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Investing Term of the Day
A group of investment banks which jointly underwrite and distribute a new security offering, or jointly lend money to a specific borrower. A banking syndicate is not a permanent entity, but forms specifically to handle a deal that might be too difficult or too risky for a single underwriter or borrower to handle. also called underwriting group or purchase group or banking syndicate or investment banking syndicate or distributing syndicate.
Investors Unload Stocks and Seek Safe Havens – December 8, 2009
By: InvestorGuide Staff, dated December 8th, 2009Investors continued to unload stocks on Tuesday as the dollar gained strength. The Dow Jones Industrial average posted a triple-digit decline before the closing bell. Falling stocks outnumbered those that rose 2-to-1 on the New York Stock Exchange. The disappointing earnings forecast from 3M Co. (MMM) and a weak sales report from McDonald’s Corp. (MCD) dragged on the session during morning trading. Global markets plunged after reports in Germany and the United Kingdom showed weakness in the manufacturing sector continues. In other news, President Obama outlined a new multi-billion dollar jobs plan and stimulus proposal. Concerns about Dubai’s debt problem resurfaced after a credit agency slashed its rating on six Dubai state-connected companies. Bond prices rose, sending yields lower. The yield on the benchmark 10-year Treasury note fell to 3.39 percent from 3.43 percent. U.S. light crude oil for January delivery fell $1.20 to $72.73 a barrel on the New York Mercantile Exchange.
Word on the Street
It may have taken CIT Group a long time to file bankruptcy, but it didn’t take them long to exit. The commercial lender has won court approval of a plan to cancel old shares, shed debt and exit bankruptcy court protection.
Morgan Stanley Shuffles Leadership – James Gorman is already putting his stamp on the financial services firm. Executives Colm Kelleher and Paul Taubman will head Morgan Stanley’s (MS) largest division.
United Airlines (UAUA) announced its first jet order in 11 years today. The airline placed an order for 25 Boeing 787s and 25 Airbus A350 XWB planes worth a total of $10 billion.
Though it might have a few battle wounds, the New York Times (NYT) is still charging ahead. The company reported that the pace of advertising declines has slowed somewhat for the first time this year. However, it is still expecting Q4 prints ads to decline by 25 percent.
With the unemployment rate at a record level, the last thing people want to hear is a bleak outlook on employment. US chief executives are expecting sales to improve in the coming six months, but they remain pessimistic about the prospect of adding more jobs. 31 percent of the CEOs polled are expecting to decrease their workforces in the next six months.
Citigroup (C) and Wells Fargo (WFC) want to get the government off their backs and repay TARP funds, but both firms are still trying to hash out the terms. The main sticking point is how much capital the banks would need to raise to repay taxpayers the money they received.
General Motors is getting closer to selecting a new chief financial officer to replaced Fritz Henderson. Chief Executive Officer Ed Whitacre is expecting the company to make an announcement about the selected candidate in two to three weeks.
Procter & Gamble (PG) has elected Robert McDonald, current president and CEO, as chairman of the board, effective Jan. 1. McDonald will replace AG Lafley who is planning to retire in the early part of 2010.
Other Juicy Tidbits
The Government Bubble: When Will it Pop?
How to win at playing retirement catch-up – Retirement account still in the dumps? Jump on special rules that let boomers save more.
Can the Federal Government Really Create Jobs?
Will Tiger’s sponsors dump him now? – The corporate ad deals that have made Tiger Woods history’s richest athlete may be in jeopardy.
How I’d Create Jobs : Fourteen Authorities Weigh In
Ten Stocks That Can Really Bounce in 2010
Did Deregulation Cause the Recession?
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