By Jason Simpkins Associate Editor What would have been one of the biggest acquisitions of the now moldering corporate buyout boom looks to be unraveling as banks, suffering from a drought of liquidity, balk on financing the transaction. Clear Channel Communications (CCU) dropped 16% yesterday after the Wall Street Journal reported the planned takeover of […]
Archives for March 2008
March 2008 - Page 3 of 16 - Money Morning - Only the News You Can Profit From
Oppenheimer Analyst Slashes Earnings of Top Four U.S. Banks
By Mike Caggeso Associate Editor Oppenheimer & Co. (OPY) analyst Meredith Whitney has slashed first-quarter earnings outlooks for the four largest U.S. banks – Bank of America Corp (BAC), JPMorgan Chase & Co. (JPM), Wachovia Corp. (WB) and Citigroup Inc. (C). Whitney said in a report that there is "no clear end in sight" for […]
Midday Market Update: Stocks Stumble on Weaker Financial Outlook
By Jennifer Yousfi Managing Editor Stocks dropped lower today (Wednesday) on weak durable goods numbers and Oppenheimer & Co.'s (OPY) revised forecast that first quarter banking losses will be larger than previously expected. At noon ET, the blue-chip Dow Jones Industrial Average Index had posted a decline of 111.45 points (-0.89%), to trade at 12,421.15. […]
A "Latte" of Changes in Store for Starbucks
By Mike Caggeso Associate Editor Howard Schultz, founder and chairman of Starbucks Corp. (SBUX), could use a good, stiff drink. Starbucks has been announcing major shakeups that affect nearly every element of operations this year as it copes with sliding sales, greater competition, and soaring coffee bean prices. Since Jan. 1, Starbucks has: Ousted CEO […]
Short-Term Rates Rise Despite Central Bank Efforts
By Jennifer YousfiManaging Editor Interest rates for short-term loans with a maturity of three months or less continue to inch up, despite moves by global central banks to restore liquidity in the markets. "There's really only a handful of banks that are offering cash," Ronald Tharun, a money-market trader at a unit of Landesbank Baden-Wuerttemberg, […]
Global Investing Roundups
Facebook Taps Google Again; Lufthansa Acquires Swiss International Air; Help Wanted at FDIC; Sources: Tata Drops $2 Billion for Jag and Rover; Sasol Discounts $3.2 Billion in Shares; Pumpkins Sue Virgin; Citi Upgrades Yahoo; PC Market on the Rise Facebook Inc., the popular social-networking site, hired yet another executive from Internet search leader Google Inc. […]
A "Latte" of Changes in Store for Starbucks
By Mike CaggesoAssociate Editor Howard Shultz, founder and chairman of Starbucks Corp. (SBUX), could use a good, stiff drink. Starbucks has been announcing major shakeups that affect nearly every element of operations this year as it copes with sliding sales, greater competition, and soaring coffee bean prices. Since Jan. 1, Starbucks has: Ousted CEO Jim […]
Three Ways to Play the Dollar's Current Spiral
By Martin HutchinsonContributing Editor When some commentators see how steadily the U.S. dollar has declined against a basket of key world currencies, they've labeled it the "death spiral" of the greenback. They couldn't be more wrong. To the U.S. economy and to investors in U.S. companies, the dollar's current spiral is much closer to a […]
Thornburg's Final Bid to Avoid Bankruptcy
By Jason Simpkins Associate Editor Thornburg Mortgage Inc. (TMA) said yesterday (Tuesday) that it would raise $1.35 billion through a private-placement deal to help keep the company in business and avoid bankruptcy. Thornburg, which caters to borrowers with strong credit, specializes in "jumbo" mortgages – loans that exceed $417,000. It avoided subprime loans, which have […]
Short-Term Rates Rise Despite Central Bank Efforts
By Jennifer YousfiManaging Editor Interest rates for short-term loans with a maturity of three months or less continue to inch up, despite moves by global central banks to restore liquidity in the markets. "There's really only a handful of banks that are offering cash," Ronald Tharun, a money-market trader at a unit of Landesbank Baden-Wuerttemberg, […]