Ben Roethlisberger and Kurt Warner, two quarterbacks hoping to atone for past disappointments on U.S. professional sports’ biggest stage, are set to lead their football teams into Sunday night’s Super Bowl.
Progress creating a government structure to absorb banks’ rotten assets could provide some relief next week for the stock market, which otherwise faces a tough lineup of woeful corporate outlooks, plunging auto sales and big job losses.
This year’s World Economic Forum was marked by finger pointing and dire warnings over the potential for rising unemployment, protectionist pressures, social unrest and political upheaval.
Republican Sen. Judd Gregg of New Hampshire is the leading candidate to become commerce secretary, according to media reports citing an Obama administration official.
Trade ministers gathered on the sidelines of the World Economic Forum’s annual meeting vow to work toward completing the long-stalled Doha Round of international trade talks this year in the face of fears a sharp global downturn and rising unemployment will spur domestic political calls for protectionist measures.
Progress creating a government structure to absorb banks’ rotten assets could provide some relief next week for the stock market, which otherwise faces a tough lineup of woeful corporate outlooks, plunging auto sales and big job losses.
The Obama administration will soon announce a new economic strategy that would lower mortgage costs and extend credit to small businesses, the President said in his weekly radio and Internet address on Saturday.
Federal regulators closes three banks in a single day Friday, as the ongoing credit crisis shows no signs of abating.
In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Jan. 26-30:
DAVOS, Switzerland (MarketWatch) — Japanese Prime Minister Taro Aso on Saturday said Japan would provide 1.5 trillion yen ($17 billion) in aid to Asian countries in an effort to boost regional growth. “It will be necessary to strengthen regional cooperation towards strengthening Asia’s growth potential and expanding domestic demand,” Aso said in a speech at the annual meeting of the World Economic Forum. With 40% of the world’s population and an annual growth rate of around 4% in recent years, Asia holds the greatest potential for growth in the world, he said. “It is important for this region to contribute to the world economy as a center of growth open to the world,” Aso said.
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For many, the idea of having what seems like 6,000 errands to do is perfectly feasible. For doing them, direct your eyes toward the 2009 Ford Escape Hybrid — a delightful little runabout that will make those errand days more enjoyable.
It’s election time in election-loving Venezuela, which is perhaps only rivaled by California in its zeal for referendums, and President Hugo Chavez is giving the people a second chance to decide whether he should be allowed to run for office again … and again.
ABU DHABI (MarketWatch) — My walk to work on Saturday mornings takes me by three- and four-story apartment blocks and three- and four-story single-family villas, some of which are landscaped and others that have been given over to nature. Giving a lawn over to nature in North America is an invitation to weeds and clover. Here, it’s an invitation to sand. Heck, there’s a lot of uninvited sand here, too. It sticks to our windows; it covers our cars.
Among the companies whose shares are expected to see active trade in Monday’s session are Anadarko Petroleum Corp., Aflac Inc. and Humana Inc.
Progress creating a government structure to absorb banks’ rotten assets could provide some relief next week for the stock market, which otherwise faces a tough lineup of woeful corporate outlooks, plunging auto sales and big job losses.
Whether you plan to file early or late, MarketWatch’s Early-Bird Tax Guide this weekend can help you get your ducks in a row now.
It may be “game on” in an off economy but the Super Bowl - typically the ad industry’s annual showcase of its best and most expensive work - does not seem to be feeling the pinch.
Brazilian shares slip, with pressure on mining giant Companhia Vale do Rio Doce following its plans for a $1.6 billion assets purchase, while Mexican shares break through losses that followed a report that U.S. economic activity shrank to its lowest levels since the 1980’s.
Technology stocks tick higher following rough going during the day as investors digest more poor financial results and find little comfort from the better-than-expected reading on quarterly U.S. economic activity.
Federal regulators closes three banks in a single day Friday, as the ongoing credit crisis shows no signs of abating.
Google Inc. and other technology giants have complained to the Federal Communications Commission about its proposal to offer a new replacement “translator” service for TV broadcasters meant to help them shore up coverage following the digital transition in February.
8:30 a.m.: Personal income and consumer spending for December, at the Labor Department.
SAN FRANCISCO (MarketWatch) — I suppose that as the case of the programmer, Rajendrasinh B. Makwana, is brought out into the open we’ll discover whether he’s just a disgruntled programmer irked at being let go by Fannie Mae in October, or someone with more sinister intentions.
SAN FRANCISCO (MarketWatch) — The Los Angeles Times will cut about 300 jobs and shrink its number of daily sections to four from five, The Associated Press reported Friday, citing an internal memo. The paper also told employees it will cut 70 newsroom jobs, or about 11% of its editorial department, according to the AP. The L.A. Times is owned by Tribune Co., which is currently under Chapter 11 bankruptcy protection.
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SAN FRANCISCO (MarketWatch) — MagnetBank of Salt Lake City, Utah was closed by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation was named receiver, the FDIC said late Friday. The closure marks the fourth bank failure of 2009 and 29th since the start of the credit crisis. The FDIC was unable to find another financial institution to take over MagnetBank’s operation so regulators will mail out checks to retail depositors for their insured funds Monday morning. As of Dec. 2, MagnetBank had total assets of $292.9 million and total deposits of $282.8 million.
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The market posts an 8.6% drop for the month, marking its worst performance on record for the month of January, and a pretty bad omen for the rest of the year, if one believes the old adage.
SAN FRANCISCO (MarketWatch) — Pfizer Inc. said late Friday it discontinued a Phase III clinical trial for an experimental pancreatric cancer drug because it was not showing an improvement over a standard treatment. The drug giant said an early analysis of data showed the use of axitinib with the chemotherapy gemcitabine did not improve the survival of advanced pancreatic cancer patients compared with the use of gemcitabine alone. Pfizer told all clinical investigators to stop using the drug and to determine the best course of treatment for their patients.
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SAN FRANCISCO (MarketWatch) — Standard & Poor’s Ratings Services on Friday placed Gannett Co.’s ratings on review for a possible downgrade. “Our main concern is the accelerating quarterly pace of decline in Gannett’s publishing segment. However, we believe the company’s broadcasting segment may experience revenue declines in 2009 near that of publishing, mostly due to the U.S. economic recession and the absence of Olympic and political ad revenue that benefited periods in 2008,” said Emile Courtney, an S&P credit analyst. S&P rates Gannett’s long-term corporate credit at BBB-.
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NEW YORK (MarketWatch) — U.S. stocks finished lower on Friday, with poor economic data and concerns about plans to rescue ailing banks leading the market to its worst January performance on record. The Dow Jones Industrial Average finished down 148 points, or 1.8%, at 8,000. For January, the blue-chip index fell 8.8%. The S&P 500 index fell 19 points, or 2.3%, to 825. For the month, the broad index fell 8.6%, its worst performance on record. The Nasdaq Composite lost 31 points, or 2%, to 1,476. The technology heavy index fell 6.4% during the month.
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Procter & Gamble Co., the household products giant, warns that sales growth is stalling as consumers rein in spending, weakening the company’s traditional strength as a defensive play when the worldwide economy stumbles.
Chevron Corp. says fourth-quarter net income rose slightly on one-time gains, while the major integrated oil company’s sizeable refining business benefited from lower oil prices.
President Barack Obama will get a second chance next week to land the one-two punch he threw this week, and failed to deliver. If Obama plays his cards right, the Senate will pass his stimulus package and Republicans will support it, unlike in the House.
NEW YORK (MarketWatch) — January is shaping up to be the first month since May that mutual-funds have seen positive net flows. As of Jan. 29, stock funds saw estimated net inflows of just under $9 billion, Trim Tabs Investment Research reported Friday. In the seven months from June to December, funds saw net outflows of $221.4 billion, TrimTabs said, with the monthly peak being a $72.3 billion exodus in October. In total, mutual funds saw net outflows of $189.9 billion in 2008.
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SAN FRANCISCO (MarketWatch) — Genentech Inc.’s board on Friday urged shareholders to take no action in regard to Roche Holdings’ announcement that it will offer to buy all outstanding shares of Genentech not owned by Roche for $86.50 a share. A special committee will announce its formal position within 10 business days after the tender offer begins. Roche earlier Friday lowered its bid from $89 a share and took the offer directly to shareholders.
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Once a booming investment destination, Eastern Europe is now in serious trouble, and some fear it’s poised to re-enact its own version of Asia’s financial crisis.
NEW YORK (MarketWatch) — Oil futures rose Friday after data showed that the U.S. economy, the world’s largest oil consumer, shrank less than the market had expected in the fourth quarter. The U.S. economy contracted at a 3.8% annualized rate, the worst in 28 years, the Commerce Department reported. But the drop was still above economists’ expectations of a 5.5% decline. Crude oil for March delivery ended up 24 cents, or 0.6%, at $41.68 a barrel on the New York Mercantile Exchange. Earlier it rose more than 4% to $43.44. In a week of volatile trading, crude has fallen three out of five sessions. It ended the week down 10% and the month down 14%.
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WASHINGTON (MarketWatch) — President Obama and China’s president Hu Jintao talked Friday morning on the telephone, White House spokesman Robert Gibbs said. Gibbs gave no immediate details about the issues the two leaders discussed. Financial markets are very sensitive to U.S.-China relations. Treasury markets were unsettled after Treasury Secretary Timothy Geithner told the Senate earlier this month that China was “manipulating” its currency. Some economists question how a U.S. policy to force China to strengthen its currency fits into an overall strong-dollar policy. Chinese officials took exception to Geithner’s remarks. Differences between the two countries was also evident when Chinese Premier Wen Jiabao went to Davos earlier this week and blamed the U.S. for the global economic slump.
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New watchdogs and an overhaul of executive pay are among a number of changes likely for the financial sector as world leaders and regulators attempt to hash out a global response to the financial crisis, say elite investors and politicians at the World Economic Forum’s annual meeting.
Shares of U.S. financial companies remain on track to end the week higher amid growing sentiment that a greater government effort to right the nation’s financial ship is on the way.
Energy-sector stocks recover from losses in the previous session, playing off Exxon Mobil and Chevron as the bellwethers both report better-than-expected financial results for the fourth quarter.
NEW YORK (MarketWatch) — Gold futures rose Friday, ending the week at their highest level in six months as investors sought the safety of the metal following government data that showed the U.S. economy contracted the most in 27 years during the fourth quarter. Gold for February delivery closed up $22.20, or 2.4%, at $927.30 an ounce on the Comex division of the New York Mercantile Exchange, the loftiest closing level for a front-month contract since July. The benchmark contract has risen 3.5% so far this week and 4.9% this month.
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Lawmakers aren’t just trying to claw back the bonuses. They’re now looking to undo Wall Street’s contractual agreements and marketing strategies.
MarketWatch’s daily rundown of stocks making big moves higher and lower in the market.
SAN FRANCISCO (MarketWatch) — Fitch Ratings on Friday downgraded Eastman Kodak Co. on expectation that the company’s profit across its businesses will continue to deteriorate in 2009. Fitch cut Kodak’s issuer default rating to B- from B, senior secured revolving credit facility to BB-/RR1 from BB/RR1, and senior unsecured debt to B-/RR4 from B/RR4. The rating outlook is negative. The rating action affects about $2.3 billion in debt.
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WASHINGTON (MarketWatch) — Treasury Secretary Timothy Geithner spoke with several of his foreign counterparts this week about the upcoming G7 and G20 talks, his spokesman said Friday. Geither spoke with French Finance Minister Christine Lagarde, UK Chancellor of the Exchequr Alistair Darling, Russian Minister of Finance Alexey Kudrin, Japanese Finance Minister Shoichi Nakagawa, German Finance Minister Peer Steinbruck, Singaporean Finance Minister Tharman Shanmugaratnam and Australian Treasurer Wayne Swan. The G7 richest industrial countries will meet on Feb. 13-14 in Rome. Finance ministers from the larger G20 group of countries is working on a international regulatory reform. Their next meeting is scheduled for April 2 in London.
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The U.S. economy contracts at a 3.8% annualized rate in the fourth quarter, Commerce Department data show. The decline in gross domestic product would have been worse except that the government counts an unwanted buildup of goods on store shelves as growth.
SAN FRANCISCO (MarketWatch) — Standard & Poor’s said Friday that it may downgrade the ratings of Black & Decker Corp. following a weak 2009 outlook from the company. S&P has a BBB long-term and A-2 short-term corporate credit rating on Black & Decker. The ratings agency said it is concerned that Black & Decker’s credit measures will likely weaken further in 2009 and fall below its justification of a BBB rating.
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WASHINGTON (MarketWatch) — U.S. fourth-quarter GDP numbers released Friday show a “continuing disaster” for American families, President Barack Obama said, and again urged Congress to pass his massive economic stimulus plan. Obama said the recession is deepening and said he was pleased that the House approved his plan. “I hope we can strengthen it further in the Senate,” Obama said.
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NEW YORK (MarketWatch) — Union leadership at Boeing Co.’s Wichita, Kan., aircraft facility are asking its engineer membership to reject a proposed labor contract. The 700 engineers, represented by the Society of Professional Engineering Employees in Aerospace, have been negotiating a separate contract with the aerospace giant since Nov. 17. If the contract is rejected by the membership, Boeing and the union will return to the table for another round of talks, according to Bob Brewer, the union’s spokesman. Union leadership said they are upset over company plans to terminate its pension plan for new employees, for its rejection of language intended to protect engineering jobs, and for not providing a greater wage increase. (Corrects spelling of Wichita in headline).
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CHICAGO (MarketWatch) — Gannett Co. Chief Financial Officer Gracia Martore said Friday that the company’s board will again examine its quarterly dividend when it meets next month to determine whether it should be reduced or suspended as the global economic meltdown drags on. “Every company right now is very focused on conserving cash,” Martore told analysts during a conference call. Another newspaper publisher, Media General , announced on Thursday that it would suspend its dividend, and New York Times Co. recently made a drastic cut to its quarterly payout. Gannett last considered the issue during a board meeting in October, Martore said.
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