July 11, 2003 |
Prudential Securities Inc. agreed to pay $382,000 to settle charges that it didn't have proper systems in place to catch a broker who allegedly caused investors to pay higher mutual fund commissions, regulators said Thursday. The Securities and Exchange Commission accused Prudential of "a serious supervisory failure" by not having sufficient systems from 1998 to 2000 to enforce policies for the sale of different mutual fund classes. Prudential neither admitted nor denied the charges.
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.
June 11, 2005 |
As many as nine employees from Morgan Stanley's trading unit are leaving the company en masse to go to a competitor, Associated Press confirmed Friday. According to two sources close to the company, who spoke on condition of anonymity, three managing directors and as many as six others have left the company's equity derivatives desk, which handles trading in options and futures contracts and works closely with hedge funds and big institutional investors.