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KeyCorp , a large U.S. Midwest regional bank, said it plans to raise $1.5 billion in equity capital and cut its dividend in half, following an adverse federal court ruling over the tax treatment of leveraged leases.
Stocks opened higher Thursday after a better-than-expected jump in retail sales and a bid by Belgium-based brewer InBev for Budweiser-maker Anheuser-Busch, but news of the ouster of two high-level executives at Lehman Brothers rattled the market.
KeyCorp, which has been hitting new lows recently, cut its dividend in half and plans to raise $1.5 b in capital. The excuse here is an adverse court ruling on tax treatment, but no one is surprised, nor does anyone think they will be the last to cut dividends.
Despite considerable jawboning, the dollar was weak, commodities were strong, and that combination has not proven to be helpful to stocks. With oil near new highs, the Dow Transports dropped nearly 5 percent for the second time in four days (ouch!)
The good news is that a feared Monday Debacle never materialized, in fact it never even got close. What worked was the same story that worked for the last five months: buy the dips, sell the rallies. So energy, materials, and beaten up retailers got a modest lift today.
The Dow fell sharply on Monday after S&P jolted three leading U.S. banks with downgrades and Wachovia ousted CEO Ken Thompson. What's the "Word on the Street?"
Financials came under pressure Monday after Wachovia ousted CEO Ken Thompson. Which other banks could also go lower?
KeyCorp dropped 12% Wednesday after underestimating its exposure to bad loans. Has the subprime slime spread all the way to the neighborhood bank?
Stocks closed at their highs for the day after bouncing up and down throughout the session.
It's finally happening...there are signs of capitulation in the regional banks as selling has intensified, the Dumb Money is giving up the ghost here and, well....is this finally the bottom we have been waiting for???
Fast Money takes Chicago just as commodities have a breakout week with oil hitting a new high and raw materials making a resurgence. Find out how to trade it all here.
Stocks finished flat as a new record for oil prices overshadowed a better-than-expected report on housing. Still, for the week, all three major indexes managed decent gains: The Dow Jones Industrial Average climbed nearly 2 percent; the S&P 500 index advanced about 2.5 percent and the Nasdaq jumped more than 3 percent.
Stocks finished flat Monday as concerns about the Federal Reserve's rate decision in a couple of days kept a lid on activity generated by merger buzz.
Stocks ticked higher Monday amid merger buzz but index gains were modest as the market awaits the Federal Reserve's rate decision later this week.
Morgan Stanley analysts Monday told clients to "sell the rally" in financial stocks, slashing forecasts for big bank earnings and warning that the current credit crunch is only just beginning.
Stocks retreated after an early pop Monday as the early market buzz was all about deals and deal makers.
As of this morning, 143 (just under 30%) of the S&P 500 companies have reported earnings. Here's a look at which companies have had the biggest surprises so far...
Want to position your portfolio for the recovery? Then fly in the face of the crowd calling for big-cap equities. So says William Greiner, chief investment officer of UMB Asset Management. He told CNBC he believes the U.S. is already in a recession -- and says the best thing to do is buy small-cap stocks.
Stocks finished slight lower Wednesday as the financial-driven rally that kicked off the quarter Tuesday lost steam. Energy, retail and chips finished mostly higher.
Stocks wobbled at the open Wednesday as the market looked to Federal Reserve Chairman Ben Bernanke, testifying on Capitol Hill today and tomorrow, for direction.