Economy Watch Archive for The Ticker

Truer U.S. unemployment rate hits recent high of 17.5%

Each month, as regular readers know, I like to unpack the new unemployment number and get behind the data. The news this month continues to be grim. Indeed, it is climbing rapidly toward record-grim territory. The official U.S. unemployment rate...

By Frank Ahrens | November 6, 2009; 11:03 AM ET | Comments (55)

Stocks mixed at opening following unemployment news

Wall Street opened mixed this morning following the Labor Department's announcement that the official U.S. unemployment rate has hit 10.2 percent, the highest since April 1983. In the first 15 minutes of trading, the Dow is slightly below even. The...

By Frank Ahrens | November 6, 2009; 09:55 AM ET | Comments (0)

Cracking the 10% unemployment barrier

At 8:30 a.m. today, the Labor Department will release the October unemployment figure. Most forecasters expect the rate to rise from 9.8 percent in September to 9.9 percent in October. But they've been wrong on the downside before during this...

By Frank Ahrens | November 6, 2009; 07:01 AM ET | Comments (2)

New jobless claims lowest since January -- what does that mean for tomorrow's monthly unemployment number?

New jobless claims filed last week fell to their lowest number since January in data released this morning. That's the good news. The bad news is: 512,000 new people still filed for jobless claims. That number is down from the...

By Frank Ahrens | November 5, 2009; 09:53 AM ET | Comments (1)

The case for the Fed raising interest rates

Any minute now, the Federal Reserve is scheduled to release its most recent statement on interest rates and minutes of its Federal Open Market Committee, which lets us inside the Fed's heads as they predict the U.S. economy. The Fed...

By Frank Ahrens | November 4, 2009; 02:12 PM ET | Comments (0)

Strong stock rally underway

UPDATED at 11: 20 a.m.: Stocks are staging a strong rally this morning, as traders anticipate that the Fed will keep interest rates near their historic low levels this afternoon. The Dow is up 1.3 percent, at 9,900, as it...

By Frank Ahrens | November 4, 2009; 11:20 AM ET | Comments (0)

Gold blows through record highs, closes in on $1,100 per ounce

Gold is shooting toward $1,100 per ounce in trading today, already having blown through its record highs. What's going on? I wrote a lengthy piece on the price spike in gold in late September, when gold was on its big...

By Frank Ahrens | November 4, 2009; 11:12 AM ET | Comments (5)

October sales: Ford up 3%, GM up 4%, Chrysler down 32%, Toyota down 3.5%

UPDATED at 1:47 p.m. with GM: Chrysler's October sales were down 32.3 percent compared to October of last year, the company reported moments ago, a number that came in worse than Wall Street expected. Moments ago, GM reported that October...

By Frank Ahrens | November 3, 2009; 01:47 PM ET | Comments (2)

Instant analysis: Why Buffett spent $34 billion to buy a railroad

UPDATED at 1:05 p.m.: As I've written before, super-investor and world's second-richest man Warren Buffett invests like an 8-year-old boy in the 1950s: He either owns outright or has big stakes in Coca-Cola, Dairy Queen and candy and chewing gum...

By Frank Ahrens | November 3, 2009; 01:05 PM ET | Comments (16)

Stocks down at opening

Wall Street is down across the board this morning, as stock volatility continues. In the first 20 minutes of trading, the Dow is down three-tenths of 1 percent. The S&P 500 is down three-tenths of 1 percent and the tech-heavy...

By Frank Ahrens | November 3, 2009; 09:51 AM ET | Comments (0)

Stocks close up after wild ride

UPDATED at 4:35 p.m. Stocks finished positive today -- somehow -- after a day that looked more like a roller coaster ride at Six Flags. (And no, that's not a bankruptcy joke.) The Dow closed up eight-tenths of 1 percent,...

By Frank Ahrens | November 2, 2009; 04:35 PM ET | Comments (22)

Bush economist: Jobs 'created or saved' figure touted by Obama is meaningless

Ed Lazear was the top economic adviser to President George W. Bush and much more of a free-marketer than the president, who ran up massive budget deficits. In an opinion piece in today's Wall Street Journal, which you can read...

By Frank Ahrens | November 2, 2009; 11:54 AM ET | Comments (0)

Stocks mixed at opening following Ford news

Wall Street opened mixed this morning following a surprise $1 billion profit from Ford and ahead of key construction spending and manufacturing data due out shortly. In the first 20 minutes of trading, the Dow is up one-quarter of 1...

By Frank Ahrens | November 2, 2009; 09:58 AM ET | Comments (0)

Boo! Stocks end October on massive sell-off

UPDATED at 4:30 p.m. You want to get scared for Halloween? How's this: Yesterday's big stock market gains have been more than wiped out today, as traders engaged in a massive sell-off. The Dow closed down 2.5 percent, the broader...

By Frank Ahrens | October 30, 2009; 04:30 PM ET | Comments (38)

Post exclusive: Greenspan says bad big banks should be busted up

Alan Greenspan, the former chair of the Federal Reserve, created a bit of a stir when he suggested recently that big banks should be broken up. You could hear the jaws dropping across the economic blogosphere. “If they’re too big...

By Frank Ahrens | October 30, 2009; 03:25 PM ET | Comments (30)

Stocks open down on consumer spending news

Wall Street opened down today after yesterday's big rally, following news that consumers have pulled back spending. In the first 15 minutes of trading, the Dow is down two-tenths of 1 percent. The S&P 500 is down nearly four-tenths of...

By Frank Ahrens | October 30, 2009; 09:56 AM ET | Comments (2)

Reactions to return to positive GDP

You know where I stand on the new GDP number. Let's see what some other people are saying about this morning's news that U.S. GDP has returned to growth after four consecutive quarters of contraction. Especially note the contradictory views...

By Frank Ahrens | October 29, 2009; 11:47 AM ET | Comments (0)

Stocks open higher on GDP bump

Wall Street opened higher this morning, following the strong preliminary third-quarter GDP number released this morning by the Commerce Department. In the first 15 minutes of trading, the Dow is up six-tenths of 1 percent. The broader S&P 500 and...

By Frank Ahrens | October 29, 2009; 09:46 AM ET | Comments (3)

On GDP day, jobs still hog the spotlight

Thursday morning at 8:30, the Commerce Department will release its first pass at third-quarter U.S. GDP. The number is expected to show that the nation has at least technically emerged from this Great Recession, which began in December 2007. In...

By Frank Ahrens | October 29, 2009; 07:06 AM ET | Comments (5)

Cash for Clunkers: Good for dealers, automakers, bad for taxpayers

Car sales and research site Edmunds.com estimated today that each new car sold under the Cash for Clunkers government subsidy program cost the American taxpayers more than $24,000. Edmunds estimated that 82 percent of vehicle sales during the program would...

By Frank Ahrens | October 28, 2009; 03:34 PM ET | Comments (15)

Madoff losses totaled so far at $21.2 billion; $530 million paid back

Irving Picard, the government-appointed trustee put in charge of returning investors' stolen money from Bernie Madoff's Ponzi scheme, has so far identified $21.2 billion stolen from more than 2,300 investor accounts held by Madoff. So far, Picard said earlier today,...

By Frank Ahrens | October 28, 2009; 03:12 PM ET | Comments (0)

Sept. data: Durable goods up, new home sales down

In seemingly conflicting data out this morning, orders for durable goods -- big-ticket items, like refrigerators -- rose 1 percent in September while new home sales fell 3.6 percent. But a dig into the numbers should eradicate the mystery. First,...

By Frank Ahrens | October 28, 2009; 11:25 AM ET | Comments (3)

Stocks down as traders await Thursday's GDP number

Wall Street opened down this morning, as traders await Thursday's release of third-quarter GDP from the Fed. In the first 15 minutes of trading, the Dow is essentially flat. The broader S&P 500 is down two-tenths of 1 percent, and...

By Frank Ahrens | October 28, 2009; 09:53 AM ET | Comments (0)

The March rally is running out of steam

As you know from looking at your 401(k)s, things turned around when the markets bottomed March 9. A remarkable rally began that day that has resulted in at least 50 percent gains in the blue-chip Dow, the broader S&P 500...

By Frank Ahrens | October 27, 2009; 04:28 PM ET | Comments (0)

GMU prof makes the case for insider trading

On its surface, it seems logical for insider trading to banned. But George Mason University economics professor Donald Boudreaux made an intriguing case for insider trading in an opinion piece over the weekend in the Wall Street Journal. You can...

By Frank Ahrens | October 27, 2009; 01:45 PM ET | Comments (0)

Consumer confidence makes unexpectedly sharp fall in early October

Consumer confidence fell by an unexpected amount in early October, painting a bleak picture for an economy driven by consumer consumption. The Conference Board's consumer confidence index slipped to 47.7 in early October from 53.4 in September. Forecasters expected the...

By Frank Ahrens | October 27, 2009; 10:25 AM ET | Comments (12)

Stocks mixed at opening

Wall Street opened mixed this morning, following news that home prices in the nation's largest metro areas increased for the third month in a row. In the first 15 minutes of trading, the Dow is up less than two-tenths of...

By Frank Ahrens | October 27, 2009; 09:54 AM ET | Comments (0)

Home prices: Most major metro areas show slowing declines

Home prices in the 20 largest U.S. metro areas are not yet making year-over-year gains, but they are showing a slowing rate of decline, according to the Standard & Poor's/Case Shiller home price index released moments ago. Cleveland was the...

By Frank Ahrens | October 27, 2009; 09:21 AM ET | Comments (3)

Man who made $5 billion off Madoff fraud found in pool, dies

UPDATED at 1:05 p.m. with autopsy report Jeffrey Picower, 67, an investor who was accused of making more than $5 billion off Bernie Madoff's Ponzi scheme fraud, died after his wife found him at the bottom of their Palm Beach...

By Frank Ahrens | October 26, 2009; 01:05 PM ET | Comments (0)

Stocks up at opening to kick off GDP week

Wall Street opened up slightly this morning on earnings news and a look ahead to the big news later this week -- the Fed's first look at third-quarter GDP. In the first 15 minutes of trading, the Dow is up...

By Frank Ahrens | October 26, 2009; 09:52 AM ET | Comments (0)

Third-quarter earnings scorecard: Amazon blows socks off Wall Street, Whirlpool circles drain

UPDATED on Friday at 5:13 p.m. On Sunday, I wrote about why quarterly corporate earnings -- currently coming out -- are so important. You can click here to read that story. (Note: Most companies are issuing third-quarter earnings but some,...

By Frank Ahrens | October 23, 2009; 05:13 PM ET | Comments (1)

Sept. existing home sales jump 9.4%

Sales of existing homes took a big, surprise jump in September, rising 9.4 percent compared with August, reaching their highest level since July 2007, according to the National Association of Realtors in numbers released moments ago. Sales dropped 2.9 percent...

By Frank Ahrens | October 23, 2009; 10:42 AM ET | Comments (4)

Stocks open mixed following strong earnings

Wall Street opened mixed this morning, following yesterday's blowout Amazon earnings and this morning's solid Microsoft earnings. In the first 15 minutes of trading, the Dow and the broader S&P 500 are both just underwater while the tech-heavy Nasdaq is...

By Frank Ahrens | October 23, 2009; 09:50 AM ET | Comments (0)

Stocks off after mixed jobs, earnings news

Wall Street opened off this morning following some mixed economic news. New jobless claims were higher than expected, but big companies reported strong third-quarter earnings. In the first 30 minutes of trading, the Dow is down two-tenths of 1 percent....

By Frank Ahrens | October 22, 2009; 10:15 AM ET | Comments (0)

D.C. leads nation in percentage of jobs lost in September

Washington D.C. had the highest percentage rise in unemployment in September, with the jobless rate jumping from 11.1 percent to 11.4 percent, the Labor Department's Bureau of Labor Statistics reported moments ago in its monthly state-by-state jobless report. New York...

By Frank Ahrens | October 21, 2009; 10:14 AM ET | Comments (9)

Stocks open up slightly on mixed earnings news

Wall Street opened up slightly on mixed corporate earnings news. In the first 20 minutes of trading, the Dow is just barely above water. The broader S&P 500 is up two-tenths of 1 percent, and the tech-heavy Nasdaq is up...

By Frank Ahrens | October 21, 2009; 09:53 AM ET | Comments (1)

Kashkari: 'We didn't know our programs would work'

Neel Kashkari, Treasury's former $700 Billion Man -- the official in charge of handing out last year's government TARP bailout -- just gave an interview to CNBC's John Harwood, one of Kashkari's first since leaving office. "We didn't know that...

By Frank Ahrens | October 20, 2009; 10:55 AM ET | Comments (0)

Stocks retreat on data, earnings news

Wall Street opened down slightly this morning following earnings news and other data. In the first 15 minutes of trading, the Dow is down three-tenths of 1 percent. The broader S&P 500 is down four-tenths of 1 percent, and the...

By Frank Ahrens | October 20, 2009; 09:55 AM ET | Comments (0)

Sept. producer prices fall, housing starts rise

Producer prices -- what people who make things have to pay for materials -- unexpectedly dropped in September, and new housing starts were up but well below forecasts. Overall, producer prices dropped 0.6 percent in September, but if you remove...

By Frank Ahrens | October 20, 2009; 08:55 AM ET | Comments (0)

S&P 500 briefly breaks 1100 before retreating

Last week, Dow 10,000 got all the headlines. But a more important sign post on the way to market recovery was briefly passed moments ago: The Standard & Poor's 500 index briefly broke the 1100 barrier before retreating. The Dow...

By Frank Ahrens | October 19, 2009; 01:56 PM ET | Comments (0)

Bad third-quarter earnings put the 'Ga!' in 'Gannett'

Here's how low expectations for the newspaper industry are right now: McLean's Gannett, the nation's largest newspaper chain, said its third-quarter profit was down 53 percent, but results beat expectations, so the company's stock is up 7 percent on the...

By Frank Ahrens | October 19, 2009; 01:12 PM ET | Comments (0)

Why third-quarter earnings matter so much

In case you missed it, here's a piece I did analyzing third-quarter earnings so far in yesterday's dead-tree edition of The Post: Halfway through what many analysts and traders are calling the most important earnings quarter in years, investors are...

By Frank Ahrens | October 19, 2009; 10:16 AM ET | Comments (0)

Stocks up at opening as earnings continue

Wall Street opened up this morning as key third-quarter earnings continue to roll out today. In the first 15 minutes of trading, the Dow is up 18 points, or two-tenths of 1 percent. The broader S&P 500 is up two-tenths...

By Frank Ahrens | October 19, 2009; 09:58 AM ET | Comments (0)

Earnings Push Stocks Down at Opening

Wall Street opened down this morning, pushed south by larger-than-expected earnings from Bank of America and so-so earnings from General Electric. In the first 15 minutes of trading, the Dow is down 78 points, or nearly eight-tenths of 1 percent,...

By Frank Ahrens | October 16, 2009; 09:50 AM ET | Comments (1)

Sept. Industrial Production Beats Estimates

Industrial production in September rose 0.7 percent compared with 1.2 percent in August, a month-to-month falloff, but still was much higher than forecasters expected. Capacity utilization -- what percentage of the factory floor was actually working -- ticked up slightly...

By Frank Ahrens | October 16, 2009; 09:48 AM ET | Comments (0)

I Talk Dow 10K on NewsHour

Here's the video of me on the "NewsHour" last night talking about the Dow closing above 10,000 yesterday for the first time in more than a year. Ray Suarez interviewed me. If the video doesn't show up in your browser,...

By Frank Ahrens | October 15, 2009; 03:47 PM ET | Comments (0)

Dow Back Above 10,000

UPDATED at 3:10 p.m. After opening with a pullback from 10,000 this morning, the Dow climbed back above the five-digit barrier and then spent most of the day zig-zagging above and below the line. With a little less than an...

By Frank Ahrens | October 15, 2009; 03:10 PM ET | Comments (5)

Inflation Up, New Jobless Claims Down to Lowest Level Since Jan.

Inflation rose 0.2 percent last month, slightly more than expected, and new jobless claims fell 10,000 to 514,000, in a raft of economic data out moments ago. It was the lowest number of new jobless claims since January. Also, continuing...

By Frank Ahrens | October 15, 2009; 08:50 AM ET | Comments (0)

Dow Closes Above 10,000 For First Time In A Year

UPDATED at 4:15 p.m. The Dow closed above 10,000 moments ago, pushing above a psychological barrier it has not recorded in more than a year. The Dow briefly crossed 10,000 at about 1:15 p.m. today, then retreated, then punched above...

By Kendra Nichols | October 14, 2009; 04:15 PM ET | Comments (88)

Retail Sales Slump in September

Retail sales in September suffered their largest decline since December 2008, thanks to the Cash for Clunkers hangover. Retail sales dropped 1.5 percent in September compared with August, the Commerce Department said this morning. However, if you remove vehicle sales...

By Frank Ahrens | October 14, 2009; 09:07 AM ET | Comments (3)

Reaganomics vs. Obamanomics

I'm sorry I didn't get a chance to post this yesterday when it happened, but it's worth watching, so I'm posting it today. Yesterday afternoon on CNBC, there was a pretty substantive back-and-forth between CNBC host Larry Kudlow and Bruce...

By Frank Ahrens | October 14, 2009; 09:00 AM ET | Comments (0)

Bernie Madoff Wins First Prison Fight

Bernie Madoff, serving 150 years in a North Carolina federal prison for running a multibillion-dollar Ponzi scheme, got the better end of his first prison fight, the New York Post reports. Before you get ahead of yourself, this wasn't like...

By Frank Ahrens | October 13, 2009; 02:00 PM ET | Comments (19)

Cisco Keeps Buying Stuff

When Cisco chief executive John Chambers visited The Post earlier this year, he said a couple of things that stuck with me: First, he thought the economy would go into positive growth territory in the third or fourth quarter of...

By Frank Ahrens | October 13, 2009; 12:17 PM ET | Comments (0)

Stocks Open Down on J&J Earnings

Wall Street opened down this morning following Johnson & Johnson third-quarter earnings and a big Cisco acquisition. In the first 30 minutes of trading, the Dow is down half of 1 percent. The S&P 500 is down about seven-tenths of...

By Frank Ahrens | October 13, 2009; 10:04 AM ET | Comments (0)

Earnings to Watch This Week

Starting tomorrow, investors and traders will be hit with a flurry of important third-quarter earnings reports that ought to tell us where the corporate part of the economy is going. Alcoa, as it traditionally does, kicked off earnings season last...

By Frank Ahrens | October 12, 2009; 12:06 PM ET | Comments (0)

Stocks Open Up on Holiday Trading

Wall Street opened up this morning on what is expected to be a light Columbus Day trading day. In the first 15 minutes of trading, the Dow us up half of 1 percent. The broader S&P 500 is up about...

By Frank Ahrens | October 12, 2009; 09:53 AM ET | Comments (0)

Today Marks Two Years After Dow, S&P 500 Highs: Where Are We Now?

Today marks the two-year anniversary of the historic highs for the Dow and the S&P 500. Let's take a look at where we were and where we are now. On Oct. 9, 2007, the Dow Jones Industrial Index of 30...

By Frank Ahrens | October 9, 2009; 05:25 PM ET | Comments (1)

Watch the Post's Video Interview With Bailout Overseer Elizabeth Warren

Elizabeth Warren runs the Congressional Oversight Panel, whose job is to track where and how the billions of government bailouts are being used. She was featured in Michael Moore's most recent film, "Capitalism: A Love Story." Click here to watch...

By Frank Ahrens | October 9, 2009; 01:52 PM ET | Comments (0)

Citigroup Sells Unit That Employs $100 Million Bonus Man

Citigroup will sell Phibro, its profit-making commodities unit, to oil and gas giant Occidental Petroleum, shedding the bank of a $100 million compensation controversy that was to have come to a head later this month, The Post's Tomoeh Murakami Tse...

By Frank Ahrens | October 9, 2009; 11:25 AM ET | Comments (0)

Stocks Up Slightly After Trade Gap Narrows

Wall Street opened down this morning but then rose, following news that the U.S. trade gap narrowed. This means imports fell because U.S. consumers are buying less, a sign of a soft economy. In the first 15 minutes of trading,...

By Frank Ahrens | October 9, 2009; 10:00 AM ET | Comments (1)

How a Weak Dollar Kills Prosperity

David Malpass -- founder of Encima Global research firm, former chief economist of Bear Stearns and a former Treasury official -- penned an op-ed in today's Wall Street Journal raising alarms about the demise of the U.S. dollar. You can...

By Frank Ahrens | October 8, 2009; 04:21 PM ET | Comments (1)

September Retail Creeps Up a Teeny-Tiny Amount

Retailers saw year-over-year September sales tick up by 0.1 percent, the first gain in 14 months. As we say here, it's better than a poke in the eye with a sharp stick, but it's hardly cause for this enthusiastic quote...

By Frank Ahrens | October 8, 2009; 12:54 PM ET | Comments (0)

Number of New Jobless Claims Drops

The number of new jobless claims dropped 33,000 last week to 521,000, a sign that unemployment may be beginning to crest. Forecasters predicted 540,000 new jobless claims would be filed last week, so the new number comes in well below...

By Frank Ahrens | October 8, 2009; 08:44 AM ET | Comments (1)

Alcoa Beats Earnings, Revenue Expectations for Third Quarter

Alcoa beat expectations for both earnings and revenue for the third quarter, as the aluminum giant symbolically kicked off earnings season moments ago with some surprise good news. Forecasters had expected Alcoa to report a loss of 9 cents per...

By Frank Ahrens | October 7, 2009; 04:16 PM ET | Comments (0)

Critical Earnings Season Kicks Off Today

Aluminum giant Alcoa will report its third-quarter earnings immediately following the closing bell today at 4 p.m., symbolically kicking off an earnings season that many are calling critical. Here's one way to look at it: The first quarter (January to...

By Frank Ahrens | October 7, 2009; 11:35 AM ET | Comments (1)

Stocks Down at Opening

Wall Street opened slightly down this morning in a pullback, following two straight gangbuster days, as traders await the flood of earnings starting today. In the first 15 minutes of trading, the Dow is down three-tenths of 1 percent. The...

By Frank Ahrens | October 7, 2009; 10:00 AM ET | Comments (0)

The U.S. Dollar in Peril

There is a story today in London's Independent newspaper that reports on "secret meetings" among Arab states, China, Russia, Japan and France that have the goal of eliminating the U.S. dollar as the currency for trading oil within nine years....

By Frank Ahrens | October 6, 2009; 01:53 PM ET | Comments (1)

Hoyer: Financial Regulation Legislation to Hit House Floor Next Month

New, tougher regulations on the financial sector should be ready for a vote on the House floor by next month, Rep. Steny Hoyer (D-Md.) said during his weekly briefing this afternoon, The Post's Ben Pershing reports. Hoyer said that he...

By Frank Ahrens | October 6, 2009; 01:03 PM ET | Comments (2)

Truer U.S. Unemployment Rate Rises to Recent High of 17 Percent

As regular readers of this blog know, each month when the official U.S. unemployment number comes out, I like to go behind the number and find the truer measures of joblessness in America, using the Labor Department's own numbers. I...

By Frank Ahrens | October 5, 2009; 02:00 PM ET | Comments (2)

Read My Interview With the Man Who Predicted the Recession, Housing Crash

Way back in 2006, investment manager and hardcore free-marketeer Peter Schiff was calling for a big recession and a housing crash. Now, he's set his sights on Capitol Hill: He's running for Senate, hoping to unseat banking committee Chairman Chris...

By Frank Ahrens | October 5, 2009; 10:39 AM ET | Comments (2)

Non-Manufacturing Sector Index Shows Growth for First Time in 11 Months

A widely watched index of non-manufacturing sectors in the U.S. -- this includes health care, utilities, construction, retail and wholesale -- rose in September compared with August. According to the Institute for Supply Management, which tracks business activities in these...

By Frank Ahrens | October 5, 2009; 10:17 AM ET | Comments (1)

Wall Street Opens Higher to Kick Off Fourth Quarter

Stocks opened higher this morning as traders open the fourth quarter by looking forward to third-quarter earnings out soon. In the first 15 minutes of trading, the Dow is up four-tenths of 1 percent. The broader S&P 500 is a...

By Frank Ahrens | October 5, 2009; 09:55 AM ET | Comments (0)

Manufacturing Drops in September, Pending Home Sales Rise

A widely watched gauge of U.S. manufacturing activity came in well below expectations in September, the Institute for Supply Manufacturers said moments ago. The ISM's index of manufacturing activity was 52.6 in September, down from the August number and well...

By Frank Ahrens | October 1, 2009; 10:18 AM ET | Comments (9)

New Jobless Claims Drive Stocks Down at Opening

A higher-than-expected number of new jobless claims from last week, released this morning, pushed Wall Street down at opening. In the first 15 minutes of trading, the Dow is down 57 points, or nearly 0.6 percent. The broader S&P 500...

By Frank Ahrens | October 1, 2009; 09:48 AM ET | Comments (0)

Bernanke: Stronger Financial Regulation Needed

In testimony before Rep. Barney Frank's (D-Mass.) Financial Services Committee underway right now, Fed Chairman Ben Bernanke laid out a five-point plan for regulatory reform in the financial sector: 1. All financial institutions -- not just banks -- should have...

By Frank Ahrens | October 1, 2009; 09:26 AM ET | Comments (0)

New Jobless Claims Jump More Than Expected, Personal Spending Rises

New jobless claims last week jumped 17,000 over the previous week, coming in at 551,000, higher than the 531,000 claims expected. Continuing jobs claims came in at 6.09 million, slightly less than expected. In other data, personal spending rose 1.3...

By Frank Ahrens | October 1, 2009; 08:48 AM ET | Comments (9)

IMF: Global Economy Has 'Turned the Corner' But Troubles Remain

UPDATED at 2:30 p.m. with IMF quotes: The global economy has "turned the corner" toward recovery, the International Monetary Fund said today in its semi-annual report on the economy, but substantial regulatory reform is needed to prevent a return to...

By Frank Ahrens | September 30, 2009; 02:30 PM ET | Comments (1)

Stocks Down in Morning Trading

Wall Street has turned negative after opening up slightly this morning, bolstered by a second-quarter GDP number that was revised upward, though it is still negative. In the first 20 minutes of trading, the Dow is down 62 points, or...

By Frank Ahrens | September 30, 2009; 09:52 AM ET | Comments (1)

U.S. GDP Revised Upward in Second Quarter; Private-Sector Job Loss Slows

Second-quarter U.S. GDP was a little better than earlier reported in its final revision issued moments ago, the Commerce Department said. GDP was down 0.7 percent for the quarter, Commerce said, beating the earlier estimate of a 1 percent drop....

By Frank Ahrens | September 30, 2009; 08:25 AM ET | Comments (19)

SEC Inspector General Tells Agency What It Must Do To Catch Next Madoff

UPDATED at 2 p.m. with comments from SEC inspector general: The inspector general of the Securities and Exchange Commission -- the internal cop of the SEC -- has just issued a long report to the agency filled with changes it...

By Frank Ahrens | September 29, 2009; 02:00 PM ET | Comments (2)

Consumer Confidence Slips in September

Consumer confidence stalled in September, sliding backward from its August levels, according to data out moments ago. The confidence index in September came in at 53.1, down from 54.5 in August, according to the Conference Board's consumer sentiment survey. The...

By Frank Ahrens | September 29, 2009; 10:12 AM ET | Comments (2)

Wall Street Up Modestly

Wall Street moved modestly higher at opening this morning, slightly goosed by not-so-bad news on home prices. In the first 20 minutes of trading, the Dow is up two-tenths of 1 percent. The broader S&P 500 is up about four-tenths...

By Frank Ahrens | September 29, 2009; 09:52 AM ET | Comments (0)

Home Prices Still Declining, But Tick Up In July

UPDATED at 9:26 a.m.: Home prices are still declining on a year-over-year basis, but they show some signs of lessening their decline, according to the July Case-Shiller home price index, released this morning. Prices ticked up for the third month...

By Frank Ahrens | September 29, 2009; 09:26 AM ET | Comments (2)

Big Merger Deals Fuel Today's Wall Street Rally

UPDATED at 4:30 p.m.: A wave of pre-market merger-and-acquisition (M&A) deals pushed Wall Street to its best day in recent weeks, as all three major indexes surged. The Dow closed up 124.17, or 1.3 percent, at 9,789.36 after being up...

By Frank Ahrens | September 28, 2009; 04:30 PM ET | Comments (16)

Wall Street Opens Higher on Mergers

Wall Street opened higher this morning following a raft of mergers, which gave traders a sense of optimism about the economy following a tough week. In the first 15 minutes of trading, the Dow is up 45 points, or about...

By Frank Ahrens | September 28, 2009; 09:43 AM ET | Comments (1)

G-20 Must Focus on Climate Change, Group Says

World leaders meeting in Pittsburgh today are tackling banker pay, financial trading and trade imbalances. That’s not enough, according to the Center for American Progress, the liberal think tank with close ties to the Obama administration. The center released an...

By Frank Ahrens | September 25, 2009; 01:15 PM ET | Comments (5)

As Focus Shifts, Canada Still to Host G-8 Summit

Hosting a global summit of world leaders – even though it usually draws protesters – is usually a symbol of prestige for any nation. Canada just learned that its plan next June to host the G-8, the big eight industrialized...

By Frank Ahrens | September 25, 2009; 12:30 PM ET | Comments (0)

G-20 Blogs and Tweets, Too

It has to be hard to coordinate global economy activity. It has to be even harder to coordinate blogging and tweeting about global economy activity. In any event, it seems the Pittsburgh Summit has done both. It has a blog,...

By Frank Ahrens | September 25, 2009; 10:15 AM ET | Comments (0)

Developing Countries Join Economic Powerhouses

In one of the most notable and perhaps enduring legacies of the financial crisis, world leaders will announce today that the Group of 20, a consortium of powerful economies but also developing countries, is permanently replacing the G-8 as the...

By Frank Ahrens | September 25, 2009; 09:45 AM ET | Comments (1)

The Frightening Spike in the Price of Gold

The price of gold has been hanging near its historic highs, selling for more than $1,000 per ounce. In times of crisis -- the terrorist attacks of Sept. 11, 2001, the collapse of Bear Stearns in spring 2008 -- gold...

By Frank Ahrens | September 24, 2009; 12:27 PM ET | Comments (24)

Aug. Existing Home Sales Drop Unexpectedly

Sales of existing homes dropped 2.7 percent in August compared with July, the National Association of Realtors said moments ago, well missing expectations. Forecasters expected existing home sales to rise 2 percent in August. The markets responded by turning negative,...

By Frank Ahrens | September 24, 2009; 10:35 AM ET | Comments (17)

Wall Street Opens Up After Jobs News

Wall Street opened up following the weekly jobless claims numbers released this morning. Futures had been pointing to a down opening, following yesterday's sell-off, but they turned on a dime after the Labor Department's 8:30 a.m. release of new jobless...

By Frank Ahrens | September 24, 2009; 09:50 AM ET | Comments (0)

New Weekly Jobless Claims Down 21,000

New jobless claims filed last week came in at 530,000, a figure that is 21,000 lower than than the week before. Continuing claims -- people who have been on unemployment for some time -- decreased last week to 6.14 million...

By Frank Ahrens | September 24, 2009; 08:43 AM ET | Comments (3)

Stimulus Scorecard: Most 2009 Spending for States, Localities Completed

Nearly all of the stimulus spending scheduled for fiscal 2009 aimed at states and localities is out the door, according to a regular report card on the $787 billion government stimulus issued moments ago by the Government Accountability Office. The...

By Frank Ahrens | September 23, 2009; 11:15 AM ET | Comments (0)

Geithner: Taxpayer Cannot Bear Burden of Future Bailouts

Protecting American taxpayers from bearing the burden of future financial crisis (see: AIG, Fannie/Freddie, Detroit bailouts) is the goal of regulatory reform, Treasury Secretary Tim Geithner said in testimony before the House Financial Services Committee underway right now. Financial regulatory...

By Frank Ahrens | September 23, 2009; 10:51 AM ET | Comments (1)

Wall Street Opens Flat Ahead of Fed

Wall Street opened flat this morning in anticipation of the Federal Reserve's decision on interest rates due out this afternoon. In the first 15 minutes of trading, the Dow is flat, as is the broader S&P 500. The tech-heavy Nasdaq...

By Frank Ahrens | September 23, 2009; 09:54 AM ET | Comments (0)

GM To Add Shifts At Three Plants

General Motors said Tuesday that it's ramping up production at three factories to rebuild inventory sold down during the cash-for-clunkers program and -- in a hopeful view -- satisfy what it believes is coming demand. Starting in January at GM's...

By Frank Ahrens | September 22, 2009; 04:30 PM ET | Comments (1)

Government: Home Prices Rose 0.3% in July

Home prices rose 0.3 percent from June to July, the Federal Housing Finance Agency said this morning, a promising uptick but one that failed to meet expectations. Compared with July 2008, home prices were down 4.2 percent, the FHFA said,...

By Frank Ahrens | September 22, 2009; 11:46 AM ET | Comments (1)

Markets Open Slightly Up After Yesterday's Sell-Off

Wall Street opened a little higher this morning, following a global rebound overnight and ahead of the Fed's two-day meeting, which traders hope will give some clarity on the future of the economy. In the first 30 minutes of trading,...

By Frank Ahrens | September 22, 2009; 10:16 AM ET | Comments (0)

GAO: AIG May Never Pay Back Taxpayer Billions

Been holding your breath waiting for government-owned insurance giant AIG to pay back the $120.7 billion taxpayer bailout money? You may want to exhale. In a report issued Monday from the Government Accountability Office, AIG is making "some progress" to...

By Frank Ahrens | September 21, 2009; 03:45 PM ET | Comments (1)

Obama: We Need More College Graduates

President Obama said in a speech Monday that his administration wants to expand opportunities for higher education, saying it is key to America's technological competitiveness in this century. There wasn't a lot of new red meat in this remarks at...

By Frank Ahrens | September 21, 2009; 12:35 PM ET | Comments (1)

Index of Leading Economic Indicators Rises for Fifth Straight Month

An index that combines leading economic indicators rose for the fifth straight month, albeit modestly, giving optimists hope that the recession has bottomed. According to the Conference Board, a nonprofit group that collects and distributes data about the marketplace and...

By Frank Ahrens | September 21, 2009; 11:11 AM ET | Comments (0)

Markets Down at Opening

Wall Street took a pause from its recent rise to open the trading week, following a global pullback. In the first 15 minutes of trading, the Dow is down half of 1 percent. The broader S&P 500 is down slightly...

By Frank Ahrens | September 21, 2009; 09:55 AM ET | Comments (0)

Unemployment Rises in 27 States, D.C.; Mich. Leads Nation

Unemployment rose in 27 states and Washington D.C. in August, according to numbers out today from the Labor Department's Bureau of Labor Statistics. Maryland's unemployment was 7.2 percent, up 2.7 percent from August 2008. Virginia's rate was 6.5 percent, up...

By Frank Ahrens | September 18, 2009; 03:30 PM ET | Comments (0)

The Week's Good News: Too Good to Believe?

Investors, traders and regular folk saw a raft of good economic news come out over the past several days. This was not your not-as-bad-as-expected bad news, which we've become used to -- indeed, hoped for -- over the past several...

By Frank Ahrens | September 18, 2009; 10:23 AM ET | Comments (1)

Markets Slightly Up at Opening

Wall Street opened up slightly on a day without market-moving economic data. In the first 15 minutes of trading, the Dow is up about four-tenths of 1 percent. The broader S&P 500 is up by about the same amount and...

By Frank Ahrens | September 18, 2009; 09:30 AM ET | Comments (0)

SEC Votes To Propose Banning 'Flash Trading'

By a vote of 5-0, the SEC decided Thursday to propose a ban on "flash trading," a type of computer-driven stock trading that gives some traders a micro-second advantage over others. Some observers consider that split-second edge unfair. The process...

By Frank Ahrens | September 17, 2009; 05:09 PM ET | Comments (0)

Household Wealth Increases for First Time in Two Years

So here's some actual good economic news, as opposed to the not-as-bad-as-expected economic news I've been dealing you lately: For the first time in two years, Americans' household wealth grew during the spring of this year, the Fed Reserve reported...

By Frank Ahrens | September 17, 2009; 12:38 PM ET | Comments (5)

Wall Street Opens Slightly Down

Wall Street opened flat to slightly down following a couple of not-so-bad pieces of economic news this morning. In the first 15 minutes of trading, the Dow is flat. The broader S&P 500 is flat, while the tech-heavy Nasdaq is...

By Frank Ahrens | September 17, 2009; 09:50 AM ET | Comments (0)

New Jobless Claims Drop, Housing Starts Hit Expectations

New jobless claims dropped by 12,000 last week, beating expectations and new housing starts hit expectations, in two good pieces of news for the economy released moments ago. According to the Labor Department, 545,000 people filed new jobless claims last...

By Frank Ahrens | September 17, 2009; 08:49 AM ET | Comments (4)

Home Builders Index Creeps Up in September

The home builders index inched up in September as people rushed to take advantage of the $8,000 first-time home buyer credit, which expires at the end of November, the National Association of Home Builders reported this afternoon. The index number...

By Frank Ahrens | September 16, 2009; 02:04 PM ET | Comments (0)

Report: Fed to Conduct Bank Stress Test for Commercial Real Estate Exposure

The Federal Reserve is launching a review of the balance sheets of the nation's largest regional banks to determine their exposure to losses in the commercial real estate sector, which many consider the next shoe to drop, CNBC's Steve Liesman...

By Frank Ahrens | September 16, 2009; 12:55 PM ET | Comments (1)

The Worst Story of This Recession. So Far.

This may be the perfect story to illustrate the Great Recession. And by "perfect," I mean "disgusting and reprehensible." Goes like this: A wealthy couple named Lawrence and Linda Elins have a nice beachfront house in Malibu, overlooking the ocean....

By Frank Ahrens | September 16, 2009; 11:11 AM ET | Comments (3)

Markets Slightly Up at Opening

Wall Street opened mixed to slightly up this morning, as traders digested August inflation data. In the first 15 minutes of trading, the Dow is flat. The broader S&P 500 is up one-tenth of 1 percent and the tech-heavy Nasdaq...

By Frank Ahrens | September 16, 2009; 09:54 AM ET | Comments (0)

August Inflation Rises Slightly More Than Expected

Inflation rose 0.4 percent in August, compared with July, but rose only 0.1 percent if the volatile food and energy costs are taken out, the Labor Department reported moments ago. Inflation -- as measured by the consumer price index --...

By Frank Ahrens | September 16, 2009; 08:43 AM ET | Comments (9)

Ticker Talks on Washington's Fox 5 This Morning

I appeared on Washington's Fox 5 this morning to talk about President Obama's speech to Wall Street yesterday, what he wants in terms of regulatory reform and where the economy may be heading. One thing was noteworthy about Obama's speech...

By Sarah Halzack | September 15, 2009; 11:20 AM ET | Comments (0)

July Inventories Drop, Sales Rise

In a nice little blip of good news, July inventories dropped and sales rose, according to numbers released moments ago by the Commerce Department, fueling hopes of the beginning of a recovery. In July, businesses slashed their inventories 1 percent,...

By Frank Ahrens | September 15, 2009; 10:26 AM ET | Comments (1)

Markets Open Slightly Up on Retail Sales News

Wall Street opened up slightly this morning, following better-than-expected August retail news. In the first 15 minutes of trading, the Dow is up about one-quarter of 1 percent. The broader S&P 500 is up about the same and the tech-heavy...

By Frank Ahrens | September 15, 2009; 09:54 AM ET | Comments (0)

Producer Prices, Retail Sales Rise In August

Wholesale inflation -- the cost of goods before they get to store shelves -- rose 1.7 percent in August and retail sales jumped 2.7 percent last month, but that came almost exclusively from the government-fueled "cash for clunkers" program. If...

By Frank Ahrens | September 15, 2009; 08:22 AM ET | Comments (1)

Obama: 'I Have a Strong Inclination' Against Second Stimulus

In an interview with CNBC concluded moments ago, President Obama said, "I have a strong inclination not to do" a second stimulus. He said the White House is "monitoring the situation," but as of now does not see a need...

By Frank Ahrens | September 14, 2009; 06:30 PM ET | Comments (0)

Looming Trade War With China Over Tires?

China fired back at the U.S. today, filing a complaint with the World Trade Organization over the Obama administration's Friday decision to impose tariffs on vehicle tires imported form China. Is this a looming trade war between the U.S. and...

By Frank Ahrens | September 14, 2009; 02:37 PM ET | Comments (6)

Obama To Wall Street: It's Time To Mend Your Ways

UPDATED at 12:38 p.m. with reaction: Here are some highlights of President Obama's speech to Wall Street, which concluded moments ago: -- "...banks have repaid more than $70 billion, and in those cases where the government’s stake has been sold...

By Frank Ahrens | September 14, 2009; 12:38 PM ET | Comments (7)

Obama to Address Wall Street One Year After Lehman Collapse

President Obama will address Wall Street today at 12:10 p.m. from Federal Hall, in sight of the New York Stock Exchange and the spot on which George Washington was inaugurated at the first U.S. president. The address comes one year...

By Frank Ahrens | September 14, 2009; 11:23 AM ET | Comments (0)

Brewing Tire War With China Pushes Down Markets at Opening

An escalating trade dispute between the U.S. and China helped pushed Wall Street down this morning in early trading. In the first 15 minutes of trading, the Dow, the broader S&P 500 and the tech-heavy Nasdaq were all down about...

By Frank Ahrens | September 14, 2009; 10:08 AM ET | Comments (7)

Consumer Confidence Rises in Early September

U.S. consumers felt a little more optimistic about the economy in early September, as they watched the pace of job cuts slow. The Reuters/University of Michigan consumer sentiment index for early September released this morning rose to 70.2 from 65.7...

By Frank Ahrens | September 11, 2009; 11:14 AM ET | Comments (8)

Geithner: Unemployment Will 'Absolutely' Be Lower One Year From Today

UPDATED at 8:13 p.m. Treasury Secretary Tim Geithner, appearing in a town hall program that concluded moments ago on CNBC, said that "absolutely, absolutely," unemployment will be lower this time next year. Responding to a poll showing 56 percent of...

By Frank Ahrens | September 10, 2009; 08:13 PM ET | Comments (2)

Foreclosure Filings Hold Steady in August

Foreclosure filings held relatively steady in August compared with July, a private group reported today, a rare piece of not-so-bad news for homeowners, as lenders stepped up efforts to work deals with in-trouble mortgage holders. About 358,000 foreclosure-related filings were...

By Frank Ahrens | September 10, 2009; 11:45 AM ET | Comments (1)

GM to Sell Majority Stake in Opel

General Motors continues to pare down its assets to focus on four core brands, saying today that it will sell 55 percent of its Opel brand to a consortium made up of Magna, a Canadian auto parts supplier, and Sberbank,...

By Frank Ahrens | September 10, 2009; 10:06 AM ET | Comments (0)

Markets Down Slightly at Opening

Wall Street opened slightly down this morning after some mixed economic news, as traders continue to digest what President Obama's health-care reform speech means to the markets. In the first 15 minutes of trading, the Dow is off about 0.2...

By Frank Ahrens | September 10, 2009; 09:51 AM ET | Comments (0)

Weekly Jobless Claims Drop, Trade Gap Expands

New jobless claims filed last week dropped 26,000 from the previous week to 550,000, the Labor Department said this morning, beating expectations. Also, the trade gap -- often referred to as the trade deficit -- grew from $27.5 billion to...

By Frank Ahrens | September 10, 2009; 09:40 AM ET | Comments (5)

Six-Month Anniversary of Stock Market Bottom Today

UPDATED at 4:45 p.m. Today -- September 9 -- marks the six-month anniversary of the March 9 stock market bottom. It's been quite a ride up since then. You may recall that most traders thought the market had bottomed in...

By Frank Ahrens | September 9, 2009; 04:45 PM ET | Comments (4)

Fed's Beige Book: Continued Stabilization

The Fed released its most recent Beige Book moments ago, reporting anecdotal evidence on the economy from the Fed's 12 U.S. districts. It said that most parts of the country continued to "stabilize" in July and August. Eight Beige Books...

By Frank Ahrens | September 9, 2009; 02:28 PM ET | Comments (0)

Markets Open Flat to Slightly Down

Wall Street opened up flat to slightly down this morning in what looks to be a quiet trading day. In the first 15 minutes of trading, the Dow is off about 10 points, or essentially flat. The S&P 500 is...

By Frank Ahrens | September 9, 2009; 09:50 AM ET | Comments (1)

Mortgage Applications Surge

Applications for mortgages jumped last week to their highest level since late May, as first-time home buyers rushed to get their houses before the $8,000 tax credit expires in late November and refinancers took advantage of low interest rates. The...

By Frank Ahrens | September 9, 2009; 09:13 AM ET | Comments (1)

Consumers Slash Debt By Record Amount In July

U.S. consumers cut their borrowing by the largest amount on record as Americans put more of their money into savings and toward paying off their credit cards rather than spending, the Fed reported Tuesday afternoon. The amount of debt slashed...

By Frank Ahrens | September 8, 2009; 04:58 PM ET | Email a Comment

Madoff Feeder Fund Agrees to Settlement with Mass. Investors

Fairfield Greenwich Advisors, a "feeder fund" accused of funneling investor money into Bernie Madoff's Ponzi scheme, has agreed to a $8 million settlement with the commonwealth of Massachusetts. William Galvin, secretary of the commonwealth, announced the deal moments ago and...

By Frank Ahrens | September 8, 2009; 02:41 PM ET | Comments (1)

Dollar Again Under Attack as World's Reserve Currency

A United Nations panel has piled onto the dollar-haters, which include China and Russia, calling for a different kind of world reserve currency than the U.S. dollar. The dollar is the world's reserve currency because the world does business in...

By Frank Ahrens | September 8, 2009; 02:10 PM ET | Comments (2)

Gold Hits $1,000 Per Ounce for First Time Since Feb.

Gold has topped $1,000 per ounce for the first time since February, breaking through a psychological barrier that typically implies a weak dollar and investors who fear inflation. Specifically, the price of gold is a futures price and right now,...

By Frank Ahrens | September 8, 2009; 10:31 AM ET | Comments (1)

Merger News Pushes Markets Higher at Open

Wall Street opened higher this morning on the unofficial first day of fall, driven upward by merger news. In the first 20 minutes of trading, the Dow is up 38 points, or about 0.4 percent. The broader S&P 500 is...

By Frank Ahrens | September 8, 2009; 09:50 AM ET | Comments (0)

Why Bernanke Might Have Told Obama: Thanks, But No Thanks For Second Term

Federal Reserve Chairman Ben Bernanke accepted President Obama’s nomination late last month for a second term and will undergo confirmation hearings this fall. But based on history and what Bernanke may be facing during his next four years, he may...

By Frank Ahrens | September 4, 2009; 05:06 PM ET | Comments (2)

Actual Unemployment Rate Hits All-Time High of 16.8%

As regular readers of The Ticker know, we like to hammer on the official U.S. unemployment rate versus the unofficial rate, which we believe to be a truer picture of joblessness in this country. This morning, the Labor Department said...

By Frank Ahrens | September 4, 2009; 12:02 PM ET | Comments (10)

Markets Up Slightly Following Unemployment Hike

Wall Street opened slightly up this morning following a jump in the official U.S. unemployment rate from 9.4 percent in July to 9.7 percent in August. In the first 15 minutes of trading, the Dow is up less than 0.2...

By Frank Ahrens | September 4, 2009; 09:47 AM ET | Comments (1)

August Retail Tally: Sales Down, But Many Beat Expectations

Several major retailers reported their August year-over-year, same-store sales figures this morning. As expected, the numbers were down compared with August of last year, but many were not down as far as forecasters expected. Further optimism on these numbers can...

By Frank Ahrens | September 3, 2009; 01:24 PM ET | Comments (1)

U.S. Service Sector Still in Contraction

The U.S. service sector is still in contraction, according to numbers out moments ago by the Institute for Supply Management, which tracks purchases by businesses. The ISM's non-manufacturing index number -- that's for the non-factory part of the U.S. economy,...

By Frank Ahrens | September 3, 2009; 10:10 AM ET | Comments (1)

Markets Open Up on Retail Sales Numbers

Wall Street opened up slightly this morning on stronger-than-expected retail numbers. 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 up about the...

By Frank Ahrens | September 3, 2009; 09:48 AM ET | Comments (0)

Last Week's New Jobless Claims: 570,000, More Than Expected

The recently unemployed filed 570,000 new unemployment claims last week, the same as the week before and 10,000 more than forecasters expected, the Labor Department reported moments ago. Continuing claims rose from 6.13 million to 6.23 million, down from 6.9...

By Frank Ahrens | September 3, 2009; 08:37 AM ET | Comments (15)

Will Whole Foods Boycott Work?

Whole Foods customers well know by now that John Mackey, chief executive of their beloved store, wrote an op-ed in the Wall Street Journal last month taking the radical-to-them stance that "health care is a service that we all need,...

By Frank Ahrens | September 2, 2009; 11:53 AM ET | Comments (0)

July Factory Orders Disappoint As Productivity Rises

Orders to U.S. factories rose 1.3 percent in July, the Commerce Department said moments ago, missing expectations. Also today, the Labor Department said that second-quarter revised productivity rose at a revised rate of 6.6 percent, which means that people who...

By Frank Ahrens | September 2, 2009; 10:04 AM ET | Comments (1)

Markets Flat at Opening

Wall Street opened up slightly off this morning, despite a "giant" oil find by BP and not-so-bad jobs news. In the first 20 minutes of trading, the Dow is essentially flat. The broader S&P 500 is down a little bit...

By Frank Ahrens | September 2, 2009; 09:54 AM ET | Comments (0)

Report: Aug. Employment Drop Smallest Since Sept. 2008

A privately run estimate of U.S. employment -- which is used as a predictor of the Labor Department's jobless figure -- released moments ago said that the private sector shed 298,000 jobs in August, down from 360,000 jobs lost in...

By Frank Ahrens | September 2, 2009; 08:29 AM ET | Comments (13)

Ford August Sales Surge 17%, Toyota Up 10.5%, Chrysler Down 15.4%; GM Up Since July

UPDATED at 2:43 p.m. Ford said August vehicle sales were up 17 percent compared to August of 2008, juiced by the government's cash-for-clunkers program. Toyota reported moments ago that its August sales were up 10.5 percent compared to August of...

By Frank Ahrens | September 1, 2009; 02:43 PM ET | Comments (18)

Pending Home Sales, Manufacturing Up

A trio of economic data just hit moments ago, so we'll break it down like this: -- Pending home sales in July rose 3.2 percent compared with June and 12 percent compared with July 2008, according to the National Association...

By Frank Ahrens | September 1, 2009; 10:21 AM ET | Comments (3)

Markets Up Ahead of Economic Data

Wall Street opened up slightly ahead of a raft of economic data due out at 10 a.m. In the first 20 minutes of trading, the Dow is up 42 points, or about half of 1 percent. The broader S&P 500...

By Frank Ahrens | September 1, 2009; 09:55 AM ET | Comments (0)

Disney Buys Marvel For $4 Billion: What Does It Mean For the Economy?

In a previous life, The Ticker covered the media and entertainment industry and spent a lot of time caring about the Walt Disney Co. Former chief executive Michael Eisner built an animation and theme park company into a media giant,...

By Frank Ahrens | August 31, 2009; 11:00 AM ET | Comments (13)

Markets Open Down Following China Sell-Off

Wall Street opened lower this morning, following a big sell-off in China overnight in which the country's main index dropped 6.7 percent. In the first 20 minutes of trading, the Dow is down 80 points, or 0.8 percent. The broader...

By Frank Ahrens | August 31, 2009; 09:51 AM ET | Comments (1)

Cash for Clunkers Was Fun While It Lasted, But Here Comes the 'Hangover'

Here at The Ticker, we took a mixed view of the government's Cash for Clunkers program. On the one hand, it has been the one aspect of the $787 billion stimulus that has "worked," and by that we mean: It...

By Frank Ahrens | August 28, 2009; 02:39 PM ET | Comments (3)

Consumer Confidence Slips Backward In August

Consumer confidence slipped backward from July to August, according to the Reuters/University of Michigan consumer sentiment survey, released moments ago. The index -- a combination of how consumers are feeling about their situation right now and how they envision their...

By Frank Ahrens | August 28, 2009; 09:56 AM ET | Comments (3)

Tech Stocks Lead Markets Higher at Open

Wall Street opened up this morning, led by a strong rally from tech stocks. In the first 20 minutes of trading, the tech-heavy Nasdaq is up more than 1 percent. The Dow is barely up, positive by about one-tenth of...

By Frank Ahrens | August 28, 2009; 09:52 AM ET | Comments (0)

FDIC Bank Failure Fund Drops $2.6 Billion in Second Quarter

The FDIC is giving an update on its bank insurance fund right now, reporting how much it's spent to rescue failing banks and how much money it has left in its fund. The FDIC insures individual bank accounts up to...

By Frank Ahrens | August 27, 2009; 10:18 AM ET | Comments (5)

Markets Slightly Off at Opening

Wall Street opened slightly off despite promising news in new jobless claims and GDP released this morning. In the first 15 minutes of trading, the Dow is down 24 points, or about one-quarter of 1 percent. The broader S&P 500...

By Frank Ahrens | August 27, 2009; 09:47 AM ET | Comments (2)

570,000 New Jobless Claims Filed Last Week, GDP Shrank 1%

Last week 570,000 new jobless claims were filed, slightly worse than expectations. Forecasters expected jobless claims to drop to 565,000 last week. Claims spiked unexpectedly to 576,000 the week before. Also, U.S. gross domestic product for the second quarter shrank...

By Frank Ahrens | August 27, 2009; 08:41 AM ET | Comments (1)

Cash for Clunkers Winds Up Costing $2.9 Billion; Toyota the Big Winner

The final numbers are in for the federal government's Cash for Clunkers program: Some 690,114 applications were taken for a total cost of $2.9 billion, according to the Transportation Department. Here are the Top 10 vehicles purchased in the program,...

By Frank Ahrens | August 26, 2009; 12:25 PM ET | Comments (8)

New Home Sales Surge Nearly 10% in July

Sales of new homes surged 9.6 percent in July compared with June, stoking hopes that the new-home market has found a bottom, the Commerce Department reported moments ago. Sales rose to an annualized rate of 433,000 homes, up from 395,000...

By Frank Ahrens | August 26, 2009; 10:11 AM ET | Comments (3)

Markets Open Slightly Down

Wall Street opened slightly down this morning as traders dug into the Commerce Department's July durable goods report released before opening. In the first 20 minutes of trading, the Dow is down 42 points, or about half of 1 percent....

By Frank Ahrens | August 26, 2009; 09:54 AM ET | Comments (1)

July Durable Goods Orders Rise More Than Expected

Orders for durable goods -- big-ticket items bought by businesses and consumers, from aircraft and refrigerators -- rose 4.9 percent in July, beating forecasts. It's the biggest rise since July 2007. The figures were goosed by vehicles purchased under the...

By Frank Ahrens | August 26, 2009; 08:46 AM ET | Comments (1)

GM To Drop Hallowed Corporate Logo

Now, this really is a sign of the End Times of Corporate America: General Motors said today that it plans to gradually begin phasing out the globally known "GM" corporate logo starting next year. This logo -- a simple sans-serif,...

By Frank Ahrens | August 25, 2009; 04:36 PM ET | Comments (25)

Report: New Belgian Owner Of Budweiser To Raise U.S. Beer Prices

As if it wasn't disturbing enough to American patriots that AB InBev -- the Belgian-Brazilian beer conglomerate -- bought St. Louis-based Anheuser-Busch last year, now the company says it plans to raise prices of its products in some parts of...

By Frank Ahrens | August 25, 2009; 03:30 PM ET | Comments (3)

Conflicting Home Price Data: What Do They Mean?

This morning, two seemingly contradictory sets of home price data came out. Let's try to explain why they are different. The first was the widely watched Standard & Poor's/Case-Shiller home price indexes, which showed that home prices increased in the...

By Frank Ahrens | August 25, 2009; 12:17 PM ET | Comments (0)

Consumer Confidence Surges In August

One of two consumer confidence surveys due out this week was released moments ago and the first one showed that confidence jumped from July to August. According to the Conference Board, the private economic research organization, its consumer confidence index...

By Frank Ahrens | August 25, 2009; 10:01 AM ET | Comments (5)

Home Prices Show First Quarterly Increase in Three Years

UPDATED at 10 a.m. Home prices posted their first quarterly gain in three years, according to the widely watched Standard & Poor's/Case-Shiller indexes, a figure that suggests the housing crisis may be bottoming. Home prices rose in each of the...

By Frank Ahrens | August 25, 2009; 10:00 AM ET | Comments (1)

Markets Open Solidly Up

Wall Street followed its tepid Monday with a solid opening this morning, as traders heard President Obama say he will appoint Ben Bernanke to a second four-year term as Fed chairman. In the first 20 minutes of trading, the Dow...

By Frank Ahrens | August 25, 2009; 09:52 AM ET | Comments (0)

Does Bernie Madoff Have Cancer?

Two New York newspapers say convicted Ponzi schemer Bernie Madoff is dying of cancer but the U.S. Bureau of Prisons has strongly denied the claims. Under the headline "Bernie's Cancer Cell," the New York Post reported Monday morning that Madoff,...

By Frank Ahrens | August 24, 2009; 02:46 PM ET | Comments (1)

Markets Recover From Midday Slump, Edge Upward Toward Close

UPDATED at 2:25 p.m. Wall Street has recovered from a midday slump and is less than two hours from closing back on the positive side, meandering around on a day without market-moving news. After a mildly positive opening, the three...

By Frank Ahrens | August 24, 2009; 02:25 PM ET | Comments (1)

Cash for Clunkers Deadline at 8 p.m. Today

The government's Cash for Clunkers program expires at 8 p.m., as the program runs out of its original and supplemental funding. As of 7 a.m. today, participating dealers have submitted 635,186 transactions to the government for their $4,500 reimbursement for...

By Frank Ahrens | August 24, 2009; 01:53 PM ET | Comments (4)

Dr. Doom Is Back! Roubini Makes Case for 'Double Dip' Recession

Thanks to his perma-bear status, NYU business professor Nouriel Roubini is known by some as Dr. Doom. He accurately forecast the current crisis and is like a dog with a bone, refusing to let it go. In this column in...

By Frank Ahrens | August 24, 2009; 12:00 PM ET | Comments (2)

Overnight Asia, Europe Markets Point To Higher Open On Wall Street

Wall Street looks to continue its Friday rally, following overnight gains in the Asia and Europe markets, pegged to promising housing news from the U.S. last Friday and optimism from Fed Chairman Ben Bernanke. Stock futures are rising pre-market this...

By Frank Ahrens | August 24, 2009; 09:24 AM ET | Comments (1)

Markets Rally on Strong Home Sales

The markets continued to rally this morning, reacting to surprising strength in the housing market and positive comments from the chairman of the Federal Reserve. Sales of existing homes rose 7.2 percent in July, the highest jump in two years,...

By Frank Ahrens | August 21, 2009; 12:24 PM ET | Comments (3)

Markets Shake Off Bad Jobs News, Stage Strong Rally

A day that looked like it was headed for a big sell-off on Wall Street instead managed to sustain a respectable rally. Traders were surprised by worse-than-expected new jobless claims news announced before the opening bell, and sent stock futures...

By Frank Ahrens | August 20, 2009; 04:42 PM ET | Comments (2)

U.S. Charges Two Swiss Financial Executives

The Justice Department has charged a Swiss banker and a lawyer with conspiring to defraud the U.S. by helping rich Americans hide assets in sham offshore entities to dodge taxes. The news comes one day after the U.S. strong-armed Swiss...

By Frank Ahrens | August 20, 2009; 01:38 PM ET | Comments (2)

Swiss Sell Stake in UBS

Switzerland has sold its 8.5 percent stake in Swiss banking giant UBS, making a $1.1 billion profit for Swiss taxpayers. As the U.S. did during the financial crisis last fall for banks in this country, Switzerland helped prop up UBS...

By Frank Ahrens | August 20, 2009; 12:18 PM ET | Comments (2)

GM Subsidizes Dealers Waiting on Government Money ... With Government Money

In a shell game of find-the-taxpayer-money, General Motors is temporarily subsidizing its dealers, which are waiting on late Cash for Clunkers payments from the government. Nice, but here's the thing: GM is 60 percent owned by the federal government, after...

By Frank Ahrens | August 20, 2009; 10:08 AM ET | Comments (4)

New Jobless Claims Higher Than Expected

New jobless claims last week jumped to 576,000, a figure higher than economists expected, the Labor Department reported moments ago. The new jobless claims number was up 15,000 from the previous week's revised numbers. Economists expected a drop of about...

By Frank Ahrens | August 20, 2009; 08:41 AM ET | Comments (26)

Markets on Wild Ride Today

We're kind of glad we didn't have time to do a market opening posting this morning, because it would have proved meaningless by midday. Futures pointed to a sharp drop, which the markets provided out of the gate. But then,...

By Frank Ahrens | August 19, 2009; 02:45 PM ET | Comments (3)

GM Announces First Production Hike, Worker Rehire Since Bankruptcy

For the first time since the company filed for bankruptcy, General Motors is hiring back workers and adding overtime to meet higher-than-expected demand for cars and trucks, The Post's Peter Whoriskey reports. The company will reinstate 1,350 workers and add...

By Frank Ahrens | August 18, 2009; 04:06 PM ET | Comments (23)

Target Earnings Beat Expectations

Retail giant Target reported a 6.3 percent drop in second-quarter profit this morning, but it still beat expectations thanks to cost-cutting. Revenue was down 2.6 percent compared with the second quarter of last year. Cost-cutting enabled Target to eke up...

By Frank Ahrens | August 18, 2009; 10:13 AM ET | Comments (1)

Markets Open Up Slightly in Rebound

Wall Street opened up slightly this morning as it attempted to recover from yesterday's big pullback, in which all the major indexes dropped more than 2 percent. In the first 15 minutes of trading, the Dow was up 37 points,...

By Frank Ahrens | August 18, 2009; 09:49 AM ET | Comments (3)

July Housing Starts, Producer Prices Down

Two key economic indicators were released moments ago and they continue to paint a picture of a sluggish economy trying to slog its way out of recession. In the first number, July housing starts were down 1 percent in July...

By Frank Ahrens | August 18, 2009; 08:31 AM ET | Comments (7)

Home Depot Earnings Beat Expectations

Yesterday, home improvement giant Lowe's came up short of Wall Street expectations in second-quarter earnings. This morning, its biggest rival -- Home Depot, the nation's largest home renovator -- beat expectations in second-quarter results. Profit was down 7 percent and...

By Frank Ahrens | August 18, 2009; 08:28 AM ET | Comments (1)

Markets Dive On Big Sell-Off

Wall Street closed the first trading day of this week moments ago with a big sell-off, as the Dow Jones experienced its biggest one-day loss since July 2, erasing all of August's gains. The Dow closed down nearly 2 percent,...

By Frank Ahrens | August 17, 2009; 04:03 PM ET | Comments (3)

Home Builder Sentiment Ticks Up in August on Surge in Expectations

Home builders are thinking just a little more optimistically about new home sales in August, according to the home builders sentiment index, released moments ago. The National Association of Home Builders index, which goes from 1 to 100, ticked up...

By Frank Ahrens | August 17, 2009; 01:17 PM ET | Comments (2)

Is Nothing Sacred in This Recession? Reader's Digest Set to File for Bankruptcy

Reader's Digest -- an American media icon of the 20th century, thanks to its inspiring, safe-for-family-reading articles and folksy, cornpone humor -- is planning to file for Chapter 11 bankruptcy reorganization. Parent company Reader's Digest Association has had trouble since...

By Frank Ahrens | August 17, 2009; 12:39 PM ET | Comments (28)

Friday Big Bank Failure Is Largest of 2009

Some bank-failure news we're mopping up from Friday: The FDIC seized Colonial Bank and sold its branches and most of it assets -- including deposits -- to BB&T. It was the biggest bank failure so far of 2009 and the...

By Frank Ahrens | August 17, 2009; 11:53 AM ET | Comments (1)

Wall Street Plunges at Opening

Wall Street plunged across the board at opening this morning, following a big Asian sell-off caused by last week's sour U.S. consumer news. In the first 15 minutes of trading, the Dow is down 170 points, or about 1.8 percent....

By Frank Ahrens | August 17, 2009; 09:46 AM ET | Comments (1)

Wall Street Poised for Plunge Following Global Sell-Off

Wall Street looks like it's ready for a big plunge at opening in about 45 minutes, following a global chain reaction that began here last week. Asian markets fell overnight, responding to last week's worse-than-expected consumer news from the U.S....

By Frank Ahrens | August 17, 2009; 08:45 AM ET | Comments (0)

Markets Down on Deflation Worries, Consumer Sentiment

Wall Street is down across the board this morning as traders digest news of falling consumer prices and consumer sentiment. In the first 30 minutes of trading, the Dow is down about 85 points, or almost 1 percent. The broader...

By Frank Ahrens | August 14, 2009; 10:13 AM ET | Comments (1)

Recession Pushes More Into Part-Time Work, Discouragement

Unemployed Americans are so discouraged about the prospect of finding a new job that they're checking out of the labor force at the highest and fastest rate in nearly 10 years. Further, the recession has forced more full-time workers into...

By Frank Ahrens | August 13, 2009; 12:27 PM ET | Comments (8)

Wall Street Opens Flat on Trifecta of Bad News

Wall Street opened up largely flat, as traders digested worse-than-expected retail, foreclosure and jobless claims numbers. In the first 15 minutes of trading, the Dow is up about 14 points, or nearly flat. The broader S&P 500 is up about...

By Frank Ahrens | August 13, 2009; 09:48 AM ET | Comments (3)

Fed: Rate Unchanged, Economy Stabilizing But Still Weak, Inflation To Remain Low

The Fed Reserve's Open Market Committee policy statement was released moments ago and, as expected, the Fed's key banking lending rate unchanged in the 0 to .25 percent range. The committee said that the economy is showing signs of "leveling...

By Frank Ahrens | August 12, 2009; 02:18 PM ET | Comments (4)

Markets Surging To Surprise Pre-Fed Rally

What gives? The markets are supposed to be relatively calm in the hours leading up to a no-news Federal Reserve policy statement of the sort that's due out at 2:15 p.m. today. But that's not the case today. In the...

By Frank Ahrens | August 12, 2009; 10:57 AM ET | Comments (0)

Markets Up Slightly, Anticipating No-News Fed Report

Wall Street opened up slightly this morning, as traders await the report on the Fed's two-day meeting due out this afternoon that likely will tell us ... nothing. In the first 15 minutes of trading, the Dow was up less...

By Frank Ahrens | August 12, 2009; 09:49 AM ET | Comments (1)

Madoff Co-Conspirator Pleads, Set To Sing

Fleeced investors may have felt a visceral satisfaction earlier this summer when Bernie Madoff began serving his 150-year jail sentence for running a long-time Ponzi scheme. But the guilty plea entered Tuesday afternoon by Madoff's long-time chief financial officer, Frank...

By Frank Ahrens | August 11, 2009; 05:03 PM ET | Comments (1)

PNC Bank CEO: Coming Commercial Real Estate Slump Will Not Rival Residential Crash

Jim Rohr, chief executive and chairman of PNC Financial Services stopped by The Post this morning for a meeting with reporters and editors. PNC has accepted $7.6 billion in government bailout money in the form of warrants and was instructed...

By Frank Ahrens | August 11, 2009; 03:22 PM ET | Comments (1)

Congressional Report: Financial System Still Wobbly

The financial system is still wobbly and could experience further setbacks if the commercial real estate sector collapses or unemployment rises sharply, a bipartisan congressional watchdog committee reported today. According to the Congressional Oversight Panel, "The financial system [remains] vulnerable...

By Frank Ahrens | August 11, 2009; 11:11 AM ET | Comments (1)

Markets Off as Fed Meetings Begin

Wall Street opened down as the Fed Reserve began a two-day meeting that might provide some more answers on where the economy is headed. In the first 15 minutes of trading, the Dow was down about 60 points, or more...

By Frank Ahrens | August 11, 2009; 09:48 AM ET | Comments (0)

McDonald's Does It Again: July Sales Rise

So far in this recession, which began in December 2007, McDonald's appears to be the biggest beneficiary. The fast food giant continued its winning streak in July, reporting that same-store sales were up 4.3 percent worldwide compared with July 2008....

By Frank Ahrens | August 10, 2009; 02:53 PM ET | Comments (0)

Krugman Tells Only Part of the Story of Government's Role in Financial Rescue

Listen: New York Times columnist Paul Krugman owns a Nobel Prize and The Ticker does not. So all props to him. That said, his column yesterday explaining how Big Government saved the U.S. economy tells only part of the story...

By Frank Ahrens | August 10, 2009; 11:48 AM ET | Comments (2)

Markets Open Slightly Down

Wall Street opened slightly down this morning as August settled comfortably in and traders were wondering how much more steam the current rally has left in it. In the first 20 minutes of trading, the Dow was down about 24...

By Frank Ahrens | August 10, 2009; 09:57 AM ET | Comments (1)

Consumers Continue To Cut Debt

Sure, The Ticker gets tired of reporting bad economic news all day -- the bad news that happens and the bad news we see in what happens. So here's some good news: The Federal Reserve said today that U.S. consumers...

By Frank Ahrens | August 7, 2009; 05:40 PM ET | Comments (6)

Unemployment Dips Slightly: What Does It Mean?

UPDATED with remarks from President Obama at 1:24 p.m. The official U.S. unemployment rate dipped to 9.4 percent in July from 9.5 percent in June, according to numbers out this morning from the Labor Department's Bureau of Labor Statistics. What...

By Frank Ahrens | August 7, 2009; 01:24 PM ET | Comments (11)

Markets Open Up on Job News

Wall Street opened up this morning on news that the July unemployment rate dropped to 9.4 percent from 9.5 percent in June. In the first 15 minutes of trading, the Dow was up about 60 points, or about 0.7 percent....

By Frank Ahrens | August 7, 2009; 09:47 AM ET | Comments (3)

S&P 500 Hovering Around 1,000 For First Time Since November -- What's it Mean?

On Tuesday, the Standard & Poor's 500 stock index closed above 1,000 for the first time since November, a noteworthy benchmark. It has been hovering around 1,000 all week and closed down half of 1 percent at 997 today. What...

By Frank Ahrens | August 6, 2009; 04:41 PM ET | Comments (0)

Hacker Attack Shuts Down Twitter

Even though this doesn't strictly qualify as economic news, it's interesting for the subset of online users who use Twitter: A hacker attack has shut down the micro-blog service since about 9 a.m. today. Twitter said it is "defending against...

By Frank Ahrens | August 6, 2009; 12:29 PM ET | Comments (0)

Murdoch: I Will Start Charging for All Online News

News Corp. Chairman Rupert Murdoch, whose company owns the Fox broadcasting channel, Fox News, 20th Century Fox movie studios, the Wall Street Journal and several other media properties, said on an analyst call yesterday that he will start charging for...

By Frank Ahrens | August 6, 2009; 11:55 AM ET | Comments (1)

Study: Stimulus Not Yet Helping Unemployed, Poor

A Herculean, county-by-county study of per capita spending so far under the $787 billion stimulus shows that if any of the money spent so far is actually getting to the unemployed and poor, it's by pure chance. This is according...

By Frank Ahrens | August 5, 2009; 04:55 PM ET | Comments (2)

Nine States at or Near Historic Highs on Unemployment

Nine states are at or near their historic highs for unemployment, according to June numbers out from the Bureau of Labor Statistics. As a guide, remember the official U.S. unemployment figure is 9.5 percent. The states are: -- California, at...

By Frank Ahrens | August 5, 2009; 02:47 PM ET | Comments (1)

Markets Open Mixed

Wall Street opened mixed this morning, following news that private employers shed more jobs than expected in July. In the first 15 minutes of trading, the Dow is down about 16 points, or nearly flat. The S&P 500 is slightly...

By Frank Ahrens | August 5, 2009; 09:54 AM ET | Comments (2)

Private Employers Axe 371,000 in July, But Pace Slows

Private employers shed 371,000 jobs in July, a higher number than was expected, but the pace of the cuts dropped to the slowest since October. According to the monthly ADP Employer Services report released this morning, a poll of 26...

By Frank Ahrens | August 5, 2009; 09:22 AM ET | Comments (1)

SEC Moves To Ban Freshly Discovered 'Flash Trading'

Remember that fake-fad of the early part of this century (at least in the U.S.), "flash mobs?" Well, Wall Street has been practicing something called "flash trading," a computer-aided form of stock trading that recently got noticed thanks to a...

By Frank Ahrens | August 4, 2009; 04:47 PM ET | Comments (2)

A Hint of the Fiats Coming to America

The Ticker recently returned from a lovely vacation in Italy. We have several observations about Italy and its profound lack of large, well-iced diet soda fountain beverages, none of which are relevant to this audience. However, the picture below is....

By Frank Ahrens | August 4, 2009; 01:01 PM ET | Comments (1)

Pending Home Sales Rise in June. Verdict? Mixed.

Pending home sales rose in June for the fifth straight month, the National Association of Realtors reported this morning, as low home prices and interest rates -- and a tax credit -- juiced sales. The Realtors' index tracks contracts on...

By Frank Ahrens | August 4, 2009; 11:35 AM ET | Comments (1)

Markets Slightly Off at Opening

Wall Street opened slightly down today, as traders digested consumer spending and personal income data. In the first 15 minutes of trading, the Dow was down 20 points. The S&P 500 and the tech-heavy Nasdaq were both down about half...

By Frank Ahrens | August 4, 2009; 09:54 AM ET | Comments (1)

Ford July Sales Up 2.3%, Juiced by 'Cash For Clunkers;' GM Plunges 19.4%, Chrysler Down 9.4%

UPDATED at 3:10 p.m. with all the majors reporting: Ford reported that July auto sales were up 2.3 percent compared to July 2008, the automaker's first monthly increase since November 2007. And it's clear that Ford is the runaway winner...

By Frank Ahrens | August 3, 2009; 03:10 PM ET | Comments (2)

July Manufacturing News: Could Be Worse

Manufacturing in July continued to slow but at the slowest pace in a year, according to a closely watched index of the sector. According to the Institute for Supply Management, manufacturing activity crept up toward the break-even point that shows...

By Frank Ahrens | August 3, 2009; 10:56 AM ET | Comments (1)

Markets Open Up

Wall Street opened up on the first day of the last unofficial month of summer, buoyed by optimism for July manufacturing and auto sales numbers due out today. In the first 15 minutes of trading, the Dow was up 40...

By Frank Ahrens | August 3, 2009; 09:52 AM ET | Comments (1)

Post Co. Moves Back Into the Black: What Does It Mean?

The Washington Post Co. -- employer of The Ticker -- moved back into profitability in the second quarter of this year and the newspaper division trimmed its losses, though on first glance it doesn't look that way. Click here to...

By Frank Ahrens | July 31, 2009; 11:35 AM ET | Comments (7)

GDP Fuels Solid Market Opening

A better-than-expected report this morning on GDP fueled a strong opening by Wall Street, which is solidly in the green across the board. In the first 20 minutes of trading, the Dow was up 52 points, or about 0.6 percent....

By Frank Ahrens | July 31, 2009; 09:59 AM ET | Comments (0)

Will GDP News Turbocharge Market Today?

Throughout the week, traders and analysts have suggested that the ongoing stock market rally (over the past two weeks, S&P 500 is up 7 percent, the Nasdaq is up 8 percent, the Dow is up 9 percent) is in the...

By Frank Ahrens | July 31, 2009; 09:30 AM ET | Comments (0)

Nintendo Wii Sales Drop for First Time, 'Video Game Index' Plunges

Japanese game-maker Nintendo said today that sales of its popular Wii motion-sensing game console -- which has outsold Sony's PlayStation and Microsoft's Xbox -- fell for the first time in its three-year history. Sony also reported today that sales of...

By Frank Ahrens | July 30, 2009; 11:49 AM ET | Comments (3)

Markets Open Up Strongly

Wall Street opened up strongly this morning, as industrial giant General Electric got some good news from a key lawmaker. In the first 15 minutes of trading, the Dow was up 74 points, or about 0.8 percent. The S&P 500...

By Frank Ahrens | July 30, 2009; 09:51 AM ET | Comments (0)

Mass. Treasurer Rips Mandated Health Insurance

In 2006, the state of Massachusetts required every single one of its residents to get health insurance, and every single one of its businesses to provide it. Otherwise, residents and employers would be fined. Some have asked, as national healthcare...

By Frank Ahrens | July 29, 2009; 04:45 PM ET | Email a Comment

10 Reasons To Hide Under Your Bed

Economist Nouriel Roubini is known by some as "Dr. Doom" for his excessively bearish outlook. But he looks like Polly Positive compared to this piece from James Kostohryz, a former analyst and trader, a Harvard Law alum and current stock-picker....

By Frank Ahrens | July 29, 2009; 02:51 PM ET | Comments (1)

Fed's Beige Book: Pace of Decline Slowing in More Parts of U.S.

The Federal Reserve's Beige Book -- the eight-times-per-year collection of anecdotal evidence on the economy from each of the Fed's 12 districts -- was released moments ago and, although the book says things are still bad, the pace of decline...

By Frank Ahrens | July 29, 2009; 02:26 PM ET | Comments (1)

Markets Open Down

Wall Street opened down this morning, as traders digested the June durable-goods report from Commerce and hashed out the big Microsoft-Yahoo deal. In the first 20 minutes of trading, the Dow was down 32 points, or less than half of...

By Frank Ahrens | July 29, 2009; 09:55 AM ET | Comments (1)

Orders for Big-Ticket Items Plunge in June

Some bad news vs. not-so-bad news from a Commerce Department report this morning on purchases of big-ticket products. Factory orders for big-ticket "durable goods" -- such as aircraft, refrigerators, cars, steel -- plunged in June by the biggest amount in...

By Frank Ahrens | July 29, 2009; 09:51 AM ET | Comments (1)

House Panel Approves Limits On Executive Pay

UPDATED at 5:20 p.m. with quotes: The House Financial Services committee voted moments ago to ban pay practices at financial firms that encourage "inappropriate risk," one of the government's boldest moves into the private sector. The vote by the committee,...

By Frank Ahrens | July 28, 2009; 05:20 PM ET | Comments (50)

Consumer Confidence Drops While Home Sales Rise -- What Gives?

Consumer confidence in early July further eroded in data released today, underscoring the fact that Americans do not see a recovery coming. This news comes one day after the Commerce Department reported that new home sales jumped 11 percent from...

By Frank Ahrens | July 28, 2009; 03:19 PM ET | Comments (4)

Markets Open Lower

Wall Street opened lower today, as traders continued to digest mixed second-quarter earnings and reports came that Bank of America plans to cut branches. Also, a widely watched housing index showed a slight uptick in home prices from April to...

By Frank Ahrens | July 28, 2009; 09:53 AM ET | Comments (0)

Newsweek Says: The Recession Is Over!

The recession is over, Newsweek screams from the cover of its most recent issue, which is out today, and which you can read by clicking here. Three things you need to know: a) No, it isn't. b) Magazines depend on...

By Frank Ahrens | July 27, 2009; 04:20 PM ET | Comments (4)

Obama Waves, If Not Shakes, Economic Stick at China

This morning kicked off two days of intense economic discussions between the U.S. and China here in Washington, and President Obama opened the session with a speech, mentioning the unmentionable issue with China: human rights. Obama said that the U.S....

By Frank Ahrens | July 27, 2009; 03:51 PM ET | Comments (2)

June New Home Sales Surge, But Don't Get Excited

New home sales in June jumped by the biggest percentage since December 2000, according to data released moments ago by the Commerce Department. Sales of new homes went up 11 percent in June compared with May, to a seasonally adjusted...

By Frank Ahrens | July 27, 2009; 10:44 AM ET | Comments (3)

Markets Flat to Slightly Off at Opening

Wall Street opened flat to slightly lower at opening this morning; traders await the 10 a.m. delivery of the Commerce Department's June report on new home sales. In the first 15 minutes of trading, the Dow was essentially flat. The...

By Frank Ahrens | July 27, 2009; 09:52 AM ET | Comments (0)

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...

By Terri Rupar | July 24, 2009; 04:26 PM ET | Comments (0)

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...

By Terri Rupar | July 24, 2009; 11:52 AM ET | Comments (0)

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...

By Terri Rupar | July 24, 2009; 10:29 AM ET | Comments (1)

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...

By Terri Rupar | July 23, 2009; 03:49 PM ET | Comments (0)

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...

By Terri Rupar | July 23, 2009; 02:39 PM ET | Comments (0)

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...

By Terri Rupar | July 23, 2009; 12:43 PM ET | Comments (0)

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...

By Terri Rupar | July 23, 2009; 12:39 PM ET | Comments (0)

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...

By Terri Rupar | July 23, 2009; 11:26 AM ET | Comments (0)

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...

By Terri Rupar | July 21, 2009; 04:10 PM ET | Comments (0)

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...

By Terri Rupar | July 21, 2009; 01:56 PM ET | Comments (0)

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...

By Terri Rupar | July 21, 2009; 12:15 PM ET | Comments (1)

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...

By Terri Rupar | July 21, 2009; 10:12 AM ET | Comments (1)

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...

By Sara Goo | July 21, 2009; 07:35 AM ET | Comments (0)

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...

By Kim Hart | July 20, 2009; 10:08 AM ET | Comments (0)

Unemployment Tops 10 percent in the District

And unemployment in 15 other states has also settled into double digits in June, according to federal data released Friday. Maryland and Virginia, however, were not on the list. Michigan's unemployment rate now sits at 15.2 percent, a first for...

By Kim Hart | July 17, 2009; 03:58 PM ET | Comments (0)

Stocks Open Lower After Big Bank Earnings Reports

Stocks fell slightly in morning trading today as investors weighed some better-than-expected earnings with the strong possibility that another big bank would file for bankruptcy. After rising for four consecutive days, the Dow Jones industrial average lost 9 points, or...

By Kim Hart | July 17, 2009; 10:24 AM ET | Comments (0)

Geithner: Give Shareholders 'Say on Pay'

Executive compensation practices were partly to blame for the financial crisis, Treasury Secretary Tim Geithner has said. Now the Treasury is rolling out a remedy. The administration delivered draft legislation to Congress today that would require all publicly traded companies...

By Peter Whoriskey | July 16, 2009; 04:17 PM ET | Comments (0)

House Lawmakers Grill Paulson on BofA Deal

UPDATE The hearing is over now but it's hard to say if anything about the Bank of America bailout deal is any clearer. After listening to former Treasury Secretary Henry Paulson testify about the Bank of America bailout today, the...

By Peter Whoriskey | July 16, 2009; 03:14 PM ET | Comments (1)

Markets Flat at Opening

Stocks were flat or down this morning after yesterday's big surge. Investors were cheering better-than-expected earnings from J.P. Morgan Chase and a Labor Department report showing that new unemployment claims dropped significantly last week. On the other hand, the news...

By Peter Whoriskey | July 16, 2009; 10:37 AM ET | Comments (1)

Congress Names Panel to Probe Origins of Finanical Crisis

Democrats and Republicans announced their picks today to form a committee to investigate the origins of the financial crisis that spurred the current recession, now in its 19th month. The Democratic committee members, announced by House Speaker Nancy Pelosi (Calif.)...

By Frank Ahrens | July 15, 2009; 03:36 PM ET | Comments (0)

Inside Gannett's Q2 Profit: Don't Get Too Excited

McLean-based Gannett, the nation's largest publisher of newspapers -- including USA Today -- surprised Wall Street this morning with better-than-expected second-quarter earnings that showed a profit, after a massive loss in the second quarter of last year. But if you...

By Frank Ahrens | July 15, 2009; 10:59 AM ET | Comments (2)

Markets Surge at Opening

Wall Street opened up sharply this morning, following a strong second-quarter earnings report from chip-king Intel after yesterday's closing bell. In the first 15 minutes of trading, the Dow was up about 128 points, or a solid 1.5 percent. The...

By Frank Ahrens | July 15, 2009; 09:57 AM ET | Comments (0)

Bernie Madoff Begins Prison Life Today

Convicted Ponzi schemer Bernie Madoff, who admitted to swindling investors out of billions of dollars, today begins life as prisoner No. 61727-054 at a federal penitentiary in Butner, N.C. Madoff was sentenced earlier this month to 150 years in prison...

By Frank Ahrens | July 14, 2009; 03:55 PM ET | Comments (2)

Mort Zuckerman: Unemployment Worse Than You Know

Finally! For months, The Ticker has been telling you that the U.S. unemployment rate is actually much worse than the widely reported figure (now at 9.5 percent), because the number does not take into account the millions of Americans who...

By Frank Ahrens | July 14, 2009; 02:25 PM ET | Comments (0)

Goldman and Johnson & Johnson: A Tale of Two Earnings

Two large and important companies, each leaders in their sectors, reported second-quarter earnings today. Taken together, they help us get a picture of where our recession-stuck economy is right now. Goldman Sachs, long considered the lion of Wall Street's investment...

By Frank Ahrens | July 14, 2009; 11:51 AM ET | Comments (0)

Markets Open Mixed

Wall Street opened flat-to-mixed, following positive June retail sales news and strong second-quarter Goldman Sachs earnings. In the first 15 minutes of trading, the Dow is down just a few points. The broader S&P 500 is essentially flat and the...

By Frank Ahrens | July 14, 2009; 09:53 AM ET | Comments (0)

Home Price Expert Shiller: Housing Industry Still 'Abysmal'

Robert Shiller, the Yale professor, is one of the creators of the monthly S&P Case-Shiller housing price index, one of the most widely watched in the economy. He's got some bad news for you. Even though the slowing rate of...

By Frank Ahrens | July 13, 2009; 05:02 PM ET | Comments (0)

Geithner: Growth Ahead, But Big Risks, Too

Treasury Secretary Tim Geithner said in London today that he expects the world's major economies will start growing again in coming quarters, but "there are still significant risks and challenges ahead," he said, Reuters reports. "We have a very powerful...

By Frank Ahrens | July 13, 2009; 11:04 AM ET | Comments (2)

Markets Open Mixed

Wall Street opened mixed, as traders get ready for a week chock-full of second-quarter earnings. In the first 15 minutes of trading, the Dow was up about 24 points, or less than half of 1 percent. The S&P 500 was...

By Frank Ahrens | July 13, 2009; 09:50 AM ET | Comments (0)

Geithner: No, Really -- the Stimulus Is Right On Track

Treasury Secretary Tim Geithner told two congressional committees this morning that President Obama's $787 billion economic stimulus bill is right on track. This, despite an unexpected jump in June unemployment, sinking stock markets, sagging consumer sentiment and growing concerns among...

By Frank Ahrens | July 10, 2009; 04:53 PM ET | Comments (1)

Consumer Confidence Dips to Lowest Level Since March

Consumer confidence in early July retreated back to sour spring levels, indicating that it's not just Wall Street traders who are not trusting this so-called recovery. The preliminary July index of confidence fell to 64.6 from 70.8 in June, according...

By Frank Ahrens | July 10, 2009; 12:00 PM ET | Comments (0)

'New GM' Launched With Frank News Conference

The new General Motors -- the post-bankruptcy, largely government-owned, four-brands-instead-of-eight GM -- opened for business this morning and the company just held a news conference to describe the way forward. A surprisingly frank news conference, it turns out. It is...

By Frank Ahrens | July 10, 2009; 10:41 AM ET | Comments (5)

Markets Open Mixed

Wall Street opened mixed this morning, as the markets digest the nature of the new, post-bankruptcy GM and await preliminary July consumer confidence numbers, out later this morning. In the first 15 minutes of trading, the Dow is down about...

By Frank Ahrens | July 10, 2009; 09:48 AM ET | Comments (0)

Economy Puts Annual 'Billionaire Summer Camp' In Glum Mood

Back when The Ticker covered the media and entertainment industries here at The Post, we always intended to go out to Sun Valley, Idaho, for the annual Allen & Co. summit of media titans. It has been known as "summer...

By Frank Ahrens | July 9, 2009; 05:12 PM ET | Comments (1)

'Good GM' Out Of Bankruptcy In 36 Days

General Motors has emerged from Chapter 11 restructuring bankruptcy in 36 days, beating Chrysler's exit from bankruptcy by six days, thanks to your taxpayer dollars. Though some futile last-minute appeals remain, GM was essentially cleared to sell its good assets...

By Frank Ahrens | July 9, 2009; 02:53 PM ET | Comments (0)

Bush Official: Second Stimulus a Bad Idea

Ed Lazear, top economic adviser to former President George W. Bush, is a conservative, free-market economist. While his beliefs may not typically appeal to those on the left, his argument against a second stimulus in today's Wall Street Journal may...

By Frank Ahrens | July 9, 2009; 02:31 PM ET | Comments (0)

Buffett: Second Stimulus May Be Needed

Add super-investor Warren Buffett's voice to the growing chorus broadly hinting that a second taxpayer-funded economic stimulus may be needed, even as the effectiveness of the first one is being debated. "I think a second one may well be called...

By Frank Ahrens | July 9, 2009; 11:48 AM ET | Comments (0)

Markets Open Flat

Wall Street opened flat, possibly digesting weak June retail numbers released this morning. In the first 20 minutes of trading, the Dow is down about 5 points, or an insignificant percentage. The broader S&P 500 and the tech-heavy Nasdaq are...

By Frank Ahrens | July 9, 2009; 09:53 AM ET | Comments (0)

Alcoa Kicks Off Q2 Earnings Season in Fine Not-As-Bad-As-Expected Form

Per custom, aluminum giant Alcoa kicked off earnings season today, reporting a third straight quarter of losses -- as expected -- but reported not-as-bad-as-expected revenue and profit. For the second quarter, Alcoa had a loss of $454 million on revenue...

By Frank Ahrens | July 8, 2009; 05:25 PM ET | Comments (0)

Ballplayer-Turned-Financial Adviser Lenny Dykstra Files For Bankruptcy

Former Mets and Phillies all-star outfielder Lenny Dykstra was a feel-good story of the past few years: one of the rare pro athletes who managed to prosper after his playing days were over. Turns out, not so much. In his...

By Frank Ahrens | July 8, 2009; 04:58 PM ET | Comments (0)

Lunch With Buffett Worth $1.7 Million This Year

As mighty as this recession is, it cannot completely kill Warren Buffett's annual charity lunch. Last year, before everything blew up, the winning bidder paid $2.1 million for lunch with Uncle Warren, Berkshire Hathaway chairman and lead director of The...

By Frank Ahrens | July 8, 2009; 03:05 PM ET | Comments (0)

Another Stimulus Needed? G8 Leaders Say: Quite Possibly

As the leaders of the northern hemisphere's eight most important economies meet in Italy right now, they appear to be of two minds: Governments need to start finding ways out of the massive and unprecedented incursions they've made into the...

By Frank Ahrens | July 8, 2009; 11:37 AM ET | Comments (2)

Markets Open Largely Flat

Wall Street opened essentially flat this morning, as traders await the closing-bell second-quarter results of aluminum giant Alcoa, kicking off earnings season. In the first 20 minutes of trading, the Dow is up about 34 points, or less than half...

By Frank Ahrens | July 8, 2009; 09:51 AM ET | Comments (0)

Exactly How Big Is AIG's Bailout?

A popular figure used to tally the federal bailout of troubled insurance giant AIG is $180 billion. Big number. Tidy number. Sure-to-get-Congress's-ire-up number. But it may be a little too big of a number, the independent nonprofit journalism outfit ProPublica...

By Frank Ahrens | July 7, 2009; 03:36 PM ET | Comments (1)

Clinched-Up Wall Street Awaits Second-Quarter Earnings

You know how you tense up when you think you're going to get punched? That's what Wall Street is doing today. Aluminum giant Alcoa is expected to report its second-quarter earnings after market close on Wednesday, taking its usual position...

By Frank Ahrens | July 7, 2009; 03:22 PM ET | Comments (0)

Delinquencies On Home-Equity Loans, Credit Cards Hit Historic Levels

Delinquencies on home-equity loans and credit card payments hit record highs in the first quarter of this year, according to data released today by the American Bankers Association. Home-equity loans were one of the major culprits of the current crisis....

By Frank Ahrens | July 7, 2009; 12:31 PM ET | Comments (7)

The Ticker Spars On CBNC

Last night, CNBC's Dennis Kneale was nice enough to invite The Ticker on his show, where we mixed it up on topics ranging from Vice President Biden's statement that the White House underestimated how bad the economy was to doing...

By Frank Ahrens | July 7, 2009; 12:01 PM ET | Comments (0)

Markets Down At Opening

Wall Street opened slightly down this morning, possibly owing to two factors: increasing worries that this recovery, such as it is, is running out of steam and the seasonal summer doldrums. In the first 30 minutes of trading, the Dow...

By Frank Ahrens | July 7, 2009; 10:00 AM ET | Comments (0)

Economists: No Job Growth Until Mid-2010. If We're Lucky.

Even though the economy is predicted by many to come out of recession later this year (achieving positive GDP), the U.S. will not see job growth until the middle of next year, Mark Zandi, chief economist at Moody's, told Kiplinger...

By Frank Ahrens | July 6, 2009; 03:37 PM ET | Comments (0)

Service Sector Shrinks, But Less Than Expected

The U.S. economy's service sector continued to shrink in June, but at a less-than-expected rate. Whether that's a sign of an economic bottoming or a meaningless blip is up for debate. According to the Institute for Supply Management (ISM) --...

By Frank Ahrens | July 6, 2009; 12:35 PM ET | Comments (0)

World Bank To Global Leaders: 2009 Remains 'Dangerous' Year

There is what top government and banking officials tell us; then, there's what they tell each other. Thanks to an enterprising reporter at Reuters, today we get a glimpse of what World Bank president Robert Zoellick told the leaders of...

By Frank Ahrens | July 6, 2009; 11:10 AM ET | Comments (0)

Markets Down Slightly At Opening

Welcome to the unofficial start of the second half of the financial year. Wall Street has kicked off the rust from its three-day weekend and headed right into a dip. In the first 20 minutes of trading, the Dow is...

By Frank Ahrens | July 6, 2009; 09:16 AM ET | Comments (0)

Actual Unemployment Rate Rises To 16.5%

UPDATED at 1:50 p.m. with analysis: The nation's official unemployment rate in June rose from 9.4 to 9.5 percent, its highest in 26 years. How bad is that? Pretty bad, writes Heidi Shierholz of the Economic Policy Institute: "This is...

By Frank Ahrens | July 2, 2009; 01:50 PM ET | Comments (2)

Markets Dive At Opening

Wall Street dropped sharply at opening this morning as markets responded to worse-than-expected unemployment news released today. In the first 20 minutes of trading, the Dow is down 155 points, or about 1.8 percent. The broader S&P 500 and the...

By Frank Ahrens | July 2, 2009; 09:52 AM ET | Comments (5)

Day Three of GM Bankruptcy Court

General Motors is before U.S. District Bankruptcy Judge Robert Gerber for the third - and likely last - day of hearings on the sale of the automaker's assets to a new, government-owned GM. Today, those opposing certain aspects of the...

By washingtonpost.com Editor | July 2, 2009; 08:45 AM ET | Comments (0)

June Sales: Chrysler Down 42%, Toyota Off 38%, GM Down 37%, Ford Dips 14.4%

UPDATED at 2:30 p.m.: Sales of Ford vehicles in June were down 14.4 percent compared to June 2008, better results than had been expected by Wall Street and the winner among the world's big automakers. General Motors' June sales were...

By Frank Ahrens | July 1, 2009; 02:30 PM ET | Comments (6)

$231 Million Headed To 543 Madoff Victims So Far

So far $231 million has been approved for 543 victims of Bernie Madoff's Ponzi scheme, an average of $425,414 per swindled investor. The payout comes from Securities Investor Protection Corporation (SIPC), which insures investor accounts with brokerage firms up to...

By Frank Ahrens | July 1, 2009; 10:50 AM ET | Comments (1)

Freddie Mac Gets $6.1 Billion More in Taxpayer Money

Troubled mortgage broker Freddie Mac got an additional $6.1 billion from the Treasury Department to pay for mounting losses, according to a filing at the Securities and Exchange Commission today. Freddie requested the additional funds in May, but you might...

By Frank Ahrens | July 1, 2009; 10:31 AM ET | Comments (0)

Markets Open Up to Kick Off Third Quarter

Wall Street opened up this morning, kicking off the first day of the third quarter and the second half of the year. In the first 15 minutes of trading, the Dow was up about 65 points, or 0.8 percent. The...

By Frank Ahrens | July 1, 2009; 09:46 AM ET | Comments (0)

May Jobless Rates Rise In Most U.S. Metro Areas

Unemployment went up in nearly all U.S. metro areas for the fifth straight month in May, the Labor Department reported yesterday. National unemployment stands at 9.4 percent, is likely to continue rising and could hit 10 percent before leveling off,...

By Frank Ahrens | July 1, 2009; 09:36 AM ET | Comments (0)

GM Back in Bankruptcy Court

General Motors is back in federal bankruptcy court today in its bid to become a leaner, healthier company. The automaker is asking Judge Robert Gerber for approval to sell its profitable assets to a "new" GM, which would be 61...

By washingtonpost.com Editor | July 1, 2009; 08:45 AM ET | Comments (0)

Markets Down At Midday

After opening slightly up, Wall Street took a late morning dive following an unexpected drop in June consumer confidence. At noon, the Dow was down about 121 points, or about 1.4 percent. The broader S&P 500 was down 1.3 percent...

By Frank Ahrens | June 30, 2009; 12:12 PM ET | Comments (1)

Wagoner Stepped Down at Treasury's Request

Fritz Henderson, chief executive of General Motors, said in court testimony today that his predecessor, Rick Wagoner, stepped down at the request of the U.S. Treasury Department. Describing the circumstances leading up Wagoner's resignation, Henderson said GM executives were summoned...

By washingtonpost.com Editor | June 30, 2009; 12:02 PM ET | Comments (3)

Report: Authorities Close to Charging 10 Others in Madoff Scheme

Federal authorities are pursuing charges against 10 people linked to Bernie Madoff's multibillion-dollar Ponzi scheme, the Associated Press is reporting. So far, only Madoff and his bogus auditor have been criminally charged. The source who spoke to the AP would...

By Frank Ahrens | June 30, 2009; 11:26 AM ET | Comments (0)

Markets Open Slightly Up

Wall Street opened up slightly this morning, possibly bolstered by the not-as-bad-as-expected April housing prices report out this morning. In the first 15 minutes of trading, the Dow was up about 20 points. The broader S&P 500 was up about...

By Frank Ahrens | June 30, 2009; 09:51 AM ET | Comments (0)

Home Prices Show Signs of Bottoming in April

Home prices in 20 large U.S. cities were down 18.1 percent in April compared with the previous April, slightly less of a drop than forecasters expected. According to the Standard & Poor's/Case-Shiller index released this morning, April was the third...

By Frank Ahrens | June 30, 2009; 09:40 AM ET | Comments (0)

GM Seeks Approval to Sell Assets

Just 29 days after filing the biggest bankruptcy case ever by a U.S. industrial company, General Motors is before a federal judge this morning to seek approval for the sale of its assets to a new and leaner government-run GM....

By washingtonpost.com Editor | June 30, 2009; 09:35 AM ET | Comments (3)

Paulson Finally To Face Music On Govt. Role In Bank of America-Merrill Merger

The House Oversight Committee has been like a dog with a bone with last year's $50 billion merger between Bank of America and troubled brokerage Merrill Lynch. (To be fair, so has The Ticker, as well, probably.) The committee --...

By Frank Ahrens | June 29, 2009; 06:11 PM ET | Comments (1)

Madoff Sentenced To Maximum 150 Years In Jail; Wife 'Betrayed, Ashamed'

UPDATED with full Ruth Madoff statement at 1:16 p.m.: Confessed Ponzi-schemer Bernie Madoff, who swindled investors out of as much as $65 billion, was sentenced moments ago to the maximum allowable 150 years in jail. U.S. Judge Denny Chin characterized...

By Frank Ahrens | June 29, 2009; 01:16 PM ET | Comments (44)

Markets Mixed At Opening

Wall Street is mixed at opening today, kicking off a short trading week that is nevertheless filled with important economic data. In the first 15 minutes of trading, the Dow is up about 22 points. The broader S&P 500 is...

By Frank Ahrens | June 29, 2009; 09:49 AM ET | Comments (0)

Lunch With Buffett Draws Less Interest Than Last Year

Another sign of the recession: So far, bids for Warren Buffett's annual lunch-with-Warren-for-charity are up to "only" $600,000 as bidding concludes at midnight tonight on eBay. Last year, the winning bidder, hedge fund manager Zhao Danyang, paid $2.1 million to...

By Frank Ahrens | June 26, 2009; 04:39 PM ET | Comments (1)

Consumer Confidence Jumps in June

U.S. consumer confidence continued to rise in June's numbers, hitting its highest level since February 2008. This means that consumers think the economy is better than it was, which is true. Consumers also ratcheted back their expectations for the future,...

By Frank Ahrens | June 26, 2009; 01:50 PM ET | Comments (0)

More Bad News For Boeing: Qantas Cancels Orders for 15 Dreamliners

I'm sure everyone else has written it, but The Ticker hasn't yet, so let's go ahead and pile on: Boeing's hope for the future, its 787 Dreamliner, has turned into a Nightmareliner. Thank you, thank you! We'll be here all...

By Frank Ahrens | June 26, 2009; 11:23 AM ET | Comments (0)

Markets Flat at Opening

Wall Street was on pace for a blah week until yesterday's big 2 percent surge in the Dow. Today we'll see if traders keep the momentum going or take some of yesterday's profits in a sell-off. In the first 15...

By Frank Ahrens | June 26, 2009; 09:49 AM ET | Comments (0)

Bernanke Emerges From Hearing Bloodied But Unbroken

UPDATED at 1:24 p.m.: Fed Chairman Ben Bernanke just wrapped up more than three hours of grilling at the hands of a hostile House Oversight committee digging to find out if Bernanke forced Bank of America chief executive Ken Lewis...

By Frank Ahrens | June 25, 2009; 01:24 PM ET | Comments (2)

Markets Open Flat

Wall Street opened flat this morning, as traders digested data showing that the economy shrank at a rate of 5.5 percent in the first quarter. In the first 15 minutes of trading, the Dow, the broader S&P 500 and the...

By Frank Ahrens | June 25, 2009; 09:54 AM ET | Comments (0)

GM Bankruptcy Court Today: Are Automaker's Advisers Making Too Much in Fees?

General Motors is back in federal bankruptcy court today for a hearing on a series of contested matters. At issue are payments GM is seeking to make to its financial advisors, Evercore Partners, a boutique investment bank, and AlixPartners, a...

By Sara Goo | June 25, 2009; 08:50 AM ET | Comments (0)

Rep. Issa: Bernanke Engaged In 'Cover-Up' In Bank of America-Merrill Merger

UPDATED below at 3:22 p.m. with internal e-mail obtained by The Post: Fed Chairman Ben Bernanke engaged in a "cover-up" to disguise his actions in strong-arming the merger of Bank of America and Merrill Lynch last fall, Rep. Darrell Issa...

By Frank Ahrens | June 24, 2009; 03:22 PM ET | Comments (4)

Buffett: 'Don't See How You Could Do Better' Than Bernanke

World's richest man and super-investor Warren Buffett just gave Fed Chairman Ben Bernanke a ringing endorsement -- something that President Obama has yet to do. In an interview concluded moments ago on CNBC, Buffett was asked whether Bernanke should be...

By Frank Ahrens | June 24, 2009; 11:55 AM ET | Comments (0)

New-Home Sales Dipped in May

Sales of new homes in May dipped 0.6 percent compared with April, and were down 33 percent compared with last May, the Commerce Department said this morning. The number fell short of forecasters' projections for May, indicating that this housing...

By Frank Ahrens | June 24, 2009; 11:53 AM ET | Comments (1)

Report: Worst Over, But Recovery Will Be Long, Weak

The Paris-based Organisation for Economic Cooperation and Development (OECD) said today that the worst of this recession -- now in its 18th month in the U.S. -- is over, but recovery will be weak and take a long time. The...

By Frank Ahrens | June 24, 2009; 11:30 AM ET | Comments (1)

Markets Up at Opening

Wall Street opened up this morning, boosted by a surprise jump in durable goods orders in May, the Commerce Department reported this morning. In the first 15 minutes of trading, the Dow was up about 50 points, or a little...

By Frank Ahrens | June 24, 2009; 09:48 AM ET | Comments (1)

Wal-Mart Aims to Hold Onto New Recession Customers by Going Upscale -- Just a Little

Wal-Mart has been one of the few winners in this 18-month recession (along with McDonald's) thanks to what economists call the "trade-down effect": Instead of shopping at Target during a recession, folks who've never gone to a Wal-Mart now shop...

By Frank Ahrens | June 23, 2009; 04:55 PM ET | Comments (0)

Boeing Delays 787 Dreamliner -- Yet Again

This is becoming a recurring theme on The Ticker: Boeing delaying the first flight of its new 787 Dreamliner passenger jet, the plane the company has pinned most of its hopes upon. The aerospace giant and manufacturing-sector heavyweight delayed the...

By Frank Ahrens | June 23, 2009; 03:45 PM ET | Comments (0)

Obama Takes Free-Market View of Lowering Minority Unemployment

At a news conference just concluded, President Obama was asked a question about black unemployment in the U.S., which might hit 20 percent by the end of the year -- more than twice that of the total population's jobless rate...

By Frank Ahrens | June 23, 2009; 03:02 PM ET | Comments (0)

GM Back in Bankruptcy Court Today

A group of bondholders opposing General Motors' bankruptcy plan are in federal court today seeking "official" committee status. If successful, the group will hold more influence over the bankruptcy proceedings, potentially threatening the automaker's government-backed plan to create a new,...

By Sara Goo | June 23, 2009; 01:50 PM ET | Comments (0)

Government Finally Doles Out Original Aid to U.S. Automakers

Remember that $25 billion in loans that Congress approved to be given to automakers to help them retool their factories to make more fuel-efficient cars? Remember that, way back in last summer, before the world blew up and two of...

By Frank Ahrens | June 23, 2009; 11:20 AM ET | Comments (0)

Madoff Asks for Leniency in Sentencing

Bernie Madoff's attorney today asked for leniency for his client at his June 29 sentencing, saying the 71-year-old confessed Ponzi schemer should not spend the rest of his life in prison. In a letter filed in Manhattan federal court, Madoff...

By Frank Ahrens | June 23, 2009; 10:47 AM ET | Comments (4)

Existing Home Sales Rise Tepidly In May

Sales of existing homes rose a less-than-expected 2.4 percent in May compared to April, the National Association of Realtors reported moments ago. The May sales rate converts to an annual sales rate of 4.77 million homes. Analysts surveyed by Thomson...

By Frank Ahrens | June 23, 2009; 10:18 AM ET | Comments (0)

Markets Flat At Opening

Wall Street meekly tried to recoup some of yesterday's big losses at opening today, coming out of the gates flat, rather than falling off a cliff, like they did yesterday. In the first 15 minutes of trading, the Dow is...

By Frank Ahrens | June 23, 2009; 09:50 AM ET | Comments (0)

Blue Monday on Wall Street

To quote that feel-good band of the '90s, New Order, it was a blue Monday on Wall Street. And that's not even the half of it. Sure, it was the worst day for stocks in two months. Sure, the S&P...

By Frank Ahrens | June 22, 2009; 04:44 PM ET | Comments (0)

Possible Madoff Co-Conspirators Charged

The SEC today charged a brokerage firm called Cohmad Securities and four people with securities fraud, saying they were "feeder funds" that channeled billions into Bernie Madoff's alleged $50 billion Ponzi investment scheme. The SEC charged that Madoff, currently in...

By Frank Ahrens | June 22, 2009; 03:05 PM ET | Comments (7)

Car Quality: Toyota Still Tops, Detroit Makes Gains, Mini Cooper at Bottom

Toyota's Lexus brand is the highest-quality vehicle being made, according to the most recent J.D. Power and Associates study released today. The survey asks owners about mechanical and design problems they experience in the first 90 days of ownership. At...

By Frank Ahrens | June 22, 2009; 02:28 PM ET | Comments (0)

Iacocca: Government Is 'on You Day and Night'

In a rare interview, former Chrysler celebrity chief executive Lee Iacocca urged his former company to pay back the government loans as quickly as possible because, "they're on you day and night." Iacocca, 84, ran Chrysler from 1978 to his...

By Frank Ahrens | June 22, 2009; 11:02 AM ET | Comments (0)

Markets Down Sharply at Opening

Wall Street opened down sharply across the board, as the World Bank significantly cut its global economic forecast for 2009 this morning. In the first 15 minutes of trading, the Dow was down 98 points, or more than 1 percent....

By Frank Ahrens | June 22, 2009; 09:49 AM ET | Comments (0)

House Panel Sends Second Subpoena To Fed On Bank of America-Merrill Deal

The House Oversight committee has issued a second subpoena to the Federal Reserve demanding additional internal information regarding the agency's role in the Bank of America-Merrill Lynch merger last year, according to a source familiar with the panel's ongoing investigation....

By Frank Ahrens | June 19, 2009; 03:31 PM ET | Comments (2)

A Graphic Representation of How Much Is Being Spent on Bailout

Once you start talking about $50 billion, $700 billion, $1 trillion, the numbers stop mattering to most minds. There's just no way to wrap your head around numbers that big. You can try the old reporter's trick, and write things...

By Frank Ahrens | June 19, 2009; 03:25 PM ET | Comments (0)

May Unemployment Keeps Rising In Most States, D.C.

Unemployment continued to rise from April to May in D.C. and every state but two, the Bureau of Labor Statistics said this morning. Eight states hit historic highs. Only two states -- Alaska and North Dakota -- added jobs from...

By Frank Ahrens | June 19, 2009; 11:15 AM ET | Comments (1)

Markets Up at Opening

Improving sentiment lifted the markets this morning, as Wall Street opened up across the board. In the first 15 minutes of trading, the Dow was up about 46 points, or about half a percent. The broader S&P 500 was up...

By Frank Ahrens | June 19, 2009; 09:50 AM ET | Comments (0)

GM Sheds Crippling Corporate Image -- Its Fleet Of Jets

A bankruptcy judge today approved allowing General Motors to sever its leasing agreements for its seven corporate jets and the hangar space it leases in Detroit's airport. You may recall how the automakers' jets became a symbol to some in...

By Frank Ahrens | June 18, 2009; 05:30 PM ET | Comments (1)

Reactions to Obama's Financial Overhaul Vary

The Ticker scanned the econosphere for reaction to President Obama's plan to overhaul the regulations governing the nation's financial system in the wake of last year's collapse. Here's a sampling: -- "The administration's proposal is so vast and controversial that...

By Frank Ahrens | June 18, 2009; 05:03 PM ET | Comments (2)

Geithner Won't Say If Bailout Program Will Be Extended

Updated at 13:43 p.m. NOTE: Treasury Secretary Tim Geithner's appearance before the House Financial Services committee scheduled to start at 1 p.m. today, has been postponed. The Senate Banking committee just let Treasury Secretary Tim Geithner go, and now he...

By Sara Goo | June 18, 2009; 12:11 PM ET | Comments (5)

Sens. Corker, Warner Sponsor Bill To Get Govt. Out of AIG, GM, Citigroup

Banking committee members Sens. Bob Corker (R-Tenn.) and Mark Warner (D-Va.) are sponsoring a bill that would get the government out of AIG, General Motors and Citigroup in a novel way: by transferring ownership control to a limited-liability corporation run...

By Frank Ahrens | June 17, 2009; 04:17 PM ET | Comments (1)

Eddie Bauer Files For Chapter 11 Bankruptcy

Outdoors clothing retailer Eddie Bauer Holdings filed for Chapter 11 bankruptcy/restructuring today, become the latest victim of depressed consumer spending in the ongoing recession, now in its 18th month. Eddie Bauer said its cash flow problems were causing its suppliers...

By Frank Ahrens | June 17, 2009; 02:44 PM ET | Comments (0)

Obama: Unemployment to Hit 10%

U.S. unemployment, now at a 25-year high of 9.4 percent, will hit 10 percent before it begins to decline, President Obama said during an interview with Bloomberg yesterday. Obama correctly called employment a "lagging indicator," meaning that unemployment can continue...

By Frank Ahrens | June 17, 2009; 11:19 AM ET | Comments (0)

Bernanke to Testify on Bank Of America-Merrill Lynch Deal

Fed Chairman Ben Bernanke will testify before the House Oversight Committee next Thursday, June 25, to answer questions on whether he twisted the arm of Bank of America chief executive Ken Lewis and forced him to go through with his...

By Frank Ahrens | June 17, 2009; 10:30 AM ET | Comments (0)

Markets Open Flat

It seems safe to say that the Sideways Summer of '09 has begun: Wall Street opened flat this morning, as the March rally appears to be leveling off. In the first 20 minutes of trading, the Dow was down just...

By Frank Ahrens | June 17, 2009; 09:53 AM ET | Comments (0)

May Housing Starts Surge -- What Gives?

This morning, we learned that housing starts in May surged 17.2 percent higher than they were in April, which means home builders are starting to build again. Yesterday, The Ticker reported here home builder sentiment -- what residential developers think...

By Frank Ahrens | June 16, 2009; 02:17 PM ET | Comments (0)

Swedish Car Company With 45 Employees Buys Saab

General Motors has agreed to send its Saab unit back home, selling the quirky carmaker to a consortium led by Koenigsegg, a Swedish maker of super-fast custom sports cars, that has 45 employees, The Post's Kendra Marr reports. What the...?...

By Frank Ahrens | June 16, 2009; 11:44 AM ET | Comments (0)

Markets Open Up Slightly

Wall Street tried to regain some of its big losses from yesterday and opened up slightly this morning. In the first 15 minutes of trading, the Dow was up about 13 points, or about one-tenth of 1 percent. The broader...

By Frank Ahrens | June 16, 2009; 09:47 AM ET | Comments (0)

Stock Market 'Fear Index' Rises

Here at The Ticker, we like to take you behind the well-known numbers and show you some of the less sexy but very meaningful numbers that rule the markets. Last month, we brought you the Baltic Dry Index. Today, we...

By Frank Ahrens | June 15, 2009; 03:44 PM ET | Comments (0)

Home Builder Sentiment Slips

Home builder sentiment has slipped backward in June following five straight months of gains from its record lows, the National Association of Home Builders said today. The trade group surveys 548 residential developers nationwide to gauge how they think their...

By Frank Ahrens | June 15, 2009; 03:34 PM ET | Comments (0)

Arthur Laffer: Hold On, Here Comes '70s-Style Inflation

Bell bottoms and disco may not be coming back, but 1970s-style inflation is poised for a return, noted supply-side economist Arthur Laffer wrote in the Wall Street Journal last week. You'll recall that The Ticker is an inflation hawk because...

By Frank Ahrens | June 15, 2009; 12:08 PM ET | Comments (0)

Chrysler: Rural Customers Will Still Have Dealers Close By

UPDATED at 2:26 p.m. Chrysler president Jim Press testified moments ago before the House Energy committee that, even after he closes 768 dealerships, Chrysler owners who live in rural areas will have to drive only .94 miles to reach another...

By Frank Ahrens | June 12, 2009; 02:26 PM ET | Comments (0)

Consumer Confidence Highest In Nine Months

U.S. consumer confidence reached its highest level in nine months, and represents the third straight month of increases. The preliminary June numbers, prepared by the University of Michigan and Reuters, are slightly below economists' expectations and remain below the levels...

By Frank Ahrens | June 12, 2009; 02:19 PM ET | Comments (0)

Summers: I Don't Want To 'Supplant Or Replace' Markets

National Economic Council Director Lawrence Summers defended the Obama administration’s approach to the financial crisis while laying out some of the thinking behind its upcoming proposal to overhaul financial regulation today, The Post's David Cho reports. He said the initiatives...

By Frank Ahrens | June 12, 2009; 12:57 PM ET | Comments (0)

GM Near Deal to Sell Saab

General Motors could be nearing a sale of its Swedish unit Saab. In a statement titled “A new investor for Saab?” the company acknowledged this morning that speculation surrounding the deal has reached “fever pitch.” “To set the record...

By Sara Goo | June 12, 2009; 11:56 AM ET | Comments (2)

Markets Open Slightly Down

Wall Street opened down this morning, as the markets continued to move sideways since the beginning of the month. In the first 15 minutes of trading, the Dow was down 23 points, or a third of a percent. The broader...

By Frank Ahrens | June 12, 2009; 09:50 AM ET | Comments (0)

B of A CEO Lewis Hammered On Hill Over Merrill Lynch Merger

UPDATED at 1:30 p.m.: Rep. Edolphus Towns (D-N.Y.) just wrapped up the three-and-half-hour hearing of his Oversight committee grilling of Bank of America chief executive Ken Lewis, trying to determine if he felt pressured by federal officials to conclude his...

By Frank Ahrens | June 11, 2009; 01:30 PM ET | Comments (2)

World Bank: Global Economy To Shrink 3 Percent in 2009

The global economy is on track to shrink 3 percent by the end of this year, the World Bank said this morning, a figure significantly greater than the 1.75 percent contraction predicted by the bank earlier this year, The Post's...

By Frank Ahrens | June 11, 2009; 10:17 AM ET | Comments (0)

Markets Open Up

Wall Street opened up this morning as it attempts to regain momentum in the rally that began in early March. In the first 20 minutes of trading, the Dow is up about 80 points or nearly 1 percent. The broader...

By Frank Ahrens | June 11, 2009; 09:51 AM ET | Comments (0)

House GOP: Paulson, Bernanke 'Put a Gun to the Head' of Bank of America to Force Merrill Lynch Merger

Fed Chairman Ben Bernanke and then-Treasury Secretary Hank Paulson placed "inappropriate pressure" on Bank of America to go ahead with its $50 billion acquisition of troubled brokerage Merrill Lynch last December, preventing a reluctant Bank of America chief executive Ken...

By Frank Ahrens | June 10, 2009; 04:56 PM ET | Comments (0)

New GM Chair: 'I Don't Know Anything About Cars'

Edward E. Whitacre Jr. the new chairman of GM admitted that he knows nothing about the auto industry. “I don’t know anything about cars,” Whitacre, 67, said in a Tuesday interview, Bloomberg said. “A business is a business, and I...

By Frank Ahrens | June 10, 2009; 01:47 PM ET | Comments (2)

Chrysler, Fiat Sign Deal, Get Down To Business

UPDATED at 10:16 a.m. with official statement: Chrysler has concluded its breakneck bankruptcy and this morning signed the deal to transfer its good assets to Italian automaker Fiat. The deal concludes hours after the Supreme Court lifted its stay late...

By Frank Ahrens | June 10, 2009; 10:16 AM ET | Comments (1)

Taxpayers to Take Big Ownership Stake in Citigroup

The federal government will own about 34 percent of Citigroup after the troubled mega-bank completes a stock-swap exchange it is beginning today. Citigroup plans to convert $58 billion of its preferred stock into common stock as a way of raising...

By Frank Ahrens | June 10, 2009; 09:45 AM ET | Comments (0)

The Case Of the Mysterious Flaming SEC E-Mail

UPDATED with e-mail excerpts, further SEC reaction at 9:27 p.m.: NOTE: The Ticker initially decided not to publish the content of the e-mail discussed here because its source could not be verified. But after consulting with top editors here at...

By Frank Ahrens | June 9, 2009; 09:27 PM ET | Comments (9)

Bank Of America -- and Taxpayers -- Paying Mozilo's Legal Bills

Bank of America is paying the legal fees of Angelo Mozilo, founder of Countrywide Financial, which was purchased by Bank of America last year, the bank said today. Mozilo is facing civil charges of securities fraud and insider trading and...

By Frank Ahrens | June 9, 2009; 05:00 PM ET | Comments (0)

BB&T, Morgan Stanley, Others Say Treasury Will Let Them Repay Bailout

UPDATED at 11:06 a.m. with all 10 banks: Regional bank BB&T is the first to announce today that the Treasury Department will let it pay back the bailout money it was given. Capital One followed shortly after, saying it too,...

By Frank Ahrens | June 9, 2009; 11:06 AM ET | Comments (1)

Markets Open Modestly Up as Treasury Lets 10 Banks Pay Back Bailout

Wall Street opened modestly up this morning, as traders awaited the federal government's announcement of which banks it will allow to pay back bailout money. In the first 15 minutes of trading, the Dow is up 27 points, or about...

By Frank Ahrens | June 9, 2009; 09:49 AM ET | Comments (0)

Fiat: We Won't Walk Away From Chrysler

Italian automaker Fiat said that it will stick with its agreement to buy into Chrysler, despite yesterday's Supreme Court ruling staying the deal. "Fiat won't walk away from Chrysler," Fiat spokesman Gualberto Ranieri said in Milan, the Associated Press reported....

By Frank Ahrens | June 9, 2009; 09:36 AM ET | Comments (0)

Live Blogging: Dealers Back In Court

This morning, Chrysler is in federal bankruptcy court asking for Judge Arthur Gonzalez's approval to terminate agreements with 789 dealers starting today. The hearing follows hours of testimony last Thursday from rejected dealers. Although the U.S. Supreme Court yesterday extended...

By Dan Beyers | June 9, 2009; 08:30 AM ET | Comments (0)

Supreme Court Stalls Chrysler-Fiat Deal

The Supreme Court ruled moments ago that Chrysler cannot yet sell most of its assets to Fiat, a move that has been opposed by three Indiana state pension and construction funds. The ruling grants a stay in the sale as...

By Frank Ahrens | June 8, 2009; 04:15 PM ET | Comments (84)

Credit Card Delinquency Spikes

The delinquency rate for bank-issued credit cards jumped 11 percent in the first three months of this year, credit-rating agency TransUnion said this morning. The percentage of credit card customers who are three or more months past due on their...

By Frank Ahrens | June 8, 2009; 11:08 AM ET | Comments (1)

Markets Open Down on Big Banks News

Wall Street opened the unofficial second week of summer with downward pressure on the markets, as they await more White House word on the health of U.S. banks. In the first 15 minutes of trading, the Dow was down nearly...

By Frank Ahrens | June 8, 2009; 09:51 AM ET | Comments (0)

GM Sells Saturn to Penske

The Post's Kendra Marr just confirmed that General Motors has agreed to a deal to sell another one of its product lines --- Saturn, with Penske as the buyer. GM, which filed for bankruptcy on Monday, has been looking to...

By Michael S. Rosenwald | June 5, 2009; 10:47 AM ET | Comments (0)

Stocks Up at Opening

This morning's jobs report was confusing -- unemployment up, job losses down -- but apparently Wall Street likes what it saw, because traders have sent stocks higher this morning. At the open, the Dow is up 73 points, or .8...

By Michael S. Rosenwald | June 5, 2009; 09:46 AM ET | Comments (1)

Inflation Fears Push Gold Near Record Price

Here at The Ticker, we've been waving the yellow caution flag on inflation for some time. Now, investors appear to be agreeing. Gold was pushed to near-record price levels today, edging toward $1,000 per ounce. It's up 11 percent from...

By Frank Ahrens | June 4, 2009; 05:06 PM ET | Comments (1)

Wal-Mart to Hire 22,000 Workers This Year -- What's It Mean?

This morning, Wal-Mart -- the nation's largest retailer -- said it would hire 22,000 new workers this year. On the face of it, that looks like good news in an economy that could use some. "During this difficult economic time,...

By Frank Ahrens | June 4, 2009; 02:29 PM ET | Comments (0)

Treasury Spends Another $135 Million On Low-Cost Housing

The Treasury Department announced moments ago that it is authorizing another $135 million in taxpayer money to be spent building or renovating low-cost housing in Iowa, Maine, New Hampshire, Rhode Island and Washington. The breakdown goes like this: - $72...

By Frank Ahrens | June 4, 2009; 11:37 AM ET | Comments (0)

Markets Open Up Slightly

Wall Street opened slightly up this morning, as it digested May retail numbers that continued to fall. In the first 15 minutes of trading, the Dow was a few points above water. The broader S&P 500 was up about one-third...

By Frank Ahrens | June 4, 2009; 09:52 AM ET | Comments (0)

Live Blogging: Dealers Get Their Day In Court

Chrysler's dealers are getting their day in court. In what is expected to be a marathon session, U.S. Bankruptcy Judge Arthur Gonzalez is to hear testimony today from dealers that are being dropped by Chrysler under its plan to establish...

By Dan Beyers | June 4, 2009; 08:00 AM ET | Comments (4)

GM Has Reversed 11 Dealer Closings -- So Far

UPDATED at 5:47 p.m.: The heads of GM and Chrysler are defending their bankruptcy-related dealer closings before the Senate Commerce committee underway now. GM chief executive Fritz Henderson said moments ago that his company has received appeals from about 500...

By Frank Ahrens | June 3, 2009; 05:47 PM ET | Comments (3)

Life Insurance Industry: Let Us Choose State Or Federal Regulation

As the Obama administration puts the finishing touches on a plan to overhaul financial regulation, the life insurance industry today issued a plea for one of its top priorities: giving insurers the ability to choose whether they are supervised by...

By Frank Ahrens | June 2, 2009; 06:47 PM ET | Comments (0)

May Auto Sales: Toyota Off 38%, GM Down 30%, Ford Off 21%

UPDATED at 3:06 p.m.: May sales of Ford and General Motors vehicles were down sharply compared to May 2008 but did not drop as low as forecasters expected, as the two automakers showed surprising resilience to the ongoing troubles in...

By Frank Ahrens | June 2, 2009; 03:06 PM ET | Comments (9)

Pending Home Sales Jump In April

Pending sales of U.S. homes jumped 6.7 percent from March to April, the biggest monthly jump in nearly eight years, the National Association of Realtors reported this morning. Pending sales are up 3.2 percent compared to April 2008. “Housing affordability...

By Frank Ahrens | June 2, 2009; 10:20 AM ET | Comments (12)

Markets Open Flat After Gangbusters Monday

Wall Street opened flat this morning as investors await pending home sales data later this morning, following a Monday rally that pushed the S&P 500 to its highest close in seven months. In the first 15 minutes of trading, the...

By Frank Ahrens | June 2, 2009; 09:46 AM ET | Comments (1)

Live From The GM Bankruptcy Hearing

General Motors filed for bankruptcy protection this morning, marking the end of an era in the American automotive industry. Attorneys for GM will now push for court approval of a transaction that would allow for a quick sale of...

By Dan Beyers | June 1, 2009; 12:21 PM ET | Comments (0)

Washington-Area GM Plant Among 17 Closing, Slowing

General Motors is closing its Fredericksburg, Va., components plant by December 2010, the ailing automaker said this morning. GM will close or slow 17 of its plants and support facilities as part of its bankruptcy filing this morning. Here is...

By Frank Ahrens | June 1, 2009; 10:47 AM ET | Comments (0)

Markets Open Up Strongly

Wall Street started June off strongly this morning, opening up across the board as the markets digested some promising consumer spending news and finally got some closure with the historic General Motors bankruptcy filing. In the first half-hour of trading,...

By Frank Ahrens | June 1, 2009; 10:07 AM ET | Comments (0)

Obscure 'Baltic Dry Index' Soars. And You Care, Why?

Today, The Ticker revisits one of its favorite obscure economic indicators: The Baltic Dry Index, or BDI, which just had its best month ever. We first mentioned the BDI in this story in The Post in February. In case you...

By Frank Ahrens | May 29, 2009; 02:56 PM ET | Comments (1)

Consumer Sentiment Hits Eight-Month High

Consumer sentiment about the state of the U.S. economy soared in early May to its highest level since September, just before Lehman Bros. collapsed and the cascade of panic began, according to a widely watched index. The Reuters/University of Michigan...

By Frank Ahrens | May 29, 2009; 12:02 PM ET | Comments (0)

Chrysler Dealers: Company 'Begged' Us to Take Too Many Cars

UPDATED below with testimony from other dealers at 11:27 a.m. Chrysler dealers who would be forced to shutter their shops took the stand in bankruptcy court this morning, the third day of hearings to decide whether Chrysler can sell itself...

By Frank Ahrens | May 29, 2009; 11:27 AM ET | Comments (0)

Markets Open Tepidly

Wall Street opened up tepidly this morning, then retreated to neutral, as the markets looked to complete a winning short-trading week and Chrysler attempted to wind up its sale to the Fiat-led consortium today. In the first 15 minutes of...

By Frank Ahrens | May 29, 2009; 09:50 AM ET | Comments (0)

Nardelli: Chrysler Will Be Sold To Fiat On Friday

Chrysler chairman and chief execute Robert Nardelli said in testimony in bankruptcy court this afternoon that he expects Chrysler's proposed sale to Italian car maker Fiat to close on Friday, The Post's Tomoeh Murakami Tse reports from New York. Nardelli...

By Frank Ahrens | May 28, 2009; 04:07 PM ET | Comments (0)

Report: Record 12% Of Homeowners Behind In Mortgage, In Foreclosure

A record 12 percent of U.S. homeowners are behind on their mortgage or in foreclosure, an industry report said today, as the housing crisis extends beyond bad-credit borrowers who took out gimmicky, high-risk loans. According to a report from the...

By Frank Ahrens | May 28, 2009; 10:59 AM ET | Comments (1)

Moody's: U.S.'s 'Aaa' Credit Rating Is Stable -- For Now

Moody's ratings agency said today that the U.S. government's highest-level "Aaa" credit rating is stable -- at least for the time being -- despite mounting debt related to President Obama's budget and stimulus. This comes one week after rival ratings...

By Frank Ahrens | May 27, 2009; 04:01 PM ET | Comments (0)

Survey: Most Economists See Recession Ending This Year

A survey of economists released this morning shows that 74 percent believe that the recession, which began in December 2007, will end in the third quarter of this year. Another 19 percent predicted the recession will end in the last...

By Frank Ahrens | May 27, 2009; 11:33 AM ET | Comments (1)

Home Sales Tick Up Slightly From March to April

Sales of previously occupied homes ticked up slightly from March to April, thanks to low mortgage rates and prices driven down by foreclosures and the bursting of the housing bubble, a real estate group said moments ago. According to the...

By Frank Ahrens | May 27, 2009; 10:19 AM ET | Comments (0)

Markets Open Slightly Down

Wall Street took a breather from its big rally yesterday, opening slightly down this morning. In the first 28 minutes of trading, the Dow is off about 15 points, or a fraction of 1 percent. The tech-heavy Nasdaq is up...

By Frank Ahrens | May 27, 2009; 09:59 AM ET | Comments (0)

GM Bondholders Reject Offer; Bankruptcy Now All But Certain For Automaker

General Motors announced this morning that its debt-for-equity swap offer to its bondholders deal has failed, eliminating the last procedural hurdle to a government-sponsored bankruptcy. GM had offered its bondholders, who hold some $27 billion in company debt, an offer...

By Frank Ahrens | May 27, 2009; 09:41 AM ET | Comments (0)

Expert: Housing Prices Will Bottom at 50% of Value

Housing prices will continue to drop through next year and homeowners can expect their houses to lose another 10 or 15 percent of their value, bottoming out to be worth half of what was once their resale value, Whitney Tilson...

By Frank Ahrens | May 26, 2009; 04:55 PM ET | Comments (0)

GM Inches Closer To Bankruptcy -- Or Complete Govt. Bailout

UPDATED at 3:25 p.m. with swap-offer results: Key developments are unfolding today with ailing Detroit automaker and American icon General Motors, each of which is pushing the company toward what appears to be its inevitable bankruptcy. Or, alternatively, toward a...

By Frank Ahrens | May 26, 2009; 03:25 PM ET | Comments (0)

Home Prices Plunge Record 19.1 Percent

UPDATED at 11:28 a.m. with data from individual cities: Home prices across the nation plunged a record 19.1 percent in the first three months of this year compared with the same period last year, according to the S&P/Case-Shiller National Home...

By Frank Ahrens | May 26, 2009; 11:28 AM ET | Comments (2)

Consumer Confidence Soars in May, Markets Surge

It looked like Wall Street was waiting for just one piece of good news to take off today, and it got that moments ago: Consumer confidence in May soared to its highest level since September, pushing the Dow Jones up...

By Frank Ahrens | May 26, 2009; 10:33 AM ET | Comments (0)

Markets Flat at Opening

Wall Street opened flat after the long holiday weekend, as the markets headed into the tepid summer months and digested discouraging home price data released before opening. In the first 15 minutes of trading, the Dow was essentially flat. The...

By Frank Ahrens | May 26, 2009; 09:49 AM ET | Comments (0)

Don't Take a Summer Vacation From Your Investments

Despite stock market spikes and troughs, larger, long-term cycles underlie and drive the markets. Smart investors study the cycles and gamble on them. With Memorial Day unofficially kicking off summer, what might a summer cycle bring for your investments? Start...

By Frank Ahrens | May 22, 2009; 04:43 PM ET | Comments (0)

GOP Lawmakers Push Geithner on GM 'Main Street' Bondholders' Behalf

Yesterday, The Ticker reported on the case of General Motors' self-described "Main Street bondholders:" Those Moms and Pops who bought safe-seeming GM bonds and that collectively hold $7 billion worth of the company's debt. They are complaining that the government-backed...

By Frank Ahrens | May 22, 2009; 12:06 PM ET | Comments (1)

D.C.'s Carlyle Group Buys Into Failed Florida Bank

Washington's Carlyle Group -- the private equity firm run by former Carter White House adviser David Rubenstein -- is one of a few high-profile investors in BankUnited, a failed Florida bank seized and bailed out by the FDIC for $4.9...

By Frank Ahrens | May 22, 2009; 10:47 AM ET | Comments (0)

Markets Flat at Opening

Wall Street opened largely flat this morning, as the markets looked to reverse a poor week on a light trading day ahead of the long holiday weekend. In the first 15 minutes of trading, the Dow, the broader S&P 500...

By Frank Ahrens | May 22, 2009; 09:51 AM ET | Comments (0)

AIG's Liddy Repeats Promise To Step Down When Replacement Found

Ed Liddy, appointed by the U.S. government to run troubled insurance giant AIG last September and who is receiving a salary of $1 per year, today repeated his pledge to step down once his successor is found. Liddy, who left...

By Frank Ahrens | May 21, 2009; 04:48 PM ET | Comments (0)

'Main Street' GM Bondholders Feel Left Out, Blame Obama

A group of small General Motors bondholders calling themselves the "Main Street bondholders" complained today in Washington that the Obama administration has left them out of negotiations with the failing Detroit automaker and that their needs -- and investments --...

By Frank Ahrens | May 21, 2009; 04:07 PM ET | Comments (0)

Geithner: IRS Will Get Half of Treasury Budget Hike

Treasury Secretary Tim Geithner has asked Congress to increase his agency's budget by 5.3 percent to $13.4 billion for 2010, according to testimony he is delivering today to a House panel. Nearly half of the $676 million increase -- $332...

By Frank Ahrens | May 21, 2009; 12:15 PM ET | Comments (0)

U.K. In Danger Of Losing AAA Credit Rating

A number of U.S. companies have seen their credit rating downgraded during this recession, now in its 17th month. But today an entire nation -- the government of the United Kingdom -- now stands in danger of losing its blue-chip...

By Frank Ahrens | May 21, 2009; 11:24 AM ET | Comments (0)

Markets Dive at Opening

Wall Street opened sharply down across the board this morning, as the eventual "sideways" movement predicted by many traders since the start of the March rally may be beginning. In the first 15 minutes of trading, the Dow is down...

By Frank Ahrens | May 21, 2009; 09:48 AM ET | Comments (0)

Sen. Corker's Novel AIG Wind-Down Plan

Something caught The Ticker's attention during today's long testimony of Treasury Secretary Tim Geithner before the House Banking committee: Sen. Bob Corker's (R-Tenn.) plan for granting a federal agency "one-off" authority to wind down troubled insurance giant AIG, instead of...

By Frank Ahrens | May 20, 2009; 05:13 PM ET | Comments (0)

Treasury: $98.7 Billion Left In Bailout Funds

This morning the Treasury Department released its tally so far of how much has been spent so far of the $700 billion government bailout, or TARP program, which stands for Troubled Asset Relief Program (Although, of course, none of the...

By Frank Ahrens | May 20, 2009; 02:41 PM ET | Comments (0)

House Passes Credit Card Crackdown Legislation

The House moments ago passed a bill placing new restrictions on companies that issues credit cards by a vote of 361-64. The vote follows yesterday's Senate passage of the bill, which now heads for President Obama's promised signature. The House...

By Frank Ahrens | May 20, 2009; 02:26 PM ET | Comments (2)

Geithner: 'I Would Not Give One Penny' To AIG Counter-Parties If I Didn't Have To

UPDATED at 12:03 P.M.: Treasury Secretary Tim Geithner, who just finished testifying before Sen. Chris Dodd's (D-Conn.) Senate Banking committee, said that "it's not fair" that AIG counter-parties are getting paid 100 cents on the dollar by government bailout money...

By Frank Ahrens | May 20, 2009; 12:03 PM ET | Comments (0)

Markets Open Up

Wall Street opened up this morning on some better-than-expected earnings and the promise of an upbeat message from Treasury Secretary Tim Geithner, who is about to begin testimony before Congress on the progress of the federal bailout. In the first...

By Frank Ahrens | May 20, 2009; 09:46 AM ET | Comments (0)

'Fear Index' Hits Lowest Number Since Pre-Lehman Collapse

The S&P 500 Volatility Index -- an implied measure of how much stock option prices jump around, sometimes called the "fear index" -- hit its lowest mark today since just before Lehman Brothers collapsed in September. The Ticker likes to...

By Frank Ahrens | May 19, 2009; 04:44 PM ET | Comments (0)

Allstate Turns Down Federal Bailout Funds

Allstate has become the second life insurance company to turn down the option of a federal bailout, The Post's David S. Hilzenrath reports. Allstate said today that it will not accept the infusion of taxpayer funds for which it received...

By Frank Ahrens | May 19, 2009; 03:52 PM ET | Comments (0)

Senate Passes Bill Cracking Down On Credit Card Companies

Updated 1:14 pm with vote tally. Moments ago, the Senate passed a bill, 90-5, sponsored by banking committee chairman Chris Dodd (D-Conn.) that would place new restrictions on credit card companies, which Dodd says will benefit consumers. Voting against the...

By Frank Ahrens | May 19, 2009; 01:14 PM ET | Comments (3)

Geithner Names Deputy at Treasury

Neal S. Wolin, another alum of the first Bob Rubin-Larry Summers tour in Washington, has been hired as deputy to Treasury Secretary Tim Geithner, the agency announced this morning. Wolin, who has roots in the Clinton White House's National Security...

By Frank Ahrens | May 19, 2009; 12:04 PM ET | Comments (0)

Senate Moves Toward Vote on Credit Card Regulations

The Senate is moving at this hour toward a vote on new restrictions on credit card issuers designed to regulate what the companies can charge consumers. The so-called "credit card bill of rights," as sponsored by banking committee chairman Sen....

By Frank Ahrens | May 19, 2009; 11:49 AM ET | Comments (3)

No Relief for Luxe Retailers

How can you tell we're still in a recession? Same-store sales at Saks are down 28 percent compared to this time last year, the company said this morning. Bargain retailers such as Wal-Mart and McDonald's have not only survived but...

By Frank Ahrens | May 19, 2009; 11:13 AM ET | Comments (0)

Markets Slightly Off At Opening

Wall Street opened slightly down this morning, responding to pressure from record-low housing construction in April. In the first 15 minutes of trading, the Dow is down about 20 points, or about one-quarter of 1 percent. The tech-heavy Nasdaq is...

By Frank Ahrens | May 19, 2009; 09:50 AM ET | Comments (0)

Expert: Obama Should Follow Bush's, Not Democrats', Path With India

The U.S. economy sits at a turning point with the world's third-largest economy, India, which has just reelected its free-market prime minister, Manmohan Singh. The United States is well -positioned to enjoy the fruits of its relationship with the Indian...

By Frank Ahrens | May 18, 2009; 03:51 PM ET | Comments (0)

LIBOR Drops Most Since March As Credit Thaws

The cost of borrowing money between banks fell to its lowest rate in two months today, a powerful sign that the credit markets are unfreezing. The LIBOR -- or the London Interbank Offered Rate, the rate at which banks charge...

By Frank Ahrens | May 18, 2009; 11:06 AM ET | Comments (0)

Markets Zoom Out Of Gate

Wall Street opened well up this morning, rebounding strongly from last week's losses. In the first 15 minutes of trading, the Dow is up 93 points, or about 1 percent. Both the broader S&P 500 and the tech-heavy Nasdaq are...

By Frank Ahrens | May 18, 2009; 09:45 AM ET | Comments (0)

This Week: Minutes of Fed Meeting

Compared with some of its recent moves, the Federal Reserve's late April policymaking meeting was a snoozer. No interest rate cuts. (How could they, when rates are already basically at zero?) No new emergency lending programs announced. (They already have...

By Sara Goo | May 18, 2009; 06:48 AM ET | Comments (0)

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...

By Frank Ahrens | May 15, 2009; 12:50 PM ET | Comments (7)

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...

By Frank Ahrens | May 15, 2009; 11:08 AM ET | Comments (0)

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,...

By Frank Ahrens | May 15, 2009; 10:49 AM ET | Comments (0)

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...

By Frank Ahrens | May 15, 2009; 09:48 AM ET | Comments (0)

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...

By Frank Ahrens | May 14, 2009; 04:27 PM ET | Comments (0)

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...

By Frank Ahrens | May 14, 2009; 02:52 PM ET | Comments (0)

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...

By Frank Ahrens | May 14, 2009; 12:10 PM ET | Comments (0)

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...

By Frank Ahrens | May 14, 2009; 09:49 AM ET | Comments (0)

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...

By Frank Ahrens | May 13, 2009; 01:37 PM ET | Comments (0)

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...

By Frank Ahrens | May 13, 2009; 09:47 AM ET | Comments (0)

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...

By Frank Ahrens | May 13, 2009; 08:00 AM ET | Comments (4)

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...

By Frank Ahrens | May 12, 2009; 02:48 PM ET | Comments (0)

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...

By Frank Ahrens | May 12, 2009; 10:25 AM ET | Comments (3)

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...

By Frank Ahrens | May 12, 2009; 09:50 AM ET | Comments (0)

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...

By Frank Ahrens | May 11, 2009; 03:40 PM ET | Comments (0)

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...

By Frank Ahrens | May 11, 2009; 01:07 PM ET | Comments (0)

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...

By Frank Ahrens | May 11, 2009; 11:57 AM ET | Comments (0)

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...

By Frank Ahrens | May 11, 2009; 09:47 AM ET | Comments (0)

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....

By Sara Goo | May 11, 2009; 05:45 AM ET | Comments (0)

The Conflicted Economics of 'Star Trek'

In honor of today's long-awaited (by The Ticker) premiere of "Star Trek," the 11th film in the canon and a prequel to the original series, it seemed a good time to examine the economics of Star Trek. As envisioned by...

By Frank Ahrens | May 8, 2009; 04:58 PM ET | Comments (4)

Actual U.S. Unemployment: 15.8%

This morning's news that U.S. unemployment has hit 13.7 million, pushing the rate to 8.9 percent, tells only half the story of this recession. The total number of Americans who are not working full-time but ought to be is actually...

By Frank Ahrens | May 8, 2009; 03:25 PM ET | Comments (14)

Obama Pushes Retraining, Community Colleges

On a day when national unemployment hit 8.9 percent, its highest since 1983, President Obama touted retraining for the unemployed and more use of the community college system to change the way out-of-work Americans find new jobs. Being unemployed "is...

By Frank Ahrens | May 8, 2009; 12:05 PM ET | Comments (1)

B of A's Lewis Surprised To Lose Chairman Title

Bank of America chief executive Ken Lewis, fresh from having his title of chairman stripped from him by shareholders, said during an interview this morning that he "never would have expected that vote." Lewis and his Bank of America has...

By Frank Ahrens | May 8, 2009; 11:22 AM ET | Comments (1)

Markets Surge at Opening

Unemployment at nearly 9 percent? No problem, Wall Street says, at least at opening today. In the first 15 minutes of trading, the Dow is up 117 points, or about 1.3 percent. The broader S&P 500 is up nearly 1.5...

By Frank Ahrens | May 8, 2009; 09:52 AM ET | Comments (0)

Consumers Radically Reduce Borrowing In March

Americans put more into their bank accounts and less on their credit cards in March, the Federal Reserve reported this afternoon. Consumer borrowing dropped 5.2 percent in March compared to the same period in 2008, the fastest drop recorded in...

By Frank Ahrens | May 7, 2009; 03:29 PM ET | Comments (0)

Source: Hill Hearings Coming On Bank of America

A House oversight panel is planning hearings to examine assertions by Bank of America chief executive Ken Lewis that government officials told him not to reveal billions in losses associated with the bank's acquisition of troubled brokerage Merrill Lynch, according...

By Frank Ahrens | May 7, 2009; 10:12 AM ET | Comments (0)

Markets Up At Opening

The markets opened up across the board this morning as Wall Street expressed affection for the results of the federal government's stress test of the nation's 19 largest financial institutions, set for release today. In the first 15 minutes of...

By Frank Ahrens | May 7, 2009; 09:45 AM ET | Comments (0)

Ford Converts Plant From SUVs to Electric Cars

Call it a fork in the road for America’s second-largest automaker. This morning, Ford announced that it is pouring $550 million into the ongoing conversion of a Michigan truck plant into a facility that will produce the Ford Focus compact...

By Frank Ahrens | May 6, 2009; 02:03 PM ET | Comments (0)

Dissident Chrysler Lenders' Identities Revealed

By order of U.S. Bankruptcy Court Judge Arthur Gonzalez, the names of the dissident Chrysler lenders were revealed moments ago, The Post's Tomoeh Murakami Tse reports. These are the lenders that opposed the government's offer of accepting 33 cents on...

By Frank Ahrens | May 6, 2009; 01:33 PM ET | Comments (0)

Markets Open Up

Wall Street opened up early trading, shrugging off news reports that Bank of America may have to raise as much as $34 billion in new capital. In the first 15 minutes of trading, the Dow is up 55 points, or...

By Frank Ahrens | May 6, 2009; 09:49 AM ET | Comments (0)

Judge Denies Anonymity for Dissident Chrysler Lenders

The bankruptcy judge overseeing the Chrysler case denied a request by a lenders' group to keep their identities secret after they opposed the government's plan to sell the automaker, The Post's Tomoeh Murakami Tse reports. Attorneys for the dissident lenders'...

By Frank Ahrens | May 5, 2009; 05:39 PM ET | Comments (0)

Bank Demolishes Empty New Homes In Calif.

For months, economists and analysts have been half-joking that the nation's millions of newish, unsold, empty homes should be bulldozed to spur a recovery in the housing market. Now, it's actually happening, the Wall Street Journal reports. A Texas bank...

By Frank Ahrens | May 5, 2009; 02:42 PM ET | Comments (0)

How Fiat Became the Savior Of the Auto Industry. Maybe.

The Ticker wondered how it was that small and often-mocked Italian carmaker Fiat came to be a) the savior of Chrysler and b) the force behind the potential creation of the world's second-largest vehicle manufacturer -- the proposed Fiat-Chrysler-Opel European...

By Frank Ahrens | May 5, 2009; 01:09 PM ET | Comments (0)

Bernanke: Let In More Foreign Scientists, Engineers

UPDATED at 11:58 A.M.: Fed Chairman Ben Bernanke went off on a bit of a tangent when asked during a meeting of Congress's joint economic committee underway right now what else could be done to stimulate the flagging economy. "I...

By Frank Ahrens | May 5, 2009; 11:58 AM ET | Comments (2)

Markets Flat At Opening

Wall Street opened flat this morning, as banks await the results of the federal government's "stress test" due to be released today, as The Post's Binya Appelbaum reports. In the first 15 minutes of trading, the Dow is down 13...

By Frank Ahrens | May 5, 2009; 09:41 AM ET | Comments (0)

Buffett: I Paid Two Execs $75 Million

Warren Buffett said that his Berkshire Hathaway investment firm employs two executives who split $75 million in compensation last year, according to the transcript of a Fox Business Network interview with Buffett, Bill Gates and Berkshire vice chairman Charlie Munger...

By Frank Ahrens | May 4, 2009; 03:44 PM ET | Comments (0)

Obama Demands Overseas Banks Reveal U.S. Taxpayer Holdings

UPDATED at 11:57 A.M. President Obama said that he wants overseas banks to generate IRS 1099 forms detailing how much American taxpayer money they're holding, in a White House announcement of new tax policies ended moments ago. If they don't,...

By Frank Ahrens | May 4, 2009; 11:57 AM ET | Comments (1)

Pending Home Sales, Construction Spending Up In March

The battered economy got a couple of pieces of good news moments ago in two real estate reports released moments ago. The Commerce Department reported that construction spending in March unexpectedly rose .3 percent, following five straight months of declines....

By Frank Ahrens | May 4, 2009; 10:25 AM ET | Comments (0)

Markets Up at Opening

Wall Street was looking to extend its ongoing rally as stocks opened up across the board this morning. In the first 15 minutes of trading, the Dow is up 95 points, or more than 1 percent. The broader S&P 500...

By Frank Ahrens | May 4, 2009; 09:50 AM ET | Comments (0)

This Week: Bernanke on the Hill, Monthly Unemployment

The last time Ben S. Bernanke testified on Capitol Hill, it was immediately after the furor that erupted over bonuses paid to American International Group executives. When the Federal Reserve chairman goes before the Joint Economic Committee tomorrow, the atmosphere...

By Sara Goo | May 4, 2009; 06:32 AM ET | Comments (0)

Bank 'Stress Test' Results Delayed Until May 7

The results of the government's "stress tests" of some of the nation's 19 largest banks and financial institutions, scheduled for early next week, has been pushed back to May 7, government officials tell Post reporter Binyamin Appelbaum. The delay has...

By Frank Ahrens | May 1, 2009; 04:47 PM ET | Comments (3)

April Sales Declines: Chrysler, 48%; Toyota, 42%; GM, 35%; Ford, 32%

UPDATED at 3:56 P.M. Chrysler said April sales were down 48 percent compared to April 2008 moments ago, only hours after the troubled automaker opened its bankruptcy hearing. Car sales were down a staggering 61 percent, while sales of SUVs...

By Frank Ahrens | May 1, 2009; 03:56 PM ET | Comments (1)

What A Deal! Treasury Offers 0 Pct. Interest On Bonds!

The Treasury Department is now selling savings bonds that pay an interest rate of 0 percent, The Post's Binyamin Appelbaum reports. That’s nothing. Nada. Give the government $5,000, and six months from now, you’ll get exactly $5,000. I Savings Bonds,...

By Frank Ahrens | May 1, 2009; 03:21 PM ET | Comments (0)

U.S. Manufacturing Ticks Up in April, but Still in Contraction

U.S. manufacturing activity ticked up in April for the third straight month, although the overall industry still remains in contraction, according to a survey of purchasing managers released this morning. If this sounds confusing, it goes like this: The Institute...

By Frank Ahrens | May 1, 2009; 11:05 AM ET | Comments (0)

Markets Flat At Opening

The markets opened flat this morning in the first day following an all-April rally. In the first 15 minutes of trading, the Dow is down about 35 points, or less than half of 1 percent. The broader S&P 500 and...

By Frank Ahrens | May 1, 2009; 09:48 AM ET | Comments (0)

Chrysler Files For Bankruptcy

Chrysler wasted no time in filing for Chapter 11 bankruptcy protection a mere two hours after President Obama's announcement of the move. The papers were filed with the U.S. Bankruptcy Court, Southern District of New York in Manhattan. For "total...

By Frank Ahrens | April 30, 2009; 02:18 PM ET | Comments (1)

Obama: Bankruptcy Is 'New Lease On Life for Chrysler'

UPDATED at 12:40 P.M.: Merging with Fiat and entering Chapter 11 bankruptcy will provide a "new lease on life for Chrysler," President Obama is saying right now. "This is not a sign of weakness but one more step on a...

By Frank Ahrens | April 30, 2009; 12:40 PM ET | Comments (1)

Holdouts on Chrysler Deal Say They Were 'Systematically Precluded' From Negotiations

A group of about 20 firms who declined to go along with the 11-th hour deal struck by the Obama administration to save Chrsyler from bankruptcy, has just released a statement claiming that the deal was unfair. The group, which...

By Sara Goo | April 30, 2009; 12:08 PM ET | Comments (49)

Quartet of Tough Corporate Earnings This Morning

Four big companies released first-quarter earnings today, and they were tough across the board. However, in the tone of the times, some were not as bad as expected: -- Chemical giant Dow reported that first-quarter profits were down 97 percent...

By Frank Ahrens | April 30, 2009; 11:40 AM ET | Comments (0)

Markets Up At Opening

The markets are up at opening today, buoyed by a weekly jobless report that showed claims are still rising but at a rate that was less than expected. In the first 30 minutes of trading, the Dow is up 80...

By Frank Ahrens | April 30, 2009; 10:02 AM ET | Comments (0)

Cramdown Negotiations Fall Apart

Negotiations between a key Senate leader and the financial services industry over legislation to allow bankruptcy judges to modify troubled mortgages has ended without a deal, a congressional aide said today. Senate Majority Whip Richard J. Durbin (D-Ill.) has been...

By Sara Goo | April 29, 2009; 02:59 PM ET | Comments (0)

Fed Keeps Rates Steady

The Federal Reserve just said that it has left its key interest unchanged, noting that the economy has continued to contract but that the outlook seems to be improving. The federal funds rate will hold at 0 to .25 percent....

By Michael S. Rosenwald | April 29, 2009; 02:25 PM ET | Comments (0)

Vote Count on BofA's Lewis Delayed

Updated: 1:28 pm. Bank of America has delayed the release of results of a shareholder vote on whether CEO Ken Lewis should retain his position as chairman of the board. Lewis bore the brunt of strong criticism of his recent...

By Michael S. Rosenwald | April 29, 2009; 10:26 AM ET | Comments (1)

Time Warner to Spin Off AOL

In a regulatory filing this morning, Time Warner signaled its intention to spin off its struggling AOL unit. The New York company told investors that it anticipates "that it would initiate a process to spin off one or more parts...

By Michael S. Rosenwald | April 29, 2009; 10:20 AM ET | Comments (0)

Stocks Up at Opening

All of the major indexes opened today heading upwards. The Dow is up 60 points, or less than 1 percent, at 8,077. The S&P 500 is also up less than 1 percent -- 8 points to 863. The tech heavy...

By Michael S. Rosenwald | April 29, 2009; 09:43 AM ET | Comments (1)

Ernst & Young Backs Off Report of Employee With Swine Flu

Ernst & Young is backing off its announcement that a staff member at its headquarters in Manhattan was diagnosed with swine flu. The company last night released a statement that said in part: “An employee in our offices at 5...

By Sara Goo | April 28, 2009; 12:00 PM ET | Comments (0)

Consumer Confidence Reaches Highest Level This Year

Consumer confidence, which has been in the tank for months because of the recession, has reached its highest level of the year, according to new data out this morning. The Consumer Confidence Index rose to 39.2 in April, up from...

By Sara Goo | April 28, 2009; 11:30 AM ET | Comments (0)

Fall Home Prices Begin To Slow, But Not In DC Area

The fall in housing prices is beginning to slow nationally -- but not in D.C. This morning’s release of the Standard & Poor's/Case-Shiller housing index showed prices in 20 major cities declined 2.2 percent in February, compared with 2.8 percent...

By Sara Goo | April 28, 2009; 11:20 AM ET | Comments (0)

FDIC Chairman: Agency Should Have Expanded Powers

FDIC Chairwoman Sheila Bair said today that her agency should have the power to close bank holding companies, insurers and other large financial institutions -- not just commercial banks. The comments came during a speech she gave today before the...

By Ylan Mui | April 27, 2009; 04:37 PM ET | Comments (0)

Markets End the Day Down

The markets closed down after a volatile day of trading in which investors grappled with swine flu and the restructuring of the automakers. The Dow dipped .64 percent, or 51 points, to 8,025. The S&P fell 1 percent, or 9...

By Ylan Mui | April 27, 2009; 04:26 PM ET | Comments (0)

Portfolio Magazine to Fold

Happy birthday, Portfolio! Now, it's time to go. Conde Nast said today that it is shutting down the two-year-old magazine that catered to the bigwigs of the business world. In a statement, Conde Nast Chief Executive Charles H. Townsend said:...

By Ylan Mui | April 27, 2009; 11:37 AM ET | Comments (5)

Stocks Turn Positive

After opening in negative territory, stock markets have gone green. Swine flu was blamed in part for the low open, with the transportation sector down nearly 3 percent over concerns that the outbreak might curtail travel. The European Union today...

By Ylan Mui | April 27, 2009; 10:57 AM ET | Comments (0)

GM CEO Henderson Not Sure of How Many Credit Default Swaps

Update: 10:08 am: General Motors CEO Fritz Henderson just wrapped up his hour long news conference by noting that he wasn't entirely sure how many of its bond holders had credit default swaps. A credit default swap is essentially an...

By Sara Goo | April 27, 2009; 09:17 AM ET | Comments (3)

This Week: Consumer Confidence, Fed Meeting

There will be a stream of major economic news coming out this week, which should shed new light on how bad things were at the start of the year, what further steps the government may take, and whether things are...

By Sara Goo | April 27, 2009; 06:36 AM ET | Comments (0)

Both Sides Of 'Better Than Expected'

The stock markets have climbed this week boosted by positive corporate earnings, which invariably have been described as "better than expected." The Dow and the S&P 500 are on pace for a 1 percent gain on the week; the Nasdaq...

By Frank Ahrens | April 24, 2009; 03:24 PM ET | Comments (1)

March New Home Sales Down Slightly, But Better Than Expected

New home sales dipped .6 percent in March, compared to February, but the drop was less than expected, the Commerce Department said this morning. March's seasonally adjusted annual sales rate was 356,000, higher than the 340,000 expected by economists. The...

By Frank Ahrens | April 24, 2009; 10:24 AM ET | Comments (0)

Markets Up At Opening

The markets opened up this morning, as 19 of the nation's banks learn the results of the federal government's "stress test" set to be delivered today. In the first 25 minutes of trading, the Dow is up about 62 points,...

By Frank Ahrens | April 24, 2009; 09:53 AM ET | Comments (0)

Fiat: We Might Be Interested in Opel, as Well as Chrysler

Fiat chief executive Sergio Marchionne said completing an alliance with Chrysler next week is “my first and foremost objective,” yet the Italian automaker has also expressed interest in General Motors' Opel brand in Germany, The Post's Kendra Marr reports. “If...

By Frank Ahrens | April 23, 2009; 02:57 PM ET | Comments (0)

Obama: New Law Should Require 'Plain Vanilla' Credit Cards

President Obama, in remarks just released from the White House following his summit with top credit card issuers, laid out his four principles for reform of the credit card industry, pushing for simplification and an end to high fees. One...

By Frank Ahrens | April 23, 2009; 02:44 PM ET | Comments (10)

Auditor: 'Hundreds Of Billions' Of Bailout Could Be Lost To Fraud

UPDATED at 11:40 A.M.: Neil Barofsky, the special inspector general at Treasury for the bailout program, warned of "hundreds of billions of dollars in fraud" if the government bailout funds are not closely monitored. Barofsky, testifying before a joint economic...

By Frank Ahrens | April 23, 2009; 11:40 AM ET | Comments (0)

Markets Slightly Up At Opening

Stocks are trying to inch up at opening today, following good news/bad news earnings news. Yesterday, Apple easily bested Wall Street expectations. But this morning, UPS -- the world's largest shipper -- missed expectations. In the first 15 minutes of...

By Frank Ahrens | April 23, 2009; 09:48 AM ET | Comments (1)

McDonald's Rolls Out $4 Burger: Why?

With the nation in its deepest recession in decades, why would McDonald's pick this moment to launch a $4 burger? You may have noticed the signs that just went up on some McDonald's drive-through menus: The new Angus burger. It...

By Frank Ahrens | April 22, 2009; 04:55 PM ET | Comments (42)

Credit Union Group Opposes 'Cramdown' Legislation

The fight over legislation to allow bankruptcy judges to modify mortgage terms, including slashing the principal owed by borrowers, took another turn today, reports The Post's Renae Merle. The National Association of Federal Credit Unions sent a letter today to...

By Frank Ahrens | April 22, 2009; 02:45 PM ET | Comments (0)

Geithner Can't Say If Taxpayers Will Recoup AIG Bailout

It's unclear whether taxpayers will get back the $182 billion in government bailout funds given so far to troubled insurance giant AIG, Treasury Secretary Tim Geithner implied this morning. In questions following his speech to the Economic Club of Washington...

By Frank Ahrens | April 22, 2009; 11:11 AM ET | Comments (0)

Markets Open Lower On Mixed Results

Mixed first-quarter earnings results out this morning pushed Wall Street down at opening. In the first 15 minutes of trading, the Dow is down 45 points, or half of 1 percent. The broader S&P 500 is down less than 1...

By Frank Ahrens | April 22, 2009; 09:27 AM ET | Comments (0)

AP: 'Stress Test' Tougher On Loans Than Toxic Assets

The federal government stress test being applied to check the health of the nation's banks takes a tougher view of banks with a lot of loans on their books than banks saddled with toxic assets, the Associated Press is reporting...

By Frank Ahrens | April 21, 2009; 04:28 PM ET | Comments (0)

Citigroup Shareholders Meeting A Raucous Affair

Citigroup's annual shareholders meeting has had a lively past, as holders of Citi stock parade to the microphone and let the company's managers have it, but today's meeting may have contained the most anger. The bank, considered along with Bank...

By Frank Ahrens | April 21, 2009; 03:10 PM ET | Comments (0)

Geithner Cannot Describe AIG Exit Strategy

UPDATED at 11:32 A.M.: Treasury Secretary Tim Geithner could not give an answer to this question, posed moments ago by Rep. Jeb Hensarling (R-Tex.): "What is the exit strategy from AIG?" Geithner is testifying before a congressional oversight committee headed...

By Frank Ahrens | April 21, 2009; 11:32 AM ET | Comments (26)

Markets Open Flat

Wall Street opened flat this morning, as the markets continue to digest first-quarter earnings. In the first 20 minutes of trading, the Dow is down about 15 points, or essentially flat. The S&P 500 is up by an equally irrelevant...

By Frank Ahrens | April 21, 2009; 09:51 AM ET | Comments (0)

Caterpillar Reports First Loss Since 1992

Caterpillar, the world's largest maker of construction equipment, this morning reported its first quarterly loss since 1992. The Peoria, Ill.-based maker of bulldozers, graders and other big yellow machines was pulled into the red by a jaw-dropping $558 million in...

By Frank Ahrens | April 21, 2009; 09:44 AM ET | Comments (0)

Will B of A's Ken Lewis Keep His Job?

For months, Bank of America chairman and chief executive Ken Lewis has been described as "embattled." Soon, he may be described as "fired." Lewis's bank has been deemed one of the sickest on Wall Street, its balance sheet clogged with...

By Frank Ahrens | April 20, 2009; 02:19 PM ET | Comments (2)

Schwarzenegger: Detroit 'Will Be Back'

In an interview on CNBC that concluded moments ago, California Gov. Arnold Schwarzenegger (R) applied one of his most famous lines to the Big Three automakers: " 'I'll be back.' That's what Detroit is saying now." ("Terminator" references never get...

By Frank Ahrens | April 20, 2009; 11:08 AM ET | Comments (0)

Markets Open Down

Wall Street opened down sharply this morning despite higher-than-expected first-quarter earnings from Bank of America, one of the two most troubled big banks (Citibank, which also posted a good first quarter, being the other). In the first 15 minutes of...

By Frank Ahrens | April 20, 2009; 10:10 AM ET | Comments (0)

Housing Data Could Signal if Bust is Over

Economy-watchers are searching for evidence that the housing market is starting to hit bottom. And in recent months, there has been some evidence that the end of the great housing bust may be near. This week offers a reality check,...

By Sara Goo | April 20, 2009; 09:41 AM ET | Comments (0)

BB&T Earnings Beat Expectations

Moving the focus briefly away from the mega Wall Street banks, BB&T -- a big regional bank -- reported today that first-quarter earnings dropped sharply compared to last year but easily beat Wall Street expectations. The bank reported earnings of...

By Frank Ahrens | April 17, 2009; 04:29 PM ET | Comments (0)

Bernanke: Damage From Crisis 'Likely to be Long-Lasting'

Speaking to the Fed Reserve's Community Affairs Research Conference in Washington today, Fed Chairman Ben Bernanke said "the damage from this turn in the credit cycle -- in terms of lost wealth, lost homes and blemished credit histories -- is...

By Frank Ahrens | April 17, 2009; 01:56 PM ET | Comments (6)

GM CEO: More Plant Closings Coming

Fritz Henderson -- who took over as General Motors chief executive after Rick Wagoner was forced out by the White House -- said GM will be forced to close a yet-to-be-announced number of manufacturing plants in coming months. The remarks...

By Frank Ahrens | April 17, 2009; 11:19 AM ET | Comments (2)

Markets Indifferent At Opening

Wall Street is hovering around even at the opening today, despite Citibank's positive first-quarter earnings. In the first 15 minutes of trading, the Dow is up about 12 points, a percentage gain of little substance. The broader S&P 500 is...

By Frank Ahrens | April 17, 2009; 09:49 AM ET | Comments (0)

Arlington's Rosetta Stone Pulls Off Successful IPO: How?

Rosetta Stone, the Arlington-based language-learning business whose ads feature Olympic swimmer Michael Phelps, staged a successful initial public offering on Wall Street this morning, becoming only the third business to do so this year and the first to sell above...

By Frank Ahrens | April 16, 2009; 04:36 PM ET | Comments (0)

AIG Sells Car Insurance Unit For $1.9B

Troubled insurance giant AIG, seeking to raise cash to pay back government bailout money, sold its auto insurance subsidiary to Zurich Financial Services Group today for $1.9 billion. The sale price won't eat much into the $182.5 billion in government...

By Frank Ahrens | April 16, 2009; 03:33 PM ET | Comments (0)

Report: Foreclosures Up 9 Percent In First Quarter

The U.S. foreclosure rate soared 9 percent in the first three months of this year, totaling 803,489 properties, compared to the last three months of 2008, according to RealtyTrac numbers out today. The number marks a 24 percent increase compared...

By Frank Ahrens | April 16, 2009; 01:56 PM ET | Comments (0)

Markets Flat at Opening

Markets are flat this morning, as some early enthusiasm burned off quickly. The retreat comes after a brief opening spurt, as the markets were spurred upward by better-than-expected first-quarter earnings from big Wall Street bank J.P. Morgan Chase & Co.,...

By Frank Ahrens | April 16, 2009; 09:54 AM ET | Comments (0)

Geithner Changes Mind, Says China Not Manipulating Currency

The White House will not cite China as a nation that manipulates its currency in order to gain an unfair trade advantage, the Associated Press is reporting. This report -- which comes from Treasury Secretary Tim Geithner's agency -- comes...

By Frank Ahrens | April 15, 2009; 05:06 PM ET | Comments (0)

Fed's Beige Book: Pace of Decline Slowing In Parts Of U.S.

Earlier this afternoon, the Federal Reserve released its most recent version of its Beige Book -- the eight-times-per-year collection of anecdotal economic reports from the Fed's 12 districts across the nation. Though it still paints a pretty dim picture of...

By Frank Ahrens | April 15, 2009; 02:40 PM ET | Comments (0)

Home Builder Sentiment Takes Big Jump In April

Home builder sentiment -- as measured by the National Association of Home Builders -- took its biggest leap up in five years in April. This falls into the "not so bad is the new good" category. The NAHB's home builders...

By Frank Ahrens | April 15, 2009; 01:23 PM ET | Comments (0)

Obama: We Need To Simplify 'Monstrous' Tax Code

President Obama is using Tax Day to extol his ideas for tax reform and praise his tax policies. It's also the day when hundreds of "Tea Party" protests are scheduled around the country, opposing not only Obama's tax policies but...

By Frank Ahrens | April 15, 2009; 12:00 PM ET | Comments (0)

Fiat CEO Threatens to Walk Away From Chrysler Deal

Fiat chief executive Sergio Marchionne said that the Italian automaker is "absolutely" prepared to call off a proposed merger with on-life-support Chrysler if it cannot win concessions from creditors and the United Auto Workers. This is really, really bad news...

By Frank Ahrens | April 15, 2009; 10:48 AM ET | Comments (0)

Capital One Reports Rising Credit Card Losses

Capital One disclosed this morning that losses in its credit card portfolio rose sharply in March, fresh evidence that borrowers are struggling to repay all kinds of bank loans, The Post's Binyamin Appelbaum reports. The company said that the annualized...

By Frank Ahrens | April 15, 2009; 10:32 AM ET | Comments (0)

Markets Open Down Slightly

Wall Street opened slightly off this morning, as the companies continue to send mixed signals and the rally that began March 9 appears to be taking its foot off the gas a bit. In the first 20 minutes of trading,...

By Frank Ahrens | April 15, 2009; 09:54 AM ET | Comments (0)

Bernanke: We See 'Tentative' Signs of Recovery

9:14 A.M.: Bernanke plans to say later this morning that he is seeing signs of economic improvement. "Recently we have seen tentative signs that the sharp decline in economic activity may be slowing," Bernanke plans to say, according to remarks...

By Frank Ahrens | April 14, 2009; 03:50 PM ET | Comments (0)

Bernanke: Minorities Need To 'Strengthen Their Financial Literacy'

American minorities need to "strengthen their financial literacy," Fed Chairman Ben Bernanke told students and faculty at Atlanta's historically black Morehouse College in Atlanta today. On a day when President Obama delivered an Economic Crisis 101 lecture to students and...

By Sara Goo | April 14, 2009; 03:50 PM ET | Comments (17)

Obama: Wall Street Built U.S. Economy On Sand, Not Rock

UPDATED at 12:42 P.M. Addressing students and faculty at Georgetown University right now, President Obama quoted from Jesus's Sermon On the Mount (Matthew 7:24-27), comparing the former U.S. economy to a house built on sand and the future U.S. economy...

By Frank Ahrens | April 14, 2009; 12:42 PM ET | Comments (0)

GM Issues Recall For Underhood Fire Danger

As if General Motors didn't have enough troubles, today it has issued a "voluntary" recall for 1.6 million Chevys, Pontiacs and Buicks made between 1996 and 2003 to address the "extremely rare" possibility of a fire under the vehicle hood....

By Frank Ahrens | April 14, 2009; 11:38 AM ET | Comments (0)

Markets Sharply Off at Opening

Well, so much for the Goldman Sachs rally. Traders expected that yesterday's strong after-close first-quarter earnings news from Goldman would rally the markets at today's opening, as Wall Street would be cheered by more good news from the troubled financial...

By Frank Ahrens | April 14, 2009; 09:56 AM ET | Comments (0)

Goldman Returns To Profit In First Quarter

Goldman Sachs released its first-quarter earnings moments ago and they beat expectations, as the former king of the investment banks returns to profitability. The news will no doubt send the markets surging at tomorrow's opening. For the first quarter of...

By Frank Ahrens | April 13, 2009; 04:34 PM ET | Comments (0)

What's Bringing Back the Markets Today?

With about 45 minutes to go in the trading day, Wall Street is threatening to go positive across the boards for the first time today, after diving off a cliff at the opening this morning. One word: banks. The Dow,...

By Frank Ahrens | April 13, 2009; 03:21 PM ET | Comments (0)

Geithner to Host G-7 Leaders in Washington Next Week

Treasury Secretary Tim Geithner will host the finance leaders of the other G-7 nations in Washington on April 24, Treasury said moments ago. The meeting -- the first Geithner has hosted as Treasury secretary -- will be followed by a...

By Frank Ahrens | April 13, 2009; 11:43 AM ET | Comments (0)

Sallie Mae: Students Use Credit Cards More to Pay for Education

Students in higher education are using their credit cards at record levels to pay for their schooling, reports a study out from Sallie Mae this morning. Students charged an average of $2,200 in direct eduction expenses -- such as tuition...

By Frank Ahrens | April 13, 2009; 11:13 AM ET | Comments (6)

Markets Open Lower, Anticipating Earnings, GM Bankruptcy

Wall Street opened lower this morning, as traders brace for first-quarter earnings reports from important market components and GM appears more likely than ever headed for bankruptcy. In the first 15 minutes of trading, the Dow is down 101 points,...

By Frank Ahrens | April 13, 2009; 09:53 AM ET | Comments (0)

The Economy This Week: Retail, Manufacturing, Beige Book

As economy-watchers everywhere continue their desperate search for green shoots -- little signs that the recession won't last too much longer -- this week could bring some sobering news. Retail sales, excluding autos, were up a healthy 0.7 percent in...

By Sara Goo | April 13, 2009; 06:34 AM ET | Comments (0)

Treasury: March Added $192 Billion to 2009 Budget Deficit

Treasury said this afternoon that the budget deficit increased by a record $192.3 billion in March, pushed higher by the recession and the cost of the financial bailout, and is nearing $1 trillion for 2009, halfway through the fiscal year....

By Frank Ahrens | April 10, 2009; 04:43 PM ET | Comments (0)

Obama: 'We're Starting To See Progress'

President Obama said "we're starting to see progress" toward an economic recovery, following his skull session with his top economic advisers and agency heads at the White House this morning. "If we stick with it, if we don't flinch in...

By Frank Ahrens | April 10, 2009; 12:13 PM ET | Comments (5)

Economists: Recession to End This Year, But Unemployment Will Hit Nearly 10%

In the good-news/bad-news spirit of Good Friday comes this report from the Blue Chip Economic Indicators survey of private economists out today: 86 percent of of them think that the recession will end in the second half of this year....

By Frank Ahrens | April 10, 2009; 11:16 AM ET | Comments (2)

Markets Closed Today for Good Friday

The Wall Street markets are closed today in observance of Good Friday. In Washington, President Obama is summoning his top economic advisers and agency heads to the White House, and an update on the economy from the president is expected...

By Frank Ahrens | April 10, 2009; 09:46 AM ET | Comments (0)

Obama Buys 17,600 Detroit-Made Vehicles

First, President Obama generally subsidized the struggling U.S. automakers by pouring in billions of government bailout money to keep them in business. Now, he's specifically subsidizing GM, Ford and Chrysler by using $285 million in government bailout money to purchase...

By Frank Ahrens | April 9, 2009; 03:35 PM ET | Comments (1)

Larry Summers Code-Pinked in Washington

The boisterous protest group Code Pink picked a new target today: White House economic adviser Lawrence Summers, The Post's Lori Montgomery reports. Summers was answering questions about the U.S. recession before a packed luncheon hosted by the Economic Club of...

By Frank Ahrens | April 9, 2009; 03:29 PM ET | Comments (0)

Belgians 'Boss-Nap' Fiat Executives in Brussels

Woe betide European executives who try to negotiate labor give-backs with the rank-and-file. They're likely to get "boss-napped," as three Fiat executives now find themselves in Brussels. Executives from Fiat -- which is completing a tie-up with struggling U.S. automaker...

By Frank Ahrens | April 9, 2009; 12:54 PM ET | Comments (0)

New Jobless Claims Down, But Still at Elevated Levels

New unemployment claims fell more than expected last week but the number of people getting benefits neared 6 million for the 10th straight week, the Labor Department said this morning. The number of first-time jobless claims fell to a seasonally...

By Frank Ahrens | April 9, 2009; 11:45 AM ET | Comments (0)

Obama Welcomes Washington Homeowners To White House

President Obama welcomed several Washington-area homeowners to the White House this morning to participate in his housing refinance roundtable, along with Treasury Secretary Tim Geithner. The White House is encouraging eligible homeowners to take advantage of low interest rates and...

By Frank Ahrens | April 9, 2009; 10:45 AM ET | Comments (1)

Surprise Wells Fargo Good News Boosts Markets At Opening

Wells Fargo's eye-popping first-quarter projections this morning lit a match under Wall Street this morning, pushing the major indices up at opening. In the first 15 minutes of trading, the Dow is up 145 points, or nearly 2 percent. The...

By Frank Ahrens | April 9, 2009; 09:48 AM ET | Comments (0)

B of A CEO Lewis: 'We'll Never Know' If I Overpaid for Merrill

Bank of America chief executive Ken Lewis said “we’ll never know" if he overpaid for brokerage Merrill Lynch, which his bank bought for $28 billion last fall. "The critics would say we should have waited until Monday and have things...

By Frank Ahrens | April 8, 2009; 03:11 PM ET | Comments (0)

Chrysler Exec: Bankruptcy Not Our Goal, But...

Chrysler vice chairman Jim Press said that bankruptcy is "not our objective or goal" and that "no one is trying to force us in that direction" but if his company can't conclude its tie-up with Fiat in the next month,...

By Frank Ahrens | April 8, 2009; 12:58 PM ET | Comments (0)

Treasury Announces Bailout Money for Auto Parts Suppliers

Treasury announced this morning the launch of its bailout program for American auto parts suppliers, which was reported last month. "The U.S. Treasury Department is pleased that both GM and Chrysler have moved quickly to launch Supplier Support programs," Treasury...

By Frank Ahrens | April 8, 2009; 11:01 AM ET | Comments (0)

Wholesalers Slash Inventories in Feb.

Wholesalers slashed their inventories in February by 1.5 percent, the sharpest drop in 17 years, as companies worked to get their stockpiles in line with the reduced demand caused by the recession. The Commerce Department wholesale numbers, released moments ago,...

By Frank Ahrens | April 8, 2009; 10:41 AM ET | Comments (1)

Markets Up At Opening

A merger! Some actual activity between major companies! Buy! Buy! That's how Wall Street reacted this morning to news that Michigan-based home builder Pulte Homes would buy Texas-based builder Centex for $1.3 billion in stock. In the first 15 minutes...

By Frank Ahrens | April 8, 2009; 09:45 AM ET | Comments (0)

Alcoa Earnings: Worse Than Expected, But Not a Lot Worse Than Expected

Aluminum giant Alcoa kicked off this quarter's earnings season with the release of its first-quarter numbers moments ago, saying it lost $480 million in continuing operations during the first three months of this year. “Alcoa responded swiftly to the declines...

By Frank Ahrens | April 7, 2009; 04:37 PM ET | Comments (0)

TARP Inspector General Looking Into AIG Payments to Goldman Sachs, Others

Neil Barofsky, the inspector general of the TARP funds for Treasury, sent a letter to Rep. Elijah Cummings (D-Md.) and 26 other members of Congress last week saying he has opened an investigation into whether AIG paid more government bailout...

By Frank Ahrens | April 7, 2009; 04:07 PM ET | Comments (1)

Goldman Sachs CEO: Executive Pay Looked 'Greedy'

Lloyd Blankfein, chief executive of Goldman Sachs, spoke to the Council of Institutional Investors in Washington this morning and said that "decisions on compensation and other actions taken and not taken, particularly at banks that rapidly lost a lot of...

By Frank Ahrens | April 7, 2009; 11:24 AM ET | Comments (0)

March Business Defaults Hit Great Depression Rates, CEO Confidence Swoons

That was a nice little four-week rally in March, and the gains it put back in your 401(k) were real, but if anyone has started thinking that the economy is out of the woods, take a look at these two...

By Frank Ahrens | April 7, 2009; 10:44 AM ET | Comments (1)

Markets Dive at Opening

The markets took a tumble at opening this morning as Wall Street began earnings season, with aluminum giant Alcoa reporting after today's close. Alcoa is expected to kick off a run of pretty dreadful first-quarter numbers. In the first 15...

By Frank Ahrens | April 7, 2009; 09:48 AM ET | Comments (0)

Wall Street Readies for 'Throw-Away' Earnings

Aluminum giant Alcoa reports first-quarter earnings tomorrow, taking its usual position as the first Dow component to report and leading the way for what some investors are calling a "throw-away" quarter. Forecasters predict Alcoa, for instance, will report a loss...

By Frank Ahrens | April 6, 2009; 05:24 PM ET | Comments (0)

Treasury Extends Deadline, Eases Terms to Buy Toxic Assets

Treasury said today that it's extending its deadline to buy toxic assets from troubled financial institutions and is lowering the capital requirement for participation. Firms now have until April 24 to buy the toxic assets -- such as mortgage-backed securities...

By Frank Ahrens | April 6, 2009; 12:42 PM ET | Comments (0)

Geithner Announces Crackdown on 'Bad Actor' Mortgage Workout Firms

Treasury Secretary Tim Geithner moments ago announced a multi-agency effort to crack down on what he termed "bad actor" loan modification companies that target homeowners in distressed situations. Some of these companies promise to rework homeowners' mortgages and charge upfront...

By Frank Ahrens | April 6, 2009; 11:28 AM ET | Comments (1)

Ford Slashes Debt, Stays Ahead of GM and Chrysler

Ford, the only of the Big Three automakers to so far refuse government bailout money, said this morning that it has slashed the debt in its automotive division, enabling it to save $500 million per year in interest expense. Ford...

By Frank Ahrens | April 6, 2009; 10:35 AM ET | Comments (10)

Markets Open Down as Banks Are Rattled

On the first day following a robust March that included a four-week rally, the markets opened down this morning, and a negative research report on the big banks is being given at least partial blame. In the first 15 minutes...

By Frank Ahrens | April 6, 2009; 09:48 AM ET | Comments (0)

Markets Squeeze Out a Gain

Stock markets were all over the chart today, swinging from positive to negative and back again almost every hour. Investors rallied toward the end, however, finishing in the happy place for the day and the week. The Dow closed up...

By Ylan Mui | April 3, 2009; 03:53 PM ET | Comments (0)

ProPublica: Banks didn't have proper reserves

ProPublica has an interesting story that outlines how accounting firms failed to notice that banks had not set aside enough reserves to cover losses in the years leading up to the financial crisis. One interesting nugget from the story: "Between...

By Ylan Mui | April 3, 2009; 12:17 PM ET | Comments (0)

Fannie and Freddie to Pay $210 Million in Bonuses

Fannie Mae and Freddie Mac are planning to pay $210 million in retention bonuses to 7,600 employees over 18 months, their regulator said today. In a letter to Sen. Charles Grassley (R-Iowa), the Federal Housing Finance Agency said $51 million...

By Ylan Mui | April 3, 2009; 11:19 AM ET | Comments (0)

Non-manfacturing Sector Contracts

Following gloomy unemployment data, the Institute for Supply Management just reported that its index of non-manufacturing businesses fell to 40.8 percent in March, down from 41.6 percent in February. That is the sixth straight month the index has declined....

By Ylan Mui | April 3, 2009; 11:11 AM ET | Comments (5)

Stocks open mixed

Stock markets got off to a shaky start this morning following the release of another batch of dismal unemployment figures. The markets have been swinging between positive and negative territory in the first few minutes of trading. The Dow was...

By Ylan Mui | April 3, 2009; 09:46 AM ET | Comments (0)

Unemployment Rate Hits 8.5 Percent

The nation's unemployment rate shot up again in March to 8.5 percent, with losses across a wide area of job sectors, according to federal data released this morning. About 663,000 jobs were lost in March with the biggest declines in...

By Dan Beyers | April 3, 2009; 08:39 AM ET | Comments (0)

Former Treasury Official Releases Tell-All

A former senior Treasury Department official is shedding light into the Bush administration's response to the financial crisis. In a 50 page report published as part of the Brookings Institution's Panel on Economic Activity, Philip Swagel, who was assistant secretary...

By Sara Goo | April 2, 2009; 04:31 PM ET | Comments (1)

FHA Mortgage Insurance Programs Strained

UPDATED 3:43 pm: The Federal Housing Administration has launched a SWAT group that will make unannounced visits to lenders whose loans “are exhibiting signs of distress.” Housing and Urban Development Secretary Sean Donovan mentioned the Special Work Assessment Teams in...

By Michael S. Rosenwald | April 2, 2009; 03:46 PM ET | Comments (0)

Factory Orders Up

For the "better than expected" file, add U.S. factory orders, which jumped 1.8 percent in February after many economists predicted a 1.5 percent increase. This adds to a number of economic indicators that are faring better than experts thought. The...

By Michael S. Rosenwald | April 2, 2009; 10:33 AM ET | Comments (0)

Consumer Loan Delinquencies Increase

The American Bankers Association just reported that consumer loan delinquencies are continuing to increase, the product of more job losses across the country. The fourth quarter delinquency rate: 3.22 percent. That's the highest recorded rate since the organization began tracking...

By Michael S. Rosenwald | April 2, 2009; 10:16 AM ET | Comments (0)

Stocks Trading Higher at Opening

Traders have shrugged off news that weekly jobless claims jumped more than expected, apparently focusing on another interest rate cut in Europe (albeit smaller than expected) and an easing of mark-to-market accounting rules for toxic mortgage assets in the United...

By Michael S. Rosenwald | April 2, 2009; 09:39 AM ET | Comments (0)

Weekly Jobless Claims Spike

The three-week jump in stock prices has been, according to many traders, a result of economic results coming in "better than expected." The message: It could have been worse, so let's be happy. But this morning, traders are learning that...

By Michael S. Rosenwald | April 2, 2009; 09:05 AM ET | Comments (0)

Bank of America CEO: We Took Too Much TARP Money

Bank of America chief executive Ken Lewis appeared on CNBC this morning to discuss the banking crisis that his whipsawed his company. Among the highlights, according to a CNBC story: --On TARP: "We took more [TARP funding] than we...

By Michael S. Rosenwald | April 2, 2009; 08:49 AM ET | Comments (0)

Motley Fool Gets $25M In Bailout Money -- April Fools'!

Those merry pranksters over at Alexandria's Motley Fool played a little foolishness on fans today, joking on their Web site that the stock-advice firm has taken $25 million in government bailout money. The Fools dutifully reported how they "spent" $24...

By Frank Ahrens | April 1, 2009; 04:47 PM ET | Comments (0)

March Sales: GM Down 45 Pct., Ford Down 41 Pct., Chrysler Down 40 Pct., Toyota Down 37 Pct.

UPDATED at 2:57 P.M. WITH CHRYSLER: Toyota, now the world's largest automaker, said its March North America sales were down 36.8 percent, compared to March 2008. But March 2009 sales were up 16.3 percent compared to February of this year,...

By Frank Ahrens | April 1, 2009; 02:57 PM ET | Comments (17)

Trio of Economic Indicators Not as Bad as Expected

A trio of economic reports came in this morning still bad, but not as bad as expected, giving the markets enough hope to wipe out their morning dive and move into positive territory. -- Pending home sales inched up in...

By Frank Ahrens | April 1, 2009; 10:55 AM ET | Comments (0)

Markets Drop at Opening

Wall Street seemed determined to instantly give up yesterday's rally gains at opening today, with markets dropping across the board. In the first 15 minutes of trading, the Dow is down about 85 points, or 1 percent. The broader S&P...

By Frank Ahrens | April 1, 2009; 09:47 AM ET | Comments (0)

FinancialStability.gov Finally Launches

FinancialStability.gov, the Web site set up by the White House in an effort, it says, to create transparency in the bailout process, has launched, after being promised for several weeks. The site has a simple glossary of financial terms (though...

By Frank Ahrens | March 31, 2009; 05:07 PM ET | Comments (0)

Another Newspaper Chain Declares Bankruptcy

Sun-Times Media Group, the parent company of the Chicago Sun-Times and 58 smaller suburban newspapers, today became the latest newspaper chain to file for reorganization under Chapter 11 bankruptcy laws. "Over the past several months, the company has taken several...

By Frank Ahrens | March 31, 2009; 01:33 PM ET | Comments (0)

GM, Ford Follow Hyundai Buyer-Assurance Program

Detroit automakers General Motors and Ford are joining Hyundai in offering to make new car payments for buyers if they are laid off this year through no fault of their own. Ford said today that it will cover up to...

By Frank Ahrens | March 31, 2009; 01:08 PM ET | Comments (0)

Consumer Confidence Ticks Up Slightly, Still Near Record-Low

A measure of consumer confidence showed that sentiment ticked up slightly in March, though it still hovers near record lows. The Conference Board combines a number of survey factors to compute its monthly consumer confidence index. In February, the number...

By Frank Ahrens | March 31, 2009; 11:08 AM ET | Comments (0)

New GM CEO: We Got Obama's Message

New General Motors chief executive Fritz Henderson is holding a news conference in Detroit right now responding to yesterday's White House action against the company -- rejecting its restructuring plan and ousting chief executive Rick Wagoner. Henderson, the company's former...

By Frank Ahrens | March 31, 2009; 10:36 AM ET | Comments (1)

Markets Up at Opening

Wall Street began this morning by recouping some of its big losses from yesterday's sell-off, opening up across the boards on the final day of the first quarter of 2009. In the first 15 minutes of trading, the Dow is...

By Frank Ahrens | March 31, 2009; 09:49 AM ET | Comments (0)

Home Prices Take Record 19 Percent Plunge In Jan.

U.S. home prices dropped by the steepest annual rate on record in January, according to the S&P/Case-Shiller housing price index released moments ago. In the 20 cities monitored by Case-Shiller, home prices plunged 19 percent in January compared to January...

By Frank Ahrens | March 31, 2009; 09:07 AM ET | Comments (3)

P&G Chief Hammers Obama Tax Proposal

In an opinion column in today's Cincinnati Enquirer, the chief executive of Cincy-based Procter & Gamble writes that one of President Obama's taxes in the proposed budget could cripple U.S. businesses operating overseas, such as P&G. Here is how P&G...

By Frank Ahrens | March 30, 2009; 03:51 PM ET | Comments (0)

Chase Credit Card to Refund 'Illegal' $10 Monthly Fee

New York Attorney General Andrew Cuomo, evidently eager to keep his hitting streak going, said today that he has pressured Chase Bank into ending what Cuomo's office called an "illegal" $10 monthly fee imposed on thousands of Chase credit card...

By Frank Ahrens | March 30, 2009; 01:53 PM ET | Comments (0)

Chrysler, Fiat Respond to Obama but Deal Not Wrapped Up Yet

Troubled automaker Chrysler just put out a joint statement with Fiat which, frankly, is a little puzzling. The headline is: "Chrysler LLC Statement in Response to the Announcement by the Administration, U.S. Treasury and President's Auto Task Force." Chrysler chief...

By Frank Ahrens | March 30, 2009; 12:44 PM ET | Comments (0)

Obama: GM, Chrysler May End Up In Bankrutpcy

President Obama just concluded remarks on the restructuring of the U.S. auto industry and said that saving troubled automakers GM and Chrysler "may mean using our bankruptcy code to help them restructure quickly and emerge stronger." Obama then attempted to...

By Frank Ahrens | March 30, 2009; 11:41 AM ET | Comments (0)

Fallout From Wagoner Ouster: GM, Ford Shares Plummet

The markets are punishing shares of Detroit automakers GM and Ford following the White House ouster of GM chief executive Rick Wagoner. Shares of GM are trading down 25 percent, while shares of Ford are trading down more than 7...

By Frank Ahrens | March 30, 2009; 11:11 AM ET | Comments (6)

Markets Dive at Opening

Wall Street opened today's session like a Buick rolling off a cliff: straight down, fast and hard. The question today: Does this mean the three-week rally is over? In the first 15 minutes of trading, the Dow is down about...

By Frank Ahrens | March 30, 2009; 09:49 AM ET | Comments (8)

This Week: Economic Data Brings Reality Check

The economic data lately have offered hopes, hints and insinuations that better times could lie ahead. This week, we start to see whether it's for real. Analysts have been clinging to a few better-than-expected numbers that suggest the steep slide...

By Sara Goo | March 30, 2009; 05:23 AM ET | Comments (1)

Outspoken CNBC Anchor Dylan Ratigan Quits

Dylan Ratigan, who hosted the nightly "Fast Money" roundtable and co-hosted the afternoon show "Closing Bell" with Maria Bartiromo on CNBC, has abruptly quit the business network. CNBC gave no reason for the exit, and Melissa Lee is hosting "Fast...

By Frank Ahrens | March 27, 2009; 05:03 PM ET | Comments (7)

U.S. Bancorp Chief: Obama Told Us to Tell Our Story

UPDATE U.S. Bancorp chief executive Richard Davis, one of of the big bank executives summoned to meet with President Obama at the White House today, said bankers "understand the anger around executive compensation" and that the "have not done a...

By Frank Ahrens | March 27, 2009; 03:50 PM ET | Comments (3)

Feb. Unemployment Rises in D.C. Area, Tops 10% in 7 States

February unemployment rose in the District, Virginia and Maryland, and seven states now top 10 percent unemployment, according to the February Labor Department numbers released this morning. Here are the Washington area numbers for February: - District: 9.9 percent (up...

By Frank Ahrens | March 27, 2009; 11:38 AM ET | Comments (0)

Markets Open Sharply Down

The three-week stock rally opened Friday with a sharp pullback, as investors sold into the market to take some profits out and short-sellers readied for the weekend. In the first 15 minutes of trading, the Dow is down about 117...

By Frank Ahrens | March 27, 2009; 09:48 AM ET | Comments (0)

Google Cutting 200 Sales People

Search-and-ad king Google said today that it is laying off 200 sales and marketing people because it had over-hired in certain parts of the economy. That may be the case, but probably the 15-month-and-counting recession had something to do with...

By Frank Ahrens | March 26, 2009; 03:45 PM ET | Comments (0)

2008's Big Hedge Fund Losers

Here's a list of some of the biggest hedge fund losers of 2008, as compiled by Alpha, a magazine for institutional investors. Read 'em and weep. Or cheer. Your call: 1. Kenneth Griffin, Citadel Investment Group. Lost $2 billion. Its...

By Frank Ahrens | March 26, 2009; 02:23 PM ET | Comments (0)

Rep. Manzullo to Geithner: Your Plan Is 'Radical'

UPDATED at 1:21 P.M.: In testimony before the House Financial Services committee that just adjourned, Treasury Secretary Tim Geithner just had to defend his institutional takeover plan against charges of radicalism. "Do you realize how radical your proposal is?" Rep....

By Frank Ahrens | March 26, 2009; 01:21 PM ET | Comments (83)

Markets Open Up Solidly

Wall Street opened up strongly today, shrugging off news from the Commerce Department that the U.S. economy shrank at an annual rate of 6.3 percent at the end of last year, slightly worse than expected. In the first 15 minutes...

By Frank Ahrens | March 26, 2009; 09:54 AM ET | Comments (0)

What (Briefly) Killed The Market Rally Today?

4:35 P.M.: UPDATED BELOW: A strong stock market rally began to peter out shortly after noon today and then dived south beginning at about 1 p.m., taking the Dow, the S&P 500 and the Nasdaq all into negative territory. What...

By Frank Ahrens | March 25, 2009; 04:35 PM ET | Comments (22)

Buyers Snub British Debt

In a reminder of how bad things are across the globe, the U.K. failed to find enough buyers for $2.55 billion (1.75 billion pounds) in gilt-edge bonds, Bloomberg is reporting. This is debt that the U.K. is attempting to sell...

By Frank Ahrens | March 25, 2009; 11:40 AM ET | Comments (0)

Czech Leader: U.S. Recovery Plan Is 'Way To Hell'

In the tell-us-what-you-really-think department, Czech Republic Prime Minister Mirek Topolanek called the U.S. recovery plan "a way to hell," CNN is reporting. Topolanek may have reason to be bitter: his government collapsed yesterday after an embarrassing vote of no-confidence. The...

By Frank Ahrens | March 25, 2009; 10:24 AM ET | Comments (16)

Markets Open Solidly Up

Wall Street opened up strong today, possibly riding the enthusiasm of the surprise jump in February durable-goods orders reported by Commerce this morning. In the first 15 minutes of trading, the Dow is up about 88 points, or a little...

By Frank Ahrens | March 25, 2009; 09:49 AM ET | Comments (0)

February Durable Goods Orders Rise Unexpectedly

By now, you're accustomed to the good news/bad news nature of all seemingly good economic news. This morning, the Commerce Department reported that orders for durable goods -- refrigerators, computers, airplanes, autos, etc. -- jumped 3.4 percent in February compared...

By Frank Ahrens | March 25, 2009; 09:27 AM ET | Comments (1)

The Ticker Breaks Down President Obama's Presser Tonight

The Ticker takes his act over to our sister blog, 44, tonight at 8 p.m. to be part of the team breaking down President Obama's press conference live as it happens. Please join me and my colleagues Ben Pershing of...

By Frank Ahrens | March 24, 2009; 05:03 PM ET | Comments (0)

The Motley Fool's 'Blame Bracket:' March Madness for the Crisis

Those wags over at Alexandria's Motley Fool have put together a "blame bracket" for the ongoing economic crisis, pitting potential causes against each other. For instance, in the Bernie Madoff vs. The Media bracket, which do you blame more? In...

By Frank Ahrens | March 24, 2009; 04:23 PM ET | Comments (0)

Bernanke Admits Ignorance, Fires Back At Inquisitor

1:30 P.M. UPDATED In testimony that just wrapped up before the House Financial Services committee, Fed Chairman Ben Bernanke said he still doesn't know why regulators weren't prepared for last year's financial sector collapse. It was under simple-yet-probing question from...

By Frank Ahrens | March 24, 2009; 01:30 PM ET | Comments (6)

Markets Fall at Opening

The stock markets fell at opening today, as traders appeared to be "selling into the rally," or taking some profits from the two-plus-week rally that's been underway. In the first 15 minutes of trading, the Dow is down about 100...

By Frank Ahrens | March 24, 2009; 09:49 AM ET | Comments (0)

GOP Sen. Kyl Seeks Delay on AIG Bonus-Tax Bill

Sen. Jon Kyl (R-Ariz.), the Republican whip, wants the Senate to delay -- at least for a week -- a vote on the House's bill to tax recipients of AIG bonuses, Reuters is reporting. Analysts are attributing this afternoon's late...

By Frank Ahrens | March 23, 2009; 04:13 PM ET | Comments (5)

Geithner: No Timetable on Toxic-Asset Plan

Treasury Secretary Tim Geithner has no timetable for selling the first toxic asset, he said in a CNBC interview today with Erin Burnett. "We're moving as quickly as we can," he said. "And as soon as we have the terms...

By Frank Ahrens | March 23, 2009; 02:54 PM ET | Comments (0)

Reaction to Geithner's Toxic-Asset Plan

Now that Treasury Secretary Tim Geithner's $1 trillion plan to buy toxic assets off the books of banks has been out there for a few hours and has begun to be digested, here are some reactions to it: -- Noted...

By Frank Ahrens | March 23, 2009; 01:41 PM ET | Comments (0)

Distressed Sales Spur Feb. Jump in Existing Home Sales

Existing home sales rose 5.1 percent in February, partly thanks to sales of distressed properties, according to statistics released moments ago by the National Association of Realtors. If that's the good news, here's the bad news: Sales of distressed properties...

By Frank Ahrens | March 23, 2009; 10:17 AM ET | Comments (1)

Markets Soar at Opening

Wall Street followed the world markets in responding favorably to Treasury's toxic-assets/bank-rescue plan rollout this morning. In the first 15 minutes of trading, the Dow is up about 160 points, or more than 2 percent. The broader S&P 500 and...

By Frank Ahrens | March 23, 2009; 09:51 AM ET | Comments (0)

World Markets, Futures Up in Anticipation of Geithner Plan

The White House has so far gotten what it has wanted: A worldwide markets surge before the long-anticipated bank rescue plan of Treasury Secretary Tim Geithner scheduled for rollout this morning. You can read the details of the plan here....

By Frank Ahrens | March 23, 2009; 08:53 AM ET | Comments (2)

Citigroup's Pandit To Employees: I'm Fighting Congress For Your Bonuses

This is an e-mail sent from Citigroup chief executive Vikram Pandit to his employees this afternoon: "Our industry has recently seen a tide of negative sentiment rising in Washington, D.C. regarding compensation. Of course, some of it is warranted. But...

By Frank Ahrens | March 20, 2009; 04:52 PM ET | Comments (38)

Rattner: GM, Chrysler May Need 'Considerably' More Govt. Money

Ailing Detroit automakers GM and Chrysler may need “considerably” more government bailout money than they've already asked for, said Steve Rattner, Treasury's de factor "car czar." So far, GM and Chrysler have asked for $21.6 billion. But Rattner said that...

By Frank Ahrens | March 20, 2009; 01:49 PM ET | Comments (0)

Bernanke to Small Bankers: Stay Vigilant

Fed Chairman Ben Bernanke is addressing community bankers in Phoenix right now. "You should all continue to exercise good risk management -- including strong underwriting for individual exposures and proper management of credit concentrations in your portfolios," Bernanke plans to...

By Frank Ahrens | March 20, 2009; 12:09 PM ET | Comments (0)

Rep. Frank: Govt. Should Cancel Fannie, Freddie Bonuses

Rep. Barney Frank (D-Mass.), chairman of the House Financial Services committee, said today that the government should step in and cancel the retention bonuses given to executives of Fannie Mae and Freddie Mac, which The Post's Zach Goldfarb reported here...

By Frank Ahrens | March 20, 2009; 11:40 AM ET | Email a Comment

Citigroup CFO To Take Over Troubled Bank Unit

Citigroup chief financial officer Gary Crittenden has been assigned to take over Citi Holdings, one of the sickest units of Citigroup, in an effort to wind down the division and improve Citigroup's overall health. Citi Holdings has some $850 billion...

By Frank Ahrens | March 20, 2009; 10:57 AM ET | Comments (0)

House Passes Bill Taxing AIG Bonuses at 90 Percent

The House just passed a bill that would put a 90 percent tax on bonuses awarded by companies that get at least $5 billion in federal bailout money by a vote of 328-93. The legislation is targeted at AIG, which...

By Frank Ahrens | March 19, 2009; 02:21 PM ET | Comments (0)

I-270 Corridor Has Nation's Lowest Unemployment Rate

The I-270 corridor stretching from Bethesda to Frederick has the nation's lowest unemployment rate among large metro areas in January, according to data released this morning by the Labor Department's Bureau of Labor Statistics. The Washington area (including D.C., Arlington,...

By Frank Ahrens | March 19, 2009; 11:28 AM ET | Comments (0)

13 Firms Getting Bailout Money Owe Back Taxes

In a Hill hearing underway, Rep. John Lewis (D-Ga.) revealed that 13 firms receiving government bailout money owe more than $220 million in back taxes. Two of the firms, Lewis said, owe more than $100 million apiece. The news comes...

By Frank Ahrens | March 19, 2009; 10:56 AM ET | Comments (2)