Strumorshttp://strumors.com/tophttp://strumors.com/1883Bernanke stated that 19 of the nations largest financial institutions will be eligible to replace the government's preferred shares into common stock as losses continue to mount. Under the program, financial institutions with more then $100 million in assets who received federal funding would qualify. The move would place the government owning a large percentage of the financial institutions.Tue, 24 Feb 2009 13:07:41 -0500http://strumors.com/1883http://strumors.com/1882Microsoft CEO Steve Ballmer warned that all of Microsoft's businesses will be effected by the current recession in the months to come. Ballmer also reiterated today that although a full acquisition of Yahoo was not currently a possibility they would like to continue conversations with Yang's replacement Carol Bartz.Tue, 24 Feb 2009 13:01:59 -0500http://strumors.com/1882http://strumors.com/1881As consumer spending continues to decline, large retailer target posted a 41 percent drop in profits. The company stated that large losses in its credit card business and weak consumer spending for its clothing products led the losses.Tue, 24 Feb 2009 12:59:13 -0500http://strumors.com/1881http://strumors.com/1879According to the Wall Street Journal, Dell maybe be prepared to launch a high-end smart phone as early as next month. The report indicated that the mobile phone will feature a touch screen similar to Apple's iPhone.Thu, 29 Jan 2009 22:27:59 -0500http://strumors.com/1879http://strumors.com/1878This week investors will deal with the largest drop in GDP in 26 years, and are expecting lower earnings as 137 companies from the S&P 500 index report earnings this week. This quarter may be shaping up to the worst quarter for corporate profits in nearly a decade.Sun, 25 Jan 2009 13:52:49 -0500http://strumors.com/1878http://strumors.com/1877Shares of Microsoft plunged to a 11 year low as the company reported disappointing earnings for the quarter and announced that it would be laying off 5,000 workers. Microsoft reported earnings of 47 cents per share slightly lower than the 50 cents per share they reported for the same quarter a year prior.Sun, 25 Jan 2009 09:42:51 -0500http://strumors.com/1877http://strumors.com/1876Circuit City, whom filed for bankruptcy protection back in November, is now closing all of its stores as it has failed to attract any potential buyers. The company said it has reached an agreement with Hudson Capital Partners, SB Capital Group, and Tiger Capital Group to liquidate its 567 U.S. stores.Fri, 16 Jan 2009 18:54:22 -0500http://strumors.com/1876http://strumors.com/1875Toyota Motor Co. has issued a recall in the U.S. of 214,000 Lexus vehicles. The company stated that the vehicles could have a potential problem with corrosion in the pipe that delivers fuel to the engine, which could lead to leaks overtime.Fri, 16 Jan 2009 18:50:16 -0500http://strumors.com/1875http://strumors.com/1874Bank of America is currently in negotiations with the U.S. Treasury for more funding for its Merrill Lynch acquisition. Bank of America has already received $25 billion in government capital, and the Treasury Department now has less than $60 billion as part of the original bailout package in order to supply financial institutions. Wed, 14 Jan 2009 21:24:19 -0500http://strumors.com/1874http://strumors.com/1872CEO Steve Jobs will take a medical leave of absence from Apple until the end of June. Jobs stated that his health has become too distracting for the company. Tim Cook will lead Apple's day to day operations. Jobs didn't provide any specifics but indicated that his health-related issues "are more complex than I originally thought."Wed, 14 Jan 2009 21:19:44 -0500http://strumors.com/1872http://strumors.com/1870The Chinese stole the spot light at this years auto show in Detroit. Shenzhen-based BYD Auto revealed 5 new electric hybrids that the company plans to begin selling in the U.S. by 2011. Another Chinese auto manufacture, Brilliance Auto, displayed four of its models. Brilliance Auto declined the company's American timetable. Mon, 12 Jan 2009 22:49:02 -0500http://strumors.com/1870http://strumors.com/1868As the economy continues to worsen, Obama's economic advisors have been hard at work raising its target to create 4.1 million new jobs. The news comes out just one day after reports were released that the nation lost 524,000 jobs in December bringing the total job loss for 2008 to 2.6 million. Thus far Obama has remained relatively private on the details of its $775 billion plan. Sun, 11 Jan 2009 11:58:39 -0500http://strumors.com/1868http://strumors.com/1865Job losses in the U.S. continue to mount with employers cutting nearly 524,000 positions in December. The December job losses make 2008 the worst year for job losses since World War II. Overall, 2.6 million jobs were lost in 2008 with 1.9 million wiped out in just the last 4 months.Fri, 09 Jan 2009 16:54:51 -0500http://strumors.com/1865http://strumors.com/1864Google has just released a pre-beta version of Chrome 2.0, Google's new web browser. In the new version Google changed the network protocol to HTTP network protocol from the current WinHTTP library. The HTTP network protocol is compatible across multiple platforms including Mac and Linux. Currently, Mac and Linux support are the top requested features for Google chrome. The new browser, released late last year, has already claimed nearly 1 percent of the total browser market.Fri, 09 Jan 2009 16:52:52 -0500http://strumors.com/1864http://strumors.com/1862At the 2009 CES conference today, Microsoft announced its new IPTV platform named Anytime TV. Anytime TV allows users to access previously aired shows directly from its integrated program guide at any time without any preplanning or any prior DVR recording.Thu, 08 Jan 2009 17:06:53 -0500http://strumors.com/1862http://strumors.com/1861Consumer borrowing dropped by $7.9 billion in November, as American continue to cut back and boost savings. The drop in consumer borrowing fell at a 3.7 percent annual rate in November, the largest percentage decline since January 1998. Thu, 08 Jan 2009 16:50:25 -0500http://strumors.com/1861http://strumors.com/1858EMC, the world largest supplier of external storage devices, plans to cut 2,400 people or 7 percent of its workforce in order to reduce costs. The news comes in spite of the company announcing projected fourth-quarter results in-line with expectations.Wed, 07 Jan 2009 20:07:47 -0500http://strumors.com/1858http://strumors.com/1857Verizon has decided to partner with Microsoft as its default search engine for search services on its mobile devices. The news strikes a large blow against Google and Yahoo, after nearly a year of speculation on which company would become the key search provide for Verizon Wireless.Wed, 07 Jan 2009 20:05:09 -0500http://strumors.com/1857http://strumors.com/1855Doug Shulman, the commissioner for the federal tax office, stated that the IRS is set to announce a number of steps in order to work with tax payers who maybe unable to pay their taxes for the first time this year due to recent issues in the economy. IRS agents are set to suspend collection actions, reduce monthly tax payments, or allow skipped payments when necessary in order to avoid a default. Those who believe they cannot pay their 2008 taxes should contact the agency in order to possible avoid penalties. Tue, 06 Jan 2009 20:27:02 -0500http://strumors.com/1855http://strumors.com/1853Adobe and Broadcom announced the integration of Adobe Flash support into Broadcom's latest digital television and set top box system-on-a-chip platforms. The collaboration between the companies brings the way to deliver rich flash based entertainment to new television sets.Tue, 06 Jan 2009 20:19:34 -0500http://strumors.com/1853http://strumors.com/1850President-elect Obama is considering extending unemployment benefits to part-time employees as well as covering the cost of health insurance for laid-off employees. The proposal are part of Obama's two-year stimulus package, which is likely to cost over $775 billion. Sun, 04 Jan 2009 11:54:16 -0500http://strumors.com/1850http://strumors.com/1849Best Buy is starting to sell hand held video game consoles and games in vending machines at airports to consumers who frequently travel. The new vending machines, entitled Best Buy Express, offer a variety of hand held devices also including digital cameras and headphones. Sat, 03 Jan 2009 12:04:36 -0500http://strumors.com/1849http://strumors.com/1848It is no secret that Google is hoping that its new mobile Android operating system based on Linux can be used for more devices other than just mobile phones. And according to recent reports, Google's new OS already contains policies in the operating system for phones as well as MID. Intel refers to MID as mobile internet devices, commonly marketed as netbooks. Enthusiasts are hoping that 2009 maybe the year that a Google desktop operating system comes to life.Sat, 03 Jan 2009 10:54:41 -0500http://strumors.com/1848http://strumors.com/1845The Dow Jones Industrial average soar over 3 percent to close over 9,000 Friday, its best close in over two months. Fred Dickson, chief market strategist at D.A. Davidson, stated, \"It feels good to get off to a good start on the first trading day of the year.\" Investors hoping to get in at what may be bargin prices ignored news released from the Institute for Supply Management indicating that overall manufacturing shrunk to a 28-year low in December.Fri, 02 Jan 2009 20:10:29 -0500http://strumors.com/1845http://strumors.com/1843GMAC, whom for years paid GM an annual fee for exclusivity, relinquished its exclusive rights to provide financing to consumers purchasing General Motor vehicles. The move was done as part of its condition in order to receive nearly $6 billion in federal aid from the financial bailout package. Fri, 02 Jan 2009 20:03:50 -0500http://strumors.com/1843http://strumors.com/1842Bank of completed its acquisition of Merrill Lynch today. Bank of America now has the largest wealth management business in the world with nearly 20,000 financial advisors managing over $2 trillion in client assets. Under the terms of the acquisition each Merrill Lynch shareholder will receive 0.8595 shares of Bank of America for every share of Merrill Lynch they own.Thu, 01 Jan 2009 11:15:44 -0500http://strumors.com/1842http://strumors.com/1841The stock market closed yesterday with its worst year since 1931 leaving many analysts wandering what's next. The Dow Jones Industrial average dropped 34% for the year; however, most broader market indexes, including the S&P 500, lost much more than the Dow as nearly $7 trillion of shareholder wealth was wiped out. In the past stocks have rebound after large sell offs; however, analysts caution that this years losses were significantly different than most indicating that the market may not follow its historical trends.Thu, 01 Jan 2009 11:13:05 -0500http://strumors.com/1841http://strumors.com/1838As corporate spending on computers, software, and information technology continues to drop, rumors of layoffs at Microsoft are continuing to mount. An employee of Microsoft posted on a blog that, "Just heard on the finance grapevine. MSFT layoffs are coming on January 15th. They are substantial.". Just a few days ago Oppenheimer & Co stated in a report to Microsoft that a layoff of as much as 10 percent would be beneficial for the company.Wed, 31 Dec 2008 16:09:53 -0500http://strumors.com/1838http://strumors.com/1837Crude oil prices jumped 13 percent Wednesday, after a government report indicated a smaller than expected gain in U.S. fuel supplies. Ehsan Ul-Haq stated, "we are very near the bottom in oil prices, or will reach the bottom in the next few weeks." Oil is expected to rebound to $60 a barrel next year as OPEC continues to cut production.Wed, 31 Dec 2008 16:02:00 -0500http://strumors.com/1837http://strumors.com/1834The Dow Jones Industrial Average rose 184 points Tuesday following the Treasury's move to provide $5 billion to GMAC, the financial arm of General Motors. Tue, 30 Dec 2008 17:31:14 -0500http://strumors.com/1834http://strumors.com/1833General Motors financial division has received $5 billion from the U.S. Treasury under the $700 billion Trouble Asset Relief Program. The loan is in addition to the $13.4 billion the U.S. Treasury awarded GM and Chysler earlier this month.Mon, 29 Dec 2008 21:13:59 -0500http://strumors.com/1833http://strumors.com/1832Until January 1st, AT&T is selling refurbished iPhones for $49. The move could bring an end of the year sales boost for AT&T. The price point may attract more lower income demographics. ComScore reported that while half of iPhone buyers earn over $100,000 annually, adoption by lower income families rose by over 50 percent between June and October.Mon, 29 Dec 2008 19:26:33 -0500http://strumors.com/1832http://strumors.com/1829Brokerage firm Oppenheimer & Co's, analyst Brad Reback stated that in a report sent to Microsoft that a layoff of 10 percent of its workforce "would be a healthy move for the company." Reback stated that a 10 percent reduction in the company's payrolls, approximately 9,100 employees, would result in an approximate 10 percent gain in its earnings per share.Sun, 28 Dec 2008 10:32:18 -0500http://strumors.com/1829http://strumors.com/1827U.S. manufacturing most likely contracted at the fastest pace since 1980 as financial meltdown continues to spread into the rest of the economy. According to Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc, "Manufacturing is getting it from every direction." Domestic demand continues to drop while foreign demand is also tanking.Sun, 28 Dec 2008 10:27:36 -0500http://strumors.com/1827http://strumors.com/1826An energy analyst reported that Americans are paying $1 billion less per day for gasoline compared to July when the national price for gasoline was over $4 a gallon. Currently, the national average for a gallon of a gas is $1.61. Tom Kloza, chief oil analyst for Oil Price Information Service, stated that next year they expect prices to remain low at least until the peak driving season begins in the spring.Sat, 27 Dec 2008 10:57:08 -0500http://strumors.com/1826http://strumors.com/1822Shares of General Motors jumped Friday, as analysts estimate that GMAC may be seeking as much as $6 billion in loans from the government's bailout program. GMAC, General Motors Financial Division, became a bank Wednesday allowing the company access to the Treasury's $700 billion financial bailout package.Fri, 26 Dec 2008 16:55:06 -0500http://strumors.com/1822http://strumors.com/1821Amazon.com stated that the 2008 holiday shopping season has been "its best ever." Amazon reported that received more than 6.3 million orders worldwide, more then 72.9 purchases a second. Amazon seems to be the exception this year, as the retail industry on a whole reported its first decline in holiday sales in over 40 years.Fri, 26 Dec 2008 16:52:56 -0500http://strumors.com/1821http://strumors.com/1819Mortgage interest rates for 30 year fixed mortgages in the U.S. have dropped to a 37 year low as the Federal Reserve continues to cut rates. Freddie Mac stated, that interest rates on 30 year fixed mortgages have dropped to an average of 5.14 percent. Wed, 24 Dec 2008 14:16:11 -0500http://strumors.com/1819http://strumors.com/1818The New York Stock Exchange has received approval from the SEC to clear credit default swaps in the U.S. The approval marks the first step towards providing greater oversight to the nearly $54 trillion market, which until now has operated unregulated. Congress is expected to take up the issue of regulating the credit default swap market early next year.Wed, 24 Dec 2008 14:11:39 -0500http://strumors.com/1818http://strumors.com/1817According to a report released by the California Association of Realtors, home sales in California increased by 83.2 percent in November compared to the same sells a year prior. At the same the time the median price for existing home prices fell 41.8 percent.Tue, 23 Dec 2008 17:48:46 -0500http://strumors.com/1817http://strumors.com/1815American Express, a credit card company who is converting to a bank, will receive $3.39 billion from the U.S. $700 billion bailout fund. The company gained approval to become a commercial bank last month as it faces rising defaults. The Treasury Trouble Asset Relief Program will receive preferred shares that pay a 5 percent dividend for the first five years and a 9 percent dividend thereafter in exchange for the $3.39 billion.Tue, 23 Dec 2008 17:44:14 -0500http://strumors.com/1815http://strumors.com/1814Hit by recent economic developments, the commercial real estate industry has now banded together to ask the government for a piece of the $700 billion financial bailout. According to the Wall Street Journal, nearly $160 to $400 billion in commercial mortgages are set to mature in 2009 at a time when new financing may be hard to obtain. Mon, 22 Dec 2008 18:28:38 -0500http://strumors.com/1814http://strumors.com/1811General Motors Corp, released details on its new fuel efficient 2010 Chevrolet Equinox. The Chevrolet Equinox is a more fuel-efficient crossover sport-utility vehicle. GM stated that the new vehicle is expected to get up to 30 miles per gallon on the highway and 21 miles per gallon in the city, a 25 percent improvement over its current model.Sun, 21 Dec 2008 11:55:35 -0500http://strumors.com/1811http://strumors.com/1809President-elect Obama has revised his economic recovery plans goal to create or save 3 million jobs over the next two years. The increased target comes from Christina Romer, who Obama chose to head his Council of Economic Advisors. Romer warned that the economy is likely to lose 3 to 4 million jobs over the next year and the increased goal was needed in order to combat rising unemployment.Sun, 21 Dec 2008 11:48:45 -0500http://strumors.com/1809http://strumors.com/1808Bush has agreed to supply $13.4 billion in relief in order to keep General Motors and Chrysler from filing immediate bankruptcy; however, Obama is being faced with the difficult task of deciding the company's future. Obama will face tremendous pressure, particularly from the U.A.W. who helped fund his campaign, to ensure the auto manufactures remain solvent.Sat, 20 Dec 2008 09:56:44 -0500http://strumors.com/1808http://strumors.com/1807The U.S. Treasury appealed on Friday, to use the final $350 billion of the Federal bailout fund to finance a broad mortgage modification plan. The plan is to spur mortgage modifications by having the government share the costs of the loans defaulting. The move is received strong support from the Democrat party.Sat, 20 Dec 2008 09:52:44 -0500http://strumors.com/1807http://strumors.com/1806Shares of Research in Motion climbed over 11 percent Friday after the company reported earnings above analyst forecasts. Storm, its new smart phone released last month, produced higher than expected sales leading the company to record sales for the quarter.Sat, 20 Dec 2008 09:46:04 -0500http://strumors.com/1806http://strumors.com/1804In order to prevent the two companies from facing bankruptcy, the government will provide $13.4 billion in emergency loans to General Motors and Chysler. Bush stated, that "these are not ordinary circumstances," and that allowing the auto industry to collapse would not be the responsible course of action. If the automakers were to fail, the economy would lose nearly 1 percent of its growth and nearly 1.1 million American workers would become unemployed.Fri, 19 Dec 2008 18:07:26 -0500http://strumors.com/1804http://strumors.com/1802Nvidia is hoping to cash in on some of the growing netbook market. On December 17th, Nvidia announced its "Ion" platform for mini-notebooks. The platform combines its 9400 series GPU with Intel's atom CPU's and is designed to allow users the capabilities for high-end graphics on low priced netbooks.Thu, 18 Dec 2008 16:59:42 -0500http://strumors.com/1802http://strumors.com/1800Greenspan stated that the "markets are being suppressed by a degree of fear not experienced since the early 20th century (1907 and 1932 come to mind)." He is hopeful that we will have a reversal within the next six months to a year. He anticipates home prices to stabilize in 2009 allowing financial institutions to correctly value mortgage-backed securities again. Thu, 18 Dec 2008 16:46:06 -0500http://strumors.com/1800