General Motors reversed course by abandoning a long-expected sale of its Opel to a group led by Canadian auto supplier Magna and opting to keep the European unit after a year of uncertainty and high-stakes political negotiations.
A US bankruptcy judge set a December 8 hearing to consider approval of CIT Group's reorganization plan, aiding the large commercial lender's effort to emerge from bankruptcy by year's end.
Stocks struggled Tuesday as energy stocks rose along with oil prices. But consumer-discretionary stocks dragged on the market after a disappointing consumer-confidence report.
Futures indicated a mixed open for Wall Street on Tuesday, with the tech-heavy Nasdaq due to begin the day in negative territory while the Dow Industrial Average and the S&P 500 index are expected to open higher.
Futures pointed to a higher open for Wall Street on Monday as a new week brings another heavy dose of corporate earnings, following the first weekly loss in three for the U.S. stock market's major averages.
The Capmark Financial Group, the big commercial real estate finance company cobbled together from pieces of GMAC, may file for bankruptcy as soon as this weekend, a person briefed on the matter told DealBook on Saturday.
Friday, 23 Oct 2009 | Source: The Associated Press
CIT Group, struggling to restructure billions in debt and stay out of bankruptcy court, could finalize a deal in the next 24 hours with Wall Street bank Goldman Sachs over a disputed payment on a $3 billion loan, according to a published report.
Stocks rebounded Monday as investors' waning enthusiasm got a jolt from a report that showed the services sector has begun to expand. Plus, there was some bargain hunting after the market's two-week decline.
Stocks rebounded Monday as investors' waning enthusiasm got a jolt from a report that showed the services sector has begun to expand. Plus, there was some bargain hunting after the market's two-week decline.
Halloween spending is expected to fall by roughly $1 billion this season, but sales at some stores may not be as dismal as originally thought... Read More