Investment News Staff
List of Apple Inc. (Nasdaq: AAPL) Suppliers
In a fortuitous turn of events for investors, notoriously secretive Apple Inc. (Nasdaq: AAPL) has released a list of more than 150 of its suppliers.
But for investors, the list of suppliers is a potential a treasure trove. Although many of the names on the list were known, some are new and represent possible ways to play Apple without paying the premium for Apple stock.
Apple was compelled to release the list of suppliers to mollify critics who accused the Cupertino, CA,-based company of being complicit in questionable workplace practices in parts of its Asian supply chain.
According to Apple, the list of suppliers represents "97% of Apple's procurement expenditures for materials, manufacturing, and assembly of Apple's products worldwide."
Bank Of America Settlement: The Latest News
The Bank of America has not been having a good time. The recession pushed the bank down right down to its knees and its take a long time to get back again. But now it’s been hit hard with several whopping lawsuits that threaten to dent its bottom line and its reputation in the long run.
Lawsuits Galore In 2009-2010
In the shaky economy, the Bank of America had foreclosed on several homes all over the US due to non payment of dues. According to homeowners and recent disclosures, these foreclosures could have been illegal and carried out due to an automatic rubber stamping process that resulted in a huge subprime mortgage problem that resulted in a housing crash. The Attorney General has now filed suit against the Bank of America, JP Morgan Chase, Citi, Ally Financial and Wells Fargo, as well as the MERS corp alleging that they indulged in deceptive trade practices and fake documentation to push the foreclosures through. At present apart from the above mentioned banks, seventeen major banks are facing a lawsuit over the mortgage issues and the subsequent losses that were experienced by lending companies. A bank of america settlement might be possible but it still has to be negotiated through.h In a separate case, the US BANCORP association filed suit against the Bank of American stating that the Bank must buy back its present mortgages. They are currently arguing that the loans were made without proper documentation. The Bank of America had acquired Countrywide, a subprime lending giant in 2008 and most of these loans were theirs. The Association states in their suit that as soon as the loans were sold to US BANCORP, the loans started to default at an alarming rate and these loans where all set up by Countrywide. Countrywide cost about $4 billion to purchase but the subsequent losses from its acquisition have hit a mind boggling $30 billion.
No Changes to Fed Policy
The U.S. Federal Reserve today (Tuesday) kept its benchmark interest rate at a record low level Tuesday and made no changes to the key "extended period" policy pledge.
In its description of the economy, the Fed noted that "household spending is expanding at a moderate rate but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit." Also, the housing market has yet to turn a significant corner and the commercial real estate market remains in dire straits.
"Investment in nonresidential structures is declining, housing starts have been flat at a depressed level, and employers remain reluctant to add to payrolls," the Fed statement said.
RE: "The Tyranny of Wall Street," by Shah Gilani
Okay, I am going to state the obvious… all branches (executive, legislative, and judicial) of our government and all of our representatives from State level up to the top of the pyramid, whether it be Democratic, Republican, Independent or Green Party, ARE IN BUSINESS WITH Wall Street…. Heck, Mr. Dimon (President of JP Morgan Chase) [...]
Investment News Briefs
Alcoa Narrows Loss, Misses Estimates; Financial Services Fee Part of Obama's Budget Plan; China's Exports Grow For 1st Time in 13 Months; Google Slammed With Complaints on Nexus One Phone; Femsa Sells Beer Franchise To Heineken; IRS Set to Audit Harvard's Investments
Investment News Briefs
Former McKinsey Director Pleads Guilty in Galleon Scandal; Unemployment Claims Drop; EPA Tightens Ozone Standards; Cold Snap Threatens Natural Gas Production; State Tax Collections Plummet; Oil Slides From a 15-month High
Investment News Briefs
With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world.
Dodd's Departure; Cybersitter Files Suit; ADP: Service Sector Added Jobs in Dec.; Harley's Hogs to Rumble in India; GMAC to Post Record Loss; Markman Calls Dow Surge
- U.S. Sen Christopher Dodd, D-CT, said yesterday (Wednesday) that he will not seek re-election in November, potentially altering the debate over financial reform. Dodd, who is chairman of the Senate Banking Committee, in November released an 1,136-page draft bill for reform that would create several new protection agencies, increase regulation of credit agencies and derivatives, and alter the role played by the U.S. Federal Reserve in the financial system. However, analysts say that without having to worry about re-election, Dodd is likely to be more willing to compromise on objections raised by Republicans and the financial services industry." Even if Dodd wanted to get tougher, he does not have the votes to do it," Jaret Seiberg, an analyst with Concept Capital, told The Wall Street Journal. "That means compromising to get the Dodd-Shelby-Frank Financial Reform bill enacted."
Number of the Day: At 84,000, Private-Sector Job Losses For December Are Less Than Expected
Is the U.S. jobs market finally ready to move in the right direction? According to a national employment report released yesterday (Wednesday), that appears to be the case. The U.S. economy lost an estimated 84,000 private-sector jobs in December, the smallest decline since March 2009, the report said. Also good news: Service providers – the [...]
Investment News Briefs
With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world.
Kraft Raises Cash Bid for Cadbury; Google Phone Sales Begin; Automakers See Strong U.S. Sales Gains; Whitney Slashes Goldman Forecast; Gulf Infrastructure Gets a Boost; Construction Collapse; IT Obstacle
- Kraft Foods Inc. (NYSE: KFT) has agreed to sell its DiGiorno and Tombstone pizza brands to Nestle SA (OTC ADR: NSRGY) for $3.7 billion, using all the net proceeds from the sale to boost the cash portion of its offer for Cadbury PLC (NYSE ADR: CBY) . In related news, Warren Buffet's Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) voted against Kraft's offer to issue up to 370 million shares for the Cadbury acquisition, saying it would change its vote if the transaction doesn't "destroy value for Kraft shareholders." Berkshire's stake of more than 9% in Kraft makes it the food maker's largest shareholder. Nestle, meanwhile, formally took its name out of the running of any possible bidders for Cadbury in a terse statement.
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