123jump.com Staff
18 Nov, 2008
New York City
General Motors, the struggling automaker reported third quaarter loss of $2.5 billion or $4.45 a share. The company plans to cut capital spending, lower production and reduce staff to improve the liquidity by $15 billion. GM is seeking federal help that can only help the company in the short term.
123jump.com Staff
18 Nov, 2008
New York City
Stocks in Japan dropped after property developers cut supply to lower inventories of unsold apartment units. Nearly 450 developers have been forced out in the last one year on tighter lending and weak demand. Mitsubishi UFJ interim profit plunges 64%. Sony Financial Holdings net drops 27%.
123jump.com Staff
17 Nov, 2008
New York City
Financial stocks led the decliners in the U.S. trading. Hartford Financial plunged after negative views from Barclays. Prudential and MetLife declined as well. Las Vegas Sands completed $2.1 billion in public offering. Walt Disney declined on broker commments. Net earnings at Target and Lowes fell.
123jump.com Staff
17 Nov, 2008
New York City
The Global funds transfer and payment systems company reported net third quarter revenue of $305 million and net loss of $38.6 million or 80 cents a compared to $341 million in revenues and $34 million in net income or 42 cents a share profit. The fund transfer fee rose 18% in the quarter.
123jump.com Staff
17 Nov, 2008
New York City
U.S. stocks closed down 2.6%. Financial companies lead the decliners on the worries that more companies will need to raise capital. Citigroup lowered its head count by 53,000 and Goldman Sachs executives forego bonuses. Japan reported second quarterly economic growth decline. UK economy to shrink.
123jump.com Staff
17 Nov, 2008
New York City
Stocks in India fell 1% in weak trading. Reserve Bank of India lowered the risk exposure for banks to commercial sector loans. RBI also added liquidity. Exporters are worried that falling economies in the U.S., Europe and Japan will drag sales. Airline Kingfisher may sell stake.
123jump.com Staff
17 Nov, 2008
New York City
The UK industry group lowered its GDP forecast for this year and a higher decline in GDP next year with the estimate of contraction of 1.7% in 2009. UK home prices in November fell 7.1%. London stock index dropped 2.7%. A growing number of investors voice concerns for Barclays capital plan.
123jump.com Staff
17 Nov, 2008
New York City
Stocks in Hong Kong fell in shrinking trading on the worries that exports from the region are likely to remain low for this and next year. Stocks in Shanghai gained 2% on the expectations that China will provide financial assistance. Bank of East Asia and Sumitomo Mitsui in a regional venture.
123jump.com Staff
17 Nov, 2008
New York City
Stocks in Australia fell 2.5% following declines in New York trading. Commodities and energy stocks led the fall. Australia retail sales in September rose 0.1%, less than expected as consumers tighten their wallets. Money market rates in Sydney trading after RBA pumped A$1.7 billion in liquidity.
123jump.com Staff
17 Nov, 2008
New York City
Economy in Japan fell for the second quarter in a row. Economy in the third quarter fell 0.4% after dropping 0.1% in the second quarter. Two quarterly declines in GDP generally augur a recession. A rise in utilities stocks lifted market index from the fall of 3% to close up 0.7%.
123jump.com Staff
17 Nov, 2008
New York City
World markets declined after meeting of 20 nations failed to send a clear message. Japan slides into recession as third quarter GDP declined 0.4%. European stocks fell after UK industry group estimated longer and deeper recession. Citigroup to cut 50,000 staff and trim expenses by 20% from peak.
123jump.com Staff
16 Nov, 2008
New York City
Norfolk Southern, the railroad operator said reported third quarter record revenue of $2.9 billion, up $541 million or 23% from the prior year quarter. Net income was $520 million or $1.37 per diluted share, compared to $386 million or $0.97 per share a year ago.
123jump.com Staff
16 Nov, 2008
New York City
CB Richard Ellis, the largest commercial real estate broker and manager reported third quarter revenues fell 13% to $1.3 billion. Investment management revenue fell 60% to $39.8 million. Third quarter net income fell to $40.4 million or $0.19 per share from $114.9 million or $0.48 per share.
123jump.com Staff
14 Nov, 2008
New York City
Hong Kong economic growth in the third quarter quarter to 1.7% from 4.2% rise in the second quarter. The economy contracted at seasonally adjusted rate of 0.5% after falling at a rate of 1.4% in the previous quarter. Econony in the first nine months rose at 4.3%.
123jump.com Staff
14 Nov, 2008
New York City
U.S. stocks fell with Nasdaq dropping 5%. Weak October sales led the retailers, financials and energy stocks lower. European Union and Hong Kong registered two consecutive quarterly economic growth declines. Berkshire Hathaway takes a stake in ConocoPhillips. Insurer, Hartford Financial buys a bank.
