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U.S. stock market report
1740 ET 12Jan2009
Fears on Citi, earnings season weigh on Wall St
U.S. stocks fell on Monday as concerns about massive credit losses at Citigroup knocked its shares 17 percent lower, dragging down bank stocks, and on fears of a dismal fourth-quarter earnings season.
A Wall Street Journal report that Citigroup could report more than $10 billion in fourth-quarter operating losses struck a blow to other banks on fears of a fresh round of losses from the credit crisis.
For details, see
Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net
1440 ET 12Jan2009
Financials face longest losing streak since November
Shares of financial services companies fell for the fourth straight day on Monday, the sector's longest string of losses since the U.S. government's bailout of the troubled bank Citigroup Inc.
The S&P 500 index of financial companies plunged 5 percent amid a spate of negative reports on the sector, outpacing a 2.3 percent loss in the broader S&P.
Citigroup shares fell nearly 15 percent to $5.74 on the bank's expected fourth-quarter loss and future capital needs as the bank inched closer to selling its Smith Barney retail brokerage business. For more, see
Bank of America dropped more than 11 percent to $11.55 after a Citigroup analyst said it expected the bank to post a loss in the fourth quarter and slash its quarterly dividend by 84 percent.
Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net
1355 ET 12Jan2009
Nine Domino's Pizza franchisees file for Ch. 11
Shares of Domino's Pizza surged on Monday after the pizza chain said nine of its franchisees had filed for Chapter 11 bankruptcy protection since November 2007, resulting in the closure of 10 locations.
The stock gained 7.8 percent to $6.61 while peer companies California Pizza Kitchen fell 2 percent to $9.15, Papa John's was down 0.1 percent to $17.22 and Yum! Brands, which owns the Pizza Hut franchise, was down 0.6 percent to $30.45.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1348 ET 12Jan2009
Ford hopes for UAW concessions: executive
Mark Fields, Ford Motor's president of the Americas, Monday said that the company hopes to get similar concessions from the United Auto Workers union that General Motors and Chrysler received.
'We have to be just as competitive,' Fields said.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1328 ET 12Jan2009-Merrill Lynch: Don't trust gains in low
quality stocks
Merrill Lynch on Monday said that investors should trim their low quality gains, even though low quality stocks and companies with high leverage have led a recent rally in the stock market. 'Stocks within the S&P 500 with the lowest S&P quality ranking have outperformed those with the highest ranking by roughly 30 percentage points since November 20, 2008,' the firm wrote, adding that companies with higher debt-to-capital levels had outperformed those with lower levels by almost 10 percent over the same period.
The firm recommended that investors focus on companies 'that have the means to fund themselves and rely less on leverage rather than relying solely on valuation metrics.'
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
U.S. stock market report
1740 ET 12Jan2009
Fears on Citi, earnings season weigh on Wall St
U.S. stocks fell on Monday as concerns about massive credit losses at Citigroup knocked its shares 17 percent lower, dragging down bank stocks, and on fears of a dismal fourth-quarter earnings season.
A Wall Street Journal report that Citigroup could report more than $10 billion in fourth-quarter operating losses struck a blow to other banks on fears of a fresh round of losses from the credit crisis.
For details, see
Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net
1440 ET 12Jan2009
Financials face longest losing streak since November
Shares of financial services companies fell for the fourth straight day on Monday, the sector's longest string of losses since the U.S. government's bailout of the troubled bank Citigroup Inc.
The S&P 500 index of financial companies plunged 5 percent amid a spate of negative reports on the sector, outpacing a 2.3 percent loss in the broader S&P.
Citigroup shares fell nearly 15 percent to $5.74 on the bank's expected fourth-quarter loss and future capital needs as the bank inched closer to selling its Smith Barney retail brokerage business. For more, see
Bank of America dropped more than 11 percent to $11.55 after a Citigroup analyst said it expected the bank to post a loss in the fourth quarter and slash its quarterly dividend by 84 percent.
Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net
1355 ET 12Jan2009
Nine Domino's Pizza franchisees file for Ch. 11
Shares of Domino's Pizza surged on Monday after the pizza chain said nine of its franchisees had filed for Chapter 11 bankruptcy protection since November 2007, resulting in the closure of 10 locations.
The stock gained 7.8 percent to $6.61 while peer companies California Pizza Kitchen fell 2 percent to $9.15, Papa John's was down 0.1 percent to $17.22 and Yum! Brands, which owns the Pizza Hut franchise, was down 0.6 percent to $30.45.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1348 ET 12Jan2009
Ford hopes for UAW concessions: executive
Mark Fields, Ford Motor's president of the Americas, Monday said that the company hopes to get similar concessions from the United Auto Workers union that General Motors and Chrysler received.
'We have to be just as competitive,' Fields said.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1328 ET 12Jan2009-Merrill Lynch: Don't trust gains in low
quality stocks
Merrill Lynch on Monday said that investors should trim their low quality gains, even though low quality stocks and companies with high leverage have led a recent rally in the stock market. 'Stocks within the S&P 500 with the lowest S&P quality ranking have outperformed those with the highest ranking by roughly 30 percentage points since November 20, 2008,' the firm wrote, adding that companies with higher debt-to-capital levels had outperformed those with lower levels by almost 10 percent over the same period.
The firm recommended that investors focus on companies 'that have the means to fund themselves and rely less on leverage rather than relying solely on valuation metrics.'
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.