MBIA Slashes Dividend to Preserve Ratings
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The worldâs largest bond insurer slashed its common stock dividend 62 percent as part of a plan to strengthen capital and preserve its âtriple-Aâ credit ratings.
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The mutual fund giant trims expense rates on some of its most popular funds.
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Shun stock from LBO-owned companies. Also pass on bond insurers and ratings agencies.
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MBIA Inc , the world's largest bond insurer, said it had guaranteed $8.1 billion of the riskiest mortgage securities, imperiling its entire net worth and sending its shares plunging 26 percent.
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MBIA Inc,  a bond insurer  struggling to maintain the top credit ratings necessary for its  business, posted a quarterly loss on Thursday after a $3.5  billion writedown.
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These companies want to shrink their share count, which could boost earnings per share.
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Under attack from critics who describe the company as effectively insolvent, MBIA presented a spirited defense in a four-hour conference call with investors and analysts Thursday.
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Morgan Stanley downgraded the airline to
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MBIA Inc  said that Bill  Ackman's estimate that the bond insurer faces more than $11  billion of potential losses is based on faulty assumptions, and  is clearly intended to help Ackman's bet that the company's  shares will drop.
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MCI, the second-largest US long-distance telephone company, will write down assets by $3.5 billion in the third quarter, reflecting their reduced value as calling prices tumble and demand declines.
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Financial giant cuts dividend 41%, announces $18 billion in write-downs and net losses of $9.8 billion.
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MBIA Inc. (MBI.N: Quote, Profile, Research) , a leading US bond insurer, on Tuesday reported a 2.3 percent drop in third-quarter earnings as investor demand
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Citigroup Inc , Merrill Lynch &  Co  and JPMorgan Chase & Co  may face larger  fourth-quarter write-offs of fixed-income securities than  previously expected, and Citigroup may have to slash its  dividend 40 percent to preserve capital, according to a Goldman  Sachs & Co analyst.
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MBIA Inc  plans to urge  lawmakers and regulators to curtail what the bond insurer calls  "the unscrupulous and dangerous market manipulation activities  of short sellers," according to a copy of written testimony  obtained by Reuters.
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NEW YORK -- Standard &amp; Poor's Ratings Services said yesterday it cut its credit rating on medical device maker Boston Scientific Corp., saying weaker-than-expected sales have placed pressure on the sizable debt the company took on to buy Guidant Corp. this year.
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Bank of America Corp. said it has folded Quick &amp; Reilly, the brokerage arm of FleetBoston Financial Corp. , into its own brokerage. The bank is in the process of changing the Quick &amp; Reilly signs to the new name, Banc of America Investment Services Inc., and it already has changed the design of Quick &amp; Reilly's website. A spokesman ...
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Moody&#39;s Investors Service on Monday said it may cut the debt ratings for Rogers Communications Inc.&#39;s (RCIb.TO: Quote, Profile, Research) and its rated subsidiaries, after the company said it would buy AT&amp;T Wireless Services