Wall Street Brief: Yahoo Turns Titanic, Goldman Sachs Earnings, IMF Funding
The International Monetary Fund — IMF — is trying to increase its lending resources by $1 trillion as a means to have firepower and deal with a declining EU debt crisis. The organization has pushed China, Brazil, Russia, India, Japan and oil-exporting nations to be leading contributors, but whether they will want to bail out Europe is another issue.
Don’t Miss: IMF Seeks to Raise its Lending Capacity by $500.
IMF Managing Director Christine Lagarde said on Tuesday, “The biggest challenge is to respond to the crisis in an adequate manner and many executive directors stressed the necessity and urgency of collective efforts to contain the debt crisis in the euro area and protect economies around the world.”
Yahoo Inc.’s (NASDAQ:YHOO) Jerry Yang shocked the world yesterday after the closing bell. The company’s famous co-founder and former chief executive officer, resigned from its board of directors. Also, Yang stepped down as a member of the boards of Yahoo Japan and Alibaba Group Holding Limited.
The World Bank cut its 2012 global growth forecast, noting the world is in a uncertain position with a possible Lehman-like crisis looming. The bank’s latest 2012 global growth forecast is now 5.4 percent for developing countries, a decrease from its previous 6.2 percent projection and 1.4 percent for high-income countries, down from 2.7 percent.
Investing Insights: Wells Fargo Doing Quite Well With Record Earnings in 4Q.
Goldman Sachs (NYSE:GS) continued the parade of bank earnings. Tnvestment banking revenue tanked 43% from a year earlier to $857 million. Trading fixed income, currency and commodity instruments generated less revenues as well, plummeting 17% to $1.36 billion.
Google (NASDAQ:GOOG) has joined Wikipedia and Reddit in a 24-hour protest today for anti-online piracy legislation Stop Online Piracy Act (SOPA) and the Protect IP Act (PIPA). Google has included a link about the issue on its homepage and Wikipedia has shut down most of its English-language services to raise awareness of the issue. It said if the legislation is passed, it “will harm the free and open Internet.”
eBay (NASDAQ:EBAY) will announce its fourth quarter earnings report after the market’s close today. Analysts have estimated a $0.57 earnings per share on $3.32 billion in revenues.
Investing Insights: eBay Inc. Fourth Quarter Earnings Sneak Peek.