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Newspaper wrap-up: J.C. Penney expected to cut jobs, merge operations
MAJOR PAPERS:
With a possible coming recession, J.C. Penney Company Inc (NYSE: JCP) CEO Myron "Mike" Ullman is expected to today announce plans to merge the buying and marketing operations for store and online sales and cut up to 200 jobs, the ...
Estimating subprime write-downs and the 'cookie jar' accounting problem
Another write-down related to subprime loans is coming from UBS AG (NYSE: UBS), this time to the tune of $10 billion. Combined with write-downs in the third quarter, the company will have a total of $12.6 billion in write-downs related to subprime ...
Merrill seeks $6 billion from Bloomberg, Blackrock to finance asset write-downs
In a quarterly dance routine that's becoming quite familiar -- call it the write-down, capital raising dance -- the Wall Street Journal reports that Merrill Lynch & Co. (NYSE: MER) is planning to sell a $5 billion stake in Bloomberg, the media ...
Are banks using write-downs to game their numbers?
Several banks have been taking big write-downs related to subprime loans lately, and many of us have been applauding their conservative, prudent accounting. Their stock prices have responded well, with investors betting that the worst is over, and ...
Will Citigroup write-down $9 billion or $24 billion?
When Citigroup Inc. (NYSE: C) reports tomorrow, one big question on investors' minds will be how big a charge against its earnings it will take for its Collateralized Debt Obligations (CDOs) and other Level 3 assets. The amount of the charge could ...
When will Lehman take $4 billion in CDO write-downs?
Fortune -- which shares parent Time Warner (NYSE: TWX) with BloggingStocks -- provides a clue about how big of a write-down Lehman Brothers Holdings (NYSE: LEH) needs to take in order to account accurately for its Collateralized Debt Obligation (CDO) ...
Reason #9: The Fed can't do it either
Historically, the Fed has lowered interest rates to spur spending and investment.
Well, the Fed has already cut interest rates to banks down to essentially zero. The media are screaming about potential inflation due to the trillion dollars the Fed ...
Swiss Reinsurance quarterly profit plunges 87% on deep write-downs
It is shaping up to be another tough day for the market as traders continue to express concerns over a possible recession, disappointing earnings numbers, surging crude oil prices and persistent weakness for the U.S. dollar. However, not all the ...
Merrill Lynch and Citigroup expected to post huge write-downs
Citigroup (NYSE: C) is expected to post write-downs of as much as $12 billion in first quarter and have a loss of over $3 billion. Merrill Lynch (NYSE: MER) could show write-offs of $5 billion and a loss of $2.7 billion. According to The Times, ...
Merrill Lynch to write down another $15 billion in subprime losses
Analysts expected Merrill Lynch (NYSE: MER) to write down about $12 billion more in losses from its mortgage investments, but The New York Times reports this morning that it will actually write down $15 billion, or $3 billion more than anticipated ...
UBS may write down more than $7 billion
In the latest string of write-downs caused by the mortgage mess, the Wall Street Journal reports that UBS (NYSE: UBS) may take a $7.11 billion write-down in the fourth quarter and that analysts expect that Citigroup (NYSE: C) has not yet finished ...
Barclays (BCS) takes turn at big write-down
Almost every other big bank doing business in the U.S. has taken a big subprime write-down, so why should Barclays (NYSE: BCS) be any different? It's not.
The big British bank announced that it would take a $2.7 billion charge for the four months ...
Whoops, they did it again: Bank of America's little $3.3 billion write-down
Bloomberg News reports that Bank of America (NYSE: BAC) is taking a $3.3 billion charge related to writing down the value of more of its Collateralized Debt Obligations (CDOs).
When will these little unpleasant surprises stop dribbling out? Wall ...
Has the market discounted all the bad news on Wall Street write-downs?
With this morning's market rising in spite of news of Credit Suisse (NYSE: CS)'s $2.8 billion write-down and the potential for $203 billion worth of additional Wall Street write-downs on various "structured investments", I began to wonder whether ...
Flash: GM to take $39 billion write-down in Q3
General Motors (NYSE:GM) will take a $39 billion write-down in Q3 related to establishing a valuation allowance against its deferred tax assets in the U.S., Canada and Germany.
The company's shares are off 2.5% after hours on the news.
Douglas A. ...
Struggling Playboy outsources business ops
J. Crew earnings preview: A strong Q3 all buttoned up?
Twitter to make acquisitions, generate revenue in 2010
