This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bank Probes: Thursday's Headlines

NEW YORK ( TheStreet) -- Here are the top stock market headlines for the morning of Thursday, May 13, 2010.

Thursday's Early Headlines

  • Weekly Jobless Claims Above Consensus -- The Labor Department said initial jobless claims dipped to 444,000 last week from a revised 448,000, although that was above the consensus for a decline to 440,000 claims. The four-week moving average of claims was 450,500, a decrease of 9,000 from the previous week's revised average of 459,500. In a separate release, the Bureau of Labor Statistics said import prices rose 0.9% in April compared with a revised 0.5% increase in March.
  • New York AG Expands Probe to 8 Banks -- Reuters and The Associated Press both report that New York Attorney General Andrew Cuomo is opening an investigation into whether eight banks misled rating agencies, citing sources familiar with the matter. Four U.S. banks, including Citigroup (C - Get Report), Morgan Stanley (MS - Get Report), Goldman Sachs (GS - Get Report) and Bank of America's (BAC - Get Report) Merrill Lynch were served Wednesday with subpoenas, the report said. Regulators are also probing four European lenders for misleading ratings agencies about mortgage securities, including Credit Agricole, Credit Suisse (CS), Deutsche Bank (DB) and UBS (UBS).
  • Criminal Probe of Wall Street Banks Widens -- Meanwhile, The Wall Street Journal reported separately that federal prosecutors, working with securities regulators, are conducting a preliminary criminal probe into whether several major banks including JPMorgan Chase (JPM), Citigroup, Deutsche Bank and UBS, misled investors about their roles in mortgage-bond deals. The Wall Street banks also have received civil subpoenas from the Securities and Exchange Commission as part of a probe of banks' selling and trading of mortgage-related deals, according to a person familiar with the matter, the Journal reports. Goldman Sachs and Morgan Stanley are also part of the probe.
  • SAP Confirms $5.8 Billion Deal for Sybase -- German software giant SAP (SAP) confirmed market rumors late Wednesday that it will acquire Sybase (SY) in a $5.8 billion deal. Shares of Sybase surged 35% Wednesday and were up another 15% Thursday to $64.45.
  • Transocean Tries to Cap Oil Spill Liability -- Transocean (RIG - Get Report) is planning to file a federal court petition on Thursday to put a cap on its legal liability for the oil spill in the Gulf of Mexico to slightly under $27 million, according to a report by Dow Jones Newswires.The filing is being made with the U.S. District Court in Houston under a law dating back more than a century and a half, originally created to help U.S. ship owners compete with foreign vessels, the report said.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $14.56 0.00%
C $46.28 0.00%
CSCO $27.49 0.00%
GS $164.11 0.00%
MS $27.06 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs