Shareholders should throw out Bank of America's corporate governance board after it promoted CEO Brian Moynihan to chairman, analyst Mike Mayo tells CNBC.» Read More
For the week ending Friday, August 15, 2008, U.S. major Indices finished mixed, after the markets digested negative results including a surge in CPI, a decline in retail sales, and continued expansion in unemployment claims. The Nasdaq Composite prevailed amongst the major U.S. indices, as it edged up 1.59% for the week, marking its fifth week of gains. Nasdaq gains were led by bullish comments on Amazon (AMZN) which gained 7.3% for the week. The likelihood of the eurozone moving toward recession allowed for a stronger dollar against the euro, continued pressure on oil, and a positive impact on U.S. stocks as a potential safe haven.
A federal bankruptcy judge has rejected a settlement involving Countrywide Financial, saying he wasn't convinced it was fair to nearly 300 borrowers allegedly hurt by the mortgage lender's abusive practices.
Stocks rose on Thursday as another decline in the price of oil buoyed hopes that consumer spending will recover. Also financial shares bounced back from a sharp two-day sell-off.
Warren Buffett's Berkshire Hathaway has added a new stake in NRG Energy, according to a just-released portfolio 'snapshot' of its holdings in U.S. publicly-traded stocks as of June 30. A sharply reduced stake in Anheuser-Busch may have been a bet that InBev's initially unsolicited offer for the U.S. brewer would prove to be unsuccessful. Conoco-Phillips data is kept "confidential."
Various state regulators and the U.S. Securities and Exchange Commission are investigating whether banks and brokerages that underwrote auction-rate securities—a $330 billion market of long-term debt whose yields reset through weekly or monthly auctions—falsely or fraudulently told clients that the securities were as safe and as liquid as cash.
Stocks closed higher, with bank shares rising broadly, though the market pulled back from its biggest gains as oil stemmed its slide.
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The Dow declined by triple digits on Wednesday with financial shares selling off for a second straight day on fresh concerns about the widening impact of the mortgage crisis.
Lack of enforcement of key short-selling rules is going to bring back the pain we worked so hard to escape.
Stocks closed lower, hurt by rising oil prices and fresh worries about the financial sector, though the market ended off its lows for the day.
A year after financial tremors first shook Wall Street, a crucial artery of modern money management remains broken. And until that conduit is fixed or replaced, borrowers will see interest rates continue to rise even as availability worsens for home mortgages, student loans, auto loans and commercial mortgages, says the New York Times.
Stocks opened lower amid signs that the consumer was buying fewer goods that will cost more in the future.
Stocks closed lower—even though oil fell to $113 a barrel—as a fresh round of warnings about banking troubles squelched the market's week-long rally.
Borrowers with $25.4 billion of option adjustable-rate mortgages owe almost as much as their homes are worth, and one in eight is at least 90 days late on payments, according to Countrywide Financial, the lender bought by Bank of America last month
It’s still pre-season for football, but on Tuesday in New England, the Patriots' stadium will be open. It’s not for football and it’s not for fans -- it’s for borrowers in danger of losing their homes and for the mortgage lenders and banks who hold or service their loans.
The financial sector took several more body blows as losses from the credit crisis continued to mount at some of the world's biggest banks.
Smaller financial firms have found a way to capitalize on their larger rivals' woes, moving to snap up some of the top talent cast adrift by sweeping layoffs at leading investment banks.
Stocks moved lower off the market opening on a fresh round of bad news for financials and an economic sign that the US consumer was continuing to struggle.
Wachovia increased its previously reported second-quarter loss to $9.11 billion to cover costs to settle a probe of auction-rate securities sales, and said it will cut more jobs as the housing market deteriorates.
With commodity prices coming down, many parts of the market can start their return ascent.