Economy Watch: July 19, 2009 - July 25, 2009
That'll Be Another $5
Flights may be getting cheaper, but the price to check luggage continues to soar. American Airlines said today that fees would jump $5. The first bag will cost $15, up from $15. The second bag will cost $30, up from...
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Terri Rupar
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July 24, 2009; 4:26 PM ET |
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Cash for Clunkers Revs Up
Start your engines ... The federal government posted rules today that officially launches the Cash for Clunkers program. Under the program, consumers can receive vouchers of up to $4,500 in exchange for scrapping their old gas guzzlers. Congress approved this...
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Terri Rupar
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July 24, 2009; 11:52 AM ET |
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Stocks Slide After Yesterday's Gains
Yesterday the Dow Jones industrials shot up above the 9000 mark for the first time since January. But this morning, investors are slowing down, as tech giants posted disappointing earnings. Microsoft said sales dropped 17 percent to $13.1 billion in...
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Terri Rupar
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July 24, 2009; 10:29 AM ET |
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Existing-Home Sales Rise, as Do Mortgage Rates
Are we on the road to recovery, at least in housing? Today the National Association of Realtors reported that sales of previously occupied homes rose for the third month in a row in June -- a feat that hasn't occurred...
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Terri Rupar
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July 23, 2009; 3:49 PM ET |
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New GM Board Members Named
The United States and Canada have appointed five more members to General Motors' board of directors. Board members will receive an annual retainer of $200,000, according to a GM regulatory filing. Representing the U.S. Treasury, which owns a 61 percent...
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Terri Rupar
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July 23, 2009; 2:39 PM ET |
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GM Narrows Opel Bidders to Two
General Motors announced today that its narrowed the bidders for its German unit Opel down to two: Canadian auto parts maker Magna International and Russian state bank Sberbank, and Belgium investor RHJ International. General Motors presented its findings to the...
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Terri Rupar
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July 23, 2009; 12:43 PM ET |
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Four Earnings, and Markets Are Up
It has been a huge earnings morning. Four companies posted profits. But because of the sagging economy, those earnings pale in comparison their figures a year ago. AT&T, the largest U.S. phone company, posted an income of $3.2 billion, or...
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Terri Rupar
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July 23, 2009; 12:39 PM ET |
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Ford Earns $2.3 Billion in Q2
Ford posted a surprise profit this morning, raking in $2.3 billion, or 69 cents a share. The automaker's gains were aided an aggressive restructuring in the second quarter. Ford reduced its debt obligations by $10.1 billion, which will save the...
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Terri Rupar
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July 23, 2009; 11:26 AM ET |
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July 22, 2009
The Washington Post staff share their picks for reading around the Web. Measuring Our Misery The Huffington Post | How miserable are Americans? Here is a cleverly constructed index that tries to capture how much pain is being felt...
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washingtonpost.com Editor
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July 22, 2009; 1:40 PM ET |
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Neil Irwin's Must Reads
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Who Wants a Coke
What country will be guzzling down the most bottles of Coke? When Coca-Cola Co. chairman and chief executive Muhtar Kent looks at future market trends, he divides the world into quadrants. "A tale of four different cities," he said on...
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Terri Rupar
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July 21, 2009; 4:10 PM ET |
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Airlines' Tough Earnings Day
It's a big day for earnings. And a tough day for airlines. Continental Airlines posted a loss of $213 million, or $1.72 a share, in the quarter ended June 30. The carrier announced it will cut 1,700 jobs and raise...
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Terri Rupar
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July 21, 2009; 1:56 PM ET |
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Hearing Addresses Dealer Closings
General Motors and Chrysler have both entered Chapter 11 and exited as reorganized, debt-free new companies. But that hasn't stopped Congress from holding hearings. Today the House Judiciary Committee has summoned Treasury adviser Ron Bloom for a second hearing on...
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Terri Rupar
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July 21, 2009; 12:15 PM ET |
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Stocks Open Mixed Before Bernanke Speaks
Stocks opened mostly higher this morning in the run up to Federal Reserve Chairman Ben Bernanke's state of the economy report to Congress. He will deliver his semi-annual assessment to the House Financial Services Comittee starting at 10 a.m. In...
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Terri Rupar
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July 21, 2009; 10:12 AM ET |
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Lockheed Martin Posts $734M Quarterly Gain
Lockheed Martin, the Bethesda-based defense contractor, said it made $734 million, or $1.88 per share, for the quarter. That compared with $882 million ($2.15) for the same time period last year. Sales were up slightly to $11.2 billion from $11...
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Sara Goo
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July 21, 2009; 7:35 AM ET |
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Stocks Open Higher on CIT Deal
Stocks showed initial gains in the first half-hour of trading, largely driven by a deal that could allow CIT Group, a retail and small-business lender, to stave off bankruptcy. CIT reached a deal to receive $3 billion in rescue financing...
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Kim Hart
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July 20, 2009; 10:08 AM ET |
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