Enter your email address in the box below and you’ll get Money Morning every weekday…absolutely free. The sale to Wells, the price of which wasn’t disclosed, involves three lines of business: commercial distribution finance, vendor finance and corporate finance. Commercial distribution finance offers lending to dealers and manufacturers of durable goods, such as boats, recreational vehicles and off-road vehicles. Vendor finance involves dealer networks for commercial equipment such as copiers, materials handling and construction machines. A 12-inch version represents a step up in comfort and still offers significant savings over other companies’ products.
The disruption rattled investors already on edge with the Greek debt crisis and an overnight market rout in China. Procter & Gamble, Facebook and Whole Foods Market all fell after quarterly reports that left investors wanting more. Procter & Gamble ( PG ) fell 4.0 percent, Facebook ( FB ) dropped 1.8 percent and Whole Foods Market ( WFM ) slumped 11.6 percent.
Some 6.4 billion shares changed hands on U.S. exchanges, below the daily average of 6.7 billion this month, according to BATS Global Markets. The number of Americans filing new applications for unemployment benefits increased last week, but remained near cycle lows in a sign that the jobs market was gaining steam. The strengthening labor market also encouraged consumers to loosen their purse strings.
The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 3,750 to 274,750 last week. A prolonged bull market has brought U.S. stocks near record highs, stretching price-earnings ratios and depressing dividend yields, which makes it harder to find a bargain. Of course, you shouldn’t imagine that you’ll make a fast buck emulating Buffett, says David Kass, a professor of finance at the University of Maryland’s business school, who studies Buffett and is a Berkshire shareholder.
That’s mainly because banks earn the bulk of their money on the spread between the cost of deposits and the amount they can charge for loans. When interest rates start rising, banks can immediately charge more for loans, but the interest they pay on deposits rises slowly because customers typically are not quick to pull their savings or switch checking accounts for a slightly richer rate elsewhere. One fee noted by is a $25 charge when customers qualify and receive increased credit limits.