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Stocks Once Again Turn Lower After Seeing Initial Strength – U.S. Commentary
(RTTNews) – For the third consecutive day, stocks have shown a notable move to the downside over the course of morning trading on Friday after failing to sustain an initial upward move. The major averages have all pulled back well off their highs for the session.
The initial strength in the markets came as traders reacted to the release of a Labor Department report showing a much smaller than expected decrease in employment in the month of April.
The report showed that non-farm payroll employment fell by 539,000 jobs in April following a revised decrease of 699,000 jobs in March.…
8May2009 | INO | 0 comments | ContinuedGlobal Investing News
U.S. Pending Home Sales Up 2.1%; India Exports Plunge 21.7%; U.S. Manufacturing Gains Traction; Nigerian Market Down 37% This Year; KMPG Sued for $1 Billion; Carmakers’ Incentives Help Sales in March; Macy’s Debt Downgraded to Junk; Billion-Dollar Hedge Funds Drop 40%
- Pending sales of U.S. homes increased 2.1% from January to February, nearly doubling the expectations of economists polled by Reuters. The National Association of Realtors Pending Home Sales Index, which measures contracts signed, rose to 82.1 from 80.4.
- India’s exports continued falling in February, but at the fastest pace in at least 13 years, according to government figures. Merchandise shipments fell…
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Global Investing News
Berkshire’s Armor Cracks; JPMorgan Bags $5 Billion Selling Deriviates; Recordati Proposes Increased Divided; China May Double Stimulus This Week; Homes Sales Continue to Break Down;
- After recording its worst financial results ever last year, Warren Buffet’s Berkshire Hathaway Inc. (BRK.A, BRK.B) announced it would cut manufacturing jobs and close facilities to buffer itself against the recession. “Berkshire’s operating companies have taken and will continue to take cost reduction actions in response to the current economic situation, including curtailing production, reducing capital expenditures, closing facilities and reducing employment to partially compensate for the declines in demand,” the firm said in a regulatory…
Global Investing Roundups
Retailers 3Q Earnings Dismal; Cisco Sees Small Biz Sales Growth; Blackstone Posts $502 million 3Q Loss; IEA Sees $100 Oil Average; Mattel Toying with Job Cuts; Direct TV Earnings Up; Fidelity Cuts 1,300 jobs; Jobless Claims Fall
- October sales dropped for big-name retailers Macy’s Inc. (M), Target Corp. (TGT) and Gap Inc. (GPS) a result of continuing job losses and widespread credit drought that took the spirit out of consumer spending. Same-store sales climbed 2.4% at Wal-Mart Stores Inc. (WMT), as tight-budget shoppers searched for cheaper prices, Bloomberg reported.
Global Investing Roundups
EADS Eyes Tunisia; McDonald’s Thrives on Slump; Reynolds American Makes Cuts; DOJ Hires Big Gun to Scrutinize Google-Yahoo Deal; Google Space; Pending Home Sales Collapse; Manpower Decline; Deficit to Soar to Record in 2009
-European Aeronautic, Defence & Space Co. NV (PINK: EADSY), parent company of Airbus SAS, announced yesterday (Tuesday) that it would shift production operations to non-European Union countries such as Tunisia in an effort to cut costs, Bloomberg News reported. “We’re planning to produce basic parts in Tunisia, while research and production of more sophisticated parts and composites would be in Europe,†EADS spokeswoman Gaelle Pellerin said yesterday,…
10Sep2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Deere Misses Estimates; Genentech Rejects Roche Bid; Crude Rises on Inventory Report; China Fire & Security an Earnings Inferno; Joining Forces to Battle Insider Trading; Best Buy’s Coup; Merrill Slashes Wall St. Ratings; Ford’s European Makeover
-Deere & Co. (DE), the world’s largest maker of farm equipment, dropped the most in 20 years after reporting earnings that missed analyst estimates yesterday (Wednesday). The company reported third-quarter profit rose 7% to $575.2 million, but $140 million increase in raw materials and freight costs pushed profit below estimates. Deere stock fell as low as $61 a share before closing at $67.10.
-Genentech Inc. (DNA) yesterday…
14Aug2008 | Money Morning | Comments Off | ContinuedSecond Quarter GDP Release Set to Confirm or Deny U.S. Recessionary Fears
A hectic week on the economic calendar is highlighted by the initial look at second quarter gross domestic product (GDP). Remember, a recession is defined as two consecutive quarters of negative growth, so doomsayers have targeted this week’s release as confirmation of their pessimism.
Fortunately, the analyst consensus holds that the economy expanded at a faster pace than the 1% rate of the first quarter, putting us safely outside of recession territory. Investors get another view inside the struggling labor market where layoffs (mainly among financials) have resulted in overall job contractions for five consecutive months.
Economists hope for another positive showing…
28Jul2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Piracy Robs Microsoft; BlackRock Profits Rise 23%; Nokia Beats Expectations; Venezuela Lights Up U.S.; BOE’s Sentance “Struck”; Coke’s Earnings Hiccup; JPMorgan Earnings Surprise; Investor Outrage in Pakistan
Microsoft Corp.’s (MSFT) profit growth may be stunted this year by a resurgence of software piracy in China, the second-biggest personal-computer market after the U.S., Bloomberg News reported. An unexpected jump in piracy caused Windows sales to miss estimates by $300 million in the third quarter, UBS AG (UBS) analyst Heather Bellini said in April.
Investment manager BlackRock Inc. (BLK) said yesterday (Thursday) that its second-quarter profits rose 23% on a sharp increase in assets under management,…
18Jul2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Wells Fargo Jumps 32% on Dividend Hike; Crude Falls $10 in Two Days; Home Building Collapses; Gazprom Threatens to Take Belarus to Court; Gannett’s 2nd Quarter Tumble; SK Telecom Eyes up Sprint?; Time Warner Travels to Seattle; Delta’s $1 Billion Loss Turns to Gains
Wells Fargo Co. (WFC) stock jumped 32% after the nation’s fifth largest bank raised its dividend by 10%, from 31 cents a share to 34 cents. The company reported second-quarter profit fell 22% as more customers defaulted on loans, but the dividend hike was enough to answer any questions concerning the company’s stability.
Light, sweet crude for August…
17Jul2008 | Money Morning | Comments Off | ContinuedCasualties of Financial Friendly Fire
The war continues. The unstoppable forces of inflation continue to smash into the immoveable lines of deflation. Caught between the two is the U.S. consumer…the American voter…and the lumpeninvestoriat.
Yes, dear reader, we are getting shot to pieces from both directions. Prices are rising. And prices are falling. Mr. Market marks down prices for housing and stocks. Mr. Federal Reserve System pushes up prices for oil and food.
Yesterday brought more hits, more near misses, and more casualties from “friendly fire.” But the big story was that after so many weeks of reporting huge gains by inflation, deflation is back in the…
10Jul2008 | Daily Reckoning | Comments Off | Continued
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