April 7, 2009 / 5:57 PM / 10 years ago

STOCKS NEWS US-Treasury to delay release of bank stress tests

 Stocks on the move [HOT-RTRS] Real-Time Equity news [U E]
 U.S. stock market report [.N] 1349 ET 07April2009-Treasury to delay release of bank stress tests ------------------------------------------------------------------------------
 The U.S. Treasury Department is planning to delay the release of any completed bank stress test results until after the first-quarter earnings season, in order to avoid complicating stock market reaction, a source familiar with the Treasury's discussion said on Tuesday.
 The government is testing how the largest U.S. banks would fare under more adverse economic conditions than are expected in an attempt to assess the firm's capital needs.
 For details, see [ID:nN07471183]
 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1343 ET 07April2009-Mortgage delinquencies up 50 pct: Equifax ------------------------------------------------------------------------------
 More U.S. consumers are falling behind on their mortgages, an indication that the housing market has yet to bottom, according to Dann Adams, the president of U.S. Information Systems for Equifax.
 Adams said that 7 percent of homeowners with mortgages were at least 30 days late on their loans in February, an increase of more than 50 percent from the year-ago period.
 For details, see [ID:nN06296788]
 The Dow Jones U.S. Home Construction index .DJUSHB slid 6.7 percent to 213.36 on Tuesday.
 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1320 ET 07April2009-Citi upgrades American Express to hold ------------------------------------------------------------------------------
 Citi on Tuesday upgraded American Express (AXP.N) to hold from sell, saying the company didn't need new equity at this point because its capital ratios and liquidity were solid.
 Despite that, it said AmEx's fundamentals would remain challenging through 2009, and that the company faced the risk of more negative rating agency actions, including a downgrade from Moody's. [ID:nWNAB1394]
 Shares of American Express, a Dow component, slid 0.6 percent to $15.06.
 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1313 ET 07April2009-Goldman CEO: crisis has been "deeply humbling" ------------------------------------------------------------------------------
 Lloyd Blankfein, the chief executive of Goldman Sachs (GS.N), on Tuesday said that the economic crisis has been "deeply humbling" for financial firms, and that they got caught up in the pursuit of profits, ignoring risks.
 Blankfein also said that banks receiving taxpayer money needed to pay back the funds as soon as possible.
 For details, see [ID:nN07459177]
 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1236 ET-07April2009 Emerson Electric options action swells ------------------------------------------------------------------------------
 U.S. diversified manufacturer Emerson Electric Co (EMR.N) options have become active and its option implied volatility is moving higher heading into an investor conference later today, said WhatsTrading.com option strategist Frederic Ruffy. According to Trade Alert, about 20,000 calls and 7,691 put options traded in Emerson in the afternoon session, which represents six times the average daily combined volume. The stock's option implied volatility stood at 56 percent, up from about 53 percent the day before, he added. The busiest contract is the June $33 calls, where 6,099 contracts are situated.
 Reuters Messaging: doris.frankel.reuters.com@reuters.net 1230 ET 07April2009-Soros: Recent U.S. stock rally 'to be expected' ----------------------------------------------------------------------------
 Billionaire investor George Soros told Reuters in an exclusive round-tableinterview on Monday that the recent rebound in U.S. equities "was to be expected." Soros said: "My technical advisers draw a comparison to 1937 where you had a 50 percent rebound before it went down again. I see this a rally in a bear market." U.S. stocks were down for a second straight day on Tuesday, with the Dow Jones industrial average .DJI down 160 points, or 2 percent.
 For interview, click on [ID:nN06386461].
 Reuters Messaging rm://jennifer.ablan.reuters.com@reuters.net 

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