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Bankia plummets on deposit drain concerns

scgadmin — Thu, 17 May 2012 21:49:41 +0000

– Bankia shares fall as much as 29%; end down 14% — Report on deposit withdrawals adds to worries — Bankia, government denies the bank is losing deposits MADRID — The Spanish government moved Thursday to quell fears of massive deposit withdrawals in Bankia SA (BKIA.MC) as its shares were pummeled by an unconfirmed local media report that depositors were withdrawing savings after the government rescued the ailing lender last week.

Audio: Radio update: Wal-Mart tops earnings forecasts

scgadmin — Thu, 17 May 2012 21:49:38 +0000

The latest money news from Ann Cates, including a report that losses at JPMorgan Chase may be steeper than first thought.

Spain’s Bankia: Depositors have nothing to fear

scgadmin — Thu, 17 May 2012 21:49:35 +0000

MADRID (MarketWatch) — Spanish lender Bankia SA said depositors have “nothing to fear,” in a statement issued Thursday in reponse to a report in El Mundo that customers have withdrawn 1 billion euros ($1.3 billion). Shares tumbled 11% on Thursday, weighing on the banking sector in Spain and dragging the IBEX 35 index down 1% to 6,537.68. The new president of the group, José Ignacio Goirigolzarri, said in a statement released by the exchange regulator that Bankia depositors can be “absolutely relaxed about the security of their savings that they’ve entrusted to Bankia.” The bank said that it does expect substantial changes in deposit levels in coming days. Spanish Deputy Finance Minister Fernando Jimenez Latorre denied that any run on funds was taking place, according to media reports.

Wal-Mart probed by SEC, DOJ, Mexican agencies

scgadmin — Thu, 17 May 2012 21:49:31 +0000

NEW YORK (MarketWatch) — Wal-Mart Stores Inc. , undergoing an internal investigation into whether it allegedly violated the U.S. Foreign Corrupt Practices Act in its Mexican market and whether prior allegations were mishandled by the company, said in a regulatory filing on Thursday that both Department of Justice and the Securities and Exchange Commission are investigating the matter respectively. Wal-Mart said it’s cooperating with both regulators on the matter. It also said a number of federal and local government agencies in Mexico have also recently initiated investigations on these matters. The company said several lawsuits related to the matter under investigation also have recently been filed by several of its shareholders against the company, some of its current and former directors and executives. While it doesn’t believe that these matters will have a material adverse effect on its business, “given the inherent uncertainties in such situations,” Wal-Mart said it can provide no assurance that these matters will not be material to its business in the future. It also said some of its senior management’s time could be involved, and that could impinge on the time they have available to devote to other matters relating to the business.

CFTC may change application of speculative limits

scgadmin — Thu, 17 May 2012 21:49:28 +0000

WASHINGTON (MarketWatch) — The Commodity Futures Trading Commission is considering changing how it tallies positions under new limits on speculation in commodity markets, according to people familiar with the matter.

Big energy companies fret over fracking: study

scgadmin — Thu, 17 May 2012 21:49:25 +0000

Energy companies reportedly have more concerns over the risks associated with key shale-gas technology.

Are you ready for water inflation?

scgadmin — Thu, 17 May 2012 21:49:22 +0000

We haven’t learned any lessons from the ethanol debacle.

Cody Willard on Apple suppliers, oil, Greece and more

scgadmin — Thu, 17 May 2012 21:49:18 +0000

All right guys, ask me anything.

Financial Stocks: J.P. Morgan weighs on financial stocks

scgadmin — Thu, 17 May 2012 21:49:15 +0000

J.P. Morgan Chase & Co. falls more than 4% after a report of further derivatives losses. Sector is further pressured by grim economic data.

Osiris stem-cell therapy wins Canadian approval

scgadmin — Thu, 17 May 2012 21:49:09 +0000

BOSTON (MarketWatch) — Shares of Osiris Therapeutics jumped 14% to $5.60 in after-hours trading Thursday on news that Canadian regulators have approved its product Prochymal for the treatment of acute graft-vs-host disease, or GVHD, in children. GVHD is a life-threatening complication associated with such procedures as bone-marrow transplantation. Osiris added it was the world’s first regulatory approval for a manufactured stem-cell product. Prochymal will be commercially available in Canada later this year.