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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: Paul Kern	8/10/2007 9:01:32 AM
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News Highlights: Top Equities Stories Of The Day Last update: 8/10/2007 9:00:05 AM TOP STORIES DOW SET FOR ANOTHER TRIPLE-DIGIT LOSS ON CREDIT CONCERNS U.S. stocks are poised for another tumble after prior session's meltdown, as bank regulators in Europe and Asia inject cash into money markets and Fed lends $19 billion into market to alleviate pressure on interest rates. Dow Jones Industrial Average futures fall 134, S&P 500 futures slip 17.80, and Nasdaq 100 futures are down 21.5. COUNTRYWIDE TUMBLES, HIT BY CREDIT MARKET WOES Shares drop 15% pre-market after mortgage firm is facing 'unprecedented disruptions' in debt and mortgage-finance markets that could hurt earnings and its financial condition. It notes payments are at least 30 days late on about 20% of 'nonprime' mortgages. HOMEBANC FILES FOR BANKRUPTCY Lender files for Chapter 11 bankruptcy in Delaware, listing assets of $5.1 billion and debts of $4.9 billion. It earlier announced it would sell some retail mortgage operations to Countrywide, joins a parade of failed lenders. TARRAGON EXPRESSES DOUBTS ON FUTURE Apartment and condominium builder raises doubts about its ability to remain in business amid weak demand and an inability to raise new financing. It also discloses its CEO's wife sold stock the day before shares lost two-thirds of their value. ECB ADDS FURTHER LIQUIDITY TO MONEY MARKET A day after injecting a record sum into money markets to stem credit worries and keep interest rates steady, the European Central Bank allots a further $83.6 billion in a three-day quick tender at a marginal rate of 4.05% and higher. US IMPORT PRICES SOAR 1.5% ON ENERGY PRICES U.S. import prices swell for a fifth-straight month, rising 1.5% in July, on higher energy prices and another record increase in price of products from China, suggesting the U.S. can no longer count on cheap overseas goods to offset domestic price pressures. FORTIS' ABN AMRO BID IN QUESTION Financing for the takeover bid is being hit by the credit-market woes, a Dutch financial daily reports. And Fortis tells Dow Jones it has the flexibility to choose when to complete the transaction, which can be delayed if conditions aren't ideal.

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