Knight has lost $440M since trading glitch Knight Capital Group, the New Jersey broker whose automated stock trading program roiled the stock market Wednesday with erroneous trades, said that the disruption had cost it $440 million and that it needed to raise money. "The company is actively pursuing its strategic and financing alternatives to strengthen its capital base," Knight said. Its shares fell 63 percent to close at $2.58, compared with $10.33 on Tuesday. The company said that although its capital base had been severely eroded, its subsidiaries were still in compliance with their capital requirements.
Initial jobless claims rise less than expected The number of Americans filing applications for unemployment benefits rose less than forecast last week as annual auto shutdowns continued to influence the number. Jobless claims climbed by 8,000 to 365,000 in the week ended Saturday, Labor Department figures showed. The median forecast of 47 economists surveyed by Bloomberg News called for an increase to 370,000. Starting next week, the data should be clear of any influence from the annual auto plant retooling closures that make it difficult to adjust the data for seasonal variations, a Labor Department spokesman said.
MGIC says capital has fallen below standards Shares of MGIC Investment Corp. plunged by more than half after the Milwaukee-based mortgage insurer reported its largest loss since 2009 and the company's risk-to-capital ratio breached regulatory standards. MGIC shares fell 64 percent to close at 88 cents after posting a net loss of $273.9 million compared with $151.7 million a year earlier.
Surprise drop for U.S. factory orders in June Orders placed with U.S. factories unexpectedly declined in June, reflecting less demand for business equipment and the biggest decrease in bookings for non-durable goods in more than three years. The 0.5 percent drop in bookings followed a 0.5 percent increase in May, the Commerce Department said.
DirecTV reports drop in U.S. subscribers DirecTV reported its first drop in net subscribers to its service in the United States, highlighting the challenges for pay television providers in a saturated marketplace. The company said it more than made up for the decline by adding a record number of subscribers in Latin America.
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