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Merrill Lynch Raises Up to $6.2B As It Sells Stake in Itself to Singapore Investment Fund NEW YORK (AP) -- It hasn't taken John Thain long to put his stamp on the world's largest brokerage. After being named chairman and chief executive of Merrill Lynch & Co. just three weeks ago, Thain on Monday secured a capital infusion worth up to $6.2 billion and sold off one of Merrill's lending units. His fast action came at a critical time; some analysts think Merrill is facing credit-related writedowns of $10 billion for the fourth quarter.
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Stocks Gain After Merrill Receives $6.2 Billion Investment; Traders Hope for Santa Claus Rally NEW YORK (AP) -- Wall Street advanced sharply Monday, boosted by news that Merrill Lynch & Co. will receive an investment of up to $6.2 billion from two investment groups. The Dow Jones industrial average rose nearly 100 points.
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Last-Minute Shoppers Bring Relief to Retailers, Who Are Also Counting on Post-Christmas Season NEW YORK (AP) -- Just weeks ago, the holiday shopping season seemed headed for disaster. But in the waning hours before Christmas, the nation's retailers got their wish -- a last-minute surge of shopping that helped meet their modest sales goals, according to data released late Monday by research firm ShopperTrak RCT Corp.
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NY Town Wants to Start Program to Let Senior Citizens Work Off Property Taxes, for $7 an Hour GREENBURGH, N.Y. (AP) -- Audrey Davison lives alone, gets a $620 Social Security check each month and worries about the sharply rising taxes on her four-bedroom house. Davison, 76, raised her family there and after 43 years, she really doesn't want to leave Greenburgh.
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No. 2 Retailer Target Says Dec. Sales May Decline; Total Holiday Sales Show Modest Increase NEW YORK (AP) -- Early holiday sales reports are weak, with Target Corp., the nation's No.2 retailer, warning that its sales may have fallen in December. A broad gauge of consumer spending released by MasterCard Inc., which includes estimates for spending by cash and checks, showed a modest 2.4 percent increase in holiday spending, excluding gasoline and auto sales.
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Despite Turmoil in Financial Markets, No Signs That Booming Art Market Is Softening NEW YORK (AP) -- Art is hot. Despite turmoil in the financial markets, there are no signs that the art market is softening. The fall auction season in New York saw robust prices across most categories, with postwar and contemporary works in particular going through the roof. It seemed like a new record was being shattered every time an art auction was held.
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NEW YORK--(BUSINESS WIRE)--The DWS Global Commodities Stock Fund, Inc. (NYSE:GCS - News) (the "Fund") declared a year end distribution of $0.1133 per share from net investment income, $1.3057 per share from short-term capital gains and $2.7262 from long-term capital gains for a total distribution of $4.1452 per share payable on January 10, 2008 to stockholders of record at the close of business on December 31, 2007. The ex-date will be December 27, 2007.
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Finish Line Loss Widens on Weak Sales, Costs From Genesco Deal INDIANAPOLIS (AP) -- Mall retailer The Finish Line Inc. reported a third-quarter loss of nearly $16 million after being hurt by a sales decline and costs related to its disputed $1.5 billion acquisition of larger rival Genesco Inc. Finish Line's net loss for the quarter ended Dec. 1 totaled $15.9 million, or 34 cents per share. That compares with a loss of $3 million, or 6 cents per share, for the same quarter in 2006.
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AngioDynamics Reaffirms 2008 Profit Outlook, Sees 3rd-Qtr Growth in Product Line Sales QUEENSBURY, N.Y. (AP) -- Medical device maker AngioDynamics Inc. Thursday reaffirmed its fiscal 2008 profit outlook and said it expects the growth of product lines sales to increase during the third quarter.
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Among the earnings projection stories for Thursday, Jan. 3, from AP Financial News: HOUSTON (AP) -- ConocoPhillips, the third-largest U.S. oil company, said Thursday it produced more oil in the final three months of 2007 than in the third quarter, but likely made less money refining it into gasoline and other products.
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