Stocks Continue to Surge
Stocks are surging for the second straight day, with financials leading the way, despite more credit related bad news. Investor sentiment received a boost in the form of Fed comments on the possibility of further rate cuts (full story).
Wells Fargo
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PowerRating) announced it was taking a special provision of $1.4 billion to cover credit market losses.
Freddie Mac
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PowerRating) is issuing $6 billion of preferred stock to bolster reserves. The company also declared a Q4 dividend of $0.25 per share.
The Wall Street Journal reported that Citigroup
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C |
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PowerRating) rebuffed a merger proposal from Bank of America
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PowerRating).
Dollar Tree Stores
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PowerRating) reported a rise in Q3 profit, gave Q4 guidance, and tightened its full-year outlook (read more).
Syntax-Brillian
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PowerRating) lowered revenue forecasts for Q2 and 2008 due to changing the company’s business model in China (read more).
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