The news of the day was hardly positive, what with poor housing figures, more worries about the automakers, and concern in credit markets, but the late-day implosion probably sparked more than a few corner-office types storming onto the trading floor and shouting to nobody in particular, “What the hell just happened?” The collapse of major financial stocks — Citigroup finishe...
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With losses accelerating into the close, the major stock market indexes closed at levels not seen since 2003. The Dow Jones Industrial Average fell 427.3 points, or 5.1% to 7,997.44, while the Nasdaq Composite dropped 96.85, or 6.5%, to 1,386.42. Why? Well, you know why. A bailout of the auto industry is stalled on Capitol Hill. The Fed indicated that the economic downturn will last at least a ...
Deutsche Bank plans to eliminate about 900 jobs at its global markets division, in the German bank’s single biggest retrenchment in its investment banking business since the onset of the financial crisis, people with knowledge of the plan told Reuters and Bloomberg News. The job cuts will take place primarily in New York and London, where [...]
The market is treating Citigroup (C) as if it knows something about the bank's near-term fortunes and that something is not good. Shares in the bank have been off 21% to $6.60. What is remarkable is that the stock traded over $10 just four days ago. Citi's announcement that it would acquire the remaining assets of the SIVs it manages at current fair value should not have caused the drop. If the...
A slowing economy is taking its toll, but the news hasn't been all bad.
For many years, General Motors Corp. and Ford Motor Co. were the bellwethers of the high-yield market. As two of the largest issuers of debt, the bonds of the auto manufacturers were considered the industrial-company benchmarks for the status of junk financing. Even though they occupy a sizable section of high-yield financing, the bonds are no longer the most-watched. They are still influential...
Filed under: Industry, Ford Motor (F), General Motors (GM), RecessionThe first rule of public relations is never get in a fight with anyone who buys ink by the barrel. And a major tenet of investing is don't take a stock position in conflict with Congressional policy, once Congress has committed to a program. The wisdom behind the second adage, like the first, is obvious enough: Congress has th...
OK, so here is the weirdest story of the day. SolarWorld (SWV.F), one of the largest solar companies in Germany, today declared that they want to buy several sites in Germany that now belong to the Opel division of General Motors. In short, they want to expand from solar modules into the auto business. As noted in an AP story picked up by the Wall Street Journal, SolarWorld said it intends to o...
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 ...
Detroit’s top executives are back on Capitol Hill, begging Uncle Sam again for $25 billion in emergency loans to avoid tumbling into bankruptcy. It's a sad spectacle, writes Jim Jelter.