Stocks closed mixed after another volatile day that featured lowered outlook for two key insurers, more jitters over credit and mixed results from an effort to shore up financials.
Morgan Stanley posted a stunning fourth-quarter loss after a bigger-than-expected $9.4 billion write-down and sold a $5 billion stake to a China fund to bolster capital.
Morgan Stanley, which Wednesday announced a fourth-quarter loss and a $5 billioncapital infusion from China, will suspend stock buybacks and take a close look at its staffing worldwide, Chief Financial Officer Colm Kelleher said in an interview.
Most companies this morning reported disappointing earnings, and a few highlighted the impact of inflation on their bottom line. 1) Morgan Stanley reported a loss of $3.61 vs. a consensus of a loss of $0.39.
Stocks staged a mini comeback Tuesday after a day that saw indexes seesaw on both sides of the unchanged line. The market once more fretted over the financial sector and could do the same on Wednesday.
Goldman Sachs posted better-than-expected quarterly earnings but its performance in November was "horrible," a senior executive said.
Goldman Sachs Group fourth-quarter earnings rose 2 percent, beating expectations and capping a record year, but its shares fell after the investment bank cautioned that markets will remain challenging in the near future.
Goldman Sachs Group is slated to report its fiscal fourth-quarter results Tuesday before the opening bell. Following is a summary of key developments and analyst commentary related to the period.
Expect a bonanza of broker earnings this month with Goldman (GS) reporting Tuesday, Morgan Stanley (MS) on Wednesday and Bear Stearns (BSC) on Thursday. How should you trade it?
Banking stocks aren't dead, said Richard Bove, financial strategist at Punk, Ziegel; but they have to be judged differently going forward. Bove gave his insights into which Wall Street firms are the strongest-positioned -- and which will see their troubles getting even worse.
At Goldman Sachs, success has become something of a liability.
U.S. securities regulators sued two former financial advisers at Morgan Stanley Friday for defrauding at least 50 mutual fund companies and their shareholders.
Bank of America, the second-largest U.S. bank, is winding down a $12 billion money-market type fund for institutional investors, CNBC has learned.
Are bonds about to lose their flight-to-quality premium? The Fed, the executive branch, the legislative branch, and now even the Bank of England (which cut its key rate a quarter point to 5.5 percent) are working to resolve credit problems. The 10-year is looking toppy here.
Stocks are getting a bounce on ADP's jobs report, which already has some on Wall Street revising their view on the government jobs report due Friday and is adding to the debate on what the Fed will do next week. The ADP National Employment report, released this morning, showed a surprisingly strong gain in November private sector jobs of 189,000.
Futures up a bit on the strong ADP report. This is a clear sign that the market wants a decent jobs report, even if it might slightly reduce the chance of an aggressive Fed rate cut. As noted yesterday, financials analysts are now cutting 2008 estimates.
Josef Ackermann, Chief Executive of Deutsche Bank, has turned down an approach from Citigroup about taking the CEO job vacated last month by Charles Prince, the Financial Times reported.
In a fresh blow to the financial sector, JP Morgan Chase cut the earnings estimates for several big Wall Street firms, sending their shares sharply lower.
Forgive me if I'm all thumbs and short thoughts today as I'm blogging by B'berry from the big housing conference in Washington, DC. So far I've heard Countrywide's Angelo Mozilo argue with Robert Toll over what's to blame for the housing problem, poor liquidity or bad lending standards (you can guess who was on which side).