MARKET Open
Dow down triple digits again
Wall Street Journal Nov 11, 08 8:57 AM CST
(Newser)
-
Stocks were trudging downward again this morning, as investors turned a pessimistic eye towards upcoming earnings reports. The Dow was off 217 points a half-hour into the session, while the Nasdaq and S&P traced 33- and 20-point declines of their own. Those declines mirrored moves overseas, with European benchmarks shedding 2% by midday, and Tokyo’s Nikkei falling 3%.
More »
MARKETS
Wall Street Journal Oct 23, 08 8:58 AM CDT
(Newser)
-
Stocks got a modest bump at the opening bell today despite an ugly job report, as mixed earnings clouded the waters. The Dow rose 69 points, while the S&P and Nasdaq rose 0.7% and 0.5% respectively. Jobless claims took an unexpected spike last week, and the Wall Street Journal reports that Goldman Sachs is about to cut 10% of its workforce.
More »
MARKET opener
Recession fears keep bears growling
Wall Street Journal Oct 22, 08 8:51 AM CDT
(Newser)
-
Recession fears kept bears roaring today, as the Dow shed 230 points at the open on a spate of lousy third-quarter results. Wachovia posted a staggering $23.9 billion loss to lead a group of five gloomy blue chip reports, the Wall Street Journal reports. “We’ve seen a range of poor results lately,” said one market watcher, “and there is no reason why this is not set to continue.”
More »
Writedowns lead to $11.18 per share loss; Wells Fargo says merger on track
Bloomberg Oct 22, 08 8:40 AM CDT
(Newser)
-
Wachovia reported losses of $23.9 billion in the third quarter, a whopping hit of $11.18 per share that blew by analysts’ estimates of a 2-cent-per-share loss, reports Bloomberg. But Wachovia’s loss—virtually all tied to mortgages or mortgage-related securities—may be Wells Fargo’s gain.
More »
MARKET open
But as ever, trust this move as far as you can throw it
Wall Street Journal Oct 21, 08 8:51 AM CDT
(Newser)
-
Downbeat earnings put the kibosh on yesterday’s outbreak of optimism on Wall Street, sending stocks down at the open. The Dow dropped 107 points, while the Nasdaq and S&P fell 1.7% and 1.4% respectively, the Wall Street Journal reports. Dow components DuPont, Caterpillar, and Pfizer all released dour guidance, with DuPont reporting a 30% net-income drop.
More »
MARKETS
...And if you have faith that the story won't change by 4:30, you probably fell hard for that 'bridge in Brooklyn' bubble
Wall Street Journal Oct 16, 08 8:57 AM CDT
(Newser)
-
Stocks saw a modest bounce at the open this morning, with the Dow up 42 points after a half-hour, following yesterday’s titanic losses, the Wall Street Journal reports. The S&P and Nasdaq rose 0.5% and 1.32% respectively. Panic was staved off by some sound economic data, as new jobless claims dropped by 16,000 last week, beating analyst estimates, and several key lending rates declined.
More »
EARNINGS REPORTS
Otherwise, quarter beat expectations
New York Times Oct 16, 08 7:36 AM CDT
(Newser)
-
Southwest Airlines posted a $120-million third-quarter loss today, due almost entirely to a one-time $247-million charge on an oil bet gone wrong, the New York Times reports. Southwest aggressively locks in its fuel costs far in advance, which looked brilliant last year, as oil prices skyrocketed. But oil’s steep decline this quarter has turned the contracts toxic.
More »
earnings reports
Third quarter earnings show recovering bank, struggling brokerage
Bloomberg Oct 16, 08 7:20 AM CDT
(Newser)
-
A pair of earnings reports from Citigroup and Merrill Lynch for the third quarter shows just how deeply wounded the big brokerage is, while painting a slightly brighter picture for the big bank, reports Bloomberg. Citi, the nation’s largest bank, beat analyst expectations with a net loss of $2.8 billion; Merrill, bought by Bank of America in September, lost $5.2 billion.
More »
MARKETS
Good results from Coke, JP Morgan drowned out
MarketWatch Oct 15, 08 9:02 AM CDT
(Newser)
-
The bears came out on Wall Street this morning, sending the Dow down 181 at the bell, as a host of negative economic reports drowned out some positive third-quarter results. Retail sales were worse than expected in September, and several other indexes showed manufacturing activity down. The S&P and Nasdaq dropped 2.9% and 1.9% respectively.
More »
Wall Street Journal Oct 15, 08 8:36 AM CDT
(Newser)
-
JPMorgan Chase surprised analysts and brought some partly sunny news to a mostly gloomy Wall Street, reporting net income of $527 million, or 11 cents a share, despite mortgage-related writedowns of $3.6 billion and $640 million in losses from its takeover of Washington Mutual, reports the Wall Street Journal. Analysts had expected losses of 29 cents a share.
More »
Move to international standard will require 'massive effort,' US firms say
Wall Street Journal Aug 28, 08 9:50 AM CDT
(Newser)
-
The Securities and Exchange Commission sees a smoother ride for American companies, and investors, in its plan for the US to adopt international accounting standards, the Wall Street Journal reports—though the shift would be an expensive, “massive effort,” some say, requiring new training from business schools on up. Critics worry the international standards aren’t as precise and may cause confusion during the transition.
More »
Earnings
Stock drops 12% in early trading
Bloomberg Aug 8, 08 8:37 AM CDT
(Newser)
-
Fannie Mae reported its fourth straight losing quarter today, Bloomberg reports, coming in $2.3 billion in the red and slashing its dividend. The $2.51-per-share loss far exceeded the 72-cent average predicted by analysts, much as Freddie Mac surprised investors two days ago. “Neither of these companies have properly provisioned for what we're heading into,” said one analyst. “This thing is going to get worse and last longer and deeper than they originally thought.”
More »
Increase in foreclosures and associated fees, $1B writedown lead to $821M loss
Bloomberg Aug 6, 08 7:15 AM CDT
(Newser)
-
Rising delinquencies and a still-skidding home market combined to make Freddie Mac’s second quarter losses three times worse than analysts predicted, reports Bloomberg . The government-backed mortgage enterprise lost $821 million, or $1.63, in the quarter, prompting it to also announce a third quarter slash in dividends from 25 cents to 5 cents a share.
More »
Earnings
'Dismal' housecleaning quarter much worse than expected
New York Times Jul 22, 08 9:58 AM CDT
(Newser)
-
New Wachovia CEO Robert Steel moved aggressively to staunch the bank's losses by taking a massive $8.9-billion hit in the second quarter and slashing its dividend to almost nothing, the New York Times reports. Steel had every reason to clean