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Market Update: Citigroup (C), Bank of America (BAC), J.P. Morgan Chase (JPM), Wells Fargo (WFC)
General Motors Co’s Indian unit is partnering local firm Reva Electric Car Co. to develop electric vehicles for the Indian auto market, with the plan to sell battery-operated small cars within a year. U.S. and global automakers are betting that battery technology will make electric cars the environmentally friendly transportation of the future accompanied by higher gasoline prices and stricter emission rules. –Reuters
The numbers of U.S. citizens filing first-time claims for jobless benefits dipped unexpectedly last week to the lowest level in two months, another sign firings are slowing. Applications fell by 21,000 to 530,000 in the week ending Sept.…
24Sep2009 | Jutia Group | 1 comment | ContinuedMarket Updates: Novavax (NVAX), Corning (GLW), Wells Fargo (WFC), Citigroup (C)
Shares of Novavax Inc (NASDAQ: NVAX) fell 5 percent in pre-market trade today, a day after the vaccine maker said it planned to raise capital by selling its common shares. The company said it agreed with Wm Smith & Co to sell $10 million in gross proceeds of its stock. Novavax shares have risen about 93 percent since the H1N1 swine flu was declared a pandemic. –Reuters
Corning Inc. (NYSE: GLW) said Wednesday that it has bought all shares of Axygen BioScience Inc. and its subsidiaries from American Capital Ltd. (NASDAQ: ACAS) for about $400 million in cash. -Marketwatch
Lehman Brothers has accused Barclays…
16Sep2009 | Jutia Group | 0 comments | ContinuedMarket Updates: Campbell Soup (CPB), Fedex (FDX), American International Group (AIG), Wells Fargo (WFC)
Campbell Soup Co. (NYSE: CPB) said fiscal fourth-quarter net income fell to $69 million, or 20 cents a share, from $89 million, or 25 cents a share, as sales dropped to $1.53 billion from $1.71 billion. Excluding items, it would have earned 30 cents a share, topping the 26 cents-a-share guidance. The company sees fiscal year earnings rising 5% to 7%. –Marketwatch
GM’s Chevrolet Equinox, which is powered by a pollution-free fuel-cell, passed its one millionth mile in test drives. GM stated that trials have been done with roughly 5,000 people rotating in and out of more than 100 cars over the past…
Banking with Wells Fargo (WFC)
The beating banks took over the last two years was brutal. Failures, bad mortgages, and investments gone bad caused the crisis we just weathered – and it may not be over yet. S&P Sector SPDR Financials (XLF), an ETF that tracks the sector, dropped 72.0% from its high last September to its low in March.
Such painful declines appear to have stopped for now. As we said two weeks ago, financials have friends in high places. Stocks have exploded off the March lows. Banks in general are showing promise as credit becomes easier. There’s still a long way to go for…
31Aug2009 | Invest With An Edge | 0 comments | ContinuedMarket Update: Intel (INTC), Yum Brands (YUM), Wells Fargo (WFC)
Retail Sales Rise; Eurozone Output Up; Intel Posts Loss, Lower Sales; KFC/Pizza Hut Parent Sees Profit Rise; Layoffs Ground US Airways; Continental Records $44 Million Charge; Wells Fargo Sells $600 Million in Bad Mortgages?
- Higher gas prices and heavy discounts at automakers led to a rise in retail sales in June – the second straight month of gains, the government reported. The Commerce Department said total retail sales rose 0.6% last month, compared with May’s gain of 0.5%. The report showed auto sales rose 2.3% in June while gasoline station sales jumped 5% in the month.
- Industrial production in the 16-nation Eurozone…
Market Update: Wells Fargo (WFC), Bank of America (BAC), General Electric (GE), Dell (DELL) and more
GM May Salvage Pontiac Car; CIT Void to Be Filled, More Expensive; Dell Expects Higher Q2 Revenue; U.S., UBS Lawsuit Delayed for Possible Settlement; U.S. Deficit Grows; Russian Investor Boosts Stake in Facebook; Microsoft Office Goes Online
- General Motors Co. (OTC: GMGMQ) is “actively” looking to salvage the relatively new Pontiac G8 from the discontinued Pontiac brand – renaming it as the “Caprice†– to provide a large performance sedan to the Chevrolet division, which will soon account for 75% of GM’s U.S. auto sales, company Vice Chairman Bob Lutz told The Wall Street Journal. In an e-mail to the newspaper, Lutz…
TARP Banking Update: Citigroup (C), U.S. Bancorp (USB), BB&T (BBT), Capital One Financial (COF), Wells Fargo (WFC), PNC Financial (PNC)
A total of 10 U.S. banks have now repaid the preference share investments in them made by the U.S. Treasury Department’s Troubled Assets Relief Program (TARP), thus demonstrating that the government thinks they are sound. A number of others have yet to pay back that federal infusion.
For investors, the question is this: Where do we go from here? Do we believe the government’s clean bill of health on the 10 TARP escapees, and do we mark down the shares of the banks that remain in the government’s debt?
The question is a simple one. But the answer is anything but clear-cut.
At the…
17Jun2009 | Money Morning | 0 comments | ContinuedMarket Update: AT&T (T), General Motors (GM), Eddie Bauer (EBHI), Wells Fargo (WFC)
GM Names Post-Bankruptcy Chairman; Eddie Bauer Going Bust?; Consumer Confidence Climbs; U.S. Bankruptcy Filings Soar; Wells Fargo Lags On Applying for TARP Repayment; Crude Oil Tops $70
- Edward E. Whitacre Jr., who built AT&T Inc. (NYSE: T) into the largest U.S. provider of telephone services, will become chairman of General Motors Corp. (NYSE: GM) when the company leaves bankruptcy, the nation’s biggest automaker announced yesterday (Tuesday). Whitacre will lead a 13-member board that includes interim Chairman Kent Kresa, and Chief Executive Officer Fritz Henderson. Whitacre was chairman and CEO at Dallas-based AT&T and predecessor SBC Communications Inc. from 1990 until 2007. The appointment moves GM closer…
China Leads Rally in Asian Markets
Asian shares hit new highs across the board on Friday, highlighted and spearheaded by China markets’ ascension to their highest levels in almost eight months.
The Asian markets reacted sharply to a surge in U.S shares after Wells Fargo & Co. (WFC) said it expected to post a record quarterly profit of $3 billion, topping analysts’ expectations.
“The market was helped by Wells Fargo’s stronger than expected first quarter results estimate, fueling hopes of stabilization in U.S. financial markets,” Won Jong-hyuck, a market analyst at SK Securities in Seoul, told Reuters.
The U.S. financial sector was sharply higher, with the S&P financial index…
13Apr2009 | Money Morning | 0 comments | Continued
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