Circuit City Ousts CEO; Huge MSFT Buyback; McAfee Buys Secure Computing; Buffett's Cash Wins Out; WaMu Downgrade; CarMax Crashes; Krawcheck Out at Citi; Legg Mason Not Going Private Circuit City Stores Inc. (CC) announced yesterday (Monday) that Chairman, Chief Executive and President Philip Schoonover would resign from all posts, effective immediately. Schoonover was the subject […]
Archives for September 2008
September 2008 - Page 4 of 11 - Money Morning - Only the News You Can Profit From
Japan's Nomura Broadens Horizons With Purchase of Bankrupt Lehman Assets
By Jennifer Yousfi Managing Editor Nomura Holdings Inc. (ADR: NMR) yesterday (Monday) snapped up bankrupt Lehman Brothers Holdings Inc.'s (OTC: LEHMQ) Asia assets, and is close to inking a deal for its European units as well. Tokyo-based Nomura will pay $225 million for Lehman's Asia-Pacific operations. As part of deal, Nomura will take on 3,000 […]
Government Plan to Stabilize U.S. Financial Markets Has a $700 Billion Price Tag
By Jennifer YousfiManaging Editor U.S. Treasury Secretary Henry Paulson has requested sweeping new powers for the Treasury Department as he seeks $700 billion in government funds to purchase troubled financial assets from firms facing a lack of liquidity or investor confidence. Over the weekend Paulson submitted legislation to Congress that he hopes will see the […]
Wracked by Problems, the U.S. Economy Keeps Digging Its Way Out
By William Patalon III Executive Editor Money Morning/The Money Map Report Where to start? Market volatility is sure to continue for the indefinite future as investors, economists, analysts and politicos debate the merits of the federal government’s ongoing move – and try to make heads or tails out of the new financial landscape. Mega-financials that […]
Buy, Sell or Hold: Potash Corp. Revisited
In this column back on Monday, Aug. 4, I wrote about Potash Corp. (NYSE: POT), advising investors to sell the company’s shares immediately, and to buy them back later in the year, after the outlook for the company’s business became more clear. At the time I said the reasons for taking profits on the stock […]
The Credit Crisis and the Real Story Behind the Collapse of AIG
[In Part II of his three-story investigation of the credit crisis,Money Morning Contributing Editor Shah Gilani shows us how American International Group, a perfectly sound company that’s survived for 89 years, was destroyed by some errant bets on a derivative security called a “credit default swap,” or CDS. It’s a story you’ll read nowhere else.] […]
The New Short-Selling Rules: A Day Late and $2 Trillion Dollars "Short?"
By Keith Fitz-GeraldInvestment DirectorMoney Morning/The Money Map Report Earlier this week, the U.S. Securities and Exchange Commission (SEC) announced new cmeasures designed to reign in so-called abusive “short-selling” of stocks by forcing “short-sellers” to actually deliver the shares of companies they’re shorting. Now the SEC has taken an “emergency action” and temporarily halted short selling […]
Global Investing Roundups
Palm Can't Compete; Oracle Reports Profit Jump; Gustav Drives Unemployment; AIG Taps Edward Liddy; McCain Wants SEC Chief Canned; FedEx Felled by Fuel Costs Palm Inc. (PALM) yesterday (Thursday) reported its fifth consecutive quarterly loss, as that maker of the Treo smartphone continued to lose ground to the more popular Blackberry models from rival Research […]
Central Banks Attempt to Boost Liquidity as Money Market Melts Down
By Jason Simpkins Associate Editor Central banks yesterday (Thursday) launched a coordinated effort to flood global money markets with U.S. dollars in hopes of easing strained financial systems in danger of freezing up entirely. However, many analysts see this as only a short-term solution that will lower overnight lending rates but fail to assist financial […]
The Government's Financial Crisis Fix-it Plan Sends Stocks Soaring, Though Some Argue There's no Quick Fix for this Disaster
By Jennifer Yousfi, William Patalon IIIAnd Jason Simpkins Money Morning Editors U.S. stocks rallied the most in six years yesterday (Thursday) – with traders actually cheering the ticker action from the floor of the New York Stock Exchange – on the news that the federal government is taking steps to shore up the unraveling U.S. […]