All Entries Tagged With: "$BAC"
PIMCO’s Bill Gross Is Bearish on 2012
The head of the world’s largest bond fund—PIMCO—released his investment letter on Wednesday. In it, Bill Gross was notably bearish on the global economy. Gross states, “financial markets and global economies are at great risk.” Noting that the global financial market has depended upon the growth of credit in recent decades, Gross sees little hope [...]
Financial Layoffs, Downgrades Continue
On Thursday, Morgan Stanley (NYSE: MS) announced that it was laying off 1,600 employees. In the big picture, this round of layoffs is not majorly significant, as it represents only 2.6% of the company’s workforce—a relatively small percentage of the more than 60,000 employees in total. Still, it is yet another example of a major [...]
Citigroup Cites Regulation, Poor Market in Job Cut Decision
Earlier this week Citigroup’s (NYSE: C) CEO Vikram Pandit announced that the company would be cutting 4,500 jobs in coming quarters. Pandit cited a desire to cut costs in the face of slumping market conditions. All told, the company would take a hit of roughly $400 million to reduce its employee base. This would include [...]
Is Dexia Europe’s Lehman Bros?
In recent weeks, European banks have increasingly come under fire. As the crisis in the eurozone’s periphery has intensified, the possible exposure to troubled debt has sent shares of many European financials tumbling. Shares of major European banks like Societe Generale (OTC: SCGLY) and Deutsche Bank (NYSE: DB) came under heavy selling pressure over the [...]
Bank of America Raises Capital It Doesn’t Need?
Bank of America (NYSE: BAC) has claimed repeatedly that it does not need to raise capital. Yet, observers of the bank would never know that by looking at the firm’s recent moves. Back in July, the CEO of the firm—Brian Moynihan—held a conference call to discuss the bank’s second quarter earnings. In the call, Moynihan [...]
Buffett Enlarges His Control Of The Banking Industry
The financial media were dominated on Thursday by the announcement that Warren Buffett would purchase $5B in preferred shares of Bank of America (NYSE: BAC). The news propelled shares of the bank strongly higher. In pre-market trading, Bank of America was up as much as 24%, trading near $8.70. CNBC’s Jim Cramer stated that Buffett’s [...]
Have Gold Skeptics Been Validated?
After almost hitting $1,900 on Monday, Gold started to pull back on Tuesday, and sharply declined on Wednesday, dipping well below the $1,800 price mark. The precious metal has enjoyed a bull market for the last decade, although much of the action in the price of gold has occurred within the last several weeks. Since [...]
Bank of America in Turmoil
Despite a rally on Wall Street, Shares of Bank of America (NYSE: BAC) traded lower again on Tuesday, tumbling nearly 4%. Year-to-date, shares of the bank are down over 50% now. That is a significant decline for a stock that many once held high expectations for. Last January, CNBC’s Jim Cramer argued that Bank of [...]
Is Gold Due for a Major Pullback?
In recent days, gold has been taking out record nominal-highs, breaking through the $1,570s (a barrier it last reached in May) last week, before settling just above $1,600 an ounce earlier this week. Early Tuesday morning, gold set a nominal-high of $1,610.70 before retracing to trade near $1,602 an ounce for most of Tuesday’s session. [...]
ECB Softens Tone, US Fed Gears Up
No one expected European Central Bank head Jean-Claude Trichet to announce a rise in the bank’s interest rate this week, but given the decidedly hawkish comments he’s made recently, currency traders also didn’t expect him to speak quite so dovishly either. Trichet used the words “appropriate” and “accommodative” to describe the ECB’s 1% interest rate, [...]
