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Market Updates: Macy’s (M), Citigroup (C), Ford Motor (F), Lowe’s (LOW)
Macy’s Inc. (NYSE: M) was upgraded to buy from hold by Citigroup Inc. (NYSE: C). Analyst Deborah Weinswig stated that the company’s “My Macy’s” localization initiative continues to gain traction and should lead to improved sales and margin trends, starting in 2010. -Marketwatch
U.S. stock index futures rose on this morning as the U.S. dollar hit a one-year low against the euro ahead of the start of a Federal Reserve monetary policy meeting, boosting oil and metals prices in the process. In other news, the Federal Reserve commences its two-day monetary policy meeting with a decision on interest rates due at around 2:15 p.m.…
22Sep2009 | Jutia Group | 0 comments | ContinuedMarket Updates: Citigroup (C), Best Buy (BBY), Ford Motor (F)
Citigroup Inc. (NYSE: C) has been working on a plan to cut the U.S. government’s 34 percent stake in the firm through a multibillion-dollar stock offering. The company is interested in issuing new shares to the public and the Treasury Department would sell at least a portion of its Citigroup holdings. -The Wall Street Journal
Best Buy Co. (NYSE: BBY), the largest U.S. electronics chain, said Tuesday that its second-quarter profit dropped to $158 million, or 37 cents a share, from $202 million, or 48 cents a share, a year earlier. Revenue in the quarter ended Aug. 29 rose to $11 billion from $9.8…
15Sep2009 | Jutia Group | 0 comments | ContinuedMarket Updates: eBay (EBAY), Goldman Sachs (GS), Bank of America (BAC), Ford Motor (F)
Brazil stocks opened lower on Tuesday, extending their streak of declines to four consecutive sessions, as concerns over global economic strength overshadowed upcoming data expected to signal U.S. recovery. Signs the U.S. economy, the world’s biggest, is slowly picking up should help reassure investors that the worst of the nation’s economic recession is behind. The Institute for Supply Management’s August survey will probably say on Tuesday that industrial production expanded for the first time since after the recession began. However, Brazilian investors remain uneasy over what they see as insufficient evidence behind the 56 percent surge in the Bovespa from…
1Sep2009 | Jutia Group | 0 comments | ContinuedNucor Corporation (NUE) Aided By Government Spending?
Steel maker Nucor Corp.’s (NYSE: NUE) stock has rallied some 51% from its March 3 low of $29.84 a share and has twice bumped against its recent high of $49.91 a share.
The stock is still a far cry from its record-high level of $83.56, but is only 0% below its 52-week high of $53.46. Much has changed since then, as the U.S. auto industry is no longer producing the 16 million cars it produced in 2007, nor the 13 million it managed to sell last year. This year we are looking at some 10 million units sold, according to J.D.…
17Aug2009 | Money Morning | 0 comments | ContinuedMarket Updates: Kraft Foods (KFT), Ford Motor (F), CIT Group (CIT), Google (GOOG)
Initial Jobless Claims Climb, Continuing Claims Fall; Food Industry Looking to Ease Sugar Imports; Ford to Boost Production Thanks to Cash for Clunkers; Volkswagen Board Approves Merger With Porsche; Fed Demands Plan From CIT; China Backs Off Anti-Porn Software For New Computers; Oil Stays Above $70
- Initial jobless claims rose by to 558,000 for the week ended August 8, up 4,000 from the previous week’s revised figure of 554,000, the Labor Department said yesterday. Continuing claims for the week ended August 1 dropped 141,000 to settle in at 6.20 million, down from the preceding week’s revised 6.34 million. "The good news is…
Recession Near Its End?
Investors are being flooded with economic reports, many of them contradictory in nature. From that confusing gaggle, two indicators hint at an upbeat outcome:
- The torrid stock-market rally that’s been dominating headlines in recent weeks.
- And so-called “first-time jobless claims.”
Let’s look at stock prices, first.
Is The Rally For Real?
Many of the indicators from recent reports are known as “lagging indicators,” because they are snapshots of the past. That’s true of unemployment, retail sales, gross domestic product (GDP), and most others. But the stock market is “forward-looking,” meaning it tends to factor in expectations about future corporate earnings, income growth, inflation, unemployment and…
11Aug2009 | Money Morning | 0 comments | ContinuedMarket Update: Boeing (BA), Ford Motor (F), Toyota Motor (TM), American International Group (AIG)
Airbus Parent Wins Saudi Security Contract; Automakers Post Losses; Private Sector Payrolls Shrink by 473,000; Gannett to Lay Off at Least 1,000; Pending Home Sales Rise, Mortgages Fall; Gold Breaks $940 Barrier; SEC Approves “Say-on-Pay” Rules; AIG Shares Drop After Split
- Pan-European aerospace and defense giant EADS NV – the parent company of Boeing Co. (NYSE: BA) nemesis Airbus SAS – yesterday (Wednesday) announced that Saudi Arabia has selected it as the winner of a $2.8 billion border-security contract. The contract calls for EADS to install security checkpoints and radar systems along 5,600 miles (9,000 kilometers) of Saudi Arabian borders over the next five years,…
Sears Pushes Back With Debt Forgiveness
While economists generally agree the recession has bottomed out, rising energy prices and a high national unemployment rate is prompting the No. 1 appliance retailer in the United States to give concerned consumers a safety net should they lose their jobs.
Starting July 6, Sears Holdings Corp. (Nasdaq: SHLD) will credit one-twelfth of the purchase price of any appliance bought that is $399 or higher should a consumer lose their job between 60 days and one year after the purchase. Those unemployed for more than a year will have the full debt cancelled.
The Sears offer requires consumers to use its branded…
30Jun2009 | Money Morning | 0 comments | ContinuedMarket Updates: Boeing (BA), Ford Motor (F), Apple (AAPL), News Corp. (NWS), Nextel (S)
With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world. Existing Home Sales Rise, But Miss Estimates; Boeing Shares Plummet; Automakers Get $8 Billion for Fuel Efficiency; Sprint CFO Not Concerned About Pre Shortages; Kroger Beats the Street; MySpace Lays Off 300 More; Best Buy Testing Used Game Waters; Madoff’s Lawyer Pleads for Leniency
- Existing home sales rose 2.4% to a seasonally adjusted rate of 4.7 million last month, the National Association of Realtors said yesterday. That compares to April’s rate of 4.6 million, but is still down…
Market Update: Microsoft (MSFT), Sony (SNE), Nintendo (NTDOY), Ford Motor (F), Toyota Motor (TM)
Oil Takes a Spill; SEC Expands Madoff Investigation; Sony Could Lose Largest Game Publisher; Nasdaq Outpaces Other Indices; Walgreens Misses Street Estimates; U.S. Car Brands Close Gap with Toyota Quality;
- In spite of tense geopolitical situations in the Middle East, light sweet crude for July delivery yesterday (Monday) fell $2.62, or 3.8%, to settle at $66.93 a barrel on the New York Mercantile Exchange (NYMEX). Large and violent protests in Iran over the outcome of its recent election would normally raise concerns about supply disruptions and drive up the price of oil. Instead, the market is looking past this tense backdrop in the world’s…
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