U.S. Bankruptcy Filings Soar; Japan's Bankruptcy Jitters; Boeing Backs Down in Face of Strike; Quicksilver's Ski Sale; Gustav Pushes Crude Higher; TiVo Swings to Profit; PetroChina Hurt by Subsidies; BP Ending Russian Venture In yet another indication of the weak economy, U.S. bankruptcy filings spiked in the second quarter, up 29% for the 12-month period […]
Archives for August 2008
August 2008 - Page 2 of 12 - Money Morning - Only the News You Can Profit From
ConocoPhillips Latest Oil Major to Exit Low-Margin Retail Gas Stations
By Jennifer YousfiManaging Editor ConocoPhillips (COP) is selling its remaining company-owned gas stations in the latest example of the changing face of the retail gas station business. According to unnamed sources, ConocoPhillips, the third-largest U.S. oil company and second largest U.S. refiner, plans to sell 600 company-owned gas stations to PetroSun West LLC for $800 […]
Commodities: Bear Market or Bounce?
By Martin Hutchinson Contributing Editor With oil off more than 20% from its July peak, and the Reuters-CRB Continuous Commodity Index down 19% from its June high, traders are betting that commodities have entered a bear cycle with much further to fall. But it is much more likely that commodities will enjoy another “bounce,” with […]
Buffett Reignites Berkshire Hathaway with a $4 Billion Spending Spree
By Jason SimpkinsAssociate Editor Not even Warren Buffett was immune to the stock market’s rampant first-half gyrations, as Berkshire Hathaway Inc. (BRK.A, BRK.B) notched its worst first half in 18 years, with the shares skidding more than 16%. But only a fool would count out the great Oracle of Omaha, who has spent the past […]
Global Investing Roundups
Retailer’s Sales Slump But Not Its Stock; Stay-at-Home Diners Hurts Darden; Oil’s Dollar Jump on Weather and Political Unrest; FDIC’s Bad Bank List Bulges; HP Closes Deal with EDS; Citi Pays Restitution; GT Solar Swings to Profit; Rio Digs Record Results U.S. retailer American Eagle Outfitters (AEO) announced yesterday (Tuesday) that second-quarter earnings fell to […]
Fed Signals Next Move Will be a Hike in Rates, But Timing Remains Uncertain
By Jennifer YousfiManaging Editor The next move from the U.S. Federal Reserve will be to increase the Federal Funds rate, although the timing of that hike remains to be decided. “A number of participants worried about the possibility that core inflation might fail to moderate next year unless the stance of monetary policy was tightened […]
Housing Weakness Begins to Moderate, But U.S. Market Still Far From Recovery
By Jennifer YousfiManaging Editor The U.S. housing market is putting more pressure on an already weak financial system as home prices continue to sink, dragged down by high levels of inventory and risk-adverse lenders. The Case-Shiller index – a survey of home prices in 20 major metropolitan areas – fell 15.9% year-over-year in June, Standard […]
Don’t Let the Market’s Juke Move Fake You Out of the Looming Profits in Gold
By Peter D. Schiff Guest Columnist In football, when a running back intends to cut to the left, he often first fakes right. This move is designed to make the defense commit its resources in the wrong direction. It is my experience that markets often follow a similar path. Just prior to a major move […]
Election 2008: Dawning of Democratic Convention Illuminates a Few Bright Spots For Investors
"Election 2008" is an ongoing Money Morning series that examines the investor implications of the presidential election campaign. By Martin Hutchinson Contributing Editor No matter who wins the looming presidential election – Barack Obama or John McCain – investors are likely to see a similar outcome: The new president will quickly remove the distortions in […]
LIBOR Indicates Credit Crisis Deepening as 2008 Draws to a Close
By Jason Simpkins Associate Editor The rate at which banks lend to each other hit its highest level in two months last week, and may soon approach record levels established last year – an indication that the credit crisis is far from over. The three-month dollar London interbank offered rate (LIBOR) last week reached 2.81% […]