Geoffrey Rogow reports: There was no technology bubble to burst this time, but the tech sector still found the largest pocket of sellers in recent trade. While markets have broadly fallen since the start of the year, certain sectors have taken the lead during each of the weekly waves lower. Financials were the weakest performers in the first half of the year, consumers took the lead from there ...
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Citigroup Inc., in 2007, spent considerable effort in trying to launch what came to be known as “The Entity,” a giant Golemesque structure that would gobble up problematic assets known as structured investment vehicles. Citigroup has become that Entity, and markets don’t like it. The company’s equity and debt have been hit after it said it would take on $17 billion of th...
While the Federal Reserve and other global central banks endeavor to use their Rube Goldbergian powers to engineer a decline in Libor and other key market rates, many credit markets are continuing to struggle. The latest market to get hit has been the commercial mortgage-backed securities market, where spreads on benchmark bonds and on credit-default swaps reflect a sharp increase in worry. The...
Yesterday, I mentioned how the PPI was showing signs of deflation. Today, the CPI backed up that notion. October CPI fell -1.0%, which somehow is the largest drop in decades. Moreover, the owner's equivalent rent component was flat yr/yr, which seems silly. So the real change in consumer prices was likely more pronounced than the headline figure suggests.The Big 3 auto companies are testifying ...
Stock futures are down, awash in worry about the auto manufacturers and another round of lousy economic news. Sure, consumer prices fell, but given that the economy stopped dead in October, pricing power was on the minds of few. Concern about the fate of the automakers – particularly if they end up going into bankruptcy — looms over the credit markets. Markit’s key credit-defa...
Global auto woes continue. U.S. auto executives pleaded for a $25B aid package at congressional hearings yesterday. "This is about much more than Detroit," testified General Motors (GM) CEO Rick Wagoner. "It's about saving the U.S. economy from a catastrophic collapse." Lawmakers were less than enthused by the pleas, with some saying the automakers had 'failed models' and s...
Regulators close to authorizing CDS clearinghousesSmartBrief,DC- 1 hour agoThe Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission are analyzing risks of clearinghouse applications. … Written by "futures trading" - Google News and Powered by WordPress
According to Reuters, Toyota (TM) cut production and Nissan was downbeat about its prospects. Reuters reports that if a new CEO at Yahoo! (YHOO) wants to be well-regarded by shareholders, he or she must be willing to do a deal with Microsoft (MSFT). Reuters reports that oil is trading steady around $54. Reuters reports that Boeing (BA) is adding almost three months to the delivery dates of many...
General Electric said that it is reorganizing its finance arm, GE Capital, a move that will save $2 billion in 2009 and create "a more focused set of higher return businesses."
Level 3 Communications Inc. (NASDAQ: LVLT) has just seen another negative development, this time from Standard & Poor's Ratings Services. S&P lowered its corporate credit rating Level 3 to 'CC' from 'B-' and it lowered the issue-level ratings on Level 3's 6% convertible subordinated notes due 2009, the 6% convertible subordinated notes due 2010, and the 2.875% convertible senior notes ...