Headlines Today – Jobless Claims, Citi, JPMorgan, GMAC, Iran
November 21, 2008
A SORRY BUNCH
[LEFT} No one has come up with a plan said Harry Reid, Nancy Pelosi, James Clyburn and Sen. Christopher Dodd. A SORRY BUNCH
NEWS HEADLINES – TODAY
Index points to worsening manufacturing, shrinking to -39.3 in Nov.
U.S. workers on the dole soared to a 26-year high, stark proof job market is rapidly weakening.
Mid-Atlantic Factory Woes Deepen
Factory index feel to minus 39.3 in Nov., lowest since Oct. ‘90. The employment gauge hit an 18-year low, new orders gauge sank to lowest since ‘80, cuts in output and payrolls. Jobless claims rose to 4.01mil, highest since the ‘82 recession.
Citi, JPMorgan Shares Tumble
Citigroup (NYSE:C – News) tumbled 26% as a Saudi prince’s move to raise his stake overshadowed by fears it won’t have enough cash. Alwaleed bin Talal, Citi’s largest individual investor, lifted his stake to 5% from less than 4%. JPMorgan Chase fell 18%.
GMAC applies for bank status
Financing arm of General Motors applied to become a bank holding company, eligible for aid under the government’s $700 bil bank rescue plan. said the change in status would shore up its capital position to provide automotive and mortgage financing. GMAC is majority owned by Cerberus Capital Management, which also owns most of Chrysler. General Motors (GM) owns a 49% stake.
Iran Has Uranium For Nuke: IAEA
International Atomic Energy Agency says Iran has produced 1,390 pounds of enriched uranium, enough to build a nuclear bomb. Iran would need to further refine the material and put it in a warhead to make a full-fledged weapon. The country says it’s enriching the uranium for nuclear energy.
