Latest News In Stock Market Investment Research - July 10, 2009

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Wyoming bank is 53rd failure of 2009

10 Jul 2009 at 4:17pm

SAN FRANCISCO (MarketWatch) — Thermopolis, Wyo.-based Bank of Wyoming was closed by regulators Friday, marking the 53rd U.S. bank failure of 2009 as the credit crisis continues to claim victims. Bank of Wyoming, the first bank in that state to fail this year, had $70 million in assets as of June 30, and $67 million in deposits, the Federal Deposit Insurance Corporation said. The FDIC estimated that the cost of the bank’s failure to its deposit insurance fund will be $27 million.

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Gov’t mulls plan to aid small businesses: WashPost

10 Jul 2009 at 2:58pm

LOS ANGELES (MarketWatch) — The Obama administration is working on a plan that would make available funds from the $700 billion banking-system bailout package to millions of small businesses, according to a report late Friday in the online edition of the Washington Post, which cites sources familiar with the matter. The initiative would expand a Small Business Administration lending program called 7(a), which helps companies borrow money from banks at low rates to keep their businesses running. Talks about the plan, which is aimed at reviving the economy by saving jobs, have reached the highest levels of the administration. The plan is being proposed by senior officials at the Treasury Department, according to the report.

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Delphi: No alternative bid to Parnassus’ received

10 Jul 2009 at 2:08pm

LOS ANGELES (MarketWatch) — Delphi Corp. said late Friday that no potential alternative bids to the proposed transaction with Parnassus Holdings LLC announced on June 1 have been submitted by the time a set deadline passed. Parnassus is an affliate of Platinum Equity LLC and GM Components Holdings LLC, an affiliate of General Motors Corp. The auto parts maker said it has received noticed from JP Morgan Chase Bank that it may submit a credit bid. If a pure credit bid support letter is delivered, Delphi said it will conduct an auction on July 17.

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Nasdaq short interest total 6.7 bln shares June 30

10 Jul 2009 at 1:27pm

LOS ANGELES (MarketWatch) — Short interest in 2,456 Nasdaq securities totaled 6.73 billion shares at the end of the June 30 settlement date, compared with 2,471 issues and 6.53 billion shares on June 15, Nasdaq OMX Group Inc. said in a statement late Friday. The short interest positions reported reflect the total number of shares sold short by all brokers and dealers. A short sale generally refers to the sale of a security that the seller does not own.

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U.S. stocks end mostly lower on recovery worries

10 Jul 2009 at 1:10pm

NEW YORK (MarketWatch) — U.S. stocks finished mostly lower on Friday, with the Dow Jones Industrial Average and the S&P 500 Index both down for a fourth straight week. Investors remain cautious ahead of earnings reports next week and ongoing worries about the pace of an economic recovery. The Dow Jones Industrial Average fell 36.65 points, or 0.5%, to end at 8,146.5, leaving it with a weekly decline of 1.6%. The S&P 50 Index shed 3.55 points, or 0.4%, to 879.13, off 1.9% from the week-ago close. The Nasdaq Composite gained 3.48 points, or 0.2%, to 1,756.0, with the technology-laden index left with a decline of 2.3% for the week.

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California delays $4 bln education system payment

10 Jul 2009 at 10:39am

SAN FRANCISCO (MarketWatch) — California delayed a $4 billion payment to its Department of Education system on Friday as the state continues to struggle with a budget shortfall of more than $25 billion. The payment, known as the Principal Apportionment, is the largest annual payment of state funds to California’s public education system. The money goes to schools to pay for a wide range of things including salaries. The payment was scheduled for today, which is the last payment for the 2008-09 fiscal year, but will instead be issued on July 30, State Superintendent of Public Instruction Jack O’Connell and State Controller John Chiang said Friday in a statement. California has also issued 91,000 IOUs totalling $354 million as of late Wednesday.

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Treasury eyes proposal to help SEC help investors

10 Jul 2009 at 10:30am

WASHINGTON (MarketWatch) - The White House on Friday released a legislative proposal seeking to strengthen the Securities and Exchange Commission’s authority to protect investors. The proposal includes a measure that would empower the agency to examine and ban forms of compensation that encourage financial intermediaries to steer investors into products that are profitable to the intermediary, such as a broker-dealer, but are not in the investor’s best interest. The legislative proposal also seeks to give the SEC authority to prohibit or limit mandatory arbitration, which the Treasury argues could undermine investor interests. The Treasury also seeks to empower the SEC to give investors better disclosures. It would also set up a fund to pay whistleblowers for information that leads to enforcement actions that result in financial awards.

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Continental: DOT OKs Star Alliance participation

10 Jul 2009 at 9:27am

LOS ANGELES (MarketWatch) — Continental Airlines said Friday that it has received antitrust immunity from the Department of Transportation which would allow it to be a part of a joint venture with Star Alliance member carriers. Tentative approval of the proposal was given by the government agency in April. Continental said it’s working to provide a seamless transition for its customers from the SkyTeam alliance to Star Alliance this fall.

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IMF reaches agreement with Ukraine on loan review

10 Jul 2009 at 8:38am

NEW YORK (MarketWatch) — The International Monetary Fund’s mission to Ukraine said Friday it has reached staff-level agreement with the authorities in Kiev and will recommend that the fund’s executive board approves the third tranche of a $16.5 billion loan to the Eastern European country. The completion of the review by the IMF’s executive board would release a tranche of about $3.3 billion, “pending the completion of prior actions,” said Ceyla Pazarbasioglu, IMF mission chief, in a statement. The IMF now expects Ukraine’s gross domestic product to contract by 14% in 2009 against 8% at the time of the first review. The mission also revised the general government deficit target in 2009 from 4% to 6% of GDP.

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Eli Lilly: European Commission OKs use for Alimta

10 Jul 2009 at 8:02am

LOS ANGELES (MarketWatch) — Eli Lilly and Co. said Friday that the European Commission has granted approval for the use of Alimta, an injectable chemotherapy agent, as a maintenance treatment for patients with advanced, nonquamous non-small cell lung cancer whose disease hasn’t progressed immediately following platinum-based chemotherapy. In maintenance therapy, said Eli Lilly, rather than halting further treatment until disease progression, patients who respond to a first-line therapy are treated immediately with a maintenance regimen. The company said Alimta is the first therapy shown to improve overall survival in a maintenance setting in patients with the disease.

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Ameriprise in SEC settlement over REIT sales

10 Jul 2009 at 7:50am

BOSTON (MarketWatch) — The Securities and Exchange Commission on Friday said Ameriprise Financial Inc. has agreed to pay $17.3 million to settle charges it received undisclosed compensation for selling real estate investment trusts to its clients. Ameriprise has settled without admitting or denying the findings, said the SEC, adding its investigation is continuing. Ameriprise shares were off 1% in recent trading.

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Russia’s central bank reduces interest rates

10 Jul 2009 at 7:37am

NEW YORK (MarketWatch) — Russia’s central bank on Friday cut its key refinancing rate by 50 basis points to 11%, according to a statement posted on its Web site. The rate cut will be effective on Monday. The “latest interest rate cut is unlikely to do much to help the ailing economy,” said Neil Shearing, Emerging Europe economist, in a note to clients. “In order to keep ruble liquidity tight the CBR [central bank of Russia] will continue its policy of hiking reserve requirements as interest rates are cut. Moreover, problems in the banking sector mean that credit conditions in the real economy are likely to remain tight for some time to come.”

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Sprint, Qwest, Ericsson, decline; Qualcomm gains

10 Jul 2009 at 7:13am

WASHINGTON (MarketWatch) - Phone stocks mostly declined in Friday trades but network-equipment vendors were narrowed mixed in a scattershot trading session. Sprint Nextel Corp. and Qwest Communications International Inc. each fell more than 2% while Verizon Communications Inc. dipped a lesser 0.9%. In the equipment group, Qualcomm Inc. rose 0.5% and Motorola Inc. was a few pennies higher. Ericsson fell 1%.

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FDIC reportedly won’t back CIT debt; shares fall

10 Jul 2009 at 7:02am

BOSTON (MarketWatch) — Shares of CIT Group Inc. were off more than 20% in premarket trading Friday after Bloomberg reported the Federal Deposit Insurance Corp. is unwilling to back the lender’s bond sales because its credit quality is worsening. Fitch Ratings cut the lender’s debt rating further into junk territory on Wednesday. Reuters had reported late Thursday that CIT may seek a debt exchange or asset sale if access to the government-supported lending program wasn’t successful. (Updated to correct typographical error.)

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U.S. stocks mostly off as consumer sentiment down

10 Jul 2009 at 7:01am

NEW YORK (MarketWatch) — U.S. stocks on Friday pulled mostly lower after a preliminary index of consumer confidence fell more than expected in July. After paring early losses ahead of the data, the Dow Jones Industrial Average was off 36.65 points at 8,146.5. The S&P 500 Index declined 3.24 points to 879.44, while the technology-laden Nasdaq Composite remained 5.35 points higher at 1,757.9.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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July 10 2009 06:41 pm | Stock Market News

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