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NEW YORK (CNNMoney.com) -- Blue chips rallied Tuesday as investors welcomed news that Warren Buffett has reached out to ailing bond insurers and major lenders have announced a plan that they say will help homeowners avoid foreclosure. But a tech advance petered out by the close, leaving the Nasdaq not far from where it started the session. The Dow Jones industrial average (INDU) gained around 133 points, up 1.09%, giving up bigger afternoon gains. The broader Standard...
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NEWARK, N.J. - The drugmaker Schering-Plough said Tuesday it lost $3.36 billion in the fourth quarter of 2007 because of accounting adjustments related to the purchase of Organon BioSciences NV.But its results excluding the accounting items topped Wall Street estimates and its shares rose more than 4 percent in morning trading. Kenilworth-based Schering-Plough Corp. said the loss, which amounted to $2.08...
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For a notoriously tightfisted banker, Robert Glickman proved to be quite the high-roller the past few years. The longtime chief executive of family-controlled Corus Bankshares (NasdaqGS:CORS - News), the sixth-largest Illinois-based bank, bet big on real estate in such spots as Florida, California, and, yes, Las Vegas. As Glickman backed condo and other construction, he amassed some $7.6 billion in commercial real estate loans and construction commitments, amounting to...
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NEW YORK (FORTUNE) -- Billionaire investor Warren Buffett said Tuesday he has offered funding to prop up the troubled bond insurers, whose shaky finances threaten Wall Street. The billionaire's Berkshire Hathaway (BRKA, Fortune 500) approached the three largest bond insurers last week, offering to insure about $800 billion in tax-exempt bonds, Buffett told CNBC in a televised interview. "This would just eliminate one major cloud from the market," said Buffett. The Berkshire Hathaway chairman and CEO...
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DETROIT (Reuters) - General Motors Corp (GM.N) on Tuesday posted a quarterly loss reflecting a slump in its North American market and losses at former finance subsidiary GMAC. GM posted a net loss of $722 million, or $1.28 per share, in the fourth quarter, compared with net income of $950 million, or $1.68 per share, a year...
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NEW YORK - Stocks are rising in early trading after billionaire investor Warren Buffett offered to help out troubled bond insurers. Buffett's move is easing some of Wall Street's concerns about further deterioration in the credit markets.In an interview earlier Tuesday on CNBC, Buffett said his Berkshire Hathaway Inc. holding company has offered a second level of insurance on up to...
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NEW YORK (CNNMoney.com) -- Stocks rallied Monday, with tech, retail and commodity shares sparking a broader advance as investors set aside worries about AIG's financials and Yahoo's rejection of Microsoft's proposed takeover. The Dow Jones industrial average (INDU) rose 0.5%. The broader Standard & Poor's 500 (SPX) index gained 0.6% and the Nasdaq composite (COMP) climbed 0.7%. Stocks had slumped in the morning after Dow component AIG's regulatory filing raised bets that the insurer will...
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NEW YORK (Reuters) - American International Group Inc (AIG.N) on Monday revealed that its auditors had questioned whether it properly valued its derivatives portfolio, raising new questions about accounting practices at the world's largest insurance company. The disclosure sent AIG shares down 11 percent and cast doubt on the company's previous contention that it does not...
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SAN FRANCISCO - Yahoo Inc.'s rejection of Microsoft Corp.'s unsolicited takeover bid left investors guessing the next move in a tense mating dance that may hatch a more imposing challenger to Google Inc. or disintegrate into a bruising brawl.The rebuff, formally announced early Monday, wasn't a surprise because Yahoo had leaked its intention over the weekend. As expected, Yahoo's board...
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The major indices suffered sharp losses and essentially gave back the prior week's gains, in which that the Dow, Nasdaq, S&P 500 and Russell 2000 surged 4.4%, 3.7%, 4.9% and 6.1%, respectively. The Dow lost 561 point for the week, bringing its year to date loss to 8.2%. The Nasdaq continued to be the worst performing index with a loss of 109 points, to increase its year to date loss to 13.1%. The S&P 500 also continued in a...
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