General Electric decided to cut its dividend today, in a move that will save the company close to $9 billion and bring it a step closer in maintaining its coveted AAA-rating. GE cut will cut its quarterly dividend to 10 cents from 31 cents, the Wall Street Journal reported. The cut comes weeks after the [...]
Today’s GDP report highlighted a downwardly-revised 6.2% decline, after an initial estimate of -3.8% just one month ago. That’s a staggering decline - the steepest since 1982, right smack in the middle of the double dip recessions of the Reagan era. Economists were expecting a decline of 5.5%.
Sharp drops in consumer spending, business investment, and exports [...]
Early in today’s trading session, the S&P 500 broke its intraday lows set when the market bottomed in November. The index hit a 12-year low:
The Swiss banking giant UBS AG (UBS) announced today that it was replacing current CEO, Marcel Rohner, with the highly regarded ex-Credit Suisse chief Oswald Gruebel. UBS, one of the largest companies in the world, seeks to restore investor confidence after massive losses in the 4th quarter and backlash from the US government.
Chairman Peter Kurer said Gruebel has “the [...]
