Stocks Rise; UBS Reports Further $10B Loss, Bank of America Closes $12B Fund
Stocks rose on Monday, despite another major write-down, as investors look to the Fed to ease rates.
UBS
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PowerRating) announced a further $10 billion in write-downs and revised its Q4 outlook from a profit to a loss. The company now expects to report a loss for full-year 2007. However, the bank was able to strengthen its capital base, thanks to an 11 billion Swiss franc investment made by the Government of Singapore Investment Corp. (read more).
Bank of America
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PowerRating) closed a $12 billion high-yield money fund for institutional investors after its value plummeted (read more).
MBIA
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PowerRating), the troubled bond-insurer, also received a cash infusion. Warburg Pincus agreed to invest up to $1 billion in the company through a direct purchase of MBIA common stock and a backstop for a shareholder rights offering (read more).
Ambac Financial
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PowerRating) also jumped on the MBIA news (read more).
Freddie Mac
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PowerRating) announced operational changes for delinquent loan purchases (full story).
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