Global Investing Roundups

Home Sales Building Bank UP; Morgan Stanley Offers Saudi Swap; Rubin Changes Role at Citi; Ford Skids; Stormy Weather Boosts Oil; AMD Sells Off Losing Unit; Feds Find for Star Scientific; Golden Slump

  • Sales of existing homes rose in July, climbing 3.1% to a seasonally adjusted annual rate of 5 million units. Sales were expected to rise by only 1.6%, according to economists surveyed by Thomson/IFR, The Associated Press reported. Prices were down significantly from a year ago, as the median price for a home sold in July dropped to $212,000, down by 7.1% from 2007.
  • Former Treasury Secretary Robert Rubin yesterday (Monday) joined Citigroup Inc. (C) as the company’s "senior counselor.” Rubin will give up the chairmanship of the executive committee, which is being dissolved, but will remain on the board. Rubin served as an economic adviser to President Bill Clinton in 1993 and 1994 and was Treasury secretary from 1995 to 1999.
  • Shares of Ford Motor Co. (F) touched their lowest price in more than 22 years yesterday (Monday). The company closed at $4.41 a share down six cents, or 1.34%, after earlier falling as low as $4.35 in afternoon trading.
  • A federal appeals court breathed new life into Star Scientific Inc.'s (STSI) patent lawsuit against R.J. Reynolds Tobacco Co., a unit of Reynolds American Inc. (RAI). The U.S. Court of Appeals for the Federal Circuit, based in Washington, D.C., ruled yesterday (Monday) that a federal trial judge in Maryland was wrong in deciding that Star Scientific's patents were unenforceable, DowJones reported.
  • Gold sank yesterday (Monday) in a quiet trading day as the dollar’s rise led to profit taking by investors. "I think gold is finding its base here. It's mostly technical support holding prices above $820. Any dips below $820 are seen as a buying opportunity," Carlos Sanchez, precious metals analyst at the CPM Group in New York, told Reuters.