Trade transaction results for the
Trade transactions: 69
Global Markets Fall
The BBC is reporting some serious drops in foreign markets -- the biggest drops since stock markets plummeted after 9/11. The FTSE 100 was off 5.5%. Paris and Frankfurt are down 7%.Global stock indexes, including the UK FTSE 100, have fallen their most since the terrorist attacks of September 11 2001 amid fears of a recession.The FTSE 100 index tumbled 5.5% to 5,578.2, wiping ?84bn $163bn off the value of its listed shares.Indexes in Paris and Frankfurt slumped by about 7%, while markets in Asia, India and South America also dropped.Investors questioned whether a recent plan to boost the US economy would be enough to avert a full-blown recession.The U.S. markets are closed today to celebrate Martin Luther King Jr.s birthday. Marketwatch reports that stock future indicate the DOW will open 500 points down on Tuesday morning.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
Lehman to sue over Japan fraud BBC News
Boston GlobeLehman to sue over Japan 'fraud'BBC News - 7 hours agoLehman Brothers, one of America's largest investment banks, plans to sue a Japanese trading house, saying it has been the victim of a complex fraud.Lehman to Sue Japan's Marubeni, Claiming Loan Fraud Update1 BloombergMarubeni employees' scam hit Lehman, others: sources ReutersInternational Herald Tribune - RTT News - BloggingStocks - Canada Eastall 231 news articles
Argentine Farmers Restore Roadblocks After Talks With Officials - Bloomberg
BBC NewsArgentine Farmers Restore Roadblocks After Talks With OfficialsBloomberg - 5 hours agoBy Richard Jarvie March 29 Bloomberg -- Argentine farm groups resumed their blockade of some of the country's major highways after government officials failed to respond to their demands to cancel an increase in export taxes.Argentine farm protest restarts nationwide ForbesArgentine Farmers Set Up New Barricades Houston ChronicleReuters India - AFP - Reuters - Voice of Americaall 310 news articles
CARB cuts zero emission vehicle requirement - Bizjournals.com
PhysOrg.comCARB cuts zero emission vehicle requirementBizjournals.com - Mar 28, 2008The California Air Resources Board voted unanimously Thursday to slash its previous requirement for auto makers to produce 25000 zero emission vehicles between 2012 and 2014 down to 7500 vehicles.California Lowers Auto Emissions Rule The Associated PressAir board trims mandate for zero-emission cars San Jose Mercury NewsDetroit Free Press - Los Angeles Times - United Press International - Telegraph.co.ukall 603 news articles
Tough Day for the Nasdaq
The stock market has been having a tough time moving in the right direct. This is especially true for the tech-laden Nasdaq. Today, the Nasdaq dropped 43 points, or 1.7%, to 2,584. Reuters reports on the Nasdaqs woes in this video clip.Direct video linkPermalink | 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
Schering-Plough, Merck&s Vytorin Fails Artery Study (Update1) - Bloomberg
Dog Flu Diet and DiseasesSchering-Plough, Merck's Vytorin Fails Artery Study Update1Bloomberg - 29 minutes agoBy Shannon Pettypiece and Michelle Fay Cortez March 30 Bloomberg -- Merck & Co. and Schering-Plough Corp.'s cholesterol pill Vytorin didn't slow clogging of the arteries better than an older, cheaper drug, prompting doctors to say the medicine should ...Journal Issues Warning on Two Cholesterol Drugs New York TimesVytorin Study Shows Little Change In Artery Thickness CNNMoney.comForbes - Wall Street Journal - Reuters - WANDall 86 news articles
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
Abu Dhabi Invests in Citigroup
The oil rich government of Abu Dhabi has decided to help save Citigroup from its credit woes. The IHT reports that the Abu Dhabi Investment Authority is purchasing a $7.5 billion stake in Citigroup.By agreeing to purchasing a $7.5 billion stake in the faltering banking giant Citigroup, the secretive, government-controlled Abu Dhabi Investment Authority is breaking with tradition.As the largest sovereign wealth fund in the world, with assets estimated at $650 billion, it poured money in the past into low-return, low-profile investments or small emerging market deals, unlike its flashy emirate neighbor, Dubai.But a falling dollar and a growing cash pile are spurring Abu Dhabi to change strategy, according to analysts, economists and deal makers, who said that more big-ticket deals might be ahead.Flush with cash from its oil exports, Abu Dhabi turned to Wall Street, using a complicated transaction late Monday to buy 4.9 percent of Citigroup, acquiring high-yield, convertible stock that must be exchanged for common stock between March 2010 and September 2011.Abu Dhabi will obtain a 4.9 percent stake in Citigroup with the investment. The move comes just after Citigroups shares hit a five-year low.Permalink | Recent Headlines | WWFeeds.com
Electricity Supplier Offers Ebay Auction
A Connecticut electricity supplier called MXEnergy has found an unusual way to sell energy - by auctioning it on eBay.MXEnergy, one of several electricity suppliers in the states deregulated market, is offering homeowners and small businesses electricity rates that are locked in, similar to power purchases by large commercial and industrial customers.To promote its business among United Illuminatings 320,000 customers, the Stamford-based MXEnergy is auctioning off 1 megawatt of electricity to the highest bidder before Dec. 13. As of Friday afternoon, the highest of 18 bids was $132.50.MXenergy will accept the highest bid on a megawatt, or 1,000 kilowatts, of electricity and divide it by 1,000 to determine the rate at which the winner can purchase up to 10 megawatts in a year after signing up with MXenergy.Thats about how much electricity an average household uses annually, said Jeffrey Mayer, president and chief executive of MXEnergy.MXEnergy has 500,000 customers according to the Fool.com story. The eBay auction listing can be found here.Permalink | Recent Headlines | WWFeeds.com
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
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
Wholesale Prices Up 6.3% in 2007
The Labar Department reported today that wholesale prices roses 6.3% in 2007 - the largest increase in 26 years. The AP reports that big inflation increase could impact the Feds decision on whether or not to raise rates.The Labor Department reported that wholesale inflation was up 6.3 percent for all of 2007, reflecting a huge increase for the year in various types of energy costs ranging from gasoline to home heating oil.Meanwhile, retail sales fell by 0.4 percent in December, the worst showing in six months, the Commerce Department reported. Consumer confidence has plunged, reflecting the worsening housing slump and a lingering credit crisis.For inflation, the year ended on a more positive note, with wholesale prices falling by 0.1 percent in December. That reflected decreasing costs last month for gasoline and other energy products. It was a significant slowdown after prices had soared by 3.2 percent in November, which had been the biggest one-month increase in 34 years.The combination of rising inflation pressures and a weak economy represent a dilemma for the Federal Reserve over whether to cut rates to boost economic growth even at the risk of making inflation worse.Prices were moderating somewhat in December but that could have been the result of holiday sales and weaker energy numbers. It would be a mistake to say continued inflation is not a serious concern for 2008 especially with the spring driving season just ahead.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
Apple Takes a Drubbing
Apple AAPL has been taking a beating on Wall Street today. The stock is down over 10%. The reason isnt the companys holiday performance but the possibility of a weaker future. Forbes is asking if one bad Apple could spoil the bunch - meaning could Apple weakness spill over into other tech stocks. Its hard to see gadgets having as good a year this year as they did last year if we are heading into a recession.To some extent, its a case of one bad Apple AAPL spoiling the bunch. Steve Jobs & Co. is seen as the most innovative, growth-producing group in tech. And if the U.S. consumers economic troubles are starting to rattle mighty Apple, high fliers like Research In Motion RIMM and Google GOOG might not be immune, either.Indeed, Apples holiday performance showed signs that the companys not unstoppable in 2008. In particular, Apples cautious outlook, weakness in U.S. iPod growth and the unpredictability of iPhone sales left Wall Streets pessimists plenty of reason to doubt. And in this jittery market, those pessimists have a lot of power.First, a recap of Apples good news - and there was plenty of it. Apple turned in revenue of $9.6 billion and profit of $1.6 billion for the holiday quarter, blowing past the average analyst estimate. The company shipped a record 2.3 million Intel INTC-based Macs during the period, and actually sold as many iPhones as computers. In the process Apple generated $2.7 billion in cash, bringing its war chest to $18.4 billion.But there was troubling news, too. On the conference call with analysts, Chief Financial Officer Peter Oppenheimer admitted that iPod sales merely met the companys expectations, rather than exceeding them. Part of the reason, he said, was that U.S. iPod sales weakened in December - it took overseas sales to make up the difference. In the U.S., in the gift-buying season, we saw a slightly different curve, he said. That was made up for in our very, very good growth internationally.Apple did have a great holiday quarter but what will happen to Apple in the first three quarters of this year with consumers fighting off a recession and rising prices? Thats the question investors are asking about Apple and many other gadget manufacturers. There are also concerns that if people already have any iPod will they might not be as excited about owning the latest and greatest iPod - especially if things get tight.Permalink | Recent Headlines | WWFeeds.com
No Recession at Red Hat - New York Times
RTT NewsNo Recession at Red HatNew York Times - Mar 28, 2008By Steve Lohr Red Hat, the Linux software company, gave a nice welcome present today to its new chief executive, James Whitehurst.Red Hat gets lift following upbeat earnings report MarketWatchOut of the Gate: Red Hat Rises CNNMoney.comBizjournals.com - The Associated Press - Motley Fool - Forbesall 280 news articles
Air France Refuses to Budge on Job Cuts at Alitalia (Update1) - Bloomberg
CitizenAir France Refuses to Budge on Job Cuts at Alitalia Update1Bloomberg - 1 hour agoBy Flavia Rotondi and Andrea Rothman March 28 Bloomberg -- Air France-KLM Group, Europe's biggest airline, refused to back down on plans to cut 2100 jobs at takeover target Alitalia SpA in a document submitted to the Italian company's unions.Air France-KLM sticks to its guns in Alitalia talks MarketWatchAlitalia unions critical but won't boycott talks ReutersCNNMoney.com - International Herald Tribune - BBC News - Wall Street Journalall 279 news articles
Stocks End Week on Sour Note
The stock markets ended on a very sour note as concerns about a recession accelerated. The Dow fell 246 points to 12,606. The S&P 500 lost 19 points to 1,401. The Nasdaq fell 48 points to close at 2,439. Marketwatch reports that the Dow industrials are down 558 points in 8-day run and the Nasdaq is off 8% since year began.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
Consumer Spending in US Increased at Slower Pace (Update1) - Bloomberg
Consumer Spending in US Increased at Slower Pace Update1Bloomberg - 2 hours agoBy Bob Willis March 28 Bloomberg -- Spending by US consumers rose in February at the slowest pace in more than a year, another sign the economic expansion may be grinding to a halt.February Spending Flat, Inflation Threat Recedes New York TimesPersonal income stronger than expected CNNMoney.comMarketWatch - Forbes - Wall Street Journal - International Herald Tribuneall 399 news articles
The Credit Crisis: How We Got Here
Sometimes it is worth tacking a look at how we got into this mess in the first place. Reuters has a great recap in the video below. It began with a US housing problem that has quickly mushroomed into a crisis. In this video, Reuters explains how banks begin to tighten credit when a high percentage of subprime mortgages started to become overdue. The loan problem escalated and subprime lender New Century filed bankruptcy. These losses spread to larger banks that have had to write off billions of dollars of debt. Today, the credit problems have not gone away. Home prices are still dropping and inflation is a serious problem. The weakening economy is starting to impact growth and job creation. There are worldwide concerns that the U.S. will fall into a recession and this recessio nwill drag the global economy down with it.Direct video linkPermalink | Recent Headlines | WWFeeds.com
Many U.S. Citizens Think Recession is Already Here
The dreaded R word is now being used commonly in news stories and polls. A new AP-Ipsos poll has found that 61% of U.S. citizens believe the country is already in a recession. 59% are worried about their stocks and retirement investments. Technically the economy needs to shrink for two consecutive quarters or six straight months see recession definition for it to count as a recession but for the people suffering in a struggling economy the technical definition doesnt really matter. Another poll found that most people think a Democrat and not a Republican would best be able to get the nation out of a recession - that might be a sign of the way the election is going to go in November. Even author Stephen King is weighing in. Hes slamming the economic pundits who think a recession would help purge the system.Permalink | Recent Headlines | WWFeeds.com
Delta completes jet wiring inspections - Atlanta Journal Constitution
Delta completes jet wiring inspectionsAtlanta Journal Constitution - 1 hour agoBy SA REID , MIKE MORRIS Delta Air Lines has completed a reinspection of wiring bundles on older jets and flight schedules had returned to normal Friday morning, a spokesman for the airline said.Airlines wrap up jetliner checks Los Angeles TimesHundreds of Flights Canceled for Inspections New York TimesMarketWatch - KMSS TV33 - Reuters - Cheapflights.comall 2,165 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
UPDATE: Proxy Battle Begins At Office Depot - CNNMoney.com
UPDATE: Proxy Battle Begins At Office DepotCNNMoney.com - 1 hour agoA proxy battle at Office Depot Inc. ODP was officially launched Friday when a shareholder group filed its materials seeking its two nominees to replace the company's current and former chairman from the board.Office Depot shareholder files proxy Bizjournals.comOffice Depot holder group files proxy statement ReutersFOXBusiness - Trading Markets press release - SunHerald.comall 13 news articles
KB Home Posts $268 Million Loss - Wall Street Journal
KB Home Posts $268 Million LossWall Street Journal - 1 hour agoBy DONNA KARDOS KB Home swung to a fiscal first-quarter loss on charges related to write-downs and the abandonment of certain contracts, as the housing downturn and credit crisis continued to take their toll on the residential builder.KB Home posts quarterly loss ReutersKB Home swings to 1Q loss; revenue falls, misses expectations CNNMoney.comNewsweek - Centre Daily Timesall 100 news articles
Markets Climb on Sweetened Bear Sterns Deal
The stock market managed a rally that has become rare of late. The sweetened JP Morgan - Bear Stern deal seemed to rally stocks. he Dow Industrials rose 187.32 to 12,548.64. The S&P 500 gained 20.37 to 1349.88. The Nasdaq surged 68.64 to 2326.75.News that the median home price drop of over 8% compared to a year ago didnt keep stocks from climbing Reuters reports in the video clip below.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
Dow Falls For Fourth Straight Day
The DOW fell for the fourth straight day. It was down over 40 points. However, the NASDAQ managed to eek out a gain thanks to comments made by Cisco CEO John Chambers. With articles like this one mentioning the threat of stagflation it isnt surprising to see stocks falling.Permalink | Recent Headlines | WWFeeds.com
UBS to mark down auction-rate securities - CNNMoney.com
PravdaUBS to mark down auction-rate securitiesCNNMoney.com - 3 hours agoTORONTO Thomson Financial - UBS NYSE:UBS AG said Friday it is cutting the value of auction-rate securities in its brokerage customers' accounts, the first confirmation that problems with the securities have eroded the principal holdings of investors.3 Firms Are Asked for Data on Auction-Rate Shares New York TimesUBS, Merrill, Bank of America Auction Sales Probed Update4 BloombergForbes - Wall Street Journal - Reuters - Boston Heraldall 54 news articles
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
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
Is Google Over? - Motley Fool
Sioux City JournalIs Google Over?Motley Fool - Mar 28, 2008By Rick Aristotle Munarriz March 28, 2008 Shares of Google Nasdaq: GOOG fell yesterday on the heels of another comScore report that shows weakness in the number of clicks that Google ads are receiving.Report Shows Decline In Google Paid-Search-Ad Clicks In US CNNMoney.comGoogle's Ad-Click Data Disappoint Wall Street JournalBloomberg - Forbes - Detroit Free Press - InternetRetailer.comall 387 news articles
Will December Be Better for Investors?
Reuters sums up the past week in this video clip. Last week ended an awful month for stocks - the worst for the Dow in five years. The Feds plan to ease interest rates at least somehwat. Oil prices finally dropped and there was the major Abu Dhabi investment that helped Citigroup. Now that we are in December the focus should return to retail. If sales arent strong it might be another ugly month for investors.Direct video linkPermalink | Recent Headlines | WWFeeds.com
JC Penney Plunges After Cutting Profit Forecast (Update1) - Bloomberg
CNBCJC Penney Plunges After Cutting Profit Forecast Update1Bloomberg - 1 hour agoBy Lauren Coleman-Lochner March 28 Bloomberg -- JC Penney Co., the third-largest US department-store chain, plunged the most in more than 20 years in New York trading after the retailer cut its sales and earnings forecasts on slower consumer spending ...JC Penney cuts first-quarter forecast MarketWatchJP Penney Slashes Guidance, Wall Street JournalReuters - CNNMoney.com - Conde Nast Portfolio - RTT Newsall 112 news articles
Mercantile Bank Corporation Announces First Quarter Provision ... - FOXBusiness
Mercantile Bank Corporation Announces First Quarter Provision ...FOXBusiness - 40 minutes agoGRAND RAPIDS, Mich., Mar 28, 2008 PrimeNewswire via COMTEX -- At a meeting held March 27, 2008, the Board of Directors of Mercantile Bank Corporation Nasdaq:MBWM determined that deteriorating economic conditions and real estate valuations have had ...Mercantile Bank expects 1Q provision BusinessWeekUPDATE 1-Mercantile Bank to post Q1 loss on increased provision ReutersForbes - MLive.com - Trading Markets press release - Business Wire press releaseall 21 news articles
Delta, US Rivals Target Heathrow Amid Open Skies (Update3) - Bloomberg
BBC NewsDelta, US Rivals Target Heathrow Amid `Open Skies' Update3Bloomberg - 3 hours agoBy Tracy Alloway and John Hughes The European Union-US accord ends a lock on flights between the US and Heathrow for British Airways Plc, Virgin Atlantic Airways Ltd.Video: Suddenly, No Rules for Trans-Atlantic Flights AssociatedPress'Open Skies' heralds new era in air travel CNN InternationalFort Worth Star Telegram - Houston Chronicle - Forbes - Reutersall 214 news articles
Gold Soars to 27-Year High
Gold prices are climbing as the dollar falls. The Financial Times reports that Gold prices climbed to $752.80 an ounce - the highest price for gold since January 1980.The dollar hit a record low against major currencies and gold reached a 27-year high on Friday as investors ignored data suggesting that inflation moderated last month.Analysts said the prospect of rate cuts by the Federal Reserve and stronger growth outside the US was weighing on the dollar and boosting commodities.The Feds rate cuts have a specific driver - growth risks for the US economy, said Naomi Fink, senior currency strategist at BNP Paribas.A USA Today article about todays new gold record has a chart that shows how investors have been seeking shelter in gold over the past two months.Permalink | Recent Headlines | WWFeeds.comVisit ShoppersShop.coms Halloween Shopping Website to find costumes, coupons and resources.
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
Is the Stimulus Payment Automatic? - Wall Street Journal
NY1Is the Stimulus Payment Automatic?Wall Street Journal - 14 hours agoBy TOM HERMAN Q: We've already filed our taxes and didn't see where we were to file for our stimulus payment. Do we need to file for this, or is it automatically done?Veterans get weekend tax help Desert DispatchAARP tax aides keeping busy The Register-GuardWWBT - Port Huron Times Herald - Chicago Tribune - Clarksville Leaf Chronicleall 427 news articles
IACs Diller wins court battle with Liberty - Reuters
IAC's Diller wins court battle with LibertyReuters - 15 hours agoBy Michele Gershberg NEW YORK Reuters - IAC/InterActiveCorp IACI.O: Quote, Profile, Research chief Barry Diller on Friday won a bitter legal dispute with Liberty Media Corp's John Malone, paving the way for him to proceed with efforts to spin off ...Barry Diller Wins as Court Allows His 5-Way Division of IAC New York TimesBarry Diller Can't Be Ousted From IAC Board by John Malone BloombergCNNMoney.com - Wall Street Journal - Conde Nast Portfolio - FOXBusinessall 247 news articles
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
Electronic Arts extends tender offer for Take-Two - MarketWatch
BBC NewsElectronic Arts extends tender offer for Take-TwoMarketWatch - 2 hours agoBy MarketWatch NEW YORK MarketWatch -- Electronic Arts Inc. said Friday that it's amending its tender offer for Take-Two Interactive Software Inc. in light of the video-game publisher's latest rejection of its bid.EA Extends Offer for Take-Two Wall Street JournalElectronic Arts extends Take-Two offer deadline ReutersBusinessWeek - CNNMoney.com - FOXBusiness - RTT Newsall 445 news articles
The Falling U.S. Dollar
Whats happening to the dollar? It is worth less today than the loonie and the Euro seems to be increasing its value over the dollar each day. Lindsay Campbell from Wallstrip tries to hand some out dollars in this humorous video clip but she has trouble finding takers. You can track the latest currency rates here on Bloomberg.com.Direct video linkPermalink | Recent Headlines | WWFeeds.com
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
Stocks & Bonds A Middling Week, but a Good One for 2008 - New York Times
Nightly Business ReportStocks & Bonds A Middling Week, but a Good One for 2008New York Times - 19 hours agoBy JEFF SOMMER It was a so-so week for the stock market. The broad market declined modestly, but the Nasdaq composite index, which is heavily laden with technology stocks, managed a slight gain.Stocks end the week down Los Angeles TimesTHE WEEK IN STOCKS: Adding to a bad quarterly performance NewsdayInternational Herald Tribune - The Associated Press - Inside Futuresall 632 news articles
Oppenheimer sees dividend cuts at Citi, Wachovia, others - MarketWatch
EarthtimesOppenheimer sees dividend cuts at Citi, Wachovia, othersMarketWatch - 1 hour agoBy Andrew Dowell , , will likely have to announce dividend cuts next month, as shrinking earnings will make it hard to support current payouts, Oppenheimer analyst Meredith Whitney said Friday in a note to clients.RPT-UPDATE 1-Oppenheimer sees dividend cuts at Citi, Wachovia ReutersAhead of the Bell: Bank Dividends CNNMoney.comBloomberg - Forbes - BusinessWeek - Houston Chronicleall 103 news articles
Stocks edge higher in early trading - USA Today
HispanicBusiness.comStocks edge higher in early tradingUSA Today - 58 minutes agoBy Tim Paradis, AP Business Writer NEW YORK - Stocks were moderately higher at Friday's open after a government report confirmed that personal spending fell in February to its weakest level in 17 months but that personal income came in stronger than ...US Stocks Head for Higher Open Washington PostStocks higher in early trading as personal spending shows weakness ... International Herald TribuneForbes - The Associated Press - RTT News - Fox 28all 694 news articles
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
Down $900 Million or More, the Chairman of Bear Sells - New York Times
Calgary HeraldDown $900 Million or More, the Chairman of Bear SellsNew York Times - 1 hour agoBy LANDON THOMAS Jr. Only a year ago James E. Cayne?s stake in Bear Stearns was worth more than $1 billion. But on Thursday, Mr.NEW YORK, March 28 Reuters - Some US stocks to watch on Friday: ReutersBear Stearns Chairman Sells Stock RTT NewsUnited Press International - Forbes - Los Angeles Times - MSN Moneyall 461 news articles
American Axle strike tips US nearer recession as GM, suppliers ... - Detroit Free Press
ServihooAmerican Axle strike tips US nearer recession as GM, suppliers ...Detroit Free Press - 11 hours agoBY JEWEL GOPWANI ? FREE PRESS BUSINESS WRITER ? March 30, 2008 At the beginning of this year, it seemed like Detroit's great labor battles were over, after industry-changing deals at the Detroit automakers and the likes of parts giant Delphi Corp.GM's Broken Axle BusinessWeekStrike at American Axle To Shut Another GM Plant Wall Street JournalMLive.com - Reuters - AFP - DetNews.comall 179 news articles
EA extends deadline for Take-Two offer - BusinessWeek
The Money TimesEA extends deadline for Take-Two offerBusinessWeek - Mar 28, 2008By BARBARA ORTUTAY Electronic Arts is not backing down from its $2 billion hostile bid for the publisher of Grand Theft Auto even as Take-Two Interactive does what it can to buy more time.Electronic Arts to Take-Two: Game Over ForbesEA extends offer for Take-Two but wants 'poison pill' removed Bizjournals.comSan Francisco Chronicle - Variety - Red Herring - E-Commerce Timesall 116 news articles
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
Navteqs sale faces a detour - Chicago Tribune
PhoneMag.comNavteq's sale faces a detourChicago Tribune - Mar 29, 2008By Wailin Wong | Tribune reporter March 29, 2008 European antitrust regulators have raised concerns over the acquisition of Chicago-based digital map provider Navteq by Finnish cell phone-maker Nokia, delaying an $8.1 billion deal that is poised to ...Nokia's Navteq Acquisition Faces In-Depth EU Probe Update4 BloombergEU Opens Antitrust Probe Of Nokia-Navteq Deal Wall Street JournalCNNMoney.com - Reuters - The Associated Press - Forbesall 155 news articles
SEC: Countrywide execs to get - CNN International
EarthtimesSEC: Countrywide execs to getCNN International - 2 hours agoNEW YORK CNN -- The two top executives at struggling Countrywide Financial Corp., the nation's largest mortgage lender, are slated to receive a combined $19 million in payouts, a regulatory filing shows.Countrywide CEO to get $10 milion on way out BloggingStocksCountrywide execs to get millions United Press InternationalThe Associated Press - Bloomberg - CNNMoney.com - Reutersall 370 news articles
Why the Paulson Plan is DOA - BusinessWeek
Boston GlobeWhy the Paulson Plan is DOABusinessWeek - 1 hour agoLet?s see. In the middle of perhaps the greatest financial upheaval since the Great Depression, Treasury Secretary Hank Paulson is proposing a change in financial regulations which basically amounts to a big wink to Wall Street.News Analysis In Treasury Plan, a Reluctant Eye Over Wall Street New York TimesKeeping US Financial Markets Competitve ForbesFOXBusiness - Bloomberg - Reuters - Chicago Tribuneall 916 news articles
Dole Voluntarily Recalls Tainted Honduran Cantaloupes - dBTechno
dBTechnoDole Voluntarily Recalls Tainted Honduran CantaloupesdBTechno - 3 hours agoBoston dbTechno - Dole Fresh Fruit Co. has decided to join others in recalling tainted cantaloupes. These cantaloupes were imported from Honduras and are believed to be contaminated with salmonella.Lawrence company recalls cantaloupe linked to salmonella Boston GlobeDole Joins Those Recalling Cantaloupes The Associated PressCNNMoney.com - Newsinferno.com - Kansas City infoZine - International Herald Tribuneall 234 news articles
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
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
How High Will Google Go?
Google, which trades on the Nasdaq as GOOG, is getting close to the $600 mark. The stock has been on an incredible ride since it started trading at $85 in 2004.Google, which began trading at $85 in 2004, has the sixth- highest stock price in the U.S. and has surged 27 percent this year. The shares rose $1.84 to $584.39 at 4 p.m. New York time on the Nasdaq Stock Market and earlier reached $596.81.The search engine has taken users from Yahoo! Inc. and Microsoft Corp., pushing sales growth to at least 70 percent in each of the past three years. Google plans to lure more Web surfers and advertisers through the YouTube video site, bought last year, and has introduced software to sell mobile ads.Google is still dominating, Piper Jaffray & Co. Web analysts including Gene Munster said in an Oct. 1 report.Munster, in Minneapolis, rates the stock outperform and estimates it will reach $660 within a year as Google parlays its lead in search into other areas of online advertising next year.Google may very well break the $600 mark and even $650 but how much upside can be left for this powerful technology firm? Henry Blodget has suggested GOOG could trade as high as $2,000Remember a couple years back when some analyst floated the idea that Google could eventually be worth $2,000 a share--and was ridiculed from coast to coast? Well, first its worth noting that Google is now almost a third of the way there. Second, its worth noting that $2,000 a share would mean a market cap of about $750 billion, which--given a reasonable time horizon--just isnt that far-fetched.Why? First, from a macro level, in every technology wave, the market leader usually ends up amassing more power, wealth, and market capitalization than the leaders in the prior wave, often by a startling magnitude. The leaders in the last technology wave included Microsoft and Cisco, both of which peaked around $500 billion in market capitalization...Blodgets remark has stirred up controversy among tech and financial bloggers - see here, here, here, here, here, here, here, here, here and here. You can check the latest GOOG quote here on Yahoo Finance.Permalink | Recent Headlines | WWFeeds.comAd: Singers Sing is a music news blog.Feed: Bloglines | Google | Netvibes | Other Readers
Greenspan Sees Recession Risk
The BBC reports that former Fed chairman Alan Greenspan - who blasted Bush in his book - has warned that US economic growth has stalled and a quick recovery is not likely.As of right now US economic growth is at zero, he said, adding the longer it stayed this way the greater the risk of a deep recession.Wall Street giants Goldman Sachs and Merrill Lynch have both forecast that the US economy will contract in 2008.The US Federal Reserve has said 2008 growth will be between 1.3% and 2%.The forecast, made last week, was half a percent lower than the Feds previous estimation.The gloomy outlook was blamed on falling house prices, reduced bank lending, turmoil in the financial markets and higher oil prices.If the gloomy outlook isnt enough Greenspan also thinks oil will keep rising and that the housing mark will provide more concern before it gets better.Mr Greenspan also predicted that booming oil prices, which reached a record of more than $101 last week would keep rising and that the US housing market would see more misery before the tide turned.Greenspan isnt alone. Just yesterday there were reports that more analysts have jumped on the recession is likely bandwagon. If we do dip into an actual recession how long will we stay there? Thats the next question that needs answering.Permalink | Recent Headlines | WWFeeds.com
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
Microsoft Makes $44.6 Billion Offer to Buy Yahoo
Microsoft has made a surprise $44.6 billion offer to buy Yahoo at $31 per share share.Yahoo issued a statement saying they would consider the offer. Yahoo said that its board will evaluate this proposal carefully and promptly, in the context of Yahoos strategic plans, and pursue the best course of action to maximize long-term value for shareholders.Microsoft CEO Steve Ballmer said they could help Yahoo compete: We have great respect for Yahoo, and together, we can offer an increasingly exciting set of solutions for consumers, publishers, and advertisers while becoming better positioned to compete in the online-services market,Yahoo recently laid off over 1,000 employees. They are a great company with numerous online products including several recently purchased social media sites like Blo.gs and del.icio.us. They also have a significant media side with original content and acquisitions like Rivals.com. It will be interesting to see whether Microsoft can convince Yahoo shareolders that this is the best option for them or whether Yahoo shareholders believe the company can do better by staying independent.Yahoos shares YHOO are up over 44% on news of the deal reports Marketwatch.Google shares are down significantly on the news because of concerns that a Microsoft-Yahoo merger could threaten Googles search and online advertising dominance.Microsoft views Yahoo as its best chance to thwart Google, which has leveraged its leadership in Internet search and advertising to emerge as an increasingly serious threat to the worlds largest software makers persuasive influence on how people interact with computers.Google already controls nearly 60 percent of the U.S. search market, and has been widening its lead, despite concerted efforts by both second-place Yahoo and third-place Microsoft. By combining, Microsoft and Yahoo would have a 33 percent share of the U.S. search market, according to the latest data from comScore Media Metrix.By joining forces, Microsoft and Yahoo also would widen their narrowing advantage over Google in providing free e-mail accounts -- a service that helps foster more loyalty with users and create more advertising opportunities.Google shares GOOG are down 9% on the news in early trading today.Permalink | Recent Headlines | WWFeeds.comAdvertisement:Find flowers, greeting cards, candy, gift ideas and morein ShoppersShop.coms Valentines Day Shopping section.
Stocks Fall to End the Week
Stocks tumbled again during the final day of the week. The Dow lost 1.2% on the week while the Nasdaq eeked out a slight gain. It was a consumer sentiment drop that hurt stocks today as well as a profit warning from JC Penny. The Dow fell 86 points to 12,216. The S&P 500 lost 10 points to 1,315. The Nasdaq gave up 19 points to 2,261. Crude oil prices dropped nearly $2 to settle at $105.62 a barrel.Next week there will be a crucial jobs report that could send stocks falling if it is weak.Permalink | Recent Headlines | WWFeeds.com
Oil Hits $89 a Barrel
Those forecasts for oil to hit $100 a barrel arent sounding very funny anymore. Oil closed voer $89 a barrel today because of concerns in the Middle East. Turkey has approved the entry of its troops into Iraq which greatly escalate problems in what is already a troubled region. CNN reports that gas prices are just starting to feel the impact from the soaring oil prices. The AAA has gas prices up 4 cents already for the week.Earlier in the day, crude prices scrambled to an all-time trading high of $89.55 a barrel.Prices at the pump have been slow to respond to rising crude prices recently, but that may be changing. On Thursday, gas prices gained nearly 2 cents to a national average of $2.79 a gallon for regular-grade gasoline, according to AAA. They are up 4 cents since Monday.Prices at the pump have been slow to respond to rising crude prices recently, but that may be changing. On Thursday, gas prices gained nearly 2 cents to a national average of $2.79 a gallon for regular-grade gasoline, according to AAA. They are up 4 cents since Monday.Theres almost an inevitability here now that we are going to get to $100 a barrel, said John Kilduff, an energy analyst at Man Financial in New York.Helping to lift crude prices higher was a decline in the dollar, which fell to an all-time low versus the euro and also dipped versus the yenOil closed at $89.47 a barrel. You can track energy prices here on Bloomberg.com. This graph shows how rapidly oil prices have been climbing in 2007.Permalink | Recent Headlines | WWFeeds.com
Stocks Tumble on Black Monday 20-Year Anniversary
U.S. stocks tumbled on their worst day in nearly two months. The fall came on the 20-year anniversary of the 1987 stock market crash. A warning from Caterpillar is being blamed for the fall. The Dow fell by 366 points and the Nasdaq tumbled 74 points. Heres a video from Reuters looking back atBlack Monday on October 19, 1987 when stocks fell nearly 23% in a single session.Direct video linkPermalink | Recent Headlines | WWFeeds.com
Holiday Sales Predicted to Increase 4%
DMNews reports that the National Retail Federation NRF is predicting holiday sales to increase by 4% this year to $447.5 billion. Technology will once again be a hot item. Even fashion is getting more high tech this year according to the NRF.In the fashion and apparel categories, expect to see evening wear and diamonds driving sales. In addition, tailored denim products - across mens, womens and childrens wear - will be a hot item. Womens boots also will help drive sales this holiday season, with a focus on three-quarter length boots rather than knee length.Interestingly, fashion will be getting more high tech this season.Technology is having an impact on fashion, said Dan Butler, VP of retail operations and merchandising at the National Retail Federation. Whether its sweaters or vests designed to hold handheld accessories and iPods, or handbags, which are designed for these devices, we are going to see a lot more of these kinds of products this season.IPod and cell phone accessories will be popular tickets this year, including a new breed of accessories designed to hold these items in the home. Expect to see more widescreen televisions under the tree this year, along with widescreen computer monitors, as the prices of these products have come down.Online sales - which have been rising year after year - will surely grow again this year.Permalink | Recent Headlines | WWFeeds.com
High Gold Prices Make Oscar Statues More Expensive
The price of gold has been rising over the past several years. Bloomberg reports that the price of gold is also making those Oscar statues more expensive. They cost $500 this year compared to $400 last year according to Blooomberg.Permalink | Recent Headlines | WWFeeds.com
