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General Growth Properties Inc., the No. 2 U.S. mall owner, is slated to clear its final bankruptcy hurdle on Thursday, ending the largest U.S. real estate Chapter 11 filing.
While bankruptcy could soon be behind it, the company has a lot of challenges ahead, as investors and Wall Street will be looking at how it regains credibility as one of the largest U.S. real estate investment trusts. Get the full story »
Morgan Stanley became the latest investment bank to report weaker results Wednesday from a trading slowdown during the summer, reporting a net loss during the third quarter as revenue fell 20 percent.
A large group of Blockbuster Inc. shareholders is seeking a better offer for the bankrupt movie rental chain than the deal that would put billionaire Carl Icahn and a group of hedge funds in control.
Shareholder Greg Maggipinto said he and other investors who own up to 40 percent of the stock think Icahn’s deal, which would wipe out his holdings, undervalues the company. Get the full story »
Older Americans whose retirement accounts took a beating from the market’s downturn caught a break last year when the government suspended rules that required them to make annual withdrawals.
But now that the markets are starting to come back, Uncle Sam wants his share again. Get the full story »
From Bloomberg News | The University of Chicago reported that its investment portfolio gained 19 percent in the past year, beating Yale University’s 8.9 percent gain and Harvard’s 11 percent increase. Its endowment was valued at $5.54 billion as of June 30.Get the full story>>
With its options running out and time running out, Potash Corp may soon have little choice but to negotiate with BHP Billiton over the $39 billion bid that the world’s largest fertilizer supplier has flatly rejected.
Since the Anglo-Australian miner announced its hostile bid in August, Saskatchewan-based Potash Corp has repeatedly assured investors that a rival offer would emerge. None has, and nearly all of the prospective suitors mentioned two months ago are now considered out of the running. Get the full story »
J.C. Penney’s board approved a “poison pill” designed to fend off potential takeover threats after hedge fund manager William Ackman acquired one-sixth of the retailer. The company’s shares fell 3 percent on the news. Get the full story »
CME Group Inc. said on Monday that it had begun clearing interest rate swaps, the largest of the over-the-counter derivatives markets that lawmakers are forcing through more transparent venues.
The giant futures exchange operator named as participants in the clearinghouse five buyside firms, including Fannie Mae, Freddie Mac and PIMCO, and 10 dealers, including Goldman Sachs Group Inc. and JPMorgan Chase and Co. Get the full story »
In the world of high-yield securities, small business loans are safer than junk bonds, and are expected to get even less risky over the next two years, according to PayNet, which provides risk-management tools to the commercial lending industry. Get the full story »
Cotton prices are at their highest in the 140 years the commodity has traded on an exchange, as heavy Chinese buying and poor harvests are expected to keep global supplies tight.
The ICE December cotton contract hit $1.1980 a pound minutes after trading opened, eclipsing the previous record high set in 1995 by more than 2 cents. Get the full story »
Apple Inc.’s shares cruised past $300 for the first time as investors anticipated another strong earnings report from the iPhone maker next week. Get the full story »
Wal-Mart Stores Inc.’s warehouse unit Sam’s Club will sell Apple’s iPad and iPhone.
The world’s largest retailer said at an investor meeting in Wednesday it is expanding Sam’s Club electronics and jewelry sections and will carry the popular tablet computer. Get the full story »
Manufacturers enjoyed big gains on Wall Street in the third quarter, outperforming the S&P 500, as signs of a faltering U.S. recovery sent investors piling into companies like Caterpillar Inc. and Cummins Inc. that generate most of their sales overseas.
But the sustainability of those gains will be tested this month as the big industrials report their quarterly results and update investors on the outlook for the rest of the year. Get the full story »
The city of Glendale, Ariz., says a prospective buyer of the Phoenix Coyotes hockey team has deposited $25 million in an escrow account “in a show of good faith.”
Glendale, in a news release Friday, said the buyer has asked for confidentiality because negotiations are ongoing, but there have been multiple reports the city has been in talks with Chicago investor Matthew Hulsizer.
The figure is equal to the amount of city funds Glendale had deposited, at the NHL’s insistence, to cover potential losses for the coming season while a local buyer was sought. Get the full story »
