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Chicago data-tracking firm Morningstar Inc. reported quarterly earnings below Wall Street estimates, hurt by higher expenses, and said it would pay a dividend for the first time.
Net income for the third quarter was $20.8 million, or 41 cents a share, compared with $22.5 million, or 45 cents a share a year earlier. Get the full story »
An oversight panel for the government’s Wall Street bailout cited risks to the public trust over the handling of the program, as the special inspector general for the Troubled Asset Relief Program released a quarterly report Monday.
The special inspector general was created to monitor the activities of the Treasury Department involving the program started two years ago to save Wall Street from the financial crisis. Get the full story »
Genzyme Corp. made its case for why it is worth more than Sanofi-Aventis’s $18.5 billion offer, forecasting 2011 profit above Wall Street estimates and sales of $3 billion for its experimental multiple sclerosis drug. Get the full story »
Freight management company Hub Group Inc. posted a quarterly profit that beat market estimates, helped by strong growth at its intermodal segment. Get the full story »
(Reuters/Robert Galbraith)
Apple Inc. easily surpassed profit and revenue forecasts again but supply bottlenecks curbed iPad sales to below Wall Street’s bullish targets, sending its shares more than 6 percent lower.
Weaker-than-projected gross margins and iPad shipments disappointed investors who had expected more from a company that had smashed Wall Street’s targets in each of the past eight quarters.
Some analysts said sales of the iPad, which began only in April, should ramp up in the current quarter as the company resolves hitches in the supply chain. Get the full story »
Manufacturers enjoyed big gains on Wall Street in the third quarter, outperforming the S&P 500, as signs of a faltering U.S. recovery sent investors piling into companies like Caterpillar Inc. and Cummins Inc. that generate most of their sales overseas.
But the sustainability of those gains will be tested this month as the big industrials report their quarterly results and update investors on the outlook for the rest of the year. Get the full story »
Half of financial professionals on Wall Street expect to get a higher bonus this year, and some of those expect a much bigger payout, according to an annual survey by financial job board, eFinancialCareers.com.
Eleven percent expect bonuses that are at least 50 percent higher than those paid out at the start of 2010, according to eFinancialCareers, a unit of Dice Holdings Inc, even though 2010 was seen as a “sideways” year for the stock market. Get the full story »
U.S. regulators will put up a united front before a divided Congress on Thursday, promising to cooperate on hundreds of new rules aimed at preventing Wall Street excesses from triggering another financial crisis. Get the full story »
Republicans will reopen the broad Wall Street reform law and overhaul the newly created consumer protection bureau if they regain control of Congress after the November elections, a leading lawmaker said on Monday. Get the full story »
Americans’ wealth shrank in the spring for the first time since early 2009 as financial turmoil eroded stock portfolios.
The Federal Reserve says household net worth fell 2.7 percent — or $1.5 trillion — in the April-to-June quarter. The decline left Americans’ net worth at $53.5 trillion. Get the full story »
A disappointing jobs report sent stocks falling Friday and gave the Dow Jones industrial average its longest losing streak since the worst days of the financial crisis.
The Dow dropped 46 points Friday for its seventh straight loss and its longest slide since October 2008. The Dow and other major indexes posted big losses for a second straight week. Get the full story »
The Federal Reserve Bank of New York has been probing major financial firms’ exposure to BP Plc to ensure that if the oil giant buckles under the costs of the Gulf oil spill, it won’t put Wall Street or the global financial system at risk, according to two sources familiar with the matter.
After pouring over documents and asking banks in the last two weeks about their exposure to BP the Fed found no systemic risk and hasn’t asked firms to alter their credit relationships with BP, the sources told Reuters.
“The Fed gave banks’ exposure to BP a passing grade,” said one of the sources on condition of anonymity. Get the full story »
Despite historic changes to the rules on Wall Street from financial reform, banks like Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley won concessions that watered down the proposals that could have been most damaging to their profits, staving off a watershed overhaul like the one that took place after the Great Depression. Get the full story »
Americans aren’t convinced new Wall Street rules will prevent a future financial crisis.
An Associated Press-Gfk Poll finds that 64 percent of those surveyed aren’t confident that a financial regulation overhaul before Congress will prevent another meltdown. Get the full story »
Reuters | The U.S. Senate approved a sweeping Wall Street reform bill on Thursday night, capping months of wrangling over the biggest overhaul of financial regulation since the 1930s.
By a vote of 59 to 39, the Senate handed a victory to President Barack Obama, a champion of tighter rules for banks and capital markets following the 2007-2009 financial crisis that led to a deep recession and massive taxpayer bailouts.
