CNBC's David Faber digs deep into Viacom's quarterly results, as the company beat on earnings but missed on revenues.» Read More
In general, the markets are having a tough time moving forward (ex-financials) because earnings for the major sectors keep getting hit, for various reasons. Consider: 1) financials: event risk has taken down ests. on all the big names.
There is a certain air of disbelief on the Street today concerning AIG. Bank of America's analyst epitomized this: "AIG is facing a near-term liquidity issues, as opposed to solvency issues," a report this morning said. All insisted they have plenty of assets to sell.
Investment experts from around the globe offer their advice on what investors can do in the wake of the latest financial turmoil.
We almost certainly would have broken through the important 1,200 level on the S&P 500 had there not been a report that the feds have asked Goldman and JP Morgan to lead a $70 to $75 lending facility for AIG; this took AIG and the markets off their lows just after 3:30 ET.
The Street has been making this distinction for months, and it is now accelerating. For example, look at some of the smaller regional banks that have less exposure to construction/real estate than others, and how they have performed in the last year:
Wall Street has fretted that it does not know how to value many derivative assets because they trade so rarely. We are now about to find out, assuming Lehman begins a liquidation of assets.
The bankruptcy of Lehman Brothers and surprise takeover of Merrill Lynch may signal a 'big daddy' of bear markets, in which stocks could fall as much as 50 percent from their peaks, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC Monday.
What you need to know so your timeshare doesn't become a destination to disaster.
On the surface, the action in financials seemed horrific this week: Lehman down 77 percent, AIG down 46 percent, Merrill down 36 percent, Wachovia down 15 percent.
They are hosting an analyst meeting September 25th. There is some discussion that they may announce some kind of capital raising program and possibly a sale of assets. But a capital raise is problematic for several reasons:
Bring back the uptick rule. This is Number One on many traders' wish list. Last July the rule that prevented traders from shorting on a downtick was eliminated.
Futures were dropping even before the disappointing economic news, despite the talk of a Lehman bailout [facilitation, takeover]. It's not rallying because 1) the Street figured out that these events do not stop the drop in the markets;
Both Lehman and Merrill dropped notably in the last half hour. Lehman traded north of 450 m shares today, a record, down 41 percent. Merrill traded around $20 most of the day, but then slid below $20 in the last half hour as well, down 17 percent on 145 m shares, 3 times normal.
So we have come to this: forget financials, forget materials, forget energy. Our market leaders are retailers and home builders.
Merrill Lynch analyst Guy Moszkowski has changed his rating on Lehman from "neutral" to "no opinion." Morgan Stanley said that while they were maintaining their research coverage on Lehman, they are removing their ratings and price targets "due to heightened market uncertainty."
If retirement is approaching, here's how you can make sure your IRA is safeguarded against this terrible stock market.
Want to see how fast things are moving? Why Dick Fuld probably has the feeling that events are spinning out of his control? Mike Mayo is one of the senior bank analysts on Wall Street. Sunday night the Deutsche Bank analyst had a Buy on Lehman with a $32 price target.
Just as the slowing economy has made access to cash a higher priority for a lot of small businesses, banks have been offering “small business” credit cards, the New York Times reports.
Commodities continue to drop, as they have for 7 of the last 8 trading sessions. With futures weak again here, we are very close to breaking the recent closing low of July 15 of 1,214.
The end result of the global economic slowdown may be the U.S. announcing national bankruptcy as the government cannot afford the bailouts that it promised and the market will not bail out the government, Martin Hennecke, senior manager of private clients at Tyche, told CNBC on Thursday.