The FDIC sued 16 of the world's largest banks on Friday, accusing them of collusively suppressing interest rates, Reuters reported.» Read More
The Dutch Supreme Court will issue its ruling on ABN Amro''s suspended sale of U.S. subsidiary LaSalle on Friday, July 13, at 10 am Amsterdam time, the court said on Tuesday.
European stocks are expected to have positive momentum next week as large-cap companies continue to perform on the back of strong global revenue streams.
Barclays, which is competing with Royal Bank of Scotland to buy ABN Amro Holding in the largest takeover fight in the financial industry's history, said Monday it received approval from Dutch regulators to delay its proposed takeover.
Stocks closed a wild trading session modestly lower, but the Dow still managed to end the quarter with a three-month gain of 8.5%. "It was a little all over the place today, but I was happy to see the rally at the end of the day," said Joe Ranieri, managing director of Nasdaq trading at Canaccord Adams.
Stocks finished lower in a choppy session that was overshadowed by concerns about the housing slowdown and a meltdown in the subprime mortgage industry. "The financials tend to lead the market down and that's what they were doing today," said Robert Albertson, chief strategist at Sandler O'Neill. "I think it goes well beyond subprime. "
Bank of America chairman and chief executive, Kenneth Lewis, says he's never seen markets so liquid, or so many deals. And that, says Lewis, "usually means the we're getting to the top of the market."
British bank Barclays's hopes of taking over Dutch rival ABN Amro won a boost on Tuesday when a court adviser said ABN could sell its U.S. arm without a shareholder vote.
ABN Amro does not need shareholder approval to sell its U.S. arm, a top Dutch government lawyer said Tuesday in an advisory opinion that increases the chances that the bank will ultimately be bought by Barclays.
Barclays Bank has about $300 million of the riskiest assets within two troubled hedge funds at Bear Stearns that have other banks either freezing assets in the funds or unwinding their positions in order to cut potential losses, CNBC's Charlie Gasparino reported.
Two big hedge funds at Bear Stearns moved toward the brink of collapse Tuesday night after Merrill Lynch rejected a bailout plan developed over several days in a drama that could have wide-ranging consequences for Wall Street and investors, the Wall Street Journal reported.
Bristol-Myers Squibb's future looks a lot clearer. A federal judge this morning ruled the patent on the bloodthinner Plavix which Bristol shares with Sanofi-Aventis is valid. And Judge Sidney Stein added the companies are entitled to injunctive relief and damages. Money. It'll come from the scrappy, pesky, Canadian, privately-held generic drug company "Apotex". Last summer Apotex took advantage of a legal loophole in a sweet side deal it negotiated with Bristol and launched generic Plavix.
Bank of America's private bank business serving rich customers will be named U.S. Trust, marking the first time the company has adopted the name of a business it has bought, the New York Times reported on Monday.
U.S. Stocks closed broadly higher, posting the best weekly gain in nearly two months, following tame inflation news. "The market has so much upward momentum right now," said Darin Richards, chief investment officer at AKT Wealth Advisors. "I don't think I see anything right now that would really derail this market substantially."
Bank of America has shelved plans to take ABN Amro to court, preferring to wait until the Dutch Supreme Court rules on the Dutch bank's sale of its U.S. unit, a Bank of America spokesman said on Friday.
There are ways to play the stock market when interest rates are rising, analysts say, but investors should proceed with caution. "The market doesn't normally do well with rising interest rates, so a more defensive posture is in order," Bruce Bittles, chief investment strategist at Robert W. Baird, told CNBC.com."
Three months of takeover turmoil surrounding ABN Amro are taking a toll on the Dutch bank as employees become increasingly frustrated and rivals try to lure away talent.
Barclays has not ruled out adding cash to the terms its ABN Amro offer should it need to boost its bid to fight off a rival offer from a consortium of banks led by Royal Bank of Scotland, a source familiar with the matter said on Wednesday.
Fortis Chief Executive Jean-Paul Votron said the company would not get into a bid war for Dutch bank ABN Amro, which it wants to buy in a consortium led by Royal Bank of Scotland.
Stocks closed sharply higher as bargain hunters helped the market snap three-day selloff. "Bond yields have been rising and people stepped back from the market but came back in today and invested money that was piling up on the sidelines in the past couple of days," said David Goerz, chief investment officer at HighMark Capital.
Barclays President Bob Diamond is "quietly confident" the bank's $84.6 billion offer for ABN Amro will succeed over a rival offer from a consortium led by the Royal Bank of Scotland, and said that he expects the Dutch bank's disputed sale of LaSalle to go ahead.