El Paso Sees $2.7 Bln Drop in Assets
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NEW YORK/HOUSTON  - El Paso Corp. EP.N on Monday  disclosed the full damage from its drastic cut in reserves  earlier this year, saying a long-awaited restatement will slash  the value of its oil and gas assets by $2.7 billion.
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NEW YORK: Crude futures dropped by more $2 a barrel yesterday as traders anticipated warmer weather later in the week and responded to weekend snowstorms in the Midwest that kept motorists off the road and planes grounded.
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Gold prices plunged on Monday to below  $600 an ounce for the first time in more than two months and  silver lost 8 percent as falling energy prices and a weak  technical outlook sent sell signals to investors.
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Assets of the nation's retail money market mutual funds fell by $2.06 billion in the latest week to $923.17 billion, the Investment Company Institute said Thursday.
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Abbottâs stock price has fallen more than 7 percent since early October amid worries about whether the F.D.A. will speedily approve the companyâs Xience heart stent.
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El Paso Corp. EP.N, the biggest U.S.  natural gas pipeline company, on Monday posted a third-quarter  loss as higher prices for oil and gas failed to offset lower  production volumes.
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A sharp plunge in energy prices pulled U.S. producer prices down 0.7 percent last month, a sharper-than-expected drop and the biggest in more than 1-1/2 years, a government report showed on Friday.
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Spain's leading electricity provider Endesa, the target of a takoever by German utility E.ON, said on Thursday that net profit fell by 6.7 percent in 2006 to 2.97 billion euros (3.9 billion euros).
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Copper prices declined a further 2  percent on Thursday on selling by hedge funds that has toppled  the key industrial metal off 16-year peaks hit on Monday.
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Fitch Ratings said it might downgrade bonds valued at $7.1 billion due to rising delinquencies and defaults on subprime mortgages.
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HARTFORD -- A Connecticut hedge fund that bet heavily on the natural gas market lost almost $6 billion over the past month, partly because it sold other assets at a loss to stay afloat while its gas investments plummeted, the fund told investors in a letter.
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Investor's Business Daily - Two mil subprime-mortgage foreclosures are expected by '09 if home prices continue to fall, according to a report by congressional Dems. The Joint Economic Committee predicted that $71 bil in housing wealth will be destroyed and states will lose $917 mil in property tax revenue. The report called for stronger action to prevent foreclosures.
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Sector-based ETFs may be losing steam.
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Morgan Stanley  on Wednesday  said it has suffered a $3.7 billion loss stemming from its U.S.  subprime mortgage exposure, which it expects will reduce  fourth-quarter earnings by about $2.5 billion.
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WASHINGTON - About 2 million subprime borrowers will lose their homes to foreclosure through 2009, costing them $71 billion in housing wealth, a congressional report said.
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A new read on foreclosure filings showed a double-digit drop for November, but don't expect the slowdown to last.
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US oil giant ConocoPhillips says the cost of quitting operations in Venezuela led to a 95% drop in quarterly profits.