The Nations fourth largest investment bank, Lehman Brothers, reported today it is closing its subprime mortgage business because of all shakiness in the home lending industry. Lehman will close an estimated 23 offices and eliminate 1,200 workers. This announcement comes on the heals of Capital One’s earlier announcement this week that it was closing its GreenPoint Mortgage division.
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The Wall Street Journal reported today that the two brokerages have been in merger talks for weeks but sources say that they are not close to a deal. If the two online brokerages strike a deal that would make them larger than the number one online broker Charles Schwab. Both E-Trade and TD Ameritrade closed […]
Corning is down almost 10% since it reported a good solid quarter. Market over reaction to say the least. Corning makes more than 75% of its money overseas, making it a good play in this credit crisis market. Corning’s European telecommunciation business is really picking up. With Corning trading around $23 a share and a 19 […]
Capital One said today that it would close its mortgage division (Greenpoint Mortgage). Their move to close the mortgage division will involve cutting 1900 jobs across as many as 19 states. The decision to close Greenpoint will hit the company with close to a $900 million charge. Capital One’s move comes on the same day that Countrywide […]
Ever since Cramer declared NYSE Euronext (NYX) his growth stock of the year it has been nothing but bad news. Well, there hasn’t actually been bad news for the company, the stock has just been trading poorly. The stock was chosen as the number one pick ahead of booming Apple (AAPL) and Cisco (CSCO). NYX was picked at $95 […]
Loans to banks just got a little less expensive this morninng after the Fed cut the discount rate by a half percent. Stock futures which were once again pointing down, turned around and soared on the news. The news tells us that yes Mr. Bernanke is watching and yes he is listening. The rate […]
