The "Fast Money" traders share their final trades of the day.» Read More
Are you one of those very normal people who puts your money in say a pension fund that promises to grow your wealth so that you can retire comfortably? The fund in turn gives your money to another fund -- an institutional fund -- that invests it in stocks you’ve never heard of. Well, for this week’s A Fund Affair, I thought it would be ‘fun’ to take a look at a fund that services only institutional investors.
Following are the days biggest winners and losers. Find out why shares of Sirius (SIRI) and Forest Labs (FRX) popped while Citigroup (C) and Crocs (CROX) dropped.
UK-based banking giant HSBC plans to start retail banking operations in Japan from January 2008, aiming to lure affluent customers away from the country's large banks.
The market for U.S. student loan asset-backed securities -- rattled already by the troubled mortgage-backed securities market -- expects another hit soon from legislation being finalized in Congress.
The old adage on Wall Street is that corporate takeovers come roaring back from the sluggish summer months right after Labor Day. This time around that line of thinking may not hold up.
Stocks rallied after President Bush outlined his plan to help distressed homeowners, and Federal Reserve Chairman Ben Bernanke said the Fed will act as needed to address credit concerns.
Stocks closed broadly lower as already jittery investors expressed disappointment that the latest Fed minutes showed policymakers were reluctant to cut interest rates. "The comments from the Fed not indicating that a rate cut was imminent and further deterioration in the financial sector -- all of this combined and we're down substantially here," said Brian Schaeffer, an NYSE floor specialist at Van der Moolen.
U.S. subprime auto lenders say they do not see a rising wave of defaults, but over the past year they have made a number of moves to burnish the scratches and dents in their loan portfolios.
Private equity firm Kohlberg Kravis Roberts is unlikely to make major compromises in talks with banks over the financing of a $24 billion deal to take over electronic payment processor First Data, the Wall Street Journal reported on its Web site on Thursday.
Merrill Lynch threw cold water on the financial sector Tuesday by downgrading Bear Stears, Citigroup and Lehman, citing their exposure to problems in the credit markets. The three were downgraded to "neutral" from "buy," which helped pushed financial stocks lower.
The two weak links in yesterday's market--housing and brokerage stocks--continued to be the weak links today. House prices declined 3.2% in Q2 from a year earlier, according to the S&P/Case-Shiller U.S. National Home Price Index. Home builders like Centex, Lennar and DR Horton down 4%-6% this morning; most builders are at multiyear lows.
Fear of financial companies is again gripping world stock markets. Selling in financial shares-- banks and brokers--was a theme in the U.S. market yesterday but continued around the globe as investors worry that credit problems would show up on the books of major financial institutions. Several headlines helped stir the fear. European markets are weaker this morning, and Asian stocks closed mostly lower.
It's finally happening: analysts are lowering estimates on investment banks, just a few days before the quarter closes for many of them. Merrill Lynch's Guy Moszkowski downgrades Bear Stearns, Lehman Bros. because of their greater dependence on debt markets; they note that Merrill and Morgan Stanley are more diversified.
Citigroup is combining its emerging-markets credit group and its global credit-trading business, bringing together traders who focus on the global credit markets, the Wall Street Journal reported in its online edition on Monday, citing an internal memo.
The stock market appeared to return to normal this past week, but many analysts believe continued credit worries will drive prices lower in the near term. Still, long-term investors should be on the lookout for bargains.
The past two weeks have been nothing short of tumultuous for markets in Asia. Stocks first hurtled downwards faster than if you threw a boulder off a cliff. Then this week saw stocks rallying, with markets making back almost all of the losses suffered the week before. It's easy to make money in these situations. But for those who do not see volatility as a friend, investing in a fund with a long-term strategy may be more the thing for you.
Banks have stepped up their borrowing from the Federal Reserve, a development encouraged by central bank policymakers to help stem a credit crunch that has roiled Wall Street.
Bank of America (BAC), the nation's second-biggest bank, will invest 2 billion dollars in beaten up mortgage giant Countrywide Financial (CFC). BAC will be buying $2 billion worth of preferred stock that can be converted into $18 a share, according to WSJ. What’s going on?
A worsening credit crunch and its broad impact on financial markets has some dealmakers predicting that leveraged buyouts are on hold for the rest of the year and perhaps well into 2008.