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Stocks advance ahead of Fed rate decision
(AP:NEW YORK) Wall Street jockeyed for position Tuesday ahead of the Federal Reserve’s decision on interest rates, which some investors believe will bring the key U.S. rate to the lowest level on record. Stocks rose more than 1 percent, while yields on some U.S. government debt fell to record lows.
Investors uneasy about the economy continued to funnel money into the Treasury market, sending the yield on the 30-year long bond below 3 percent.
Against the fear that has gripped Wall Street since the mid-September bankruptcy of Lehamn Brothers Holdings Inc. and the subsequent freezing of the credit markets most economists are…
16Dec2008 | INO | 0 comments | ContinuedGovernment provides record aid package to AIG
By JEANNINE AVERSA
AP Economics Writer
(AP:WASHINGTON) In a record bailout of a private company, the government on Monday provided a new $150 billion financial-rescue package to troubled insurance giant American International Group, including $40 billion for partial ownership.
The action, announced by the Federal Reserve and the Treasury Department, was taken as it became increasingly clear that an original financial lifeline thrown to AIG in September would be insufficient to stabilize the teetering company. All told, the moves boost aid to the company to more than $150 billion. Fed officials, however, expressed confidence that the money would be repaid to taxpayers.
The $40…
10Nov2008 | INO | Comments Off | ContinuedGlobal Investing Roundups
Target Misses the Mark; General Dynamics Broadens Horizons; Chavez Bounces Cemex; Manchester United Scores with Saudi Deal; Lacker Lobbies for Rate Hike; Carlyle Group Chair Steps Down; Hedge Fund Fraud Judgment; Quiznos Overseas Expansion
-Target Corp. (TGT) yesterday (Tuesday) reported a 7.6% drop in second-quarter profit to $634 million, or 82 cents per share. Sales were up 5.7% to $15 billion from $14.2 billion, but same-store sales, or sales at stores opened at least a year, slipped 0.4%.
-General Dynamics Corp. (GD) announced yesterday (Tuesday) that it would buy Jet Aviation for about $2.25 billion in cash. General Dynamics – best known…
20Aug2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Southwest Feels the Love; Minimum Wage Bump; Qualcomm and Nokia Accord; Fertilizer Firm Reaps Rewards; Unemployment Claims Mount; Ford’s Worst Quarter in History; Dow Unable to Recoup Losses; Gaming Taking Off in Macau
Southwest Airlines Co. (LUV) yesterday (Thursday) announced that second-quarter revenue increased 15% due to the advance purchase of fuel contracts, Bloomberg News reported. Second quarter earnings increased to $321 million or 44 cents per share for the Dallas-based air carrier. Even without the boost from fuel hedging, Southwest would have earned $121 million or 16 cents per share, beating analyst expectations.
The national minimum wage in the United States increased yesterday…
25Jul2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Gas Fuels Factory Orders; Borders Cuts Jobs to Cut Costs; Starbucks Serves Up Free Wi-Fi; Kenya Inflation Soars 32%; Chevron to Invest $5 Billion in Africa; Staples Raises Bid for Corporate Express; Lehman Looking for Cash Infusion; Oil Slides
–U.S. factory orders increased 1.1% in April, an unexpected gain that was boosted by the high cost of gas and other petroleum products, the Commerce Department announced yesterday (Tuesday). Economists had expected a smaller gain of just 0.1% after an upwardly revised 1.5% gain in March, MarketWatch reported.
–Borders Group Inc. (BGP) announced yesterday (Tuesday) it would reduce 20% of its corporate positions in…
4Jun2008 | Money Morning | Comments Off | ContinuedGlobal Investment Roundups
Sterlite Buys Asarco’s U.S. Copper Mines; Petrobras Award Tupi Rig Contracts; Russian Inflation to Hit 14% in 2008; South Korean Economy Outpaces Estimates; Toyota Sees U.S. Consumers Braking; Manufacturing Inches Up; NetSuite Snaps Up OpenAir
–India’s largest copper and zinc producer, Sterlite Industries Ltd. (ADR:SLT), agreed to buy assets of recently bankrupted miner Asarco LLC for $2.6 billion, Bloomberg reported. Asarco has three copper mines, a smelter and refinery Asarco is the third-largest copper maker in the U.S., producing 235,000 tons in 2007, and Sterlite said it plans to make it the largest.
–Petroleo Brasileiro SA (ADR:PBR), better known as Petrobras, doled…
3Jun2008 | Money Morning | Comments Off | Continued
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