CEO Brian Moynihan said the bank faces up to an additional $9 billion in costs related to the financial crisis and mortgages beyond its reserves.» Read More
Citigroup executives say they have enough funding in place to support the $80 billion in structured investment vehicles the bank manages and won't be forced to sell assets atdistressed prices, The Wall Street Journal reported on its web site.
Stocks ended mixed as Bank of America's earnings shortfall was countered by strong tech and healthcare earnings. "In the last few days there is more concern about this bleeding into the fourth quarter, with the Bank of America comments and housing having more of a negative impact on the consumer than maybe we've seen so far," said Alec Young, equity strategist at S&P.
Not every bank is a lost cause, Cramer said. Here are a few that are pulling their weight.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
You can hear the wings flapping in the Treasury market, as the big flight to safety trade that started yesterday continues. The dollar is skidding to new lows, and a bit of fear has returned to the street.
Midday observations: Bank of America joining Citi in essentially announcing they are eliminating their share buyback program (to be technical, the headline said "only limited share buybacks until late '08"). It's likely that their hefty $2.56 dividend (5.3% yield) is safe, for the time being.
European stocks finished in negative territory Thursday, after a sharper-than-expected drop in Bank of America's third-quarter profit caused by the credit crisis dragged financial and banking stocks lower.
Bank of America's quarterly profit fell a much larger-than-expected 32 percent, hurt by mounting credit losses and poor trading results in its investment banking unit.
Stocks are struggling with familiar problems this morning: 1) The Yen has rallied against the dollar and other currencies, again reviving concerns about the yen carry trade unwinding; European equities are lower.
Technology has been a big lure in an otherwise fishy stock market this week.
Abbott Laboratories on Wednesday said third-quarter earnings were little changed due to special charges, but the company reported sharply higher sales of its prescription drugs and medical devices.
Citigroup denied speculation in the markets that embattled CEO Charles Prince had been asked to step down, a rumor that briefly sent Citi shares higher.
China Construction Bank said it has been frustrated by the United States in its attempts to expand there and is not interested in buying into investment bank Bear Stearns.
Regional banks hit new lows today, as traders gave up on any short-term recovery and the hope that the worst is behind us. Big names like KeyCorp, Zions Bancorp, National City, SunTrust, and M&T hit new lows today.
The Federal Reserve will cut interest rates again but probably not at the October policy-making meeting, said Bill Gross, manager of the world's biggest bond fund on Tuesday.
A recently announced fund aimed at easing the global-liquidity crunch may signal problems in corporate financing down the road, Ralph Silva, senior research analyst at TowerGroup, told "Squawk Box Europe."
A plan by major banks to lump some of their more toxic assets into a debt super fund is giving Wall Street a case of indigestion. Couple that with the sting of record oil prices, and a so-so day turned into a sea of chop.
Stocks closed lower after financial giant Citigroup halted its stock buyback plan and said it and two other big U.S. banks will create a multibillion-dollar fund in order to support the struggling commercial debt market.
Citigroup said third-quarter profit fell 57 percent, hurt by losses and writedowns for subprime and leveraged loans, fixed-income trading and weakness in its consumer business.
U.S. discount brokerage Charles Schwab Corp reported a higher quarterly profit Monday as client assets grew to a record high.
By the end of the coming week, the corporate earnings picture will be clear and it may not necessarily be one the stock market likes.