Bernake Warns of Worst Times in the Economy
Ben S. Bernanke, chairman of the Federal Reserve, told Congress on Thursday that the economy was going to get worse before it got better, a message that received a chilly reception from both Wall Street and politicians.

China's Monthly Trade Surplus May Top $30 Billion
China's monthly trade surplus probably topped $30 billion for the first time, adding fuel to U.S. complaints the yuan is undervalued. The gap widened 29 percent in October from a year earlier to $30.8 billion, according to the median estimate of 14 economists surveyed by Bloomberg News. The government may release the figure as early as today.

Tech no longer above the fray; Nasdaq feels pain
Investors taking comfort in the fact that tech stocks have been relatively unscathed in the recent slide will have to look elsewhere for consolation. The Nasdaq composite just had its worst two days of the bull market, a 4.6% drop capped by a 53-point plunge to 2696 Thursday. It could have been far worse: Earlier the Nasdaq was down 101 points.


China risks backlash on currency policy: Paulson
Beijing's reluctance to adopt a flexible exchange-rate regime is widely considered unfair and puts China at growing risk of a protectionist trade backlash, U.S. Treasury Secretary Henry Paulson warned on Thursday.


Morgan Stanley losses show risk push downside
When John Mack returned to take the helm at Morgan Stanley in 2005, he pushed a risk-averse investment bank to close the gap on rivals by making bolder bets in the markets and expanding its presence in mortgages.
Those moves contributed to Mack's first major setback on Wednesday, when Morgan disclosed that its mortgage traders suffered $3.7 billion in fourth-quarter losses. The damage, which could deepen if markets weaken, shows the downside of boosting risk.


Citigroup gives ex-CEO Prince $40 million package
Citigroup Inc (C.N: Quote, Profile, Research), the largest bank in the United States, said on Thursday that its former Chairman and Chief Executive, Charles Prince, will take home roughly $40 million as he retires from the company.


Cisco Shares Fall on Failure to Meet Growth Estimates
Cisco Systems Inc. dropped the most in more than three years on the Nasdaq after Chief Executive Officer John Chambers said a ``dramatic'' decline in sales to automobile and financial companies is curbing growth.
Revenue this quarter will rise 16 percent, Chambers said yesterday. That would equal about $9.79 billion. While the forecast was in line with analysts' projections, shareholders expected more from the world's biggest networking-equipment maker, which beat estimates in four of the past five quarters.

Estee Lauder CEO to Step Down
Estee Lauder Cos (EL.N: Quote, Profile, Research) will announce on Friday that its chief executive, the grandson of the cosmetics maker's founder, will step down within two years, The Wall Street Journal online reported on Thursday.


Office Depot says, accounting errors to reduce earnings
Office Depot Inc (ODP.N: Quote, Profile, Research) said on Thursday it will reduce earnings for some prior periods following an independent review of its accounting for certain vendor program funds.
The company estimates it will reduce diluted earnings per share by 2 cents in the 2006 third quarter and by 3 cents in the 2006 fourth quarter. For this year, it will reduce the first quarter earnings by 1 cent per share and by 2 cents per share for the second quarter.


Disney profits up on ESPN, US Theme Parks
Walt Disney Co (DIS.N: Quote, Profile, Research), the second-largest U.S. entertainment company, reported on Thursday a 12 percent rise in quarterly profit, driven by sports network ESPN and U.S. theme parks, but revenue just missed Wall Street's target.

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This entry was posted by David Choi, on Thursday, November 8, 2007. You can leave your response.