Indexes slip as HSBC, New Century warn on bad loans
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U.S. stocks fell on Thursday as warnings of losses stemming from bad home loans by two of the top three U.S. subprime mortgage lenders hurt shares of home loan companies and banks like Citigroup Inc.
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US stocks fall on Thursday after the country's largest mortgage lender warns of a possible recession.
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Stocks edged lower on Monday as investors worried that weakness in housing threatened to slow the economy and corporate profit growth.
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Stocks fell on Tuesday as the housing slump took a toll on companies' earnings outlooks, while trouble in the subprime mortgage market hurt financial companies' shares.
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The shares of U.S. commercial and  investment banks fell on Tuesday after two bond rating agencies  started to downgrade billions of dollars of securities backed  by subprime bonds, triggering concerns that bond sales and  lending businesses could slow.
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The meltdown among U.S. subprime mortgage lenders including New Century Financial Corp. broadened on Tuesday, as Accredited Home Lenders Holding Co. shares fell more than 60 percent, and investors worried that more lenders might restructure or seek bankruptcy protection.
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New Century Financial Corp.  shares plunged further on Friday after analysts said they expect the subprime lender to seek bankruptcy protection soon.
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U.S. and European banks including  Citigroup Inc  and HSBC Holdings PLC  are mulling  sales of parts of their businesses from branches to entire  units in a nod to crunch times ahead, the Wall Street Journal  reported on its Web site on Thursday.
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Stocks suffered their biggest drop in nearly a year on Tuesday after data showed the worst monthly contraction in the services sector since the last U.S. recession and Standard &amp; Poor's warned it could cut bank credit ratings.
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NEW YORK, Aug. 30 -- The Dow Jones industrial average slipped Thursday as investors looked past an upbeat report on the economy and instead focused on data showing weakness in a crucial corner of the corporate-lending market.
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New Century Financial Corp.  shares fell 17.1 percent to an eight-year low on Friday after analysts said the largest independent U.S. subprime mortgage lender, which faces a criminal probe and has stopped making new loans, may soon seek bankruptcy protection.
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US stocks fell sharply on Tuesday, hurt by retail and housing sector earnings warnings. Financials were roiled by more bad news from the subprime mortgage market.
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Stocks slipped yesterday as investors worried about the economic outlook after the head of the Countrywide Financial Corporation said the housing downturn could create a recession.
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U.S. stocks fell on Thursday after worries about bad mortgage debts hit bank shares and a warning from luxury home builder Toll Brothers Inc.  reignited concern about the erosion of the housing market.
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Contrarian investors who think now is the time to start buying beaten-down banking stocks could be in for a shock if they don't carefully review those companies' distressed home-equity loan portfolios.
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Stocks looked set to follow European  and Asian markets lower on Wednesday after a British lender  took a write-down and an arm of KKR private equity group said  it had to delay debt repayments, sparking new worries for  financial shares.
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Stocks tumbled on Wednesday as a probe  of the home loan industry by New York's attorney general drew  in the country's biggest mortgage finance companies and  Washington Mutual Inc  warned the housing downturn would  extend well into next year.