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UBS Reports a Quarterly Loss
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The week's top news and analysis
The recent pattern in the star-crossed financial-services sector had been this: Come clean by putting a dollar figure on the fiscal damage done to your firm by the subprime meltdown and credit crisis. Listen for the collective sigh from Wall Street, where plenty of people invariably had foreseen worse. Watch your stock climb.
Behind the Headlines: Countrywide Financial Reports Loss, Stock Stages Rally
Appearing in part 1 of today's "Behind the Headlines" is Countrywide Financial (CFC). "Behind the Headlines" is a daily feature available on SchaeffersResearch.com. Every day, we'll focus on the day's action of newsworthy stocks that are generating a lot of attention. By digging into the stock's sentiment and technical backdrop, we hope to shed some light on the securities.
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Second quarter growth revised upward to 3.3 percent (Reuters)   ( Thu, 28 Aug 2008 13:10:18 GMT )

The U.S. economy expanded at a stronger-than-first-reported 3.3 percent annual rate in the second quarter, as consumer spending and net exports were more robust than initially estimated and inventories fell less sharply, a government report showed on Thursday. (Graphics/Reuters)Reuters - The U.S. economy grew at a solid 3.3 percent annual rate in the second quarter, much stronger than first thought, but many economists expect growth to flag as the year progresses.


Fannie's capital better than market perceptions: Lehman (Reuters)   ( Thu, 28 Aug 2008 14:30:45 GMT )

The headquarters of mortgage lender Fannie Mae is shown in northwest Washington October 3, 2006. (Jason Reed/Reuters)Reuters - Fannie Mae's capital and reserves positions are better than market expectations, and the biggest U.S. mortgage finance company may not need any more externally raised capital, according to an analyst at Lehman Brothers.


Wall Street rallies on strong GDP (Reuters)   ( Thu, 28 Aug 2008 16:32:23 GMT )

Traders work on the floor of the New York Stock Exchange at the post that handles shares of Merrill Lynch July 29, 2008. (Brendan McDermid/Reuters)Reuters - Stocks rallied on Thursday as a surprisingly big upward revision to U.S. growth in the second quarter and lower oil prices fanned optimism about the economy.


Toyota cuts sales forecast (Reuters)   ( Thu, 28 Aug 2008 13:29:44 GMT )

Toyota Motor Corp President Katsuaki Watanabe speaks during a news conference in Tokyo August 28, 2008. (Yuriko Nakao/Reuters)Reuters - Toyota Motor Corp cut its 2009 vehicle sales forecast by nearly 7 percent as high fuel prices hammer demand for large cars and pickup trucks, and said it will speed up the rollout of hybrid and electric cars as their popularity grows.


Starbucks top brass to receive no raise next year (Reuters)   ( Thu, 28 Aug 2008 01:33:29 GMT )

Starbucks signs are seen outside one of its stores in New York July 3, 2008. (Chip East/Reuters)Reuters - Top executives at Starbucks Corp including Chairman and Chief Executive Howard Schultz will not be getting raises anytime soon, after the coffee chain's first-ever quarterly loss as a public company.


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