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Wamu Plunges 30%; Gold Drops 4%
Sep 10, 5:52 PM ET |
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| Lehman Brothers reported record quarterly loss and plans to spinoff real estate asset and sell asset management unit. Gold drops nearly $20. |
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| U.S. stocks closed higher after trading sideways for the most of the session. Crude oil and natural gas closed lower as Hurricane Ike eneters the Gulf of Mexico and heads in the direction of oil installation. Separately, financial stocks came under selling pressure after Wamu Inc plunged 29% as the company ended talks with several investors for capital infusion. Carlos Slim acquires 6.4% stake in New York Times after the stock trades near eleven years low. Gold plunges 4%. |
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Energy Stocks Lift Market; Casinos Fall
Sep 10, 3:19 PM ET |
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| Stocks in the late afternoon tradng traded higher after crude oil dropped and gold prices declined. |
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| U.S. stocks edged higher in the afternoon trading with a decline in oil, natural gas and precious metal prices. Energy and metals related stocks led the gainers. Of the stocks in S&P 500 index, 60% traded higher. Washingon Mutual led the decliners in the index with a loss of 19% after its credit rating was cut. Lehman traded sideways after it reported record quarterly loss. Las Vegas Sands dropped 9% after July gaming revenue in Nevada fell. |
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Lehman Cuts Dividend, Spinoff RE Assets
Sep 10, 11:04 AM ET |
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| Lehman reported, ahead of schedule its largest quarterly loss after it wrote down assets in residential and commercial real estate securities. |
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| Lehman Brothers reported largest quarterly loss ever of $3.9 billion and wrote down assets of $5.6 billion. The company said it has liquidity of $42 billion and has a plan to sell its asset management unit and spin-off real estate portfolio of between $25 billion and $30 billion by the first quarter of 2009. Lehman lowered its dividend to 5 cents a share form 68 cents a share and expects to save $450 million annually. |
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