December 12, 2003 |
Massachusetts charged Prudential Securities on Thursday with violating state laws by engaging in widespread late trading of mutual funds for its hedge fund customers. Secretary of the Commonwealth William F. Galvin said the company violated both state and federal laws and hurt smaller investors in the funds. Galvin said brokers in Prudential's Boston office allowed more than 1,100 late trading transactions in the last 2 1/2 years with a total value of more than $162 million.
November 18, 2004 |
Los Angeles investment firm Ares Management said Wednesday that it had acquired Marietta Corp., which bills itself as the world's largest supplier of soaps and shampoos to hotels. Ares, which already owns lingerie marketer Maidenform Inc. and a major stake in luggage maker Samsonite Corp., didn't disclose the price tag for BFMA Holding Corp., the parent of Cortland, N.Y.-based Marietta. However, sources valued the deal at about $150 million.
December 1, 2004 |
The NASD said Tuesday that it censured and fined 29 securities firms, including some of Wall Street's best-known companies, a total of $9.2 million for failing to properly disclose disciplinary and other required information about their brokers more than 8,300 times. The NASD also suspended two of the firms, Merrill Lynch & Co. and Wachovia Corp., from registering new brokers for five business days because of their many violations and previous regulatory filing problems.
November 26, 2002 |
Fueled by low mortgage rates and low inventories, the sales pace of existing U.S. homes rose an unexpectedly strong 6.1% in October from the previous month while the California sales rate jumped more than 17%, according to real estate reports released Monday.
June 14, 2007 |
U.S. retail sales in May rose at the strongest pace since January 2006, while import prices surged, adding to recent data suggesting the U.S. economy is recovering strongly from a first-quarter slowdown. Sales by U.S. retailers rose 1.4%, more than twice as much as expected, as consumers shrugged off higher gasoline prices and a housing slump to spend more on cars, clothing, building materials and electronics, a Commerce Department report showed Wednesday.
January 10, 2003 |
Wholesale inventories rose in November and the number of workers filing new claims for state unemployment benefits fell for the second time in three weeks, indicating that the worst stretch of firings may have passed, government figures showed Thursday. Inventories were up 0.2% to $284.5 billion after falling a revised 0.5% in October, the Commerce Department said. Inventories have been rising since June. Wholesale sales gained 1.2%, the biggest increase in seven months, to $235.7 billion.
May 3, 2006 |
Sempra Energy, owner of two California utilities, said Tuesday that its first-quarter earnings rose 14% because of soaring profit from trading natural gas and other commodities. The San Diego company reported net income of $255 million in the quarter that ended March 31, up from $223 million in the same period last year. Sempra's prior-year profit included a one-time $59-million gain on the resolution of tax issues.
January 16, 2002 |
Shares of wireless communications giant Nextel Communications continued to slide Tuesday after a rare Wall Street "sell" rating on the stock. Nextel shares fell 49 cents to $7.87 on Nasdaq after diving $1.64 on Monday, when Lehman Bros. analyst John Bensche cut his rating on Nextel to "sell" from "market perform," citing a "challenging" near-term outlook for the industry. The share price is nearing the four-year closing low of $7.17 reached on Oct. 2. The stock had rallied as high as $12.
December 19, 2003 |
Prudential Financial Inc., the third-largest U.S. life insurer, said Thursday that the federal prosecutor in Massachusetts had subpoenaed the company for documents pertaining to alleged improper trading of mutual fund shares. Prudential Financial also has received a formal request for information from the New Jersey Bureau of Securities, according to a Securities and Exchange Commission filing by New Jersey-based Prudential. U.S. Atty.
September 18, 2003 |
The number of U.S. housing starts slid in August, but building permits and mortgage applications increased, according to reports showing a strong housing market despite a trend of rising interest rates. "All of the data that we're seeing in the housing market is incredibly encouraging. It suggests to me that the bump up in rates is not a threat to the housing market," said Mark Vitner of Wachovia Securities. Housing starts slipped 3.