Wall Street Expected to Open Lower On Bad Corporate News
Markets in New York are expected to open lower this morning to reflect profit warnings from several major companies. Caterpillar has announced that it will cut 20,000 jobs as demand for construction equipment plummets; in addition, Sprint Nextel will cut 8,000 positions as losses for the wireless carrier mount. Caterpillar Story | Sprint Nextel Story
Crude Oil Prices Fall Despite OPEC Cutbacks
After making a mini-rebound the last two weeks, oil fell on concerns that plummeting demand together with record inventory levels will continue to offset OPEC production cuts. More
Swiss National Bank Powerless to Stop Appreciation of Swiss Franc
As currency traders look to reduce risk they are increasingly turning to the Swiss Franc. The extra demand has pushed the value of the franc higher – in fact, over the course of last year, it gained against every major currency except the yen – and this appreciation in value is threatening to increase inflation and damage Switzerland’s trade surplus. More
Ex-Lehman Boss Sold $13 Million Home to Wife for $100
News reports indicate that just prior to the collapse of Lehman Brothers, former CEO Richard Feld sold his $13 home to his wife for $100. More
