What investor wouldn’t want to own General Electric Co. (NYSE: GE)? After all: With a market value of $300 billion, it’s the biggest industrial company in America. It owns one of the original “Big Three” television broadcasting networks in NBC – though it also operates the successful “informative portal” MSNBC in conjunction with high-tech heavyweight […]
Archives for August 2008
August 2008 - Page 6 of 12 - Money Morning - Only the News You Can Profit From
Strong Dollar Rally Causes Gold Prices to Tumble
By Jennifer YousfiManaging Editor Gold prices tumbled below $800 per ounce for the first time since late 2007 Friday, as the continuing U.S. dollar rally sparked an across-the-board retreat in commodity prices. Gold closed Friday at $792 an ounce, a decline of $22.40, or 2.75%. Gold prices have plummeted 23% since the "yellow metal" hit […]
Top Federal Reserve Officials Predict Weak Second Half; Warn Growth May Not Return Until 2010
From Staff Reports Two top U.S. Federal Reserve officials on Friday predicted a weak second half for the U.S. economy, warning that strong U.S. growth may not return until 2010. Atlanta Federal Reserve Bank President Dennis P. Lockhart and Chicago Fed Bank President Charles L. Evans both said the U.S. central bank is in no […]
Sentiment Buoyed by Lower Oil, But Consumers Still Certain of Recession
By Jennifer YousfiManaging Editor Consumer sentiment improved for the second consecutive month, as lower commodities prices picked the index of consumer confidence up from a 28-year low. The Reuters/University of Michigan Surveys of Consumers announced its index of consumer confidence inched up a half-point to 61.7 in early August from 61.2 in late July. However, […]
Although Oil Prices Have Declined, the Energy Sector Remains a Global Investing Wild Card
By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report Although consumers and businesses have gotten a bit of a reprieve at the gas pump as of late, the escalation in oil prices we’ve seen over the past year has led to some major changes in overall consumer behavior. Many car-owners have dumped their gas-guzzling pickup […]
With OPEC Planning to Cut Production, the Decline in Oil Prices May Not Last
By Jason Simpkins Associate Editor Oil prices have plummeted 24% from the record high levels achieved in July, but the sell-off that sparked a stock-market rally over the last four weeks may not last since the Organization of Petroleum Exporting Countries (OPEC) is already gearing up to cut production. OPEC, the cartel that controls roughly […]
Weak Exports and Domestic Spending Declines Push Eurozone to the Recessionary Brink
By Jennifer YousfiManaging Editor The Eurozone economy recorded its first decline in more than a decade as slowdowns in the European Union’s largest economies dragged on gross domestic product (GDP). The Eurozone economy, which covers the 15 nations that share the euro currency, contracted 0.2% in the second quarter, as a 0.5% decline in Germany […]
Global Investing Roundups
Airline Triple Threat; Oil’s $100 Floor; Wal-Mart’s Thrifty Shoppers; Six Flags on a Thrill Ride; Gannett Printing Pink Slips; GM’s Electric Car On the Way; Estee Lauder Looks Good; Netflix’s Mail Snafu British Airways PLC (OTC ADR: BAIRY), AMR Corp.’s (AMR) American Airlines Inc. and Iberia SA (PINK: IBRLF) announced yesterday (Thursday) that they were […]
Soaring Consumer Prices and Mounting Foreclosures Threaten 2008 Economic Growth
By Jason SimpkinsAssociate Editor Consumer prices rose sharply in July even as home foreclosures spiked, making it increasingly likely the economy will stall in the year’s last half under the weight of soaring unemployment, declining home values and accelerating inflation. Banks foreclosed on 77,295 homes in July, 8% more than a month prior, and 183% […]
Japanese Bank Bid Suffers Setback
By Jennifer YousfiManaging Editor Mitsubishi UFJ Financial Group’s (ADR: MTU) $3 billion bid to obtain California’s UnionBanCal Corp. (UB) suffered a blow yesterday (Thursday) when a shareholder advisory committee determined the offer price was too low. “The proposed price does not reflect the strength of UnionBanCal’s strong capital position, the superior credit quality of its […]