Stocks wavered Thursday after a dismal manufacturing reading and a slew of analyst downgrades.
Wall Street can be a fickle place, and as investors wonder where they ought to park their money while they ride out the economic volatility gripping the country right now, they may want to harken back to some oldies but goodies: Apple Inc., Google, Research in Motion and Amazon.
Citigroup could take substantial write-downs for subprime mortgages, leveraged buyout loans and other assets in the second quarter, the company's chief financial officer said on a call with investors.
Spain's Telefonica hopes to buy a 10% stake in wireless operator China Unicom to take advantage of opportunities from Beijing's plan to overhaul its telecoms industry, the Financial Times said on Thursday.
Gloom and doom predictions can't keep a good trader down. Here's what the Fast Money gang says could be worth a look!
U.S. banks may need to raise $65 billion of additional capital to cope with mounting losses from a global credit crisis that will not peak until 2009, Goldman Sachs & Co analysts said on Tuesday.
As the world watched Tiger Woods and Rocco Mediate take it down to the wire at the US Open, the Dow was struggling with its own rivalry: Banks were trying to lead a rally, while a handful of stocks were dragging on the blue-chip index. Oil ended down at $134.34 abarrel.
Stocks bounced back from an early slide as banks recovered and strength permeated techs, housing and retail stocks. The market had opened lower as oil neared $140 a barrel and after a report from the New York Federal Reserve on regional manufacturing activity showed a worse-than-expected contraction. Lehman shares rose after the firm reported a loss on target with its pre-announcement.
Only a year ago, Wall Street reveled in an era of superlatives: record deals, record profit, record pay. But a mere 12 months later, nearly half of the profits that major banks reaped during that age of riches have vanished, the New York Times reported.
American International Group CEO Martin Sullivan stepped down from his post, as expected, after growing discontent among the board and shareholders with his management of the insurance giant.
American International Group is expected to hold a board meeting Sunday to decide the fate of Chief Executive Martin Sullivan, CNBC has learned.
For the week ending Friday, June 13, 2008, the markets were mixed on varied economic news, renewed credit concerns from Lehman and the financial sector, and of course, oil. A surprise increase in retail sales gave hope for economic growth and a rising CPI suggested a potential rate move on the horizon that could strengthen the dollar and begin to tame inflation.
After another volatile Wall Street session, Dylan labels Thursday "a big fiasco," with the lion's share of the blame going to the Microsoft-Yahoo crash-and-burn. Any possible deal has been aborted for the second and -- very likely -- last time.
Stocks pulled back following news that the Microsoft-Yahoo deal is off. Earlier, the market had rallied as oil prices receded, retail sales came in better than expected and merger in the beverage industry got investors jazzed up.
Stocks were well off their highs but still posting solid gains after unexpected strength in retail sales and a multibillion-dollar takeover bid in the brewing sector.
Stocks opened higher Thursday after a better-than-expected jump in retail sales and a bid by Belgium-based brewer InBev for Budweiser-maker Anheuser-Busch, but news of the ouster of two high-level executives at Lehman Brothers rattled the market.
In a blow to Citigroup Chief Executive Vikram Pandit, the bank plans to close a hedge fund he co-founded and will buy what is left of its assets, The Wall Street Journal reported on Thursday.
Stocks struggled to hold gains Tuesday as bank stocks rallied but comments from Bernanke hung over the market like a cloud. Oil dropped more than $3 to settle at $131.31 a barrel.
Lehman Brothers may find itself on more secure ground, but its poor showing in the second quarter has undermined confidence in banks and brokerages and left investors wondering what to believe about the state of the credit crisis.
Stocks ticked higher Tuesday as the rally started in bank stocks and then filtered into the broader market.