Archive for July 30th, 2009

NEW YORK: The federal government may suspend its 1 billion Cash for Clunkers program after less than a week over concerns that the plan may have already burned through its funds, according to congressional sources.A White House official said the Obama administration is assessing the situation, but added that “auto dealers and consumers should have… »

NEW YORK: If you need more proof that the mortgage crisis is far from over, look no further than the tepid reaction to the initial public offering of PennyMac Mortgage Investment Trust.PennyMac (PMT) is a real estate investment trust that wants to buy up distressed loans, modify the mortgages to keep borrowers in their homes… »

NEW YORK: The IRS is on the lookout for taxpayers and tax preparers skirting eligibility rules when claiming the 8,000 tax credit. Here’s what you need to know.1. Get the storyThe IRS just prosecuted a tax preparer in Jacksonville, Florida for falsely claiming the 8,000 first time homebuyer tax credit for a client’s tax return…. »

NEW YORK: The last-minute snafu that suddenly disqualified some previously eligible vehicles from the Cash for Clunkers program has finally been cleared up.Last week, just before the program’s July 24 official start date, 78 vehicles were made ineligible when the Environmental Protection Agency upped the estimated fuel economy ratings on those vehicles. At the same… »

(breakingviews.com) — The pig of U.S. financial reform will be stuck in the legislative python a bit longer. U.S. lawmakers are about to flee steamy Washington for their month-long summer recess, leaving much of Barack Obama’s ambitious agenda hanging.That’s probably good — remaking the banking world is not a task to be rushed. And the… »

HONG KONG/NEW YORK (Reuters) — Bank of America Corp. plans to set up a wholly owned subsidiary in China to expand in the world’s fastest-growing major economy, people briefed on the plan said.The largest U.S. bank plans to build up its corporate and investment banking business, and offer wealth management services to tap rich Chinese… »

LOS ANGELES (Reuters) — Walt Disney Co. posted a 26% plunge in quarterly earnings as sales fell sharply at its media networks and theme parks, sending its shares nearly 3% lower.Third-quarter revenue fell 7% to 8.59 billion from a year ago and lagged the 8.84 billion expected on average by analysts, according to Reuters Estimates.Park… »

REDMOND, Wash. (Reuters) — Microsoft Corp.’s chief executive tried to persuade skeptical investors Thursday that its 10-year Web search partnership with Yahoo Inc. is good for both companies.Shares of Yahoo (YHOO, Fortune 500) slumped 12% after the long-expected deal was announced on Wednesday, and fell more than 3% on Thursday. Microsoft (MSFT, Fortune 500) shares… »

NEW YORK: Stocks surged Thursday, hitting their highest levels in nearly 9 months, as investors eyed the latest batch of better-than-expected profits and forecasts and a report that suggested the labor market is starting to stabilize.The Dow Jones industrial average (INDU) rose 83 points, or 0.9%, ending at its best level since Nov. 4. It… »

NEW YORK: Exxon Mobil reported a 66% decline in second-quarter earnings Thursday as demand for energy remained weak and prices for oil and gas tumbled from last year’s highs.The world’s largest publicly traded oil company said it earned 3.95 billion in the second quarter, down from 11.68 billion a year earlier. On a per-share basis,… »