DailyFinance.comhttp://www.dailyfinance.comDailyFinance.com%http://www.blogsmithmedia.com/BlogURL%/media/feedlogo.gifDailyFinance.comhttp://www.dailyfinance.comen-usCopyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/Bernanke calls for reducing deficithttp://www.dailyfinance.com/2009/10/19/bernanke-calls-for-reducing-deficit/http://www.dailyfinance.com/2009/10/19/bernanke-calls-for-reducing-deficit/http://www.dailyfinance.com/2009/10/19/bernanke-calls-for-reducing-deficit/#commentsFiled under:

Federal Reserve Chairman Ben Bernanke on Monday called for the United States to whittle down its record-high budget deficits and for countries like China to get their consumers to spend more, moves that would help combat skewed global trade and investment flows that contributed to the financial crisis.

Bernanke's remarks to a Fed conference in Santa Barbara, Calif., comes just days after the federal government on Friday reported a $1.42 trillion deficit for 2009 budget year that ended Sept. 30. The previous year's deficit was $459 billion.

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]]>Ben BernankedeficitFederal ReserveAPMon, 19 Oct 2009 11:55:00 ESTCarl Icahn throws CIT a $6 billion lifelinehttp://www.dailyfinance.com/2009/10/19/carl-icahn-throws-cit-a-6-billion-lifeline/http://www.dailyfinance.com/2009/10/19/carl-icahn-throws-cit-a-6-billion-lifeline/http://www.dailyfinance.com/2009/10/19/carl-icahn-throws-cit-a-6-billion-lifeline/#commentsFiled under: ,

Billionaire investor Carl Icahn offered a $6 billion lifeline to struggling lender CIT Group Inc. (CIT).

In a letter Monday to CIT's board of directors, Icahn said he would give the company the loan to replace a debt restructuring plan CIT has submitted to its bondholders for approval.

Icahn, who is a CIT bondholder, said in his letter the $6 billion loan would save the company $150 million in fees. He also criticized the board for pushing an exchange offer that he said unfairly favors large bondholders at the expense of smaller investors and that also undervalues the company.

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]]>Carl IcahnCITAPMon, 19 Oct 2009 10:40:00 ESTThis week, investors will be looking for clues from consumershttp://www.dailyfinance.com/2009/10/18/this-week-investors-will-be-looking-for-clues-from-consumers/http://www.dailyfinance.com/2009/10/18/this-week-investors-will-be-looking-for-clues-from-consumers/http://www.dailyfinance.com/2009/10/18/this-week-investors-will-be-looking-for-clues-from-consumers/#commentsFiled under: , , ,

After getting worrisome signs about consumers from bankers' earnings reports, investors will be looking at a broad range of companies this week for further insights into the outlook for the economy. Consumer-focused companies including Apple (AAPL), McDonald's (MCD), appliance maker Whirlpool (WHR) and toy maker Hasbro (HAS) are among those reporting results during the week. Airlines, drug companies and more big banks are also scheduled to release their earnings.

Continue reading This week, investors will be looking for clues from consumers


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]]>consumer spendingconsumersearningsearnings previewEarnings reportshousinghousing markethousing sectorstock marketstocksAPSun, 18 Oct 2009 22:45:00 ESTU.S. factories may be showing signs of lifehttp://www.dailyfinance.com/2009/10/18/are-us-factories-showing-signs-of-life/http://www.dailyfinance.com/2009/10/18/are-us-factories-showing-signs-of-life/http://www.dailyfinance.com/2009/10/18/are-us-factories-showing-signs-of-life/#commentsFiled under: , ,

There are signs the nation's factories are stirring from one of the worst recessions in decades. Investors this week will find out how awake they really are.

Big manufacturers such as Boeing (NYSE: BA), Caterpillar (NYSE: CAT) and 3M (NYSE: MMM) will report results and, possibly, provide evidence that companies and consumers are starting to spend again.

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]]>3mboeingcaterpillarfactoriesmanufacturingAPSun, 18 Oct 2009 10:30:00 ESTUS deficit surges to all-time recordhttp://www.dailyfinance.com/2009/10/16/us-deficit-surges-to-all-time-record/http://www.dailyfinance.com/2009/10/16/us-deficit-surges-to-all-time-record/http://www.dailyfinance.com/2009/10/16/us-deficit-surges-to-all-time-record/#commentsFiled under:

The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy.

The imbalance for the budget year ended Sept. 30, more than tripled last year's record. The Obama administration projects deficits will total $9.1 trillion over the next decade unless corrective action is taken.

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]]>APFri, 16 Oct 2009 16:30:00 ESTLoan losses punish Bank of America's bottom linehttp://www.dailyfinance.com/2009/10/16/loan-losses-punish-bank-of-americas-bottom-line/http://www.dailyfinance.com/2009/10/16/loan-losses-punish-bank-of-americas-bottom-line/http://www.dailyfinance.com/2009/10/16/loan-losses-punish-bank-of-americas-bottom-line/#commentsFiled under: , ,

Bank of AmericaBank of America Corp. (BAC) said Friday it lost more than $2 billion in the third quarter as loan losses kept rising, providing further evidence that consumers are still struggling to pay their bills.

The nation's second-largest bank, which lost $2.24 billion after accounting for preferred dividends, said its losses for failed loans came to almost $10 billion during the July-September period, up almost $1 billion from the second quarter. The bank also added $11.7 billion to its reserves to cover bad loans.

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]]>bank of americaearningsin focusAPFri, 16 Oct 2009 08:10:00 ESTFinancial unit weighs on GE; profit plunges 44 percenthttp://www.dailyfinance.com/2009/10/16/financial-unit-weighs-on-ge-profit-plunges-44-percent/http://www.dailyfinance.com/2009/10/16/financial-unit-weighs-on-ge-profit-plunges-44-percent/http://www.dailyfinance.com/2009/10/16/financial-unit-weighs-on-ge-profit-plunges-44-percent/#commentsFiled under: , ,

general electricThe continued woes at General Electric's (GE) big financial unit fueled a big drop in its third-quarter earnings, outweighing signs of improvement in its divisions that make heavy machinery and other industrial equipment, the company said Friday.

GE posted a 44-percent decline in profit to $2.4 billion, or 23 cents per share, hurt by much lower earnings at its GE Capital arm, which loans money to businesses ranging from credit cards to shopping centers.

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]]>earningsgeneral electricin focusAPFri, 16 Oct 2009 08:00:00 ESTAMD's revenue slides 22 percent to $1.4 billionhttp://www.dailyfinance.com/2009/10/15/amds-revenue-slides-22-percent-to-1-4-billion/http://www.dailyfinance.com/2009/10/15/amds-revenue-slides-22-percent-to-1-4-billion/http://www.dailyfinance.com/2009/10/15/amds-revenue-slides-22-percent-to-1-4-billion/#commentsFiled under: , , ,

Advanced Micro Devices Inc. (AMD) lost money in the third quarter but said Thursday that sales were stronger than expected, adding to mounting evidence that consumer spending is fueling a turnaround in the personal computer market.

AMD sells about 20 percent of the world's computer microprocessors, which are the brains inside PCs. Although AMD was hurt by weak consumer and business spending on computers in the first half of the year, the chipmaker said shipments rose from the previous quarter thanks to strong demand for processors used in laptop computers.

Continue reading AMD's revenue slides 22 percent to $1.4 billion


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]]>amdearnignstechnologyAPThu, 15 Oct 2009 17:55:00 ESTCiti still struggling with failed loans; earnings disappoint investorshttp://www.dailyfinance.com/2009/10/15/citi-still-struggling-with-failed-loans-earnings-disappoint-inv/http://www.dailyfinance.com/2009/10/15/citi-still-struggling-with-failed-loans-earnings-disappoint-inv/http://www.dailyfinance.com/2009/10/15/citi-still-struggling-with-failed-loans-earnings-disappoint-inv/#commentsFiled under: , ,

CitigroupCitigroup (C) provided a sobering reminder Thursday that the economy is still struggling, reporting that its third quarter results were weighed down by billions of dollars in failed loans.

The bank reported a $101 million profit before accounting for $288 million in preferred stock dividends and the debt exchange offer that give the government a 34 percent stake in the bank. The exchange offer, which gave Citigroup a better mix of capital to withstand additional loan losses and further weakening in the economy, took earnings down $3.06 billion.

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]]>citigroupearningsAPThu, 15 Oct 2009 09:36:00 ESTGoldman follows JPMorgan with strong profit above $3 billionhttp://www.dailyfinance.com/2009/10/15/goldman-follows-jpmorgan-with-strong-profit-above-3-billion/http://www.dailyfinance.com/2009/10/15/goldman-follows-jpmorgan-with-strong-profit-above-3-billion/http://www.dailyfinance.com/2009/10/15/goldman-follows-jpmorgan-with-strong-profit-above-3-billion/#commentsFiled under: , ,

Goldman SachsGoldman Sachs Group Inc.'s (GS) third-quarter earnings rose 73 percent from the depths of the financial crisis as income from the company's trading operations offset a drop in its investment banking business.

Goldman's stock fell three percent early Thursday as investors reacted to the slide in investment banking revenue, the result of a general slowness in takeover activity. Goldman also had $5.35 billion in compensation expenses during the July-September period.

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]]>earningsgoldman sachsAPThu, 15 Oct 2009 08:10:00 ESTJPMorgan reports hefty $3.6 billion profithttp://www.dailyfinance.com/2009/10/14/jpmorgan-reports-hefty-3-6-billion-profit/http://www.dailyfinance.com/2009/10/14/jpmorgan-reports-hefty-3-6-billion-profit/http://www.dailyfinance.com/2009/10/14/jpmorgan-reports-hefty-3-6-billion-profit/#commentsFiled under: ,

JPMorgan ChaseJPMorgan Chase (JPM), the first of the big U.S. banks to report third-quarter earnings, said Wednesday its loan losses are still high and are expected to remain that way for the foreseeable future, a troubling sign for the economy.

While JPMorgan reported a $3.59 billion profit, it also says it roughly doubled the amount of money it set aside for failed home and credit card loans in the quarter.

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]]>earningsAPWed, 14 Oct 2009 07:49:00 ESTIntel profit drops on lower chip prices, but results top earnings estimateshttp://www.dailyfinance.com/2009/10/13/intel-profit-drops-on-lower-chip-prices-but-results-top-earning/http://www.dailyfinance.com/2009/10/13/intel-profit-drops-on-lower-chip-prices-but-results-top-earning/http://www.dailyfinance.com/2009/10/13/intel-profit-drops-on-lower-chip-prices-but-results-top-earning/#commentsFiled under: , , ,

intelIntel Corp.'s (INTC) third-quarter numbers show the company is getting better at doing more with less in the toughest stretch for the personal computer industry in nearly a decade.

The world's No. 1 microprocessor maker said Tuesday that profit and sales both fell 8 percent in the July-September period, as the company was hurt by sluggish demand from businesses and lower prices for its chips. Intel has insisted things are improving, however, and offered better-than-expected guidance for the fourth quarter, sending its shares up nearly 7 percent.

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]]>earningsinteltechnologyAPTue, 13 Oct 2009 17:21:00 ESTAfter the bell, will PC maker Intel live up to bullish guidance?http://www.dailyfinance.com/2009/10/13/after-the-bell-will-pc-maker-intel-live-up-to-bullish-guidance/http://www.dailyfinance.com/2009/10/13/after-the-bell-will-pc-maker-intel-live-up-to-bullish-guidance/http://www.dailyfinance.com/2009/10/13/after-the-bell-will-pc-maker-intel-live-up-to-bullish-guidance/#commentsFiled under: , ,

IntelIntel Corp. (INTC) reports its third-quarter numbers after the market closes Tuesday. Below is a summary of key developments and analyst opinion related to the period.

OVERVIEW: Intel's CEO, Paul Otellini, has been talking up a turnaround in the personal computer market for seven months now, even while some of its biggest customers haven't been as bullish.

Continue reading After the bell, will PC maker Intel live up to bullish guidance?


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]]>earningsInteltechnologyAPTue, 13 Oct 2009 06:00:00 ESTGM finally signs deal to sell Hummer to China's Sichuan Tengzhonghttp://www.dailyfinance.com/2009/10/09/gm-finally-signs-deal-to-sell-hummer-to-chinas-sichuan-tengzhon/http://www.dailyfinance.com/2009/10/09/gm-finally-signs-deal-to-sell-hummer-to-chinas-sichuan-tengzhon/http://www.dailyfinance.com/2009/10/09/gm-finally-signs-deal-to-sell-hummer-to-chinas-sichuan-tengzhon/#commentsHummer, the off-road vehicle that once was a symbol of America's love for hulking trucks, is now in the hands of a Chinese heavy equipment maker.

General Motors Co. and Sichuan Tengzhong Heavy Industrial Machinery Corp. finally signed the much-anticipated deal to sell the brand on Friday, according to a joint statement issued by both companies.

Continue reading GM finally signs deal to sell Hummer to China's Sichuan Tengzhong


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]]>generalgeneral motorshummerAPFri, 09 Oct 2009 14:30:00 ESTPepsi profit pops 9 percent, despite weak beverage saleshttp://www.dailyfinance.com/2009/10/08/pepsi-profit-pops-9-percent-despite-weak-beverage-sales/http://www.dailyfinance.com/2009/10/08/pepsi-profit-pops-9-percent-despite-weak-beverage-sales/http://www.dailyfinance.com/2009/10/08/pepsi-profit-pops-9-percent-despite-weak-beverage-sales/#commentsSoft drinks and snack maker PepsiCo Inc. (PEP) said Thursday that its fiscal third-quarter profit rose 9 percent, in part on cost-control efforts, even as revenue dropped on weak beverage sales.

The maker of Pepsi cola and Frito-Lay snacks earned $1.72 billion, or $1.09 per share, in the three months ended Sept. 5. That's up from the $1.58 billion, or 99 cents per share, a year ago.

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]]>earningspepsipepsicoAPThu, 08 Oct 2009 08:45:00 ESTAlcoa posts surprise profit; shares spikehttp://www.dailyfinance.com/2009/10/07/alcoa-surprises-with-first-profit-in-a-year/http://www.dailyfinance.com/2009/10/07/alcoa-surprises-with-first-profit-in-a-year/http://www.dailyfinance.com/2009/10/07/alcoa-surprises-with-first-profit-in-a-year/#commentsAlcoa Inc. (AA), the largest U.S. aluminum producer, on Wednesday said it returned to profitability after three consecutive quarterly losses, helped by cost-cutting and rising orders from automakers and other big manufacturers.

The Pittsburgh-based company forecast 11 percent growth in global aluminum demand in the second half of 2009, with shipments appearing to climb and distributors replenishing low inventories.

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]]>alcoaaluminumearningsAPWed, 07 Oct 2009 17:00:00 ESTWarehouse club Costco reports profit drop, but tops expectationshttp://www.dailyfinance.com/2009/10/07/warehouse-club-costco-reports-profit-drop-but-tops-expectations/http://www.dailyfinance.com/2009/10/07/warehouse-club-costco-reports-profit-drop-but-tops-expectations/http://www.dailyfinance.com/2009/10/07/warehouse-club-costco-reports-profit-drop-but-tops-expectations/#commentsCostco Wholesale Corp. (COST) said Wednesday that its fiscal fourth-quarter profit fell 6 percent, partly on the stronger dollar and increased employee benefit costs, but results beat analysts' estimates.

The warehouse club operator earned $374 million, or 85 cents per share, for the quarter ended Aug. 30. That's down from $398 million, or 90 cents per share, a year earlier.

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]]>APcostcoAPWed, 07 Oct 2009 07:16:00 ESTFor U.S. consumers, America is on salehttp://www.dailyfinance.com/2009/10/04/for-us-consumers-america-is-on-sale/http://www.dailyfinance.com/2009/10/04/for-us-consumers-america-is-on-sale/http://www.dailyfinance.com/2009/10/04/for-us-consumers-america-is-on-sale/#commentsFiled under: , , ,

NEW YORK (Oct. 4) - There has never been a better time to be a consumer. America is on sale.

The Great Recession has caused massive job losses and hardship for millions, but it has also fostered a shoppers' paradise. Anyone who still has the means to spend can find unheard-of deals.

Prices on everything from clothes to coffee to cat food are dropping, some faster than they have in half a century. Items rarely discounted -- like Tiffany engagement rings -- are now. The two biggest purchases most people make -- homes and new cars -- are selling at steep price reductions.

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]]>consumer spendingin focuspricingrecessionshoppingAPSun, 04 Oct 2009 16:30:00 ESTToyota to recall 3.8 million cars -- largest US recall in its historyhttp://www.dailyfinance.com/2009/09/29/japanese-automaker-toyota-to-announce-largest-us-recall-in-its-h/http://www.dailyfinance.com/2009/09/29/japanese-automaker-toyota-to-announce-largest-us-recall-in-its-h/http://www.dailyfinance.com/2009/09/29/japanese-automaker-toyota-to-announce-largest-us-recall-in-its-h/#commentsWASHINGTON - Toyota Motor Corp. (TM) said Tuesday it will recall 3.8 million vehicles in the United States, the company's largest-ever U.S. recall, to address problems with a removable floor mat that could cause accelerators to get stuck and lead to a crash. The recall will involve popular models such as the Toyota Camry, the top-selling passenger car in America, and the Toyota Prius, the best-selling gas-electric hybrid.

Toyota said it was still working with officials with the National Highway Traffic Safety Administration to find a remedy to fix the problem and said owners could be notified about the recall as early as next week. Toyota spokesman Irv Miller said until the company finds a fix, owners should take out the removable floor mat on the driver's side and not replace it.

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]]>recalltoyotaAPTue, 29 Sep 2009 18:15:00 ESTMeltdown jolts consumers from financial fairylandhttp://www.dailyfinance.com/2009/09/20/meltdown-jolts-consumers-from-financial-fairyland/http://www.dailyfinance.com/2009/09/20/meltdown-jolts-consumers-from-financial-fairyland/http://www.dailyfinance.com/2009/09/20/meltdown-jolts-consumers-from-financial-fairyland/#commentsFiled under:

CHICAGO (Sept. 20) -The stock market bounced back, just as it has for nearly three decades. It just doesn't feel that way.

Last year's financial meltdown knocked the swagger out of Americans' views toward investing. The baby boomers who forged the Reagan bull market; survived the 1987 crash; bought Amazon.com at $2 a share and sold at $100; brushed off the collapse of the dot-com bubble and kept plowing money into their 401(k)s are reassessing what they once believed.

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]]>baby boomersbuy and holdinvestingstock marketAPSun, 20 Sep 2009 16:45:00 EST