Wall Street Rumors - May 16, 2008
Written By MillaDaily rumors, covering the global markets. Subscribe to the update feed here.
Housing Starts Post Surprise Rise
WASHINGTON — Home construction turned up unexpectedly in April and showed surprising vigor, making the biggest increase in two years. However, the increase was driven by a surge in multi-family housing, while single-family starts dropped.
Bernanke’s Bubble Laboratory
PRINCETON, N.J. — First came the tech-stock bubble. Then there were bubbles in housing and credit. Chinese stocks took off like a rocket. Now, as prices soar on every material from oil to corn, some suggest there’s a bubble in commodities.
GE Announces Plans to Explore Options for Appliances Business
General Electric Co. (NYSE:GE), announced Friday it is studying the future of its iconic appliance business, including a possible sale of the business.
Alstom Joins Legal Proceedings In Global Bribery Investigation
French engineering giant Alstom SA (EPA:Alo), moved to position itself as a victim in a continuing bribes-for-business investigation in France and Switzerland by filing to join the criminal probe as a co-plaintiff.
Icahn Seeks to Unseat Yahoo’s Entire Board
Billionaire investor Carl Icahn Thursday filed a proxy slate to unseat Yahoo Inc.’s, (NASDAQ:YHOO), board, accusing its directors of acting “irrationally” and setting the stage for what could be a battle for control of the Internet company.
Macy’s to Bring FAO Schwarz Into Its Stores
In an effort to attract more shoppers, Macy’s Inc. (NYSE: M), is expected to announce Friday plans to open FAO Schwarz toy boutiques in all 685 Macy’s stores that carry children’s clothing.
Carlyle to Acquire Booz Allen Unit for $2.54 Billion
May 16 (Bloomberg) — Carlyle Group, the private-equity firm run by David Rubenstein, agreed to buy Booz Allen Hamilton Inc.’s, U.S. government-consulting business for $2.54 billion, its biggest buyout since the credit markets collapsed last July.
Oil Rises to Record Above $127 on goldman Report, China Demand
May 16 (Bloomberg) — Crude oil rose above $127 a barrel for the first time, leading other commodities higher, after goldman Sachs Group, Inc. raised its forecast on speculation Chinese diesel purchases will strain supplies.
Fed, BOE Foreshadow End of Rate Cuts as Prices Rise
May 16 (Bloomberg) — The world’s most powerful central banks are telegraphing the end of interest-rate cuts, and traders already anticipate the first steps in the opposite direction.
Scholes, Nobel Laureate, Says Credit Crisis May Not Be Over
May 16 (Bloomberg) — Myron Scholes, chairman of Platinum Grove Asset Management LP, and 1997 winner of the Nobel Prize in economics, said the worst of the crisis in credit markets may not be over.
The Dollar and Its Rally Need Real Support
Even with the recent uptick in the value of the U.S. dollar, the world’s reserve currency remains dramatically weaker than it was at the start of this decade, and it’s likely to stay that way, if it doesn’t sink even further.
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