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Here’s Why the Stock Market Relief of Late Last Week May Not Last
While investors remain extremely concerned about the volatility of the U.S. stock market, the weakness of the American economy and the uncertainty of the global financial markets, last week brought “slight” relief from the excessive panic of the eight-trading-session losing streak. Bear in mind that each new economic report, earnings statement, news report or trading session represents a new opportunity for fear and uncertainty to reemerge.
Fortunately, next week’s economic calendar remains quite light, although retailers may just weigh in with “doom-and-gloom” holiday predictions. Earnings season may be weak as well (with even more pessimistic outlooks), so investors should not overreact…
20Oct2008 | Money Morning | Comments Off | 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 | ContinuedTemporary Litigation Halt as Citigroup and Wells Fargo Continue to Vie for Wachovia
After a day of dueling lawsuits yesterday (Monday), all parties agreed to halt litigation for two days as Citigroup Inc. (C) and Wells Fargo & Co. (WFC) continued to squabble over rights to purchase Wachovia Corp. (WB).
The three banks jointly pledged to “cooperate in good faith to agree among themselves to secure orders where necessary in all applicable cases in all jurisdictions,” according to a statement from Wachovia.
The agreement was reached after consultations with the U.S. Federal Reserve, Bloomberg News reported. The “litigation standstill” will be in effect until noon EDT tomorrow (Wednesday).
Earlier in the day, Citigroup had…
7Oct2008 | Money Morning | Comments Off | ContinuedCitigroup Takes Issue with Wells Fargo Bid for Wachovia
Wells Fargo & Co. (WFC) Friday agreed to buy all of Wachovia Corp. (WB) for about $15 billion in stock, however, Citigroup Inc. (C), which had already agreed to buy Wachovia’s banking operations, immediately issued a protest that could jeopardize the deal.
“Citi has substantial legal rights regarding Wachovia and this transaction,” Citi said in a statement. “Wachovia’s agreement to a transaction with Wells Fargo is in clear breach of an exclusivity agreement between Citi and Wachovia.”
Story continues below…
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Wells Fargo’s $15…
6Oct2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Mitsubishi Seeks CA Bank; Bargain Hunters Boost TJX; BP Takes Precautions in Georgia; LDK Shines in Second Quarter; Trade Deficit Shrinks on Record Exports; Budget Deficit Triples its Record; Freddie and Fannie Lobby Uncle Sam; Things Get Worse for Wachovia
Mitsubishi UFJ Financial Group Inc. (ADR: MTU) offered UnionBanCal Corp. (UB) $63 per share for the remaining 35% stake that Mitsubishi does not already own. San Francisco-based UnionBanCal, which earlier rejected a $58-per-share offer from Tokyo-based Mitsubishi, have yet to respond to the sweetened bid, The Los Angeles Times reported.
The TJX Cos. Inc. (TJX), the owner of discount-clothing retailers T.J. Maxx…
13Aug2008 | Money Morning | Comments Off | ContinuedWachovia CEO Thompson Shown the Door After 32 Years of Service, WaMu’s Killinger Steps Down as Chairman
G. Kennedy Thompson, formerly Wachovia Corp.’s (WB) chief executive officer, can now be added to the list of high-profile subprime casualties that already includes Citigroup Inc.’s (C) Charles O. “Chuck†Prince III, The Bear Stearns Companies Inc.’s (BSC) Chief Executive Officer James E. “Jimmy†Cayne, and Merrill Lynch & Co. Inc.’s (MER) E. Stanley “Stan†O’Neal.
Thompson will step down after 32 years of service after having made a series of untimely – and ultimately disastrous – decisions that have cost the company nearly half its market value over the past year.
Shareholders began clamoring for Thompson’s removal in April after the…
3Jun2008 | Money Morning | Comments Off | Continued
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