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Stocks closed lower Wednesday, led by financial and auto stocks after worrisome results from Morgan Stanley, CarMax and FedEx. Regional banks also took a hit after Fifth Third cut its dividend.
Stocks declined Wednesday, led by financials, after worrisome results from Morgan Stanley and a dismal outlook from FedEx. The Dow briefly slipped below 12,000 -- the first time that's happened since March 18, when the market was reeling from the collapse of Bear Stearns.
European stocks fell on Wednesday, as slipping crude knocked oil shares and financials took a fresh battering after U.S. banks Morgan Stanley and Fifth Third revealed credit-related struggles.
Stocks opened lower Wednesday as investors booed results from Morgan Stanley and a dismal outlook from economy gauge FedEx.
Morgan Stanley said quarterly earnings plunged 56 percent on trading losses and slowdown in investment banking, despite $1.43 billion of pretax gains from asset sales.
FedEx is the main story this morning, and it is not a pretty picture. Earnings of $1.45 was a bit shy of consensus of $1.47, but that wasn't the big problem. Guidance for the current quarter is well below expectations: $0.80-$1.00 vs. $1.27, as is the full year guidance of $4.75-$5.25 vs. $5.92 consensus.
Wall Street was bracing for another rough day as investors worried over earnings reports and oil inventories, with bad news from Federal Express adding to the downbeat mood.
Sloppy and choppy was the market trend Tuesday, and there's signs it could continue into Wednesday with no economic data on the horizon to drive stocks.
Goldman Sachs took center stage on Wall Street on Tuesday, beating expectations and outperforming the financial sector despite lower earnings results. What follows are some of the day's highlights.
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The Dow dropped Tuesday and the broader stock market continued to languish despite positive news early in the day from Goldman Sachs. What's the "Word on the Street?"
Stocks fell sharply Tuesday as a warning from Goldman Sachs that banks may need to raise another $65 billion rippled through the market, offsetting any positive impact from Goldman's earnings.
Goldman Sachs spacerturned in another stellar performance under difficult circumstances with an earnings report that far exceeded expectations. Return on equity was 20% when other investment banks are posting losses. 52% of the revenues were from trading operations which are volatile and risky and that's why these stocks trade at what seem to be low price to earnings valuations. My guess is Goldman is picking up business by default as traders can easily justify doing business with Goldman.
Investment banking's so-called "trillion-dollar man" says he's undecided about whether brokerage stocks are bargains, despite their current low prices.
For the first time since it went public in 1994, Lehman Brothers has posted a quarterly loss. But Morningstar's Ryan Lentell says you should still consider brokerage shares.
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We told you about the fundamentals now find out how the technicals suggest trading Goldman Sachs and Merrill Lynch!
The Dow finished Monday’s session modestly lower as investors continued to worry about the course of the economy. What's the "Word on the Street?"
As the world watched Tiger Woods and Rocco Mediate take it down to the wire at the US Open, the Dow was struggling with its own rivalry: Banks were trying to lead a rally, while a handful of stocks were dragging on the blue-chip index. Oil ended down at $134.34 abarrel.
Lehman Brothers Holdings' chief executive expressed confidence in the investment bank on Monday, sending its shares up as much as 9 percent even as it posted its first quarterly loss as a public company.