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GameStop, Dick's Fall; Children's Place Rises
May 22, 1:18 PM EDT |
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| U.S. stocks gained after the release of weekly claims of unemployment at the end of the last week. Crude oil traded above $135 a barrel. |
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| U.S. stocks edged higher on the weekly unemployment report. The fall in claims at the end of the last week, lower than expected lifted market averages. Ford Motor cut its production target for the next two quarters by 20% and said that it may only break-even in the year 2009. Earlier it had estimated a return to profitability by the year. UBS offered rights at 31% discount from its closing price on yesterday. |
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Ford Withdraws Profit Outlook, Cuts Production
May 22, 11:21 AM EDT |
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| Ford, the battered auto maker fell 7.5% after it announced production cuts and said that it will not be profitable in 2009 as it had targeted earlier. |
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| Ford Motor Company stock fell 7.5% after it withdrew its 2009 profitability target and cut production. The company now expects at the best to break-even in the year before taxes and special charges. In the second and third quarter auto maker plans to cut prodcution by as much as 20% and between 2% and 8% in the fourh quarter from a year ago. Consumers are increasingly opting for smaller cars and avoid gas guzzling trucks. |
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UBS Rights Offering at 31% Discount
May 22, 10:25 AM EDT |
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| The battered Swiss bank will issue 760 million shares, nearly 33% more than the current count at 31% discount to closing price on yesterday. |
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| UBS, the Swiss private bank with significant presence in the U.S. finalized its offering of 760.29 million shares at Sfr 21 per share, a 31% discount from closing price a day ago. The offering will increase the outstanding shares to 2.9 billion and increase its Tier 1 ratio above 11. The bank has reported nearly Sfr 25 billion of losses in the last three quarter. UBS has declared the largest losses related to subprime lending of the total declared losses of $320 billion in the industry. |
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Oil Prices Keep Rising, Above $135
May 22, 9:10 AM EDT |
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| Crude oil prices surged in the morning trading after talks of the supply decline and possible shortages in the next three to five years. |
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| Crude oil prices in New York and London trading rose higher. In New York prices reached $135.07 and in London brent crude traded at $134.25. Crude oil futures are increasingly useb by financial investors to hedge weak dollar. Talks of oil supply shortages, though a possibility only in 2012 and after has attracted more speculators to the market. |
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