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November 23, 2008 3:43:05 CST

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Capital One

Capital One news stories

6 Stories

 Struggling AmEx Asks 
 Feds for $3.5B Infusion 

Credit card company is reeling as consumers cut back spending

Wall Street Journal Wall Street Journal Nov 12, 08 7:10 CST
(Newser) - Falling consumer spending and rising defaults have prompted American Express—which has seen its stock plunge 57% this year—to ask for $3.5 billion from the government’s $700 billion bailout fund, reports the Wall Street Journal. The company Monday received Federal Reserve approval to become a bank holding company, giving it access to the Troubled Asset Relief Program. More »

More about:  Financial Crisis • consumer spending • Wall Street bailout • American Express • Capital One

MARKETS

Dow Tanks on Consumer Woes

Index nosedives after more bad news about spending

Wall Street Journal Wall Street Journal Jan 11, 08 3:25 PM CST
(Newser) - The Dow plunged 246.79 points to 12,606.30 today as investors, worried about consumer spending, fled retailers and credit-card issuers. Analysts are concerned the mortgage crisis has finally hit pocketbooks, hurting credit, jobs, and public confidence, the Wall Street Journal reports.The Nasdaq slid 48.58 to close at 2,439.94, and the S&P 500 fell 19.31 to 1,401.02. More »

More about:  Dow Jones • S&P 500 • Nasdaq • McDonald's • consumer • American Express • MasterCard • Capital One • Discover • Tiffany

MARKETS

Stocks Soar After Bumpy Ride

Streeters pleased with Bernanke speech, BofA news

MarketWatch MarketWatch Jan 10, 08 3:19 PM CST
(Newser) - The Dow finished up 117.78 points today, closing at 12,853.09 on signals from Fed chairman Ben Bernanke of interest-rate cuts to come and reports that Bank of America is in talks to buy home-loan giant Countrywide. It was a bumpy ride, though, as the key index was down more than 100 points at one point on weak December sales at big retailers. More »

More about:  Dow Jones • S&P 500 • Nasdaq • Bank of America • Countrywide • Capital One • Harbinger Capital

Cap One
Cuts Earnings Forecast

Mortgage woes spread to
credit card, car loan giant

Wall Street Journal Wall Street Journal Jan 10, 08 6:46 CST
(Newser) - The nation’s largest independent credit card issuer, facing worsening loan troubles and a struggling US economy, says it will cut its 2007 profit forecast 20%. Capital One Financial 's news is another indicator that the mortgage crisis is infecting other loans, the Wall Street Journal notes; the company is also a big issuer of auto loans, and has seen increasing delinquency in that business . More »

More about:  mortgage crisis • earnings reports • Capital One

Americans Falling Behind on Credit Cards

Amount overdue on
US accounts surged
26% in October

Associated Press Associated Press Dec 23, 07 10:35 PM CST
(Newser) - It’s already looking like an iffy New Year for many credit-card holders: the number of Americans falling behind on their payments spiked sharply this year and analysts don’t expect 2008 to be much brighter. The value of credit card accounts at least 30 days late surged 26% in October to $17.3 million, the AP found. Defaults—when lenders give up and write off the debt—jumped 18% to almost $961million. More »

Countrywide Cuts 500 Jobs

Fallout from subprime crisis continues

Los Angeles Times Los Angeles Times Aug 21, 07 10:54 CDT
(Newser) - The nation's top home lender is cutting 500 jobs in its subprime mortgage units in response to the high-risk-lending mess. Before the cuts announced yesterday, Countrywide was actively hiring workers who had been fired from other companies, the LA Times reports. Meanwhile, Capital One said it will close the unit that made jumbo loans to borrowers without fully documented assets. More »

More about:  subprime mortgages • home loans • Washington Mutual • Countrywide • Capital One • Greenpoint

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