News of AIG federal inquiry drags blue-chips into the red
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US BLUE-CHIP stocks slid lower yesterday, pulled down by industrial bellwether Caterpillar, but technology shares remained higher after EBay posted strong earnings.
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NEW YORK -- American International Group Inc., one of the world&#39;s largest insurance companies, is the target of a probe by the Department of Justice into possible securities violations.
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U.S. stock futures fell early on  Thursday, pointing to a lower market open, with oil prices  rising and the insurance sector in the spotlight again after  American International Group AIG.N  said it was being  investigated by a federal grand jury.
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U.S. blue-chip stocks fell on  Wednesday after Honeywell International Inc. HON.N and J.P.  Morgan Chase & Co. JPM.N disappointed investors with  quarterly reports, and high oil prices rekindled worries about  the impact on profit margins.
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Shares in AIG, the world's largest insurer, fall by 11% on concerns about its exposure to sub-prime losses.
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American International Group Inc.  AIG.N, the world's largest insurer by market value, on Monday  said the U.S. Securities and Exchange Commission may take civil  action against it for issuing "false and misleading" statements  to investors.
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U.S. blue chip stocks edged lower on  Monday as regulatory concerns at insurer American International  Group Inc. AIG.N overshadowed Verizon Communications Inc.'s  VZ.N move to buy MCI Communications Inc. MCIP.O in a deal  worth $6.75 billion.
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The probe into insurance bid-rigging by New York's attorney general widened to health insurers on Tuesday, unnerving investors worried that more revelations of wrongdoing and lower profits lie ahead.
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U.S. blue-chip stocks ended lower on  Wednesday as Honeywell International Inc. HON.N and J.P.  Morgan Chase & Co. JPM.N disappointed investors with  quarterly reports, while oil prices lurching back to $55 a  barrel rekindled worries about corporate energy costs.
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Earnings reports from IBM, Intel, and AMD and acquisition news from Oracle and Sun did nothing to calm IT investor fears about an uncertain U.S. economy this week.The tech-heavy Nasdaq Composite Index has gotten off to its slowest start in years. Even though the Nasdaq finished 2007 up by 9.8 percent for the year, it has been sliding steadily in the past few weeks.More analysts are starting to forecast a recession. U.S. Federal Reserve Board Chairman Ben Bernanke, testifying Thursday before the House Budget Committee, warned that the risks of an economic downturn are growing. Though he said an economic stimulus package, including low interest rates, could help avoid recession, IT investors are clearly worried. After President George Bush endorsed some of Bernanke&#39;s comments about stimulus, a Friday morning market rally fizzled out by the end of the day.IBM, which issued a preliminary earnings report Monday and its full results Thursday, had good news for its investors.&#160;IBM said that it would post $28.9 billion in revenue for the 2007 quarter, a 10 percent jump from the same period one year earlier. Fourth-quarter earnings are $2.80 per share, up 24 percent and above analyst expectations. But the company said results were helped mainly by strong sales in Asia, Europe, and emerging markets -- not the U.S.IBM shares rose $5.26 to close at $102.93 Monday when it issued its preliminary report and sparked a temporary jump in tech stocks overall. But ultimately most technology companies did not fare well on the market this week.AMD on Thursday reported a loss for the fourth quarter&#160;due mostly to charges connected to its acquisition of graphics chip maker ATI. AMD had a net loss of $1.8 billion and revenue of only $1.8 billion. Because the loss was smaller than expected, the beleaguered chip maker was rewarded in a down market Friday, when its shares rose by $0.70 to close at $7.04Meanwhile,&#160;Intel Tuesday announced a revenue increase for the fourth quarter that fell short of analysts&#39; estimates, in part due to weak prices for memory chips. The company said revenue was $10.7 billion, up 10.5 percent, but missed the $10.8 billion estimated by analysts polled by Thomson Financial. Intel shares lost $2.81 Wednesday to close at $19.88, further declining during the rest of the week.The Intel first-quarter revenue outlook is particularly disappointing, according to CitiGroup Capital Markets analyst Glen Yeung. Yeung expects a downward revision of the 2008 revenue outlook because while Intel is benefiting from market share gains against AMD, the U.S. economy is having a worse impact than expected.Acquisitions did provide some excitement this week.&#160;Oracle Wednesday announced a deal to buy BEA Systems for about $8.5 billion. Oracle shares gained $0.61 to close at $21.92 Wednesday on the news, flattening out over the rest of the week in the down market. The deal makes Oracle the biggest player in middleware, ahead of even IBM, pointed out JMP securities analyst Patrick Walravens in a research note.Sun&#39;s $1 billion acquisition of MySQL, also announced Wednesday, was looked on favorably by traders as well. Sun is buying an open-source database used by some of the most widely trafficked Web sites in the world, such as Facebook and Google. Sun also said that next week it expects to report net income of $89 million for the quarter ending Dec. 31, compared to a loss of $56 million for the same period in 2006. Sun shares gained $0.55 Wednesday to close at $15.53, and rose slightly over the rest of the week even as most other stocks declined.
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The storm over the U.S. insurance  industry took a new turn Thursday when American International  Group Inc. AIG.N said a federal grand jury is investigating  products it sold that companies might have used to massage  earnings.
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NEW YORK (Dow Jones)--American depository receipts tip-toed into the red Monday, as concerns over a terrorist attack in Saudi Arabia and rising oil prices spooked investors.
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American International Group Inc.  AIG.N, the world's largest insurer by market value, on  Tuesday said it reached preliminary accords to settle federal  criminal and regulatory probes into whether it helped two  companies fraudulently inflate earnings.
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Allied Capital (ALD:NYSE - news - research) tumbled Monday after the company said it received an information request from a Justice Department office conducting a criminal inquiry.
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America&#39;s largest insurer is in hot water again with regulators. American International Group (AIG ) said on Oct. 4 that officials at the Securities &amp; Exchange Commission and the Justice Dept.
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American International Group Inc.  AIG.N agreed to pay $126 million to settle charges it helped  companies fraudulently inflate earnings, the U.S. Securities  and Exchange Commission said on Tuesday.
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American International Group Inc., the  world's largest insurer by market value, said on Thursday it  was the target of a federal grand jury investigation into  products that prosecutors say were concocted to help companies  manage their earnings.