New York: US stocks fell in a broad market selloff on Wednesday, led by a sharp drop in Apple shares on worries about slowing demand for its products and weaker-than-expected results from Bank of America that battered the financial sector.
Apple Inc slid 5.5 per cent to $402.80 after falling below $400 for the first time since December 2011. A key supplier, chipmaker Cirrus Logic , gave a disappointing revenue forecast, fueling worries about weakening demand for the iPhone and iPad.
The CBOE Volatility index, a measure of investor anxiety, jumped 18.3 per cent to 16.51. It remains well below the 20 mark, however, suggesting market volatility is still considered relatively subdued.
Wednesday's losses were the week's second big sell-off, adding to views the market may be starting the pullback analysts have been speculating about for months. The market has had strong gains since the start of year, yet on Monday, the S&P 500 posted its worst day since November 7, 2012 following a sharp drop in gold prices....
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04:23 AM, Apr 18, 2013
After long failing to act on foreign investor complaints, Indian policy makers find themselves in an ironic bind. As global interest in Indian derivatives surges, it is Singapore, not Mumbai, that is reaping the benefits. ...
05:31 AM, Feb 27, 2013
Washington: Iranian hackers have repeatedly attacked Bank of America, JPMorgan Chase & Co and Citigroup over the past year as part of a broad cyber campaign targeting the United States, according to people familiar with the situation. The attacks, which began in late 2011 and escalated this year, have primarily been "denial of service" campaigns that disrupted the banks' websites and corporate networks by overwhelming them with incoming Web traffic,...
12:03 PM, Sep 22, 2012
London/Charlotte: Ratings agency Moody's downgraded many of the world's biggest banks on Thursday, lowering credit ratings of 15 companies by one to three notches. Morgan Stanley, one of the most closely watched firms, had its long-term debt rating lowered by just two notches, one level less than had been expected, and its stock rose in after-hours trading. The downgrade left Morgan Stanley more highly rated than Bank of America Corp...
08:19 AM, Jun 22, 2012
Mumbai: Analysts at Goldman Sachs and Bank of America-Merrill Lynch cut their growth forecasts for India, following up on a Morgan Stanley downgrade earlier this week that had sparked much concern in domestic markets. The downgrades come in a tough month for Indian markets, after global risk aversion surged, exposing the country's fiscal and economic vulnerabilities. Goldman Sachs said it was cutting its gross domestic product forecast to 6.6 per...
05:24 PM, May 25, 2012
New York: Standard & Poor's reduced its credit ratings on 15 big banking companies, mostly in the Europe and the United States, on Tuesday as the result of a sweeping overhaul of its ratings criteria. JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs Group Inc, Morgan Stanley, Barclays Plc, HSBC Holdings Plc, Royal Bank of Scotland Group Plc and UBS AG, were...
09:53 AM, Nov 30, 2011
New York: As companies battle the economic slowdown, the employees at large companies in the US and Europe seem to be facing the axe in a major way. More than 1,35,000 job cuts have been announced by just about a dozen multi-national companies in past few months in their efforts to slash costs and those from the financial services space are among the worst hit. However, the employees in India...
03:07 PM, Oct 31, 2011
Washington: Bank of America said on Monday that it will cut about 30,000 jobs over the next few years to slash costs, Xinhua reported. The job reduction is part of 'Project New BAC', a broad restructuring plan that started in January 2010, the bank said in a statement, adding that the layoffs will help it reduce $5 billion in annual expenses by 2014. During the first phase of reorganisation, Bank...
09:06 AM, Sep 13, 2011
New York: Warren Buffett will invest $5 billion in Bank of Americas Corp, stepping in to shore up the largest US bank in the same way he helped prop up Goldman Sachs and General Electric during the financial crisis. Bank of America shares rose nearly 26 per cent at one point but gave up most of those gains by early afternoon, standing 10 per cent higher at $7.72. Trade was...
01:47 AM, Aug 26, 2011
New York: Affluent women expect to be more active than their male counterparts in retirement, but they are also more worried about outliving their money, according to a Bank of America Merrill Lynch study. The vast majority of affluent baby boomers, the more than 75 million Americans born from 1946 through 1964, believe their retirement will be more active and prosperous than that of their parents, a quarterly Merrill Lynch...
11:41 AM, Feb 01, 2011
New York: In what could signal a big year of Internet initial public offerings, social networking website LinkedIn Corp announced plans on Thursday to float shares to the public. The number of shares to be offered and the price range for the offering have not yet been determined, according to the form S-1 registration statement the company filed with the Securities and Exchange Commission. LinkedIn revealed its plans to raise...
11:21 AM, Jan 28, 2011
Charlotte: WikiLeaks' next data release, early next year, is widely expected to centre on Bank of America Corp (BofA). WikiLeaks Editor In Chief Julian Assange - currently under house arrest in England - touched off a fevered wave of speculation last month, when he disclosed the group would follow up its release of 250,000 diplomatic cables from the US government in November with a look at the financial sector. Assange...
11:54 AM, Dec 23, 2010
Washington: Bank of America Corporation has joined several other financial institutions in refusing to handle payments for WikiLeaks, the latest blow to the secret-releasing organisation's efforts to continue operating under pressure from governments and the corporate world. The Charlotte, North Carolina-based bank's move adds to similar actions by Mastercard Inc and PayPal Inc. Though previous moves have prompted reprisals by hackers, Bank of America's site is as well-protected as they...
04:41 PM, Dec 19, 2010
The huge negative balance on his account was reversed back to normal. ...
03:44 PM, Jul 16, 2009
The employees have reportedly been given have salary hike of 10 per cent.. ...
10:37 AM, Apr 01, 2009
The cuts could affect as much as 11.4 per cent of the combined companies' workforce. ...
12:28 PM, Dec 12, 2008
Economist Amir Ullah Khan said India economy not affected much. ...
05:52 PM, Oct 07, 2008
US lawmakers voted against the proposed intervention in the economy. ...
08:58 AM, Sep 30, 2008
US president George W Bush has been rallying hard to win the bailout. ...
11:58 PM, Sep 29, 2008
Fed Reserve wants US senators to agree to the US $ 700 billion bailout package. ...
01:52 PM, Sep 24, 2008
