Global General

Special

Newsmaker

Asia Pacific

America

Middle East

Europe

Africa

Wall Street tumbles amid global sell-off, oil below $90

(Agencies)
Updated: 2008-10-07 00:00

"Wall Street at this point is shifting its attention from whether Congress was going to act on the emergency stabilization bill to the realization that the economy is slowing significantly faster than most analysts had expected," he said. "The downturn has shifted from first gear to about third gear in about two weeks."

Related readings:  US stocks decline after bailout passage  Americans cut back on life after bailout  Bailout signed, now it's wait and see its effects  China hopes US bailout bill can stabilize markets

In corporate news, ailing Hartford Financial Services Group Inc. received a $2.5 billion investment from European insurer Allianz. Hartford's market value was halved last week on concerns it needed more capital to survive, but shares recovered $4.53, or 16.5 percent, to $31.93 on Monday.

EBay Inc. fell $1.14, or 6 percent, to $17.81 after announcing it will cut about 1,000 jobs, reducing its work force by 10 percent, to streamline the company. The online auction site expects restructuring charges of about $70 million to $80 million, mostly during the fourth quarter.

Wells Fargo & Co. said late Sunday its takeover agreement with Wachovia Corp. will go forward after a state appeals court blocked a lower court ruling that favored rival bidder Citigroup Inc. Wells Fargo said it will "continue working toward the completion of its firm, binding merger agreement" with Wachovia.

Shares of Wells Fargo rose 6 cents to $34.68, while Citi fell 64 cents, or 3.5 percent, to $17.78. Wachovia fell 18 cents, or 2.9 percent, to $6.03.

Eli Lilly & Co. said its board approved an acquisition of ImClone Systems Inc. for more than $6 billion. The deal, which also has been approved by ImClone's board, will create one of the leading oncology franchises in the biopharmaceutical industry. Eli Lilly fell $1.53, or 3.7 percent, to $39.75, while ImClone surged $2.80, or 4.3 percent, to $67.75.

   Previous page 1 2 3 Next Page  

   Previous page 1 2 3 Next Page