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Subprime Losses to Top $1 Trillion
2008-04-09 01:59:00
According to the Internal Monetary Fund, sub-prime related losses are expected to topple $1 trillion. Thus far the street's consensus is that sub prime related losses have only reached $170 billion; however, related losses to mortgages, mortgage securities, commercial real estate, and consumer credit may all add up to nearly $1 trillion if conditions continue to deteriorate.
More About: Losses , Subprime

Transocean's CEO Sells Shares
2008-04-09 01:49:00
Jon A. Marshall, CEO of Transocean, exercised options for 254,564 shares of common stock Friday and then sold them all the same day for $145 each. The transaction was done under a prearranged trading plan, which allows insiders to sell shares even if they come into sensitive information.
More About: Shares

Hedge Fund Manager David Markowitz Says Ford May Double
2008-04-08 01:44:00
Value hedge fund manager, David Markowitz, reported Monday that Ford could potentially see a double despite recession risks. Ford is currently trading near a 25 year low and only 2.2 times 2009 earnings, which may attract value investors. He also stated that he expects the company to beat wall street estimates for 2009.
More About: Double , Manager , Fund

Yahoo's New Ad Platform May be too Little too Late
2008-04-08 01:40:00
Yahoo's new advertising platform displays potential; however, investors are indicating that the new advertising platform is just too little to late. Microsoft has demanded the company accept its takeover offer, stating that they plan to take the offer directly to the shareholders if the company refuses to negotiate.
More About: Late , Platform

AMD To Cut 1,650 Jobs
2008-04-08 01:37:00
After AMD reported first quarter earnings below analysts' expectations, the company announced plans to eliminate 1,650 positions. The cuts represent roughly 10 percent of AMD's workforce. The company has been struggling in recent years to keep up with Intel who continues to take market share from AMD.
More About: Jobs

Skybus Third Airline to Go Under this Week
2008-04-06 15:59:00
Skybus is the third small U.S. airline to file for bankruptcy this week. The news comes just after both Aloha Airgroup and ATA Airline s announced their own bankruptcy filings. Between rising fuel costs and a slowing economy the airlines are having to operate at a loss causing smaller airlines to go bankrupt.
More About: Week

Direct Depositors to be First in Line to Receive Rebate Checks
2008-04-06 15:59:00
Filers who file before the April 15th deadline and choose direct deposit should be first in line to receive the first batch of rebate checks. These filers are scheduled to receive their rebate checks between May 2nd through May 16th. The way to be qualified for the first round of rebate checks is to enter your bank information on your tax return even if you owe money.
More About: Direct , Line , Rebate

Yahoo Given 3 Week Deadline to Accept Microsoft's Offer
2008-04-05 21:55:00
Microsoft has given Yahoo three weeks to accept their more then $40 billion buyout offer. After this period, Microsoft plans to take the deal directly to the shareholders. In January when the deal was initially offered the deal was valued at $44.6 billion. The deal is now worth $41 billion based on Friday's closing prices.
More About: Deadline , Week , Yahoo! , Offer

Walt Mossberg Says iPhone will be 3G in 60 Days
2008-04-05 21:11:00
In a web video about mobile broadband, Walt Mossberg stated that the iPhone will be 3G with in 60 days. Walt Mossberg is a journalist for the Wall Street Journal.
More About: Iphone , Days

Home Depot to Cut 1,000 Jobs
2008-04-05 15:45:00
The home improvements retailer may eliminate as many as 1,000 jobs. The company plans to reduce its human-resources in stores by half. The cuts are effective May 1st. The cuts are the second round of jobs cuts for the company this year.
More About: Jobs , Home , Home Depot

U.S. Bankruptcy Filings Soar 27 Percent
2008-04-05 01:57:00
Bankruptcy in the U.S. soared over 27 percent during the first three months of 2008 compared to the same period a year prior. In just last month the number of bankruptcy's rose by 13 percent over February.
More About: Bankruptcy , Soar

Microsoft Reconsidering its Yahoo Offer
2008-04-05 01:31:00
Microsoft is still in the process of evaluating its offer with Yahoo . Sources familiar with the mater indicate that Microsoft's previous offer may be higher then Yahoo is current worth given recent market conditions and the Internet deteriorating online business. Yahoo has recently been struggling to keep online market share. Microsoft is still considering buying out Yahoo; however, thus far Yahoo has been not willing to enter reasonable negotiations.
More About: Microsoft , Yahoo! , Offer

Wachovia to Discontinue Mortgage Loans Across Parts of California
2008-04-05 01:28:00
Wachovia is considering discontinuing its Pick-A-Payment loans across 17 counties in California that have been hit particularly hard by failing home prices and rising foreclosures. The loans allow the buyer to choose different payment options each month; however, the options may allow the borrowers' balances to increase.
More About: Loans , Mortgage , Parts , Wachovia

iTunes Surpasses Wal-Mart in Music Sales
2008-04-05 01:24:00
Apple's iTunes surpassed Wal-Mart for the first time claiming the number one spot for music sales in the U.S. According to Ars Technica Apple currently has 19 percent of the overall music sales in the U.S.
More About: Music , Itunes , Sales , Wal-Mart

Job Losses Highest Since 2003
2008-04-05 01:21:00
The economy lost more then 80,000 jobs last month, representing the most jobs lost since five years ago in 2003. This is the third month in a row that the economy has lost jobs signaling that the Federal Reserve will need to continue to cut interest rates even further. According to the Labor Department the unemployment rate rose to 5.1 percent the highest percentage since September 2005.
More About: Losses

Comcast To Offer Faster Internet Speeds
2008-04-04 01:39:00
Comcast plans to offer a new broadband package that allows up to 50 megabits for downloads and up to 5 megabits for uploads. The new package is scheduled to be rolled out to 20 percent of its markets by the end of the year and 100 percent by 2010. The package will initially cost $150 for consumers.
More About: Internet , Comcast , Offer

Oil Drops $1 on Increased Supplies
2008-04-04 01:33:00
Both increased supplies and economic conditions led to today's $1 drop in oil prices. Inventories increased by 7.32 million barrels last week, the 11th gain over the past 12 weeks according to the Energy Department. Phil Flynn, indicated that the overall consumption of oil is down and that demand was lower as the economy is having an impact on demand.
More About: Supplies

Google Cuts 300 Jobs at DoubleClick
2008-04-03 04:33:00
For the first time in Google 's history, the company is cutting 300 jobs at DoubleClick. DoubleClick who was recently acquired by Google, currently employees 1,500 employees worldwide. Google also stated they plan on selling DoubleClick's Performics Search Marketing division stating that they do not want to be in the search engine marketing business.
More About: Jobs , Cuts , Doubleclick

Samsung Instinct to Offer Tilt Navigation
2008-04-03 01:41:00
Samsung's new iPhone competitor set to be launched on Sprint's network will feature a new tilt navigation system for viewing the web. The new system will allow users to scroll through websites by tilting the device providing for an interface for viewing websites that are too large to display on the screen all at once. The phone is also expected to cost under $300 in order to compete with Apple's iPhone.
More About: Samsung , Navigation , Tilt , Offer

Analysts Predicting 200,000 in Banking Layoffs within the next 18 Months
2008-04-03 01:36:00
Analysts at Celent LLC issued a report Tuesday stating that it expects the U.S. commercial banking industry to lose close to 200,000 positions over the next 12 to 18 months. A 200,000 job loss of its current 2,000,000 employees would represent a massive number. In 2007, the entire financial sector reported job losses of 153,000 with a great deal of those cuts related to mortgage lending.
More About: Banking , Months

Bernanke Warns of Possible Recession
2008-04-03 01:10:00
U.S. stocks dropped for the first time in three days, after Ben Bernanke issued a warning that the nation may be headed towards a recession. This is the first time that he has officially acknowledged that an U.S. recession is possible due to credit crisis, declines in employment, and significantly lower consumer spending.
More About: Recession

Blizzard To Bring World of Warcraft to Consoles
2008-04-02 02:36:00
Blizzard announced plans to launch a new version of World of Warcraft for consoles. The new edition entitled World of Warcraft : The Molten Core will be exclusively for the Atari 2600.
More About: Consoles , Blizzard

Sprint Launches iPhone Competitor
2008-04-02 02:08:00
Sprint launched a new iPhone competitor named the Samsung Instinct. The new phone features a similar design to that of the iPhone and also includes a large touch screen. Sprint did not mention a price; however, the company indicated that it will be cheaper then iPhone. The device is set to launch in June. Besides providing streaming TV and navigation services, the 3G phone is also capable of being used as a wireless modem for computers.
More About: Iphone , Sprint

Hon Hai to Be Shipping 10 Million 3G iPhones
2008-04-02 01:57:00
Sources indicate that Taiwan's Hon Hai Precision, the largest electronic's contractor in the world, is planning to ship 10 million 3G iPhones for Apple Inc. There also been rumors speculating that recent supply shortage indicate that the next generation of iPhones may come sooner rather then later. An analyst at Bank of America recently stated that it expects that Apple may sell as many as 8 million third-generation iPhones in the 3rd quarter. This would have Apple surpassing their goal of selling 10 million iPhones in 2008.
More About: Shipping , Million

S&P Posts Best 2nd Quarter Start Since 1938
2008-04-02 01:51:00
Both Lehman Brothers and UBS announced that they are raising nearly $19 billion in capital reassuring investors that they will be able to cope with further losses. This sparked a huge rally in the financial sector, which led the stock rally. The S&P 500 index posted its highest 2nd quarter start in over 70 years.
More About: Start , Posts , Quarter

Lehman Brothers Set to Offer 3.45 Million Shares of Convertible Stock
2008-04-01 03:50:00
Shares of Lehman Brothers dropped nearly 3 percent in after hours trading after the company announced plans to offer up to 3.45 million shares of convertible preferred stock in order to boost cash flow. Although, the investment bank posted higher then expected earnings this quarter, investors are very concerned as Lehman is the company that is most similar in size, structure, and exposure to mortgage based securities as Bear Stearns. Chief Financial Officer Erin Callan stated that the company is planning to reduce its reliance on borrowed funds and lower the amount of leverage risk it is currently undertaking.
More About: Stock , Lehman Brothers , Shares , Million

Intel and STMicroelectronics to Create New Company
2008-04-01 01:36:00
Intel Corporation and Microelectronics signed a deal Monday to combine both of their flash memory divisions into a new company named Numonyx B.V. The new company will be the third-largest non-volite memory producer with $3 billion in expected revenues just behind Samsung and Toshiba.
More About: Intel , Company , Create

Dell Closing Manufacturing Plant in Texas
2008-04-01 01:32:00
Dell is planning to cut costs by $3 billion annually over the next three years, by closing its manufacturing plant in Texas . Dell also repeated its goal of cutting nearly 8,800 jobs or 10 percent of its current workforce. The company has already cut 3,200 jobs. It also looking at its Financial Services division for potential cuts. Dell is currently the second largest PC manufacture.
More About: Dell , Manufacturing , Plant

Microsoft Releases Vista Pink Edition
2008-03-31 02:02:00
Microsoft has released a limited hot pink box edition of its Microsoft Vista operating system bundled with a one year subscription of Windows Live OneCare. The edition will only be sold in the Japanese market and will coincide with Sakura or "Cherry Blossom" season, a large event in Japan.
More About: Microsoft , Pink , Edition

Countrywide Execs Receive Millions
2008-03-30 18:02:00
Top executives at Countrywide are set to receive millions as part of Bank of America's buyout agreement. Leading the way is CEO, Angelo Mozilo, receiving $19 million. Next up is Sambol who is set receive $28 million for staying with the company. Bank of America announced their payments for top executives at Countrywide as part of their buyout agreement.
More About: Millions