November 21, 2007 |
Federated Investors Inc. bailed out a so-called enhanced cash fund for wealthy investors and institutions after declines in the market value of mortgage-backed securities the fund held. But Federated, the third-largest manager of money market mutual funds, said it hadn't propped up any of its money-market portfolios. Some Federated rivals have recently had to pump in millions of dollars to bail out ailing money funds.
April 6, 2006 |
Coca-Cola Co. announced an overhaul of its compensation system for directors Wednesday, saying they will get paid only if the company meets its financial goals. Directors will be given share grants each year equal to $175,000. The grants will be payable in cash in three years provided the company increases earnings per share by 8% each year, Atlanta-based Coca-Cola said. Board members previously received an annual fee of $125,000, of which $50,000 was in cash and $75,000 in stock units.
October 12, 2007 |
New York Atty. Gen. Andrew Cuomo said Thursday that he had expanded his probe into the student loan industry and had subpoenaed 29 companies, including Bank of America Corp., Wachovia Corp., Wells Fargo & Co. and SunTrust Banks Inc. Cuomo is turning his focus to direct marketers after earlier investigating conflicts of interest between lenders and colleges and universities. Four other companies received requests for information, including an affiliate of JPMorgan Chase & Co.
January 16, 2004 |
Some regional bank stocks got a lift Thursday as investors looked around for other potential takeover candidates in the wake of J.P. Morgan Chase & Co.'s deal to buy Bank One Corp. The $58-billion friendly takeover, announced after markets closed Wednesday, reminded Wall Street that "mergers beget mergers," said Paul Fusco, an analyst for the John Hancock Financial Industries mutual fund. The purchase of Bank One, the sixth-largest U.S.
October 27, 2009 |
NEW YORK -- Stocks rose moderately in early trading Monday as investors brace for the government's first reading on the economy in the third quarter later in the week and fresh earnings reports and debt auctions. Overseas markets rose, bolstered by new signs economies in Asia are well on their way to recovery. South Korea reported its economy grew at its fastest pace in seven years. David Hefty, CEO at Cornerstone Wealth Management, said the market's recent gains -- major indexes hit their highs for the year last week -- will give investors pause.
March 25, 2008 |
Sales of existing U.S. homes rose 2.9% in February from January -- the first increase since July -- and California posted a 9.5% rise in sales, reports Monday showed. But many analysts said it was too soon to know whether the prolonged slide in housing had ended. And they noted that prices were down sharply. The National Assn. of Realtors said sales of existing homes nationwide reached a seasonally adjusted annual rate of 5.03 million units last month, compared with 4.89 million in January.
May 29, 2008 |
Regional bank stocks aren't the haven that investors hoped they would be -- as shares of Cleveland-based KeyCorp demonstrated Wednesday. KeyCorp stunned investors late Tuesday by warning that loan losses would surge this year. Its shares plunged $2.29, or 10.4%, to $19.66 on Wednesday, their lowest since 2000. The news also walloped shares of other regional banks, including Atlanta-based SunTrust Banks, which slid 4%; Birmingham, Ala.-based Regions Financial, down 5%; and Comerica Inc.
August 4, 2001 |
Months of fighting about ownership of Wachovia Corp. ended abruptly Friday as its shareholders approved a $14.3-billion merger with First Union Corp., causing rival SunTrust Banks Inc. to concede defeat. Just as swiftly, the focus of First Union Chairman Ken Thompson and Wachovia Chairman L.M. "Bud" Baker Jr. now has shifted from simply clearing the way for the merger to figuring out what will happen down the road. The new bank--which will retain the Wachovia name and be based in Charlotte, N.C.
October 24, 1997 |
Leadership of Coca-Cola Co. has passed from the Yale-educated, Havana-born scion of a prominent Cuban sugar family to a small-town Georgia native and textile mechanic's son who earned his way to the University of Georgia by bagging groceries. But little major change is expected in company strategies and style under new chief M. Douglas Ivester. Ivester, who was groomed by the late Roberto C.
April 17, 2001 |
First Union Corp. said Monday it will buy rival banking company Wachovia Corp. for about $13.1 billion in stock to form the nation's fourth-largest bank and cut costs at both North Carolina-based banks, countering falling profits as the economy slows. Investors greeted the deal with skepticism because First Union has a checkered record of integrating big acquisitions. First Union's stock initially fell as much as 7.6% but bounced in late trading to close down 72 cents, or 2.3%, at $31.