Stocks are lower as investors cautiously await the start of earnings season
Stocks fell on Monday as investors paused after a five-week rally to prepare for key company earnings later in the week, and braced for a potential bankruptcy filing from General Motors. The earnings season starts in earnest, with banks Goldman Sachs, JPMorgan and Citigroup set to report their latest quarterly results this week. The U.S. Treasury is directing GM to lay the groundwork for a bankruptcy filing by June 1, even though the automaker has publicly stated it could reorganize outside of court, The New York Times reported on Sunday.
Who’s Your Daddy, Inc. (WYD) (OTCBB: WYDI) announced an endorsement deal with undefeated Heavyweight contender Chris Arreola today. WYD’s announcement comes days before Arreola’s April 11th fight against Heavyweight veteran Jameel McCline at Mandalay Bay Hotel & Casino in Las Vegas. Under the terms of the agreement, Arreola will wear the company’s brand logo on his trunks during the fight. Arreola will also promote the company’s products through the use of his likeness on the company website.
Stocks fluctuate after release by Labor Department
Wall Street fluctuated Thursday after a report showed new unemployment claims dropped last week but that the number of people receiving jobless benefits rose again.
The major indexes rose in the opening moments of trading as the new data showed the economy remains weak, then bobbled between positive and negative territory.
The Labor Department said the number of initial requests for unemployment insurance dropped to a seasonally adjusted 646,000 from the previous week’s revised figure of 658,000, better than economists’ expectations.
However, the number of people continuing to receive beneits set a new record for the eighth straight week, jumping 185,000 to a seasonally adjusted 5.47 million.
Stocks rebound slightly on comments by Fed Chairman Bernanke
Stocks rose slightly on Tuesday following cautious comments from Federal Reserve chairman Ben Bernanke on the economy’s prospects and a report that showed further deterioration in housing.
In remarks prepared for testimony before a Congressional panel, Bernanke said labor market conditions may be uncertain.
The Dow Jones industrial average gained 39.99 points, or 0.59 percent, to 6,803.28. The Standard & Poor’s 500 Index added 5.45 points, or 0.78 percent, to 706.27. The Nasdaq Composite Index rose 12.20 points, or 0.92 percent, to 1,335.05.
Stocks show modest bounce after Yesterday’s 4 percent drop
A day after a steep selloff on Wall Street, investors are looking for bargains but are still cautious about the banking industry and the overall economy.
Some rebound was to be expected after the major stock indexes fell more than 4 percent on Tuesday on disappointment in the government’s announcement of a plan to overhaul the $700 billion financial rescue package passed by Congress last fall. The Dow Jones industrial average tumbled 382 points.
IRVINE, Calif., Feb. 11, 2009 (GLOBE NEWSWIRE) — There are deals and there are breakthrough deals. The latter occurs far less frequently and generally only when the agreement has the potential to lead to other corporate achievements. An announcement by energy beverage maker Who’s Your Daddy, Inc. (OTCBB:WYDI) released yesterday may indeed qualify as the proverbial breakthrough deal.