The effects of Hurricane Ike on the Gulf Coast are still being sorted out, but, so far reported infrastructure damage is light. That may change as producers, refiners, and pipeline operators begin more detailed…
There is some very hopeful data out there this morning on cancer survival. Bristol-Myers Squibb Co. (NYSE: BMY) and Medarex, Inc. (NASDAQ: MEDX) have released updated survival data from three Phase II studies of…
A lot of traders think that GE’s (GE) financial results will be badly damaged by trouble at its GE Capital unit. The worry has the conglomerate’s stock trading at $24.70, below its 52-week low.…
Take-Two Interactive (TTWO) could have taken an overly generous offer from Electronic Arts (ERTS). Instead, it held out for a higher price and hinted that it had other buyers. The ERTS bid was worth…
Covering financial stocks this morning looks a bit like an assassination happening live on television. Futures are being pulled sharply lower by the financial stocks melting down. We are going to skip the individual…
Central banks in Europe said they were ready to put billions of dollars into the financial markets to ease the current credit crisis. According to The New York Times, "The central bank said it…
When Merrill Lynch (MER) CEO John Thain signed the employment agreement that made him the S&P 500’s best-paid CEO of 2007, shares of Merrill were trading at more than $55 dollars per share. Now…
AIG (AIG) may lose over $20 billion for the trailing four quarters ending with the current period. It says the unprecedented credit crisis bought on by the failure of Lehman (LEH) requires it to…
A bail-out of Washinton Mutual (WM) could cost tax-payers another $24 billion. According to Bloomberg, Richard Bove, an analyst at Ladenburg Thalmann & Co., said the federal government may have to provide that much…
Mel Karmazin, CEO of the new Sirius XM (SIRI) satellite radio company, gone public with his plan to fix the firm. Shares in Sirius have traded around $.90 over the last several days. They…
Lehman (LEH) says it will go into Chapter 11. Richard Fuld, the company’s CEO, will almost certainly end up being loathed more than the heads of Drexel, Long-Term Capital Management, or any of the…
Shares of Lehman (LEH) were off 84% in European trading. Bank of America (BAC) was down 14%. UBS (UBS) shares fell 7% at the open. Douglas A. McIntyre
According to Reuters, Lehman (LEH) will seek Chapter 11 protection. Reuters reports that Bank of America (BAC) will buy Merrill Lynch (MER) for $50 billion. Reuters reports that AIG (AIG) is facing a liquidity…
AIG (AIG) is seeking a short-term loan from the Fed in the amount of $40 billion. The Insurance firms says it will pay that back shortly from asset sales. In the current crisis, that…
We few, we happy few, we band of brothers; For he to-day that sheds his blood with me Shall be my brother; be he ne’er so vile… Saint Crispen’s Day…
No one likes a sore loser and there will be plenty of those among the executives at banks and brokerage firms that will fail or be sold. A gloating winner is harder to take.…
Merrill Lynch (MER) is gone, sold to Bank of America (BAC) for $44 billion. That is $29 a share, well below its 52-week high of $79, but above the $17 where it closed on…
The Wall Street Journal is reporting that the board of Merrill Lynch (MER) is meeting to approve a $29 a share takeover offer from Bank of America (BAC). If the deal closes tonight, Merrill,…
Several of the world’s largest banks on working on assembling a $50 billion fund to offer capital to weaker financial companies as firms like Lehman (LEH), Merrill Lynch (MER), and Washington Mutual (WM) face…
The latest rumor in the swirl of news around the probable failure of Lehman (LEH) is that Bank of America (BAC) will buy Merrill Lynch for $26 a share. The most recent information on…