A disconcerting trend lurks beneath the recent round of solid profit forecasts announced by companies ranging from United Technologies Corp to Wendy’s Co : More than three years into the recovery, CEOs are still relying on cost cuts to prop up earnings.
The municipal bond market’s self-regulator said the Detroit emergency manager’s proposed treatment of general obligation bonds in the city’s bankruptcy case risks changing how investors view what has long been considered the safest class of municipal debt. Kevyn Orr, Detroit’s state-appointed manager, has said that general obligation bondholders will remain unsecured creditors in the $18.5 billion bankruptcy filing.
Weak results from several U.S. companies helped tug the stock market down slightly, putting major indexes on course for their first weekly loss this month. Many traders are also looking ahead to a packed schedule of events next week, including a Federal Reserve meeting and the government’s monthly employment report.
If ‘Learnvest’ founder Alexa von Tobel has her way, financial advice will be as widely available and affordable as any other popular consumer product or service.
U.S. technology and financial services firm General Electric is to cut 600 jobs in France, mostly at its finance arm, a union official said, seeking to further shrink the division’s activities in the wake of the banking crisis. GE Chief Executive Jeff Immelt is stepping up long-running efforts to shrink finance arm GE Capital, which almost sank the whole company during the 2008 meltdown.
The word that Steve Cohen hates is coming back to bite him. A federal indictment on Thursday of the billionaire hedge fund manager’s firm, SAC Capital Advisors, uses the word “edge” 14 times to describe the way its traders sought information or insight that no one else on Wall Street had.
Patrick Dempsey hit the stage at the TCAs to promote his documentary series, Racing LeMans, which chronicles the Grey’s Anatomy actor’s journey to compete in the iconic 24 Hours of Le Mans race in France.Dempsey admitted while fielding questions that financing his racing career has been the driving force behind staying with the show, because “the more money you have, the faster you go.”
Federal-authorities-were-planning-to-arrest-several-people on charges that they hacked into the computer servers of financial companies, including the parent company of the Nasdaq stock exchange, according to people briefed on the arrests.
The Senate has passed a bill that would make it less expensive for college students to borrow money this fall to pay for classes, housing and books. But interest rates could soon start climbing. (July 24)
Judge Steven Rhodes will reconvene a hearing to issue a ruling on whether several lawsuits claiming that Detroit’s bankruptcy filing was against the Michigan state constitution should be stayed.
