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Business fun facts!
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| Wal-Mart is the world largest company by 2006 sales. |
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| ExxonMobil is the world most proftable company per 2006 financials. |
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Stocks get pummeled on growing bad credit fears
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The growing credit crisis added to concerns about the US economy slow down. Continued bad news from the banking sector home loans problem loomed heavily over investors and markets. The S&P500 dropped 13 points, the DOW dropped 195 points and the NASDAQ dropped 74 points for the week ending January 11, 2008.
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Merrill Lynch announced that it will have an additional $15 billion loss due to bad housing loans. American Express announced that it is seeing increasing customer defaults in credit card and loan payments. Capital One Financial also announced that it will lose money due to increasing bad loans and defaults. In the coming weeks, more banks are expected to report bad news.
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Investors are now looking at the Federal Reserve to take action by cutting interest rates. "The Federal Reserve is not currently forecasting a recession," Bernanke said last week. "We are forecasting slow growth." Most experts are now forecasting that the Federal Reserve may cut interest rates more aggressively by as much as half a point to jump start the economy.
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2007 was the weakest holiday shopping season in five years
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After a strong start for this past holiday shopping season, retailers reported the weakest holiday shopping season in five years. For most retailers sales dropped, despite deep discounts and extended store hours.
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Sales dropped across a wider range of retail stores. Kohl’s sales dropped the highest by 11% (compared to last year), Limited Brands dropped 8%, J.C. Penney dropped 8%, Macy’s dropped 7%, Target dropped 5%, Gap dropped 6%, and Nordstrom dropped 4%. Wal-Mart was the only major chain whose aggressive price cutting and better customer service helped the shoppers to increase its sales by almost 3%.
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Retail stores have been struggling with sales because most shoppers are spending more on higher gas and food prices instead of shopping. The growing housing market problem, credit crisis, and uncertain economic conditions are impacting the shoppers buying habits, who are cutting back on spending, seeking more bargains, and heavy sale discounts.
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Learn more about...
What is Credit History? Why is it important to have a good credit history? Volume 12.
What is Economy, Business, Workers, Goods, Services, Stock, DOW, S&P500, and NASDAQ in Volume 16.
Does it pay to study hard? Volume 17.
What is Currency and Foreign Currency Exchange rate? Volume 14. What is stronger or weaker currency? Volume 20. What does the dollar slide mean? Volume 32.
How does money grow in a bank? Volume 21.
What is Fed Funds rate and Discount rate? Volume 22
What does the interest rate cut mean for you? Volume 23.
How to read stock information? Volume 25.
What is "Black Monday"...Crash of 87"? Volume 31.
Who are CEO, CFO, Shareholders, and the Board of Directors? What is SOX? Volume 33
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Jan 7-11, 2008
Weekly Stock Market
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Bear Market-Stocks down!
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Index
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Change
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Last
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DOW
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Down 195
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12,606
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S&P500
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Down 13
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1,401
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NASDAQ
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Down 74
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2,440
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Foreign Exchange Rate
$1 is equal to
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Currency
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Change
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Last
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Euro (€)
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-0.00
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0.68
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Yen (¥)
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+0.16
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108.81
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Pound (£)
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+0.00
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0.51
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Yuan ( )
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-0.02 |
7.26
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Rupee (Rs.)
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+0.00
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39.29
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Canadian (C$)
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+0.02
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1.02
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Your Favorite Stocks
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Company
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Bought one stock in Jan-08
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This week stock is?
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Your gain or loss?
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$31.84
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$30.32
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-$1.52
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.jpg "Kellogg (Ticker is K) has over $11 billion in sales. It is know for ready-to-eat cereal and convenience foods.")
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$51.57
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$50.89
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-$0.68
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$58.10
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$54.32
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-$3.78
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We use multiple information resources, such as, websites, companies, stock exchanges, newspapers, text books, and others.
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