U.S. Drags Global Markets Lower, Anheuser Talks
Jul 11, 6:46 PM EDT |
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| Stocks and currencies of the emerging markets are likely to decline in the weeks ahead as crude oil reaches another record high. |
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| Investors increasingly fear that credit markets are likely to weaken further and government sponsored mortgage agencies may have to be bailed out by the U.S. government at the expense of shareholders. Fannie and Freddie dropped to 2-decade lows. The ongoing turmoil in the U.S. financial system is increasingly viewed by global investors as the primary driver for the global economic slowdown. In addition rising military threat from Israel is driving the crude oil to record high. |
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Financials, Transportation, Retailers Drop
Jul 11, 1:53 PM EDT |
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| U.S. stocks continue to slide down as crude oil hovers near record high, Fannie and Freddie drop to another low and trade deficit shrinks. |
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| U.S. stocks fell sharply after investors feared worsening financial health of two government sponsored mortgage lenders Fannie and Freddie. Both lenders dropped as much as 40%. Lehman Brothers dropped 15% to a 9-year low. Anheuser Busch and InBev NV have entered in merger talks and InBev has lifted its offer price to $70 per share. Retailers, consumer driven stocks and transportation stocks fell sharply. |
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Fannie, Freddie Plunge; Crude Oil Surges
Jul 11, 5:00 PM EDT |
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| Fannie Mae and Freddie Mac plunge more than 30%. Investors fear that government bailout of two lenders may not include shareholders. |
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| U.S. stocks fell sharply on a sharp rise in crude oil prices and continued weakness in financial stocks. Rising tensions in the Mideast lifted crude oil futures to a record high. Fannie Mae Plunged 30% and Freddie Mac dropped 40% on the speculation that the government bailout plan may include shareholders. Citigroup sold its German consumer finance business to Credit Mutuel Group of France for 4.9 billion euros or $7.6 billion. |
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Financials Drag U.S., European Stocks
Jul 10, 5:28 PM EDT |
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| Stocks in Europe and financial stocks in the U.S. closed sharply lower after more questions on the financial health of Fannie Mae and Freddie Mac. |
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| Dow Chemical offer to buy Rohm & Haas at 75% premium lifted U.S. market averages but financial stocks continued drift lower. The comments from the former Fed President took another toll on Fannie Mae and Freddie Mac as both declined to near 15-year lows. European markets closed lower on the weakness in financial stocks. Rising tensions in the Middle East lifted crude oil $5 a barrel. |
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Fannie, Freddie Plunge to 15-Year Low
Jul 10, 4:13 PM EDT |
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| Comments from the former Fed president on Fannie and Freddie Mac dragged lenders to two-decade low. |
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| U.S. market averages scaled higher on the back of deal between two large chemical companies. Dow offered $15.3 billion to Rohm & Haas in all cash deal. Financial stocks declined again on comments from former Fed President Poole that questioned financial health of two government chartered agencies Fannie and Freddie. Freddie Mac plunged 19% and Fannie plummeted 11%. Lehman lost 8% to 80% loss from its peak in 2005. |
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Dow Buys Rohm & Haas for $15.3 B
Jul 10, 4:12 PM EDT |
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| Dow Chemical will acquires Rohm & Haas in all cash deal funded by investment from Berkshire Hathaway and sovereign fund of Kuwait. |
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| Dow Chemical agreed to pay 74% premium to acquire specialty chemical maker Rohm & Haas valued at $18.8 billion. Berkshire Hathaway will invest $3 billion and Kuwait Investment Authority will purchase $1 billion of convertible preferred securities. The rest of the deal will be funded with debt arranged by Merrill, Citigroup and Morgan Stanley. Rohm & Haas will operate as an independent division with sale of $13 billion after the merger. |
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U.S. Tech Stocks Down, European Markets Up
Jul 09, 1:36 PM EDT |
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| Northwest will eliminate 2,500 jobs in response to higher fuel cost and impending merger with Delta Air Lines. |
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| Weekly crude oil inventories report suggested a lower than estimated supply of crude oil and crude oil inventories are hovering near the lower end of the range. Crude oil prices rebounded after the report and natural gas futures prices cut most of the losses. Separately, analysts commnets drove Cisco and Intel lower dragging tech heavy Nasdaq index with it. Boeing wins second opprtunity to bid for $35 billion tanker order. |
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Fannie, Freddie Drive Financials Lower
Jul 09, 11:46 AM EDT |
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| WPP Group offes $2.2 biillion for market research company Taylor Nelson in a hostile bid. |
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| Banks and mortgage lenders remain the focus of nervous investors. Fannie Mae dropped after it sold $3 billion offering at higher yield than its previous offering a month ago. Fannie and Freddie dropped more than 5%. Alcoa second quarter revenue dropped 6% to $7.6 billion and net income declined 24% to $546 million. Aluminum, zinc and copper fall in the morning trading. |
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Financials, Realtors Rise; Oil, Copper Drop
Jul 08, 5:47 PM EDT |
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| After the close of the U.S. markets Alcoa reported better than expected earnings. |
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| Financials, home builders and real estate trust stocks rose sharply after the regulator statement on Fannie Mae and Freddie Mac. Energy and mining stocks declined as crude oil, natural gas and precious and base metal prices fell. Airlines, freight transportation and railroads rallied on falling oil. European markets closed lower on the continued worries related to the health of U.S. banks. Copper, corn, gasoline and crude oil futures drope between 3% and 4%. |
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Goodrich, VMWare, Office Depot Plunge
Jul 08, 12:14 PM EDT |
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| Goodrich Petroleum, Office Depot and VMWare lead decliners in the U.S. stocks and Fifth Third, Huntington and MBIA lead gainers. |
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| U.S. stocks struggle as investors face higher write-offs from banks and financial brokerages. Fannie Mae and Freddie Mac were the focus of investors for the second day, after the top regulator said that it will not seek the two lenders to seek additional capital on accounting change. Office Depot plunged 32% after same store sales fell 10% in the second quarter. VMWare dropped 26% after it lowered its sales outlook and replaced its chief executive. Goodrich Petroleum commenced offering. |
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