Wachovia

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Dow Falls 777 On House Vote
 Dow Falls 777 On House Vote 
MARKETS
Sep 29, 2008 3:42 PM CDT

Dow Falls 777 On House Vote

Biggest single-day drop in index's history

(Newser) - The Dow saw its biggest single-day drop ever today after the House rejected the financial bailout bill and adjourned until Thursday, MarketWatch reports. Equities and commodities were pounded equally as the Dow plunged 777.68 to close at 10,365.45 and oil fell $10.52, to $96.37 a...

Stocks Down Sharply Despite Bailout Deal
Stocks Down Sharply
Despite Bailout Deal
MARKET open
Sep 29, 2008 9:03 AM CDT

Stocks Down Sharply Despite Bailout Deal

Wachovia failure sends markets downward

(Newser) - Stocks once again headed downward at the open this morning, as Wachovia’s selloff stoked fears that the bailout wouldn’t be enough to save financials. The Dow fell 275 points while the Nasdaq dropped 3.6% and the S&P fell 3.1%. “The Fed's bailout plan may...

Citigroup to Buy Wachovia, Backed by FDIC

Deal leaves three 'behemoths' in financial crisis

(Newser) - Citigroup will purchase struggling Wachovia’s banking operations in a $2.2-billion government-backed deal, the Wall Street Journal reports. The FDIC has agreed to take on a portion of potential losses in the plan, which leaves three banks, including Bank of America and JP Morgan Chase, in control of nearly...

Wells Closing In on Deal to Buy Wachovia

Merger would create three banks with 30% of all deposits

(Newser) - Wells Fargo appeared to be close last night to forging a deal to buy struggling Wachovia, the nations's fourth-largest bank, reports the Wall Street Journal. Federal regulators pressured Wachovia to seek a suitor after its share prices plunged 47% last week. Citigroup was also in talks, but Wells now appears...

Battered Wachovia Shops for Buyers
Battered Wachovia Shops for Buyers
Sep 27, 2008 11:31 AM CDT

Battered Wachovia Shops for Buyers

Citigroup, Wells Fargo among suitors in wake of WaMu collapse

(Newser) - Wachovia is in a new round of talks with potential buyers, reports the Wall Street Journal, courting Citigroup, Wells Fargo, and Spain’s Banco Santander to help guard it from the financial market crisis. While the bank says it’s not in immediate danger, shares at Wachovia, which holds a...

Stocks Sink; Bush Pledges Deal
 Stocks Sink; Bush Pledges Deal 
MARKETS
Sep 26, 2008 8:52 AM CDT

Stocks Sink; Bush Pledges Deal

Dow falls over 100 points at open

(Newser) - Socks plummeted today as confidence in the federal bailout program evaporated and investors absorbed the collapse of Washington Mutual. The Dow fell 140 points after the opening bell, while the Nasdaq dropped 2.2% and the S&P fell 1.7%, the Wall Street Journal reports. President Bush gave a...

Markets Give Morgan Stanley Breathing Room on Merger

Wachovia still a player as rising shares gives firms more time to think

(Newser) - Morgan Stanley presses on with merger negotiations, but the beginning of a recovery in financial markets today means the bank will have more time to weigh options, Reuters reports. Talks continue with Wachovia and China Investment Corp., among others, but the firm "feels that it can slow down the...

Morgan Stanley, WaMu Edge Closer to Deals

WaMu readies for sale while Morgan mulls merger options

(Newser) - Two of the biggest financial institutions in the midst of the market turmoil are moving closer to hammering out deals. Washington Mutual's suitors are believed to include Citibank, JP Morgan and Bank of America, insiders tell Bloomberg, while Morgan Stanley and Wachovia have stepped up merger talks, reports the New ...

Morgan Stanley, Wachovia Explore Possible Merger

(Newser) - Morgan Stanley, one of the two big investment banks left standing in the economic rubble, is exploring a merger with Wachovia or another bank, the Wall Street Journal reports. Morgan Stanley officials have had preliminary talks with the other institutions as they scramble to shore up the company's plunging stock...

3 More Wall Street Firms Agree to Buy Back Securities

Settlement reached after auction-rate securities market collapse

(Newser) - Merrill Lynch, Goldman Sachs and Deutsche Bank have agreed to a settlement with New York's attorney general and other state regulators to buy back $14.5 billion of now worthless auction-rate securities. The brokerages will also pay $162 million in fines to settle charges that they misled investors into thinking...

Cuomo Raises Pressure on Merrill
Cuomo Raises Pressure
on Merrill
Aug 15, 2008 5:12 PM CDT

Cuomo Raises Pressure on Merrill

He says company faces lawsuit over auction-rate securities

(Newser) - With Wachovia locked in to buying back $9 billion in auction-rate securities from clients, New York Attorney General Andrew Cuomo has his sights set next on finance titans Merrill Lynch and Goldman Sachs, Bloomberg reports. Cuomo says Merrill faces an "imminent" lawsuit after offering to buy back $10 billion...

Stocks Break 2-Day Slump
 Stocks Break 2-Day Slump 
MARKETS
Aug 14, 2008 3:28 PM CDT

Stocks Break 2-Day Slump

Rising dollar, falling oil contribute as well

(Newser) - Stocks posted solid gains today for the first time in three days as financials rebounded, the dollar gained, and oil fell nearly $1, MarketWatch reports. The Dow rose 82.97 points to close at 11,615.89, the Nasdaq gained 25.05 to 2,453.67, and the S&P...

Bank Losses Soar on Falling Home Prices

Lenders swamped with foreclosures are selling them at firesale prices

(Newser) - The rising costs of carrying foreclosed homes are prompting banks to sell them off for as little as half of their original value, reports the Wall Street Journal, a strategy that’s costing financial institutions big money. The losses, and the specter of their continuing to rise, pummeled bank share...

Financials Lead Broad Slump
 Financials Lead Broad Slump 
MARKETS
Aug 12, 2008 3:30 PM CDT

Financials Lead Broad Slump

Equities fall even though oil does, too

(Newser) - Stocks fell today as waves of bad news from the financial sector battered investor sentiment, MarketWatch reports. Equities lost value despite a $1.44 drop in the price of oil, reversing what has recently been a consistent inverse relationship. The Dow fell 139.88 to 11,642.47, the Nasdaq...

Morgan Stanley, JPMorgan on Auction-Rate Probe Hot Seat

List of banks buying back bonds gets longer

(Newser) - As New York AG Andrew Cuomo's office continues applying heat, banks are scrambling to react to the auction-rate securities crisis, the Wall Street Journal reports. Morgan Stanley said yesterday it will buy back about $4.5 billion of the illiquid securities—but a Cuomo spokesman called the move “too...

More Lenders Dropping Student Loans

Some 900,000 students scrambling for alternate ways to pay tuition this fall

(Newser) - Continuing turmoil in credit markets has prompted more private lenders to cut back or eliminate education loans, leaving thousands of student borrowers without the cash they need for college, reports the Wall Street Journal. Last week Wachovia joined more than 2 dozen banks that have cut funds available to students,...

Could-Have-Been-Worse News Now Cheers Wall Street
Could-Have-Been-Worse News Now Cheers Wall Street
ANALYSIS
Jul 23, 2008 5:56 AM CDT

Could-Have-Been-Worse News Now Cheers Wall Street

A year into crisis, analysts redefine once-shocking news as not so bad

(Newser) - Yesterday's announcements of multibillion-dollar losses at Wachovia and Washington Mutual were only the latest poundings since the credit crisis took hold a year ago. Yet Wall Street, its expectations at rock bottom, cheered the reports because they could have been worse. Shares in WaMu, which posted a $3.3 billion...

Stocks Rise as Oil Drops
 Stocks Rise as Oil Drops 
MARKETS
Jul 22, 2008 3:22 PM CDT

Stocks Rise as Oil Drops

Price of barrel drops to $126, a 7-week low

(Newser) - Stocks climbed to robust gains by the end of today’s session as a drop in oil helped offset a spread of mixed earning reports, MarketWatch reports. The Dow gained 135.16 points to close at 11,602.50, the Nasdaq rose 24.43 to 2,303.9, and the...

Wachovia Posts $8.9B Loss Under New CEO
Wachovia Posts $8.9B Loss Under New CEO
Earnings
Jul 22, 2008 9:58 AM CDT

Wachovia Posts $8.9B Loss Under New CEO

'Dismal' housecleaning quarter much worse than expected

(Newser) - New Wachovia CEO Robert Steel moved aggressively to staunch the bank's losses by taking a massive $8.9-billion hit in the second quarter and slashing its dividend to almost nothing, the New York Times reports. Steel had every reason to clean house, but analysts had predicted only a 78 cents-per-share...

'Difficult' Dow Ends Down 358
 'Difficult' Dow Ends Down 358 
MARKETS
Jun 26, 2008 3:37 PM CDT

'Difficult' Dow Ends Down 358

Oil surges past $140 as dollar weakens, financials downgraded

(Newser) - Stocks plunged today due to the convergence of bad news across all sectors of industry against the backdrop of oil’s first surge over $140 a barrel, the Wall Street Journal reports. The Dow plummeted to a 2-year-low, shedding 358.41 to 11,453.42. The Nasdaq fell 79.89,...

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