Banks including Barclays and Wells Fargo are facing potentially heavy losses on an $850m loan made to two oil and gas companies, the FT reports.» Read More
A big drop in oil provided nice support for stocks. Oil went from $114 to $121, then all the way back to $114, in two days! Stocks were drifting lower midday Friday, but when oil started moving down aggressively, the market stabilized, and a few sectors like airlines and retailers had modest rallies. Financials also stabilized today, though they are down for the week.
There are three big questions floating around on the Street today: First, does the debt of Fannie/Freddie take a haircut? Most traders would say no prior to today, but Ben Bernanke's comments that debt haircuts might be in order for some (he did not specifically say for Fannie Mae or Freddie Mac) has given many pause...
Fast Money Now – the trades you need while the market is open
The bottom line on Lehman Bros.: All the talk about a possible investment in Lehman from Korea Development Bank -- or anyone else -- is really beside the point. The reason Lehman has dramatically underperformed even its poorly performing peers this year is the large exposure they have to the worst performing parts of the market.
Warren Buffett tells our Becky Quick that he has been adding recently to one of the two stakes Berkshire Hathaway already has in a pair of financial stocks: American Express and Wells Fargo. But, in keeping his custom of not revealing too much, he won't say which one. Even so, investors are bidding up the price of both stocks this morning. It's just one of many comments Buffett made during a series of live appearances with CNBC's Becky Quick throughout this morning's three hours of Squawk Box. Here's a summary of the highlights.
THIS IS A LIVE BLOG ARCHIVE OF WARREN BUFFETT'S APPEARANCES ON CNBC'S SQUAWK BOX THIS MORNING. BUFFETT SPOKE WITH BECKY QUICK LIVE IN OMAHA, NEBRASKA. ALL TIMES ARE EASTERN.
The options market continues to boil on the outlook for the financial sector and market volatility in general, according to Rebecca Darst of Interactive Brokers. And one pharamceutical company is drawing attention as well.
Mark writes, “Does Soros’ purchase of 9.5 million shares of Lehman make you more bullish on this name?”
A happy ending to the saga of Kim and Scott Fisher, whom I've been blogging about for two days. They managed to find a buyer for their home willing to pay more than what they owed WaMu and Wells Fargo -- except they couldn't cover $35,000 in closing costs, and the home was heading into foreclosure. Finally, some good news....
Kim and Scott Fisher are watching the clock tick down. As I blogged yesterday, they have an offer on their home for an amount which will allow them to pay off their first mortgage to Washington Mutual and a second mortgage to Wells Fargo. But the Fishers do not have enough to cover $35,000 in closing costs, and they say lenders won't help. Plus, they say WaMu has moved to foreclose on the home. What a mess.
O'Reilly Automotive is a play on a new trend in American car ownership.
After hours Tuesday Goldman Sachs slashed its earnings outlooks for some of its major rivals however it's the Lehman downgrade that has the traders most concerned.
John Stumpf tells Cramer why his banks seems to be doing well despite this tough market.
WaMu, Wells Fargo play hardball with mortgage debtors -- Is this how to solve the housing crisis?! Also: California foreclosures DROPPING!
Fast Money now - the trades you need while the market is open!
Warren Buffett's Berkshire Hathaway has added a new stake in NRG Energy, according to a just-released portfolio 'snapshot' of its holdings in U.S. publicly-traded stocks as of June 30. A sharply reduced stake in Anheuser-Busch may have been a bet that InBev's initially unsolicited offer for the U.S. brewer would prove to be unsuccessful. Conoco-Phillips data is kept "confidential."
The Dow declined by triple digits on Wednesday with financial shares selling off for a second straight day on fresh concerns about the widening impact of the mortgage crisis.
A year after financial tremors first shook Wall Street, a crucial artery of modern money management remains broken. And until that conduit is fixed or replaced, borrowers will see interest rates continue to rise even as availability worsens for home mortgages, student loans, auto loans and commercial mortgages, says the New York Times.
The rapid slide in commodities prices is fueling the runup in stocks. But market pros think the switch might be short-lived.
With commodity prices coming down, many parts of the market can start their return ascent.