Deutsche Securities downgraded Ford from Hold to Sell.
By 11:30 am, GM and Ford shares pared losses as Treasury offered hope. They were down 4.4% and 3.1% respectively.
Bank of America Corp. (NYSE: BAC) said Thursday it expects to cut 30,000 to 35,000 jobs over the next three years, as it faces a deteriorating economic environment and tries to absorb Merrill Lynch (NYSE: MER). BAC shares declined 4% in premarket trade. Shares of BAC were down 2.2% by 11:30 am.
And as all the bad economic and corporate news wasn't enough, we needed to add more corruption to the mix as Bernard Madoff, former Nasdaq Stock Market chairman and founder of Bernard L. Madoff Investment Securities LLC, was arrested and charged with securities fraud that will cost investors more than $50 billion.
Alcatel-Lucent SA (NYSE: ALU) said Friday it will also cut job as it eliminates another 1,000 white-collar jobs as part of its newly installed chief executive's plan to return the company to profitability. ALU shares declined 6.8% in premarket trade. ALU shares were down 9.5% by 11:30 am.
United Technologies Corp. (NYSE: UTX) reaffirmed its 2008 earnings outlook of $4.90 a share, and set 2009 earnings guidance that may represent no growth and revenue outlook that marks a decline. The CEO warned the company is bracing for "difficult and uncertain economic conditions" in 2009, but reiterated that liquidity was not a problem. UTX shares were down 3.4% in premarket trade. UTX shares were flattish by 11:30 am.
JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon told CNBC Thursday that JPM has had a "terrible" November and December, but the CEO is upbeat about JPM's future. JPM shares, which closed down over 10% Thursday, are down another 5% in premarket trade. JPM shares were down 1.9% by 11:30 am.
Intel Corp (NASDAQ: INTC) -- the former chief on the chip maker is pushing it to consider a new venture -- becoming a manufacturer of advanced batteries for plug-in electric cars. It would diversify the company and fill a niche as auto makers shift to production of plug-in electric vehicles, he says. Of course, he assumes there will be auto makers that are left standing ... INTC shares were up 1.6% by 11:30 am.
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Reader Comments (Page 1 of 1)
12-12-2008 @ 10:50AM
Bill Maddox said...
If you go to work on wall street or the banking industry the Republicans will come to your aid in a heartbeat. If you punch a clock and get dirty making a product you are left out in the cold. They forget about us that are to old and in failing health and dependent on the auto companies to survive. HELP THE FORGET ABOUT THE REST!