| Qwest stock dips under $6 after AT&T statement
Qwest stock dropped below $6 for the first time in nearly two years Wednesday, a day after larger peer AT&T told investors it is seeing a slowdown in the consumer wire-line and Internet businesses. Shares of Denver-based Qwest dropped 20 cents, or 3 percent, to close at $5.92, the lowest close since the stock ended at $5.84 on Feb. 15, 2006. The stock tumbled nearly 11 percent during intraday trading before a late rally Wednesday. Other land-line carriers also took hits over fears that their residential-phone customer base — already on the downswing amid competition from cable and cellphone companies — may further erode because of the economic slowdown. AT&T stock dropped 16 cents to $39, Embarq fell 51 cents to $46.54, and CenturyTel plummeted $2.91 to $36.41. "I think the markets in general are worried about a recession," said Donna Jaegers, an analyst with Janco Partners.
High anxiety: Wall Street waits for Fed to make move on rate cut
In the 20 years Mike Marcotullio has worked on Wall Street, he's seen historic market reversals that pushed weaker men to the brink of despair. Like Jan. 23, when the Dow whipsawed 625 points in one day, fueling drama on the trading floor that ranked up there with the fallout from the crisis in the Long Term Capital Management hedge fund in 1998 and the technology bust of 2000 and 2001. "There has been a lot of fear, panic and insecurity in the markets and the U.S. economy based on the housing decline," said Marcotullio, senior principal in American Capital Partners, an investment bank in New York City. This week, the stock market has been buoyed by hopes Federal Reserve Board Chairman Ben Bernanke will announce a one-half percentage point decrease in the Fed's key rate today, and until he does, stocks will still be subject to wild swings, fueled by concern the unfolding housing crisis could lead to more write-downs in the financial sector and tip the country into recession.
TORCH NEWS TICKER 1/30: WWE attorney Jerry McDevitt comments on Benoit ...
Updated throughout the day, it's the Torch News Ticker with all the news and info that's not fit for print. Keep it open in a new tab and bookmark it every Monday! Wednesday, January 30, 2008 4:00 p.m. - ECW Notes: After developments on last night's show, a match between The Miz & John Morrison and Tommy Dreamer & Colin Delaney has been signed for the Feb. 5 ECW show. They'll be taping on Tuesday, Feb. 5 in Corpus Christi, Tex. before taping the following week's ECW and Smackdown in Houston on Wednesday, Feb. 6. 11:00 a.m. - ROH Notes: Joey Matthews (a/k/a Mercury) has been signed for the Feb. 22 and 23 shows in New York. He's booked to face Kevin Steen on the Feb. 23 show in New York City ... ROH's two nationally-released DVDs, "Stars of Honor" and "Bloodstained Honor" are now available for pre-ordering on amazon.com.
Wyeth Heartburn Drug Is Challenged As Teva Launches Generic
Wyeth faces an uphill struggle to protect patent exclusivity for its blockbuster drug Protonix after Teva Pharmaceutical Industries Ltd. launched a generic version of the heartburn pill in the U.S. market. Wyeth said it would file a patent-infringement claim against the big Israeli generic-drug maker, seeking lost profits and other damages as a result of Teva's new product. Teva introduced the drug this past weekend, some 2½ years before the U.S. patent on the drug is set to expire in July 2010. Some analysts said the launch puts pressure on Wyeth to settle with Teva to allow marketing of a generic pill before the patent expires. .
Dow Jones CEO Rich Zannino Sees The Dollar Signs
Hot on the heels of Marcus Brauchli's unreassuringly reassuring email to the Wall Street Journal staff is Dow Jones CEO Rich Zannino's even less reassuring email. It's full of platitudes like "The bright future for Dow Jones is built on your commitment." In other words: Please don't quit en masse! Also, the deal was great for shareholders. Like himself! The full memo after the jump. Dear friends and colleagues, This is an extraordinary day for Dow Jones and our customers, employees and shareholders. Late last night, the board of directors agreed to a merger with News Corp. (read the press release here). The decision includes the backing of a solid majority of the members of our controlling shareholder, the Bancroft family. With a definitive merger agreement in hand, the next step is for all shareholders of Dow Jones to vote on the proposed merger.
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