February 2009 - Money Morning - Only the News You Can Profit From

GDP Contracts 6.2% with Analysts Divided Over a Recovery

By Jason SimpkinsManaging EditorMoney Morning U.S. gross domestic product (GDP) contracted at a 6.2% annual pace in the fourth quarter of 2008, the most since 1982, the Commerce Department said Friday. The government last month estimated the drop in fourth-quarter GDP at 3.8%.  Friday's 2.4 percentage-point revision was almost five times as large as the […]

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Global Investment News Briefs

JPMorgan Cuts 2,800 WaMu Jobs; GM Post $30-Billion Loss; Hong Kong Exports Sink; IGM Retains 2009 Outlook; Jobless Claims Spike; Oil Rises for Second Day in a Row JPMorgan Chase & Co. (JPM) will eliminate 2,800 jobs at Washington Mutual through attrition, Bloomberg reported. In December, the company slashed 9,200 jobs at WaMu, which it […]

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Three Reasons Bank Nationalization Will Keep Investors Awake at Night

By Martin HutchinsonContributing EditorMoney Morning It’s a tough time to be a bank shareholder. You’re not just worrying about whether the ongoing recession or a further lurch downwards in housing prices is going to decimate the value of your bank’s loan portfolio. You’re also worrying about whether some government “stress test” or – worse still […]

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Global Investment News Briefs

Nortel Cutting 3,200 Jobs; Agrium Makes Hostile Bid for CF Industries; Ambac Posts $2.34 Billion 4Q Loss; Obama Picks Locke; Oil Rallies; SanFran Chronicle Could Close Nortel Networks Corp. (NRTLQ) said it plans to slash 3,200 jobs as part of the company's efforts to climb out of bankruptcy protection. "With the unprecedented economic environment and […]

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The One Trend That Hints at Housing’s Recovery

By William Patalon IIIExecutive Editor Money Morning/The Money Map Report The National Association of Realtors said today (Wednesday) that sales of existing homes fell to their lowest level in almost 12 years, as prices also fell and are now near their six-year lows. The trade group said that sales of already existing houses fell a […]

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