STOCK MARKET WATCH, Tuesday May 1

[ozymandius]

Source: DU

Tuesday May 1, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 629 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2312 DAYS
WHERE'S OSAMA BIN-LADEN? 2022 DAYS
DAYS SINCE ENRON COLLAPSE = 1982
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 9
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON April 30, 2007

Dow... 13,062.91 -58.03 (-0.44%)
Nasdaq... 2,525.09 -32.12 (-1.26%)
S&P 500... 1,482.37 -11.70 (-0.78%)
Gold future... 683.50 +1.70 (+0.25%)
30-Year Bond 4.82% -0.07 (-1.39%)
10-Yr Bond... 4.63% -0.07 (-1.45%)






GOLD, EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

---

Read more: DU

[fasttense]

1. Great political cartoon ozy

So perhaps we should consider the thousands of dead pets in the US as the canary in the coal mine.

[ozymandius]

3. Thanks.

I agree on the dead pets issue. This cartoon also points to the many thorny issues of a global economy: inconsistent production standards and nonexistent oversight cause situations like this.

[AnneD]

14. Morning Marketeers....

:donut: Thanks for the toon Ozy. It was spot on. We have given up so much to the Cooperations. I love shopping at the farmers market-I can read the crates. I know that might not be accurate, but it works for me.
I hope China get the reputation for food quality they deserve for this. And as sad as it is-I hope people that lost pets find comfort in knowing they may have saved lives by bringing this to the nation's attention. We have to have a secure food source. This is a matter of national security as surely as port defense and airline security. You want to talk about homeland security-what happens when you can't feed your population? It is one of the basic priorities. And the big farms won't save us. What makes a corporation farm any different from a collective farm?. Both workers are underpaid and do not profit from their labour. From where I stand-at least the collective farm worker has better insurance. But we are a nation of small farmers you say. Maybe once we are but that is fast turning. With each new headline I fear more than ever for us and our country.

Happy hunting and watch out for the bears.

[AnneD]

16. That is Corperations...

I think I need a little more java. Mental note-drink coffee prior to typing.

[ozymandius]

2. Today's Market WrapUp

DOW 13,000!!
Relatively Underwhelming
BY TONY ALLISON

The hard charging Dow Jones Industrial Average blew past 13,000 last week. The headlines screamed “all-time high” from Wall Street to Main Street. CNBC breathlessly issued tick-by-tick “Breaking News” updates as the Dow crept closer to 13,000. Is it time to pop the champagne, and pile aboard, joining the celebration of Goldilocks as a beloved Wall Street celebrity? Well, perhaps it’s time to step back and look at the Dow in relative terms; terms that include tangible assets and other currencies. In valuing the Dow in other terms, the cause for celebration may look a little overdone.

Commodity Bull Has Legs

Commodities and natural resources of all types have been in great demand as Asia rapidly develops and catches up to the Western countries. The demand stemming from this 21st century Industrial Revolution looks to continue for many years. The supply of many of these commodities is structurally limited or declining. A commodity “bubble” would necessitate rapidly growing supply and inventories as prices rise. As has been mentioned by Jim Rogers and others, commodities bull markets last a long time because locating, extracting and selling commodities (especially oil, natural gas, precious and base metals) is a long, difficult and expensive process. The regulatory hurdles today make the process even longer than historical norms. Don’t expect the commodity boom to fall from grace anytime soon.

On the other hand, the supply of debt seems ample, even extraordinary, as liquidity has been massively created by the leading nations and sloshes around the globe, looking for a (temporary) home. If there seems to be a global bubble forming, all manner of credit, including derivatives, would fit that definition nicely.

http://www.financialsense.com/Market/wrapup.htm

[ozymandius]

4. Today's Reports

10:00 AM ISM Index Apr
Briefing Forecast 51.5
Market Expects 51.0
Prior 50.9

10:00 AM Pending Home Sales Mar
Briefing Forecast n/a
Market Expects 0.4%
Prior 0.7%

5:00 PM Auto Sales Apr
Briefing Forecast 5.2M
Market Expects 5.1M
Prior 5.1M

5:00 PM Truck Sales Apr
Briefing Forecast 7.1M
Market Expects 7.2M
Prior 7.2M

http://biz.yahoo.com/c/e.html

[Ghost Dog]

22. 10:00 AM Reports (Explains Dollar's sudden rise (until revised))

May 1 10:00 AM ISM Index Apr
Actual 54.7
Briefing 51.5
Expected 51.0
Prior 50.9 -

May 1 10:00 AM Pending Home Sales Mar
Actual -4.9%
Briefing -
Expected 0.4%
Prior 1.1%
Revised From 0.7%

[Ghost Dog]

23. Dollar Rises From Near Record Low Against Euro on Factory Gain

http://www.bloomberg.com/apps/news?pid=20601083&sid=aWK42cTHfYac&refer=currency

May 1 (Bloomberg) -- The dollar rose from near an all-time low against the euro after a report showed U.S. manufacturing strengthened last month more than economists forecast.

The data also helped the U.S. currency erase its losses versus the yen and the pound as signs of growth reduced speculation the Federal Reserve's next move is to cut borrowing costs. The dollar has lost 3.4 percent this year against the euro on bets U.S. growth will trail that of Europe, dimming the currency's allure.

``It's short-term relief for the dollar,'' said Christian Dupont, a senior currency trader in Montreal at Societe Generale SA. ``The market speculated about a weak report, so people have to cover some of their short dollar positions. The report doesn't change the picture of a weakening dollar.'' A short is a bet on a currency's decline.

The dollar rose 0.29 percent to $1.3608 per euro at 11:13 a.m. in New York. It earlier dropped to $1.3673, near a record low of $1.3681 set April 27, on speculation of a weak manufacturing report. The U.S. currency traded at $1.9994 per pound, rebounding from $2.0075 earlier today.

The U.S. currency strengthened 0.17 percent to 119.72 yen, rebounding from an intraday low of 119.08 yen. The yen earlier advanced after Japan's Finance Minister Koji Omi said exchange rates should be determined by markets and he's optimistic about the outlook for global economic growth.

Trading may be subdued today, with markets closed in China, South Korea, Hong Kong, Singapore and countries that use the euro except Ireland. Reduced trading may distort market prices, traders and strategists said.

Manufacturing Index

The Tempe, Arizona-based Institute for Supply Management's manufacturing index rose to 54.7, the highest since May 2006, in April from 50.9 the previous month. The median forecast of 77 economists surveyed by Bloomberg was for a reading of 51. Readings above 50 indicate expansion.

``A few dollar-short positions were caught on a hoop, and they had to come back to cover the shorts,'' said Mike Moran, senior currency strategist in New York at Standard Chartered Bank. ``The feasibility for the Fed to cut rates is still poor.''

/...

[ozymandius]

5. Oil prices drop in Asian trading

SINGAPORE - Oil prices fell in Asian trading Tuesday, extended their slide from the previous day on worries of a glut of oil building up in the supply chain for refineries.

Analysts attribute some of Monday and Tuesday's fall in oil prices to profit-taking from Friday's big rally, when crude surged above $66 a barrel after Saudi Arabia announced the arrests of 172 Islamic militants, some of whom allegedly planned to attack oil fields.

Light, sweet crude for June delivery dropped 34 cents to $65.37 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange.

In New York trading on Monday, prices fell 75 cents to settle at $65.71, while gasoline prices rose on reports of another series of U.S. refinery problems, raising concerns that crude oil supplies were building up.

The refinery problems put more pressure on U.S. gasoline inventories, which have fallen for 11 weeks in a row. Last week's U.S. Energy Department report showed an unexpected drop of 2.8 million barrels in U.S. gasoline stockpiles and said U.S. refinery use declined to 87.8 percent of capacity.

http://news.yahoo.com/s/ap/oil_prices

[Ghost Dog]

27. BP chief resigns as private life made public

http://business.guardian.co.uk/story/0,,2069894,00.html

Lord Browne stepped down as chief executive of BP with immediate effect this afternoon.

He tended his resignation after the House of Lords lifted an injunction that prevented a newspaper group from publishing details of his private life.

Lord Browne will forfeit his entitlement to a year's notice, and a bonus worth more than £3.5m. He will also miss out on a long-term share plan that could have generated £12m over the next two years.

...

Today's ruling came after Lord Browne fought a long-running battle to prevent publication of details about his relationship with another man, Canadian Jeff Chevalier, who had been his partner for four years.

In today's ruling, Mr Justice Eady said that the chief executive had admitted he had lied to the courts over the circumstances of his meeting with Mr Chevalier, when an injunction was originally granted, in January.

/..

[mojavekid]

35. L.A. Times: Gasoline costs driven to a record

http://www.latimes.com/business/la-fi-gas1may01,1,148220.story?coll=la-headlines-business&ctrack=1&cset=true

California's gasoline prices have cruised into record territory and ruined Greg Kimble's 33-year relationship with Mable.

Mable is a 1969 white-topped LeMans-blue Chevrolet Impala convertible Kimble named after his grandmother. And the car is going to see a lot less road time with California gasoline prices hitting a new high Monday. Kimble has decided that Mable will take second place behind a pickup truck that gets twice the mileage per gallon.

"It feels like a massive betrayal," said Kimble, a post-production visual effects supervisor who said he made the painful decision a few days ago when the Mid-City Arco station he frequents upped its gasoline price twice in a seven-hour span.

As of Monday, California drivers were paying an average of $3.359 for a gallon of self-serve regular gas, more than ever before, according to the Energy Department's weekly survey of service stations. The 4.3-cent spurt from last week contrasts with a 1.1-cent increase the week before and represents the 13th consecutive price increase in the state. The latest average topped the old record of $3.332 set May 8.

"It's forcing me to make a lifestyle change. This is a classic car, a glamour vehicle that I can't afford to drive every day anymore," Kimble said of the 309,000-mile ride he has nursed through two interior makeovers and four convertible tops.

more...

[ozymandius]

6. Ford exec foresees smaller engines

DEARBORN, Mich. - Susan Cischke admits that her vision is a little fuzzy when she looks more than two decades into the future, but she still sees an internal combustion engine, albeit one smaller, lighter and more fuel-efficient than the engines of today.

And although the future is a bit cloudy to her and everyone else in the auto business, what Cischke sees could largely determine the future of her struggling employer, Ford Motor Co.

Cischke, 53, last week was appointed senior vice president for sustainability, environment and safety engineering, and she was given the almost impossible task of correctly predicting consumer wants, the price of gasoline and the development of fuel-efficient technologies for decades into the future.

-cut-

After 2012, Cischke sees more efficient gasoline engines still being the big player in powering cars and trucks, and she also sees more clean diesels and biofuels. If there's a battery technology breakthrough, she sees more plug-in gas-electric hybrids.

http://news.yahoo.com/s/ap/20070501/ap_on_bi_ge/ford_environment_chief

[ozymandius]

7. New discount airline hits US skies with 10 dollar fares

CHICAGO (AFP) - A new discount airline hits US skies in May with fares as low as 10 dollars.

The carrier called Skybus promises to sell at least 10 seats on every flight for just 10 dollars -- or 40 cents less than taxes customers will also have to pay.

"Beginning today, passengers can buy airline tickets for less than the cost of a tank of gas," Bill Diffenderffer, chief executive officer of Skybus said in a statement Monday.

"They are not 'promotional' fares that will go away in a couple of weeks. These are the everyday low fares we promised when we began working to build Skybus."

Most of the cut-rate fares were gone by mid-morning Monday, although the airline still had fares as low as 50 dollars each way to Los Angeles or San Francisco for those willing to book more than four months in advance.

http://news.yahoo.com/s/afp/20070430/bs_afp/usairlinecompany

[ozymandius]

8. US, EU ink 'open skies' pact aimed at boosting airline competition

WASHINGTON (AFP) - The United States and European Union formally signed an "open skies" accord Monday aimed at opening up more competition in transatlantic aviation.

The agreement, the fruit of several years of negotiations, will take effect next March 30 and will eliminate most limitations on US and EU airlines' ability to fly between the two continents.

"With this agreement, the honeymoon in Paris, the business trip to Dublin, and family reunion in Naples will be cheaper, easier, and within the reach of more Americans than ever before," said US Transportation Secretary Mary Peters after the pact was signed on the sidelines of a US-EU summit in Washington.

-cut-

Under the draft agreement, any EU carrier would be able to fly from anywhere in the bloc to any point in the United States and vice versa. But EU airlines will still not be able to operate domestic US routes.

Unanimous EU agreement on the deal was possible only after ministers overcame British reservations about competition out of Heathrow, by delaying the date of application to the end of March 2008.

http://news.yahoo.com/s/afp/20070430/bs_afp/useutransportairline_070430203626

[ozymandius]

9. Homes: Big drop in speculation

NEW YORK (CNNMoney.com) -- After years of big increases in the buying of real estate for investing, speculators fled many housing markets last year.

Second-home sales dropped from 40 percent of all home sales to just 36 percent, according to a report released Monday by the National Association of Realtors (NAR).

-cut-

That trend may worsen this year, as an expected rise in mortgage delinquencies, foreclosures and forced sales dumps inventory on the market.

Investors tend to move quickly in such situations; they are much more willing to cut their losses and sell out when confronted with declines in house prices. Owner/occupiers, in contrast, usually work hard to keep from losing their homes.

http://money.cnn.com/2007/04/30/real_estate/speculators_fleeing_housing_markets/index.htm?postversion=2007043011

[UpInArms]

10. dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 81.428 Change -0.002 (-0.00%)

US Dollar, Dow - One May Have To Give Up Its Trend With An ISM Surprise

http://www.dailyfx.com/story/dailyfx_reports/cross_markets_data_reaction/US_Dollar__Dow___One_1177974176717.html

ISM Manufacturing Index (APR) (14:00 GMT)

Expected: 51.0
Previous: 50.9

Pending Home Sales (MAR) (14:00 GMT)

Expected: 0.2%
Previous: 0.7%

How Will The Markets React?

US event risk began in earnest Monday - and this time it has actually aroused the market’s interest. Last week, a number of high-flying economic indicators promised volatility across the major American investment instruments. However, despite the significance and relative surprises these figures afforded traders, there were only muffled reactions in price. This all changed on Monday though. Compared to Friday’s GDP report, this morning’s personal spending and income and PCE numbers seemed blatantly second tier – especially since the quarterly numbers encompassed the March indicators. Yet, the investment community must have been caught off guard by the drag in spending and tame price pressures; because Treasuries yields, equities and the dollar were all on the move lower after the figures hit the wires. Now, with traders tuned back into the economic calendar, the manufacturing sector comes back under the spot light. Due for a 14:00 GMT release, the ISM manufacturing survey could revive concern over the true anchors on the economy. Friday’s growth report clearly shows expansion is faltering, and that the economy may fall faster towards a hard landing as the buoyant consumer sector looses its clout. While the housing market is obviously a greater risk to the US economy, its drag on the economy is well documented and largely priced in. On the other hand, factory activity is gasping to keep its head above water and has not yet been put on a path to rebound or dip fully into recessionary territory. Therefore, traders are waiting to see whether the manufacturing sector will help to usher in the hard landing pessimists are calling for or otherwise pick up some of the slack from slower consumer spending. The market is officially expecting the April ISM read to hit the wires at 51.0, which is a slight pick up from March’s number. This doesn’t seem too far fetched since most of the regional numbers came inline; but it also opens the market to a surprise.

...more...

US Dollar Weakens After Disappointing Data, Chicago PMI Signals Weak ISM

http://www.dailyfx.com/story/bio1/US_Dollar_Weakens_After_Disappointing_1177967301589.html

US Dollar- It is non farm payrolls week and as usual traders should be prepared for some decent volatility in the currency market. Unlike other weeks when NFP is due for release, this week, we have exceptionally thin trading conditions. Japanese traders have closed their books to enjoy their Golden Week holidays while German, French and Swiss traders are off tomorrow for Labor Day. This indicates that volatility could be even greater than usual especially in reaction to any incoming data that will shed more light into Friday’s non-farm payrolls release. We will be paying the closest attention to the employment components of the service and manufacturing sector ISM reports. Today, Chicago PMI fell short of expectations with the index slipping from 61.7 to 52.9. The underlying details reveal that much of the weakness was concentrated in new orders, which snapped back after a sharp jump in March. Both the prices paid and employment components improved, which supports stronger job growth, at least in the manufacturing sector. With manufacturing ISM due for release tomorrow, we took a look back at the Empire State and Philadelphia Fed surveys released earlier this month. The readings of both reports remain at very low levels, but unlike the Chicago PMI, the Philly Fed index was unchanged in April while the Empire State manufacturing survey improved slightly. The prices paid of both reports accelerated while the employment component remained virtually unchanged for the Philadelphia region, but deteriorated significantly in the NY region. Taking this information into context, the ISM manufacturing index should either remain unchanged or slip modestly. How the dollar will react will be contingent upon where the biggest surprise lies. Prices paid should see a nice jump since it increased in all 3 of the regional indexes. The employment component on the other hand should remain close to the 50 boom/bust level. When it comes to the ISM, there is always more than meets eye, so all traders should look at the details just as closely as the headline number. Meanwhile Chicago PMI was not the only disappointing number released today. Inflation figures were slightly softer. Even though the annualized pace of growth in the PCE deflator increased, the annualized growth of core prices fell. Personal spending also increased a modest 0.3 percent compared to 0.7 percent growth the prior month. The only piece of good data that we had today was personal income, which grew by 0.7 percent. The spending and income numbers reveal more normalization of consumer spending habits. This is a nice shift away from the prior habit that consumers had of spending more than they earned.

...more...

[UpInArms]

11. Ex-Westar Executives to Face a Third Trial

http://www.nytimes.com/2007/05/01/business/01energy.html?ex=1335672000&en=4701a768d7ac2ed7&ei=5088&partner=rssnyt&emc=rss

TOPEKA, Kan., April 30 (AP) — Two former executives at Westar Energy Inc., David C. Wittig and Douglas T. Lake, will face trial for a third time on criminal charges that accuse them of trying to loot the utility, a federal prosecutor said Monday.

Mr. Wittig, of Topeka, the utility’s former chief executive, will face one count of conspiracy and 14 counts of circumventing internal financial controls. And Mr. Lake, of New Canaan, Conn., the former chief strategy officer, will face the conspiracy charge and 13 circumventing counts identical to Mr. Wittig’s.

“The United States of America is ready to proceed to trial,” an assistant United States attorney, Richard Hathaway, told Federal District Judge Julie A. Robinson.

...more...

background:

Firm's Cash Sought GOP Favors

(CBS/AP) When a utility executive questioned why he was contributing to Republican congressional candidates he had never heard of, the answer came back loud and clear: The donations were requested by GOP leaders who were helping the company win an exemption potentially worth billions of dollars.

Financially strapped Westar Energy was seeking "a seat at the table" of a House-Senate conference committee on the Bush administration's energy plan last year, according to internal company records spelling out the planned campaign donations.

Key Republicans, including House Majority Leader Tom DeLay, denied on Thursday there was any connection between the exemption and donations which amounted to tens of thousands of dollars from the Topeka, Kan., conglomerate and its executives.

Surfacing as part of an investigation launched by Westar into the conduct of several of its executives, the documents offer a rare view into a company's efforts to influence Congress.

DeLay, House Energy and Commerce Committee Chairman Billy Tauzin, committee member Rep. Joe Barton and Senate Banking Committee Chairman Richard Shelby were needed for their help on the exemption. They had asked that donations be directed, not to their own campaigns, but to those of fellow Republicans in tight races in 2002, according to a pair of e-mails and a memo.

...more...

[UpInArms]

12. Circuit City Expects $80 million to $90 million Loss for the 1st quarter

http://www.nytimes.com/2007/05/01/business/01circuit.html?ex=1335672000&en=ed4adbeb442feee2&ei=5088&partner=rssnyt&emc=rss

Circuit City Stores, struggling with weak television sales, said yesterday that it expected a first-quarter loss and withdrew its forecast for the first half.

In a statement, the consumer electronics retailer cited “substantially below-plan” April sales, mainly tied to flat-panel and projection TVs.

The company expects a loss from continuing operations before income taxes of $80 million to $90 million for the first quarter.

...more...

[PassingFair]

17. EVERY ONE I know says:

Screw you, Circuit City.

Busting down your employees to below subsistence wages is NOT
a good marketing plan.

SUCK IT!

Sorry, but it felt good to get that out of my system. :)

[UpInArms]

13. Consumer Spending Slows, Portending Weaker Economy

http://www.nytimes.com/2007/05/01/business/01econ.html?ex=1335672000&en=0607553fa7361ac0&ei=5088&partner=rssnyt&emc=rss

Personal spending in the United States rose less than forecast in March, a sign that higher gasoline prices and a sagging housing market are chipping away at a mainstay of economic expansion.

Purchases gained 0.3 percent from the previous month, less than half the 0.7 percent increase in incomes, the Commerce Department said yesterday. The Federal Reserve Bank’s preferred measure of inflation was unchanged from a month earlier, while the National Association of Purchasing Management-Chicago said its business activity index declined in April.

“It looks like consumer spending is going to be considerably weaker in the second quarter,” said Carl Riccadonna, an economist at Deutsche Bank Securities in New York. “Consumers are the lone driver of the economy right now, and if consumer spending slows, the economy may be in trouble.”

Economists had forecast a 0.5 percent rise in spending, which accounts for two-thirds of the economy, according to estimates in a Bloomberg News survey.

...more...

[AnneD]

15. Themes for the day...

I know it isn't economics per say (wish I had that kind of green though), but this has been bugging me since the story broke. This is a double dedication to Wolfowitz and Shaha Riza.....

My Boyfriend's Back- the Angels

<snip>
My boyfriend's back and you're gonna be in trouble
(Hey-la-day-la my boyfriend's back)
You see him comin' better cut out on the double
(Hey-la-day-la my boyfriend's back)
You been spreading lies that I was untrue
(Hey-la-day-la my boyfriend's back)
So look out now cause he's comin' after you

(Hey-la-day-la my boyfriend's back)
(Hey, he knows that you been tryin')
(And he knows that you been lyin')

<Snip>
(Hey he knows I wasn't cheatin'!)
(Now you're gonna get a beatin'!)

(What made you think he'd believe all your lies?)
(Wah-ooo, wah-ooo)
(You're a big man now but he'll cut you down to size
(Wah-ooo, wait and see)

My boyfriend's back he's gonna save my reputation
(Hey-la-day-la my boyfriend's back)
If I were you I'd take a permanent vacation
(Hey-la, hey-la, my boyfriend's back)

<snip>

And to Wolfowitz's wife Clare, who tried to warn Bush way back when... I dedicate that classic 'Whose Sorry Now'


Who's sorry now?
Who's sorry now?
Whose heart is aching for breaking each vow?
Who's sad and blue?
Who's crying too?
Just like I cried over you?

Right to the end
Just like a friend
I tried to warn you somehow
You had your way,
Now you must pay
I'm glad that you're sorry now.

Right to the end
Just like a friend
I tried to warn you somehow
You had your way,
Now you must pay
I'm glad that you're sorry

Have a great day :hi:

Edited 'cause I am not sure how much to cut out on theses thing.:shrug:

[Roland99]

18. In honor of "Mission Accomplished" - V.P. Cheney's Lonely Neocon Band

(with apologies to The Beatles)


It was four years ago today,
V.P. Cheney taught the troops to play,
They've got us going into a mire
But they've guaranteed to raise a pyre.
So may I introduce to you
The act you've known for all these years
V.P Cheney's Lonely Neocon Band.
We're V.P Cheney's Lonely Neocon Band
We hope you will enjoy the war,
We're V.P. Cheney's Lonely Neocon Band
Sit Back and let the bombers soar.
V.P. Cheney's Lonely, V.P. Cheney's Lonely,
V.P. Cheney's Lonely Neocon Band
It's wonderful to invade
A helpless Mideast nation
They're such a lovely audience
We'd like to occupy another
We'd like to occupy
I don't really like to stop the war
But I thought that you might like to know
That the Pres is going to sing a song
And he wants you all to sing along
So let me introduce to you
The one and only Georgie Bush
And V.P. Cheney's Lonely Neocon Band.

[AnneD]

28. Wicked......

:spray::rofl:

So many 'holidays' so few hours in the day. How about cuing up the banjos and playing the 'Dueling Banjos' theme from the movie Deliverance. It is SO RIGHT on so many levels.....

[Ishoutandscream2]

31. Oh dear God, awesome!!!

:applause: :rofl: :rofl: :rofl:

[Ghost Dog]

19. Tokyo stocks lose ground following declines in U.S. shares

http://asia.news.yahoo.com/070501/kyodo/d8ordpa80.html

(Kyodo) Tokyo stocks fell Tuesday with investors discouraged by declines in U.S. shares overnight in a market with few participants during the Golden Week holidays in Japan.

The 225-issue Nikkei Stock Average dropped 125.43 points, or 0.72 percent, from Friday to 17,274.98. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 7.75 points, or 0.46 percent, to 1,693.25. Japan's financial markets were closed Monday for a national holiday.

The Nikkei index got off to a soft start and drifted lower in the morning as drops in U.S. stocks dampened sentiment in Tokyo, brokers said.

In New York on Monday, the Dow Jones Industrial Average of 30 blue-chip issues lost 58.03 points, or 0.44 percent, from Friday to 13,062.91, ending lower for the first time in five trading days. The Nasdaq Composite Index declined 32.12 points, or 1.26 percent, to 2,525.09.

"The drops in U.S. shares were the first in a while and were relatively sharp," said Yutaka Miura, senior technical analyst at Shinko Securities Co.

The Nikkei trimmed some of its earlier losses in the mid-afternoon on short-covering and moved in a narrow range for the rest of the session.

Miura said many investors refrained from taking fresh positions amid the Golden Week holidays. The Japanese financial markets will be shut again Thursday and Friday.

/..

[Ghost Dog]

20. Japan's Stocks Decline, Led by Sony, on U.S. Consumer Spending

http://www.bloomberg.com/apps/news?pid=20601080&sid=awfcWyKwN2lE&refer=asia

May 1 (Bloomberg) -- Japanese stocks fell for a second day, led by Sony Corp. and Honda Motor Co., after personal spending slowed in the U.S., eroding demand for exports.

Sumitomo Mitsui Financial Group Inc., the country's third- biggest lender by assets, led banks lower after saying profit was worse than it forecast.

...

The Nikkei 225 Stock Average slid 125.43, or 0.7 percent, to 17,274.98. The broader Topix index lost 7.75, or 0.5 percent, to 1693.25. Gauges that track technology-related companies and automakers such as Sony and Honda accounted for 37 percent of the Topix's fall.

Nikkei futures expiring in June dropped 0.7 percent to 17,290 in Osaka and declined 0.5 percent to 17,290 in Singapore.

In Australia, the S&P/ASX 200 Index slipped 0.3 percent. New Zealand's NZX 50 Index fell 0.1 percent while Indonesia's Jakarta Composite index was little changed. All other markets in the region are closed today for public holidays.

Japan's markets are closed on May 3 and May 4 during a holiday period known as Golden Week.

/..

[Ghost Dog]

24. Indian trade deficit nears US$57b as oil imports soar

http://www.channelnewsasia.com/stories/afp_world_business/view/273648/1/.html

NEW DELHI : India's trade deficit widened to nearly US$57 billion in the year ended March as a surge in the cost of imports led by oil offset a record year for exports, government data showed Tuesday.

Exports rose 23.9 percent to a record US$124.6 billion, in line with a target of US$125 billion for the year, while imports jumped 29.3 percent to US$181.4 billion led by oil, the government said.

The country's crude oil imports jumped 30.3 percent to US$57.3 billion in the year ended March, the government said.

India, which imports almost two thirds of its petroleum needs, had a trade deficit last year of US$39 billion.

Last month, trade minister Kamal Nath forecast exports by India would grow to US$160 billion in the year started April 1 and would reach US$200 billion by 2009. - AFP/de

[Ghost Dog]

21. London stocks lower in midday trade

http://mwprices.ft.com/custom/ft2-com/html-story.asp?pulse=true&siteid=ft&dist=ft&guid=%7Bbdd5da16%2D7801%2D4572%2D8eed%2D678b9e357716%7D

The FTSE retreated on Tuesday on a quiet day for equities trading in London. With most countries in Europe closed for the May day holiday, the FTSE 100 was down 26.4 points at 6,422.6 by midday.

...

The FTSE 250 was off 23.5 points to 11,906.1.

/..

[Ghost Dog]

25. German jobless rate drops below 4M

http://edition.cnn.com/2007/BUSINESS/05/01/germany.unemployment.reut/index.html

BERLIN, Germany (Reuters) -- Germany's headline unadjusted unemployment number fell to 3.967 million in April, its lowest level in 4 years, Labour Minister Franz Muentefering said on Tuesday.

"The unemployment is falling," Muentefering said in a statement released ahead of a Labour Day speech later on Tuesday. That confirmed a Reuters report on Monday about the drop in the jobless data to below 4 million for April.

"That decline will continue this year," he added. Muentefering did not comment on seasonally adjusted data.

The Federal Labour Office will report its complete April data on Wednesday. In March, the headline unadjusted total was 4.108 million.

The April figure of 3.967 million cited by Muentefering is also more than 800,000 below the year-earlier level.

The headline unemployment figure in Germany was lower than April's level in October 2002 when there were about 3.93 million unemployed. The last time the figure was below 4 million was in November 2006 with 3.995 million.

German unemployment hit a post-war high of 5.010 million in March 2005 but has since fallen steadily, helped by economic growth of 2.7 percent last year, the strongest in six years.

/...

[Ghost Dog]

26. Bernanke raps economic isolationism

http://news.yahoo.com/s/ap/20070501/ap_on_go_ot/bernanke_economy

WASHINGTON - A move to protect threatened American industries and workers from foreign competition would be a serious mistake that would jeopardize the sizable benefits of free trade, Federal Reserve Chairman Ben Bernanke said Tuesday.

"Restricting trade by imposing tariffs, quotas and other barriers is exactly the wrong thing to do," Bernanke said in remarks prepared for an audience at Montana Tech in Butte, Mont.

"In the long run, economic isolationism and retreat from international competition would inexorably lead to lower productivity for U.S. firms and lower living standards for U.S. consumers," Bernanke said.

As America's trade deficits have soared, Congress and the Bush administration have come under increased political pressure to erect trade barriers against a flood of imports that critics contend have contributed to the loss of more than 3 million manufacturing jobs since 2001.

/...

[AnneD]

32. This advice, my friends,

comes from a man that has not had to make his living in the private sector. He has worked either in government or academia all his adult life.

I am tired of throwing the baby out with the bath water. I don't mind fair trade but I have had enough free trade thank you. I don't think this country can handle any more free trade and these bozos need to get over it.

[Ghost Dog]

29. Dangers such as tension over Iran and a flagging US economy are being ignored

Markets will never spot the black swan
http://business.guardian.co.uk/economicdispatch/story/0,,2068696,00.html
Larry Elliott, economics editor
Monday April 30, 2007
The Guardian

These are curious times. In the middle of last week, the Dow Jones Industrial Average (DJIA) powered through the 13,000 level for the first time. At just about the same time, the dollar's value against a basket of global currencies was at its lowest since the demise of the Bretton Woods fixed exchange system.

In the UK, the Bank of England expressed concern about the increased risk-taking in the City and the exposure of heavily borrowed private equity groups, in the week that a titanic struggle began for control of the Dutch bank ABN Amro. The Royal Bank of Scotland, in cahoots with its Belgian and Spanish partners, is mounting a £49bn hostile bid for ABN to prevent it falling into the hands of Barclays. That's an awful lot of money to pay for any company, although not quite as much as AOL agreed to pay for Time Warner in January 2000.

In retrospect, the Time Warner/AOL hook-up was seen as the moment the boom of the late 1990s over-reached itself. It was, according to those with 20-20 hindsight, a moment of hubris. Anybody with a brain in their head could see that the only way for the stock market at the turn of the millennium was down. The intriguing question now is whether the battle for ABN marks a similar high watermark for the current boom. As the Bank noted in its Financial Stability review, the reward for taking on risk is currently at very low levels, for the simple reason that investors perceive little risk. "That has increased the vulnerability of the system as a whole to an abrupt change in conditions," the Bank said.

So what could go wrong? Certainly, the macro-economic backdrop is less favourable than it was. Interest rates are going up across the world - in China, New Zealand, Britain and the Eurozone. In the US they are on hold and are unlikely to come down until later in the year. Japan, where there were renewed signs of deflation last week, is the exception. Near-zero borrowing costs in Tokyo are the source of global speculation since they allow investors to borrow cheaply in yen and take punts in countries where interest rates are higher.

It's not just that, though. The American economy is slowing, as the GDP figures released on Friday clearly showed. A fall in the value of the dollar, while necessary to reduce the US trade deficit, will add to imported inflation, already rising as a result of higher Chinese prices and oil at close to $70 a barrel.

Nor does the geopolitical situation look that clever. Kofi Annan was in Berlin last week to lambast the laggards of the G8 for their failure to keep promises made to Africa at Gleneagles two years ago. What went unnoticed was Annan's view that a broadening of the Middle East conflict to Iran risked sending oil prices to $120 a barrel. Despite its travails in Iraq, the Bush administration is still taking a hawkish stance over Iran's nuclear ambitions; military action - air strikes rather than an invasion - is still an option.

And yet the stock markets float serenely upwards, as if they had not a care in the world. The great and the good of the financial markets have a rationale for this, which goes as follows. Share prices are high because corporate profitability is high. Corporate profitability is high because the global economy is growing rapidly, with demand more evenly spread around the continents than it was three or four years ago. There may be risks out there, but these risks are both discernible and quantifiable. The chances of a serious market disruption are, therefore, extremely slim and the likelihood is that stock markets will ride out any short-term problems caused by a touch more inflation or slightly tighter monetary policy.

...

Markets tend to work on the basis that Black Swans either don't exist or appear with such irregularity that they are not worth worrying about. As a result, traders in the City of London went home on the night of August 3 1914 seemingly oblivious to the fact that a world war lasting more than four years would start the next day. Similarly, there was not the slightest suggestion on Friday October 16 1987 that the Dow Jones would lose more than 20% of its value the next Monday. The Nobel prize-winners Robert Merton and Myron Scholes, who put together Long Term Capital Management and convinced their investors that their models made it a sure-fire bet, had failed to factor in the possibility of a Black Swan - in the case of LTCM, the Russian debt default in August 1998.

Taleb is a fan of the Polish-born French mathematician Benoit Mandelbrot, who gives short shrift to those who believe financial markets resemble a bell curve, with modest movements the norm and violent moves infinitesimally rare. Looking at the daily movements of the DJIA from 1916 to 2003, Mandelbrot said that according to the neat bell curve analysis, there should have been 58 days when the Dow moved more than 3.4%, when in fact there were 1,001.

Instead of just six days when there were movements of more than 4.5% there were 366. Only once in every 300,000 years should there have been a day when the Dow moved by 7% or more, but it happened 48 times. "Extreme price swings are the norm in financial markets - not aberrations that can be ignored. Price movements do not follow the well-mannered bell curve assumed by modern finance; they follow a more violent curve that makes an investor's ride much bumpier," Mandelbrot says in his book The (Mis)Behaviour of Markets (Profile Books). "A sound trading strategy would build this cold, hard fact into its foundations".

At the moment, it seems highly unlikely that this "cold, hard fact" has been built into market thinking, where the abiding sense is that this is forever summer. That, of course, is precisely Taleb's point. If Captain Smith knew the iceberg was there, he would have avoided it. If I knew what the next Black Swan was and when it was going to glide into view, I wouldn't be doing this job. If a Black Swan was predictable it wouldn't be a Black Swan, but the fact that markets can see only white swans suggests that the shock - if it comes - could be profound.

/...

[Ghost Dog]

30. Dow Jones shares soar on report of bid from Rupert Murdoch's News Corp.

DU: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2829950

Source: Associated Press

NEW YORK - Shares of Dow Jones & Co., publisher of The Wall Street Journal, soared almost 60 percent on Tuesday after the financial news network CNBC reported that Rupert Murdoch's media company News Corp. offered to buy the company for $60 a share.

After opening at $37.12, the shares jumped $20.95. or 58 percent, to $57.28 before being halted on the New York Stock Exchange for news pending. They had traded in a 52-week range of $32.16 to $40.08 before Tuesday's news.

[loudsue]

36. All we need is rupert murdock owning the dow.

The dow is supposed to rise & fall like the ocean tides, NOT SPIN like a fucking hurricane! The WSJ is bad enough under the management they already have.

:kick::kick::kick:

[AnneD]

42. I agree with you ....

it really won't make that much difference to most folk. They pull a lot of their info out of the air and spin it the way they want anyway.

[Ghost Dog]

45. Hiya, well-observed, loudsue.

Murdoch (& clan) is pure Machiavelli - except, looks like he thinks HE is the real Prince (rather than, eg. BFEE...).

[mojavekid]

33. Daily Pfennig 5/1/07: Risk Aversion Disappears...

http://www.kitcocasey.com/displayArticle.php?id=1358

OK... The currency trading range was pretty limited yesterday, but the bias for a weaker dollar was quite evident as the euro traded up close to Friday's new record level vs. the dollar. The news yesterday morning regarding China raising their reserve requirement ratio has been swept under the rug as calmer heads came to their senses and realized they were being dolts... Or... Maybe they read the Pfennig and said... "That Chuck is right, we are dolts!"

Even the Commodity Currencies of Australia, New Zealand, and Canada all recovered lost ground from the overnight "dolt trading"... You know... Last week, I told you that Reserve Bank of New Zealand (RBNZ) Gov. Bollard was the first central banker to complain about dollar weakness... I don't take his words lightly... They were sort of like a line in the sand... But as I said last week, instead of raising interest rates to make your currency more attractive (if you don't want it to be, like Bollard doesn't), put the clamps on Money Supply! But nooooooooo! This creation of Money Supply by central banks/treasuries is becoming like their "coke"... They need to go to a rehab center and withdraw from this awful habit!

OK... Euro & sterling strength has brought the naysayers out of the walls again... It's my feeling that both the European Central Bank (ECB) and the Bank of England (BOE) are going to be much more open to currency strength this time around than they were in 2004... Both need all the help they can get from a strong currency to fight inflation, because both are on the Money Supply "coke" too! Therefore, you've not heard a peep from either central bank regarding currency strength to this point... And it's my contention that we won't hear it, either...

Case in point is U.K. Manufacturing slowing last month... Yes, the strong sterling is to blame, but do you hear anyone at the BOE crying foul? No sirree...

more...

[mojavekid]

34. The Economist: Liquidity, Deal or no deal

http://www.economist.com/finance/displaystory.cfm?story_id=9091342

A new measure of market health


MOST people agree that financial markets are more liquid these days. But definitions of this liquidity are pretty vague and tend to be based on broad measures of money supply or prices of risky assets, such as emerging-market debt.

In its six-monthly Financial Stability Report, the Bank of England attempts to quantify a more common-sense definition, the ease of buying and selling financial assets. By its calculations, markets are extremely liquid at the moment, substantially more so than in the dotcom bubble in the late 1990s.

The Bank uses three measures. The first is the bid-offer spread—the difference between the prices at which market makers are willing to buy and sell securities. The smaller this spread, the more liquid markets have become. The second measure captures the effect of trades on asset prices—in illiquid markets, those who want to deal in size can find that prices move against them. This factor can be quantified as the ratio of price movements to trading volumes; a lower ratio means markets are more liquid.

more...

[citizen snips]

37. P&G 3Q Profit Rises 14 Percent

CINCINNATI (AP) -- Procter & Gamble Co. said Tuesday that strong growth in developing markets helped power earnings 14 percent higher in the third quarter for the world's largest consumer product company.

P&G said net income in the three months ended March 31 climbed to $2.51 billion, or 74 cents per share, from $2.21 billion, or 63 cents per share, in the year-earlier period. The Cincinnati company also improved its full-year earnings target on the strong quarterly sales.

However, the result failed to beat expectations of analysts polled by Thomson Financial, a day after investors drove the stock up $1.42, or 2.3 percent in anticipation of the earnings report. P&G shares fell $1.61, or 2.5 percent, to $62.79 in afternoon trading on the New York Stock Exchange. The shares have traded in a 52-week range of $52.75 to $66.30.

Sales rose 8 percent to $18.69 billion from $17.25 billion a year ago, exceeding Wall Street's forecast for $18.56 billion. The company said pet-care sales were down after it voluntarily recalled Iams and Eukanuba pet food in March after an industrywide recall of wet-style pet food produced by Menu Foods that included more than 100 brands.

more...
http://biz.yahoo.com/ap/070501/earns_procter_gamble.html?.v=16

[citizen snips]

38. ADM's 3Q Profit Misses Expectations

CHAMPAIGN, Ill. (AP) -- Shares of Archer Daniels Midland Co. fell more than 6 percent Tuesday after the nation's largest ethanol producer reported a profit increase for the third fiscal quarter that fell short of Wall Street expectations.

Net income for the three months ending March 31 rose to $362.9 million, or 56 cents per share, up from $347.8 million, or 53 cents per share, during the same period last year.

Revenue at the Decatur, Ill.-based company, also one of the world's largest food processors, rose 25 percent to $11.38 billion from $9.12 billion a year earlier.

The consensus forecast of 11 analysts surveyed by Thomson Financial called for earnings of 61 cents a share on revenue of $9.65 billion.

more...
http://biz.yahoo.com/ap/070501/earns_archer_daniels_midland.html?.v=8

[citizen snips]

39. Ford, Toyota, GM Sales Drop

DETROIT (AP) -- April auto sales were so slow that even Toyota reported a decrease from the same month last year. General Motors and Ford also reported decreases in U.S. sales while Chrysler had a small increase.

Most analysts expected that U.S. sales overall being reported Tuesday would be down due largely to the slumping housing market, rising consumer debt and no pent-up demand for vehicles.

Gasoline prices also are at or near $3 per gallon, and many consumers were expected to delay auto purchases until they find out what will happen to gas prices during the upcoming summer driving season. from the same month last year.

The decline at Toyota Motor Corp. are counter to a long trend of rising sales, sometimes in double digits.

more...
http://biz.yahoo.com/ap/070501/auto_sales.html?.v=10

[citizen snips]

40. Sector Glance: Web Stocks Trade Lower

NEW YORK (AP) -- Major Internet companies' stocks faced mostly slight declines Tuesday, as Yahoo Inc. shares decreased even as investors said its purchase of online advertising exchange Right Media Inc. could pay off.

On Monday, the search Web site operator announced it was buying the company, in which it already holds a 20 percent stake, for $680 million in cash and stock.

Analysts said the buyout, though expensive, will help Yahoo compete against search rival Google Inc., which recently announced it would buy online advertising company DoubleClick Inc. for $3.1 billion.

The purchase could also increase prices for the company's non-premium inventory, analysts said.

more...
http://biz.yahoo.com/ap/070501/sector_glanc_internet.html?.v=1

[citizen snips]

41. Soybeans, Grains Rise

CHICAGO (AP) -- Soybean and grain futures advanced Tuesday on the Chicago Board of Trade.

Wheat for July delivery rose 5 1/2 cents to $5.01 a bushel; July corn rose 10 cents to $3.77 1/2 a bushel; July oats rose 2 3/4 cents to $2.69 3/4 a bushel; July soybeans rose 13 1/4 cents to $7.56 1/4 a bushel.

Beef futures declined and pork ended mixed on the Chicago Mercantile Exchange.

June live cattle fell .25 cent to 93.87 cents a pound; August feeder cattle fell .25 cent to $1.1260 a pound; June lean hogs rose .42 cent to 75.52 cents a pound; July pork bellies fell .87 cent to $1.0260 a pound.

http://biz.yahoo.com/ap/070501/board_of_trade.html?.v=4

[citizen snips]

43. Sector Wrap: Airline Stocks Rise

NEW YORK (AP) -- Airline stocks closed modestly higher Tuesday, as falling crude oil prices helped the industry push past the latest round of analyst downgrades.

The Amex Airline Index added more than half of 1 percent to close at 49.74, with eight of its 11 component stocks rising. Helping shares was a barrel of oil dropping $1.25 to $64.46 on the New York Mercantile Exchange. Jet fuel is one of the industry's top costs.

The easing fuel-price pressures helped the index rebound from earlier losses, sparked by UBS analyst Kevin Crissey's downgrade of much of the industry on worries of weakening domestic demand and rising fuel prices. Like J.P. Morgan analyst Jamie Baker last week, Crissey acknowledged in a research report that "we missed it," as industry stocks have been skidding since mid-January.

"We have been bullish and clearly missed a big drop in the sector," he wrote in a note to investors, pointing out that the early part of the drop stemmed from higher jet fuel prices, but recent declines are a function of airlines' warning of a softening domestic market.

more...
http://biz.yahoo.com/ap/070501/airlines_sector_wrap.html?.v=1

[citizen snips]

44. Sector Glance: Apparel Retailers

NEW YORK (AP) -- Apparel retailers' shares closed mostly lower Tuesday, as two players in the sector issued disappointing guidance.

Teen apparel retailer Wet Seal Inc. forecast a bigger-than-expected decline in April same-store sales, mainly as a result of the Easter holiday shift.

Same-store sales, or sales in stores open at least one year, are a key measure of retail industry performance because they measure growth at existing stores rather than growth from expansion.

However, Wet Seal said it remains comfortable with first-quarter earnings guidance. The company's shares rose 8 cents to close at $6.06.

more...
http://biz.yahoo.com/ap/070501/sector_glance_apparel_retailer.html?.v=1

[citizen snips]

46. Sector Glance: Telecom Mixed

NEW YORK (AP) -- Telecom stocks closed mixed on Tuesday, with Qwest Communications up slightly after posting a first-quarter profit that tripled year-over-year.

The telecom service provider's net income soared despite lower revenue, as the company cut expenses and saw higher demand for its Internet and data services.

Shares of Sprint Nextel Corp. also edged higher, despite a downgrade to "Underweight," from a Prudential analyst. The company "seems to be stuck with multiple operating challenges, is losing wireless market share and generates only minimal free cash flow," wrote analyst Richard Klugman in a note to investors. Sprint is now his only "Underweight" rated stock in the telecom services sector.

Klugman upgraded Verizon to "Neutral Weight," and said the company "shows some encouraging signs of improving revenue growth and accelerating FiOS TV subscriber additions, as well as continued dominance in wireless."

more...
http://biz.yahoo.com/ap/070501/sector_glance_telecom.html?.v=3

[citizen snips]

47. Kenneth Cole 1Q Profit Up

NEW YORK (AP) -- Shoe and apparel maker Kenneth Cole Productions Inc., on Tuesday said its profit rose 12 percent in the first quarter, helped by higher wholesale revenue.

Quarterly net income grew to $3.4 million, or 17 cents per share, from $3.1 million, or 15 cents per share, during the same period last year.

Revenue increased 6 percent to $129.3 million from $122.6 million last year.

Analysts polled by Thomson Financial expected earnings of 16 cents per share on revenue of $128.8 million.

more...
http://biz.yahoo.com/ap/070501/earns_kenneth_cole.html?.v=1

[citizen snips]

48. Qwest Communications 1Q Profit Jumps

DENVER (AP) -- Telecommunications provider Qwest Communications said Tuesday its first-quarter profit nearly tripled despite lower revenue as it cut expenses while demand grew for Internet and data services.

Qwest Communications International Inc. said net income of $240 million, or 12 cents a share, compared with $88 million, or 5 cents per share, in the first quarter of 2006.

Revenue in the most recent quarter fell 1 percent to $3.45 billion from the year-earlier total of $3.48 billion.

Analysts polled by Thomson Financial forecast a profit of 9 cents per share on revenue of $3.49 billion.

more...
http://biz.yahoo.com/ap/070501/earns_qwest_communications.html?.v=6

[citizen snips]

49. Circuit City Pulls Outlook, Stock Sinks

RICHMOND, Va. (AP) -- Circuit City Stores Inc. shares plunged to a new 52-week low Tuesday, after the electronics and entertainment retailer said it expects to post a first-quarter loss because of poor big-screen TV sales and withdrew its earnings outlook for the first half of the fiscal year.

The company, which has laid off workers and closed stores in an effort to cut costs, said Monday it now expects a loss from continuing operations before income taxes of $80 million to $90 million for the first quarter of its 2008 fiscal year because of "substantially below-plan sales," especially of large flat-panel and projection televisions.

Circuit City also said it was withdrawing its outlook because of "uncertainties in the current operating environment."

The company had said its revenue would grow 5 percent to 8 percent -- with comparable-store sales rising 3 percent to 5 percent. The company had also anticipated a pretax loss of $40 million to $50 million in the first half of fiscal 2008, largely because of continued restructuring costs.

more...
http://biz.yahoo.com/ap/070501/circuit_city_outlook.html?.v=9

[citizen snips]

50. Sirius Satellite Radio 1Q Loss Narrows

NEW YORK (AP) -- Sirius Satellite Radio Inc. on Tuesday reported a narrower loss for its first quarter compared with the same period a year ago, when it recorded $225 million in expenses for stock paid to Howard Stern.

Net loss narrowed to $144.7 million or 10 cents per share versus $458.5 million or 33 cents per share in the same period a year ago, slightly better than the 11 cents per share loss that analysts were expecting.

Excluding the Stern payout and other stock-based compensation, the results came in at 8 cents per share versus 13 cents per share in the year-ago period.

Revenue rose 61 percent to $204 million from $126.7 million, but was below the estimates of $212 million recorded by analysts polled by Thomson Financial

more...
http://biz.yahoo.com/ap/070501/earns_sirius.html?.v=5

[citizen snips]

51. DJIA Leaders & Laggards: HP, Alcoa

NEW YORK (AP) -- Hewlett-Packard Co., McDonald's Corp., and Honeywell International Inc. helped lift the Dow Jones industrial average to a higher finish Tuesday.

HP gained 82 cents to close at $42.96 on the New York Stock Exchange.

The 30-stock index picked up 73.23, to end at another record close of 13,136.14. Only four of the index's components declined in the session.

McDonald's reversed Monday's loss, picking up 86 cents to finish at $49.14 on the NYSE.

more...
http://biz.yahoo.com/ap/070501/djia_laggards.html?.v=1

[citizen snips]

52. S&P 500 Leaders & Laggards: DJ, LIZ

NEW YORK (AP) -- Among stocks leading the Standard & Poor's 500 higher on Tuesday was Dow Jones & Co., publisher of The Wall Street Journal.

Dow Jones received an unsolicited bid from Rupert Murdoch's News Corp. to buy the company for $5 billion.

Shares soared $20.95, or 57.7 percent, to finish at $57.28 on the New York Stock Exchange, having hit a new 52-week high of $58.47 earlier in the session.

The S&P 500 Index was up 3.93 to end at 1,486.30.

more...
http://biz.yahoo.com/ap/070501/s_p_500_laggards.html?.v=1

[citizen snips]

53. Royal Caribbean 1Q Profit Sinks

MIAMI (AP) -- Royal Caribbean Cruises Ltd., the world's second-largest cruise line, said Tuesday its first-quarter profit sank 92 percent from the year-ago period, mainly because of higher cruise operating expenses and its acquisition of Spanish cruise and tour operator Pullmantur.

Net income sagged to $8.8 million, or 4 cents per share, for the three months ended March 31 versus $119.5 million, or 55 cents per share, in the prior year.

Analysts polled by Thomson Financial expected earnings of 6 cents per share.

The company said Pullmantur's business is highly seasonal with very strong summer months but very weak winter months. It also included a two-month lag in Pullmantur's results. The changes hurt its first-quarter earnings, with Royal Caribbean saying it will also affect second-quarter results.

more...
http://biz.yahoo.com/ap/070501/earns_royal_caribbean.html?.v=5

[Roland99]

54. Closing Numbers - "Mission Accomplished"

DJIA 13,136.14 +73.23 +0.56%
Nasdaq 2,531.53 +6.44 +0.26%
S&P 500 1,486.30 +3.93 +0.27%
Dow Util 524.53 +5.28 +1.02%
NYSE 9,639.79 +12.06 +0.13%
AMEX 2,185.16 -10.12 -0.46%
Russell 2000 816.25 +1.68 +0.21%
Semcond 494.13 +1.19 +0.24%
Gold future 677.30 -6.20 -0.91%
30-Year Bond 4.82% -0.00 -0.02%
10-Year Bond 4.64% +0.01 +0.26%