Hartford Surges 45%, Circuit City Closes Stores
Nov 03, 12:48 PM ET |
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| Circuit City plans to close 155 stores and lay off staff to preserve capital. The battered electronic retailer same store sales declined for two years in a row. Hartford Financial Services surged 45% after it said that it has $2 billion excess capital. |
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Itau, Unibanco in Brazil Merge
Nov 03, 9:57 AM ET |
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| Merger of two Sao Paolo banks Itau and Unibanco will create the largest financial group in Latin America and sixth largest in the Americas. The newly merged bank is named Itau Unibanco Holding will be controlled 66% by the shareholders of Itau. |
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Interbank Lending Rates Fall
Nov 03, 9:06 AM ET |
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| Interbank lending though tight, loan rates are on the decline for euro and dollar loans. The Libor rate for dollar loans declined to 2.86% and for euro loans fell to 4.74%. |
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Weak UK Manufacturing, Miners Rise
Nov 03, 6:03 PM ET |
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| Stocks in London trading rose 1.5% after metal and commodities prices gained. Of the FTSE 100 index stocks, 80 rose, 19 declined and 3 were unchanged. Rising pound and weak demand in international markets dragged manufacturing index lower in October. The sixth monthly decline in a row. |
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HK Stocks Rise, China Eases Lending
Nov 03, 6:04 PM ET |
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| Hong Kong stocks surged 2.7% after Peoples Bank of China spokesperson said that banks are no longer constrained by monthly loan quotas. The relaxed lending environment is expected to provide liquidity to small and medium businesses. China Unicom fell 7% on the merger worries with China Netcom. |
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Surprise Rate Cut Lifts Sensex
Nov 03, 1:18 PM ET |
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| The surprise rate cut by the Reserve Bank of India this weekend lifted stocks in Mumbai trading. Autos, financials and realty stocks rallied. Rupee rose to 49 from 49.44 against a dollar. International mutual funds linked to invest in India faced withdrawals of $120 million in the last week in Oct. |
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Australia Surged 5% Ahead of Rate Decision
Nov 03, 3:05 PM ET |
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| Australian stocks surged on the hopes that the Reserve Bank of Australia will lower rates tomorrow. The listing for new jobs placement declined in October, home prices fell 1.8% and manufacturing declined in the month. Australian dollar gained to close at 66.02 cents to a dollar. |
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Boeing Q3 Earnings Call Transcript
Nov 03, 2:13 PM ET |
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| Third quarter revenues declined 7% to $15.3 billion from $16.5 billion in the prior year. Net income declined 38% from $1.1 billion to $695 million, a year ago. Earnings per share declined 33% to $0.96 per share from $1.44 in the prior year. Backlog rose 7% to a record $349 billion. |
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Weekly Rally, Monthly Decline
Oct 31, 5:14 PM ET |
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| U.S. stocks edged higher after JP Morgan suspended foreclosures on loans issued to 400,000 homeowners with $110 billion of mortgages. Stocks edged higher in the afternoon on the JP Morgan action. European markets closed up 2% or better. In Asia, Japan lowered its key lending rate. India surged 8%. |
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JP Morgan to Modify $110 B of Mortgages
Oct 31, 4:06 PM ET |
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| U.S. stocks rallied after JP Morgan Chase issued a statement to not add any more new loans to foreclosure process before offering modified terms. The widened program is likely to benefit 400,000 families with $110 billion mortgage loans. |
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