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More good news for investors.
Capital One, one of the nation's largest credit card companies, said yesterday that profit in the second quarter fell by 40 percent and it warned that more customers are defaulting on their loans. The McLean financial giant, which in recent years has diversified operations by adding retail banking and auto lending services, blamed the economic downturn for the rise in defaults and said the trend is expected to continue through the end of the year. "We view the scenario as consistent with the views that the U.S. is in recession," Gary Perlin, Capital One's chief financial officer, said in a conference call with analysts. * * * Friday, July 18, 2008 Merrill Lynch reported a $4.65 billion loss during its second quarter yesterday, surpassing the expectations of the most pessimistic analysts and underscoring the continued toll of the subprime mortgage meltdown even as economists and policymakers turn their attention to other economic threats such as inflation. It is the fourth consecutive quarter in the red for Merrill, the nation's third-largest investment bank, and the firm has now piled up $19 billion in losses over the past year because of the credit crisis and its exposure to the troubled mortgage industry. * * * Consumer prices surged 5 percent over the past year, the Labor Department said yesterday, as inflationary pressures spread ominously beyond energy and food to other parts of the economy. The report said consumer prices jumped 1.1 percent in June, the second-biggest monthly increase since 1982, and heightened concerns that the U.S. economy may be facing its worst bout of stagflation -- a combination of rising prices and sluggish growth -- in almost three decades. * * * Enjoy. |
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