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Market Update: Blackrock (BLK), Toll Brothers (TOL), JPMorgan Chase (JPM), Citigroup (C)
BlackRock Inc. (NYSE:BLK) Chairman Laurence Fink says Obama administration programs to help homeowners avoid foreclosure may hinder recovery efforts in the mortgage market while benefiting banks that own second loans on the properties. “I am just very worried,” Fink said yesterday in an interview. “How do we get a vibrant securitization market back when we are doing these things in the short run that are good for the banking system and good for the homeowner but not as good as it should be?” Fink stated that the policies introduced this year to reduce foreclosures are faulty because they don’t require home-equity loans to…
18Sep2009 | Jutia Group | 0 comments | ContinuedMarket Updates: Apple (AAPL), Coca Cola (KO), CIT Group (CIT), BlackRock (BLK)
iPhones Carry Apple Past Wall Street Estimates; Coca-Cola Beats Estimates of Overseas Sales; CIT May Still Face Bankruptcy; TARP Czar Calls for Transparency; Caterpillar Stock Jumps on Brighter Outlook; BlackRock Beats Estimates, State Street Falls Short; Merck Considering Partner For Schering-Plough Consumer Health Operations; Yahoo Sales Down, Profit Up
- The introduction of the new iPhone 3GS and a price cut for the 8-gigabyte iPhone 3G propelled Apple Inc. (Nasdaq: AAPL) to easily exceed Wall Street expectations for its third quarter ended June 30. The company reported a net income of $1.23 billion, or $1.35 a share, on revenue of $8.34 billion, compared to a net income…
BlackRock (BLK) Purchases Barclays Fund, Becomes World’s Biggest Money Manager
BlackRock Inc. (NYSE: BLK) yesterday (Friday) announced that it will pay $13.5 billion for Barclays Global Investors (BGI), Barclays PLC’s (NYSE ADR: BCS) investment unit. The deal makes BlackRock the largest money manager in the world with a combined market value of about $34 billion.
The purchase will include $6.6 billion in cash and the rest in shares. Barclays will own nearly 20% of BlackRock as a result of the deal. Bank of America Corp. (NYSE: BAC), which acquired a 49% stake in BlackRock through its purchase of Merrill Lynch, will see its stake in the company dwindle to just under…
15Jun2009 | Money Morning | 0 comments | Continued
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