Economy Watch: May 10, 2009 - May 16, 2009
Some Axed GM Dealers Selling Only 35 Vehicles Per Year
UPDATED at 12:50 P.M.: About 400 to 500 of the GM dealers that are set for termination by the end of 2010 have been selling only about 35 vehicles per year, Mark LaNeve, GM's vice president of sales, service and...
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Frank Ahrens
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May 15, 2009; 12:50 PM ET |
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| Tags: GM
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Consumer Confidence Rises in Early May
In a sign of psychological economic recovery, U.S. consumer confidence rose in early May to its highest level since September, when Lehman Brothers collapsed, sinking consumer sentiment. The periodic Reuters/University of Michigan Surveys of Consumers said its preliminary index of...
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Frank Ahrens
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May 15, 2009; 11:08 AM ET |
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| Tags: consumer confidence
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GM Dealers Wait With Heads on Chopping Block
About 1,100 General Motors dealers are waiting for news from Detroit set to come at noon today saying which dealers will live and which will die. Bankrupt Chrysler announced on Thursday that it would terminate contracts with about 25 percent,...
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Frank Ahrens
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May 15, 2009; 10:49 AM ET |
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| Tags: Chrysler, GM, auto dealers, bankruptcy
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Markets Flat At Opening
Wall Street opened flat this morning, as it digested new economic data and held its breath waiting for news on General Motors dealer closings to come today. In the first 15 minutes of trading, the Dow is essentially flat. The...
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Frank Ahrens
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May 15, 2009; 9:48 AM ET |
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| Tags: Dow Jones, nasdaq, s&p 500
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Recession Has Hit Young Hardest, Pew Study Finds
A "kinder, gentler" recession for senior citizens has been less kind and less gentle to young adults, who say that have cut back on spending the most of any group surveyed, according to a study by the Pew Research Center...
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Frank Ahrens
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May 14, 2009; 4:27 PM ET |
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| Tags: Pew Research, recession
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D.C.'s Carlyle Group To Pay $20 Million In N.Y. 'Pay To Play' Settlement
Carlyle Group, the Washington D.C.-based private equity group founded by former Carter White House official David Rubenstein, has agreed today to pay $20 million to settle its role in a "pay to play" investigation brought by New York Attorney General...
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Frank Ahrens
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May 14, 2009; 2:52 PM ET |
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| Tags: Andrew Cuomo, Carlyle Group, David Rubenstein
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Three Blogs That Dig Deeply Into Corporate Reports
In The Ticker's never-ending quest to pass on to our readers the most useful information we can find to help them understand the ongoing economic crisis and the way companies behave and how that impacts investors, we're making note of...
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Frank Ahrens
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May 14, 2009; 12:10 PM ET |
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The Ticker
| Tags: 10-Q Detective, Bailoutsleuth.com, Chris Carey, David Phillips, Footnoted.org, Michelle Leder, Vikram Pandit, proxy
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Markets Up Slightly At Opening
Wall Street looks to put yesterday's losses behind it, opening up slightly this morning. In the first 15 minutes of trading, the Dow is up about 40 points, or less than half of 1 percent. The broader S&P 500 is...
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Frank Ahrens
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May 14, 2009; 9:49 AM ET |
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| Tags: Dow Jones, nasdaq, s&p 500
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AIG's Liddy: Greenberg Wrong on Bankruptcy
UPDATED at 1:37 P.M. AIG chief executive Edward Liddy said that former AIG chief executive Hank Greenberg is mistaken by saying that AIG should have gone into bankruptcy rather than getting bailed out by the U.S. taxpayers to the tune...
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Frank Ahrens
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May 13, 2009; 1:37 PM ET |
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| Tags: AIG, Edward Liddy
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Markets Dive at Opening
Wall Street opened trading this morning with a big sell-off spurred by the disappointing April retail numbers and possibly igniting the first big pull-back of the rally that began in early March. In the first 15 minutes of trading, the...
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Frank Ahrens
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May 13, 2009; 9:47 AM ET |
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| Tags: Dow Jones, Tim Geithner, nasdaq, s&p 500
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U.S. Trade Imbalance Widens Slightly: So What?
The U.S. trade gap widened slightly in March -- the first time since July -- and now stands at $27.6 billion, the Commerce Department said yesterday. The global recession is to blame, some say. Other countries are buying fewer American...
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Frank Ahrens
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May 13, 2009; 8:00 AM ET |
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| Tags: Commerce Department, dollar, trade deficit, yuan
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Insider Stock Sale Crashes GM Stock
Shares of General Motors sank to their lowest levels in 76 years today following yesterday's disclosure that several GM executives sold their shares of the automaker's stock. Shares of GM have been hovering just over the $1 mark all day...
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Frank Ahrens
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May 12, 2009; 2:48 PM ET |
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| Tags: Bob Lutz, Enron, Fritze Henderson, GM, Ken Lay, Obama, Rick Wagoner
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Median Home Prices Continue To Fall -- But Not In Cumberland, Md.
The median sales price of existing homes dropped in nine out of 10 U.S. cities in April compared to the same month last year, the National Association of Realtors said today. Read the full report here. The median U.S. home...
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Frank Ahrens
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May 12, 2009; 10:25 AM ET |
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The Ticker
| Tags: National Association of Realtors, home prices
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Markets Flat At Opening
Wall Street opened flat his morning, as it tries to recoup yesterday's sell-off losses and maintain the rally that began in early March. In the first 15 minutes of trading, the Dow is up about 12 points. The broader S&P...
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Frank Ahrens
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May 12, 2009; 9:50 AM ET |
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| Tags: Dow Jones
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White House: $92K to Create Each New Job Under Stimulus
It will cost $92,000 to create each new job under President Obama's $787 billion stimulus planned passed earlier this spring, the White House said today, a figure far greater than the yearly salary of that job. The report is a...
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Frank Ahrens
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May 11, 2009; 3:40 PM ET |
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| Tags: Obama, jobs, stimulus plan, unemployment
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May 11, 2009
The Washington Post staff share their picks for readings around the Web. Bank Stress Tests -- The Written Part NBC.com | "Tim Geithner" gives Saturday Night Live viewers an overview of the bank stress tests. The Fed and the...
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Sara Goo
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May 11, 2009; 2:44 PM ET |
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Neil Irwin's Must Reads
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Obama Launches Health-Care Plan
President Obama rolled out the first phase of what he has promised to be comprehensive health-care reform at the White House moments ago, announcing a new group made up of a number of former enemies of health-care proposals. "Some of...
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Frank Ahrens
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May 11, 2009; 1:07 PM ET |
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| Tags: Obama, healthcare reform
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White House Says Deficit Will Be $90B Higher Than Expected
In his blog this morning, White House budget director Peter Orszag said that the federal budget deficit will actually be $90 billion higher than expected in February. "OMB projects that the deficit will be about $90 billion higher in FY...
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Frank Ahrens
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May 11, 2009; 11:57 AM ET |
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| Tags: Peter Orszag, White House budget director, budget, deficit
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Markets Open Sharply Down
Periodic pullbacks are inevitable in a market this oversold, and today that's how Wall Street opened. In the first 15 minutes of trading, the Dow is down 138 points, or 1.5 percent. The broader S&P 500 is down nearly 2...
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Frank Ahrens
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May 11, 2009; 9:47 AM ET |
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| Tags: Dow Jones, nasdaq, s&p 500
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This Week: Bernanke on Stress Tests, Economic Data
Well, that’s a relief. Last week was packed with economic news — Friday’s jobs report, Federal Reserve officials speaking, and most of all, results from the government’s stress test of banks. All three turned out to be good for confidence....
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Sara Goo
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May 11, 2009; 5:45 AM ET |
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