NEW YORK (TheStreet) -- Popular searches on the Internet include Moody's after the ratings agency cut the credit ratings of 15 banks, including JPMorgan Chase (JPM), Goldman Sachs (GS) and Bank of America (BAC).
A number of European banks also saw their credit ratings cut, including Barclays (BCS), Deutsche Bank (DB) and HSBC (HBC). Moody's attributed the downgrades largely to its concerns about the banks' abilities to repay their debts. The agency had indicated in February that it was considering the ratings action.
Credit Suisse (CS), which incurred a warning from Switzerland's central bank about weak capital levels last week, was the only bank that saw its rating cut by three-notches. All other banks' ratings were cut by one to two notches.Many expected ratings cuts to take place and investors seemed to take the news in stride, as many US banks' stocks rose in after-hours trading. A credit rating downgrade typically translates into increased debt servicing costs for the banks as investors seek higher interest in compensation for increased risks.
Flipboard is trending as the popular news reader app -- previously only available on iOS -- is now being offered for Google's (GOOG) Android devices. Flipboard for Android will come already installed on Samsung's Galaxy S3 phone, the company announced. Flipboard said it is also available on Amazon's Kindle Fire tablet and Barnes and Noble's Nook. The company also made other announcements, including that it is adding Google+ and YouTube to Flipboard. The service is also now available in editions for Germany, Italy, Korea, Netherlands and Spain.
Severstal North America is another popular search. The Russian steelmaker has reapplied for a loan from the U.S. Department of Energy for $320 million to make new and improved steel. Severstal originally requested a $730 million loan, but it was rejected by the agency in January. Now, Severstal hopes to acquire the reduced loan to produce lighter and stronger steel for automakers and suppliers. Severstal celebrated the opening of two new lines capable of producing lightweight steel at its Dearborn, Mich. plant this week. The company has invested $1.4 billion in upgrading the facility so far. At the event, Chief Executive Alexey Mordashov said the company will focus on building its client base in the U.S., rather than buying other factories.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV