Tough Day on Wall St.
Stocks tumbled Thursday, with financial, commodity and technology shares leading the charge lower as investors continued to worry about the credit market crisis and the strength of the consumer.

Fed injects net $6bln into banking system
The Fed carried out three repurchase agreements totaling $47.25 billion, according to the Web site of the Federal Reserve Bank of New York. Since other agreements were expiring, so the Fed ended up adding roughly $6 billion in extra liquidity into the system, said Lou Crandall, chief economist at Wrightson ICAP.

OPEC: economy slowing, costly oil dents demand
OPEC said on Thursday it sees a modest downturn in the U.S. economy in the fourth quarter due in part to record high oil prices, but booming growth in China and the Middle East will keep world oil demand strong.

Oil Trades Fall Below $94 After falling on unexpected oil supplies increase
Crude oil traded little changed below $94 a barrel in New York after falling yesterday on a report showing U.S. imports rose for a third week and refiners increased gasoline and distillate production. U.S. oil supplies grew unexpectedly last week after falling for three-straight periods, according to government data published Thursday that sent oil prices falling.

Mortgage Rate Stays at 6.24%
Fixed-rate home mortgages were nearly unchanged in the latest week, according to Freddie Mac's weekly survey. The national average interest rate on the benchmark 30-year, fixed-rate loan was 6.24% in the week ended yesterday, flat with week-earlier and year-earlier levels.

US inflations reaches 14-month high
Bond yields tumbled as US annual inflation reached a 14-month high and signs of trouble in the economy mounted. The cost of living increased 3.5 per cent compared to a year ago after consumer prices rose another 0.3 per cent last month, driven by higher fuel costs, according to official figures.


S&P Downgrades Bear Stearns
Credit rating agency Standard & Poor's said Thursday it lowered its long-term counterparty credit rating on Bear Stearns Cos. to "A" from "A+" because of its plans to write down $1.2 billion in collateralized debt obligation and subprime mortgage exposure.

Barclays to make $2.7 bln write-down
Barclays announced on Thursday a lower-than-expected write-down on securities related to subprime mortgages, calming investors who had recently sold shares of the bank amid fears that it would post a loss.

Starbucks Shares may fall after lower profit, sales forecasts
Starbucks Corp., the world's largest chain of coffee shops, may fall in U.S. trading after lowering its profit and sales forecasts following its first-ever decline in U.S. customer visits.

BEA says profit up as backs decision to Oracle
BEA Systems Inc (BEAS.O: Quote, Profile, Research) posted a better-than-expected 59 percent rise in quarterly net profit as margins improved, and the business software maker said the results validated its decision to reject a takeover bid from Oracle Corp (ORCL.O: Quote, Profile, Research).

3M to buy Aearo Tech for $1.2 Billion
3M Co (MMM.N: Quote, Profile, Research), which makes products ranging from Scotch tape to optical films for liquid crystal displays, said on Thursday it would acquire Aearo Technologies Inc, a maker of hearing- and eye-protection and energy-absorbing products, for $1.2 billion.

J.C.Penney's cuts outlook
J.C. Penney Co. reported Thursday a 9.1% drop in third-quarter profit, hurt by sweeping discounts to clear unsold merchandise. The department-store operator cut forecasts for the fourth quarter and the full year, citing macroeconomic concerns.

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This entry was posted by David Choi, on Friday, November 16, 2007. You can leave your response.