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Berkshire Hathaway for $68? Sweet! (CNNMoney)

Admin — Sun, 08 Nov 2009 00:09:23 +0000

Stock splits don’t change the value of a company. But a lower share price for Warren Buffett’s firm (and other triple-digit stocks) could attract more investors

I don’t know about you, but I don’t have a spare $101,900 stuffed under my couch cushions to buy an “A” share of Warren Buffett’s Berkshire Hathaway. I probably could scrounge together $3,395 for one “B” share, but I would rather not.

However, the possibility of spending $1,000 to purchase 15 so-called “Baby Berkshire” B shares is somewhat intriguing. And soon, you and I will have the chance to do so.

When Buffett announced earlier this week that Berkshire (BRKA, Fortune 500) was buying railroad Burlington Northern Santa Fe (BNI, Fortune 500) for a mix of cash and stock, Berkshire also announced a 50-1 stock split of the company’s B shares. [Full Story]

After jobs report Oil sinks nearly 3%

Admin — Sun, 08 Nov 2009 00:06:49 +0000

Futures fall more than $2 a barrel after the U.S. government says unemployment jumped to 10.2% in October. Oil prices fell almost 3% near $77 a barrel Friday after data showed the U.S. jobless rate jumped to a 26-1/2-year high of 10.2% in October, raising concerns about a potential rebound in fuel demand.

The Labor Department said employers cut 190,000 jobs in October, more than the 175,000 that markets had expected but fewer than the 219,000 lost in September.

Energy markets have been watching economic data for signs of recovery from the recession that slammed fuel consumption. [Full Story]

AIG profitable for second straight quarter

Admin — Sun, 08 Nov 2009 00:04:08 +0000

The troubled insurer said it continues to benefit from stabilization in the housing and credit markets, but future quarters will continue to be volatile. AIG reported its second profitable quarter in a row early Friday, as stabilization in its insurance businesses, and the credit and mortgage markets helped boost results.

The troubled insurer said its net income rose to $455 million, or 68 cents per share, an improvement over the $24.5 billion loss from a year earlier. Results included a one-time net charge of $1.5 billion for capital losses and hedging. [Full Story]

Job market report disappoints Wall Street (CNNMoney)

Admin — Sun, 08 Nov 2009 00:01:40 +0000

Higher-than-expected payroll losses for October could set markets lower after rally that pushed Dow back above 10,000. U.S. stocks were set to fall Friday after the government reported higher-than-expected payroll losses for October and an increase in unemployment. S&P 500, Nasdaq-100 and Dow Jones industrial average futures were lower, losing their lukewarm gains immediately after the payroll report.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins. The blue-chip Dow reclaimed the 10,000 mark Thursday after a batch of positive economic news sparked a rally on Wall Street. [Full Story]

Dollar climbs after weak jobs report (CNNMoney)

Admin — Sat, 07 Nov 2009 01:34:22 +0000

The greenback and the Japanese yen climb as investors seek safety following a worse-than-expected report on the U.S. job market

The dollar and yen rose Friday after a report showed the U.S. unemployment rate spiked and the economy lost more jobs than expected, stoking concerns about the U.S. economy and restoring safe-haven demand for both currencies.

The news dashed hopes the recession was ending after recent gross domestic product and jobless claims readings had seemed to indicate a recovery. With the labor market still weak, U.S. consumer sentiment and spending will likely remain under pressure, analysts said. [Full Story]

Stock Market Shrugs Off Jobs Report (BusinessWeek)

Admin — Sat, 07 Nov 2009 01:26:14 +0000

Major indexes finished higher Friday, led by industrial stocks, despite news that the U.S. jobless rate topped 10% in October, U.S. stock indexes closed higher Friday as investors snapped up industrial and other selected issues after an earlier market decline that was fueled by news the U.S. economy lost 190,000 jobs and the jobless rate hit a 26-year high of 10.2% in October. The late rally drove the Dow industrials above 10,000 for a second day.

On Friday, the 30-stock Dow Jones industrial average finished higher by 17.46 points, or 0.17%, at 10,023.42. The broad Standard & Poor’s 500-stock index was up 2.67 points, or 0.25%, at 1,069.30. The tech-heavy Nasdaq composite index gained 7.12 points, or 0.34%, to 2,112.44 [Full Story]

Treasurys pop after jobs report (CNNMoney)

Admin — Sat, 07 Nov 2009 01:14:32 +0000

Government debt prices move higher after Labor Department reports unemployment rate spiked to 10.2%. Treasury prices were higher Friday after the government reported that unemployment spiked to 10.2% — its highest level since April 1983.

The jump raised demand for the perceived safety of government-backed debt, which typically attracts investors in times of economic uncertainty.

But gains were limited ahead of next week’s $81 billion record refunding, which includes 2-year and 10-year notes, along with the 30-year bond.