UBS will separate its investment bank from its prized wealth management arm, paving the way to sell the business that made it Europe's biggest casualty of the credit crunch.
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.
From mid-July to late July short interest dropped 5.34 percent, on average, in the shares of 17 major financial firms affected by the U.S. Securities and Exchange Commission emergency short-selling rule, according to the latest data from the exchange.
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.
New York Attorney General Andrew Cuomo's office, which is investigating Wall Street's sales practices in auction-rate securities, told JPMorgan Chase, Morgan Stanley and Wachovia on Monday that it wants to begin settlement talks immediately.
As of this morning, 449 (just under 90%) of the S&P 500 companies have reported earnings. Here's a look at which companies have had the biggest surprises so far...
Cramer's confident those mid-July lows won't be breached. Here's why.
Another week full of challenges for the stock pickers, another week of brave and ingenious stock picks.
Stocks rallied Friday as a more than $4 a barrel drop in oil prices offset the drag of Fannie Mae's earnings miss. It's going to be the same story next week: Energy prices. Even if there are disappointments in CPI or Wal-Mart's earnings, investors are expected to overlook them as the drop in gas prices puts more money in consumers' pockets.
For the week ending Friday, August 8, 2008, the U.S. markets ended the week on a positive note, cheered by a retreat in commodity prices, a Fed’s decision to keep rates steady at 2%, better-than-expected results in pending home sales, and a stronger dollar.
Swiss bank UBS has agreed to buy back $19.4 billion of debt securities whose value collapsed during the global financial crisis and to pay $150 million in fines to settle charges it misled investors, Massachusetts' top securities regulator said.
There are notable shifts occurring in the stock market on the dollar rally/commodity drop this week.
Stocks rallied Friday as a more than $4 a barrel drop in oil prices helped offset the drag of Fannie Mae's earnings miss.
Stocks rallied Friday as a more than $3 a barrel drop in oil prices helped offset the drag of Fannie Mae's earnings miss.
Despite markets' downtrends, Julius de Kempenaer from Talergroup said the worst is over for the financial sector.
Stocks ticked higher Friday as a more than $2 a barrel drop in oil prices helped offset the drag of Fannie Mae's earnings miss.
Melissa Lee reports a breaking story linked to Citi's settlement and buyback of auction rate securities during tonight's "Fast Money." In an after-hours announcement, another Wall Street giant, Merrill Lynch, stated it too would buy back auction rate securities from its retail clients, who currently hold $12B of those questionable securities.
"[The] stock market: a loser across the board. It was a loser early, it stayed a loser and became a bigger loser as the day went on," Dylan summed up Thursday's trading with that one statement, as AIG and Wal-mart lead the Dow's one-day, 225-point dive. A few lone tech stocks were the only winners in an otherwise distressed market. Adding to the bearish environment was the morning's new jobless claim numbers, the highest reported in several months.
Citigroup will buy back more than $7 billion in auction-rate securities and pay $100 million in fines as part of settlements with federal and state regulators, who said the bank marketed the investments as safe despite liquidity risks.
Stocks could trip up on more bad news from the financial sector Friday, but the bigger issue for market direction is whether the commodities selloff continues.