A crush of big cap earnings and arguably the most important economic reports until September make next week the busiest of the summer for markets.» Read More
Hedge fund and private equity company Fortress Investment Group reported a third-quarter loss on Tuesday, hurt by a special charge.
The financial sector continued their decline on news that Citigroup CEO Charles Prince resigned. In spite of the bank downturn some technology stocks continue to make gains.
Nationstar Mortgage, the subprime unit of Fortress Investment Group, said it is no longer accepting new loan applications from brokers, a signal the lender is winding down operations.
More credit problems surfaced in the financial sector on Tuesday, battering stocks and fueling worries that things will get worse before they get better. "The market is still jittery," said Stephen Porpora, managing floor broker with William O'Neil. "Everybody's looking for the next shoe to drop in this subprime problem."
Stocks closed sharply lower, with the Dow dropping more than 200 points, amid continuing anxiety about the credit markets and a weak earnings outlook from Wal-Mart. "I still feel the market is headed for a lower low," said Byron Wien, chief market strategist at Pequot Capital Management.
Private equity and hedge fund firm Fortress Investment Group on Tuesday posted a wider loss for the second quarter, as compensation expenses rose dramatically.
Kohlberg Kravis Roberts, the private equity firm planning to go public, should yank its IPO from the market, according to analysts, who say declining credit markets make it tough for a leveraged buyout firm to bring an offering to market.
Partners of private equity firm Blackstone Group may have devised a way to avoid payingtax on $3.7 billion raised largely in the firm's initial public offering last month, the New York Times reported on Friday.
Casino operator Trump Entertainment Resorts said Monday it did not reach a deal with potential acquirers and has ended discussions to sell itself, sending its shares down 14 percent.
Casino operator Penn National Gaming said Friday that it agreed to be acquired for about $8.9 billion, including $2.8 billion in outstanding debt.
Blackstone Group sent a letter to its limited partners last Friday which said that while the private equity firm is considering an IPO, they have not made a final decision, reported CNBC's David Faber, citing people who have received the letter.
A missed call sends Cramer straight to the linoleum floor with a bottle of cheap scotch. But admitting his mistake (and drinking the shame away) is better than letting you Home Gamers continue down the wrong path. Here are the results of his latest IPO plays.
John E. Fitzgibbon, Jr., editor of IPOscoop.com, told CNBC’s "Power Lunch" that the recent downturn in the broad market won’t crimp the supply of strong deals. Fitzgibbon said the quality of IPOs increases during tough times, giving investors an opportunity to buy shares in top-notch companies.
The President's Working Group (PWG) on Financial Markets has not pushed for new hedge fund regulations -- except for a rule that would raise the minimum net worth of investors to $2.5 million from $1 million. Even some PWG critics agreed with the suggested floor -- but Magnum Funds' David Friedland decried the "discrimination." The debate raged, on "Morning Call."
"It looks like the market is sort of struggling here a little bit, but there is too much skepticism and negativity on the street for me to think that the bottom is going to fall out," said Jeffrey Hirsch, editor-in-chief of the Stock Trader's Almanac, in an interview with CNBC.com.
The IPO opens the door for individual investors to gain access to hedge fund and private equity deals.
History was made today at the New York Stock Exchange, when Fortress Investment Group made its Wall Street Debut, becoming the first major hedge fund to stage an initial public offering in the U.S. In the first minutes of trading, share price nearly doubled, with investors eager to grab a piece of the pie.
There's some upward bias in stocks this morning but for now the market is without much direction. European markets are higher. Japanese stocks ended higher though Hong Kong slid. The yen is lower against the U.S. dollar as the G7 meets in Essen, Germany today. The yen has widely been expected to be a discussion topic.