New Century Financial on Monday filed for Chapter 11 bankruptcy protection and said it would cut 3,200 jobs, or 54% of its work force, in the biggest collapse of a mortgage lender in the U.S. housing downturn.
Stocks are searching for a starting point this morning with futures mixed on the first trading day of the second quarter. Merger headlines and weaker oil could be positives. A big focus for the markets today will be ISM manufacturing data, due at 10 a.m. EDT.
Stocks are searching for a starting point this morning with futures mixed on the first trading day of the second quarter. Merger headlines and weaker oil could be positives. A big focus for the markets today will be ISM manufacturing data, due at 10 a.m. EDT.
Friday March 30th is the final day of trading before money managers must close the books on a tumultuous first quarter - billions of dollars will exchange hands. With the sub-prime slime and surging oil prices dragging stocks lower – will there be more negative news, or more positive trends, going forward?
Goldman Sachs Group Chief Executive Lloyd Blankfein said the firm expects to raise $19 billion to $20 billion for its next private equity fund.
Morgan Stanley is in the process of holding an auction for $2.48 billion in mortgages from subprime lender New Century Financial, The New York Post reported Monday.
Morgan Stanley announced Friday its long-expected plans to spin off its Discover credit card operations in an initial public offering.
German media conglomerate Bertelsmann is entering the private equity world by joining with Citigroup and Morgan Stanley to create a 1 billion euro ($1.33 billion) fund for leveraged acquisitions in the media sector, the Wall Street Journal reported Thursday.
Stocks erased nearly all of their losses for the year after investors interpreted comments from the Federal Reserve to mean that an interest rate hike is less likely.The S&P 500 and the Nasdaq turned positive for the year, erasing all of last month's selloff, while Dow Jones Industrials is still down slightly for the year.
A Florida state appellate court rejected a $1.58 billion verdict against Morgan Stanley, saying the bank did not get a fair shake in its trial defending against financier Ronald Perelman's 2003 breach-of-contract suit.
Morgan Stanley reported a sharp rise in quarterly earnings Wednesday, well ahead of market expectations, thanks to a jump in revenues for both equity and fixed-income trading and sales.
The stock market has an appointment with the Fed today and Wall Street is largely non-committal ahead of the open. But some healthy earnings reports are adding positive sentiment.
Fresh data about the weak-kneed housing market and a two-day Fed meeting are highlights in a week that investors enter with anxiety.
The largest independent U.S. subprime mortgage lender said on Monday its lenders plan to halt financing, pushing the company closer to bankruptcy amid dwindling cash and $8.4 billion in obligations that could come due immediately. The stock was halted on Monday.