Latest News In Stock Market Investment Reserach – May 15, 2009

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Stocks finish lower; Nasdaq snaps 9-week run up

15 May 2009 at 1:11pm

NEW YORK (MarketWatch) — U.S. stocks on Friday finished lower, with the major indexes down for the week as the latest batch of economic data failed to sway investors of an economic recovery ahead. The Dow Jones Industrial Average shed 62.68 points, or 0.8%, to 8,268.64, leaving the blue chips 3.6% off for the week. The S&P 500 declined 10.19 points, or 1.1%, to 882.88, off 5% from the week-ago close, while the Nasdaq Composite dropped 9.07 points, or 0.5%, to end at 1,680.14, with the technology-laden index snapping a nine-week winning streak.

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.


PIMCO chief Gross now to run High Income fund

15 May 2009 at 12:25pm

NEW YORK (MarketWatch) — Pacific Investment Management Co. (PIMCO)said on Friday that its co-chief executive and founder Bill Gross will assume primary responsibility for the day-to-day portfolio management of the PIMCO High Income Fund , effective immediately. Allianz Group owns PIMCO.

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.


Principal Financial get preliminary TARP approval

15 May 2009 at 12:07pm

SAN FRANCISCO (MarketWatch) — Principal Financial Group Inc. said Friday the U.S. Treasury gave the insurer preliminary approval for Troubled Asset Relief Program funds. Principal Financial said it applied for $2 billion in funds.

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.


CDC: 22 states report renewed flu activity

15 May 2009 at 11:54am

BOSTON (MarketWatch) — Officials at the Centers for Disease Control said Friday that 22 states have reported renewed activity of the H1N1 flu virus. Late Thursday, New York City moved to close three of its public schools after over 300 people were suspected of being infected with the virus. New York schools were reopened earlier this month after an initial outbreak of the virus in the region at a private school in Queens. CDC officials said that they are aware of 4,714 confirmed and probable cases of the disease nationwide, including 173 hospitalizations. Four people have died of the illness so far: two in Texas, one in Washington State and another in Arizona. Highest activity for the virus appears to be in the Pacific Northwest and Southwest, the officials said.

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.


American Express card writeoffs pass 10% in April

15 May 2009 at 11:18am

NEW YORK (MarketWatch) — American Express Co. said on Friday that its write-off rate for bad credit card debt passed 10% in April, up from less than 9% in March and February. The company said its net writeoff rate on an owned basis, the loans that it includes in its own balance sheet, rose to 10.4%, while managed net writeoffs, which include loans it has securitized, rose to 10.1%. The company also said that the percentage of its loans 30 days past due fell to 4.9% in April from 5.1% in March on an owned basis and on a managed basis.

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.


Fitch may downgrade nine U.S. banks

15 May 2009 at 11:17am

BOSTON (MarketWatch) — Fitch Ratings on Friday placed nine U.S. banks on Rating Watch Negative: BB&T Corp. , Discover Financial Services , Fifth Third Bancorp , KeyCorp , M&T Bank Corp. , Popular Inc. , Regions Financial Corp. , SunTrust Banks Inc. and Wells Fargo & Co. . The move reflects the view that the banks “show an incrementally higher level of vulnerability to the credit deterioration which Fitch expects to continue across virtually all loan categories,” the ratings agency said. “This is anticipated to place additional stress on earnings, as provision requirements are likely to remain elevated over the intermediate term,” Fitch added. The SPDR KBW Bank ETF was down 2% in afternoon trade Friday.

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.


Citigroup launching $2 billion debt offering: WSJ

15 May 2009 at 10:58am

SAN FRANCISCO (MarketWatch) — Citigroup Inc. launched a $2 billion debt offering not backed by the Federal Deposit Insurance Corporation, The Wall Street Journal reported Friday on its Web site. The orders for the 10-year bonds have already exceeded $6 billion, according to the Journal, citing a person familiar with the offering.

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.


Gannett to cease print publication of Tucson paper

15 May 2009 at 10:10am

CHICAGO (MarketWatch) — Gannett Co. said it would shut down the print version of the Tucson Citizen, which will become an Internet-only publication. The last print edition of the Citizen will roll off the presses May 16. In the midst of a severe recession and unprecedented declines in newspaper advertising revenue, it is “no longer viable to produce two daily newspapers in Tucson,” said Bob Dickey, president of Gannett’s U.S. community publishing division, in a statement. The city’s other newspaper, the Arizona Daily Star, is published by Lee Enterprises . The Citizen, founded in 1859, is Arizona’s oldest daily newspaper. In partnership with Lee, the Citizen will publish a print editorial in the Arizona Daily Star each week.

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.


FDIC chief says some bank heads to roll:Report

15 May 2009 at 9:52am

NEW YORK (MarketWatch) — Sheila Bair, the Chair of the Federal Deposit Insurance Corp., said that chief executives at some U.S. banks will be replaced in coming months, according to a report from Bloomberg News. The news agency, which interviewed Bair for a television report to run over the weekend, quoted her saying, “Management needs to be evaluated. Have they been doing a good job? Are there people who can do a better job?”

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.


DuPont ups TiO2 prices, readies for demand rebound

15 May 2009 at 9:47am

NEW YORK (MarketWatch) — DuPont Co. said Friday it will raise its price for titanium dioxide — used mainly as a pigment for a variety of consumer-related goods including packaging, coatings and paper — as demand among commercial customers appears ready to rebound after months of deterioration. “After a difficult period of adjustment throughout the value chain over the past six to eight months, DuPont sees TiO2 [titanium dioxide] inventories and production rates stabilizing,” said Bryan Snell, global business director for DuPont Titanium Technologies. “We expect some improvement in market conditions in the second half of 2009.” DuPont raised its titanium dioxide price by $100 a tonne for North America and the Middle East, and by 50 euros for Eurozone countries. Shares of DuPont were up a fraction at $27.09.

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.


Stock indexes slide as energy prices drop

15 May 2009 at 9:25am

NEW YORK (MarketWatch) — U.S. stocks shifted lower Friday afternoon as energy shares fell along with the price of crude oil. The Dow Jones Industrial Average fell 37.27 points to 8,291.05. The S&P 500 dropped 7.28 points to 885.79, while the Nasdaq Composite declined 1.32 points to 1,687.89.

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.


Amerprise says it turned down government support

15 May 2009 at 9:26am

SAN FRANCISCO (MarketWatch) — Ameriprise Financial said Friday that it turned down government money, despite qualifying for support. The company said it was advised by phone on Thursday that its application for funding from the Treasury’s Capital Purchase Program, part of the Troubled Asset Relief Program, had been granted preliminary approval. However, Ameriprise said it decided not to accept the money. “We are confident that our current capital position and access to potential additional funding sources are more than adequate,” Chief Executive Jim Cracchiolo said in a statement. “Our prudent management approach has allowed us to maintain solid balance sheet fundamentals, including a high quality asset portfolio, large liquidity pool, more than $1 billion in excess capital and conservative capital ratios.” Ameriprise shares rose 12 cents to $25.18 during afternoon trading Friday.

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.


Prudential gets approval for TARP funds

15 May 2009 at 9:19am

SAN FRANCISCO (MarketWatch) — Prudential Financial Inc. said Friday it has received preliminary approval from the Treasury Department to participate in the Capital Purchase Program. The insurer did not say how much it will receive under the Troubled Asset Relief Program. Prudential, which applied to participate in the CPP last October, said it is evaluating all options available. Hartford Financial Services Group and Lincoln Financial Corp. also received approval to tap into TARP while Ameriprise Financial said it has turned down government support.

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.


AutoNation: Six of its GM dealerships likely shut

15 May 2009 at 8:50am

SAN FRANCISCO (MarketWatch) — AutoNation Inc. said Friday General Motors has notified the company that six of its dealerships were identified for potential closure. However, the AutoNation stores affected by GM’s consolidation plan will not have any direct impact on AutoNation’s 2008 operating income. It also does not expect any one-time charges stemming from the closures to have any effect on its continuing operations or debt covenants. The comments come amid an announcement from GM that it will shut about 1,100 dealerships as part of its restructuring effort. AutoNation is the largest automobile retailer in the U.S.

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.


GM plans to shed 1,100 dealerships by end of 2010

15 May 2009 at 8:47am

SAN FRANCISCO (MarketWatch) — General Motors Corp. said Friday it will cut about 1,100 of its underperforming dealerships by the end of 2010. With the announced cuts, dealership attrition, and possible further cuts, GM expects to have 3,600 dealerships by the end of 2010, down from its current 5,969. The automaker said that it will not cut any dealerships today, but plans to talk to all dealerships in the coming weeks. GM said that most existing franchise agreements run until October 2010. The automaker said it is not releasing names of affected dealerships, and will leave it up to individual dealerships to make the information public.

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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May 15 2009 10:52 pm | Stock Market News

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