
Fremont General says FDIC orders recapitalization of bank and ...CNNMoney.com - 42 minutes agoNEW YORK, Mar. 28, 2008 Thomson Financial delivered by Newstex -- Fremont General NYSE:FMT PR NYSE:FMT Corp. Friday said the Federal Deposit Insurance Corporation issued a supervisory prompt corrective action directive to the company and to its ...Fremont Ordered to Recapitalize Wall Street JournalFremont Ordered by FDIC to Find Buyer; Curbs Imposed Update3 BloombergReuters - FOXBusiness - Housing Wire - 24/7 Wall St.all 20 news articles