Spain Gives Massive Aid to Bankia By Harold Heckle MADRID -- The president of Bankia tried Saturday to calm fears about the future of the bank, saying Spain's second largest mortgage lender will emerge as a solid financial entity after it receives a total 23.5 billion euros ($29.5 billion) in state aid in the country's biggest-ever bank bailout. Bankia and its parent group BFA are prepared to sell a large portfolio of real estate and a "significant package" of companies as part of its efforts to turn itself around, President Jose Ignacio Goirigolzarri told reporters. ...
Jim Cramer's Best Blogs NEW YORK (TheStreet) -- Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on: Key Questions About the Facebook IPO; and How to Profit From Market Assumptions Gone Wrong Click here for information on RealMoney, where you can see all the blogs, including Jim Cramer's -- and reader comments -- in real time. ... Click to view a price quote on FB. Click to research the Internet industry.
Facebook's Follies: Tech Weekly Recap NEW YORK (TheStreet) -- Following the media blur that was Facebook's recent IPO, this week in technology was relatively quiet, with earnings from Dell and HP leading the way amidst yet more fallout from the Facebook offering. Facebook's IPO has been heavily criticized for a variety of reasons. Some of the more notable ones are the lack of move higher on its opening day, allegations of improper disclosures to select clients by Morgan Stanley, the lead underwriter, and the continued poor performance of shares. Despite all the flap, some said the "Facebook flop" was a good thing, and one analyst thinks there's massive growth ahead. ... Click to view a price quote on FB. Click to research the Internet industry.
All Eyes on Europe, Jobs Report in Coming Week NEW YORK (TheStreet) -- Yes, there's a big jobs report waiting next Friday but investors will continue to be on pins and needles about news out of Europe in the coming week. The major U.S. equity indices managed a positive overall finish last week, snapping a three-week losing streak, but that was really more a product of how poorly equities had already performed in May. For example, as of Friday's close, the Dow Jones Industrial Average has logged only four positive sessions this month. If the blue-chip index can't muster an up day next week, you would have to go back to September 1903 to match that level of ugliness, according to data provided by Dow Jones Indexes. ... Click to view a price quote on ^GSPC.
Cramer's 'Mad Money' Recap: Invest Like a Pro Search Jim Cramer's Mad Money trading recommendations using our exclusive Mad Money Stock Screener and watch Jim Cramer's Mad Money Post Game video exclusively on TheStreet.com. Editor's note: This recap was last published on Dec. 27, 2011. ... Click to view a price quote on PEP. Click to research the Food & Beverage industry.
Stocks Snap Three-Week Losing Streak But Concerns Linger NEW YORK (TheStreet) -- Stocks closed on a weak note Friday, as investors remained concerned about the mounting eurozone crisis heading into the holiday weekend. A much stronger than expected final read on consumer sentiment failed to bring out the buyers as the headlines from across the pond were predictably dour, including news that the bailout tab for partially nationalized Spanish institution Bankia will be roughly $24 billion. In addition, Standard & Poor's moved to downgrade Spain's biggest banks amid the threat of a double-dip recession in the country. Volumes were low with 2.86 billion shares trading on the New York Stock Exchange and only 1.2 billion in play on the Nasdaq. ... Click to view a price quote on PAY. Click to research the Consumer Durables industry.
First Niagara: Financial Winner NEW YORK (TheStreet) -- First Niagara Financial Group was the winner among the largest U.S. financial names on Friday, with shares rising over 1% to close at $8.26. The broad indexes all declined, with weak trading volumes heading into the long Memorial Day Weekend, as investors continued to worry over the possible exit of Greece from the euro, and with further negative news from Spain. The president of Spain's Catalonia region said the region would need assistance from the central government to refinance over 13 billion euro of borrowings. Meanwhile, trading was halted for the shares of Bankia, before the bank's board of directors met to discuss the final amount of government aid the partially nationalized Spanish bank would need. ... Click to view a price quote on FNFG. Click to research the Banking industry.
Icahn Buys 7.6% of Chesapeake Energy, Seeks Major Board Change NEW YORK (TheStreet) -- The rumors about Carl Icahn taking a stake in Chesapeake Energy were true, though what it will mean for the embattled -- and stubborn -- oil and gas company remains uncertain. Activist investor Icahn revealed a 7.6% stake in Chesapeake Energy after the close on Friday, larger than the 4% stake that had been rumored in the press for weeks, and larger than the 5.8% stake that Icahn had amassed in late 2010, before selling at a quick profit. While Icahn's 2010 investment didn't pan out as an activist push and the shareholder return destruction and corporate governance issues have only worsened since for Chesapeake Energy, this time Icahn says he is playing the stock for activist reasons. Carl Icahn ... Click to view a price quote on CHK. Click to research the Energy industry.
JPMorgan, Boeing: Dow Movers NEW YORK (TheStreet) -- U.S. stocks finished lower Friday, dragged down by lingering concerns about the stability of the eurozone ahead of the long Memorial Day weekend. The Dow Jones Industrial Average fell 75 points, or 0.6%, to 12,455. The S&P 500 lost 3 points to 1,317.82 and the Nasdaq Composite dropped 1.85 points to 2,837.53. Breadth within the Dow was negative with 22 of the index's 30 components posting losses. ... Click to view a price quote on ^DJI.
Time for Flash Sales to Adapt or Die By Christina Cheddar Berk, News Editor NEW YORK (CNBC) -- Flash-sale websites such as Gilt Groupe and Ru La La were hailed as disruptors in the ecommerce space, but recently there's been a bit of a disruption in their success story, prompting some to wonder if flash-sale sites are more of a marketing gimmick than a sustainable business model. The sector, while still growing, is being shaken up by consolidation, layoffs and slowing growth rates. Many industry analysts suspect that will continue unless flash-sale sites adapt. ...
Where Large Banks Fail, Regionals are Succeeding: Bove By Jeff Cox, CNBC.com Senior Writer NEW YORK (CNBC) -- Large regional banks are filling a void created by the biggest institutions' regulatory burdens and the competitive disadvantage of smaller companies, analyst Dick Bove said. Firms in the middle tier of banking -- think US Bancorp , PNC and Capital One, for instance -- are growing their key commercial and industrial lending portfolios while their competitors have had to pull back their activities, according to an analysis from the widely followed Rochdale Securities vice president of equity research. ...
Presidential Precedent: 2012's Electoral Sweet Spot The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage. NEW YORK (TheStreet) -- With the 2012 U.S. presidential race in full swing, rhetoric is also heating up. Rhetoric aside (which is always heated in elections -- nothing unusual about that), election years are typically good for stocks. U.S. stocks have historically done well in election years, averaging 10.9% since 1928. Even better, this year we either re-elect a Democrat or elect a Republican, making it a sweet spot for stocks. Since 1928, the S&P 500 has risen 14.5% in election years when a Democrat is re-elected and 18.8% when a Republican takes the reins. Can President Barack Obama win re-election? His approval ratings are low, but a Democratic incumbent has some advantages. Who is the likely winner? Many view incumbent Barack Obama's chances as falling, since his approval rating is at 47%. Observers often remind us that no president has been re-elected with such a low approval rating. Yet the election is more than five months away, and ratings this early haven't proven predictive. Bill Clinton and Ronald Reagan handily won second terms despite hitting much lower approval ratings during their first terms -- 35% for Reagan and 37% for Clinton. Plus, popularity isn't a requirement for victory. Several presidents have won with less than 50% of the popular vote -- Kennedy, Truman, Nixon and Clinton did it, and George W. Bush won the election in 2000 but lost the popular vote. ...
LSI CEO: Flash Equals Cash Abhi Talwalkar, the CEO of semiconductor specialist LSI, explains how demand for Flash storage technology is paving the way to future growth.
Apple Boss Turns Down $75 Million Payout By Mark Russell, Newser Staff Not many of us would walk away from $75 million. Then again, not many of us have been granted 1.125 million Apple shares currently worth hundreds of millions. But that's what Apple CEO Tim Cook did according to documents filed with the SEC, reports CNNMoney. Apple's compensation committee recently decided that this summer's cash dividend should apply to the restricted stock units awarded to some Apple employees, a group that includes Cook....
