Exxon Mobil; Chevron; Bristol Myers; Ciena; Microsoft; Merrill Lynch CDO
Peak profits, not oil... Exxon Mobil and Chevron, the two biggest U.S. oil companies, reported gains in Q4 earnings.
Both companies exceeded analyst earnings estimates, even as oil production fell, and both set all-time highs for full-year profit.
"The story all over oil land is one of declining production that has been more than offset by record oil prices," said Robbert Van Batenburg, at Louis Capital Markets.
The three biggest U.S. oil companies netted almost $10 million an hour combined in the fourth quarter. Declining production and rising prices, imagine that?
Pharmaceuticals Get Infected... Bristol-Myers is holding $811 million worth of...
"floating-rate instruments with an `AAA/aaa' credit rating'' that could ``be liquidated for cash at short notice.''
The pharma co and maker of "Plavix" picked AAA-rated investments considered safe by rating companies Moody's Investors Service and Standard & Poor's.
Yesterday, Bristol-Myers reported a Q4 net loss after writing off $275 million in investments in auction-rate securities. The writedown may increase to $417 million.
Ciena, the maker of networking equipment, had $33.9 million in assets related to SIV securities. Last quarter, Ciena wrote down...
$13 million for commercial paper issued by two structured investment vehicles, SIV Portfolio Plc and Rhinebridge LLC, after they failed to make payments.
Microsoft has $3.19 billion, almost 10% of its investments, in MBS mortgage-backed securities in its most recent fiscal year.
Just like Real Estate... Local government agencies from Florida to Washington state...
have lost money buying securities such as CDOs that are backed by collateral no one wants.
The market for CDOs has collapsed amid surging subprime defaults, hurting their credit ratings and making the securities difficult to sell.
Merrill Lynch agreed to pay Springfield, Massachusetts, $13.9 million to settle a dispute over CDO collateralized debt obligations that tumbled in value.
Both companies exceeded analyst earnings estimates, even as oil production fell, and both set all-time highs for full-year profit.
"The story all over oil land is one of declining production that has been more than offset by record oil prices," said Robbert Van Batenburg, at Louis Capital Markets.
The three biggest U.S. oil companies netted almost $10 million an hour combined in the fourth quarter. Declining production and rising prices, imagine that?
Pharmaceuticals Get Infected... Bristol-Myers is holding $811 million worth of...
"floating-rate instruments with an `AAA/aaa' credit rating'' that could ``be liquidated for cash at short notice.''
The pharma co and maker of "Plavix" picked AAA-rated investments considered safe by rating companies Moody's Investors Service and Standard & Poor's.
Yesterday, Bristol-Myers reported a Q4 net loss after writing off $275 million in investments in auction-rate securities. The writedown may increase to $417 million.
Ciena, the maker of networking equipment, had $33.9 million in assets related to SIV securities. Last quarter, Ciena wrote down...
$13 million for commercial paper issued by two structured investment vehicles, SIV Portfolio Plc and Rhinebridge LLC, after they failed to make payments.
Microsoft has $3.19 billion, almost 10% of its investments, in MBS mortgage-backed securities in its most recent fiscal year.
Just like Real Estate... Local government agencies from Florida to Washington state...
have lost money buying securities such as CDOs that are backed by collateral no one wants.
The market for CDOs has collapsed amid surging subprime defaults, hurting their credit ratings and making the securities difficult to sell.
Merrill Lynch agreed to pay Springfield, Massachusetts, $13.9 million to settle a dispute over CDO collateralized debt obligations that tumbled in value.
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