Fannie Mae (FNM) and Freddie Mac (FRE) boomed along with the real estate market. Now they’re down 83 percent and 86 percent, respectively, from a year ago, and the government is ready to act in “quite an unprecedented measure of support,” says Victoria Wagner, S&P credit analyst. A look at what went wrong for the mortgage giants…
BlackBerry maker Research In Motion Ltd., whose shares got hammered recently after it missed earnings expectations, has also been hit by concerns that Apple Inc.’s latest iPhone could cut into its leading share of the smart phone market.
By Joe Bel Bruno
- ASSOCIATED PRESS Updated: 07/19/08 6:53 AM
NEW YORK — Wall Street was clearly pleased Friday when Citigroup Inc., while reporting a second-quarter loss, beat analysts’ forecasts and joined Wells Fargo & Co. and JPMorgan Chase & Co. in delivering stronger results than the market anticipated. But investors who ecstatically sent the Dow Jones industrials soaring by more than 480 points over Wednesday and Thursday were brought back down to earth by results from Google Inc., Microsoft Corp. and Advanced Micro Devices.
By Heather Burke
- BLOOMBERG NEWS Updated: 07/19/08 7:05 AM
Mattel Inc., the world’s largest toymaker, surged the most in almost six years in New York trading Friday after posting profit that fell less than analysts estimated and winning a jury verdict against MGA Entertainment over the origin of the Bratz dolls.
By Jonathan D. Epstein NEWS BUSINESS REPORTER
Updated: 07/19/08 10:06 AM
Massachusetts Mutual Life Insurance Co. is offering free $50,000 life insurance policies for 10 years to benefit the children of low-income working consumers in Buffalo.
LOS ANGELES (AP) — “The Dark Knight” lit up cash registers during its midnight debut, stealing away with a record $18.5 million from 3,040 theaters, distributor Warner Bros. said Friday.
With annual inflation near 5 percent, demand for Treasury Inflation-Protected Securities is high, pushing the 10-year yield down to 1.5 percent from above 2 percent this year. But there are more profitable ways to hedge against rising prices.
Investors, thinking the weak economy has caught up with the telecommunications industry, have sent the stocks down ahead of second-quarter earnings reports. Banc of America Securities analyst David Barden expects results for the country’s largest carrier, AT&T, due Wednesday, to reflect the sluggish economy as well as increased competition from cable. He sees more losses of landline customers for local phone companies, and fewer DSL additions as the market for broadband nears saturation.
By Tim Paradis
- ASSOCIATED PRESS Updated: 07/18/08 7:22 AM
NEW YORK — Wall Street shot higher Thursday, extending its rally into a second session as tumbling energy prices bolstered an already upbeat mood that followed stronger-than- expected quarterly reports from big names like JPMorgan Chase. The Dow Jones industrial average rose more than 200 points, bringing their two-day advance to more than 480.
By Adam Schreck
- ASSOCIATED PRESS Updated: 07/18/08 7:22 AM
NEW YORK — Oil prices tumbled below $130 a barrel for the first time in more than a month Thursday, as crude’s dramatic slide entered a third day accompanied by a sharp sell-off in natural gas.
ROCHESTER (AP) — Robert Sands, chief executive and president of Constellation Brands, drew compensation valued at $6.2 million in its 2008 fiscal year, according to the alcoholic-beverage company’s proxy statement Thursday.
Financial Institutions, the Warsawbased parent of Five Star Bank, said its board of directors approved a new $5 million stock repurchase program through June 25, 2009.
