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S&P 500 flat as Nasdaq slips, bank shares gain

S&P 500 and Dow industrials were little changed and the Nasdaq fell on Monday as investors looked for bargains in financial shares, while a big drop in oil prices weighed on major energy company shares.

Subprime losses could reach $400 billion, analysts say

Banks worldwide may lose as much as $400 billion from subprime mortgages, as at least one in four of the risky home loans go into default, analysts said on Monday. Mike Mayo, an analyst at Deutsche Bank Securities Inc, estimated $150 billion to $250 billion of losses based on $1.2 trillion of U.S. subprime loans, and an additional $150 billion of losses on derivatives linked to subprime debt.

Blackstone COO says subprime mess getting scarier

Blackstone Group (NYSE:BX) president and chief operating officer Hamilton James said on Monday that the subprime mess that hit Wall Street banks appears to be getting worse.

Top U.S. banks agree on backup fund for markets: report

The top three U.S. banks have agreed on the structure of a backup fund of at least $75 billion to stabilize credit markets, The New York Times reported on Sunday.

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Gold moves higher on dollar's slump

Gold gained on Friday, with investors keen to drive the metal to a record high of $850 an ounce as the dollar tumbled to an all-time low and oil rallied.

Wall St. hit by tech, credit jitters

Stocks fell on Friday, hit by a drop in technology shares, including Microsoft Corp, on concern about the profit outlook, while news of more credit losses dragged on financial services companies.

CIBC to write down C$463 mln of U.S. mortgage debt

Canadian Imperial Bank of Commerce said on Friday it will take a fourth-quarter writedown of C$463 million ($493 million) before tax on various securities tied to the U.S. mortgage market, and analysts said they would not be surprised to see further writedowns.

Morgan Stanley CEO Mack taps Cruz as successor

Morgan Stanley Chairman and Chief Executive John Mack has tapped co-President Zoe Cruz, a long-time lieutenant who oversees trading and banking, as the leading candidate to succeed him, a person familiar with the situation said on Friday.

Wachovia, Capital One say credit conditions worsen

Wachovia Corp said on Friday it suffered a $1.1 billion loss on subprime mortgage-related debt in October, while Capital One Financial Corp said more customers are having trouble paying their bills as the U.S. credit crisis deepened.

Wachovia unveils $1.1 bln in credit losses

Wachovia Corp, the fourth-largest U.S. bank, said on Friday that it had incurred about $1.1 billion of further losses in October from credit market turmoil.

Barclays rejects talk it faces $10 bln writedown

British bank Barclays Plc categorically denied rumors it was about to announce a $10 billion writedown and see its top management quit, after the market talk sent its shares tumbling over 9 percent. There is absolutely no substance to those rumors, a spokesman for Britain's third biggest bank said when asked about a possible $10 billion writedown.

HSBC to halt sales, trading of U.S. mortgage-backed securities: report

HSBC Holdings, Plc, the largest european bank, said Thursday that it was stopping all sales and trades of mortgage-backed securities as a result of closing its U.S. mortgage desk, according to reports.

Banks have yet to face subprime reality: Citigroup analysts

Wall Street banks are in for about $64 billion in total write-downs related to collateralized debt obligations, as banks have likely not reported the full extent of their losses, according to Citigroup research.

BNP Paribas Q3 profit rises, cautious on outlook

BNP Paribas, France's biggest listed bank, reported a 21 percent rise in third-quarter net profit, in sharp contrast to the slump in earnings of many major banks following the global credit crisis.

Morgan Stanley sees $3.7 billion subprime hit

Morgan Stanley on Wednesday said it has suffered a $3.7 billion loss stemming from its U.S. subprime mortgage exposure, which it expects will reduce fourth-quarter earnings by about $2.5 billion. The Wall Street investment bank said the loss occurred in September and October, and might change before its fiscal quarter ends this month.

Wrong data disrupts trading on London stock market

Misleading information which allegedly resulted from technical problems was published on Wednesday causing confusion in trading on the London Stock market.

Mortgage players speed-date to lift subprime gloom

It's not just for lonely hearts anymore. Speed-dating a way for busy singles to meet was on the event list at a distinctly unromantic venue, the Information Management Network's ABS East conference, in a bid to bring together investors and issuers still reeling from this year's U.S. subprime mortgage meltdown.

Nasdaq to buy Philadelphia exchange

Nasdaq Stock Market Inc on Wednesday confirmed it would acquire the Philadelphia Stock Exchange for $652 million, a move that will let the No. 2 U.S. stock exchange expand its presence in the fast-growing equity options business.

Washington Mutual shares tumble after sees loan losses

Washington Mutual Inc, the largest U.S. savings and loan, said on Wednesday the U.S. housing slump will persist through 2008, causing loan losses to mount and mortgage lending to fall to an eight-year low.

Nasdaq to buy Philadelphia exchange for $652 million

Nasdaq Stock Market Inc said on Wednesday it would acquire the Philadelphia Stock Exchange for $652 million, a move that will let the No. 2 U.S. stock exchange expand its presence in the fast-growing options business.

Citi, Merrill troll for same five CEO candidates

Citigroup Inc and Merrill Lynch & Co Inc, both seeking new chief executives after taking billions of dollars in write-downs, are considering the same five candidates for their top jobs, CNBC television reported on Wednesday.

BNP Paribas profit up 21 pct, beating estimates

BNP Paribas SA reported a 21 percent jump in its third quarter profit, beating estimates.

Morgan Stanley to post $3 bln to $6 bln in write-downs: analysts

Two analysts expect Morgan Stanley will take a fourth quarter write-down of between $3 billion and $6 billion related to asset-backed securities and collateralized debt obligations.

Nasdaq close to buying Philadelphia exchange: reports

Nasdaq Stock Market, Inc. is close to purchasing the Philadelphia Stock Exchange for about $650 million as it makes a bid to enter the U.S. derivatives trading business, according to reports.

Nasdaq to buy Philadelphia exchange: sources

Nasdaq Stock Market Inc has agreed to buy the Philadelphia Stock Exchange, which operates the third-largest U.S. equity options market, for about $650 million, two people familiar with the matter said on Tuesday.

Wall Street gains on energy, Cisco

Stocks rose on Tuesday as oil prices topped $97 a barrel and lifted shares of Exxon Mobil Corp and other energy producers, while optimism a day ahead of Cisco Systems Inc earnings drove another rally in technology shares. Investors hunted for bargains among beaten-down bank and financial services shares after the previous session's sell-off left the sector near two-year lows.

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