SEC extends limits on naked short selling
SEC extends limits on naked short selling; Fox-Pitt upgrades Merrill
By MarketWatch
Last Update: 7/30/2008 9:11:00 AM
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The Securities and Exchange Commission has extended an order designed to prevent
so-called naked short selling in stocks of major financial companies, including
mortgage giants Freddie Mac and Fannie Mae, for another two weeks. See full story
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Fox-Pitt upgrades Merrill to in line from underperform
Fox-Pitt Kelton Cochran Caronia Waller analyst David Trone in a research note
Wednesday upgraded shares of Merrill Lynch & Co. to in line from underperform,
saying the worst is over after the company “capitulated” by raising capital and
sold “its most toxic problem assets”. See full story
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Bush signs housing bill
President Bush signed the housing and mortgage relief bill into law early
Wednesday, the White House said. The massive law will provide an emergency safety
net for mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE), among other
provisions. See full story
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The hidden tax traps in the housing-rescue bill
From a tax perspective, the new housing bill is likely to cause more upset than
calm. Here is a look at five areas where tax law was changed along with housing
law, and the good news and bad news that goes along with each. See full story
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Mortgage applications drop; fixed rates move lower
Applications filed for mortgages fell a seasonally adjusted 14.1% last week, as
applicants shrugged off lower interest rates on fixed-rate loans, the Mortgage
Bankers Association reported on Wednesday. See full story.
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Lloyds profit slumps 63%, misses expectations
U.K. bank Lloyds TSB said Wednesday that its first-half net profit fell 63% after
weak markets hurt investments at its insurance arm while impairment or “bad debt
charges” surged in its wholesale and international business. See full story.
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Moody’s 2nd-quarter net off 48%; year outlook affirmed
Moody’s Corp. (MCO),the New York provider of financial services including credit
ratings, reported on Wednesday second-quarter net income fell 48% on 25% lower
revenue. It affirmed its full-year earnings estimate. See full story
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Lone Star’s splash
Lone Star Funds’ $6.7 billion dive into mortgage-backed assets dumped by Merrill
Lynch & Co. shows how ready some investors are to move into this market when the
pickings are right. See full story at WSJ.com
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U.S. profits may drop most since at least 1998, Led by Lehman
Profits at U.S. companies may have dropped the most in at least a decade last
quarter after credit write-downs triggered a combined $7.43 billion loss at
Merrill Lynch & Co. (MER) and Lehman Bros. Holdings (LEH). See full story at
Bloomberg.com
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The Short View: US house prices
Are US house prices nearing rock bottom? If they are, then maybe, just maybe,
other banks will not have to follow Merrill Lynch’s lead and sell distressed
assets tied to the US mortgage market for a steep loss. See full story at FT.com
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