JC Penney; FNMA, FHLMC; Societe Generale; Allianz, Dresdner
Penney for your thoughts... J.C. Penney, the 3rd largest U.S. department store company,
said Q4 net income dropped -9.9% and gave conservative forward guidance.
Q4 same store sales fell 2.3% after the company cut prices earlier than usual to draw shoppers.
Ya hochu... Keep your fingers crossed...
Today, the Russian Finance Ministry said it will buy Fannie Mae and Freddie Mac bonds through its sovereign wealth funds.
Cez't La Vie... Yesterday Frances #1 bank, BNP Paribas, reported a 42% drop in Q4 profit...
Today, Societe Generale, France's #2 bank, said unauthorized trading and subprime-related writedowns
led to a 82% net income decline and record $4.9 billion Q4 loss vs profit of 1.60 billion in Q4 of 2006.
The $3 billion of writedowns and provisions linked to the U.S. subprime mortgage crash,
forced Societe Generale to raise $8.25 billion from shareholders this month to replenish capital. Stock down 28% this year.
Ich bin ein... Allianz SE, Europe's biggest insurer, said
Q2 profit fell 6%, its first decline in 10 quarters while net profit dropped over 50%. Increased insurance revenues could not offset...
mounting loan losses at the Dresdner Bank unit, which have been a drain on profits.
Allianz has cut more than 18,000 jobs at Dresdner Bank, or about 40% of the workforce, and shed about $48 billion of bad loans.
Allianz's asset management division, includes PIMCO, the largest bond mgmt co in the world.
Allianz CEO Michael Diekmann: "Dresdner Bank will reduce its engagement in the SIV business as the model of interest arbitrage faces a tough future."
said Q4 net income dropped -9.9% and gave conservative forward guidance.
Q4 same store sales fell 2.3% after the company cut prices earlier than usual to draw shoppers.
Ya hochu... Keep your fingers crossed...
Today, the Russian Finance Ministry said it will buy Fannie Mae and Freddie Mac bonds through its sovereign wealth funds.
Cez't La Vie... Yesterday Frances #1 bank, BNP Paribas, reported a 42% drop in Q4 profit...
Today, Societe Generale, France's #2 bank, said unauthorized trading and subprime-related writedowns
led to a 82% net income decline and record $4.9 billion Q4 loss vs profit of 1.60 billion in Q4 of 2006.
The $3 billion of writedowns and provisions linked to the U.S. subprime mortgage crash,
forced Societe Generale to raise $8.25 billion from shareholders this month to replenish capital. Stock down 28% this year.
Ich bin ein... Allianz SE, Europe's biggest insurer, said
Q2 profit fell 6%, its first decline in 10 quarters while net profit dropped over 50%. Increased insurance revenues could not offset...
mounting loan losses at the Dresdner Bank unit, which have been a drain on profits.
Allianz has cut more than 18,000 jobs at Dresdner Bank, or about 40% of the workforce, and shed about $48 billion of bad loans.
Allianz's asset management division, includes PIMCO, the largest bond mgmt co in the world.
Allianz CEO Michael Diekmann: "Dresdner Bank will reduce its engagement in the SIV business as the model of interest arbitrage faces a tough future."
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