Markets

sec-had-chance-to-nab-rajaratnam-in-1998 The Wall Street Journal has done a public service by getting its hands on court records in the trial of Galleon Holdings founder Raj Rajaratnam, who is currently walking around on $100 million bail. He's no Bernie Madoff, who stole $60 billion from his investors in a Ponzi scheme. Rajaratnam allegedly paid for inside information and traded on it -- a far more subtle form of stealing.

But in the cases of both Madoff and Rajaratnam, the Securities and Exchange Commission knew about their alleged nefarious acts for at least a decade before charging them. Bruce Watson...

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Stocks in the news: Bank of America, Take-Two Interactive, Big Lots

By Melly Alazraki | Dec 4th 2009, 9:05AM EST Filed Under: Company News, Investing

Bank of America (BAC), true to its plans to repay TARP funds, raised $19.3 billion Thursday selling securities at $15 apiece in the biggest sale of stock or preferred shares by a U.S. public company since at least 2000. Shares declined 3.4% in pre-market trading.

Take-Two Interactive Software Inc. (TTWO) warned late Thursday that its results for the past quarter and the fiscal year would fall far below expectations and that it would post a loss in the first fiscal quarter. It blamed release delays, high development costs and low baseball game sales. Take-Two...

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Stocks to open significantly higher after surprisingly positive jobs report

By Melly Alazraki | Dec 4th 2009, 8:00AM EST Filed Under: Economy, Investing

U.S. stocks are, for now, set to open slightly higher. But stock futures, which edged higher Friday morning, traded in a narrow range as investors await November's government employment report, hoping it will show a declining rate of job losses. Any large surprise to the upside or downside may not only set the tone for the day, but for some time.

Update: The U.S. labor market improved markedly in November, the Labor Department reported Friday. The unemployment rate fell back to 10%. Nonfarm payrolls dropped by a seasonally adjusted 11,000 in November, the smallest decrease since December 2007. U.S. stock futures surged after the report, indicating Wall Street would open significantly higher.

More here: Before...

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Hong Kong developers talk up real estate, China Citic surges 10%, Japan awaits rescue package

By Lauren Cooper | Dec 4th 2009, 7:00AM EST Filed Under: Economy, Investing

In Asia Friday China's Shanghai Composite Index rose 1.6%, closing at 3,317. In Hong Kong the Hang Seng fell 0.3% to end the day at 22,498 and in Japan the Nikkei Index closed at 10,023 -- a gain of 0.5%

In Hong Kong, influential property developers joined forces in putting a positive spin on the territory's growth potential as the chairman of Hang Lung Properties, Ronnie Chan, told Bloomberg that property was a "good bet." Earlier this week Henderson Land chairman Lee Shau-kee predicted a 10% rise in 2010 for the already overheated property market. Today Henderson Land (HLDVF) lost 2.3% and...

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British bankers behaving badly: Money men of London looking for a thrill

By Bruce Watson | Dec 3rd 2009, 6:00PM EST Filed Under: Economy, People, Investing, Media

While politicians and diplomats often talk about our "special relationship," the truth is that America and Great Britain have always had a healthy level of competition. Whether the battleground of choice is classic rock (Elvis vs. the Beatles), geek heartthrobs (Daniel Radcliffe vs. Elijah Wood) or sports (David Beckham vs. the NBA, NFL, NHL, and MLB), the rivalry has always been there, simmering just below the surface.

Our transatlantic tiff has now erupted into the world of finance. You see, while America's financial services employees are buying guns and whining about pay packages, Britain's money men are having lots and...

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Seeking another term, Bernanke defends actions, encounters new roadblock

By Lita Epstein | Dec 3rd 2009, 4:45PM EST Filed Under: Economy, People, Investing

Federal Reserve Chairman Ben Bernanke Thursday started the arduous process of confirmation for a second term as Chairman of the Federal Reserve. At hearings in Washington, the chairman of Senate Banking Committee, Sen. Christopher Dodd, called the central bank's record an "abysmal failure." Dodd had already proposed legislation to weaken the Fed, although he did publicly announce support for Bernanke at the start of the hearings.

Sen. Charles Schumer gave Bernanke an even stronger nod, reminding everyone that his quick actions prevented...

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Stocks stumble as investors grow skittish ahead of report on unemployment

By AP | Dec 3rd 2009, 4:35PM EST Filed Under: Company News, Investing

A late-day slide pulled stocks lower on Thursday as investors grew skittish ahead of the government's report on November unemployment. Stocks began falling in the final half-hour of trading and the drop intensified in the final 20 minutes. Worries about the economy had been dogging investors Thursday following a weak snapshot of the service industry.

The government releases November unemployment figures Friday. For the day, the Dow Jones industrials are down 87 at 10,366. The Standard & Poor's 500 index down 9 at 1,100. The Nasdaq composite index is down 12 at 2,173. Two stocks fell for every one that rose on the New York Stock Exchange. Volume totaled 1.1 billion compared with 1 billion Wednesday.

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Stocks in the news: Bank of America, GE, Comcast, Del Monte, Pier 1

By Melly Alazraki | Dec 3rd 2009, 9:10AM EST Filed Under: Company News, Investing

Bank of America (BAC) said it would repay $45 billion in taxpayer bailout funds. The move will free the bank from pay restrictions as it looks to hire a new CEO, but also makes it more vulnerable to further economic shocks. Under the terms reached with the Treasury, the bank will sell up to $18.8 billion in securities that will convert into common stock. The remainder of the $45 billion would be repaid with $26.2 billion in cash. BAC shares climbed about 4% in pre-market trading.

General Electric (GE) and Comcast (CMCSA) have finalized their deal to form a joint entertainment company. Comcast agreed...

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Stocks to get a boost from Bank of America TARP repayment

By Melly Alazraki | Dec 3rd 2009, 7:55AM EST Filed Under: Company News, Economy, Investing, General Electric , Bank of America, Comcast

Wall Street is set to open higher Thursday morning after finishing mixed the day before on mixed reports. But late Wednesday, Bank of America (BAC) announced it will be paying back the $45 billion it received in bailout funds, improving investors sentiment on the economy. The finalization of the deal between General Electric (GE) and Comcast (CMCSA) to form a joint entertainment company only added to confidence levels ahead of retail and jobs reports.

More here: Before the bell: Futures climb as Bank of America to pay back TARP money

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Stocks end mixed as disappointing jobs report tempers upbeat economic news

By AP | Dec 2nd 2009, 4:35PM EST Filed Under: Investing

The stock market struggled but held its ground Wednesday as an upbeat assessment of the economy from the Federal Reserve offset drops in bank and energy stocks. Most stocks finished higher after the Fed said regional economic activity has generally improved since its last snapshot in October. The central bank also said consumer spending has strengthened even as employment and commercial real estate remain weak.

The Dow Jones industrial average slipped 19 points a day after jumping 126. Reports of analysts' warnings about bank stocks hurt financial shares, while a steep drop in oil weighed on energy companies.

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