What's In The News: August 28, 2012

Published on Tue, 08/28/2012 - 09:58
By FNNO Staff in analysis, business finance, fnno, market, nasdaq:aapl, news, nyse:c, nyse:cvx, nyse:ms, pink:ssnlf, stock, trading, whats in the news
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From Fnno.com, This is the financial news network. Here's what's in the news for Tuesday August 28, 2012. The Wall Street Journal reports Samsung Electronics (PINK:SSNLF) said it would respond to Apple's (NASDAQ:AAPL) request for a ban on some of its smartphone sales in the U.S. with "all necessary measures to ensure the availability of our products in the U.S. market." The Wall Street Journal also reports Chevron (NYSE:CVX) is hoarding the money it makes from oil and gas operations, prompting investors to wonder if the energy giant is bracing for a spike in costs or will use its $21B in cash to buy a smaller rival. Bloomberg reports a win for Morgan Stanley (NYSE:MS) in a battle with Citigroup (NYSE:C) over the value of their brokerage joint venture could show the firm is playing a losing hand. Morgan Stanley is arguing that the brokerage is worth less than half what Citigroup says as it adds a 14% stake to the 51% the investment bank currently owns. Finally, Bloomberg also reports Spain's recession worsened in Q2 as consumer spending was hurt by an austerity effort that's set to triple in scope through 2014 to tackle the euro area's third-biggest budget deficit. GDP declined 0.4% percent from the previous quarter, when it fell 0.3%. For more financial news and analysis follow us on Twitter @FNNOnline or check out our website at fnno.com.

By FNNO Staff

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