AIG, the world's largest insurer and one of the biggest mortgage lenders, said total delinquencies in its $25.9 billion real estate portfolio were 2.5 percent.
It said 10.8 percent of its subprime mortgages were 60 days overdue, compared with 4.6 percent in the category with credit scores just above subprime, indicating that the threat to the mortgage market may be spreading.
Now this is scary, Bear Stearns specializes in mortgage-backed securities and is the nation's fifth-largest investment bank and they have filed for BANKRUPTCY protection? That should get you a little more than worried. They are supposed to be experts and they missed all of the signs?
Bill Gates reported an 8% stake in Berkshire Hathaway (NYSE:BRK A)through his charitable foundation and investment firm.
According to a filing with the Securities and Exchange Commission, the Bill and Melinda Gates Foundation received 475,000 Class B shares as a gift from Buffett on July 9.
Skechers USA Inc.'s shares fell on Wednesday, after an analyst expressed concern about the retail environment and lowered second-quarter earnings estimates.
The note came a day after Skechers shares rose 8 percent as a Wedbush Morgan Securities analyst said business trends are strong and upgraded the stock to "Strong Buy," from "Buy."
ImClone Systems said on Thursday that its cancer drug Erbitux did not help stave off the disease in patients with metastatic lung cancer, sending the company's shares down 6% in premarket trading.
Results of a bigger late-stage trial of the drug, which is currently approved to treat colon cancer and head and neck cancer, are not yet available.