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Government Rolls Out Long-Sought-After Anti-Foreclosure Program
Fannie Mae (FNM) and Freddie Mac (FRE), the mortgage giants taken over by the federal government back in September, will lower monthly payments for hundreds of thousands of struggling U.S. homeowners as part of a plan to accelerate anti-foreclosure efforts, federal officials announced yesterday (Tuesday).
Fannie and Freddie, the nation’s two-largest mortgage holders, will target loans in which borrowers are 90 days or more delinquent, and have high loan-to-income ratios, Bloomberg News reported. The companies may offer homeowners reduced interest rates and longer terms of as much as 40 years to trim monthly payments. By rewriting the terms on some overdue loans,…
12Nov2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
DHL Withdraws From U.S.; China ‘Stimulates’ Railway and Steel Industries; YouTube to Show Full-Length Flicks; McDonald’s October Sales Solid; DB Analysts Says GM Stock Worthless; Fannie Mae to Tap Fed Fund; Starbucks Profit Down 97%; U.S. Cotton Production Declines by a Third
- U.S. job cuts and slashed stateside budgets have forced express mailer DHL Express, a subsidiary of Deutsche Post AG, from the U.S. Market, Reuters reported. With the move, Deutsche Post AG cut 9,500 jobs (on top of 5,400 from earlier this year). It was also an early Christmas present for rivals United Parcel Service Inc. (UPS) and FedEx Corp. (FDX), who’ve also taken…
Boeing Threatens to Pull Out of $35 Billion Air Force Tanker Program
The Boeing Co. (BA) doesn’t believe it can win the controversial competition for a $35 billion U.S Air Force tanker contract without a six-month extension, and now has threatened to pull out of the competition altogether.
The Chicago-based Boeing said it wants the extension to incorporate what the aerospace giant contends are essentially new requirements calling for a bigger tanker with a larger fuel-carrying capacity. The Pentagon has told the bidders it will grant two months for the bidders to assemble and submit their new proposals, a Boeing official told the Atlanta Business Chronicle.
“If we’re unable to secure sufficient time to…
26Aug2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
GM Pins Hopes on Cruze; GameStop’s Worried Outlook; New Car-Parts Leader; U.K.’s Retail Sale Surprise; Oil Bounces Back; Is Lehman a Takeover Target?; Jobless Claims on Decline; BK Has Its Way
-General Motors Corp. (GM) announced yesterday (Thursday) it plans to invest $500 million in an Ohio plant that will be retooled to produce the smaller, gas-efficient Chevrolet Cruze. The half-billion dollar project is part of GM’s commitment to focus on smaller models in response to high gas prices. The Lordstown, Ohio plant will begin manufacture of the Cruze in 2010, MarketWatch reported.
-Shares of video-game retailer GameStop Corp. (GME) fell to $41 before…
22Aug2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Bristol Myers Moves for ImClone; Kodak Earnings Fade; Diana Shipping Doubles Earnings; Crude Stumbles Again; Google to Start VC Fund; Primetime Ad Drama; MasterCard Slumps on Less Spending; S&P Says U.S. Car Companies are “Junkâ€
-Bristol-Myers Squibb Co. (BMY) yesterday (Thursday) offered $4.5 billion in cash for biotechnology company ImClone Systems Inc. (IMCL), the Associated Press reported. ImClone’s board has yet to comment on the proposal, which offers its stockholders $60 per share, a 30% premium to its Wednesday closing price of $46.44. Bristol-Myers already owns about 17% of ImClone.
-Eastman Kodak Co. (EK) said yesterday (Thursday) that second-quarter profit fell, as traditional…
1Aug2008 | 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 | ContinuedIntel Surprises Wall Street With Record Second Quarter, Strong Global Outlook for Remainder of Year
Thanks to soaring worldwide demand for PC chips, Intel Corp. (INTC) late yesterday (Tuesday) reported a 25% jump in second-quarter profits and provided a forecast for sales that exceeded analyst estimates.
Intel – the world’s biggest chipmaker – said it earned $1.6 billion, or 28 cents a share, up from profit of $1.28 billion, or 22 cents a share, from the same period last year. Revenue was $9.47 billion, a 9% jump from sales of $8.68 billion for the same quarter a year ago.
Analysts had expected the Santa Clara, Calif. chip giant to report earnings of 26 cents a share on…
16Jul2008 | Money Morning | Comments Off | ContinuedWaiting for the Fed’s Decision, Statement
Economists and investors wait with bated breath for the U.S. Federal Reserve to release the statement from the Federal Open Market Committee this afternoon (Wednesday) at 2:15 p.m. EDT.
While it is almost universally expected that the FOMC will vote to hold the Federal Funds rate steady at its current 2.0%, the language in the accompanying statement will be scrutinized for clues about the upcoming August and September meetings.
In a recent Bloomberg News survey, all 101 economists queried expect the Fed to pause on any further rate actions for the time being. Many believe there will be no movement in…
25Jun2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Bank of America Boosts China Bank Stake; Home Prices Continue to Fall; Record Profit and Resignation for Vodafone; Standard Pacific Stock Shoots Up; Landis&Gyr Lands 7 Million “Smart Meter” Contract; S. Africa Grows a Slow 2.1% in 1Q; Gold Futures Fall $18.
–Bank of America Corp. (BAC) announced yesterday (Tuesday) that it would increase its stake in China Construction Bank Corp. to almost 11%, The Associated Press reported. The Charlotte-based bank plans to purchase 6 billion H-shares on or about June 5th, bringing Bank of America’s total investment in the Beijing-based bank to 10.75%.
–The S&P/Case-Shiller home-price index declined 14.4% from the same period…
28May2008 | Money Morning | Comments Off | Continued
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