More than a year after the nation’s five largest mortgage servicers signed a $26 billion legal settlement, those same servicers still need to do better, according to a new report.» Read More
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.
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.
Technology has been a big lure in an otherwise fishy stock market this week.
Stocks ended mixed as a strong earnings reports from the tech sector were offset by a selloff of blue chip stocks. Meanwhile, oil futures spiked to a new intraday record but ended lower on late profit-taking.
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.
JPMorgan Chase reported slightly higher quarterly profit Wednesday as gains from private-equity deals helped offset $1.64 billion in write-downs on leveraged loans and collateralized debt obligations.
Here are my morning observations: 1) Techs come through: after the disappointment of yesterday, when many regional banks hit new lows, the news flow is far more positive. We said last week techs had to make some positive noises to justify their recent runups: Yahoo, Intel, and Seagate all were better than expected.
Industrial and Commercial Bank of China, the country's largest bank, plans to open branches in Doha, Dubai, Moscow and Sydney, Chairman Jiang Jianqing said on Wednesday.
Today's disappointing earnings commentary from regional bank giants Wells Fargo and KeyCorp drove many regional banks to new lows. Analysts note that many banks are facing slowing loan growth, weak deposit growth, and potentially higher losses on residential and (in some cases) commercial mortgage.
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.
How much oil pressure can the stock market take before it blows a gasket? Oil continues to surge into record territory, closing in on $88 per barrel and ready to pump right through $90. Stocks are floundering this morning after weakness in Europe and a down day in Asia. China, though, continues to be the exception with Shanghai stocks once more in record territory.
My thoughts this Tuesday morning: 1) Ben Bernanke's speech widely discussed on the Street this morning. Traders wondering why he didn't talk about energy and food prices; further evidence that core inflation is what matters to the Fed.
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."
The markets traded mostly lower in Asia as bank stocks were battered across the board, but a surge in crude oil prices powered energy stocks on expectations that record high oil prices would boost profits.
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.
It's a pretty simple story today: Citi and Eaton. Citi, because they spoke about the need to raise reserves for potential losses in the credit area (reviving concerns about a consumer burdened by debt) and Eaton because they lowered Q4 guidance.
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.
The yen hit its lowest levels in around two months against both the dollar and euro on Monday, as risk-seeking investors took advantage of cheap Japanese borrowing costs to fund purchases of high-return assets.
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.