iBankCoin
Home / 2012 / August (page 43)

Monthly Archives: August 2012

$KCG IS GOING STRAIGHT TO $00.00

Knight says yesterday’s trading issues resulted in a $440m pre-tax loss and have severely impacted its capital base

Comments »

Toyota recalls 760,000 RAV4, Lexus HS 250h sedans

“Toyota issued a voluntary recall of 760,000 model-year 2006-11 versions of the RAV4 compact crossover and 18,000 model-year 2010 versions of the Lexus HS 250h hybrid sedan because of problems with the rear suspension nuts.

“Toyota has determined that if the nuts on the rear suspension arm are not tightened following the proper procedure and torque specification during a rear wheel alignment service, excessive play may occur at the threaded portion of the arm, followed by rust formation,” the automaker said in a statement. The rear suspension arm could separate, increasing the risk of an accident.”

Full article

Comments »

Knight Capital Tanks 39% Pre-market, Company Says They Lost a Little Over $400 Million After Trading Out of the Entire Glitch Positions

Initially up on the news; Knight Capital is down nearly 40% as the company says they may need to raise money to strengthen their capital position. The company says they have removed the software that caused yesterday’s trading glitch in over 140 stocks.

Comments »

S&P Cuts Cyprus Deeper into Junk Status

“(AP) NICOSIA, Cyprus – Ratings agency Standard & Poor’s lowered Cyprus’ sovereign debt grade one notch deeper into junk territory on Thursday and warned of further downgrades over concerns that the country’s troubled banks will continue to strain public finances.

The downgrade, from BB+ to BB, highlights the battle the island nation of less than a million people faces to fix its sagging economy after becoming in June the fifth country to seek financial aid from its partners in the 17-country group that uses the euro.”

Full report

Comments »

$ANF Down 16% in Pre-market Trade After Guiding Lower

“NEW YORK (MarketWatch) — Abercrombie & Fitch Co. ANF +0.65% shares slumped 16% before the bell Thursday. After Wednesday trading closed, the New Albany, Ohio, retailer of clothing for teenagers estimated fiscal second-quarter earnings at 15 cents to 18 cents a share, compared with the 25-cent-a share consensus estimate of analysts surveyed by FactSet.”

Full report

Comments »

Robert Shiller Senses Housing Bubbles Forming In Two US Cities

In the wake of the biggest housing bust ever, it’s hard to imagine that we would be walking right back into a housing bubble.

But that’s just the nature of bubbles: you don’t know if you’re in one until after the fact.

Robert Shiller, the economist who famously predicted the dotcom and housing bubbles, was on Fox Business News discussing the Case-Shiller home price index, which recently rose faster than expected.

“I think it’s possible this is the bottom, but I’m not at all confident,” said Shiller regarding the housing market.

He continued.

“The real question in my mind is, ‘Are we possibly off to the races again?'” he said.  “I think in cities like Phoenix and San Francisco, we might be seeing something pretty big developing.  People there are very speculative-minded.”

Read more

Comments »

$GM Beats the Street, Profits Fall 41% From Europe Fallout

“DETROIT (AP) — General Motors says its second-quarter profit fell 41 percent as losses in Europe and South America cut into strong North American earnings.

The company says it earned $1.5 billion from April through June, $1 billion less than its $2.5 billion net income a year earlier.

GM earned 90 cents per share compared with $1.54 a year earlier. Revenue fell 5 percent to $37.6 billion.

The company beat Wall Street expectations. Analysts polled by FactSet expected earnings of 75 cents per share.

GM lost $361 million before taxes in Europe, compared with a $102 million profit a year earlier. Even North America showed a little weakness. Pretax profits fell nearly 13 percent to $1.8 million.”

Full report

Comments »

AIG is Looking to Buy Back Stock from Uncle Sam

“(Reuters) – American International Group is looking to buy back a large chunk of its shares from the U.S. government, whose stake in the bailed-out insurer could subsequently go below 50 percent by this fall, the Wall Street Journal said, citing people familiar with the company’s thinking.

The buybacks are likely to be accompanied by one or more public share offerings of AIG stock by the U.S. Treasury, the WSJ said.

The timing and scale of future offerings and repurchases are not clear, the Journal said.”

Full article

Comments »

Sony Cuts Their Outlook While Sharp Cuts Jobs for the First Time in 60 Years

“TOKYO (Reuters) – Sony Corp <6758.T> slashed its forecast for 2012/13 operating profit and lowered its sales expectations for key products including its handheld PSP and PS Vita devices as new boss Kazuo Hirai battles to revive the fortunes of the electronics giant.

Sony said April-June operating profit fell a much steeper-than-expected 77 percent to 6.28 billion yen ($80 million) compared with a year earlier, blaming a strong yen and weak economies. Analysts had penciled in a 36 percent fall.

Rival Sharp Corp <6753.T> announced a 94 billion yen operating loss ($1.2 billion) for the June quarter and plans its first job cuts in more than 60 years as Japan’s electronics industry scrambles to keep up with foreign competitors.”

Full article

Comments »

BNP Paribas Second-Quarter Net Declines 13% On Lower Trading

BNP Paribas SA (BNP), France’s largest bank, posted a 13 percent drop in second-quarter profit as Europe’s debt crisis curbed trading revenue.

Net income dropped to 1.85 billion euros ($2.26 billion) from 2.13 billion euros a year earlier, the Paris-based company said in a statement today. That beat the 1.65 billion-euro average estimate of seven analysts surveyed by Bloomberg.”

Full article

Comments »