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Monday, November 29, 2010

JPMorgan Chase to Buy Back $1 Billion in Long-Term Securities

JPMorgan Chase (JPM) said it would buy back $1 billion of its long-term securities in a move that shows the bank using extra cash to deleverage and refinance in a low-interest rate environment, TheStreet.com reported.

JPMorgan shares are up 1.07%, or $0.40, to $37.90.

Friday, November 26, 2010

Stock Exchange: Tokyo closed in fall The Nikkei is -0.40%

TOKYO, NOVEMBER 26 - The Tokyo Stock Exchange closed trade in fall of 0.40%. The Nikkei index made up to 10039.56 points, less than the 40.20 at the closing yesterday.

Wednesday, November 24, 2010

Insider Trading Probe Impact on Financial Sector

Rochdale Securities Financial Analyst Dick Bove on how the insider-trading investigation will affect banks and their stocks.

Hedge Funds in Feds Crosshairs

FBN's Liz MacDonald on the latest on the insider-trading investigation.

Tuesday, November 23, 2010

Korean Tension Impacting Foreign Markets

FBN's Connell McShane breaks down the impact of the artillery attack on a South Korean island by North Korea.

Monday, November 22, 2010

Insider Trading Case Underway

Nov. 22 2010 | Reports say dozens of firms are under the microscope, with Jacob Frenkel, Partner Shulman, Rogers, Gandal, Prody & Ecker.

Thursday, November 18, 2010

GM Stock Ready to Drop?

FBN's Neil Cavuto discusses whether the auto makers stock will sink or swim.

Wednesday, November 17, 2010

GM IPO Today May Be Largest in U.S. History

General Motors much anticipated initial public offering will price today.

The company revised the IPO by 31% and could raise as much as $22.7 billion dollars, making ith the largest stock offering in U.S. history. The automaker raised it's common stock price range just yesterday, and upped the preferred shares to $4 billion dollars. The company received share orders for it's common stock worth $70 billion dollars.

The auto company sought a government bail out just 16 months ago. GM received $50 billion in taxpayer dollars, and hopes to repay the feds as soon as possible.

GM Increases IPO Size Ahead of Today's Sale

"Businessweek.com is reporting that General Motors' IPO may end up raising $15.8 billion after the Treasury and United Auto Workers' retiree healthcare trust increased the shares they are selling.

In what would be the second largest initial sale in U.S. history behind Visa's $19.7 billion sale in March 2008, GM's IPO has now been upped to 478 million shares, a 31% increase, and prices of shares are as high as $33/share.

Overallotment and an offering of preferred shares may increase the total amount raised to around $22.7 billion, a step closer to CEO Dan Akerson's goal of returning the $49.5 billion taxpayer bailout the company received in 2009."

Closing Bell Wrap-Up: November 17, 2010

"Last updated November 17, 2010: 4:15 PM ET --- The major U.S. equity indices closed mixed Wednesday, following a Federal Reserve announcement that banks will have to undergo new stress tests to prove they can hold strong during a recession or major borrower default.

The Fed's examiners will look at 19 previously tested banks. The firms under the looking glass include Citigroup (NYSE:C), JP Morgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co. (NYSE:WFC). All called upon banks must file for the stress tests by January 7, 2011.

In corporate news, BJ's Wholesale Club, Inc. (NYSE:BJ) reported a year-over-year boost of 8.6% to its Q3 net sales.. coming in at $7.84 billion. The firm's quarterly net income posted at $23.0 million, or $0.43 per share, up from $17.4 million, or $0.32 per share, in the year-ago period.

Target Corp. (NYSE:TGT) also reported Q3 earnings. The store posted EPS of $0.74, a 28.5% increase from $0.58 in the year-ago period. Net earnings for the quarter rose from $436 million in 2009, to $535 million. Sales rose 3% year-over-year to $15.2 billion and gross margin declined from 30.8% in the year-ago period to 30.6%.

Taking a look at the major U.S. indices...The Dow Jones Industrial Average (DJI) closed 0.14% lower at 11,007.88, the S&P500 (INX) closed 0.02% higher at 1,178.59, and the Nasdaq Composite (IXIC) closed 0.25% higher at 2,476.01."

Tuesday, November 16, 2010

Closing Bell Market Wrap-Up: November 16, 2010

"The major U.S. equity indices closed lower Tuesday, following an increase in the dollar against the euro.

Treasury prices increased for the first time in three days.

The 10-year note yield fell 2.86%, down from 2.95%.

The National Association of Home Builders reported a boost to its November housing market index at 16, under forecasts looking for a reading of 17.

In corporate news, Abercrombie & Fitch Co. (NYSE:ANF) reported Q3 net income of $50 million, or $0.56 per share, up from $38.8 million, or $0.44 per share, in the year-ago period. Total net sales for the quarter rose 18% year-over-year to $885.5 million, and total international net sales jumped 87% to $164.1 million.

Home Depot (NYSE:HD) reported Q3 earnings of $0.51 per share, ahead of estimates of $0.48 per share. Revenue for the quarter was inline at $16.6 billion.

The Dow Jones Industrial Average (DJI) closed 1.59% lower at 11,023.50, the S&P500 (INX) closed 1.62% lower at 1,178.34, and the Nasdaq Composite (IXIC) closed 1.75% lower at 2,469.84."

Markets Close Down Sharply

FBN's Adam Shapiro breaks down the biggest stories of the business day.

Monday, November 15, 2010

Market Close Wrap-Up: November 15, 2010

Market Close Wrap-Up: November 15, 2010

"The major U.S. equity indices closed mixed Monday.

In the headlines today...Republican economists attacked the Federal Reserve's plan to stimulate the economy. The central bank announced last week it's decision to purchase $600 billion in Treasury bonds.

The economists wrote in a letter that this action risks ""currency debasement and inflation, and we do not think [it] will achieve the Fed's objective of promoting employment.""

In economic news, the Commerce Department reported that retail sales jumped 1.2% during October - the largest upturn since March.

However, excluding automobiles, sales increased by 0.4%.

In corporate news, EMC Corp. (NYSE:EMC) purchased software design firm Isilon Systems, Inc. (NASDAQ:ISLN) in a $2.25 billion cash deal.

Lowe's (NYSE:LOW) reported Q3 earnings of $0.31 per share, coming in one penny ahead of consensus. The retailer posted revenue of $11.6 billion, which missed consensus of $11.75 billion.

And..BHP Billiton Ltd. (NYSE:BHP) retracted its bid for Potash Corp. (NYSE:POT). The company instead reinstated its share repurchase program worth $4.2 billion.

Taking a look at how the major U.S. indices closed on Monday...The Dow Jones Industrial Average (DJI) closed slightly higher by a fraction of a percent at 11,202, the S&P500 (INX) closed slightly lower at 1,198, and the Nasdaq Composite (IXIC) closed near two-tenths of a percent lower at 2,514."

Wednesday, November 10, 2010

Market Close Wrap-Up: November 10th, 2010

"The major U.S. equity indices closed higher Wednesday, as crude oil futures settled at a two-year peak. Crude for December delivery gained 1.3% at $87.81 per barrel on the New York Mercantile exchange.

Currency wars raged on as economic leaders met in Asia to try to maintain the global economic state. The two-day Group of 20 summit in Seoul, South Korea aims to hash out ways the world's leading economies can prevent another financial meltdown.

In corporate news, Greenbrier Cos. (NYSE:GBX) reported Q4 revenue of $181.4 million, down from $230.4 million in the year-ago period. Net earnings for the quarter rose from $6.1 million, or $0.33 per share, in the year-ago period, to $7.7 million. EBITDA was $15.5 million, a decline from $23.7 million in Q4 2009.

Google Inc.'s (NASDAQ:GOOG) chief executive Eric Schmidt said via email that all 23,000 of Google's worldwide employees will receive a 10% raise and a $1,000 bonus, in a bid to keep employees from branching out to work for the tech giant's competitors, like Facebook, which currently employs 10% of Google's former staff. Google will reportedly pay income taxes on the $1,000 bonus, as well.

The Dow Jones Industrial Average (DJI) closed 0.09% higher at 11,357.04, the S&P500 (INX) closed 0.44% higher at 1,218.71, and the Nasdaq Composite (IXIC) closed 0.62% higher at 2,578.78."

Thursday, November 4, 2010

Stocks Surge After Fed Reveals Stimulus Plan

The major U.S. equity indices are trading higher Thursday a day after the Federal Reserve announced a $600 billion plan to boost the economy. The central bank said that it planned to spend $75 billion per month on bonds until at least the middle of next year. In corporate news, Gap (NYSE:GPS) shares are trading 6.85% higher at $20.58 after the company reported solid sales in October. BHP Billiton (NYSE:BHP) shares are trading 5.43% higher at $90.75 after the Canadian government rejected its bid to buy Potash Corp. of Saskatchewan (NYSE:POT). The Dow Jones Industrial Average (DJI) is trading 1.65% higher at 11,400.63, the S&P500 (INX) is trading 1.49% higher at 1,215.80, and the Nasdaq Composite (IXIC) is trading 1.22% higher at 2,571.16.


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