Strumors - The Latest on Wall StreetStrumors - The Latest on Wall StreetStrumors is a community driven web site with a focus on market data and its effect on equities, ETFs, and mutual funds. Strumors is designed to promote the most critical information as decided upon by our community. Articles
Steve Ballmer Pokes Fun at Yahoo's Bid
2008-04-19 14:37:00 At a technology conference in Seattle, Ballmer asked the audience how many people use Yahoo as their primary search engine. After only a handful of people raised their hands, Steve Ballmer stated "Wow! We offered 31 bucks a share." More About: Steve Ballmer
AT&T Cuts 4,600 Jobs
2008-04-19 14:34:00 AT&T reported on Friday that it plans to reduce its workforce by 1.5 percent nearly 4,600 jobs. AT&T reported that the positions are related to its wire-line telephone business in the U.S. and are part of its plans to streamline the company. More About: Jobs , Cuts
GM Looking Toward China for Growth
2008-04-19 03:33:00 General Motors is looking to increase its auto sales rapidly overseas. The company reported that it plans to increase its auto sales in China by 50 percent over the next three years. GM plans to spend $1 billion each year in order to fund its Chinese expansion. Its current vehicle sales have quadrupled over last eight years as China's economy has begun to climb. More About: Growth
Bank of America Not Renewing Sears Credit Agreement
2008-04-19 01:44:00 Bank of America has decided not to renew Sears ' $1 billion dollar credit agreement under its existing terms. The agreement is set to expire in July of this year. Banks have been tightening down lending towards retailers amidst the economic slow down. Sears investment manager, Eddie Lampert, stated that most of the company's credit is issued under a $4 billion five-year revolving credit agreement, which is not set to expire till 2010. More About: Credit , Bank of America , Bank
Gas to Hit $3.5 as Oil Inches Above $117
2008-04-19 00:22:00 Oil continues to reach record highs sending gas prices closer to $4 a gallon. This time the price rose on news that a militant Nigeria may have sabotaged a major oil pipeline operated by Royal Dutch Shell PLC.
Bank of America to No Longer Provide Private Student Loans
2008-04-18 03:09:00 Bank of America , the second largest bank in the U.S., reported Thursday that it would no longer be offering private student loans. The bank plans to continue its offerings for government backed student loans, which currently makes up more then 85 percent of its current student loans. More About: Student , Loans , Student Loans , Bank of America
Google Beats Earnings Estimates by 30 Cents a Share
2008-04-18 03:05:00 Google Inc. announced earnings of $4.84 per share beating analysts forecasts by more then 30 cents. Analysts had expected Google to report revenues of $4.52 on average. The stock jumped up nearly 17 percent in after hours trading. The big change in Google's earnings is that for the first time the company has received a high percentage of sales from overseas. More About: Google , Cents , Earnings , Share , Beats
IBM Beats Earnings Estimates
2008-04-17 01:18:00 IBM beat its only earnings estimates for quarter one posting earning per share of $1.65 per share up 36 percent from the same quarter last year. IBM posted strong growth in its business services division, solid software sales, and higher PC sales in the Asian markets. More About: Earnings , Beats , Estimates
Apple Takes 6.6 Percent U.S. PC Market Share
2008-04-17 01:14:00 Apple Inc. had strong U.S. sales during the first quarter leading the company to take 6.6 percent market share compared to having 5.2 percent market share for the same quarter a year prior. Dell remains number one in the U.S. strengthening its lead to 31.4 percent of total PC sales; however, Hewlett Packard remains number one in the world. U.S. PC shipments rose during the first quarter by only 3 percent as the U.S. economy continues to show signs of weakness. More About: Apple , Market , Share
Shares of Crocs Collapse on Earnings News
2008-04-16 02:11:00 Shares of Crocs collapsed falling over 43 percent after the company posted that it would release lower then expected earnings. The company announced Monday that it only expects to earn between $195 to $200 million significantly lower then its previous prediction of $225 million. More About: News , Collapse , Earnings , Shares
Fed Expected to Cut Interest Rates Despite Inflation
2008-04-16 02:07:00 The Federal Reserve is expected to cut interest rates again in by possibly as much as 50 basis points when it meets again on April 29 and 30th. Analysts are betting that the Fed will continue to ignore the high inflation. The producer price index (PPI) was up nearly 1.1 percent in March, making its increase nearly 6.9 percent year over year. Food prices surged nearly 1.2 percent last month, with energy prices up nearly 2.9 percent the highest since November of last year. More About: Inflation , Interest Rates , Interest , Rates
UBS to Cut 10 Percent of its Workforce
2008-04-16 02:00:00 Investment bank UBS may cut up to 10 percent of its workforce due to mounting losses related to mortgage and related lending. The bank released a $19 billion write-down earlier this month in addition to the $18 billion in write downs from last year. UBS officially stated that it would need to "adjust staffing levels" and would release official job cut numbers in May.
Google Gains Marketshare in the U.S.
2008-04-16 01:58:00 According to ComScore, the same company who released information regarding Google having lower click-through-rates, Google increased its search engine market share in the U.S. in March. For the month of March, Google claimed 59.8 percent of all search traffic slightly higher then its 59.2 percent in February.
Crox's Lowers Earnings Forecast
2008-04-15 02:09:00 Crox reduced its earnings forecast for the first quarter sending shares down nearly 28 percent in after hours. The company now expects to receive between $195 million to $200 million in revenues for the first quarter compared to its previous prediction of $225 million. Crox is scheduled to reports its first quarter earnings on May 7th. More About: Earnings , Forecast
Gas Prices Continue to Rise
2008-04-15 02:04:00 Gas prices have continued to rise with oil holding at $112 a barrel. The average price per gallon across the U.S. is $3.389. California has some of the highest prices with the average there approximately $3.774 a gallon. More About: Gas Prices , Rise , Prices
Wachovia To Announce $7 Billion Infusion Monday
2008-04-14 05:46:00 Wachovia may announce up to a $7 billion cash infusion Monday . The bank will also be announcing its first-quarter results Monday. The Charlotte based bank, which is struggling due to the credit crisis and an ill-timed purchase of Golden West Financial Corp, had been set to announce its earnings Friday. The deal will bring between $6 and $7 billion in capital for the bank, in return the investment group will receive shares valued at roughly $23 to $24 nearly an 18 percent discount to Friday's closing price. The dividend is expected to be slashed. More About: Wachovia , Infusion , Billion
Asian Markets Open Down Nearly 400 Points
2008-04-14 05:18:00 Stocks in Asia opened down over 2 percent, the biggest drop in a month. The news comes after G7 reported that their global economic prospects have weekended. This comes just after GE missed earnings leading to a sell-off in the U.S. More About: Markets , Open , Asian , Points
U.S. Stock Indexes Face Five Week Low
2008-04-13 15:46:00 The major U.S. stock indexes all dropped over 2 percent last week after General Electric reported much lower then expected numbers. This was the steepest decline for the indexes in over 5 weeks. The S&P 500 index dropped 2.7 percent, while the Dow Jones Industrial Average declined 2.3 percent for the week. More About: Stock , Face , Week
IMF Issues Warning Over Food Prices
2008-04-13 15:44:00 The International Monetary Fund has issued an official warning that hundreds of thousands of people may face starvation if food prices continue to rise. Recently there has been riots over food in countries such as Haiti, Philippines, and parts of Egypt. The IMF is meeting in Washington to discuss the recent rise in food prices amongst the financial crisis. Food prices have been rising quickly on higher demand, poor weather conditions, and an increase in the use of land to grow ethanol based products. More About: Issues , Warning , Prices
UBS Continuing Restructuring Plan Despite Writedowns
2008-04-12 15:43:00 UBS plans to continue to make its restructuring plan, integrating its three businesses of wealth management, asset management, and investment banking into one, top priority despite massive write-downs. Board member Peter Kurer stated, that writedowns for the company have already been so bad that things cannot possibly be large as before. More About: Plan
Import Prices Rise 2.8 Percent in March
2008-04-12 15:37:00 The price of importing petroleum soared 9.1 percent last month leading to an overall rise in cost of 2.8 percent for all imports. This is the highest rise in import costs since November 2007. Since this time last year, the cost of importing petroleum has increased nearly 60 percent. More About: March , Rise , Import , Prices
Nokia's iPhone Competitor Already Coming Up Short
2008-04-12 00:05:00 Analysts are already betting against Nokia's iPhone competitor stating that the new device's operating system may disappoint. Nokia's new phone looks very similar to the iPhone and features similar touch screen interface; however, analysts are concerned that its software may end up being a major shortfall for the device. Apple has currently released an SDK bringing more developers on board. Nokia is going to have to really come out with a steller OS in order to compete. More About: Iphone , Short
Wachovia Tightens Lending
2008-04-12 00:00:00 Wachovia, the fourth largest bank in the U.S., announced Friday that it plans to tighten its lending standards. The company plans to require higher minimum credit scores for mortgage borrowers and reduce its loan-to-value ratios particularly in areas hit hardest by the weak housing market. More About: Wachovia , Lending
Adobe Releases New Video Player
2008-04-11 02:47:00 Adobe has released a new video player for Internet TV content. The new media player allows users to subscribe to TV shows, and download them automatically when new episodes are released. Adobe currently has support from top networks including CBS, MTV, and Nickelodeon. More About: Video , Adobe , Player
Bernanke Pushing Towards Regulation
2008-04-11 02:38:00 Bernanke is pushing for more government involvement in order to strengthen financial markets. He said that regulators should insure that financial institutions hold higher liquidity cushions in order to lower their exposure to market events. More About: Regulation , Bernanke
AMD Officially Launches Tri-Core Phenom
2008-04-11 02:33:00 AMD officially unveiled its new desktop processors based on its phenom core. One new addition is its new three core cpu named the Phenom X3, which AMD is claiming is 30 percent faster when compared to dual-core chips. AMD is currently the only the manufacture to offer tri-core desktop cpu's with Intel only offering dual and quad core cpu's. AMD is hoping to pinch a small gap between dual and quad core in a desperate attempt to regain market share. More About: Core
Verizon Sues Time Warner
2008-04-11 02:25:00 Verizon has issued a lawsuit against Time Warner Cable Inc. stating that its television advertising made false accusations. Verizon reported that the advertisements implied that Verizon's FiOS video service required a satellite dish. More About: Verizon , Time Warner
Former President of UBS AG's Investment Bank Says Investment Banks will Nee
2008-04-10 02:06:00 Kenneth Moelis, former president of UBS AG, stated that investment banks may need to eliminate as much as 35 percent of their current employees in order to cut costs. More About: President , Investment , Banks , Investment Bank , Bank
Oil Breaks $112 for the First Time
2008-04-10 02:03:00 After a government report showed an unexpected drop in oil inventories, oil prices quickly climbed up to $112 a barrel. The report from the Energy Information Administration showed that crude stock levels fell by 3.2 million barrels. Analysts were predicting a rise in inventories of 2.4 million barrels. More About: Time , Breaks , First Time
Yahoo Sends Microsoft Rejection Letter
More articles from this author:2008-04-09 02:03:00 Replying to Microsoft 's ultimatum, Yahoo sent Microsoft a letter stating that its current offer significantly undervalues the company. Microsoft has said that it will take its offer to Yahoo's shareholders directory if Yahoo does not enter acceptable negotiations. More About: Letter , Rejection , Yahoo! 1, 2, 3, 4, 5, 6, 7 |
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