Stocks closed lower as cautious comments from GM and Pfizer snapped the Dow's seven-day winning streak. "We've seen a really good move in the market and a little consolidation is healthy," said Bill Nichols, managing director of equity trading for Bear Stearns. "After being higher so much, a little profit-taking is only natural."
The Barclays executive says the deal is not "size for size sake" but about a solid portfolio of businesses and "efficiency-oriented" synergies.
Robert Diamond, president of Barclays Group, said Monday that most savings from the planned merger with ABN Amro will come from increased efficiencies – not cost- cutting.
Hey everyone, here are today's trivia questions for the extra contest "cash." The video is worth $2,000 Bonus Bucks: Amazon.com is launching a new support center in which European country? Your answers are: Italy or France or Ireland or The United Kingdom. And the news question is worth $1,000 Bonus Bucks: Barclays announced it will acquire ABN Amro in a deal worth how much? Your answers are: $91 Billion or $100 Billion or $67 Billion or $21 Billion.
Stocks closed mixed but the Dow Jones Industrial Average inched up to another record as investors awaited key quarterly reports after the bell. "You still have some pretty important earnings coming out that are going to set the tone," said Adam Tracy, director of listed trading at Thomas Weisel Partners.
ABN Amro's announcement yesterday that it will extend the exclusivity period of takeover talks with Barclays makes shareholder TCI's proposed agenda items for the bank's upcoming AGM on April 26 "even more relevant," the activist hedge fund said.
Dutch bank ABN AMRO does not plan to open its books to a trio of its European rivals who may gate-crash ABN's $85-billion-plus takeover talks with Barclays, and the consortium's interest could speed up Barclays' courtship process.
Speculation is growing that Britain's Barclays may abandon its bid for the Dutch bank ABN Amro, CNBC’s Maria Bartiromo reported. Barclays is due to finalize its bid for ABN next week, Bartiromo said, "but sources tell me there is a chance Barclays will pull out" because of "past liability concerns over past money-laundering questions."
The head of the Dutch Central Bank said regulators would not object in principle to a offer by a rival bidder for ABN Amro even if it meant the Dutch bank was broken up, the Financial Times reported on Monday.
Speculation that Bank of America could make a move on Barclays returned this week and several analysts have said Britain's third biggest bank has made itself vulnerable to being taken over if its discussions to buy ABN fail.
Britain's Barclays hired Citigroup as an advisor on its bid talks with ABN AMRO, sources familiar with the matter said on Wednesday, effectively ruling the U.S. group out of counterbidding for the Dutch lender.
New Century Financial, the troubled subprime mortgage lender, said on Wednesday it voluntarily ended its relationship with mortgage financier Freddie Mac, and that "several" of its own lenders plan to sell loans that had backed $17.4 billion of credit lines.
Stocks erased nearly all of their losses for the year after investors interpreted comments from the Federal Reserve to mean that an interest rate hike is less likely.The S&P 500 and the Nasdaq turned positive for the year, erasing all of last month's selloff, while Dow Jones Industrials is still down slightly for the year.
ABN Amro Holding, the Netherlands' largest bank, said Monday it was in early-stage talks about a "potential combination" with the British bank Barclays. The disclosure came amid reports that Barclays was eyeing a possible purchase of its smaller rival. At Monday's closing stock prices, ABN Amro was worth about $76 billion.
It started with SPDRs and then we got QQQQs, but now people know that all that alphabet soup spells ETFs. Scratching your head? On “Power Lunch Sue Herera unscrambled all the confusion with Lee Kranefuss, the CEO of I-Shares (which is part of Barclays Global Investors.)
Shares of Barclays surged for a second day as speculation mounted that Bank of America could buy it, with a leading analyst saying there would be strong merit to a deal.
A possible banking mega-deal is the talk of Wall Street today. Merrill Lynch is apparently telling clients that Bank of America is interested in acquiring Britain’s Barclays -- a move that would make Bank of America the world's largest bank. To some--the merger makes a lot of strategic sense because of the synergies both sides would bring to the table.
Stocks closed the session higher, after investors spent the day sifting through various economic reports and parsing words from Federal Reserve Chairman Ben Bernanke, who provided a mixed economic outlook.