At 12 p.m. ET, shares of Pfizer were trading about 13% lower - largely because the company halted development of torcetrapib--a new cholesterol treatment. The drug was supposed to fill the void when Lipitor--its best-selling drug--loses patent protection in 2010. (Lipitor sales totaled $12.2 B last year.)
GMAC is beginning a new era as an independent financial services company--after 87 years as a wholly owned subsidiary of General Motors. On Thursday--GM sold its 51% stake in its most profitable GM unit to an investment consortium led by Cerberus Capital in a move that dramatically improved GMAC's credit profile and capital position.
There's plenty of reaction to the speech today by U.S. Federal Reserve Chief Ben Bernanke. He gave his outlook on the U.S. economy. As we wrote earlier--Bernanke said that "core inflation remains uncomfortably high." He also said that aside from the housing and automotive sectors--economic activity is expanding at a solid pace.
They are the most powerful players in the M&A world. You could say they are the go to folks on a CEO's speed dial--when it comes to making deals. The first (or inaugural) issue of Dealmaker Magazine is out--and ranks the best investment bankers on the buy side of Wall Street.
Here's the likely headline from Federal Reserve Chairman Ben Bernanke's speech in New York City today: core inflation is still "uncomfortably high." AND Bernanke warned--it would be "especially troublesome" if inflation doesn't moderate as he and other Fed officials expect.
Markets are looking to the speech by Fed Chairman Ben Bernanke today for clues about the direction of the economy. Following are some bullet points from his speech published by the Associated Press and discussed on CNBC.
The existing home sales report boosted stocks – however briefly – this morning. The October numbers beat analyst expectations by a small margin. They were up a half percent rather than dropping 1%. It was the first positive report since last February.
VinTrust – a San Francisco start up – will catalogue-store and monetize your wine collection.
There's more than just a little rumbling over the Sarbanes-Oxley act--since it's become law in the U.S. Many say it's hurting companies with all of its compliance requirements--and hurting the stock market--particularly IPO's.
Home furnishing sellers are among the many retailers hoping for a strong Holiday shopping season. But--will they get their wishes or be unpleasantly surprised this Christmas?
There’s legislation being debated in the U.S. Senate on whether to allow more oil drilling in the Gulf of Mexico. It's not just the oil--but the oil revenues coming in that's a big part of this. The benefit for nearby states is the chance of collecting federal royalties – as much as $650 million for each state.
OPEC could make oil production cuts for the second time this year--so says the Saudi Oil Minister Ali Naimi. He says supply continues to outweigh demand. But it's not a done deal. The oil organization could wait until their December meeting in Nigeria-- to assess the impact of the October cuts--before cutting even more production
Is the dropping U.S. dollar causing the stock sell off today? Yes--says Gina Sanchez. She's portfolio manager for the California Endowment.
Holiday shopping got off to a strong start over the week-end with upscale department stores looking like early winners. And it's not just grownups who have their hearts set on something luxurious. Kids are going upscale, too.