Merrill Lynch shored up its capital base by as much as $7.5 billion after selling a stake to Singapore's government and an asset manager, and unloading much of a lending business, as it wrestles with huge subprime mortgage losses.
Christmas Eve brought glad tidings to Wall Street, with holiday cheer emanating from the battered financial sector and spreading through the market.
Merrill Lynch said it plans to sell most of its Chicago-based capital lending business to General Electric and will boost its capital by raising up to $6.2 billion in a private placement.
Saudi Arabia plans to establish a sovereign wealth fund that may exceed $900 billion, which would likely be the largest in the world, the Financial Times reported on its Web site without naming sources.
Bad home loans sparked a bear market in bank stocks this year. How will the credit crisis evolve in ’08?
A last minute buying spree on Wall Street could give the stock market a surprise bounce before the end of the year. "I think we're in for a real ramp up," says Jim Cramer.
Major banks have abandoned plans to set up a bailout fund for subprime-related debt, mainly because not enough banks were willing to participate.
Merrill Lynch is the topic today: As Morgan Stanley and Bear Stearns have both taken substantial writedowns on their mortgage-related portfolios, there is speculation that Merrill will also be taking writedowns when they report in January.
With losses mounting, Merrill Lynch, the nation's largest brokerage firm, is turning to Asia for financial help.
Stocks closed higher as a rally in technology shares helped offset more uncertainty in the credit markets and troubling economic signs.
Citigroup has dismissed about 30 employees in its structured credit group which helps put together collateralized debt obligations, a source familiar with the matter said.
Cramer makes the call on viewers' favorite stocks.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Stocks closed lower as fears that inflation was hampering holiday gift-buying combined with wider concerns about the state of the economy.
Treasury Secretary Henry Paulson said Monday that moves by some big banks to bring off-balance sheet investments tied to subprime mortgages back onto their books would help ward off a widespread credit crunch.
Last Friday, Citi put out an "Equity Strategy" report which highlighted 70 companies with "A Long History of Dividend Payment/Growth." These 70 stocks met the following criteria:
As we enter the final stretch of 2007, the stock market may temporarily lose some of its violent mood swings and secure gains for the month and the year.
Inflation took the spotlight as the newest fear to haunt investors, sending stocks down to end a volatile week that featured more credit worries and pervasive unease over the Fed's role in the market.
While most firms post massive subprime losses, Cramer's alma mater is expected to report record net annual income. Some question how they did it. Cramer responds.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Citi taking approximately $45 billion of SIV assets onto its balance sheet today is generating a tidal wave of debate--much of it positive. Mid-morning, Goldman Sachs upgraded Citi's debt (not the stock) to Outperform. Analyst Louise Pitt had this to say: "While we expect further losses from CDO and mortgage exposure in coming months...
European stock markets ended a volatile week with a slight rally Friday, as investors sought bargains in banking and other battered stocks.