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General Motors Reports $3.3 Billion Loss
2008-04-30 23:51:00
Struggling auto manufacturer, General Motors , reported a $3.3 billion loss for its first quarter. A huge drop in automobile sales here in the states have slowed down sales for the company. General motors also posted $1.45 billion in write-downs related to its mortgage division.
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Fed Cuts Interest Rates to 2 Percent
2008-04-30 23:47:00
As expected the Federal Reserve cut interest rates to 2 percent Wednesday, and also indicated that it is ready to pause after dropping over 3 percentage points since it began cutting rates in September. The central bank also noted inflationary concerns with several indicators pointing towards higher inflation still to come.
More About: Interest Rates , Interest , Rates , Cuts

AT&T To Subside iPhone for $200
2008-04-30 01:41:00
When the new 3G iPhone is released this summer, AT&T, may be looking to subside the phone cutting the price by as much as $200. According to sources, Apple will release two models one with 8 gigabytes of memory and the other with 16 gigabytes of memory priced at $399 and $499; however, if AT&T subsides the phones they may be purchased for $199 and $299.
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Bush Blames Congress for High Energy Prices
2008-04-30 00:01:00
President Bush blamed Congress for blocking his initiatives set to reduce rising energy by expanding domestic production. He also stated that lawmakers are continuing to delay necessary actions needed to address the higher food prices and to address the rising number of foreclosures in the U.S.
More About: Energy , High , Prices

Foreclosures Rise 112 Percent
2008-04-29 23:57:00
Over 155,000 U.S. families have filed for foreclosure this year. And In the last 12 months there has been a total of 650,000 foreclosures. This represents one in every 194 U.S. households a staggering number, which does not appear to be declining anytime soon.
More About: Foreclosures , Rise

Fed Expected to Cut Interest Rates to 2 Percent
2008-04-29 23:49:00
It is widely anticipated that the Federal Reserver will cut interest rates to 2 percent in order to help the economy deal with massive losses related to mortgages and other loans. Most investors are betting that this may be the last of the interest rate cut for awhile as inflation continues to rise.
More About: Interest Rates , Interest , Rates

Bank of America to Revise Home Loans to Help Homeowners
2008-04-29 02:19:00
Bank of America is planning to modify nearly $40 billion in existing mortgage loans. The move is part of its agreement to acquire Countrywide Financial, in order to gain approval with the Federal Reserve it has agreed to modify existing home loans to help out struggling home owners.
More About: Home Loans , Loans , Home , Bank of America

Apple Releases Upgraded iMacs
2008-04-29 02:16:00
Apple Inc. upgraded its iMac line to include support for Intel's new penryn processors. The new models feature faster clock speeds, faster bus speeds, and more memory on most models.
More About: Apple

Oil in Europe Approaching $10 a Gallon
2008-04-29 02:08:00
Currently oil in Europe is at 1.0977 pounds a liter, which translate to 4.99 pounds a gallon. Speculators have been pushing up oil prices to record levels and analysts are anticipating the price to rise above five pounds by tomorrow.

Nintendo Continues to Blow Away its Numbers
2008-04-27 15:55:00
Despite slower consumer spending Nintendo continues to release record earnings. For its current fiscal year the company reported earnings 52.6 percent higher then last year. The success of both its Wii and DS devices have rocketed its current earnings; however, the company remains conservative towards future earnings. The company is forecasting only single digit gains for the current fiscal year stating that it expects weaknesses in the economy to substantially hurt its performance. Unlike the xbox 360 and the PS3, both the Wii and the DS were able to attract additional consumers who are not necessary gamer enthusiasts; however, this same audience is much more unlikely to continue to purchase devices in a slower economy.
More About: Numbers

Microsoft's Takeover Bid for Yahoo Expires
2008-04-27 15:47:00
Microsoft's deadline for Yahoo to accept its takeover offer for $44.6 billion expired at midnight Saturday. Microsoft has already warned that it will take the vote directly to Yahoo's shareholders in a hostile takeover attempt to persuade Yahoo's shareholders to take the bid. Yahoo's board has been unwilling to negotiate with Microsoft stating that its current offer significantly undervalues its company; however, several shareholders have even gone as far as threating to sue Yahoo's board for failing to maximize shareholder value by not accepting the deal.
More About: Takeover , Yahoo!

Rate Cut Not Certain
2008-04-26 13:36:00
The Federal Reserve is scheduled to meet on Wednesday where it will decide rather or not to cut rates. Many analysts are predicting a rate cut of a quarter of a percentage point; however, it is not clear rather or not the Fed will continue to cut rates especially as the dollar continues to slide in value.
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Honda Posts Largest Drop in Profits in 10 Years
2008-04-26 13:33:00
Honda Motor Corp. reported its largest drop in profits in ten years. The company stated that net income dropped 86 percent to 25.4 billion yen ($244 million). The company who makes nearly 70 percent of its revenues from America is going to have a rough year as the stronger yen compared to the dollar will hurt the company.
More About: Honda , Profits , Years , Posts , Largest

Bank of America to Drop the Name Countrywide
2008-04-26 02:35:00
Bank of America is planning to drop the name Countrywide Financial once its acquisition of the company is complete, which is expected to be finalized by the end of the year. The change comes just after officially telling the Federal Reserve that it plans to boost Countrywide's lending standards and remove sub-prime and option adjustable rate lending where the price of the loan can exceed the value of the property when borrowers choose the option to pay less then the interest due.
More About: Bank of America , Bank , Drop

Rebate Checks to Arrive Monday
2008-04-26 02:26:00
Earlier then previously announced, the government plans to start sending out rebate checks this Monday . The first batch of rebate checks will go to those who used direct deposit when filing their returns and will be directly deposited into their banking accounts. Paper checks will not start going out until May 9th.
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Investors Questioning Vista Sales
2008-04-26 01:32:00
Microsoft has been a huge supporter behind Vista ; however, investors are beginning to question rather or not the operating system will be able to gain corporate sales. Since for companies to upgrade to Vista, it most likely would require them to purchase additional hardware as well as software licenses many companies have planned to put off the costly upgrade.
More About: Sales , Questioning , Investors

Baidu Climbs as Chinese Internet Usuage Soars
2008-04-25 03:14:00
Baidu reported a 71 percent in its first quarter earnings due to the climbing Internet usage among Chinese individuals. The company posted net income of $21 million and stated that companies were increasing their online advertising in China.
More About: Baidu

Microsoft's Revenue Drops on Slower Windows Vista Sales
2008-04-25 03:11:00
Shares of Microsoft declined over 5 percent Thursday after the company reported that its profits fell 11 percent in the third quarter and released lower than expected guidance for the next quarter. The company reported that sales of Windows dropped nearly 24 percent.
More About: Windows Vista , Sales , Vista , Revenue

Wal-Mart Limiting Rice to 4 Bags Per Person
2008-04-24 02:06:00
Wal-Mart 's Sam Club stores will be limiting the volume of rice sold to customers to 4 bags per person. Wal-Mart states that "supply and demand trends" are the reason for the restriction, and that the company plans to continue with the restrictions as long as they are allowed by law. Currently, only New Mexico and Idaho are the only two states that prohibit such actions.
More About: Bags , Rice , Wal Mart

Amazon Beats Earnings Despite Retail Slowdown
2008-04-24 02:02:00
Despite the massive slow down in consumer spending in the U.S., Amazon posted earnings of 34 cents a share, up nearly 30 percent from the same quarter a year prior. Analysts were only expecting earnings of 32 cents per share. Amazon's growth has been increasing as it continues to gain support from third party retailers who sale on Amazon's site.
More About: Retail , Earnings , Beats

Apple Acquires Chip Company P.A. Semi
2008-04-24 01:59:00
According to Forbes, Apple has agreed to acquire P.A. Semi for $278 million in cash. P.A. Semi specializes in manufacturing embedded processors. The deal could be a large blow to Intel who has been trying to get Apple to use its processors in both the iPod and the iPhone. Forbes reported that one reason for the deal might be because P.A. Semi has a new 64-bit dual core microprocessor capable of providing up to 300 percent higher efficiency then comparable embedded processors.
More About: Company , Chip

Apple Earnings Climb 36 Percent
2008-04-24 01:54:00
Apple released second quarter results Wednesday of $1.16 a share, a 36 percent rise over the same quarter a year prior. Rising demand for its notebook products helped lead the revenues. However, the stock traded sideways, as Apple released lower then expected guidance for its next quarter of $1 a share. Investors were hoping for $1.11; although, Apple has released very conservative guidance numbers over the last 2 years.
More About: Apple , Earnings , Climb

Homes Prices Tumble in March
2008-04-23 01:03:00
According to the National Association of Realtors home prices tumbled in March . They report that sales in March dropped 2 percent compared to February or 19.3 percent compared to a year prior. The median price of homes in the U.S. continued to slide now at $200,700, a 7.7 percent decline from a year ago.
More About: Homes , Prices

NYSE Euronext Looking to Attract China IPOs
2008-04-23 00:28:00
NYSE Euronext attends to directly compete with the London Stock Exchange and is starting to aggressively attract foreign companies. It has just launched a new campaign towards persuading China , Indian, and Russian companies who are planning initial public offerings in the US to list partially in Europe as well.

Yahoo Beats Analysts Expectations
2008-04-23 00:17:00
At a critical point when Microsoft is attempting to acquire the company, Yahoo released higher then expected earnings. Yahoo reported first quarter earnings of 37 cents a share nearly four times its earnings a year prior; however, it may not be enough to get Microsoft to raise its offer. Microsoft officially stated that if Yahoo did not accept their offer by the end of this week, they would take the offer directly to the shareholders.
More About: Beats , Expectations , Yahoo!

Wachovia CEO Asked to Step Down
2008-04-23 00:12:00
At Wachovia 's annual board meeting, investors pressured CEO Ken Thompson to step down. Investors have been disappointed with the collapsing stock price and the massive dividend cut the bank had to make in order to raise additional capital. Thompson had previously promised that the bank's dividend would not need to be cut, and stood behind his decision to buy Golden West Financial Corp which has created high mortgage related losses for the bank.
More About: Step

Intel Slashes Prices on Quad Core CPU's
2008-04-22 02:02:00
Intel cut prices on its quad core cpu's by as much as 50 percent on certain processors. Its Q6700 (quad 2.66 GHz) processor now sales for $266 as apposed to $530. Intel also announced several large price reductions for its Xeon processors and announced smaller reductions for its dual core core 2 duo chips.
More About: Intel , Core , Quad-core , Quad , Prices

Apple Leaps 7 Points on Earnings Hype
2008-04-22 01:54:00
Shares of Apple Inc. rose over 7 points or 4 percent Monday, after several analysts upgraded their price target stating that the company should release higher then expected earnings for its second quarter. Some Analysts are predicting that Apple will post earnings as high as $1.07 cents a share. Apple has consistently beaten its earnings estimates over the past two years.
More About: Earnings , Hype , Points

Bank of America's Earnings Slide
2008-04-22 01:48:00
Bank of America reported a 77 percent loss in revenues due to massive mortgage related write-offs. Bank of America released first quarter earnings of 23 cents a share significantly lower then analysts predictions of 41 cents a share.
More About: Earnings , Slide , Bank

Yahoo is Running Out of Time to Accept Microsoft's Offer
2008-04-20 15:11:00
This is Yahoo 's final week to decide rather or not to accept Microsoft's take over offer currently valued for $42.8 billion. Microsoft has officially stated that it may take the offer straight to Yahoo shareholders if Yahoo does not accept the offer by the 26th of this month.
More About: Running , Time , Yahoo! , Offer