Nov 25, 2008 5:59 PM ET
The Federal Reserve extended up to $800 billion of loan facilities to the mortgage and asset based backed loans market. The Fed is quickly running out of alternatives and is now deeply engaged in buying riskier loans and appears to take risk that most banks failed to manage.
Nov 24, 2008 12:26 AM ET
Church & Dwight reported third quarter net income of $49 million and earnings per share of 69 cents a share compared to $51.7 million and 75 cents a share in the prior year period on higher gross margin. The company forecast earnings per share between $2.83 and $2.85 for the full year.
Nov 24, 2008 12:16 AM ET
PetSmart, third quarter revenue increased 12% to $1.3 billion and net profit rose to $35.8 million or 28 cents a share compared to $29.5 million or 23 cents a share in the same quarter a year ago. Comparable store sales grew 5.4%.
Nov 24, 2008 12:07 AM ET
Stocks in Australia edged higher after gold and other metal prices gained. The surge in gold price lifted stocks of mining companies. Financial stocks rose as well after the U.S. decided to bailout Citigroup for the second time in less than two months.
Nov 24, 2008 11:52 PM ET
Hong Kong stocks edged higher after the U.S. announced yet another bailout plan for Citigroup. However, stocks in Shanghai dropped 4.3% as small businesses suffer from tight lending conditions. Trading volume and in both exchanges dropped. Air China plunged 10% on $454 million of fuel losses.
Nov 24, 2008 11:07 PM ET
Stocks in India edged lower in weak trading sentiment. Banks led the decliners but software services exporters gained earlier before closing lower on the hopes that lower operating costs will support earnings gains. Realty stocks fell after finance ministry report suggested lower economic growth.
Nov 24, 2008 7:47 PM ET
Stocks in New York and Europe surged on yet another bailout action by the U.S. The Fed, FDIC agreed to extended guarantee for Citigroup $306 billion loans and Treasury plans to inject $20 billion. Despite the size of the support from the U.S. the bank may not survive the current financial crisis.
Nov 22, 2008 4:16 PM ET
Vodafone the UK telecom operator net income declined 35% to £2.14 billion or 4.02 pence a share, down from £3.29 billion or 6.19 pence a share. The company revised sales forecast for the second time in four months and estimated cost savings plan for the year of £1 billion.
Nov 22, 2008 4:05 PM ET
GameStop, the entertainment software retailer sales increased 5% in the Q3 to $1.7 billion. Comparable sales fell 1.8%. Net earnings were $46.7 or 28 cents per share compared to $52.0 million or 31 cents per share a year ago. The company estimates Q4 earnings per share between $1.29 and $1.34.
Nov 21, 2008 11:39 AM ET
Asian stocks rallied on the hopes that more government intervention in the region will bolster the economic growth and sustain the domestic demand. The Bank of Japan kept its key lending rate at 0.3% and indicated that it is ready to add more liquidity in the financial system.