Countrywide shares rally on Bank of America's investment, upgrade

11:45 am ET Aug 23, 2007

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Countrywide shares rally on Bank of America's investment, upgrade

NEW YORK
Shares of Countrywide Financial Corp. rose 7% in morning trading
Thursday, as investors applauded Bank of America Corp.'s move to invest
$2 billion in the troubled mortgage giant and as Countrywide shares got
an upgrade.

Bond Report: Treasurys down slightly as credit concerns ease

NEW YORK
Treasurys gave up some of their recent gains Thursday, as credit
concerns abated after Bank of America said it would make a $2 billion
investment in Countrywide, the distressed, and the biggest, mortgage
lender in the nation.

Market Snapshot: U.S. stocks fall as credit worries settle for now

NEW YORK
U.S. stocks fell Thursday, as traders locked in some gains, even as Bank
of America Corp.'s $2 billion vote of confidence in Countrywide
Financial Corp. eased worries about the survival of the country's
biggest mortgage lender.

London Markets: FTSE 100 trades higher; Northern Rock's shares rally

LONDON
Northern Rock shares continued to claw back some recently lost ground
Thursday, as London investors considered that its recent share-price
slump could make the U.K. home-loan provider a tempting takeover
target.

Top sales official at AMD steps down

SAN FRANCISCO
The top salesman for Advanced Micro Devices Inc. is headed for the exit
as the world's No. 2 microprocessor maker is set to release a
long-awaited product the company hopes will reduce growing losses and
revive its sales.