US weekly initial jobless claims up 27K to 640K US ongoing claims up 93K to record 6.14M US 4-wk avg ongoing claims up 143K to record 5.94M The insured unemployment rate – the proportion of covered workers who are receiving benefits – rose to 4.6% from 4.5%, reaching the highest level since January 1983.

Ken Lewis, head of Bank of America (BAC), may be the most reviled financial executive in the United States. He bought Merrill Lynch when it was hemorrhaging money. He let big bonuses to Merrill management slip by. Some analysts believe that Merrill’s problems were so deep that they forced B of A to take TARP money that otherwise could have been passed...

The only one of the big three who haven’t held their hand out for charity is also the only one who produces a better than average vehicle for a fair price, Ford! Hey I got it, here’s a great idea. Instead of “bailing out” companies that have made bad decisions, let’s make loans to companies that make good decisions (and...

If you guys are looking to chat with real traders during the day and learn from Adam Hewison, President of INO.com and other experts then the Trader’s Blog is for you. The Trader’s Blog allows members to share ideas with fellow traders and the INO.com team. They answer questions from traders around the world, posts tips, share trading ideas,...

Dow Industrials, down 82.99 points, or 1.04% to 7886.57. * Fell two of the last three sessions. * Today’s top contributors to the Dow’s movement and their point contribution: CAT (8.44), BA (5.18), T (3.66), INTC (2.47), HD (2.39). * Today’s laggers and their point contribution: XOM (-11.79), MCD (-10.99), PG (-10.59), JNJ (-10.19),...

DETROIT (AP) — Two people briefed on the plan say General Motors Corp. will close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles. The people did not know exactly when the shutdowns would occur, but both say they will include the normal two-week closure in July to...

Apple (AAPL) posted financial results for its fiscal 2009 second quarter ended March 28, 2009. Revenue was $8.16 billion and  net quarterly profit was $1.21 billion, or $1.33 per Share. These results compare to revenue of $7.51 billion and net quarterly profit of $1.05 billion, or $1.16 per share, in the year-ago quarter. Gross margin was 36.4 %,...

So we give GM and Chrysler billions of taxpayer money…and low and behold…they end up in the same place they were going to end up anyway. Let me get this straight here, if the total capitalization of GM is $3Billion, and we’ve invested $20Billion, shouldn’t the government own 700% of the stock? And, then aside from the math,...

Apple (AAPL) reports March quarter earnings today after the bell. Investors have low expectations for Apple’s March quarter, with Mac and iPod sales expected flat-to-down year-over-year. But the rest of the year looks good: Apple just released new Macs and iPods, will likely unveil new iPhones in June, and could start selling a tablet/netbook-like...

General Motors Corp. (WSJ) Chief Financial Officer Ray Young said the company doesn’t plan on making a $1 billion debt payment due June 1 and is relying on either a successful debt-for-equity exchange or court protection to dramatically lower its outstanding debt. Mr. Young, speaking to reporters on the sidelines of a Chinese auto industry summit...

April 22 (Bloomberg) — Chrysler LLC has a 95 percent probability of entering bankruptcy as time dwindles before a U.S. deadline of April 30 to cut debt and complete an alliance with Italy’s Fiat SpA, an industry analyst said. The likeliest outcome of a Chrysler filing for court protection would be the purchase of some factories and brands by...

The absolute deception about earnings being handed out by the major banks is revolting as are the deceptive statements being made Timmy Geithner and the President regarding the financial shape of the banks and the phony “stress test.” Morgan Stanley is the only one showing real losses and it reveals the extent of the manipulation of numbers...

Wells Fargo & Company (WFC) has posted its earnings this morning. The bank gave a net income figure of $3.05 billion, with a net income applicable to common shares of $2.38 billion. This translates to $0.56 EPS after merger-related and restructuring expenses and after a credit reserve build. Its revenues also came in at $21.0 billion. Thomson...

Unlike every other major bank, Morgan Stanley didn’t find a way to report an accounting profit. The company posted a net loss of $177 million or $.57 per share and net revenue of about $3 billion. Remember how Citigroup (C) reported a gain because its bonds weakened? Well Morgan Stanley’s situation was the opposite. It’s revenue fell...

Sen. Chuck Schumer, a Democrat from New York, said giving banks more money is “out of the question” right now. In an interview with The Associated Press, Schumer said he supports converting future TARP loans for banks into government-owned shares in the companies. He acknowledged that such an approach is less than ideal. “There’s...