Daily Wrap Up July 21 – Finance
Federal Reserve chairman, Ben Bernanke, today told congress policy makers that the Fed will likely maintain interest rates at exceptionally low levels for extended periods. Following Bernanke's remarks treasury prices increased reversing a earlier losses. Bernanke said despite positive signs of an improvement in the economy, the job loss rate remains high and the unemployment rate continues its steep rise.
Exelon withdraws hostile $7.7 billion bid for NRG
Exelon Corp pulled its hostile $7.7 billion bid for NRG Energy Inc on Tuesday after NRG shareholders rejected an Exelon-backed slate of directors.
For CIT, no easy path out of the woods
CIT Group Inc, in business for 101 years, has won a new lease on life, but it might buy the specialty finance company only a few more months.
Parents can do more to teach kids about money
Times may be hard, but parents are not doing enough to teach their kids the value of money these days, according to a new survey.
Obama admits to being 'a little frumpy' in his sense of fashion
Obama this morning admitted that when it comes to fashion, “I'm a little frumpy†he said in an interview with Meredith Vieira from Today show.
Solar Eclipse in 2009 - Longest solar eclipse of the century
The longest solar eclipse of the century set to take place on Wednesday, July 22 in Asia and will last over 6 and a half minutes.
Starbucks turns profit in 3Q as revenue falls
Comparable store sales, also known as same-store sales, at Starbucks Corp. fell 5 percent in the company's third fiscal quarter, the coffee retailer said today.
Apple's quarterly profit tops forecasts
Apple Inc reported higher-than-expected quarterly results, fueled by robust sales of the iPhone, sending its shares up more than 2 percent on Tuesday.
Caterpillar lifts Wall St., but caution curbs gains
Stocks rose on Tuesday as a solid profit from Caterpillar Inc eclipsed unease about the company's outlook for the current quarter, but the gains were limited as some investors paused following the recent earnings-fueled run-up.
Wall St. rises on Caterpillar, gains limited
Stocks rose on Tuesday as a solid profit from Caterpillar Inc eclipsed some uneasiness about the company's outlook for the current quarter, but gains were limited as some investors paused following the recent earnings-fueled run-up.
Camel-milk chocolate goes on sale globally
Dubai's Al Nassma, the world's first brand of chocolate made with camels' milk, plans to expand into new Arab markets, Europe, Japan and the United States, its general manager said on Tuesday.
CIT's troubles raise Fed supervision questions
Business lender CIT Group's troubles are raising questions about the Federal Reserve's ability to pinpoint a firm's problems and put it back on the right track.
Allen Stanford's women stand by their man
Most men would not want to be in a room with their estranged wife, current girlfriend and two former mistresses, but Allen Stanford is not most men.
CIT warns about bankruptcy, sees $1.5 billion loss
CIT Group Inc said it may post a loss exceeding $1.5 billion for the second quarter and could file for bankruptcy protection if bondholders reject a debt restructuring, raising new fears that the lender to some 1 million businesses might fail.
Samsung to produce 40nm 4GB DDR3 chips
Samsung Electronics Co Ltd said on Tuesday it has begun shipping its new class of 2GB DDR3 memory equipped with 40nm technology.
UAL, Continental plan cuts; Southwest sees weakness
United Airlines parent UAL Corp and Continental Airlines posted quarterly losses on sagging travel, and both carriers, like many other major U.S. companies, unveiled cost-cutting efforts for the second half of 2009.
Exelon moves on, wishes NRG well
Exelon Corporation, the largest operator of nuclear power plants in the U.S., terminated its offer to acquire rival NRG Energy Inc. with a simple and direct statement today after nine months waiting for negotiations.
Skeptical investors wade back into hedge funds
Investors vexed by losses and shoddy treatment last year are not abandoning hedge funds, as feared, but are making fund managers bend.
Dow rises on Caterpillar; Nasdaq, S&P 500 edge up
The Dow rose on Tuesday as a solid profit from Caterpillar Inc eclipsed unease about the company's outlook for the current quarter, while both the Nasdaq and the S&P 500 clung to tiny gains after a round of profit-taking.
Hollywood turns up hype for Comic-Con
Tens of thousands of pop culture fans will descend on the Comic-Con International event this week in San Diego that in recent years has changed from a convention of comic book lovers to a Hollywood movie bazaar.
Susan Boyle calls fame a demolition ball
Susan Boyle, a singer who became a global star with a show-stopping performance on Britain's Got Talent, has said in a television interview that her sudden fame was like a demolition ball.
Unemployment could undercut U.S. recovery: Bernanke
Federal Reserve Chairman Ben Bernanke Tuesday said the outlook for the long-suffering U.S. economy was improving, but supportive policies would be needed for some time to prevent rising unemployment from undercutting recovery.
JPMorgan's Dimon makes $2.3 million from options
JPMorgan Chase & Co Chief Executive Jamie Dimon made a $2.29 million pretax profit by exercising stock options and then selling most of the resulting shares of the second-largest U.S. bank.
Obama: Health plan closer than ever but needs work
President Barack Obama said on Tuesday U.S. healthcare reform was closer than ever but there was still work to do as his top policy initiative, already rejected by Republicans, ran into trouble with his own Democrats.
JPMorgan's Dimon makes $2.29 million from options
JPMorgan Chase & Co Chief Executive Jamie Dimon made a $2.29 million pretax profit by exercising stock options and then selling most of the resulting shares of the second-largest U.S. bank.
JPMorgan CEO Dimon makes $2.29 mln from options
JPMorgan Chase & Co Chief Executive Jamie Dimon made a $2.29 million pretax profit by exercising stock options and then selling most of the resulting shares of the second-largest U.S. bank.
Daily Forex Commentary 21 July 2009
The Australian Dollar opens at 0.8150 after another session of increased risk appetite in which equities and commodities all posted gains.. In offshore trade the Aussie climbed steadily and hit a high of 0.8174. Boosting sentiment was news that New York-based lender CIT Group Inc approved a US$3 billion loan from a group of its bondholders.
China International Travel Service approved for $250 m IPO
China International Travel Service Corporation Limited got approval from the China Securities Regulatory Commission (CSRC) for an initial public offering (IPO) on the Shanghai Stock Exchange, the securities regulator said on Monday.
Caterpillar lifts outlook on signs of economic stability
U.S. machinery maker Caterpillar Inc posted stronger-than-expected second-quarter earnings and raised its full-year outlook, citing signs of global economic stability, sending its shares up as much as 13 percent.
UnitedHealth shows diversity as profit beats views
UnitedHealth Group Inc posted stronger-than-expected second-quarter profit on Tuesday, helped by growth in the insurer's plans for elderly and low-income Americans and in its drug benefit business, and its shares rose 2 percent.
