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Bank of America Corp

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  • GE Fund Latest Victim of Subprime, Mortgage Losses Thursday, 15 Nov 2007 | 8:32 AM ET

    Investors in a $5 billion cash management fund run by General Electric have become the latest victims of the subprime mortgage meltdown. A  short-term cash management fund, which attempts to keep the value of each share at one dollar, is instead offering investors just 96 cents on the dollar.

  • Cerberus Nixes United Rentals Bid Wednesday, 14 Nov 2007 | 5:56 PM ET

    United Rentals said on Wednesday that Cerberus is not prepared to proceed with the purchase of the company on the terms set forth in its July takeover agreement.

  • BofA Will Take $3 Billion Debt Writedown Tuesday, 13 Nov 2007 | 2:33 PM ET
    A Bank of America branch.

    Bank of America, the second-largest U.S. bank, said on Tuesday it expects to write down $3 billion of debt in the fourth quarter, as fallout from the nation's housing slump deepens.

  • Market Rally? Here's Why It Happened Tuesday, 13 Nov 2007 | 1:09 PM ET

    Huh, what happened? With the understanding that we are still midday, here's the reasons for the rally: 1) The primary driver is that stocks have been dramatically oversold, and in the case of financials, heavily shorted.

  • US Stocks Finish Lower as Financial Shares Fizzle Monday, 12 Nov 2007 | 5:40 PM ET

    U.S. stock indexes closed lower as a rally in financial shares lost steam late Monday, pushing down markets already pressured by falling tech shares.

  • Banks Reel from Credit Crisis, but Hope for Rescue Monday, 12 Nov 2007 | 4:00 PM ET

    Help  may be on the way for the financial sector, but in the meantime individual institutions are continuing to get hit with damage from the growing subprime mortgage crisis.

  • HSBC Outranks Citi as West's Most Valuable Bank Monday, 5 Nov 2007 | 9:58 PM ET
    HSBC

    HSBC Holdings was one of the first and most exposed banks to the U.S. housing crisis, but the recent bigger problems of leading rivals mean its shares have outperformed to make it the West's biggest bank.

  • Prince Out At Citigroup; Writeoff Figures Climb Monday, 5 Nov 2007 | 8:55 AM ET
    Chuck Prince

    Charles Prince resigned on Sunday as chairman and chief executive of Citigroup, and the bank said it may suffer an $11 billion write-down for subprime losses.

  • CIBC Analyst Got Death Threats on Citigroup: Report Monday, 5 Nov 2007 | 8:49 AM ET

    The analyst whose downgrade of Citigroup sparked a broad stock market sell-off on Thursday said she has received several death threats stemming from her research, the Times of London said.

  • Stocks closed on a positive note after several wild swings that ended an equally volatile week.

  • U.S. Banks Face $10 Billion More Writedowns: Analyst Friday, 2 Nov 2007 | 11:22 AM ET

    Large U.S. banks and brokerages will suffer additional writedowns of more than $10 billion in the fourth quarter as deteriorating credit trends continue, a Deutsche Bank analyst said.

  • Stocks Close Sharply Lower As Dow Tumbles 362 Points Thursday, 1 Nov 2007 | 5:04 PM ET

    Stocks closed sharply lower as investors found themselves confronted by two uncomfortable prospects: an end to interest rate cuts and a slowing economy.

  • Why Futures Are Down Today Thursday, 1 Nov 2007 | 9:17 AM ET

    Futures are down for several reasons: 1) Now we're really data dependent. Part of the problem with the market this morning is the realization that the economic data will have to be REALLY weak for the Fed to lower rates further.

  • Market Worry: Consumer Contagion Coming? Wednesday, 31 Oct 2007 | 12:36 PM ET

    Despite the positive economic news, there is concern about the consumer out there. Morgan Stanley just downgraded large cap banks like Citi, Bank of America, and Wells Fargo; the note was ominously titled, " Consumer Contagion Coming."

  • Countrywide Shares Soar; CEO Confirms SEC Probe Friday, 26 Oct 2007 | 12:49 PM ET
    CountryWide

    Countrywide Financial Chief Executive Angelo Mozilo on Friday said the U.S. Securities and Exchange Commission has opened an informal inquiry into his stock sales, confirming previous reports, and that he and the company are cooperating.

  • Bank of America Quits Wholesale Mortgage Business Thursday, 25 Oct 2007 | 7:01 PM ET
    Bank of America branch, New York City.

    Bank of America on Thursday said it will stop offering home mortgages through brokers by the end of the year, resulting in a loss of 700 jobs, so that it may focus on lending directly to consumers.

  • Earnings (Good) Vs. The Economy (Weak) For Traders Thursday, 25 Oct 2007 | 10:55 AM ET

    Some positive earnings news is putting a floor under stocks but economic news and credit worries could be the ceiling. Durable goods data this morning showed signs of weakness, but new home sales rose a 4.8% to 770,000, a positive pickup after a decline in August. Forecasts were for 775,000 units.

  • Motorola Beats Street And BofA Cuts Thursday, 25 Oct 2007 | 9:25 AM ET

    Futures trading up as Motorola beat expectations and guided upward while EMC was in line and both are up nicely pre-open. There's strength in Europe, strength in Asia, third Quarter GDP in China rose 11.5%. That was in line with expectations. Chinese stocks are the only major market down in Asia, down 5%, probably on worries that more rate hikes are likely.

  • Bank of America Cuts 3,000 Jobs; I-Bank Chief Exits Thursday, 25 Oct 2007 | 8:41 AM ET
    Bank of America branch, New York City.

    Bank of America on Wednesday said it plans to eliminate 3,000 jobs, and that the head of corporate and investment banking will depart after a dismal quarter at that unit led to a 32 percent drop in overall profit.

  • Wall Street Now Faces Issue Of Trust Wednesday, 24 Oct 2007 | 1:57 PM ET

    The "kitchen sink" theory is out the window. There's a trust problem developing on the Street. Remember a few weeks ago traders drove up the stocks of companies like Citigroup, even though they did take very large losses for subprime and CDOs?