Moody's warns it may downgrade American Express
Thu, 07 Aug 2008 19:37:21 GMT
SAN FRANCISCO (MarketWatch) -- Moody's Investors Service said on Thursday that it may downgraded American Express because of concerns about the credit card company's asset quality and lending exposures. Moody's placed on review for possible downgrade the ratings of American Express Company and American Express Travel Related Services and its rated operating subsidiaries. Moody's noted that were the long-term ratings to be downgraded, they would most likely be lowered by one notch.
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Crude futures halt losing streak to close higher
Thu, 07 Aug 2008 19:01:45 GMT
SAN FRANCISCO (MarketWatch) -- September crude closed at $120.02 per barrel Thursday on the New York Mercantile Exchange, up $1.44, or 1.2%, for the session. The market ended its losing streak as a threat to global oil supplies in the wake of a pipeline shutdown outweighed ongoing concerns that high oil prices are slowing demand. Crude prices have lost more than 5% in the past three sessions.
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Moody's cuts Chrysler to 'Caa1'; further downgrade possible
Thu, 07 Aug 2008 18:54:30 GMT
SAN FRANCISCO (MarketWatch) -- Moody's Investors Service on Thursday lowered Chrysler Automotive LLC's corporate family rating to Caa1 from B3. Moody's also cut DaimlerChrysler Financial Services Americas LLC's corporate family rating to B2 from B1. Both companies remain on review for possible further downgrades. The move reflects the considerable competitive and financial pressure Chrysler faces as U.S. consumers shift away from trucks and sport utility vehicles. The trend will burden the performance of all three U.S. auto manufacturers but Chrysler will be particularly challenged by its relatively high dependence on trucks and SUVs. "If Chrysler's prospects for establishing an adequately robust revenue and product profile remain limited, the long-term viability of the company's business model could be undermined despite the success of its cost cutting initiatives and the intermediate-term adequacy of its liquidity profile," said Bruce Clark, Moody's senior vice president. Caa-grade ratings are viewed as poor quality with possibility of default by ratings agencies.
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S&P cuts Whole Foods Markets by one notch to 'BB'
Thu, 07 Aug 2008 18:00:39 GMT
SAN FRANCISCO (MarketWatch) -- Standard & Poor's Ratings Services on Thursday lowered Whole Foods Markets Inc.'s corporate credit rating by one notch to BB from BB+. "The downgrade reflects that operating performance and corresponding credit metrics were significantly weaker than expected through the first three quarters of 2008," said Charles Pinson-Rose, an S&P; credit analyst. Pinson-Rose also expects only modest improvement over the next year. S&P; attributed the weak performance to greater administrative expenses related to the integration of stores from the acquisition of Wild Oats Markets Inc., and a deceleration in same-store sales. The outlook is negative.
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Gold futures close lower for a fifth session in a row
Thu, 07 Aug 2008 17:45:56 GMT
SAN FRANCISCO (MarketWatch) -- December gold closed at $877.90 an ounce in New York Thursday, down $5.10 for the session as strength in the U.S. dollar against other major currencies eased demand for the precious metal. Prices for gold tallied a drop of 4.9%, or $44.80, since the close of $922.70 on July 31.
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Crude futures turn lower as traders gauge demand
Thu, 07 Aug 2008 17:38:05 GMT
SAN FRANCISCO (MarketWatch) -- Crude futures turned lower Thursday afternoon as the market swayed between price support from a pipeline shutdown and pressure from indications of a slowdown in U.S. oil demand. September crude was last down 17 cents at $118.41 in Globex electronic trading. It was down 4 cents at $118.54 on the New York Mercantile Exchange.
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UPDATE: Morgan Stanley to settle with Mass. AG: report
Thu, 07 Aug 2008 17:24:42 GMT
SAN FRANCISCO (MarketWatch) -- Morgan Stanley will pay $1.5 million to settle a probe by the Massachusetts attorney general into the firm's auction-rate securities practices, The Wall Street Journal reported Thursday on its Web site, citing state officials. Morgan Stanley is one of many firms scrutinized for their practices concerning the securities after the $330 billion market collapsed earlier this year. "We are pleased to settle this matter without penalty," said Christy Pollak, a Morgan Stanley spokeswoman, in a statement. (Updates to clarify that settlement amount was not part of a penalty.)
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EPA rejects request to reduce ethanol fuel requirement
Thu, 07 Aug 2008 17:13:11 GMT
WASHINGTON (MarketWatch) -- The Environmental Protection Agency rejected a request by Texas to reduce the national mandate to increase ethanol as a motor fuel, the EPA said Thursday. EPA Administrator Stephen Johnson said the EPA determined that the ethanol mandate was not causing "severe economic harm." Texas Gov. Rick Perry asked EPA in April for a waiver of the requirement that 9 billion gallons of ethanol and other renewable fuels be blended into gasoline this year. Perry said the mandate was driving up food costs and had harmed the livestock industry. The EPA said reducing the mandate would likely lower the cost of corn by 7 cents per bushel.
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British Air, GE Comm. Aviation order up to 10 Boeing 777s
Thu, 07 Aug 2008 17:13:11 GMT
SAN FRANCISCO (MarketWatch) -- Boeing Co. said Thursday that British Airways ordered two 777-300ER jetliners and secured options for up to four more. Boeing also said GE Commercial Aviation Services, a unit of General Electric Co. , bought two 777-300ERs that had previously been listed as unidentified orders.
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ITT board raises quarterly dividend 25% to 17.5 cents
Thu, 07 Aug 2008 16:45:36 GMT
SAN FRANCISCO (MarketWatch) -- ITT Corp. said Thursday its board raised the quarterly dividend by 25% to 17.5 cents. The dividend is payable Oct. 1 to shareholders of record as of Aug. 22.
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CORRECT: Leggett & Platt hikes dividend to 25 cents
Thu, 07 Aug 2008 16:45:03 GMT
SAN FRANCISCO (MarketWatch) -- Leggett & Platt's board on Thursday hiked its third-quarter dividend to 25 cents from 18 cents in the third quarter of 2007. The dividend will be paid on Oct. 15 to shareholders of record on Sept. 15. (Corrects spelling of company's name in headline)
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ConEdison second-quarter net income
Thu, 07 Aug 2008 16:40:32 GMT
SAN FRANCISCO (MarketWatch) -- Consolidated Edison on Thursday reported its second-quarter net income rose to $552 million, or $2.02 a share, from $154 million, or 58 cents a share, in the same period last year. Excluding items, earnings were 42 cents a share. The New York-based energy company also affirmed its earnings from ongoing operations outlook of $2.95 to $3.15 a share in 2008. Analysts surveyed by FactSet Research are forecasting the company to post earnings of $3.05 a share, on average, in 2008.
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