Bloomberg:
- Prudential Financial(PRU) said it’s still buying securities backed by subprime mortgages and expects turmoil in the market to cost the company no more than $150 million over five years.
- MBIA Inc.(MBI), the world’s largest bond insurer, told investors today that the turmoil in the subprime mortgage market poses “no threat” to the $114 billion of collateralized debt obligations the company has insured.
- US brokers’ shares have fallen to historically low levels due to “panic” selling and should rebound when investors factor in the firms’ earning potential, Keefe, Bruyette & Woods said.
- Barnaby Martin, chief European credit strategist at Merrill Lynch(MER) sees demand for collateralized debt obligations or CDOs picking up by year-end.
- Natural gas futures in NY declined 4% as inventories rose toward a record as industrial demand waned further, easing concern of possible supply disruptions from storms and heat-driven demand.
- Beazer Homes(BZH) shares rallied after hedge fund Citadel Investment Group LLC almost doubled its stake in the homebuilder.
Wall Street Journal:
- A team led by Alliant Techsystems(ATK) may sign a $1.5 billion design-and-development contract for Ares I solid-fuel boosters in the next few days, citing aerospace industry officals.
- VMware’s Fusion program allows Apple’s(AAPL) Macintosh personal computers to run the Apple operating system and Microsoft’s(MSFT) Windows seamlessly, Walter Mossberg wrote.
- Google Inc.(GOOG) has suggested that wireless operators, including
- Wal-Mart(WMT) has boosted sales and frustrated rivals by promoting well-known consumer electronics brands at lower prices.
NY Post:
- The vacancy rate for lower
- The collapse of Sowood Capital Management LP cost the Massachusetts state pension system $30 million.
Gulf News:
- High inflation in the Persian Gulf will slow real gross domestic product growth, citing a report from the National Bank of
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