By Jason Simpkins Associate Editor Merrill Lynch & Co. Inc. (MER) Chairman and CEO Stan O'Neal isn't the only worker in the U.S. financial-services sector with a job-security issue. Indeed, once his ouster becomes official, O'Neal will become just one more of the 130,000 casualties that have already made 2007 the worst year ever for […]
Category
U.S. Economy
Send in the Clowns: Bush Administration Pursues Economic Policy of Benign Neglect
By Peter D. Schiff Guest Columnist Four leading members of the Bush administration's economic team, including Ed Lazear, chairman of the Council of Economic Advisors, U.S. Commerce Secretary Carlos Gutierrez, Al Hubbard, director of the National Economic Council, and Jim Nussle, director of the Office of Management and Budget, convened on a CNBC TV panel last […]
Acer Leapfrogs Lenovo for the No. 3 Spot in the World PC Market
From Staff Reports Acer Inc. has passed the Lenovo Group Ltd. (LNVGY) to become the world's No. 3 personal computer vendor with its purchase of Gateway Inc., and now it’s going after U.S. PC giant Dell Inc. (DELL). That will leave U.S. high-tech giant Hewlett-Packard Corp. in the No. 1 position. Acer leapfrogged Lenovo with […]
U.S. Investors Look Past Mortgage, Profit Challenges to Fed Interest Rate Meeting This Week
From Staff Reports With U.S. Federal Reserve policymakers slated to review the nation’s interest-rate situation this week, investors spent last week scrutinizing corporate earnings reports in search of signs that the “mortgage challenges” facing the U.S. economy might be limited to financials and housing. With about 150 Standard & Poor’s 500 Index companies having reported […]
Global Investing Roundup
Commercial Bank of China Makes Move in South Africa; Petro-Canada Notches Profits; Nike Buys Out Umbro; PetroChina Could Test $9 Billion in IPO Industrial and Commercial Bank of China (IDCBF), China’s largest bank, is buying 20% of The Standard Bank Group Ltd. (SBGOF), South Africa’s largest bank, in a deal valued at $5.56 billion, the […]
The Merrill Lynch "Surprise" Fuels More Subprime Uncertainty
By Jason Simpkins Associate Editor Just one day after Merrill Lynch & Co. Inc. (MER) wrote off billions in bad mortgage loans and reported its biggest quarterly loss in 93 years, Wall Street analysts yesterday (Thursday) predicted there was still more bad news to come. Although it wrote off $8.4 billion of subprime mortgages and […]
Global Business News Roundup
Noah IPO Soars; Deal for TMB Bank; Luminent Sues; Resolution Says No Deal; UK High Court Rejects Claim; Bridgestone Expands Shares of Noah Education Holdings Ltd (NED), a China-based provider of online-learning services, soared Friday, the day after its initial public offering (IPO) debuted way above its projected range, Reuters reported. The shares opened at […]
Fed Official Offers Assurance
From Staff Reports U.S. Federal Reserve Governor Randall Kroszner yesterday (Monday) assured investors that the central bank would take the necessary steps to protect the economy and to foster growth. "The Federal Reserve will continue to monitor developments in financial markets and act as needed to support the effective functioning of these markets and to […]
Caterpillar Hauls a 21% 3Q Profit Growth, Cuts its 2007 Estimates
By Mike Caggeso Staff Writer Caterpillar Inc.’s (CAT) last week reported a 21% gain in third-quarter profit, but then cut its earnings outlook for the rest of the year, citing the slowing U.S. economy and the lousy U.S. housing market. The Peoria, Ill-based ]heavy-equipment manufacturer reported net income of $927 million, an increase of 21% […]
Coca-Cola's Big Third Quarter Highlights its Rivalry with Pepsi
By Mike Caggeso Staff Writer Coca-Cola Co. (KO), the world's biggest soft drink maker, released better-than-expected third-quarter results yesterday (Wednesday), attributing the upside surprise to its worldwide growth. Overall, the company posted a 13% gain in profits, a 19% jump in net revenue and a 15% increase in earnings per share. Other highlights from its […]