John Massey News
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Investors are paying less for equities than they have during every recession since Ronald Reagan was president amid growing concern that the economy is on the edge of another recession.
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CVS Caremark Corp. , created in a takeover four years ago that has left investors with underperforming stock, could be worth $25 billion more if the company split itself up.
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Intel Corp. Chief Executive Officer Paul Otellini told investors July 13 he is seeing “renewed economic momentum.” A day later, Yum! Brands Inc. Chief Financial Officer Richard Carucci predicted “sustained unemployment and a concerned U.S. consumer.”
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Most U.S. stocks fell, halting a six-day rally, as a drop in retail sales and the Federal Reserve’s assessment that the economic outlook has “softened” overshadowed Intel Corp.’s forecast for record profit.
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Stocks slid, while Greek, Portuguese and Irish bonds tumbled, gold rose to a record and the yen surged to a 15-year high versus the dollar on concern Europe’s debt crisis will worsen. U.S. and German bonds rallied.
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U.S. stocks rose, rebounding from the biggest drop since February, as higher-than-estimated earnings and the Federal Reserve’s pledge to keep interest rates at a record low overshadowed a downgrade of Spain’s debt rating.
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The four-year-old CVS Caremark Corp. merger hurt customers by reducing competition and increasing prices, five consumer groups said, adding pressure on the drug retailer after some investors called for a split-up.
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