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A day of the waiting and warnings.
The sovereign fund Korea Development Bank confirms it in talks with Lehman Brothers [LEHMQ
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] for a possible investment in the troubled US financial firm.
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Trouble is also in the air for mortgage lenders: Fitch Ratings cut its ratings on preferred shares of Fannie Mae [FNM
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] and Freddie Mac [FRE
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], citing concern that if the government-backed lenders can't get access to needed capital, they could be forced to cut their dividends. (As it turned out, that was the least of it!)
What You Were Reading:
- KDB Confirms Talks with Lehman on Possible Deal
- GM Not Optimistic About the Rest of 2008: Exec.
- Has the S&P Ever Lost More Points Than the Dow?
The Dow Industrials jump more than 200 points in early trading after oil prices fall to a five-month intraday low, but optimism did not carry the day.
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The Dow closed down 26.63 points, at 11,516.92; the S&P lost 5.25 points at 1,277.58; and even the tech-heavy Nasdaq slipped 18.28 points at 2,349.24.
What the Experts Were Saying:
Lehman Bros.' CEO Dick Fuld scrambles for deals to buoy the firm. Charlie Gasparino reports.
Dissecting the financials, with Peter Boockvar, Miller Tabak and Eric Ross, Canaccord Adams.
Crude oil volatility, with Mary Novak, Global Insight; John Kilduff, MF Global; and Vince Farrell, Soleil Securities.
- Remember when auto shows were major events where new models could generate buzz?
- CNBC’s Mike Huckman visits a cutting-edge plant to see how the flu vaccine of the future is being made.
- People who bottle up their anger at work are up to five times more likely to suffer a heart attack, a study found.
- Playboy will outsource its publishing operations in a bid to become profitable again.
- A new McDonald's in Manhattan is the nation's first to sport a sleek, chic interior imported from stores in London and Paris.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
Data is a real-time snapshot *Data is delayed at least 15 minutes