According to Reuters, the Mortgage Bankers Association said that mortgage originations will fall next year to the lowest levels since 2000, forcing job losses for at least 30,000 more home finance professionals.
Reuters writes that Christmas orders for Chinese goods are up despite quality problems.
Reuters writes that Yahoo! (YHOO) exceeded profit forecasts taking pressure off management for the time being.
The Wall Street Journal writes that ClearBridge, the largest institutional holder in Cablevision (CVC), plans to vote against an LBO by the company’s founding family.
The Wall Street Journal reports that Citigroup (C), Bank of America (BAC), and JP Morgan (JPM) are seeking commitments of at least $80 billion under a plan to create a superfund to buy mortgage assets
The Wall Street Journal also writes that profits at Intel (INTC) rose 43% and profits at IBM (IBM) were up over 6%.
The Wall Street Journal writes that Microsoft (MSFT) will launch new business communications software which will combine instant message, email, and VoIP functions.
The WSJ also reports that MySpace and Skype have formed a partnership so that members of the social network can use the VoIP service.
The New York Times reports that as a looming battle with Roche approaches, Amgen (AMGN) is preparing to defend its anemia franchise, now worth $7 billion a year, through pricing and lawsuits.
The New York Times reports that Toyota (TM) lost its top spot in the Consumer Reports customer satisfaction survey.
The FT writes that the credit squeeze is forcing foreign investors out of US securities.
The FT reports that OPEC is blaming speculation for the rise in US oil prices.
The FT reports that Apple (AAPL) has dropped the price that it charges for music downloads not protected by digital right management software.
Barron’s reports that Movie Gallery’s (MOVI) Chapter 11 filing will likely wipe out common shareholders.
Douglas A. McIntyre