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Neuberger Berman Group LLC, the money manager that was part of Lehman Brothers Holdings Inc., was ordered by an industry regulator to pay about $4 million to three clients who bought structured notes backed by the failed investment bank. A Financial Industry Regulatory Authority panel ruled July 15 that Neuberger Berman is responsible for the [...]
Investors are continuing to flee American Funds’ offerings. Three funds from the group, a favorite of advisers, made the top five in most outflows for the first half of the year, according to Morningstar Inc. The $156.8 billion Growth Fund of America (AGTHX) led the way with $12.47 billion in net outflows during the first [...]
Charles Schwab Corp., the largest independent brokerage by client assets, reported second-quarter profit that matched the average analyst estimate as revenue from interest earned offset a decline in trading. Net income rose 16 percent to $238 million, or 20 cents a share, from $205 million, or 17 cents, a year earlier, the San Francisco-based [...]
The 23-year-old fan who went to Yankee Stadium on July 9 hoping to see New York shortstop Derek Jeter get his 3,000th base hit — and winding up catching that ball and returning it — has some tough decisions to make. His much-reported sacrifice — giving up a sports collectible worth as much as $250,000 [...]
For 18 consecutive quarters, from Q2,’02 through Q3,’06, S&P 500 operating earnings increased at least 10% each quarter. Initially the gains were a rebound from the earnings declines of the 2000-2002 Bear market and recession, and later on they were reflective of an accelerating market and recovering economy. Then came the housing bust, liquidity, unemployment, [...]
A pall has settled over the U.S. housing market. The first-time home buyer’s credit has dried up, and home prices are down 29 percent from their 2006 peak. On Dec. 9 the latest release of the Federal Reserve’s Flow of Funds data shows the value of homeowner equity in the third quarter of this year [...]
The shifting sands of Euro-related news are making mincemeat of the enthusiastic wave of shorts that were established earlier this week – but is there enough fuel to keep the Euro up much longer? Basel III relief boosts Euro The EU has decided to skirt the stricter portions of the new Basel III capital requirements [...]
Commodity markets saw the first broad based bounce in weeks after the early May correction now seems to have run its course. Weak U.S. data helped remove some of the recent support for the dollar, with the Euro bouncing despite heightened tension over what will happen to Greece in the months ahead. European stock markets [...]
Solar stocks have plunged 20.6 percent in May alone sending the year-to-date performance into negative territory, driven by worse than expected first quarter earnings releases in the industry. We believe the sell-off provides an opportunity to pick up solar stocks. In our Yearly Outlook we put forth the idea that solar stocks would be a [...]
The euro slipped on Tuesday after European Central Bank Governor Jean-Claude Trichet said he shares the view that a strong dollar is in the interest of United States, a comment taken by some market players as showing frustration over the dollar’s relentless fall and also an attempt to talk up the currency. Trichet also told [...]