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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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Real estate website Zillow soars in IPO debut
Stock Market News |
2011/07/20 09:29
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Shares of real estate website Zillow have more than doubled in their trading debut Wednesday. It's the latest Internet company to climb sharply in its first day of trading following strong openings from jobs networking site LinkedIn, music service Pandora and Russian search engine Yandex -- although Pandora is almost unchanged from its first-day close, and Yandex trades lower than it did on the end of its first day. Zillow, founded in 2004, provides online listings for more than 100 million homes for sale and rent. The portal's "Zestimate" helps estimate property values. Investors are bidding up Zillow Inc. stock, even though the Seattle company has never posted an annual profit. Zillow priced shares for $20 per share late Tuesday, $2 more than the top of the range it had predicted Friday. In midday trading Wednesday, Zillow had risen to $38.80 after trading as high as $60 earlier in the session. That means that the value of the company has dropped from more than $1.6 billion to about $1 billion since trading began. Including a private stock sale of 275,000 shares, Zillow raised $74.7 million. It has no specific plans for the funds, saying only that it will use them for general corporate purposes. The stock is trading under the symbol "Z" on the Nasdaq exchange. |
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Bank of America shares dip below $10
Stock Market News |
2011/07/15 12:19
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Bank of America shares fell below $10 for the first time since May 2009.
The stock price hit a low of $9.88 Friday, making it the only one of the four largest banks with a share price in the single digits. Most large bank stocks fell on Friday on fears of the fallout of the European debt crisis and the results of stress tests on the European banks' ability to withstand economic stress.
Investors have ben bailing out of Bank of America stock for several months, driving the price. In the past 12 months, Bank of America Corp.'s stock has fallen 35 percent, making it the third worst performing stock in the Standard & Poor's 500 index. On Friday, the stock closed at $10, down 0.7 percent for the day.
The stock decline is a setback for the nation's largest bank and its CEO Brian Moynihan, who has had to deal with multiple crises in the last year, mostly related to mortgage problems stemming from the bank's 2008 purchase of Countrywide Financial.
On June 29, Bank of America announced its latest settlement with investors who claim they were knowingly sold poorly written mortgage bonds. At $8.5 billion, it was the largest bank settlement ever announced. The amount eclipsed the last three years of earnings at the Charlotte, N.C. bank.
The stock also reflects investors' anxieties over how deep Bank of America's problems might be, says Cassandra Toroian, president and chief investment officer at Bell Rock Capital. |
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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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