Since 1916, Nathan’s has hosted an annual Fourth of July Hot Dog Eating Contest at its Coney Island flagship store.
This year, participants had ten minutes to eat as many Nathan’s hot dogs as possible. The traditional competition ended with a 59 hot dog tie between Joey Chestnut and Takero Kabayshi. The two went into a five dog eat-off in which […]
Who knew that a Swiss investment bank was the one hit hardest by the credit crunch?
UBS has written down over $38 billion since news of the crisis broke last summer and shares of the Swiss bank have lost more than half of their value since the start of this year.
Earlier this week, more negative rumors swirled regarding the […]
Back in May, American Airlines announced that it would cut its capacity by 3-4 percent this year, with domestic capacity cuts of approximately 8 percent.
Today, the company announced that it will now cut over 7,000 jobs by the end of 2008, representing an 8 percent reduction in the size of their global workforce.
American, and the entire airline industry, […]
Before the first hour of trading ended, shares of the CIT group were up over twenty-three percent!
CIT, not to be confused with Citi, announced the sale of its mortgage portfolio with assets valuing nearly $10 billion. The company unloaded its subprime mortgage business for $1.5 billion and it appears that Wall Street is pleased.
Just a few months ago […]
H&R Block had its best tax season ever!
The company prepared taxes for over 23.5 million clients, bringing in $3 billion of revenue. The influx of business allowed H&R Block to post a profit of $543 million for their fiscal fourth quarter. This is a huge reversal from last year’s loss of $85 million for the same period.
H&R Block […]
I watched some video footage this morning of a well-dressed gentleman with a poster board for a vest, walking up Park Avenue.
He is not a panhandler with a passion for fashion, he is passing out copies of his resume.
The white vest reads “Experienced MIT grad for hire” with his name, phone number and e-mail address handwritten below.
Joshua Persky, a financial […]
This summer will go down in history as the summer of discontent…at least amongst analysts following the big banks!
Earlier this month, Credit Suisse downgraded Lehman from outperform to neutral. Earlier this week, analysts at Goldman Sachs issued a series of scathing reports taking aim at the nation’s brokers, issuing particularly negative assessments regarding Citigroup.
Today, Citigroup analysts retained a sell rating […]
Goldman Sachs picked up right where it left off yesterday by releasing a new set of downgrades.
Today’s bad news is for brokers and the auto industry.
Analysts downgraded shares of Citigroup and added the company to its “conviction sell” list. Other companies recently added to this dubious list include: Boeing, Trina Solar and Logitech International.
Goldman Sachs expects Citi to […]
Shares of Boeing are down over six percent after analysts at Goldman Sachs downgraded the company from “neutral” to “sell.”
High oil prices have taken a toll on the airline industry and as a result, analysts expect Boeing to see fewer orders and therefore, fewer sales dollars.
Hopefully this downgrade is valid. In early May, Goldman upgraded […]
In one of few bright points in today’s morning session, Eastman Kodak has announced plans to buyback up to $1 billion of its outstanding stock.
News of the buyback sent shares flying as high as $14.45, representing a 17 percent increase from yesterday’s close of $12.34 per share.
Buybacks usually indicate a firm’s belief that shares are currently undervalued […]
Where talk is money.
Written by Tisa Silver [email] for b5media.
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