For some of Wall Street's biggest names, quarterly results are expected to be weak, while the future is pockmarked with uncertainty.» Read More
New York Attorney General Andrew Cuomo's office expanded a sweeping investigation into the student loan industry with subpoenas and information requests to 13 more lenders, including some of the largest U.S. banks. Among them: Bank of America; Citizens Financial Group, a unit of Royal Bank of Scotland; JPMorgan Chase; National City; PNC Financial Services Group; Regions Financial; SunTrust Banks; US Bancorp; Wachovia and Wells Fargo. Cuomo's office also sent inquiries to three closely-held student lenders: Access Group, College Loan Corp. and EdFinancial Services.
Next week will bring a huge pile of earnings, but the guys want you to ignore most of them. Keep your eyes on the regional banks, which will help paint the bigger picture of the subprime story, and internet names like Yahoo.
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The news: Concerns that big brokerages such as Lehman Brothers and Goldman Sachs will be left behind as this market recovers? Tim Strazzini said...
Over the last 42 years, he's navigated bull and bear markets, building the best investment track record of all time. And amid this week's market turmoil, the Oracle of Omaha released some words of wisdom. He's buying stocks! Want to know which ones? CNBC's Dylan Ratigan found out where one of the richest men in the world is putting his money.
Searching for nuggets of wisdom from the Oracle of Omaha.
The Dow Jones Industrials closed at another record high as positive momentum trumped a weak manufacturing report. "The markets are floating on a sea of liquidity, but the real driver of this market is the increasing risk appetite of investors." Jeffrey Saut, Chief Investment Strategist at Raymond James, told CNBC.com.
Billionaire Warren Buffett's holding company Berkshire Hathaway revealed Wednesday that it bought $774.3 million in U.S. Bancorp stock last year, adding to the bank holdings already in the company's $52.8 billion stock portfolio.
Stocks in the U.S. are seeking direction and are looking mostly higher in mixed action ahead of the open. Earnings news from big names like Intel and J.P. Morgan are making headlines, and the markets are watching for PPI inflation data this morning and the Fed's Beige Book at 2 pm. Oil slumped below $51 a barrel this morning after a deep slide yesterday.
Wells Fargo and U.S. Bancorp, the fifth- and sixth-largest U.S. banks, reported higher quarterly profits, helped by growth in business lending and fee-generating units.
The Minneapolis-based bank said net income rose to $1.19 billion, or 66 cents a share, from $1.14 billion, or 62 cents a share, a year ago.
Investments that provide income versus growth will likely become more important to many people as the nation's population ages over the next 5 to 20 years.