Stocks on Tuesday finished positive for the third-consecutive day as investors expect more central bank stimulus to aid the economic crisis. US consumer credit was reported to have reached its weakest growth in eight months. Oil prices have risen over $94 per barrel with California suffering especially after Chevron Corp.’s (CVX) closing of its refinery in Richmand yesterday. Sirius XM Radio (SIRI) reported higher than expected revenue. Both Citigroup (C) and Pfizer (PFE) are planning on making big payments due to a valuation disagreement and an allegation settlement, respectively. At the end of the day the US dollar regained its ground after falling earlier and the euro extended its gains.
Word on the Street
- Wells Fargo (WFC) doubles the estimated cost of their refinancing program.
- US consumer credit as of June is at the weakest growth in eight months, a negative economic sign.
- The price per barrel for oil rises above $94 for the first time since May.
- Citigroup (C) may have to pay $6 billion for a valuation disagreement with Morgan Stanley (MS).
- Pfizer (PFE) agrees to pay $60 million to settle employee bribing allegations.
- Serius XM Radio (SIRI) reports strong revenue and subscriber growth and raises its outlook profit for the year.
- In response to pressure from investors, Chesapeake Energy Corp (CHK) plans to stop spending heavily.
- LinkedIn (LNKD) Surges as Second Quarter Revenue Rises 89%.
- How our addiction to technology has resulted in “mid-digital-life crises.“
- Why the advertising industry needs to reach out to young, diverse talent.