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Goldman falls on news that CEO hired top lawyer
Stock Market News |
2011/08/23 10:27
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Goldman Sachs shares fell sharply Monday following news that its CEO, Lloyd Blankfein, has hired a top Washington defense lawyer.
Blankfein and other top executives at Goldman Sachs Group Inc. are facing inquiries from the Justice Department and other agencies on the firm's practices leading up to the financial crisis.
Goldman confirmed a report from Reuters that Blankfein has retained Reid Weingarten from the law firm Steptoe & Johnson LLP. Weingarten is known to have represented top corporate executives who have been charged with wrongdoing including former WorldCom chief Bernard Ebbers.
Weingarten's office didn't immediately respond to requests for comment. Goldman Sachs said in a statement: "Blankfein and other individuals who were expected to be interviewed in connection with the Justice Department's inquiry into certain matters raised in the (Senate's Permanent Subcommittee on Investigations) report hired counsel at the outset."
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Dow stumbles on weak manufacturing report
Stock Market News |
2011/08/01 09:00
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The debt deal rally lasted all of 30 minutes. After gaining 139 points minutes after the market opened Monday, the Dow Jones industrial average sharply reversed course, shedding all of those gains after a key manufacturing index tumbled in July.
The Dow was down than 50 points after the Institute of Supply Management said its manufacturing index fell to 50.9. That was barely above the 50 point figure that indicates growth. Economists had been expecting a much higher reading of 55.
The manufacturing report comes just one trading day after the government said that the economy grew at an annual rate of just 1.3 percent from April through June. This year, the economy has grown at its slowest pace since the recession ended in June 2009. Sharp reductions in short-term government spending could further weaken the economy, analysts say.
The Dow Jones industrial average was down 51 points, or 0.4 percent, to 12,092 in midmorning trading. The broader Standard and Poor's 500 index lost 7, or 0.5 percent, to 1,285. The Nasdaq composite lost 10, or 0.4 percent, to 2,746.
Bond yields fell to the lowest level of the year as investors moved into safer assets. The yield on the 10-year Treasury note fell to 2.73 percent from 2.80 percent late Friday.
Stocks rose early Monday after President Barack Obama and Congressional leaders announced Sunday that they had agreed on a deal to raise the nation's borrowing limit ahead of Tuesday's deadline. Investors have been worried that the U.S. might default if a deal wasn't reached.
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Gridlock over raising debt limit weighs on stocks
Stock Market News |
2011/07/26 09:12
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The debt gridlock in Washington is causing more worries on Wall Street.
Stocks fell Tuesday as U.S. lawmakers remained in a bitter stalemate over raising the country's borrowing limit. Republican and Democratic lawmakers have offered competing proposals to avoid a catastrophic default on the government's debt. A resolution appears a long way off. If an agreement is not reached by Aug. 2, the U.S. won't have enough cash to pay its bills.
Industrial companies led stocks lower after earnings reports from UPS, 3M and U.S. Steel raised concerns that the economy is weakening.
In midday trading, the Dow Jones industrial average is down 62 points, or 0.5 percent, at 12,530. The Standard & Poor's 500 is down 3, or 0.3 percent, at 1,334. The Nasdaq composite is flat at 2,843.
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UPS sticks with its outlook as 2Q earnings rise
Stock Market News |
2011/07/26 09:12
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UPS said on Tuesday that the sluggish U.S. economy will continue to impact its results, but it will grow earnings by raising prices and improving volume overseas.
In a conference call with analysts, CEO Scott Davis said the global economy is still recovering at an uneven pace, with strength in China and Europe outpacing other areas. And while fuel prices have come down and production issues in Japan appear to be clearing up, high unemployment and weak consumer confidence continue, and U.S. debt issues add to the uncertainty.
Talk of ongoing weakness in UPS' core domestic market unnerved investors. Shares fell $3.57, or 4.8 percent, to $70.45 in midday trading after losing as much as 6 percent earlier in the session.
Still, the world's largest package delivery company maintained its outlook for the year. It expects adjusted earnings of $4.15 to $4.40 per share, implying growth of 17 to 24 percent from 2010. The upper end is above Wall Street's expectations. Analysts, on average, predict earnings of $4.34 per share.
In the second-quarter, UPS earned $1.06 billion or $1.07 per share, compared with year-ago earnings of $845 million, or 84 cents per share.
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Stocks mixed after biggest day in a year
Stock Market News |
2011/07/20 09:30
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Stocks are mixed in midday trading, a day after the Dow Jones industrial average had its biggest gain this year. Traders are weighing concern about the U.S. debt limit against strong earnings from Apple and a slew of new deals. Apple Inc. rose 3 percent after the company's income doubled last quarter, trumping analysts' estimates. Sales of the company's iPhones quadrupled in Asia. American Airlines' parent company, AMR Corp., rose 2.4 percent after announcing an order for 460 planes, split between Boeing and Airbus. The new planes are expected to save money on fuel. Rising fuel prices left the airline with a loss of 85 cents a share, larger than analysts expected. The airline also said it would spin off its American Eagle subsidiary. The Dow is down 10 points, or 0.1 percent, to 12,576 in midday trading. United Technologies Corp.'s dropped more than 2 percent, tugging down the Dow Jones industrial average. The S&P 500 index is down 1 point to 1,325. The Nasdaq is down 11 points, or 0.4 percent, to 2,815. Stronger profits from Coca-Cola Co. and IBM Corp. along with apparent progress in raising the U.S. debt limit prompted a stock market rally Tuesday. The Dow gained 202 points, its best day this year. Clorox rose more than 3 percent after billionaire investor Carl Icahn raised his bid for the company to $80 a share. The consumer products company rejected his previous offer. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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