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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 | ContinuedGlobal Investing News
OPEC May Cut Output Again; McClatchy Cans 1,600; Malaysia May Quadruple Stimulus; Public Transportation Ridership at 52-Year High; AIG Warned Feds of “Catastrophic” Collapse; Wells Fargo Shares Rise on Buffett Comments; Capital One Cuts Dividend 87%
- The Organization of Petroleum Exporting Countries (OPEC) needs to cut its oil output by an additional 800,000 barrels a day, the group’s secretary-general, Abdalla el-Badri, said yesterday (Monday). OPEC will also lower its 2009 demand forecast to a drop of 1 million barrels a day in 2009, a boost from its earlier forecast of 600,000 barrels a day, Bloomberg reported.
- Newspaper chain McClatchy Co. (MNI)…
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 | ContinuedGlobal Investing News
FOMC Meeting Offers No Solutions; First Wells Fargo Loss Since 2001; Total Buys Oil-Sands Explorer; AT&T Posts 4Q Decline; Boeing to Double Job Cuts; Time Warner Cuts 700 Jobs; UBS Reduces Bonuses; Ford’s Fourth-Quarter Loss
- The Federal Open Market Committee yesterday (Wednesday) left its benchmark Federal Funds rate at a range of 0% to 0.25%. “Industrial production, housing starts, and employment have continued to decline steeply, as consumers and businesses have cut back spending,” the FOMC said in statement. “Furthermore, global demand appears to be slowing significantly.” The Fed said that it continues to “purchase large quantities of agency debt and mortgage-backed securities,” and…
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 | ContinuedAs the Credit Crisis Deepens, There Are Still Many More Questions Than Answers
Is there any end in sight? Will the G7 provide strong actions (or statements of confidence) to support the global markets? Are these efforts by the world’s central banks helping or simply scaring investors? Should more regulatory actions be taken? Should exchanges suspend trading temporarily (as some suggest) until calmer heads prevail?
With Lehman Brothers Holdings Inc. (OTC: LEHMQ) gone, investor worry shifted to Morgan Stanley (MS) and Goldman Sachs Group Inc. (GS) and both stocks plunged accordingly. While Japan’s Mitsubishi UFJ Financial Group Inc. (ADR: MTU) still claimed to be moving forward with a deal that would bring Morgan a badly needed $9 billion capital infusion,…
13Oct2008 | 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 | ContinuedGlobal Investing Roundups
Symantec Upgrade; Monsanto Sees Credit for Crops; AIG’s Costly Retreat; Wells and Citi Extend Ceasefire; Pending Home Sales Climb; Crude Hits Lowest Level in 2008
- Symantec Corp. (SYMC) was upgraded to “overweight” from “neutral” by a JPMorgan Chase & Co. (JPM) analysts yesterday (Wednesday). "We are upgrading shares of Symantec… as the shares have fallen to a value less than what we believe the maintenance is worth, and investors are essentially getting the consumer business and any future enterprise license for free," JPMorgan’s John DiFucci wrote, MarketWatch reported.
- Monsanto Co. (MON), one of the largest global sellers of seeds and agriculture products, said that it…
Bank of America Shares Plunge on Earnings Shortfall, Major Dividend Cut
Shares of Bank of American Corp. (BAC) fell more than 26% during trading yesterday (Tuesday) as investors reacted to the company’s disclosure that it was cutting its dividend after its third-quarter earnings plunged a stunning 68%.
The Charlotte-based BofA also said it will cut its dividend in half – to 32 cents a share – and will sell as much as $10 billion in common stock to beef up its balance sheet.
The dividend cut underscores the crisis-like capital situation in the U.S. banking sector, especially since Bank of America executives had repeatedly told Wall Street that the bank would not cut…
8Oct2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Retirement Plans Lose $2 Trillion; eBay Sells Out Workforce; Eli Settles Marketing Dispute; Morgan Stanley Gets OK on Capital Infusion; IMF Says Rough Economic Times Ahead; Wachovia Split?
- American retirement plans have lost as much as $2 trillion, or 20% of their value, in the past 15 months, Peter Orszag, head of the Congressional Budget Office estimated yesterday (Tuesday). "Some people will delay their retirement. In particular, those on the verge of retirement may decide they can no longer afford to retire and will continue working," Orszag said.
- EBay Inc. (EBAY) said yesterday (Tuesday) that it will cut 10% of its work force…
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