The Wall Street Journal-20080119-Business and Finance
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Business and Finance
Bond insurer Ambac lost its triple-A rating from Fitch after it said it would abandon plans to raise $1 billion in equity. Investors had unloaded stock in the insurer in recent weeks, ahead of anticipated downgrades. Prices in the municipal-bonds market didn't react in part because the ratings cut was already reflected in their prices. Further expected downgrades could roil markets.
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The Dow industrials declined 59.91 points, or 0.5%, to 12099.30, their worst 13-session start to a year ever, as details emerged from Bush's speech about an economic-stimulus proposal.
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Sears Chairman Lampert plans to reorganize the 121-year-old retailer into autonomous businesses, in an effort to end a long slide.
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Sprint posted big losses in cellphone subscribers. The wireless carrier said it would cut 4,000 jobs and gave a gloomy forecast for 2008. Shares fell nearly 25%.
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General Electric posted a 4% rise in fourth-quarter net driven by strong global demand for power turbines and jet engines.
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Countrywide shares fell nearly 10% amid investor fears that Bank of America could exit a deal to acquire the mortgage lender.
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Merck's Vioxx settlement plan gained speed, amid strong claimant participation and the resolution of a major sticking point.
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Chieftain's push to oust Comcast CEO Roberts is drawing a mixed response from Wall Street analysts and investors.
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Richard Breeden gained a board seat at Zale, a day after the activist investor became the jewelry chain's largest shareholder.
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The Conference Board's index of leading indicators fell 0.2% last month, with housing permits posting the largest drop.
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Japanese consumer sentiment and other indicators hint that the nation's economy may face anemic growth or even a recession.
