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Bernanke & Paulson warn, Treasurys jump 2007-10-16 20:09:00 Treasury prices closed higher Tuesday after Federal Reserve Chairman Ben Bernanke
and Treasury Secretary Henry Paulson
both warned of continuing economic weakness linked to housing and credit problems.Paulson said Tuesday the contraction in residential real estate has gone on longer than expected and will hurt the economy and markets for months to come. He described housing as the "most significant" risk to the economy.Bernanke late Monday warned that a deepening housing slump probably will put a "significant drag" on economic growth into next year. He also said it will take time for Wall Street to fully recover from the recent credit crisis.However, Bernanke also pledged to "act as needed" to help financial markets function smoothly and keep the economy and inflation on an even keel. That remark suggests the Fed could soon deliver the rate cut the market wants, but it was hardly a promise."I think that people of the opinion that there will be no rate cut at the October meeting could c
Northern Rock says funding model deepened crisis 2007-10-16 12:11:00 Northern
Rock (LSE: NRK.L - news) could have been spared the worst of a crisis that has engulfed the mortgage bank in the past month if it had access to the same funding as U.S. and European rivals, its chief executive said.In the highest-profile grilling of Northern Rock executives since the near-collapse of Britain's fifth-largest mortgage lender, the bank told a parliamentary hearing that its board had offered to resign but agreed to stay in place to steer the bank to a takeover or other outcome in the coming months.Critics have rounded on Northern Rock's management and regulators over their role in the crisis, which prompted the first run on a major British bank in over 140 years."The fundamental cause was the speed and duration and the global nature of the liquidity freeze, heightened for us by the fact we didn't have access to the same type of borrowing facilities available to banks in the U.S. and from the ECB (European Central Bank)," Adam Applegarth, Northern Rock's chief Read more:model
PetroChina Surpasses GE as Worlds Second 2007-10-16 11:59:00 Record oil prices and strong sales and profits have vaulted PetroChina
Co. Ltd. (PTR) past General Electric Co. (GE) as the world’s second-biggest company by market value.PetroChina also said it had completed procedures for its $5 billion A-share initial public offering and expects to list its shares on China’s Shanghai stock exchange in November. The pending swarm of fresh investors should bump the $434 billion PetroChina even closer toward the world’s largest company, the $525-billion Exxon Mobil Corp. (XOM).Adding to PetroChina’s hot streak, the company may make further discoveries in the northern Liaohe and Dagang areas, Bloomberg News reported that Chairman Jiang Jiemin stated at the Communist Party Congress in Beijing yesterday (Monday). The offshore oil discoveries would add to reserves from the Jidong Nanpu field, the nation’s largest oil discovery in almost half a century - and the site of newly discovered reserves.Overall, the hope is that more domestic oil producti Read more:Second
, Worlds
Oil reaches $86 for the first time 2007-10-15 22:24:00 Oil prices surged higher than $86 a barrel Monday for the first time after OPEC said crude production by non-member countries is likely falling even as global demand for oil is rising.The price for light sweet crude settled at a record $86.13 a barrel, up $2.44 from Friday's $83.69.Prices were also supported by concerns Turkish forces will pursue Kurdish rebels into Iraq, disrupting oil supplies, and by technical buying by investment funds.Monday's intra-day high was $86.20 a barrel, breaking Friday's peak of $84.05.Despite the Organization of Petroleum Exporting Countries' decision last month to boost its production by 500,000 barrels per day beginning next month, the rest of the world will likely produce 110,000 fewer barrels of oil per day than expected in the fourth quarter, OPEC said in a report.At the same time, fourth quarter demand for crude oil will grow by 100,000 barrels a day over last year, OPEC said.The estimates add to sentiment that crude supplies are tight. Last w
PowerShares QQQ 2007-10-15 19:27:00 PowerShares QQQ™ (Symbol: QQQQ). PowerShares QQQ™ seeks to replicate the NASDAQ-100 Index®, which includes 100 of the largest, most innovative non-financial companies that trade on the NASDAQ Stock Market®. Formerly known as the NASDAQ-100 Index Tracking Stock® or QQQ, PowerShares QQQ™ gained its popularity through investment professionals, private investors and more recently, financial advisors.Today, over 1 million people are harnessing the power of PowerShares QQQ™ through the implementation of various investment strategies. These strategies include a diversified, long-term investment approach and the provision of a full suite of derivative products that may be used in conjunction with the PowerShares QQQ™.
Warren Buffett sells more PetroChina (PTR), but ADRs are up 2007-10-10 13:30:00 Warren Buffett
appears to be clearing out Berkshire Hathaway (NYSE: BRK.A)'s portfolio of its PetroChina
ADR (NYSE: PTR). shares. Berkshire actually owns the regular shares, not the ADRs. According to Reuters, Berkshire Hathaway has reduced its stake to about 3.1%, and since the required filings with the Security and Exchange Commission happen in the rears, Berkshire Hathaway may have disposed of all its shares by now.When I posted Serious Money: Berkshire Hathaway (BRK.A) cuts PetroChina (PTR) holdings again, I was under the impression that Buffett had maintained a sizable position in the stock. By most standards, this might still be the case, but as a percentage of what Berkshire held, it is clear now that it has decided to unload the stock, siding with its more vocal shareholders that it had no business supporting a company doing business with a Somalian Sudanese government which has demonstrated contempt for human rights and ignored international calls for change.Although Buffett Read more:Warren
, Warren Buffett
VIX - The CBOE Volatility Index 2007-10-05 22:00:00 The CBOE VolatilityIndex
® (VIX®) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. Since its introduction in 1993, VIX has been considered by many to be the world's premier barometer of investor sentiment and market volatility.
Dow Jones reaches new all-time high! 2007-10-01 20:54:00 The Dow Jones
industrial average jumped 192 points to end at an all-time high of 14,087.55. Earlier in the session, the Dow had hit 14,115.51, a new record intraday high. The previous intraday high was 14,021.95 from July 19.
Stocks Fall As Profit Reports Disappoint 2007-10-19 12:20:00 Stocks pulled back sharply and bonds jumped Friday as lackluster profit reports and rising oil prices stirred concerns about the ability of the economy to continue to push ahead.Disappointing results from Dow Jones industrial average components 3M Co., Honeywell Inc., and Caterpillar Inc., gave investors little incentive to buy. Wachovia Corp.'s weak profits renewed concerns that have dogged Wall Street in recent months about the banking sector.Rising oil prices added to investors' concerns. Oil moved past the psychological barrier of $90 per barrel for the first time before retreating."We've got a multitude of earnings that are less than optimal in spaces outside the financials," said Art Hogan, chief market strategist at Jefferies & Co. "Investors are starting to get concerned about both the pace of the U.S. economy and the pace of earnings growth."In midday trading, the Dow Jones industrial average fell 175.91, or 1.27 percent, to 13,713.05. The Dow had been down as much as 2 Read more:Stocks
EBay beats forecast but sees loss due to Skype charges 2007-10-18 03:55:00 EBay (EBAY) reported Wednesday a third-quarter net loss of more than $936 million — a rare plunge into the red for the e-commerce juggernaut caused by charges to its Skype
telecommunications division.But San Jose-based eBay still easily exceeded Wall Street's expectations for the quarter ended Sept. 30, thanks to record revenue of $1.89 billion, up 30% from the year-ago quarter.Executives credited record revenue at the PayPal electronic payment division, and brisk sales outside of the United States and at ticket broker StubHub.com.Early this month, eBay announced it would take a $900 million write-down in the value of Skype. That impairment charge essentially acknowledged that eBay executives drastically overvalued the $2.6 billion Skype acquisition, completed in October 2005. EBay also paid certain Skype shareholders $530 million to settle future obligations.Including the Skype charges, eBay lost $936.6 million, or 69 cents a share. In the year-ago quarter, it earned $280.9 million
Oil spikes, almost reaching $90 2007-10-17 11:54:00 Oil prices hit a fresh intraday high Wednesday - despite the government's report showing surprising inventory growth - after Turkey authorized military action in Iraq.Light, sweet crude for November delivery rose 89 cents to $88.50 a barrel on the New York Mercantile Exchange, eclipsing Tuesday's record trading high of $88.20; the price rose as high as $89.00 before retreating. On Tuesday, oil prices closed at an all time high of $87.61.Just after the Energy Department's Energy Information Administration inventory report earlier in the session, oil prices fell as low as $87.09 before rebounding.Despite the surprise increase in inventories, tensions between Turkey and Kurdish separatists in northern Iraq continued to support higher crude prices.The Turkish parliament voted 507 to 19 Wednesday to authorize its military to stage an incursion into Iraq to take on Kurdish rebels.Conflict along the Turkey-Iraq border could disrupt oil supplies coming out of the region and drive crude pric Read more:spikes
Gold futures rise as dollar dips, crude hits record 2007-10-16 19:36:00 Gold futures
advanced on Wednesday, as the dollar fell in the wake of data that showed tame core inflation and a sharp drop in housing starts, while oil's rise to a new intraday record of $89 a barrel also kept the precious metal at levels unseen in almost three decades."Gold is setting up for a big run to $800 now and it may just get there," said Kevin Kerr, editor of Global Resources Trader, a newsletter of MarketWatch.'Within 6-12 months, we may see an $810 or higher gold price, maybe sooner if things continue as they are.'— Kevin Kerr, Global Resources Trader"We have not broken through key resistance and, as the dollar teeters on further weakness, we also head into gold jewelry season, [so] we will see massive buying on the physical and futures side," he said in a note.Gold for December delivery finished with a modest gain of 30 cents at $762.30 an ounce on the New York Mercantile Exchange. It earlier rose as high as $769.80.Prices for crude oil futures also fell back to end
Dow up 494 as Obama prepares to name treasury boss 2008-11-22 10:35:42 Wall Street put a stop to a terrifying decline and stormed higher Friday as President-elect Barack Obama
appeared ready to tap the chief of the New York Federal Reserve as the next treasury secretary and hand him the herculean task of righting the U.S. financial system. The Dow Jones industrial average, which had broken even for the day until news of the nomination leaked about an hour before the
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