Headlines after the bell Wednesday: GOOG, AMEX, IBM» Read More
US stocks closed sharply lower Friday on an incessant stream of bad news in financials and technology that bled over into the rest of the market.
Wachovia said Friday it suffered a $1.1 billion loss on subprime mortgage-related debt in October, while Capital One Financial said more customers are having trouble paying their bills as the U.S. credit crisis deepened.
The financial sector continues to get pounded. General Motors reported a significant third-quarter loss, but there is a glimmer of hope in the pharmaceutical industry.
Stocks rallied late in the session to end a seesaw trading session higher as bargain hunters stepped in despite economic concerns and worries about global credit markets. "It seems like a little bit of a bounce back from Friday's Armageddon," said Mike Burnick, director of research at the Sovereign Society.
Countrywide Financial, Washington Mutual and several other finance companies were downgraded on Monday by Lehman Brothers analyst Bruce Harting, who said the U.S. credit downturn could result in $242 billion of mortgage-related losses.
Here are my thoughts so far today: 1) As expected, sloppy trading--weak open, modest rally, sell into rally. The crowd yelling "oversold" cannot drown out the great majority, who feel it is not really worth it to be a hero until things settle down.
Capital One Financial posted a third quarter net loss of $81.6 million, or 21 cents per share, hurt by charges from shutting down its GreenPoint Mortgage business.
With its acquisition of NAVTEQ, Cramer thinks Nokia has the chance to overthrow the iPhone. 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.
A weak dollar and strong stocks are putting Canuck banks into position to buy up their American counterparts.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.
The difficulties that many Americans face in making mortgage payments are unlikely to spread to credit cards, but could help push the economy into recession, the chief of one of the largest card issuers said.
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.
From Wall Street to Madison Avenue to Silicon Valley--the subprime credit crunch is taking its toll. Mortgage and lending companies are among the biggest online advertisers, so if they start cutting back on their ad spending, then it'll be noticed. Financial services comprised 16% of the total $17 billion in Internet ad spending in 2006, and that percentage was likely even larger this year.
The FOMC minutes from the Aug. 7th meeting came, and traders were disappointed with the commentary. How disappointed? The Dow dropped 140 points after the minutes came out at 2:00 p ET, an unusual move considering FOMC minutes rarely move markets, let alone 150 points. I mentioned earlier that the Fed minutes today would be more important than usual...
I said the word bupkiss on TV this morning. Is that kosher? I just couldn’t think of a better word, for all my years of hifalutin network journalism experience. It’s just that everyone wanted to talk about the July existing home sales numbers, how sales were essentially flat, and that was better than many folks had predicted, and yadda yadda, isn’t that nice?
Subprime-battered mortgage lenders are shutting down, fewer homes are being built, and even some of the big U.S. retailers are planning conservatively for Christmas holiday sales.
The deepening housing slump has caused an alarming surge in job losses at financial services companies, and the end is nowhere in sight, consulting firm Challenger, Gray & Christmas said on Tuesday.
Here are more song parodies (see my previous post) to try to bring a smile to those of you upside down in your mortgage (or upside down in your Capital One and Countrywide stock): From a Colorado mortgage company grunt, the appropriately named Rocky M (talk about smiling through the pain), called 'Green Tree Beret" and sung to the "Green Beret" theme:
Capital One Financial said it will close its wholesale mortgage unit due to problems in the secondary mortgage markets, resulting in $860 million in charges in 2007. The company, which said about 1,900 positions will be eliminated, will "cease residential mortgage origination" at the unit, GreenPoint Mortgage, effective immediately.
Cramer doesn't want investors making the same mistake he did in 1998. It's better to be an opportunistic buyer than a scared seller.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.
Capital One said it expects to eliminate about 2,000 jobs, or a little more than 6% of its work force, throughout the company as part of a cost-cutting program designed to save $700 million by 2009.