Fidelity Management & Research’s gave its stamp of approval to Ambac Financial Group on Thursday, but the move was overshadowed by the revelation that JPMorgan Chase slashed its stake in the ailing bond insurer.
Fidelity Management & Research, acts as an investment adviser to Fidelity Investment’s family of mutual funds, and is Ambac’s largest shareholder.Investment Advice [...]
Kicklighter and Nelson honored Calhoun for his contributions during the annual meeting of UniSouth Inc. and United Southern Bank in February. United Southern Bank is an independent bank serving Lake County for 70 years. SECO honored The Arbor Day Foundation has recognized Sumter Electric Cooperative [...]
A number of shareholder suits are expected to continue, possibly for years, but effective control passing to JPMorgan is all but assured. The New York-based investment bank, formerly a rival to Bear with some overlapping areas of business, is using New York Stock Exchange rules that allow it to purchase up to 40 percent of [...]
Boards of Directors The Association of Fundraising Professionals, Central Florida Chapter, has appointed Eric L. Welch, Prevent Blindness Florida, as president for 2008; Gary Brewer, Central Florida Council of the Boys Scouts of America, as president-elect; and Michael Slaymaker, La Amistad Foundation, as secretary/treasurer. Cynthia Blackwell, AOK [...]
NEW YORK (CNNMoney.com) — If you’ve been pessimistic about the stock market, you would think you’d have plenty of reasons to gloat today.Influential bank analyst Meredith Whitney of Oppenheimer slashed her earnings targets for Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Wachovia (WB, Fortune 500). Whitney [...]
LOS ANGELES (AP) — Stanford Kurland spent nearly three decades helping build Countrywide Financial Corp. into the nation’s largest mortgage lender.Now, the former president of the troubled company and several key colleagues hope to cash in as the housing market collapses.Kurland, 55, will serve as chairman and chief executive officer of a new company [...]
BOSTON (AP) — Harvard University has turned to a manager with a track record of success directing the assets of educational institutions, including Harvard itself, to oversee its nearly $35 billion endowment.Jane Mendillo on Thursday was named the new president and chief executive officer of Harvard Management Co., the university’s wholly owned and quasi-independent investment [...]
A decade after its merger with Travelers Group Inc. created the No. 1 U.S. bank by assets, Citigroup Inc. is the stock market’s inferior investment compared to Bank of America Corp., JPMorgan Chase & Co. and the Standard & Poor’s 500 Index.
No wonder Citigroup Chief Executive Officer Vikram Pandit, just four months into the job, [...]
NEW YORK (AP) — MEMPHIS, Tenn. (AP) — FedEx Corp. reported a 6% drop in third-quarter earnings Thursday due to high oil prices and a slow U.S. economy, and indicated it would miss Wall Street forecasts for the fourth quarter.The shipping company said its fourth-quarter earnings would fall from a year ago and said it [...]
R.H. Donnelley, Idearc Debt Falls, Signals Defaults (Update2)
By Caroline Salas and Wayne Ma
March 20 (Bloomberg) — Yellow Pages phone-directory
publishers R.H. Donnelley Corp. and Idearc Inc. may lead a surge
in media-company defaults as the U.S. economy heads into a
recession.
[...]
