Archive for June, 2010
Federal Judge Dissolves Foreclosure Injunction Against Bank of America Corp (NYSE: BAC)
U.S. Federal District Court Judge Craig Waddoups has dissolved a preliminary injunction Bank of America Corp (NYSE: BAC) and its subsidiary ReconTrust, allowing the bank to continue foreclosure proceedings on hundreds of homeowners with delinquent mortgages in the state. The decision was handed down after a Thursday hearing when Bank of America Corp (NYSE: BAC)’s [...]
Wells Fargo Financial (NYSE: WFC) Shutters Canadian Operations
Wells Fargo Financial (NYSE: WFC) will be shutting down its Canadian operations , the San Francisco-based bank confirmed on Friday. “We have shifted our focus to serving existing real estate, auto, and consumer loan accounts. There will be no change to our customers’ existing account terms and conditions,” the company wrote on its website: Wells [...]
Microsoft (NASDAQ: MSFT) and Yahoo (NASDAQ: YHOO) Gain Search Market Share
Both Yahoo (NASDAQ: YHOO) and Microsoft (NASDAQ: MSFT)’s search engines have gained market share during the month of May, according to a report from comScore, marking the third consecutive month that Google has seen a decline in its market share. Yahoo took 18.3% of the search market in May compared to 17.7% in April. Microsoft’s [...]
Sprint Can’t Keep HTC Evo in Stock (NYSE: S)
Demand for the new HTC EVO 4G smartphone is continuing to exceed the available supply. The new Android-based smart-phone debuted last Friday, but Sprint’s (NYSE: S) website has been out of stock of the phone since just a couple of days after the launch of the device. The HTC Evo 4G’s feature set has attracted [...]
JPMorgan Chase & Co. (NYSE: JPM) and Morgan Stanley (NYSE: MS) to Lead General Motors IPO
Morgan Stanley (NYSE: MS) and JPMorgan Chase & Co. (NYSE: JPM) will take the lead in General Motors’ initial public offering, according to media reports on Saturday. The IPO, which was originally set for July 10th, has been delayed until at least the fourth quarter of this year, said officials from the U.S. Treasury earlier [...]
Pfizer (NYSE: PFE) Heart Drug May Prevent Strokes, Blood Clots
Pfizer (NSE: PFE) has been in a drug development slump during the last several years, but a new study involving thousands of patients taking Pfizer’s experimental heart drug apixaban, developed in conjunction with New Jersey-based Bristol-Myers Squibb, has demonstrated that the drug is effective against blood clots and stroke in patients with with atrial fibrillation, [...]
Trade Commission to Hear Petition from HTC to Block iPhone Imports
The U.S. International Trade Commission will be reviewing HTC’s petition to block the imports of Apple’s iPhone, iPad and iPhone because of alleged patent infringement, the agency said on Friday. The ITC said on its website that the investigation is a starting point and does not mean a decision has been made on HTC’s May [...]
Sale of Citigroup (NYSE: C) Stock Puts TARP Program at Half Way Point
The Federal Government’s Troubled Asset Relief Program (TARP) is slowly winding down, and with the sale of Citigroup, Inc (NYSE: C) stock, the Treasury Department has now received more in TARP payments than it has TARP funds outstanding. “TARP repayments to taxpayers have, for the first time, surpassed the total amount of TARP funds outstanding,” [...]
Prosper Hopes for Re-Regulation of Peer to Peer Lending Industry
Prosper Marketplace CEO Chris Larsen told Business Week that he hopes Congress will re-regulate the peer-to-peer lending industry so that his company will be regulated by another body than the Securities and Exchange Commission. In 2008, the Securities and Exchange commission came down on Prosper and its competitor Lending Club saying that the two companies [...]
Ford’s Closure of Mercury to Minimal Implications on Stock Price
Ford Motor Co. (NYSE: F) announced that it would soon be winding down its Mercury brand, but the brand contributes relatively little to the company’s earnings and its stock price. Analysts at Trefis estimated that the Mercury brand contributes just 1.5% to the current stock price of Ford and that “phasing out the Mercury brand [...]
General Electric Capital (NYSE: GE) Predicts No Double Dip Recession
General Electric Co. (NYSE: GE)’s financial arm, G.E. Capital, said that it does not see a second recession coming in the United States and that the economic turmoil in Europe will likely not hamper domestic economic growth for the company. “Most of our customers are Main Street, small to mid-ticker size businesses,” said Dan Henson, [...]
Citigroup, Inc (NYSE: C) Aims for Growth in Poland
Citigroup, Inc (NYSE: C) has hired a former Morgan Stanley (NYSE: MS) executive, Pawel Graniewski, to run its Warsaw-based investment banking office just a few weeks after Poland’s government announced plans to raise billions in funds from privatizing its state-owned companies. Pawel Graniewski joins Citigroup, Inc (NYSE: C) from Morgan Stanley (NYSE: MS) where he [...]
Bank of America Corp (NYSE: BAC) Divests from Two Latin America Units
Bank of America Corp (NYSE: BAC) is selling two of its Latin American units, Bank Itau Unibanco and Grupo Financiero Santander–for nearly $7 billion and a private equity portfolio for $2 billion. Bank of America Corp (NYSE: BAC) already divested itself of Columbia Asset Management Division and First Republic Bank in addition to its stake [...]
Microsoft Corp (NASDAQ: MSFT) Set to Launch Free Version of Office
Microsoft Corp (NASDAQ: MSFT) is readying a launch of a free cloud-based version of its widely-used Office product next week which will compete with Google Docs and other online word processing services. The news comes more than five years after chief software architect Ray Ozzie warned that Microsoft needed to do a better job of [...]
General Electric Co. (NYSE: GE) Recalls 181,000 Washing Machines
General Electric Co. (NYSE: GE) will be recalling about 181,000 front-loading washing machines because of hazards due to fire and shock, according to a report from the Consumer Product Safety Commission (CPSC). The CPSC said that a faulty wire can lead to a fire when it comes into contact with a metal part on the [...]
worst video player ever- after over2:00 there's still no video appearing 