Stocks tumbled Friday and the S&P hit a 12-year low as news of the government's stake in Citigroup and General Electric slashing its dividend stirred worry in the market.
General Electric plans to slash its quarterly dividend 68 percent, to 10 cents from 31 cents a share, beginning in the third quarter. The move, which will save $9 billion annually, had been widely expected in recent weeks.
Friday: General Electric (CNBC's parent company) said it'll slash its quarterly dividend 68 percent, saving $9 billion annually. The U.S. agreed to boost its stake in Citigroup to as much as 36 percent. U.S. GDP data was sharply revised downward, with economic loss at 6.2 percent. Experts told CNBC that the market is resisting scary talk from President Obama and Fed Chairman Bernanke — but the recession's end is nowhere in sight.
The move will generate much-needed capital for the company, Cramer says.
Fourth Quarter GDP, was revised down to -6.2%, the worst quarter since Q2 1980 when economic "growth" was -7.8%. The revision is a significant move from the -3.8% that was originally reported. Here is a breakdown of where the economy is shrinking most.
NBC has lured the comedian back to its airwaves, hoping to hit the jackpot once again.
Disney opens its "Jonas Brothers: The 3D Concert Experience" on about 1,200 screens Friday.
US stock index futures pointed to a strong open Thursday as investors grew more comfortable with the government's plans for the nation's banking system. But a pair of dismal economic reports made a slight dent in gains.
Universal Studios is moving forward on plans to turn the board game "Clue" into a movie, again, nailing down the man behind Disney's Pirates of the Carribean hit, Gore Verbinski, to direct and produce.
General Electric this past week, hit a 14-year low, dropping below $9 over concerns about its real estate holdings. One could say GE's staging a general retreat. Many Charting Asia readers have requested a chart of GE. You get your wish in this column.
Finishing the day at 7,114.78 yesterday, the Dow closed at its lowest level since May 7, 1997. 7 of the 30 current Dow components were not in the index when the Dow last saw these levels.
The Dow and S&P slumped to 11-year lows on Monday as investors lost faith that the U.S. government will be able to stabilize the financial system.
As the Dow now contains five stocks under $10 (GM, C, BAC, AA, & GE), the Dow Industrials index has come under greater scrutiny on whether it is still a good gauge of the overall market.
float: left;display: inline; font-size:11px; font-face:Arial; border: 1px solid #CCC; line-height:12px; margin-right: 15px; width:100px;/CNBC/Sections/News_And_Analysis/_Blogs/Guest_Blog/__COVER/chadwick_p_100.jpg110010000truehttp://msnbcmedia.msn.comfalse1Pfalsefalse left/CNBC/Components/Images/spacer.gif1109500lefttruehttp://icnbc.msnbc.msn.comfalsePfalsefalse Patricia Chadwick Founder andPresidentRavengate Partners LLCThe stimulus package is a real disappointment because it could have provided a serious punch to shock the economy into action. Instead it is a typical – albeit much bigger than normal – spending bill, which means it is has more than the normal amount of pork and less of the incentives needed to stimulate capital investment, jobs and profits.
Regarded as a safe investment, gold often shines during turbulent times when increased demand typically drives up prices. For the first time since last March, gold settled above $1,000 an ounce on Friday. Since its low back in November, when gold was just over $700 an ounce, the bullion has risen 42%. During the same period the S&P 500 has plunged 15%.
The performance of certain companies will tell us how well the new president’s doing.
On a week dominated by bailouts, stimulus and talks of bank nationalization, the Dow crashes through October 2002 lows and approached October 1997 lows in early trading Friday.
Stocks started to claw back in the final hours of trading Friday after fears of nationalization smacked banks and sent the Dow to its lowest point in more than 10 years.
The Oscars aren't just the biggest night of the year for film buffs and the celeb-obsessed, they're also one of the biggest annual events for advertisers, second only to the Super Bowl.