Thursday, November 20th, 2008

Posts Tagged ‘ Mike Caggeso ’

Citigroup (C) Whacks Another 50,000 Jobs

Nov 18th, 2008 | By Mike Caggeso | Category: Financial News

Citigroup Inc. (C) today (Monday) unveiled plans to cut more than 50,000 jobs in the “near term” and slash expenses by 20% to preserve capital as it faces a global slowdown that’s expected to push well into 2009.



5 Ways To Profit As Gold Soars To $1,500 In 2009

Nov 17th, 2008 | By Mike Caggeso | Category: Gold Market

The recent slump in gold prices has puzzled many investors who considered the yellow metal a safe haven. But Mike Caggeso says the inflationary impact of the government’s $700 billion bailout program could send gold soaring towards $1,500 an ounce by the end of 2009. He recommends five ways to play this coming gold bull run.



Bank of England’s Deflation Defense: More Cut Rates

Nov 13th, 2008 | By Mike Caggeso | Category: Financial News

Bank of England governor Mervyn King said Wednesday that dangerous deflation is opening a door for further interest cut rates.



American Express Now a Commercial Bank

Nov 11th, 2008 | By Mike Caggeso | Category: Financial News

American Express Co. (AXP) today (Tuesday) won approval from the U.S. Federal Reserve to become a commercial bank, giving the credit card titan a crucial lifeline as the risk of defaults runs higher in the slowing global market.



Circuit City Files for Bankruptcy After a Year of Falling Sales and Corporate Cutbacks

Nov 11th, 2008 | By Mike Caggeso | Category: Financial News

Circuit City Stores Inc. (CC) has filed for Chapter 11 bankruptcy, a week after the struggling electronics retailer announced it would close 155 of its 566 U.S. stores by Dec. 31 and slash its workforce by 17%.



Google Walks Away from Ad Deal, Yahoo! Searching for Answers

Nov 7th, 2008 | By Mike Caggeso | Category: Financial News

It’s got to be frustrating for Jerry Yang. The 40-year-old co-founder and CEO of Yahoo! Inc. (YHOO) is sitting on top of the world’s most popular web site, yet he can’t compete with Google Inc.’s (GOOG) more effective search-engine advertising machine.



Australia’s Central Bank Cuts Interest Rate 75 Basis Points

Nov 5th, 2008 | By Mike Caggeso | Category: Financial News

Australia’s central bank took the hatchet to its benchmark interest rate Tuesday, cutting 75 basis points to 5.25%, the lowest since March 2005. Since the start of September, the Reserve Bank of Australia cut interest rates three times for a total of 200 basis points, in an attempt to insulate the economy from the global financial crisis. 



Battered Circuit City (CC) Closing 155 Stores, Scraping for Capital

Nov 4th, 2008 | By Mike Caggeso | Category: Financial News

Circuit City Stores Inc. (CC) will close 155, or 20%, of its 566 U.S. stores by Dec. 31 and slash its domestic workforce by about 17% as the fledging electronics retailer scrambles to conserve cash and reverse six consecutive quarters of falling sales.



Commodity Prices Sinking to 52-Year Low

Nov 3rd, 2008 | By Mike Caggeso | Category: Financial News

Commodity prices are bracing for their worst month in 52 years as global demand continues to slide. The Reuters/Jefferies CRB Index - a measure of 19 global commodities from light crude to lean hogs - fell 24% in October, Bloomberg reports.



General Motors Pondering Thousands of Job Cuts and Selling Brands, Sources Say

Jul 7th, 2008 | By Mike Caggeso | Category: Politics & Economics

Embattled carmaker General Motors Corp. (GM) is planning thousands of additional white-collar job cuts and mulling over the sale off some of its brands, sources told the Wall Street Journal.