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Global Investing News: Oppenheimer (OPY), Alcoa (AA), General Motors (GM), Citigroup (C), etc.
Analyst: BofA Needs More Equity; Chrysler Working Fast on Fiat Alliance; India Stocks Near Six-Month High; Alcoa Posts Loss, Cuts Costs; SEC Approves Uptick Rule Proposals; Wholesale Inventories Post Record Drop; Auto Suppliers Get Bailout Funds; Oil Rallies on Surprise Distillate Drawdown
- Chris Kotowski, an Oppenheimer & Co. (OPY) analyst, said Bank of America Corp. (BAC) needs to raise $36.6 billion in equity to align capital ratios with those of its competitors. Kotowski also cut the bank’s quarterly earnings estimate to 2 cents a share from 10 cents because of higher than expected credit card and loan losses, Bloomberg reported.
- Seeking to avoid bankruptcy protection and…
Economic Experts to Obama: Focus on the Fundamentals
In sports, championship-caliber teams all have at least one characteristic in common: They’re able to focus on the fundamentals. With the U.S. unemployment rate jumping to its highest level in a quarter century in February, it’s become abundantly clear that that the U.S. recession is much deeper than President Barack Obama anticipated, meaning it’s likely that additional measures will be undertaken to arrest the slide and restart growth.
Many experts are now calling for the Obama administration to focus on the fundamentals – fundamental economics, that is. They want him to drop some of its ancillary pet projects – such as healthcare…
9Mar2009 | Money Morning | 0 comments | ContinuedCitigroup Concedes Wachovia to Wells Fargo
The much-ballyhooed battle between Citigroup Inc. (C) and Wells Fargo & Co. (WFC) ended with a whimper Friday, as Citi gave up its pursuit of the assets of Wachovia Corp. (WB) – the Charlotte-based lender that was undermined by its broad exposure to subprime assets.
On Sept. 29, Citigroup bid $2.2 billion for Wachovia’s banking operations, but left both Wachovia’s A.G. Edwards brokerage unit and its Evergreen mutual fund family on the table. That left the door open for Wells Fargo to swoop in four days later with a $12 billion bid for all of Wachovia’s operations. That includes a $498 billion…
13Oct2008 | Money Morning | Comments Off | Continued
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