125 Second Mortgage
Briefcase: August 2, 2006
Heightened fears of inflation sent stocks sliding for a second straight session Tuesday as a key price index climbed to an 11-year high and an improving manufacturing sector raised the likelihood of another interest rate hike by the Federal Reserve. Tech shares and small-caps were hardest hit.
The Nasdaq composite index dropped 29.48, or 1.41 percent, to 2,061.99 as investors abandoned tech shares and small-cap issues perceived to be riskier in a rising rate environment.
Other stock indexes also fell. The Dow Jones industrial average fell 59.95, or 0.54 percent, to 11,125.73, and the Standard & Poor's 500 index lost 5.74, or 0.45 percent, to 1,270.92.
MISHAWAKA
Info seminar to look at reverse mortgage
Senior's Equity Income will host an informational seminar on HUD's Reverse Mortgage Program for seniors (62 or older).
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(AFX UK Focus) 2006-08-04 12:28 GMT: Greater Bay Bancorp 2Q profit increases
EAST PALO ALTO, Calif. (AFX) - Greater Bay Bancorp, a financial services holding company, said Friday its second-quarter profit rose 11 percent on increased net interest income, topping Wall Street's estimate.
Net income grew to $25.1 million, or 46 cents per share, from $22.7 million, or 38 cents per share, in the year-ago period.
On average, analysts polled by Thomson Financial predicted earnings of 42 cents per share.
Net interest income, or earnings from interest accounts like loans and deposits, climbed to $65.8 million compared with $65.4 million last year on a $125.7 million increase in the average loan portfolio balance.
Non interest income, or cash made from mortgage loan service fees and other fees and charges, grew 5 percent to $56.8 million from $54.2 million due to a $1 million rise in insurance brokerage commissions and fees and a $2.2 million increase in other income.