Financial news roundup for 01/10/2008 - not good
Thu Jan 10, 2008 05:01PM | By Tony
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I don't think any comments are necessary, just read and weep, and brace yourself.
Stocks Rise on Potential Countrywide Buy A volatile Wall Street advanced Thursday for the second day in a row, as investors found renewed confidence in a report that Bank of America Corp. is close to buying struggling mortgage lender Countrywide Financial Corp.
Analysis: Bernanke Adopts Greenspan Tone
Fed Chairman Ben Bernanke borrowed a page from Alan Greenspan's crisis playbook when he promised emphatically to cut interest rates further if the weak economy needs the help.
Retailers Had Weak Sales in December
If anyone is looking for signs that we may be headed into a recession, look no further than the dismal December sales results turned in by the nation's retailers.
Capital One Cuts 2007 Earnings Forecast
Capital One Financial Corp. said its 2007 earnings will fall short of its previous expectations, sending its stock to a new 52-week low and reaffirming the fact that turmoil in the nation's credit markets continues.
Regulators Would OK Countrywide Buyout
A buyout of hobbled mortgage lender Countrywide Financial likely would be approved by regulators, analysts say, because otherwise the company could file for bankruptcy, further disrupting the market for home loans.
American Express Warns on 2008
American Express Co. expects slower spending and more missed payments on credit card bills to hamper its profit throughout 2008, the company said Thursday.
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