Survey; U.S. began recession in April; Target 3Q Profit Down 24%; Merrill Lowers 2009 Brazil Growth to 2.9%; Hong Kong Officially in Recession; SEC Charges Cuban with Insider Trading; Lowe’s Revenue Climbs; October Industrial Output Rises The U.S. economy entered recession in April and will last a total of 14 months, according to a survey […]
Archives for November 2008
November 2008 - Page 5 of 10 - Money Morning - Only the News You Can Profit From
Citigroup Whacks Another 50,000 Jobs; Cuts Expenses by 20%
By Mike Caggeso Associate Editor Money Morning Citigroup Inc. (C) today (Monday) unveiled plans to cut more than 50,000 jobs in the “near term” and slash expenses by 20% to preserve capital as it faces a global slowdown that’s expected to push well into 2009. The cuts are on top of the 23,000 jobs eliminated […]
Bank of America to Boost Stake in China's No. 2 Bank
By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report Bank of America Corp. (BAC) will almost double its stake in state-owned banking giant China Construction Bank Corp., and will control nearly 20% of China’s second-largest bank when the deal is finalized. The official announcement yesterday (Monday) ends months of speculation that the Charlotte, N.C.-based BofA […]
Japan Officially Enters Recession as Exports Lose Steam
By Jason Simpkins Associate Editor Money Morning Japan, the world’s second largest economy, officially entered into a recession in the third quarter, as growth shrank at an annualized rate of 0.4% after posting a second-quarter contraction of 3.7%. Japan’s downturn is worse than many economists had expected and could worsen, as consumers in the United […]
U.S. Automakers, Freddie Mac and Foreign Exporters Next in Line for Bailout Handouts
By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report This week is shaping up to be another active one on the bailout-and-financing front. First and foremost, Congress returns to work this week to consider a once-unthinkable proposal: Put up billions in taxpayer-backed loans so that Detroit’s “Big Three” can be saved. Expect a fight, however, […]
Hot Stocks: Priceline.com Shares Poised to Beam Up, Barron's Says
[“Hot Stocks” is a new Money Morning feature that analyzes the investment outlook of global companies that are in the news. This is the fifth installment of this ongoing investment series.] Money Morning Staff Reports With Priceline.com Inc. (PCLN) – the name-your-own-price travel-services player – it’s time to either beam up or buy in. Priceline […]
How Investors Can Find 'Obamanomics' Profit Plays
The election of Barack Obama as the next U.S. president creates plenty of profit plays for investors in the New Year.
With his landslide election victory Tuesday – coupled with Democratic gains in the House of Representatives and in the Senate – U.S. President-elect Barack Obama will have the ability to pursue more or less any policy he wants.
Bank of America Seeks to Boost Stake in China Construction Bank, Influential China Biz Magazine Reports
By William Patalon III Executive Editor Money Morning/The Money Map Report Bank of America Corp. (BAC) will likely boost its stake in state-owned banking giant China Construction Bank Corp., paying about 36 cents a share (2.46 yuan), or 1.2 times the Beijing-based lender's book value, China's Caijing magazine reported yesterday (Friday), citing unidentified sources. No […]
Eurozone Enters First Recession, U.S. to Follow
By Jason Simpkins Associate Editor Money Morning The Eurozone – the 15 countries that use the euro – has officially slipped into its first recession, as the region’s gross domestic product (GDP) contracted by 0.2% in both the second and third quarters of 2008. Analysts anticipate the recession will carry into 2009 before easing and […]
October Retail Sales Drop Fastest Pace Ever Heading into Holiday Shopping Season
By Mike Caggeso Associate Editor Money Morning U.S. retail sales dropped 2.8% in October, the largest monthly drop since the Commerce Department began tallying monthly retail sales in 1992. The sharp drop in consumer spending is largely the result of mounting job losses – with unemployment filings surging to 516,000 this week – and higher […]