According to Reuters, the economy contracted in the third quarter as consumer spending dropped sharply. Reuters writes that Fidelity Magellan Fund bought shares in big banks in September including Bank of America…
Many of the layoff announcements which came over the last several days were as unexpected as they were large. If a recession is measured by the rapidity and breadth of job losses…
It has only taken a week for the global auto business to rebound from one of its worst periods in decades. GM (GM) is close to a deal to buy Chrysler. The…
According to Reuters, investors and banks are in a struggle over whether financial companies should be able to change the way they value assets under accounting rules. Reuters writes that improvements in…
GM (GM) shares are up 9% on rumors that all major issues needed to set up a merger with Chrysler have been worked out with Cerberus which owns a majority of the…
Douglas A. McIntyre It has been clear for some time that GM’s (GM) sales in the US and Europe have been poor and are likely to stay that way. The company said that in the…
Douglas A. McIntyre According to Reuters, global stocks rose on possible rate cuts but the economic outlook is grim. Reuters reports that the Fed is expected to cut rates with Japan likely to follow. Reuters…
In a sign that the car industry is alive and well, the market cap of VW passed Exxon (XOM) to move it into first place worldwide. According to Bloomberg, the stock rose…
According to Reuters, GM (GM) and Chrysler have asked the government for $10 billion to close their merger. Reuters reports that Boeing (BA) and its machinists have entered into a tentative labor…
According to Reuters, the Korean central bank made record rate cuts. Reuters reports that the G7 said the rising yen may be a threat to financial markets. Reuters writes that Hungary and…
Porsche is not a very big car company, but it has had some special rights to buy a significant amount of equity in the largest car company in Europe–VW. The VW management…
There is an “official” government bailout number. That is the $700 billion Congress gave to Henry Paulson to hand out as he pleases. Most of it will go into buying equity in…
According to Reuters, Greenspan said he was shocked by the credit meltdown. Reuters reports that the value of Bear Stearns $30 billion mortgage portfolio fell 9%. Reuters writes that Asia and Europe…
According to Reuters, former Citigroup (C) CEO Sandy Weill may start a fund to invest in distressed financial companies. Reuters writes that Amazon (AMZN) turned in a weak forecast hurting its stock.…
GM (GM) may not be able to come up for the money to marry Chrysler. The deal could involve firing 60,000 people and paying their severance. The process of putting the two…
