SEC charges former Countrywide CEO with fraud
The SEC charged today that former Countrywide Financial CEO Mozilo and two former officers hid the home lender’s deteriorating finances as the subprime mortgage crisis unfolded.
While publicly reassuring investors about the quality of his loans, Mozilo issued "dire" internal warnings and engaged in insider trading accelerating stock sales to reap about $140 million, the agency said.
Overall, department stores are expected to decline 8.6%.
Hopes for a consumer-driven economic recovery faded this morning, as many retailers posted declines in May sales.
Overall, sales at stores open at least one year are expected to fall 3.6% on average, according to a survey of 30 retailers by Thomson Reuters, an improvement from the average drop of 4.5% year to date, but far lower than the gain of 1.1% seen in May of 2008.
The Standard & Poor's Retail Index ($RLX.X) was down 1.2% to 335, as the majority of big-name stores posted weak May sales.
Stays the nation's biggest private-sector employer.
Wal-Mart may not report its sales anymore, but it is doing its part to help boost the economy.
Both stocks are up on the news.
Intel (INTC, news, msgs)said today that it will buy software maker Wind River Systems (WIND, news, msgs) for $884 million in an all-cash deal that will help the world's largest computer chip maker expand beyond the PC market.
Faces a $195 million breakup fee if deal fails.
Shares of British mining company Rio Tinto (RTP, news, msgs) fell 3.7% to $182.68 -- after falling as much as 9.8% during the day -- on reports that its $19.5 billion deal with Aluminum Corp. of China (Chinalco) won't go through.
Rio Tinto is reportedly considering plans to raise up to $15 billion in a stock sale instead of relying on the investment from the Chinese company.
Mixed bag of reports to digest.
Investors also have several economic reports to sort through today.
Weekly jobless claims fell by 4,000 to 621,000 last week, the Labor Department reported this morning. Economists expected claims to have risen to 630,000.
$10 billion in business up for grabs.
The airline sent a formal offer to the jet makers earlier this week, and the manufacturers have to make bids for the deal, which is expected to close by September.
The deal is estimated to be worth $10 billion, analysts say.
United will be replacing more than a third of its 400-jet fleet, despite the $579 million loss that its parent company, UAL, posted in the first quarter. United was down 3.2% to $5.12 this afternoon.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The S&P 500 shed 0.1%, registering its fourth consecutive decline. Today's session proved to be a bit of a roller coaster ride for stocks as the S&P 500 opened in the red, rallied into positive territory, fell to fresh lows, and regained the bulk of its losses into the close.
For the second day in a row, the early weakness coincided with heavy selling in Europe. In addition, bonds and risk assets were pressured by a better-than-expected ADP Employment report, which ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
LATEST MARKET DISPATCHES
- No more Dispatches; here's where to find market news
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
- Dow falls 59 as late-day gloom kills a rally
- Stocks held back by fiscal-cliff worries
- Stocks suffer worst weekly loss in 5 months
- Dow off 121 as post-election swoon continues
- Dow slumps 313 after Obama's re-election
- Dow jumps 133 as Americans head to the polls
For years, Todd Mills pushed Frito-Lay to make taco shells from Doritos. He died from a brain tumor on Thanksgiving.