By Mike Caggeso Staff Writer Dubai's extended its state-funded global reach a bit further yesterday (Wednesday) when its Dubai World investment arm agreed to pay $5.1 billion for a 9.5% stake in investor Kirk Kerkorian's MGM Mirage (NYSE:MGM). Dubai World is a holding company for the Persian Gulf state. News of the deal sent MGM […]
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Stocks
Wm Wrigley Capitalizing on Innovation, Global Reach
From Staff Reports Brokerage Bear Stearns Cos. (NYSE: BSC) yesterday (Tuesday) upgraded gum-and-candy maker Wm Wrigley Jr. Co. (NYSE: WWY) to “peer perform” from “underperform,” citing Wrigley’s better-than-expected competitive response to a competitive threat from rival Cadbury Schweppes (NYSE: CSG), as well as ongoing momentum in the developing markets and continued success with new products. […]
Dow Rallies After Early Concerns Subside
By Jason Simpkins Staff Writer U.S. stocks posted moderate gains yesterday (Monday) – rebounding from early setbacks – as still-fretting investors get ready to navigate a stretch that will be largely bereft of corporate earnings reports or critical economic reports. The Dow Jones Industrial Average climbed 42.27 points, or 0.32%, yesterday to close at 13,125.35, […]
Fed Cuts Discount Rate; Stocks Rebound
By Jason Simpkins The U.S. Federal Reserve cut the discount rate to 5.75% Friday, and in a statement indicated that it is "prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets." The Fed kept the benchmark Federal Funds rate at 5.25%. Discount window borrowing, […]
Analyst: U.S. Commercial Printing Could Offer Refuge From A Volatile Market
By Jason Simpkins If you’re looking for a safe haven in today’s volatile U.S. stock market, Piyush Sharma, a senior equity research analyst for Longbow Research, has suggested the commercial printing industry might be a good place to seek shelter. Markets have been extremely sensitive recently as credit problems continue to escalate. The Dow Jones Industrial […]
The Second Quarter Votes are in: Global Gains Trump Domestic Pains
By William Patalon III And Mike Caggeso When Deere & Co. yesterday (Wednesday) reported a 23-jump in quarterly profits, the agricultural-equipment maker said that a 5% sales slump in its North American market was more than offset by a 30% revenue gain in the company’s overseas markets. The Moline, Ill.-based Deere (NYSE: DE) – known […]
Nestle Loses AAA Rating From Fitch on $21 Billion Buyback
From Staff Reports And then there were three. It sounds like the title for an Agatha Christie novel, but it’s actually a commentary on the change in the top-tier of the global corporate credit market. European food giant Nestlé SA (OTC: NSRGY), the last European firm with the triple-A trifecta – Triple-A grades from Moody's […]
Credit, Consumer Worries Slap Stocks
The credit crisis may get worse before it gets better in the coming months, as more than 2 million adjustable rate mortgages (ARMs) are ready to "re-set" – industry parlance for boosting their rates.
VMWare Tech Shares Soar 76% in IPO Trading Debut
Shares of VMWare Inc. (NYSE: VMW) soared 76% in their first day of trading yesterday
Potential Battery Woes Reportedly Cause Toyota to Delay Hybrids
From Staff Reports Toyota Motor Corp. (NYSE: TM) has delayed the product launch dates of some proposed new high-mileage hybrid cars that will use lithium-ion battery technology. The Wall Street Journal said that major safety concerns relating to the new type of batteries was behind the decision. The decision is a blow to Toyota, whose […]