Blue chips get Bernanke boost
Blue chips gained Friday in a choppy session in which investors welcomed comments from Fed Chair Ben Bernanke that implied further interest rate cuts are on the way but showed some caution after a three-day advance.

Oil prices fell below $89
Oil prices fell Friday on expectations that OPEC will decide to increase output at its meeting next week and as concerns of a supply disruption from a U.S. pipeline fire abated.

Gold futures end lower; lose over $42 on the week
Gold for February delivery fell $13.20 to end at $789.10 an ounce on the New York Mercantile Exchange. Gold futures posted a weekly loss of $42.70, significantly down from last Friday's closing level of $831.80.

Morgan Stanley may face $5.7 billion write-downs
Morgan Stanley (MS.N: Quote, Profile, Research) may face a fiscal fourth-quarter write-down of as much as $5.7 billion for mortgage-related losses, CNBC television said on Friday.

Citi cuts assets of sponsored SIVs by $17 billion
Citigroup Inc. said late Friday that it has reduced the assets of structured investment vehicles it advises by $17 billion in the past two months, as the banking giant tries to maneuver through this year's subprime thicket.

UBS Financial Rating Cut by Moody's on Subprime Loss
UBS AG, Europe's biggest bank by assets, had its financial-strength rating cut by Moody's Investors Service for the first time since 1998 because of concern about losses from U.S. subprime-mortgage securities.

Warner Music's Profit Slips 58% as Industry Struggles
The Warner Music Group said yesterday that its fourth-quarter profit slipped 58 percent amid a softer international market and a decline in compact disc sales. Its results, however, topped Wall Street estimates.

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This entry was posted by David Choi, on Friday, November 30, 2007. You can leave your response.