Citigroup is cutting costs like it’s going out of style. The third-biggest bank by assets announced it will chop 11,000 jobs, or about 4 percent of its workforce, today to boost profitability and scale-down the once-heralded financial supermarket. After former CEO Vikram Pandit left in mid-October, Citigroup (C) realigned focus toward operations and efficiency. Mike [...]
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Why are Apple Shares Sliding?
Apple shares fell sharply Wednesday, leaving investors and traders searching for the reasons for the fall. Shares in Apple (AAPL.O) closed down 6.43 percent, dragging down the NASDAQ index along with it. The NASDAQ Composite index closed down 0.06 percent. The Dow Jones Industrial Average index closed up 0.64 percent, while the S&P 500 index closed up 0.16 percent on Wednesday. Some [...]
Oil, Gold Inch Down on Fiscal Cliff Worries
Oil and gold prices fell Wednesday as the fiscal cliff nears and a decision on Greek debt is still impending. Light crude (CLC1) was down 1 percent or 87 cents at $86.31 per barrel in mid-day trading. Crude oil futures (CLF13.NYM) for January delivery were down 1.20 percent at $86.13 a barrel on the New [...]
Costco Analysts Round-Up
Costco Wholesale Co. (COST) stock rose by 5.3 percent as of 1 p.m. Wednesday, after the bulk retailer announced that it will increase its dividend by $3 billion, or $7 a share, and same-sale store sales that beat analysts expectations. This is the second time Costco increased its dividend this year prior to the “fiscal [...]
Explain it to me: Credit Rating Agencies and their role after the Crisis
On Monday, an Australian court held Standard & Poor’s liable for losses that one investor suffered because it rated toxic bonds as investment grade. Credit rating agencies like Standard and Poor’s are increasingly facing wrath from regulators, financial institutions and investors. The blame game started since 2008, when investors witnessed the worst in financial markets. [...]
U.S. stocks fall Tuesday despite reasons for optimism
The U.S. stock market finished at two-week lows Tuesday despite upbeat signs from the nation’s housing market and growing optimism among consumers. By the closing bell, the three benchmark indices for the market dipped to their lowest levels since Federal Reserve Bank Chairman Ben Bernanke announced a third round of bond-buying to stimulate the nation’s [...]
Hot Stocks: The QE3 Movers and Shakers
Last week was eventful for the U.S. stock markets with the U.S. Federal Reserve announcing yet another Quantitative Easing program, the third in the series, which Wall Street calls QE3. Fed chief Ben Bernanke vowed the investors by continuing the QE, this time deciding to buy up to $40 million of mortgage backed securities every month [...]
DJIA drops Kraft Foods for UnitedHealth Group
The Dow Jones Industrial Average (DJIA) will drop Kraft Foods Inc. (NASDAQ:KFT) as of Sept. 21—replacing it with UnitedHealth Group, Inc. (NYSE:UNH), it was announced Friday morning. Kraft Foods Inc.’s decision to split into two public companies–a North American grocery business and an international snack company called Mondelēz International, Inc.–makes the company less representative of the [...]
Technology Stocks to Watch on Wednesday: MSFT, NOK, ORCL, and FB
Not to be outdone by Apple’s update of its much anticipated iPhone 5 announcement, some other technology companies including Microsoft/Nokia and Google, which will both unveil their latest product, are expected to be actively traded in Wednesday’s session. Microsoft [NYSE: MSFT] and Nokia [Nasdaq: NOK] are said to host an event at 10 a.m. ET [...]
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