Fed Cuts Rates, Stocks Tumble
Stocks tumbled on Tuesday after the Federal Reserve cut interest rates by a quarter point to 4.25%.
Shares of Washington Mutual
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PowerRating) fell after the company said it would cut jobs, slash its dividend, set aside more money for loan losses and raise cash through a convertible preferred stock offering (read more).
Genworth Financial
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PowerRating) lowered its earnings outlook for 2008 (read more).
AT&T
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PowerRating) reaffirmed and expanded its growth outlook for 2008, increase its quarterly dividend and authorized a new $400 million share buyback program (read more).
H&R Block
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PowerRating) reported a wider loss for the second quarter, reaffirmed its full-year 2008 outlook, and delayed its Q2 SEC filing (read more).
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