Takeaways for Today (11/27/2007)
Stock Bounces Back
Stocks rose Tuesday, reclaiming most of the day's gains at the end of a choppy afternoon in which investor enthusiasm for recently battered shares was tried by ongoing worries about the economy.
Crude Oil Slumps as Production Fears; Slowing Economic Growth also weighs
U.S. crude oil futures fell more than $3 a barrel on Tuesday, pressured by the possibility of an OPEC production increase when the group meets next week and sliding consumer confidence that could signal slower demand.
Top economic adviser to leave White House
The resignation of Hubbard, 60 years old, is expected to be announced as soon as Wednesday, according to a report in the Wall Street Journal. Hubbard will follow out the door this year, political advisor, Karl Rove, communications chief Dan Bartlett, and budget director Rob Portman, among others.
Hubbard's departure comes in unfortunate timing for the government, which is facing an economic crisis triggered by woes in the mortgage industry that has also resulted in rising foreclosures and worries about recession.
December Fed rate cut seen as virtual certainty
The rhetoric continued Tuesday with two Federal Open Market committee members expressing no desire to move rates from their current 4.5% level. But despite the line in the sand, Fed watchers are convinced there will be a quarter-point rate cut at the next meeting on Dec. 11. And the financial markets, based on Fed funds futures trading, is just as certain of a rate cut.
Well Fargo sets aside $1.4 billion to cover losses
Wells Fargo & Co., the second-largest U.S. mortgage lender, said late Tuesday that it will set aside $1.4 billion during the fourth quarter to cover higher losses on home-equity loans caused by deterioration in the real-estate market.
Verizon's move can tear down the "walled garden"
Verizon on Tuesday said that by the end of 2008 it plans to give customers more choice over the phones they use and the software that runs on them. In effect, its wireless business would become like the World Wide Web instead of the closed model of the existing phone industry.
Well Fargo sets aside $1.4 billion to cover losses
Wells Fargo & Co., the second-largest U.S. mortgage lender, said late Tuesday that it will set aside $1.4 billion during the fourth quarter to cover higher losses on home-equity loans caused by deterioration in the real-estate market.
Verizon's move can tear down the "walled garden"
Verizon on Tuesday said that by the end of 2008 it plans to give customers more choice over the phones they use and the software that runs on them. In effect, its wireless business would become like the World Wide Web instead of the closed model of the existing phone industry.
Freddie Mac cuts dividend, slates $6 billion preferred
Freddie Mac (FRE.N: Quote, Profile, Research), the second largest provider of financing for U.S. home loans, on Tuesday said it halved its quarterly dividend and will sell $6 billion in preferred stock to bolster capital in anticipation of mounting mortgage-related losses.
China Rejects Europe's Call for Currency to Rise Faster
China signaled Tuesday that it would resist European demands for rapid appreciation of the yuan and would instead continue gradual progress toward a more flexible exchange rate.
Google's Next Frontier: Renewable Energy
Google, the Internet company with a seemingly limitless source of revenue, plans to get into the business of finding limitless sources of energy. The company, based in Mountain View, Calif., announced Tuesday that it intended to develop and help stimulate the creation of renewable energy technologies that are cheaper than coal-generated power.
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This entry was posted by David Choi, on
Tuesday, November 27, 2007.
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