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According to Reuters, car company executives went before Congress and pleaded for billions of dollars. Reuters reports that governments are bracing for a long crisis ahead. Reuters reports that Paulson says the financial bailout still faces hurdles. Reuters writes that oil is steady below $44.
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The wonderful and extraordinary thing about big federal spending programs is that the government does not have enough people to keep track of how the money is used. Grifters are everywhere. So are the people who will spend $600 for the toilet seats on Nimitz-class aircraft carriers. The Paulson bailout plan, also known at the TARP, is no exception to the rule. The General Accounting Office reports that there are no real checks-and-balances on how the fund works, whether the money is properly accounted for, and whether there are strong provisions in place for getting the cash back. What the...
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Analysts continue to slash estimates on bank stocks. Today it was Bank of America's (BAC) turn. Citigroup lowered its estimates and price target on Bank of America due to marks and higher credit costs. The firm lowered their Q4 EPS estimates by $0.40 to $0.02 per share (consensus is $0.41). The firm lowered the Q4 estimates to reflect $1.5 billion in mark-to-market losses, $2.7 billion of reserve additions for credit card, residential mortgage/home equity and corporate lending in the GCIB Read more...
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According to Reuters, JP Morgan (JPM), Bank of America (BAC), and Merrill Lynch (MER) will cut a total of almost 20,000 jobs. Reuters reports that Boeing (BA) will sign a new deal with machinists. Reuters reports that the auto sales slump is expected to continue through November
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24/7 Wall St. will name its annual CEO of the Year next week. The executive will be picked from a field of ten which we will profile this week. The CEOs are chosen on the basis of their company’s stock market and financial performances compared with their own industry groups and all large companies traded on US markets. Only firms with market caps of more than $5 billion were considered. 24/7 reviewed revenue growth, operating margins, balance sheets, return on assets, and return on equity
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According to Reuters, markets in Asia and Europe ross about 2% Reuters reports that the downturn in the Chinese economy deepened. Reuters reports that BHP Billiton (BHP) was gloomy about its prospects and defended it bid for Rio Tinto (RTP)
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The Paulson/Bernanke bailout is now spreading across the financial system like a prairie fire in a stiff wind. AIG (AIG) got one deal. A number of banks got a piece of another deal, the $700 billion Paulson "special needs of banks" program. Now, Citigroup is getting a back-stop of over $300 billion for its toxic assets and $27 billion or so in additional money from the government in preferred shares. If those sums are not adequate, it is a reasonable bet that the Treasury will be back. The Fed, Treasury, and FDIC are using the Citi plan an a guinea...
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Foot Locker (FL) Cuts earnings outlook. Falls to $3.65 from 52-week high of $18.19. Citgroup (C) Still concerns about whether government will have to step in to stop bleeding. Down to $3.05 from 52-week high of $35.29. JP Morgan (JPM) Layoffs and earnings concerns. Drops to $19.69. The New York Times (NYT) October revenue down. Dividend cut. End of the line. Sells down to $4.95 from 52-week high of $21.14. Bank of America (BAC) Sucked down by Citi selling. Plunges to $10.01 from 52-week high of $47. Dell (DELL) Reasonable earnings but iffy forecast. Drops to $8.72 from 52-week high...
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Verifon (PAY) JP Morgan cut rating. Drops to $2.38 from 52-week high of $48.61. Suntech (STP) Forecast below Wall St. estimates. Down to $5.60 from 52-week high of $90. Jones Apparel (JNY) Part of retail sector sell-off. Sells off to $2.34 from 52-week high of $22.12. Prologis (PLD) CEO is out and so are lots of employees. Falls to $2.25 from 52-week high of $71.79. Clearwire (CLWR) Bad reaction to partnership with Sprint (S). Down to $3.77 from 52-week high of $18.26. Citigroup (C) Investors still concerned about bank's viability. Plunges to $4.39 from 52-week high of $35.29. GE (GE)...
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Now that his company has its bailout cash from Henry Paulson, Bank of America (BAC) CEO Kenneth Lewis can say whatever he wants about the government. BAC has probably spend all the money, so the Treasury can't take it back. Today Lewis made the comment that much of the current credit crisis on lax regulation by state officials and said all "systemically important" financial institutions need some form of federal oversight, according to Reuters. To add insult on insult he added that the structures of Fannie Mae (FNM) and Freddie Mac (FRE) were set up "to take on extra risk...
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According to Reuters, Japan exports hit their lowest level since 2002. Reuters writes that hopes for an auto bailout in this session of Congress are poor. Reuters reports that the US is looking into lending practices at Golden West. Reuters reports that small businesses are being hurt by trouble on Wall St.
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According to Reuters, Yahoo! (YHOO) CEO Yang resigned. Reuters reports that Japan expects a long recession. Reuters writes that Congress will take a first look at a new auto bailout bill. Reuters reports that Volvo said truck orders were weak.
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These are some of the changes we have seen in the holdings of Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK-A). We have consolidated these into groups and this group is alphabetical from A to H for the quarter ended on September 30, 2008: American Express Co. (NYSE: AXP) 151,610,700 shares Anheuser Busch Cos. Inc. (NYSE: BUD) taken to 13,845,000 shares, from under under 15 million last quarter and from over 35 million in March Bank of America Corp. (NYSE: BAC) 5,000,000 shares; DOWN from 9.1 million shares in June Burlington Northern Santa Fe (NYSE: BNI) 63,785,418 shares (although higher now)...
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Perhaps it is a remarkable failure of imagination or just animal panic. A day after Citigroup (C) hit a multi-year low and spent time below $10, CEO Vikram Pandit's answer was to buy a few crummy shares in the bank and prepare to fire another 10,000 poor souls. He also decided to raise rates on credit cards, which would seem to undermine the federal government's programs to help consumers during a liquidity crisis.
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According to Reuters, concerns about the global economy are growing as the G20 nations are meeting. Reuters writes that Congress challenged banks on how they would use bailout funds. Reuters writes that companies including Honda (HMC), Home Depot (HD), and Dow Chemical (DOW) want the Fed to buy their commercial paper.
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