Stocks appeared poised for losses at the start of Friday's session as
investors kept an eye on oil prices and worries about financial firms
persisted. WTI Nymex crude oil extended gains to $136.00, up $4.07 on session.
Companies: Moody's Investor Service said it has lowered its credit
rating on bond insurers MBIA (MBI) and Ambac Financial Group (ABK). The
ratings agency cut MBIA's "Aaa" rating to "A2" and Ambac's "Aaa" rating
to "Aa3" amid concerns about the companies' financial strength.
A Wachovia investment unit has liquidated a fund that specialized in
mortgage-backed securities worth $403 million, the Wall Street Journal
reported. The news comes amid fears about Wachovia's financial health
after the company slashed jobs and announced the departure of its chief
executive earlier this month.
Yahoo is planning a major reorganization of its business, according to
the Journal. The report comes amid a flurry of executive departures at
the tech firm, which announced last week that merger talks with
Microsoft had failed.
Continental and UAL Corp.'s United Airlines announced a marketing
alliance Thursday that they hope will help raise revenue to offset
rising fuel costs.
Live Nation (LYV) is negotiating the exit of its chairman, Michael Cohl, the Wall Street Journal reported late Thursday.