Stock Market Wrapup Aug. 22nd
Bulls were in a buying mood today after investors picked up stocks in anticipation of more deals coming to Wall Street. At the end of trading, all three major averages gained more than 1%. Leading the advance was the tech-laden Nasdaq, which gained 1.3%. Over in the energy sector, oil continued to sell off, ending the session at $69.26, down -31 cents.
The nation's four largest money center banks, Citigroup (NYSE: C - News), JP Morgan Chase (NYSE: JPM - News), Bank of America (NYSE: BAC - News), and Wachovia (NYSE: WB - News) all reported today that they borrowed $500 million each from the Federal Reserve's discount window on behalf of clients. The move was aimed at showing confidence amid a spreading credit crunch. The borrowing event comes after the Fed cut the discount rate by 50 basis points last Friday.
Staying on the topic of the recent credit crunch, shares of tax services company H&R Block (NYSE: HRB - News) fell -1.8% after it had to draw down bank credit lines when its Block Financial Unit was locked out of the commercial paper market. The company said it took down a net of $650 million in working capital lines.
On the news front, pharmaceutical giant Pfizer (NYSE: PFE - News) said it hired Frank D'Amelio to serve as its chief financial officer (CFO) replacing Alan Levin, who announced his resignation in May. D'Amelio recently served as SVP and chief administrative officer of Paris-based Alcatel-Lucent (NYSE: ALU - News).
Shares of energy exchange NYMEX Holdings (NYSE: NMX - News) rose 6.1% after the company officially announced that it is in talks with potential parties regarding a business combination. It also said it could cut 150 jobs and sell its Manhattan headquarters, which it thinks could fetch north of $500 million. Meanwhile, rumors swirled that Ameritade (Nasdaq: AMTD - News) and E*Trade (Nasdaq: ETFC - News) could merge following a report in The Wall Street Journal that the two sides were in talks.
Lastly, on the earnings front, medical device maker Medtronic (NYSE: MDT - News) said net income rose 13% to $675 million, or 59 cents a share, up from $599 million, or 51 cents a share, last year. Sales increased 8% to $3.13 billion. Excluding one-time items, it reported earnings of $711 million, or 62 cents a share, in line with what analysts had expected. Shares fell -0.4%.
By the BullMarket.com Staff
The nation's four largest money center banks, Citigroup (NYSE: C - News), JP Morgan Chase (NYSE: JPM - News), Bank of America (NYSE: BAC - News), and Wachovia (NYSE: WB - News) all reported today that they borrowed $500 million each from the Federal Reserve's discount window on behalf of clients. The move was aimed at showing confidence amid a spreading credit crunch. The borrowing event comes after the Fed cut the discount rate by 50 basis points last Friday.
Staying on the topic of the recent credit crunch, shares of tax services company H&R Block (NYSE: HRB - News) fell -1.8% after it had to draw down bank credit lines when its Block Financial Unit was locked out of the commercial paper market. The company said it took down a net of $650 million in working capital lines.
On the news front, pharmaceutical giant Pfizer (NYSE: PFE - News) said it hired Frank D'Amelio to serve as its chief financial officer (CFO) replacing Alan Levin, who announced his resignation in May. D'Amelio recently served as SVP and chief administrative officer of Paris-based Alcatel-Lucent (NYSE: ALU - News).
Shares of energy exchange NYMEX Holdings (NYSE: NMX - News) rose 6.1% after the company officially announced that it is in talks with potential parties regarding a business combination. It also said it could cut 150 jobs and sell its Manhattan headquarters, which it thinks could fetch north of $500 million. Meanwhile, rumors swirled that Ameritade (Nasdaq: AMTD - News) and E*Trade (Nasdaq: ETFC - News) could merge following a report in The Wall Street Journal that the two sides were in talks.
Lastly, on the earnings front, medical device maker Medtronic (NYSE: MDT - News) said net income rose 13% to $675 million, or 59 cents a share, up from $599 million, or 51 cents a share, last year. Sales increased 8% to $3.13 billion. Excluding one-time items, it reported earnings of $711 million, or 62 cents a share, in line with what analysts had expected. Shares fell -0.4%.
By the BullMarket.com Staff
Labels: ALU, AMTD, BAC, C, ETFC, HRB, JPM, MDT, NMX, pfe, WB
posted by Stock Administrator @ 6:20 PM
1 Comments:
At 8:34 PM ,
Peter Lavansky said...
Mr. D’Amelio began his career in 1979 at AT&T Bell Labs, where he held a variety of financial, accounting and general management positions. Before moving into an operations role at Lucent, Frank was Vice President and Chief Financial Officer of Lucent’s Network Systems Business. When Lucent was created in 1996, he helped establish the financial structure of the new company and was part of the road show team that met with investors around the world during Lucent’s initial public offering. Prior to being named Executive Vice President, Administration and CFO of Lucent in May 2001, Frank was Group President of Lucent’s Switching Solutions Group, where he led the manufacturing, research and development, marketing and product management of Lucent’s switching, access and applications software businesses, a multi-billion dollar global business.
As Lucent’s Executive Vice President Administration and Chief Financial Officer from 2001 to 2006, Mr. D’Amelio was responsible for executive management and oversight of all financial, accounting, human resources, law, labor relations and real estate operations of the company. In early 2006 he was appointed Lucent’s Chief Operating Officer, responsible for leading the operations of the business including sales, the product groups, the services business, the supply chain, IT operations and labor relations. After Lucent announced its merger with Alcatel later in 2006, Mr. D’Amelio was appointed Senior Executive Vice President, Integration and Chief Administrative Officer.
Mr. D’Amelio is a member of the Board of Directors of Humana, Inc. He holds a bachelor's degree in accounting from St. Peter's College and an MBA in finance from St. John's University.
With a reputation like his, D’Amelio seems like a much needed step in the right direction for the company. His experience with increasing shareholder value and prioritizing debt management should provide just the right mix to turn Pfizer around.
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