Word: slumped
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...credit. With dozens of rivals streaming into the field, however, profits and stock prices have been heading south faster than a recreational vehicle. Just last week the Money Store, for which Hall of Fame pitcher Jim Palmer delivers commercials, reportedly put itself up for sale after recording a dizzying slump in profits. Two other big lenders--Aames Financial and Cityscape Financial--are seeking buyers as well. "You've got too much competition chasing too few profitable loans," says Jeffrey Evanson, who follows the industry for the investment firm Piper Jaffray in Minneapolis, Minn...
...long slump," Mosley said. "I've been wracking my brain trying to figure out what was wrong. Something clicked this weekend and it was a real boost in the arm. It was disappointing not to be wrestling up to my potential, but I feel that I am over the hump...
...YORK: With the year nearly out, there's still one more thing that can sink the markets: corporate earnings reports. The first victim? Oracle. Citing the Asian market slump and poor telecoms sales, the software maker reported sharply disappointing second quarter earnings Tuesday ? and promptly lost a third of its value in frenzied trading. Play on Oracle accounted for a quarter of the total volume of NASDAQ action ? and the rest was a tech sell-off, erasing all of the index's Monday gains...
...JAPANESE THREAT The world's second largest economy, in a severe slump for most of the '90s, could get pushed into depression by the financial crises in Southeast Asia, which gets nearly 40% of all Japanese exports. More alarming, roughly one-third of all loans in Southeast Asia--many now in default--came from fragile Japanese financial institutions. Says University of Chicago political economist Marvin Zonis: "To raise needed liquidity, they might sell their holdings of Treasury securities." Since Japan owns more U.S. Treasury debt than any other nation (more than $300 billion), a sell-off would cause U.S. interest...
...Money Daily takes a look at one measure in particular: the NASDAQ, battered by turmoil in the semiconductor industry. A tech slump may be here to stay...