Jennifer Yousfi
Retail Sales to Suffer in 2009 as U.S. Consumers Curtail Spending
[Editor's Note: This is the seventh installment of our “Outlook 2009” series, which is detailing the global investing outlook for 2009.] By Jennifer YousfiContributing WriterMoney Morning Retail experts are predicting one of the most dismal holiday shopping seasons in decades this year – a crucial stretch that will set the stage for poor retail sales [...]
With its Pension Fund Grab, is it 'Déjà Vu All Over Again' For Argentina?
By Jennifer YousfiContributing Writer Money Morning By grabbing $26 billion in private pension money last month, Argentina may have put itself on track for its second debt default in a decade – ironically, the very situation that country’s government had hoped its bit of leisure-fund larceny had hoped to avoid. “The misguided macroeconomic and monetary [...]
Exxon Mobil Posts Record $14.8 Billion Profit, Shell Tops Estimates
By Jennifer YousfiManaging EditorMoney Morning Exxon Mobil Corp. (XOM) set a U.S. profit record today (Thursday) when it announced its third quarter profit topped $14.8 billion on record-high oil prices. Exxon Mobil, the largest U.S. oil company, earned $14.8 billion, or $2.86 per share, a 58% increase from the $9.41 billion, or $1.70 per share [...]
Las Vegas Sands Shares Soar After Singapore Deals Itself In
By Jennifer YousfiManaging EditorMoney Morning Las Vegas Sands Corp. (LVS) shares more than doubled yesterday (Wednesday) after Singapore’s government pledged support for the completion of a local $4 billion casino project. Las Vegas Sands stock hit a daily high of $10.97, before paring back to close at $8.91 with an 80% gain of $3.96 each. [...]
Volkswagen's Racing Shares Fueled by Porsche Investment
By Jennifer Yousfi Managing Editor Money Morning Short-sellers scrambling for cover sent shares of Volkswagen AG (OTC ADR: VLKAY) rocketing up more than $1,000 each yesterday (Tuesday), to briefly give the German automaker the most valuable market capitalization in the world. Volkswagen's Frankfurt-traded shares soared as high as $1,258 (1,005 euros) before closing at $1,186 [...]
Four Ways to Protect Your Retirement From the Ongoing Financial Crisis
By Jennifer YousfiManaging EditorMoney Morning In the depths of a bear market that has carved between $500 billion and $2 trillion from U.S. retirement accounts so far this year, as many as two-thirds of all Americans have stopped contributing to their retirement plans, a new study shows. And that’s precisely the wrong decision to make [...]
Dow Zooms Above 9,000 on Eve of Expected Fed Rate Cut
By Jennifer YousfiManaging EditorMoney Morning U.S. equities rallied yesterday (Tuesday) as the U.S. Federal Reserve convened for the first day of a two-day meeting of its monetary policy committee. At the New York close, all three major U.S. indices had sizeable gains: The blue-chip Dow Jones Industrial Average Index soared 889.35 points, an increase of [...]
Tight Credit for Farmers Leads to Smaller Crops, Higher Prices and More Hunger
By Jennifer YousfiManaging EditorMoney Morning Tighter credit for farmers could worsen a global food crisis as smaller crop sizes cause prices to soar. Many farmers have traditionally bought pre-season supplies such as seeds and fertilizer on credit and then paid off the debt with the proceeds from the year’s harvest. But with a growing number [...]
Global Sell-Off Takes a Toll on U.S. Equities
By Jennifer YousfiManaging EditorMoney Morning U.S. markets tumbled Friday as a global sell-off spread from Asia and Europe, as fears of a worldwide recession intensified. At the New York close on Friday, the blue-chip Dow Jones Industrial Average Index had plunged 312.62 points (-3.6%), to trade at 8,378.63. The tech-laden Nasdaq Composite Index shed 51.88 [...]
Recession Fears Hit Home as World Markets Plummet and U.S. Economy Contracts
By Jennifer YousfiManaging EditorMoney Morning Fear of a global recession is quickly becoming reality as world markets have lost $10 trillion in value in the month of October and the U.S. economy almost certainly contracted in the third quarter. “The growing reality is that this is not just a slowdown, but a true recession,” Joel [...]
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