Abercrombie prepares to cut prices
Michael Jeffries, the CEO of struggling retailer Abercrombie & Fitch (NYSE: ANF) recently told investors on a conference call that “Consumer spending patterns domestically continue to be dictated by cost and value propositions, and this is clearly a headwind for our premium brands.”
Abercrombie has garnered headlines for its steadfast refusal to cut prices to keep [...]
Paulson fund buys 168M shares of Bank of America
Paulson & Co. scoops up Bank of America shares worth about $2.67 billion, 4th-largest stake
NEW YORK (AP) — The hedge fund run by John Paulson, who foresaw the distress in subprime mortgages and reaped billions by betting against the related securities, has bought about 168 million shares of Bank of America Corp., according to a [...]
Microsoft, Nokia form alliance to rival RIM
* Top software, cellphone makers join forces
* Microsoft to offer Office applications on Nokia devices
* Alliance is challenge to RIM’s BlackBerry devices/service (Adds bylines; executive, analyst comments, updates shares)
By Bill Rigby and Tarmo Virki
SEATTLE/HELSINKI, Aug 12 (Reuters) – Microsoft Corp (MSFT.O) and Nokia (NOK1V.HE) announced an alliance on Wednesday to bring business software to smartphones [...]
Fed likely to keep key interest rate at record low
Even as economy shows improvement, Fed is likely to hold rates at record low this week
WASHINGTON — With the economy strengthening but still fragile, Federal Reserve policymakers are expected to hold a key lending rate at a record low this week and will weigh whether to extend some programs that were created to ease the [...]
AIG, Fannie Mae and Freddie Mac Rise From the Dead
NEW YORK (TheStreet) — It took more than 28 days, but the so-called “zombie” stocks have started to show signs of life.
American International Group (AIG Quote), Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote) each enjoyed huge run-ups in their stock prices since Wednesday.
AIG catapulted more than 70% higher at times on Wednesday, eventually [...]