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Daily Wrap Up - July 27

Housing looks up, Obama's China clean energy push, Trading under pressure

Aetna cuts forecast on medical costs, shares fall

Aetna Inc slashed its full-year earnings forecast on Monday because of higher-than- projected medical costs, sending its shares down more than 5 percent as the health insurer also posted a 28 percent drop in second-quarter net income.

U.S. takes center stage in EU hedge fund row

Debate over controversial EU laws on hedge funds shifted to the United States on Monday as a key industry body warned of protectionist aspects of the rules which have prompted Washington to lobby for changes. The Alternative Investment Management Association said the planned laws on alternative investment funds create potentially major difficulties and loss of business for funds and investors...

Citigroup to close consumer finance in Italy

Citigroup Inc is closing its consumer finance business in Italy and will reduce its employees in the country to about 500 from 1,000 as part of its plans to focus on the Citicorp business.

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Citi shares may rebound, could double by 2012: report

Citigroup Inc shares could more than double by 2012, financial weekly Barron's said in its July 27 edition, citing the company's global footprint and earnings power.

Kuwait's Al Raya denies violations in SEC case

Kuwait's Al Raya Investment said on Saturday it has committed no violations after the U.S. Securities and Exchange Commission sued its CEO financier Hazem Khalid Al-Braikan over suspicious stock trades.

Citigroup names 3 directors, gives Grundhofer job

Citigroup Inc said it has appointed three new directors, including a former New York State banking superintendent, and given board member Jerry Grundhofer the job of chairman of its retail banking unit.

Goldman upping the ante for rivals on bonuses

Bankers and traders, no matter where they work, might have Goldman Sachs Group Inc to thank for heftier bonuses this year.

CIT courts creditors, plans large debt exchange

CIT Group Inc , a 101-year-old lender fighting for survival, is planning a large debt exchange offer within weeks and may not sell any assets before fixing its capital structure, a source close to the company said on Friday.

Investors dump brokers to go it alone online

The collapse of Lehman Brothers last September marked the start of a downward spiral for big investment banks. For a smaller fraternity of Internet brokerages, it has set off a dramatic spurt of growth.

CIT amends debt offer to attract creditors

CIT Group Inc amended its debt restructuring plan on Friday to encourage more bondholders to tender their notes early, and said it intended to keep restructuring out-of-court if the offer succeeded.

Citigroup names three directors, adds Grundhofer role

Citigroup Inc said it has appointed three new directors and installed a new chief to oversee its retail banking unit, addressing criticism that it lacks enough leaders with commercial banking experience.

Kuwaiti financier sued by SEC over takeover hoaxes

Securities regulators on Thursday sued a well-connected Kuwaiti financier whose investment firm is partly owned by Citigroup Inc , saying he reaped millions in suspicious profits after fraudulent takeover reports sent shares of two U.S. companies soaring.

Amex, Capital One card losses dampen results

American Express Co and Capital One Financial Corp said rising customer delinquencies reduced second-quarter earnings, and shares of the large U.S. credit card issuers fell after hours.

SEC sues Kuwaiti over false Harman takeover news

Securities regulators on Thursday sued a well-connected Kuwaiti financier whose investment firm is partly owned by Citigroup Inc , saying he reaped millions in suspicious profits after false takeover reports sent shares of two U.S. companies soaring.

Loan losses drag on Wells Fargo, other big banks

Wells Fargo & Co and other major U.S. banks said the troubled economy drove big increases in loan losses, reducing second-quarter earnings.

CORRECTED: Morgan Stanley posts third straight quarterly loss

(Corrects revenues figures in 4th paragraph)

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.

Caterpillar net beats forecast; shares rise

Commercial mortgage failure at 20-year high in U.S.: report

Commercial mortgages at U.S. banks have been failing at the fastest rate in nearly 20 years, the Wall Street Journal said, citing its own analysis.

Caterpillar beats Street and lifts outlook

U.S. machinery maker Caterpillar Inc posted stronger-than-expected quarterly earnings on Tuesday and raised its full-year outlook, citing what it said were growing signs of stability in the world's credit markets and economies.

Analysts give mixed 2009 outlook for BofA, Citigroup

Several Wall Street analysts on Monday gave a mixed 2009 outlook for Citigroup Inc (C.N) and Bank of America Corp (BAC.N), after the U.S. banks on Friday reported a surge in second-quarter loan losses despite posting profits for the period.

Commercial mortgage failure at 20-yr high in US-WSJ

Commercial mortgages at U.S. banks have been failing at the fastest rate in nearly 20 years, the Wall Street Journal said, citing its own analysis.

Stock futures point to firmer Wall St open after CIT deal

U.S. stock index futures were higher, pointing to a firmer start on Wall Street on Monday, with both the Dow Jones futures and the S&P 500 futures up 0.3 percent by 3.56 a.m. ET, and the Nasdaq futures up 0.2 percent.

Froman funds at Citi unit face trouble: report

Citigroup is facing fresh problems at its private-investments division over two funds that were overseen by Michael Froman, who left the bank's Alternative Investments unit in January to be a White House aide, the Wall Street Journal said.

Nomura hires BofA's O'Kelly for Americas equities

Nomura Holdings Inc's U.S. brokerage unit said it has hired Ciaran O'Kelly from Bank of America Corp as a managing director and head of equities in the Americas.

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