Stocks opened mixed as investors juggled an unexpected loss from Wachovia and an uptick in retail sales.
Stocks opened mixed as investors juggled an unexpected loss from Wachovia and an uptick in retail sales.
Stocks opened mixed as investors juggled an unexpected loss from Wachovia and an uptick in retail sales.
On Friday, General Electric surprised, now it's Wachovia Bank's turn. They missed by a mile: a loss of $0.14 from continuing operations, consensus was a gain of $0.40. They are cutting their dividend 41 percent and seeking to raise $7 b in capital, so the poor earnings will be diluted even more.
A double helping of economic data and first-quarter earnings reports will flood the zone next week, but it's the corporate earnings that will drive stocks and give a better picture of where the economy is going. If GE's bombshell earnings miss is an indicator, the news will be as nasty as traders expect.
Q: On Fast Money’s Trader Radar we look at the stock that was lighting up screens across Wall Street. It may take its name from a landform at the mouth of a river but this company operates far above the earth and always displays two trademark red triangles on the tails of its jets. As a competitor continued to contend with cancellations this stock was anything but grounded today, taking off on renewed talk of a merger with a rival. Who is it?
For the week ending Friday, April 11, 2008 the US Markets ended the week in negative territory. There was not a lot of movement in the markets for most of the week, as the major indices traded on a mix of news including same store sales, record highs in oil, flight cancellations from major airlines, and disappointing first quarter results from Alcoa (AA). The markets tumbled on Friday on General Electric's (GE) disappointing earnings.
Air traveler angst was sure to continue Friday as American Airlines grounded hundreds more flights. The financial toll and loss of goodwill likely would grow as well, as the inspection-related mess spread further to other carriers and hurt an industry already bleeding cash thanks to high fuel costs.
GE reported first quarter earnings of $0.44, below the $0.51 consensus and $0.50-$0.53 guidance. Full year guidance was cut to $2.20-$2.30 from $2.42. Down 11 percent pre-open. This was the biggest miss most analysts can remember; certainly the biggest miss in over a decade.
Delta Air Lines is urging its union leaders to cede parts of a pilots' labour contract so it can move closer to merging with Northwest Airlines, the Wall Street Journal reported, citing sources who knew about the situation.
Stocks finished flat Monday as traders opted to pull over and let some of the earnings traffic pass before deciding what to do next.
Consumer complaints rose at 15 of the 16 airlines studied and overall soared 60 percent.
Delta Air Lines and Northwest Airlines have revived merger talks, according to a report in The Financial Times.
Stocks advanced Monday, helped by financials, after some encouraging news that suggests banks may be getting their act together.
.Three big financial stocks are the top volume movers this morning--Washington Mutual, UBS, and Citigroup. Washington Mutual up 16 percent pre-open on a Journal story that private equity firm TPG and others may invest $5 b in the company, which would provide it with much-needed capital.
ATA Airlines canceled all flights Thursday after filing for bankruptcy as it posted advisories at ticket counters in the handful of cities it still served and sought assistance for stranded passengers.