AP, Bloomberg, Reuters, N.Y. Post
Posted: 3:23 am
July 25, 2008
Ford loss
Ford posted a record quarterly loss of $8.7 billion and accelerated a conversion to fuel-ef ficient vehicles to wean itself from money-los ing trucks. Ford shares fell the most in eight years - 92 cents, or 15 percent, to $5.11 - after the company reported a second-quarter deficit of $3.88 a share com pared with a profit of $750 million, or 31 cents, a year earlier.
MBIA sued
MBIA, Ambac and four other bond insur ers were sued by Los Angeles Wednesday for allegedly conspiring to maintain a credit-rating system that led local governments to buy "unnecessary" policies on their bonds.
Vacant homes
A total of 18.6 million US homes stood empty, more than at any time in history, in the sec ond quarter as lenders seized a record number of properties. The fig ure was 6.9 percent higher than a year earlier, the US Census Bureau said in a report.
Wachovia
Wachovia, which Tuesday posted a record $8.86 billion second- quarter loss, said CFO Thomas Wurtz plans to leave the fourth-largest US bank after a succes sor is named.
What a . . .
Crocs Inc., the maker of colored clogs, plunged 51 percent in late US trading after saying full- year profit and sales will trail its earlier forecasts. Crocs dropped $4.55 to $4.40 after the Nasdaq closed, adding to a 9.4 percent decline before the announcement.
Copyright Reuters.
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