Weekly Wrap Up
Greece’s use of collective action clauses forcing investors to take losses under its debt restructuring triggers payouts on $3 billion of default insurance, the International Swaps & Derivatives Association said. Click here to read the full article
On Wednesday, ADP said about 216,000 private-sector jobs were created in February, slightly more than expected. On Friday, Wall Street is expecting nonfarm payrolls to show an expansion of about 213,000, with the unemployment rate hovering at 8.3%. Click here to read the full article
Families took on more debt in late 2011 for the first time in 3-1/2 years but a rise in after-tax incomes left consumers in better shape to spend. Click here to read the full article
The Dow dropped more than 200 points on Tuesday, handing Wall Street its worst day in three months on renewed fears of a disorderly default in Greece and concerns that China’s slowdown would hit global growth. Click here to read the full article
Wells Fargo will roll out a $7 monthly checking account fee to customers in six more states starting in May. Customers who agree to receive online bank statements will pay a $5 fee. Click here to read the full article
McDonald’s overseas sales growth did slow last month. Much of it was unavoidable, analysts say.
The growth slip was most noticeable in Asia, the Middle East and Africa, where comparable store sales growth fell by 1.6% from a year ago. Weak consumer demand in Japan and the Chinese lunar New Year hampered efforts there, the company said today. Click here to read the full article
Ahead of the much awaited initial public offering, Facebook Inc. said it secured a new credit facility of up to $8 billion, and has named more underwriters.
In a filing Wednesday with the SEC, the social networking site said its new financing includes an up to $5 billion unsecured five-year revolving credit to fund general corporate uses. This loan will carry a interest payment set at 1 percent more than Libor, and a payment of 0.10 percent per annum on the daily undrawn balance. Click here to read the full article
Apple Inc. (AAPL: Charts, News) introduced a new version of the iPad, beefing up the two-year-old mobile computer with a sharper screen and faster chip to widen its lead over Amazon.com Inc. (AMZN: Charts, News), Microsoft Corp. (MSFT: Charts, News) and Google Inc. (GOOG: Charts, News) in the tablet market. Click here to read the full article
Microsoft Corporation is one of the top performers on the DOW so far this year, with the stock gained over 22%. Moreover, the stock on Monday made a new 52-week high of $32.44 and pulled back about 25 in the past couple of trading sessions. Click here to read the full article
International Business Machines Corp. (IBM: Charts, News)’s Watson computer, which beat champions of the quiz show “Jeopardy!” a year ago, will soon be advising Wall Street on risks, portfolios and clients.
Citigroup Inc. (C: Charts, News), the third-largest U.S. lender, is Watson’s first financial services client, IBM said yesterday. It will help analyze customer needs and process financial, economic and client data to advance and personalize digital banking. Click here to read the full article
The IRS said the provisions expand its 2008 “Fresh Start” program, which was designed to help financially-distressed Americans who were behind on their taxes. Under the provisions announced Wednesday: Click here to read the full article