|  A court-appointed examiner said demands from JPMorgan Chase (NYSE:JPM) and Citigroup (NYSE:C) for collateral helped to drive Lehman Brothers into bankruptcy. In other news, Potash Corp. of Saskatchewan (NYSE:POT) sharply raised its first-quarter forecast on Thursday, citing a sharp rebound in demand for potash — a key crop nutrient. Shares jumped over 7% before the bell. Also, Ann Taylor (NYSE:ANN) on Friday swung to a fourth-quarter profit even as sales fell 3% after it controlled inventory and revamped merchandise to help sell more products at full price. Shares declined 1.8% even though the company forecast a strong…
Continue reading Market Updates: JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C), Potash Corp. of Saskatchewan (NYSE:POT), Ann Taylor (NYSE:ANN)
By Jeff Clark, Senior Editor, Casey’s Gold & Resource Report On February 24, Reuters reported that the Reserve Bank of India was “set to be a buyer” of the 191.3 tonnes (6.74 million ounces) of gold the IMF is selling. Although the bank wouldn’t comment directly on the possibility, they did say, “We are closely looking at the gold market… gold is a safe bet.” The article then quoted an unidentified official from the China Gold Association as saying, "It is not feasible for China to buy the IMF bullion, as any purchase or even intent to…
Continue reading Competition for the IMF’s Gold? Shares of Citigroup (NYSE:C) rose more than 1% in preopen trade on Thursday ahead of the company chief executive officer’s address to a financial services conference in New York. Late Wednesday, the Financial Times newspaper reported that Citi CEO Vikram Pandit will suggest the core business’s earnings could reach as much as $20 billion in a few years. The report said the CEO will not make a specific estimate, but will detail the bank’s strategy and earnings potential. –MarketWatch Exxon Mobil (NYSE:XOM) will be holding its annual meeting. Exxon may outline its capital…
Continue reading Market Updates: Citigroup (NYSE:C), Exxon Mobil (NYSE:XOM), United Technologies (NYSE:UTX), Visa (NYSE:V) There is a lot more to the stock market than just the popular averages everybody is talking about. You see, when the averages move you can’t tell how many stocks participated, so you don’t know how broad that move was. That’s why you have to dig a bit deeper to get a real picture of the health of a market trend … Fortunately there are some technical tools proven to help uncover what is beneath the surface of the major indices, to measure what technical analysts call…
Continue reading Market Breadth Medium-Term Bullish Don’t look for financial firms to return the favour Congress is working on plans to rein in the questionable activities of Wall Street, and re-direct the self-serving focus of major banks. I wish them good luck with that. Financial firms are fighting back with propaganda blitzes aimed at raising public fear. For instance, independent economists are debating the pros and cons of moves announced in the U.S. and the U.K. to remove some of the stimulus efforts that rescued the financial firms this time, such as the U.S. Fed’s decision to stop its program
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Continue reading Don’t Look for Financial Firms to Return the Favour Cisco (NASDAQ:CSCO) hit new 52-week highs as some analysts speculated that the tech giant is rolling out new gear to help wireless phone companies cope with rising video Web traffic. The San Jose, Calif.-based Cisco had sent out invitations to analysts and the media for a "significant announcement" that it says "will forever change the Internet and its impact on consumers, businesses and governments." The invitation followed Google (NASDAQ:GOOG) February announcement that the Internet giant was working on building a high-speed broadband network that would be 100 times faster than today’s connections. –MarketWatch …
Continue reading Market Alerts: Cisco (NASDAQ:CSCO), Google (NASDAQ:GOOG), General Growth Properties (OTC:GGP), Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) Citigroup (NYSE:C) Gary Shedlin, an adviser to financial clients including BlackRock Inc.’s Laurence Fink, is departing to join Morgan Stanley, said a person with knowledge of the matter. Shedlin, 46, was most recently chairman of Citigroup’s investment-banking effort for financial institutions, focusing on client relationships. He notified Citigroup of his plans recently, said the person, who spoke on condition of anonymity because the move hasn’t been announced. Citigroup is losing a banker who helped NYSE Group Inc. create the first transatlantic securities market with its 9 billion euro ($12 billion) purchase of Euronext NV, and who has…
Continue reading Market Updates: Citigroup (NYSE:C), New York Mellon (NYSE:BK), Kraft Foods (NYSE:KFT), Ford Motor (NYSE:F) We are in an era of accelerating change, moving toward a future that will be profoundly different from the past we grew up in. But what will the nature of that change be? What will the future look like? For the last 7 days I have been in an executive program designed by Singularity University (www.singularityu.org) to give some insight into that complex question. We looked at a number of technological fields, lectured by experts assembled to give us some idea as to where current research is and to where it is going. We visited some of the…
Continue reading Welcome to the Future The government said Thursday it will net $1.54 billion in selling the stock-purchase warrants it received from Bank of America (NYSE:BAC) in exchange for multibillion-dollar emergency loans during the financial crisis. The auction, completed Wednesday, ranks as the Treasury Department’s most lucrative warrant transaction since sales began last summer. Recent estimates from the Congressional Budget Office suggest Treasury will roughly break even on its loans to banks, though support for housing and the auto industry are still likely to result in substantial losses.–CNN Money TiVo (NASDAQ:TIVO) won a major victory Thursday as a federal…
Continue reading Market Alert: Bank of America (NYSE:BAC), TiVo (NASDAQ:TIVO), Sony (NYSE:SNE), BB&T (NYSE: BBT) Fannie Mae and Freddie Mac may force lenders including Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C) to buy back $21 billion of home loans this year as part of a crackdown on faulty mortgages. U.S. banks could suffer losses of $7 billion this year when those loans are returned and get marked down to their true value, according to estimates by Oppenheimer & Co. analyst Chris Kotowski. Fannie Mae and Freddie Mac, both controlled by the U.S. government, stuck the four biggest…
Continue reading Market Updates: Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C) |
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