tagged w/ Dow
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Stocks jumped Tuesday morning, after Monday's biggest one-day point drop ever.
The Dow Jones industrial average gained more than 200 points early in the day.
What will happen with the rest of the day?Stocks jumped Tuesday morning, after Monday's biggest one-day point drop ever.... more
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The House failed to pass a $700 billion economic bailout package Monday, sending lawmakers back to the drawing table to try to stave off an economic collapse, and the stock market plummeted on the news.
The package failed on a 228-205 vote after Congressional leaders held the vote open for a half-hour after time had expired as they tried to persuade lawmakers to change their votes. CNN reported that lawmakers wouldn't hold another vote on the bailout Monday as Congress prepared to adjourn for the Jewish holiday of Rosh Hashanah, which begins at sundown.
The failure -- after lawmakers remained in Washington over the weekend to negotiate a compromise -- essentially sends Congress and the White House back to the drawing table as they try to craft a compromise.
The Dow Jones Industrial Average was down nearly 600 points as traders worried the vote would go down in defeat. The Dow dropped as much as 778 points at one point.
It was unclear how long Pelosi would hold the vote open to try to persuade lawmakers to shift their votes. House rules allow leaders to hold the vote open indefinitely.
Lawmakers on Monday debated the bailout plan for struggling Wall Street banks as US President George W. Bush appealed to Congress to quickly approve the deal to free up frozen credit markets.
"I fully understand that this will be a difficult vote," Bush said at the White House before the House of Representatives began debate on the proposal amid stiff opposition from some members of his Republican party.
But he said the rescue package "will help keep the crisis in our financial system from spreading throughout our economy."
The US president spoke after a compromise proposal was hammered out in high-stakes negotiations between rival party leaders in Congress and White House officials over the weekend before global markets reopened on Monday.
The plan would mark the largest government economic intervention since the Great Depression of the 1930s, and is designed to shore up a troubled economy suffering from a burst US housing bubble that has ravaged the global banking system.
The proposal grants the Treasury secretary authority to buy up toxic mortgage-related assets in troubled banks in hopes of easing the flow of credit and reviving the moribund housing market.
As the pivotal debate began in Congress, the shakeup of the US banking sector continued with Citigroup on Monday agreeing to takeover Wachovia Bank. US regulators backed the deal that grants the government a stake in one of the nation's biggest banks.
The takeover came as Wachovia faced a near collapse of its share price and weakening confidence because of its exposure to troubled mortgage assets.
Congressional leaders, mindful of the approaching November 4 general elections, acknowledged the vote could be close while some conservative Republicans and liberal Democrats vowed to oppose the measure.
"We now have a deal that promises to bring near-term stability to our financial turmoil, but at what price?" Republican Congressman Michael Pence, a critic of the bailout, asked in a letter to colleagues.
...........more...............The House failed to pass a $700 billion economic bailout package Monday, sending... more
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If you're worried about environmental issues, take a look at this list of offenders and make sure you're not contributing to their assault of the environment.If you're worried about environmental issues, take a look at this list of... more
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The Dow was down more than 500 points, led by financial stocks, after Lehman Brothers filed for bankruptcy protection and Merrill Lynch agreed to be acquired.The Dow was down more than 500 points, led by financial stocks, after Lehman Brothers... more
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Nettle
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added this
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3 years ago
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NEW YORK (MarketWatch) -- Dow Chemical Co. on Thursday said it agreed to buy Rohm & Haas Co. in a $15 billion deal that it called a "decisive move" to increase the chemical giant's profit and help buffer it from some of the more volatile economic trends.
Midland, Mich.-based Dow Chemical (DOW:
32.17, -1.79, -5.3%) said it would buy Rohm & Haas (ROH:
73.91, +29.08, +64.9%) for $78 a share, a premium of 74% over its prior-day closing price of $44.83 a share. The price is also 24% higher than the stock's all-time high reached a year ago, and that's brought some harsh criticism from analysts.
BB&T Capital Markets downgraded Dow shares to hold from buy, citing a "massive" premium and unrealistic growth expectations.
"We've been negative on Rohm & Haas's fundamentals for some time now, as its largest feedstock, propylene, has been on a tear and its major end market, coatings, has been under pressure," said BB&T analyst Frank Mitsch in a note.
Shares of Rohm & Haas were up 65% at last check to $74.01, while Dow shares slipped 2.7% to $33.05.
"While it's hard to put a price on a company's culture and people, this premium recognizes the fact that Rohm & Haas is a highly-coveted asset in terms of both of these critical attributes, as well as the quality and reputation of its businesses, brands, products, and technologies," said Dow Chief Financial Officer Geoffrey Merszei on a conference call.
Earlier on CNBC, Chief Executive Andrew Liveris described Rohm & Haas as "beachfront property" well worth the premium being paid as over the long term it will create greater value.
To help pay for the deal, Dow said it secured a $3 billion equity investment by Berkshire Hathaway and $1 billion from the Kuwait Investment Authority.NEW YORK (MarketWatch) -- Dow Chemical Co. on Thursday said it agreed to buy Rohm... more
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Geneva - The global financial crisis could lead to losses of 1,600 billion dollars for financial institutes, according a report in the Swiss Sunday newspaper SonntagsZeitung. It quoted a confidential study by the hedge fund Bridgewater Associates as saying losses for banks holding risky assets could be four times greater than the 400 billion dollars previously estimated.
The hedge fund expressed doubts that the financial institutes would be able to drum up enough funds to cover the losses, something it said could exacerbate the crisis.
Bridgewater, one of the world’s biggest hedge funds, based its calculations on the state of risky debt-based US assets, such as mortgages, credit and credit card demands.
The value of such risky assets is 26,600 billion dollars, according to the hedge fund. The losses would amount to 1,600 billion dollars if these assets were valued at market rates and not in the form of securitization, the newspaper said.
Geneva - The global financial crisis could lead to losses of 1,600 billion dollars for... more
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"Wall Street tumbled Friday, taking the Dow Jones industrials down nearly 400 points, on a pair of alarming economic developments: oil prices that shot up by more than $11 a barrel and approached $140 for the first time, and the biggest gain in the government's unemployment reading in more than 20 years.
The jump in oil to a price that might have seemed unfathomable only a few months ago appeared to wipe out investors' recent optimism over the prospects for a strengthening of the economy. Oil jumped following a Morgan Stanley analyst's forecast of $150 oil by July 4, and in response to a drop in the dollar and fresh tensions in the Middle East.
The surge in oil seemed the guarantee that gasoline prices that are on the verge of a national average of $4 a gallon will only continue to climb, putting additional pressure on consumers who have been forced to forgo discretionary purchases in order to pay for gas and other basics.
"I think the biggest concern right now is oil and it's potential for a stagflationary environment," said Bill Knapp, investment strategist for MainStay Investments, a division of New York Life Investment Management. Stagflation occurs when stalling growth accompanies rising prices."
http://www.huffingtonpost.com/2008/06/06/dow-plummets-on-unemploym_n_105742.html"Wall Street tumbled Friday, taking the Dow Jones industrials down nearly 400... more
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A third generation of Vietnamese are suffering deformities caused by US chemical warfare and still Washington refuses to accept responsibility.
To accept US responsibility for Agent Orange could expose Washington to claims relating to the use of napalm, phosphorous bombs and various My Lai-type massacres.A third generation of Vietnamese are suffering deformities caused by US chemical... more
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Cry no more! Science is here to help!
Scientists in New Zealand and Japan have created a "tear-free" onion using biotechnology to switch off the gene behind the enzyme that makes us cry.
My guess is that now the onion will probably end up causing loose stool or some other exciting and embarrassing side effect. Cry no more! Science is here to help!
Scientists in New Zealand and Japan have... more
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Dow Chemical and a unit of Kuwait Petroleum said on Thursday they will form a petrochemicals joint venture to link the Middle East company's vast energy supply with Dow's industry-leading market reach.
The joint venture will manufacture and sell chemicals used in products ranging from plastic bottles, compact disks and computers to agricultural compounds.
"By selectively investing in downstream petrochemical businesses, we are maximizing the value of Kuwait's hydrocarbons resources while diversifying our national economy and increasing job opportunities," Saad Al-Shuwaib, chief executive of Kuwait Petroleum, said in a statement.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Unfortunately, we're all downstream.Dow Chemical and a unit of Kuwait Petroleum said on Thursday they will form a... more
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SAGINAW, Mich. (AP) -- A find of dioxin at the bottom of the Saginaw River could be the highest level of such contamination ever discovered in the nation's rivers and lakes, according to a federal scientist involved in cleanup efforts downstream from a Dow Chemical Co. plant.
"There may be more surprises out there," said Milton Clark, a health and science expert for the U.S. Environmental Protection Agency. "I'd be surprised if there's not more surprises out there."
Dow is removing three dioxin concentrations along a six-mile stretch of the Tittabawassee. The company plans to remove the latest find, Dow spokesman John C. Musser said.
"We don't believe there's any imminent or significant human health or environmental threat," Musser said.SAGINAW, Mich. (AP) -- A find of dioxin at the bottom of the Saginaw River could be... more
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European Union environmental officials have determined that two kinds of genetically modified corn could harm butterflies, affect food chains and disturb life in rivers and streams, and they have proposed a ban on the sale of the seeds, which are made by DuPont Pioneer, Dow Agrosciences and Syngenta.
Banning the applications for corn crops also would mark a bold new step for European environmental authorities, who are already aggressively pursuing regulations on emissions from cars and aircraft, setting it at odds with the United States and angering industries.
These products have been grown in the U.S. and other countries for years, said Stephen Norton, a spokesman for the United States trade representative. We are not aware of any other case when a product has been rejected after having been reviewed and determined safe by European food safety authorities, he said.
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Go EU, here in the US we're idiots right now. We basically can't be trusted at this point in time. On anything, anywhere. Sad to say it's true. Please ignore our politicians and corporations telling of the safety of GMOs.
It doesn't have to be this way folks. Vote.
I gave Dennis Kucinich $100 tooday (Nov. 23 2007), even though I had to charge it. I think he is our best hope. https://services.myngp.com/ngponlineservices/contribution.aspx?X=aDlDFFT9TMES%2bYWkFTgFU7%2b1iNzpkFnd
I'm going to donate $100 to John Edwards too, he is a solid choice.
(I will get back with link later for Edwards, after I donate!)
Won't you consider doing the same?
If not now, then when?
One World. One People. We Are One.
European Union environmental officials have determined that two kinds of genetically... more
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