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Treasury Injects $250 B in Nine Banks
Oct 14, 10:42 AM ET |
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| U.S. Treasury pressured nine large banks to accept $250 billion in exchange of stakes that will limit executive pay and sustain lending to homeowners and small business. The Treasury action is in sharp contrast to the promise of investing in battered securities owned by banks. |
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Pepsi Falls, J&J Rises; XL Surges
Oct 14, 2:03 PM ET |
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| Financials gained after the U.S. Treasury injected $250 billion in nine largest financial institutions. XL Capital rebounded after the chairman was forced to meet margin call. Johnson & Johnson rose on 30% rise in earnings. Pepsi fell on 9% drop in third quarter earnings. |
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General Electric Q3 Earnings Call Transcript
Oct 14, 11:11 AM ET |
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| General Electric reported third quarter earnings of $4.5 billion or 45 cents a share. The company completed investment in Weather Channel, purchase of Citi Commercial, sale of GE Money in Japan and partnership with Mubadal in UAE. The company estimated $20 billion earnings in the year. |
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Dow Soars 936; S&P, Nasdaq Surges 12%
Oct 13, 6:16 PM ET |
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| Stocks in New York surge more than 11% in the largest one-day gain since 1939 on the hopes that €1.16 trillion bailout plan in Europe will stabilize global financial system. A steep rise in European markets bolstered confidence. Energy and banks led the charge. Gold drops 2.5%, oil rises 5%. |
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European Markets Rise 11%, Asian Up 7%
Oct 13, 5:32 PM ET |
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| Stocks in Europe surge 11%, in Asia close up 7% and in New York soar 6%. European governments decided to inject large sums of capital in banks and banking system. Crude oil price rebound 4% lifting the energy complex stocks around the world. Banks rise in the U.S. and Europe. UK banks trade mix. |
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Apple, Prudential Surge, Banks Soar
Oct 13, 3:49 PM ET |
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| Banks traded sharply higher after European government announced a bank bailout plan of $1.8 trillion. The huge fiscal support lifted markets in Europe, New York and Asia. Apple surged. Insurance companies rallied. Steel, mining and energy companies gained on a rise in metals and oil prices. |
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Europe Offers €1.16 Trillion Bank Support
Oct 13, 6:31 PM ET |
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| European leaders after a weekend of discussions offered national plans to support banks and also take direct stakes in banks that will wipe out many shareholders. The European governments offered €1.16 trillion to support banks in Germany, France, Spain and Austria. UK will take direct stakes. |
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Mitusbishi UFJ Injects $9 B in Morgan Stanley
Oct 13, 6:12 PM ET |
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| Mitsubishi UFJ completed its purchase of 21% stake in Morgan Stanley after lowering the conversion price of the convertible stock to $25.25. The stock pays 10% dividend. It is not clear if Mitsubishi UFJ will be given shares if Morgan Stanley stock falls further or raises capital at a lower price. |
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UK Offers £37 Billion, RBS, HBOS Lloyds Bailout
Oct 13, 7:13 PM ET |
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| UK stocks surged after the European goverments took aggressive steps and offered $1.7 trillion in capital to loan to banks and take direct stakes as well. The broad action emerged after a meeting of European leaders in Washington and in Paris. UK also took stakes in RBS, HBOS and Lloyds TSB. |
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HK, Shanghai Rise in Asian Rally
Oct 13, 7:32 PM ET |
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| Hong Kong and Shanghai stocks rose sharply after European governments offered to support bank loans and interbank lending. Hopes of HK intervention to bolster stocks were rife after a suggestion of a similar action by a top regulator. |
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