STOCK MARKET WATCH, Wednesday May 2

[ozymandius]

Source: DU

Wednesday May 2, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 628 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2313 DAYS
WHERE'S OSAMA BIN-LADEN? 2023 DAYS
DAYS SINCE ENRON COLLAPSE = 1983
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 9
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

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

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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 May 1, 2007

Dow... 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%)
Gold future... 677.30 -6.20 (-0.92%)
30-Year Bond 4.82% -0.00 (-0.02%)
10-Yr Bond... 4.64% +0.01 (+0.26%)






GOLD, EURO, YEN, Loonie and Silver

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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

[ozymandius]

1. Today's Market WrapUp

Sell in May and Go Away?
BY FRANK BARBERA, CMT

Over the last few weeks, money has clearly been flowing back into the equity market with many of the major averages pressing into new high ground. Until yesterday, the most recent advance in averages like the S&P 500 had been fairly relentless with the S&P gaining ground 14 out of the last 19 sessions, during which time it advanced by a hefty 8.80% from the early May closing low. It is time to load up on stocks, or is more caution warranted at this juncture? In our view, the stock market has displayed a high degree of upside momentum over the last few weeks, enough to suggest that the S&P 500 will at worst, ‘hold up’ and remain in a high level range for the next few weeks.

For the S&P, important support over the course of May will develop in the area of the former late February highs at 1460.00. At the same time, on a major trend basis, the S&P looks over-extended, and could soon be nearing a more important cyclical peak, possibly a major bull market high. This tells us that the upside is most likely capped to within a few percentage points as the old highs of April 2000 and September 2000 at 1530 are likely to act as major resistance for the S&P. Since the S&P ended last year at 1430, the upside potential, more likely than not for the stock market in 2007, is probably capped at the 1530 level, implying the S&P will have a hard time gaining more than 7%. Mind you, it is very possible, and indeed likely that over the next few weeks, if the S&P remains in a tight range between 1460 and 1500, that a more important topping pattern could emerge, with the classic downside action in the stock market post May emerging during the early summer months.

-cut-

A second outcome, which at this point we would rate as a 50/50 dead even choice, is that the rally to new highs over the last few weeks really is concluding the much larger bull market seen over the last few years, and as such is now virtually exhausted. Under this outcome, the high levels of upside momentum seen in recent days will not retain the ability to prop prices up much longer, and after another round of token new highs, the S&P will be set up for a fall.

-cut-

Turning to various sectors, we have long been big fans of the Energy Group, and in particular the Oil Drillers. What’s more, we also believe that Crude Oil prices are headed much higher into the Summer Driving season, as present gasoline stockpiles are drawing down at an alarming rate, and will soon force refiners to draw down crude supplies. Worldwide, Crude Oil stockpiles have been falling and OPEC has done a credible job in cutting back production. With all of this in mind, we nevertheless see some reason for caution within the Energy patch which has had a huge advance since we talked about the sector at length within a day or so of the January low.

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

[ozymandius]

2. Today's Reports

10:00 AM Factory Orders Mar
Briefing Forecast 2.4%
Market Expects 2.1%
Prior 1.0%

10:30 AM Crude Inventories 04/27
Briefing Forecast NA
Market Expects NA
Prior 2074K

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

[ozymandius]

3. Oil prices rise in Asian trading

SINGAPORE - Oil prices rose Wednesday in Asian trading ahead of the release of U.S. fuel inventory data expected to show a drop in domestic gasoline stocks.

Light, sweet crude for June delivery added 26 cents to $64.66 a barrel in electronic trading on the New York Mercantile Exchange mid-afternoon in Singapore. The contract fell $1.31 to $64.40 a barrel Tuesday.

Brent crude for June was up 35 cents at $67.35 a barrel on the ICE Futures exchange in London.

Stockpiles of gasoline for the week ended April 27 were estimated to have declined by 1.2 million barrels in the U.S.
Department of Energy petroleum supply snapshot to be released later Wednesday, according to a Dow Jones Newswires survey of 10 energy analysts.

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

[ozymandius]

4. Venezuela seizes last private oil fields

BARCELONA, Venezuela - President Hugo Chavez's government took over Venezuela's last privately run oil fields Tuesday, intensifying a power struggle with international companies over the world's largest known single petroleum deposit.

Newly bought Russian-made fighter jets streaked through the sky as Chavez shouted "Down with the U.S. empire!" to thousands of red-clad oil workers in the Orinoco River Basin, calling the state takeover a historic victory for Venezuela after years of U.S.-backed corporate exploitation.

-cut-

Chavez accused foreign oil companies of bad drilling practices due to their hunger for quick profits, and said Venezuela could sue them for causing lasting damage to oil fields.

While the state takeover had been planned for some time, BP PLC, ConocoPhillips, Exxon Mobil Corp., Chevron Corp., France's Total SA and Norway's Statoil ASA remain locked in a struggle with the Chavez government over the terms and conditions under which they will be allowed to stay on as minority partners.

All but ConocoPhillips signed agreements last week agreeing in principle to state control, and ConocoPhillips said Tuesday that it too was cooperating.

http://news.yahoo.com/s/ap/20070502/ap_on_bi_ge/venezuela_oil_takeover_26

[TrogL]

37. So when's Dubya gonna invade?

[ozymandius]

5. Iowa refinery snags may raise gas prices

DES MOINES, Iowa - Refinery snags that left two Iowa storage facilities short of fuel over the weekend are a reminder of how tight the U.S. gasoline market has become and why average prices could soon top $3 a gallon, experts said Tuesday.

While the gasoline supply shortages in Iowa City and Fort Dodge were expected to be resolved by Tuesday night, the incident highlights how small the cushion of available gas supplies is as demand for motor fuels keeps rising just a few weeks before the start of the peak driving season.

Analysts say any further supply disruptions between now and the start of summer will likely cause U.S. pump prices, now around $2.97 a gallon for regular, to jump higher. Retail gasoline prices have climbed nearly 30 cents in the past month, while oil prices are hovering above $64 a barrel.

"We're in big trouble," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago. He noted that inventories stand at 194.2 million barrels — or slightly above the levels reported in the days after Hurricane Katrina struck the Gulf Coast in 2005 — and he predicted that that the average prices this summer will surpass the 2005 record of $3.06 a gallon.

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

[ozymandius]

6. conflicting reports

Oil slips ahead of inventory report

LONDON (Reuters) -- Oil prices eased on Wednesday as investors awaited weekly data on U.S. stocks of gasoline that have already hit a six-year low in the run up to peak summer demand in the world's top consumer.

Prices slid the previous day on expectations of higher throughput from refineries, which could help rebuild motor fuel stocks.

-cut-

U.S. crude was down 24 cents at $64.16 a barrel in electronic trading. London Brent, seen for now as more representative of global prices than U.S. oil, was up 3 cents at $67.03 a barrel, after falling 65 cents Tuesday.

Gasoline prices have helped to support crude oil in recent weeks, as strong demand, refinery problems and slow imports have drawn down fuel inventories sharply since early February. Analysts forecast a 1 million-barrel decline in inventories.

But technical analysts, who predict future movements on the basis of past performance, said the market was looking more bearish.

http://money.cnn.com/2007/05/02/markets/oil.reut/index.htm?postversion=2007050206

[AnneD]

24. Morning Marketeers......

:donut: and lurkers. There are 2 way in Houston that you can tell it's Spring. The first is that you have all kinds of birds visiting your yard. The second sign of Spring is the Annual Off Shore Oil and Gas Conference. It's the Spring Break for the Oil Industry. Everyone and their secretary comes out. You get to see a lot of cool stuff and meet a lot of interesting people from all around the world.

I see an occasional lost soul on Main Street-someone that actually thinks you can get around Houston on foot. Of course there are plenty of friendly ladies out and about that are happy to give them directions-or anything else for that matter. I travel Main St. many times in a week so I get to see convention activity. The OTC is always a big draw here.

I'll post a few interesting tidbits as I find them. With gas prices what they are, some of these folks have a few coins to spend at the carnival.


Happy hunting and watch out for the bears.

[AnneD]

30. Gas prices fall on smaller gasoline stockpiles

Gasoline futures prices fell today morning after a government report showed a smaller than expected drop in gasoline stockpiles and a slight increase in refinery utilization.

The Energy Department's Energy Information Administration's weekly inventory report showed a 1.1 million barrel decline in gasoline supplies last week. Analysts surveyed by Dow Jones Newswires had expected a slightly larger slide of 1.2 million barrels.

Gasoline futures for June delivery tumbled 3.77 cents immediately after the report, to $2.2070 in trading on the New York Mercantile Exchange. Gas prices have soared in the futures market and at the pump in recent weeks amid concerns that supplies will be tight going into the summer, when demand typically surges.

Refinery utilitzation edged up 0.5 percentage point to 88.3 percent from 87.8 percent last week. Analysts expected an increase of 0.8 percentage point.

<snip>
http://www.chron.com/disp/story.mpl/business/4768038.html

I guess there is no such thing as supply and demand. Next thing you'll tell me is that there is no Santa Claus. :crazy:

[ozymandius]

7. IBM to lay off about 1,300 U.S. workers - union

BOSTON (Thomson Financial) - Some 1,300 workers in IBM (NYSE:IBM) Corp. services operations in the United States have received notices that their jobs are slated for elimination, according to a labor group.

The Alliance at IBM, a union organization affiliated with the Communication Workers of America, which is trying to organize IBM workers, said it had received information about the planned job actions from IBM employees across the United States.

-cut-
IBM said when it reported earnings last month that it was 'putting in place a series of actions to address our U.S. cost base.' The company doesn't generally announce layoffs, maintain that hiring and firing around the world are a routine part of managing its business.

http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-16392735.htm

[antigop]

25. So "firing" Is a "Routine part of managing its business"

Lovely.

[AnneD]

32. Oil-field workers striking it rich

<snip>
As the industry faces the dual pressures of an aging work force and a depleted pipeline of new recruits, workers in a number of positions are finding themselves more popular than ever.

The average salary for a petroleum geologist with 10 years experience jumped 23 percent in the past three years, according to a study released this week by the University of Houston and the Boyden executive search firm, from $107,500 in 2004 to $132,132 in 2006.

<snip>
"Signing bonuses, retention bonuses, stock options, you name it," said Bill French, executive search director with the recruiting firm Worldwideworker.com. "Companies are having to get creative."

<snip>

It costs to keep workers
The shortage may be a boon to workers but it's costly for companies. According to the UH-Boyden study, the added cost of attracting, training and keeping workers in this environment is costing the industry more than $5 billion annually.

The current sellers' market for workers has its roots in the mid-1980s oil price crash, when companies cut work forces drastically. The petroleum industry lost almost half a million jobs between 1982 and 2000, according to the American Petroleum Institute.

<snip>


http://www.chron.com/disp/story.mpl/business/4767136.html

I loved the oil industry. I was even going back to school to get a degree. I worked with some of the best when I worked with Gulf Oil. I loved tromping out in the mud, testing core samples, reading seismic maps-there wasn't a thing I didn't like about it....except the callous way employees were dropped when the wind changed. I never forgave the management of Gulf Oil for selling the company and it's employees short. T.Boone Pickens, Wall Street, and poor management killed that hope. I put so much heart into that job and I learned a hard lesson. You can't plan a life living on so tenuous a promise. You can't grow these folks over night and I am glad they are feeling a burn. They are as stupid as the managers of health care. Until workers are nurtured and respected-this cycle will continue.

[antigop]

26. Translation...we don't know how to grow the business so all we can do is manage expenses

Right?

[AnneD]

28. Spot on..

:thumbsup: and welcome ag :hi:

[UpInArms]

8. dollar watch

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

Last trade 81.898 Change +0.238 (+0.29%)

Golden Week: A Potential Drag on USD/JPY

http://www.dailyfx.com/story/topheadline/Golden_Week__A_Potential_Drag_1178045808195.html

It is Golden Week in Japan which for most Japanese, means that it is time for vacation. However for currency traders, Golden Week means potential weakness in USD/JPY. As the currency pair struggles to break above the psychologically important 120 mark...

the lack of Japanese economic data this week could make flows the primary driver of market activity. In a very unscientific, but nonetheless interesting study of price action, USD/JPY has ended lower during Golden Week 9 out of the past 12 years. Given that the study of technical analysis is based upon the belief of past price patterns repeating themselves, there is no purer way to analyze patterns than to look at actual price activity. When a behavior is repeated 75 percent of the time, it should not be ignored. The red bars in the graph below illustrate the pip change for USD/JPY over the past 12 years as well as the movements of EUR/JPY and GBP/JPY during Golden Week.

Why does this Pattern Exist?

One of the primary reasons why USD/JPY tends to see more weakness than strength during Golden Week is due to profit taking during the holidays. Golden Week, which is most often the first week of May, is celebrated in both Japan and China and it also coincides with the May Day holidays in Europe. Therefore trading during that week is particularly thin since the Japanese are not likely to be the only ones to square positions. The Golden holiday week begins on April 29th with the last holiday celebrated on May 5th. Many Japanese and Chinese companies close for the entire week with this being the longest vacation period for most workers.

...more...

Charting Economic Surprises - April 2007

http://www.dailyfx.com/story/charting_center/charting_economic_surprises/Charting_Economic_Surprises___April_1178097146160.html





...more...

[ozymandius]

9. CEO at BP steps down

John Browne resigns after court says newspapers can publish details about his private life - including an affair with a man.

LONDON (Reuters) -- BP Plc said Tuesday that CEO John Browne resigned after British courts lifted an injunction preventing a newspaper group from publishing details about his private life.

Browne will be succeeded at BP, one of the world's biggest oil companies, by his designated successor Tony Hayward, BP said in a statement.

-cut-

Browne will also be hit financially as a result of his early resignation. As well as losing his agreed entitlement to a year's notice, including a bonus of up to 1.3 times his annual salary, worth more than £3.5 million ($7 million), he also foregoes inclusion in a long-term performance share plan with a maximum potential value of some £12 million.

Browne is also expected to leave the board of U.S. investment bank Goldman Sachs Group, at which he has been a director since 1999, a source familiar with the matter said Tuesday.

http://money.cnn.com/2007/05/01/news/international/bp_ceo.reut/index.htm?postversion=2007050115

[UpInArms]

16. BP Chief Quits Over Revelations About Sex Life

http://www.nytimes.com/2007/05/02/business/worldbusiness/02oil.html?ei=5088&en=cec1fac62b8cc035&ex=1335758400&partner=rssnyt&emc=rss&pagewanted=all

excerpt:

At the height of his powers, Mr. Browne had been knighted in 1998 and Prime Minister Tony Blair made him a life peer in 2001, a token of the close relationship between the company and the prime minister.

BP called his resignation a “tragedy.”

The announcement stunned Britain’s business world, despite rumors for months that Mr. Browne’s relationship with a former male companion was under scrutiny in the courts.

<snip>

The Daily Mail said on its Web site: “Browne, a close friend of Tony Blair, may now face a charge of perjury, and possibly jail.”



...more...

[whistle]

10. So, is it obvious yet that the stock market is nothing more than a casino

...where investors (the average folk trying 6to build their nest-eggs) are deceived into laying down their hard earned cash and credit while the odds favor the house (hedge fund managers) who play the suckers by manipulating the market, drive up prices, sell and then pickup their winnings and leave town?

These are dangerous times.

[ozymandius]

14. of course

It's not just a tongue-in-cheek saying when we refer to NYSE and other houses as "The Casino". Investing is gambling. A solid company with a good long-term plan, no debt and flush cash reserves can become a peripheral casualty during times of market volatility.

Caveat emptor.

[burf]

18. Good morning all

I dunno if this has already been posted.

Post Mortem for the Stock Market

By Mike Whitney

"There’s class warfare, all right, but it’s my class that’s winning." Investment tycoon, Warren Buffett

05/01/07 "ICH" -- -- -The real estate market is crashing faster than anyone had anticipated. Housing prices have fallen in 17 of 20 of the nation’s largest cities and the trend lines indicate that the worst is yet to come. March sales of new homes plummeted by a record 23.5% (year over year) removing all hope for a quick rebound. Problems in the subprime and Alt-A loans are mushrooming in previously “hot markets” resulting in an unprecedented number of foreclosures. The defaults have slowed demand for new homes and increased the glut of houses already on the market. This is putting additional downward pressure on prices and profits. More and more builders are struggling just to keep their heads above water. This isn’t your typical 1980s-type “correction”; it’s a full-blown real estate cyclone smashing everything in its path.

http://www.informationclearinghouse.info/article17627.htm

If Whitney is correct, it's gonna be ugly with a capital UG !

Have a great day everyone.

[DemReadingDU]

61. That was frightening

No longer if, but when will this economy implode

[UpInArms]

11. Canada: Barrick Takes a Charge

http://www.nytimes.com/2007/05/02/business/worldbusiness/02fobriefs-gold.html?ex=1335758400&en=1efba0fc95f58f0e&ei=5088&partner=rssnyt&emc=rss

The Barrick Gold Corporation reported a first-quarter loss as it took a $557 million charge to exit hedge positions and take advantage of strong spot gold prices. Barrick, the world’s biggest gold producer, reported a loss of $159 million, or 18 cents a share, in contrast to a year-earlier profit of $224 million, or 29 cents a share. Stripping out the charge to eliminate forward sales contracts, adjusted earnings were $398 million, or 45 cents a share, up from $263 million, or 33 cents a share. Barrick said its hedge book for current production has been completely eliminated.

(short blurb)

background on Barrick:

Poppy Strikes Gold

And while the Bush family steadfastly believes that ex-felons should not have the right to vote for president, they have no objection to ex-cons putting presidents on their payroll. In 1996, despite pleas by U.S. church leaders, Poppy Bush gave several speeches (he charges $100,000 per talk) sponsored by organizations run by Rev. Sun Myung Moon, cult leader, tax cheat—and formerly the guest of the U.S. federal prison system. Some of the loot for the Republican effort in the 1997–2000 election cycles came from an outfit called Barrick Corporation.

The sum, while over $100,000, is comparatively small change for the GOP, yet it seemed quite a gesture for a corporation based in Canada. Technically, the funds came from those associated with the Canadian's U.S. unit, Barrick Gold Strike.

They could well afford it. In the final days of the Bush (Senior) administration, the Interior Department made an extraordinary but little noticed change in procedures under the 1872 Mining Law, the gold rush–era act that permitted those whiskered small-time prospectors with their tin pans and mules to stake claims on their tiny plots. The department initiated an expedited procedure for mining companies that allowed Barrick to swiftly lay claim to the largest gold find in America. In the terminology of the law, Barrick could "perfect its patent" on the estimated $10 billion in ore—for which Barrick paid the U.S. Treasury a little under $10,000. Eureka!

Barrick, of course, had to put up cash for the initial property rights and the cost of digging out the booty (and the cost of donations, in smaller amounts, to support Nevada's Democratic senator, Harry Reid). Still, the shift in rules paid off big time: According to experts at the Mineral Policy Center of Washington, DC, Barrick saved—and the U.S. taxpayer lost—a cool billion or so. Upon taking office, Bill Clinton's new interior secretary, Bruce Babbitt, called Barrick's claim the "biggest gold heist since the days of Butch Cassidy." Nevertheless, because the company followed the fast-track process laid out for them under Bush, this corporate Goldfinger had Babbitt by the legal nuggets. Clinton had no choice but to give them the gold mine while the public got the shaft.

Barrick says it had no contact whatsoever with the president at the time of the rules change.<1> There was always a place in Barrick's heart for the older Bush—and a place on its payroll. In 1995, Barrick hired the former president as Honorary Senior Advisor to the Toronto company's International Advisory Board. Bush joined at the suggestion of former Canadian prime minister Brian Mulroney, who, like Bush, had been ignominiously booted from office. I was a bit surprised that the president had signed on. When Bush was voted out of the White House, he vowed never to lobby or join a corporate board. The chairman of Barrick openly boasts that granting the title "Senior Advisor" was a sly maneuver to help Bush tiptoe around this promise.

...more...

[ozymandius]

12. from Bonddad

Gas Prices Are Still Rising

From the WSJ:

The latest Energy Information Agency data show gasoline demand in the past few weeks rose 2.3% from the same period last year, outstripping growth in refinery capacity. That, in turn, is making the U.S. ever more dependent on gasoline imports.

Regular gasoline nationally averaged $2.97 a gallon, AAA reported yesterday. While that's still about nine cents shy of the highest price ever recorded, which was in September 2005, it is a record high this early in the season. Gas was selling for just $2.70 a gallon as recently as the beginning of April.

How high prices go this summer depends largely on what happens to the refineries that crank out the nation's fuel. Refinery outages in recent weeks, largely for maintenance, are part of the reason fuel prices have rocketed up. If refinery operations smooth out, gas prices could remain stable or even fall.

But the picture could be far bleaker if supply interruptions persist or intensify. In 2005, hurricanes Katrina and Rita smashed into the petrochemical-refining belt in the Gulf of Mexico, idling more than a quarter of the nation's refining capacity and sending gasoline prices climbing. Another hurricane striking Louisiana or Texas this year, even if less severe than the storms in 2005, could have a similar effect on pump prices.

-cut-

3.) The economy withstood higher energy prices last summer. However this year we have a completely different backdrop. We've had a year of sub-par economic growth. We've also had about a year of bad housing news. Those two factors could change the consumer's reaction to high gas prices.

http://bonddad.blogspot.com/2007/05/gas-prices-are-still-rising.html

[UpInArms]

13. Loss at Chiquita Brands Is Greater Than Expected

http://www.nytimes.com/2007/05/02/business/worldbusiness/02chiquita.html?ex=1335758400&en=97ca7039856ff2ef&ei=5088&partner=rssnyt&emc=rss

Chiquita Brands International, the distributor of bananas, other fruits and salad mixes, posted a quarterly loss yesterday, hurt by higher costs, lower banana prices in Europe and a charge related to a decision to exit unprofitable farms in Chile.

The company said that the net loss for the first quarter was $3.4 million, or 8 cents a share, compared with a net income of $19.5 million, or 46 cents a share, a year earlier.

The latest results include a charge of $5 million, or 12 cents a share, related to the Chilean operations. Analysts, on average, had expected the company, which is based in Cincinnati, to post a loss of 4 cents a share.

First-quarter net sales increased 3 percent, to $1.2 billion. Net banana sales grew 8 percent, while net sales of Fresh Express salads and healthy snacks fell 4 percent.

Problems with lettuce availability, higher costs and consumer concerns about the safety of packaged salad products will affect net sales through the third quarter of 2007, the company said.

...more...

[UpInArms]

15. Hollinger Money Diverted Improperly, Ex-Director Says

http://www.nytimes.com/2007/05/02/business/02black.html?ex=1335758400&en=7732ac68a205b2c9&ei=5088&partner=rssnyt&emc=rss

CHICAGO, May 1 (Bloomberg News) — Conrad M. Black and other Hollinger International executives improperly diverted more than $15 million to a holding company Mr. Black controlled, former Gov. James R. Thompson of Illinois told jurors in Chicago Tuesday.

Mr. Black, 62, and three other former executives are charged with stealing $60 million from Hollinger as the company sold off $3 billion in newspaper assets from 1998 to 2001. They are accused of keeping noncompete payments from buyers that should have gone to Hollinger.

Mr. Thompson, a former Hollinger director, said the money belonged to the company, and the audit committee, which he headed, should have been told of any diversion.

<snip>

A former Hollinger International chief operating officer, F. David Radler, who was also publisher of The Chicago Sun-Times, was indicted earlier and pleaded guilty to a single fraud count. Mr. Sussman told the court that Mr. Radler, 64, would testify for the prosecution, possibly as soon as this week.

...more...

[Roland99]

19. Whatever happened to the investigation into Richard Perle's involvement?

http://www.bloomberg.com/apps/news?pid=10000103&sid=aY248MKyPfdM&refer=us

[ozymandius]

17. Circuit City job cuts backfire

This story was posted here yesterday. This snarky diary merits another mention. - Ozy

Every once in a while the world dishes out a little bit of justice.
This story is a good example.

Circuit City fired 3,400 of its highest-paid store employees in March, saying it needed to hire cheaper workers to shore up its bottom line. Now, the Richmond electronics retailer says it expects to post a first-quarter loss next month, and analysts are blaming the job cuts.

It turns out that there is a reason why some employees are paid a little bit more - they deserve it.

In particular, the televisions showing disappointing results are "intensive sales" requiring more informed employees, Allen said. "It's a big-ticket purchase for somebody. And if they feel like they're not getting the right advice or are being misled by someone who doesn't know, it would be definitely frustrating. They will take their business elsewhere."

http://www.dailykos.com/storyonly/2007/4/30/104833/150

[Roland99]

20. HA ha. Serves them right! A friend of mine's husband was fired in that barrage.

And they had just gotten married!

[AnneD]

27. It just warms...

the cockles of my heart. The only thing that would make me feel better is if the CEO lost his bonus and was FIRED for his bone head idea. Way to inspire the troops guys. I think we've proved not just any monkey can do the job you need to have done.

[Hugin]

31. You rang?

:lol:

[AnneD]

33. I was thinking of

our Chimperor and thief, you naughty little monkey you.(whip snapping):spray:

[TrogL]

38. It ain't easy selling TV's these days

Used to be you turned it on and worked. Now you need to know about LCD, plasma, projection, DVD-HD, BlueRay, HDTV and all the various ways of hooking them up.

[UpInArms]

21. April had weakest job growth in nearly four years, ADP Says

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BBD8BC4BB%2D61FC%2D4B1B%2DBF6A%2D9DDC3A9ECD3A%7D

ECONOMIC REPORT
Private-sector jobs up 64,000, ADP says
April had weakest job growth in nearly four years

WASHINGTON (MarketWatch) - U.S. private-sector jobs increased by 64,000 in April, the weakest job growth in nearly four years, according to the monthly ADP employment report released Wednesday.

Service-sector firms added about 106,000 jobs, while the goods-producing industries cut 42,000, including 20,000 in manufacturing. Goods-producing industries include manufacturing, mining and construction. The 22,000 jobs lost in goods-producing industries excluding manufacturing is the largest since November 2001.

Small businesses created 45,000 jobs, medium-sized firms created 29,000 and large businesses shed 10,000 jobs.

The ADP index, produced by Macroeconomics Advisers LLC for Automatic Data Processing Inc. (ADP : 46.61, +1.85, +4.1% ) is considered by some economists to be the single-best indicator of the government's monthly nonfarm payroll report, which is due out on Friday.

The ADP report is designed to mirror the monthly nonfarm payrolls report released by the Labor Department on Friday. One difference: the Labor Department statistics include government jobs, but ADP doesn't.

After adding in some 24,000 government jobs created in a typical month, the ADP report suggests nonfarm payrolls grew by about 90,000 in April, a bit lower than the 100,000 currently estimated by economists surveyed by MarketWatch.

...more...

[Roland99]

29. Jeeeezzz...20k lost in MFG

[UpInArms]

22. Layoff plans jump 44% to 70,672, Challenger says

http://www.marketwatch.com/News/Story/layoff-plans-jump-44-70672/story.aspx?guid=%7BB487107E%2D3539%2D4D4F%2D8B15%2D5162722BF0CC%7D&dist=morenews

WASHINGTON (MarketWatch) -- Job reduction announcements by major U.S. corporations soared by 44% to 70,672 in April after falling to an eight-month low in March, according to a monthly report released Wednesday by outplacement firm Challenger Gray & Christmas.

Layoff plans were up 18% compared with April 2006. It's the first time since September that layoffs rose on a year-over-year comparison.

The job cuts in April were led by Citigroup (C : 54.20, +0.58, +1.1% ) , which announced plans to eliminate 17,000 positions. See archived story. With 33,789 reductions in April, the financial sector has now announced plans to cut 50,221 jobs so far this year, overtaking the auto industry as the top job reducer.

The declining housing market led to 6,000 lost jobs in the financial sector in April, the firm said.

"Coming on the heels of a lower-than-expected reading in the first quarter, the April job-cut surge is likely to further increase concerns about the strength of the economy and the job market," said John Challenger, CEO of the outplacement firm, in a statement.

...more...

[ozymandius]

23. pre-open blather

08:30 am : S&P futures vs fair value: +2.7. Nasdaq futures vs fair value: +1.2. The S&P 500 and Nasdaq 100 futures are still trading above fair value but have slipped from their recent highs as a report showing the weakest job growth in nearly four years does little to quell concerns about the pace of economic growth. Within the last 15 minutes the monthly ADP employment report showed that an estimated 64,000 new private jobs, or roughly 90,000 nonfarm jobs, were created in April. Even though the monthly ADP report lacks credibility, as today marks its one-year anniversary, the data suggest a softening in the tight labor market. Economists expect Friday's more closely-watched and well-established April nonfarm payrolls figure to check in around 100,000.

08:00 am : S&P futures vs fair value: +3.2. Nasdaq futures vs fair value: +3.8. Early indications suggest yesterday's upward momentum may carry over into this morning's opening bell. Better than expected earnings reports across a wide array of industry groups, from Time Warner (TWX) and Transocean (RIG) to MetLife (MET) and Yum! Brands (YUM), are providing a floor of buying support. Reports that the Dolan family is close to taking Cablevision Systems (CVC) private for at least $10.5 bln and speculation that News Corp's (NWS) bid for Dow Jones (DJ) yesterday may start a bidding war are also contributing to the positive disposition.

[mojavekid]

34. Daily Pfennig 5/2/07: Dollar Rallies on Manufacturing Data

http://www.kitcocasey.com/displayArticle.php?id=1360

Good day... The dollar bounced back up yesterday, recovering from its all time low vs. the euro. The ISM factory index showed manufacturing in the U.S. grew in April at the fastest pace in almost a year. This positive news overshadowed the pending home sales data, which unexpectedly fell to the lowest level in four years. The data continue to illustrate the difficult position the Fed is facing and has focused the market's attention on Friday's jobs report. Most, including me, believe the FOMC will leave rates unchanged at their meeting next week, but the mix of data we have been seeing recently could force a switch in the stance in the policy communiqué.

As stated above, yesterday's data showed orders jumped and production improved in April, moving the ISM index to a higher-than-forecast 54.7. More importantly, the report shows inventories have continued to fall, which is good news for the country's manufacturers. The markets used this positive data to offset another poor showing by the housing market. An index of pending sales of existing homes in the U.S. fell to the lowest level in four years in March, confirming our belief that the housing slump has just begun. Putting the best spin possible on the day's data, economists said strength in U.S. manufacturing will pull the economy through the "slow patch" which is being caused by the downturn in housing.

As readers know, we believe the "slow patch" is going to be much longer than many predict. One month's worth of positive manufacturing data doesn’t convince me the U.S. economy is going to "pull through" just fine. True, a weaker U.S. dollar will help exports, but the U.S. economy is mainly a consumer economy, not an exporter, so if the consumers start to tighten their belts (or are forced to), the U.S. economy will continue to slow down.

more...

[mojavekid]

35. Laird: STOCK CRASHES TO LEAD TO SERIOUS RECESSION

http://www.financialsense.com/fsu/editorials/laird/2007/0501.html

I normally don’t read many other gold authors, tending to do my own research and publish my newsletter. There are one or two guys I respect who I do read to double check myself – to make sure that I’m not going off on a tangent. This is one reason I have been often quite different from the gold mainstream in my views. I don’t get overly caught up in the commodity hype – something that I am going to address later in this piece.

I want to present a picture that has formed in my mind about the probability of a stock driven crash into a severe world economic recession. This scenario seems to be totally out of mind of many gold writers.

Typically, you will find the usual arguments that the precious metals complex has solid bullish fundamentals – as we hear now – and that the prospects of gold negative events such as unwinding stock crashes and gold and commodity liquidations being dismissed as mere short term events, while the ever present commodity bull will rise into the clouds.

Indeed, recently I have written several public articles that warned of a coming world stock liquidation, probably to be initiated in China, as we have already seen two instances this year of such events leading to Asia wide sell offs. One very serious example was the February 27 Asian stock crashes that lasted for two scary weeks before the Yen stopped strengthening, and unwinding the Yen carry trade…

I have asked my subscribers the question: ‘how many hints do we need to suspect that another serious stock driven sell off will occur, probably starting in Asia, and dragging all the bubble stock markets down, and harming the commodity complex due to speculative unwinding, as well as a fall in actual demand due to slowing economic demand following serious stock losses world wide?’

more at link...

[Ghost Dog]

41. More, indeed...

...

I will get into my reasoning in more detail in a moment, as to why I am very concerned about coming world stock drops leading to a severe world recession, as well as a serious drop in the commodity complex due to speculative unwinding and Yen carry unwinding.

But, I want to repeat that it appears that much of the gold community is overly optimistic as to the next year’s or two prospects for the commodity complex, as they are apparently focusing on the recent economic history of the last several years, where China, and Asia have grown massively, and expect this to continue to cause price hikes in the commodity complex – to include gold and precious metals – without any significant interruption. (breaking back to more historic price levels that are far lower than they are today.

In other words, the commodity bull community is extrapolating the recent past well into the future – as if there would/could be no significant interruption of the commodity bull.

Now, granted, China likely will continue to grow massively in the next 50 years, and overtake the US as the world economic leader. But, to assume that that will happen without a serious interruption in the commodity bull is to ignore some serious risks that this complex faces from several fronts. I very much expect at least one serious commodity bear to ensue from present levels before that next great up leg in commodities continues apace, and in fact, I suspect we are near the first major turn in that down leg in commodities this year.

/more ...

[Roland99]

43. 3:32pm - Markets yell BUY! BUY! BUY!

DJIA 13,225.04 +88.90 +0.68%
Nasdaq 2,558.21 +26.68 +1.05%
S&P 500 1,496.80 +10.50 +0.71%
Dow Util 526.87 +2.34 +0.45%
NYSE 9,721.18 +81.39 +0.84%
AMEX 2,210.62 +25.46 +1.17%
Russell 2000 828.29 +12.04 +1.48%
Semcond 498.62 +4.46 +0.90%
Gold future 675.10 -2.20 -0.32%
30-Year Bond 4.82% +0.00 +0.06%
10-Year Bond 4.65% +0.00 +0.09%

[TrogL]

36. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



30-day vs. Euro, Yen, UK Pound and Swiss Franc




Currency Comparison: http://members.shaw.ca/trogl/looniewatch.html

Detailed analysis: http://quotes.ino.com/exchanges/?r=CME_CD

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.H06&v=s

Historical values http://www.x-rates.com/d/USD/CAD/data30.html

2007-04-02 Monday, April 2 0.865351 USD
2007-04-03 Tuesday, April 3 0.86408 USD
2007-04-04 Wednesday, April 4 0.863334 USD
2007-04-05 Thursday, April 5 0.868885 USD
2007-04-06 Friday, April 6 0.868734 USD
2007-04-09 Monday, April 9 0.867905 USD
2007-04-10 Tuesday, April 10 0.871156 USD
2007-04-11 Wednesday, April 11 0.873439 USD
2007-04-12 Thursday, April 12 0.880127 USD
2007-04-13 Friday, April 13 0.878812 USD
2007-04-16 Monday, April 16 0.884251 USD
2007-04-17 Tuesday, April 17 0.885504 USD
2007-04-18 Wednesday, April 18 0.885897 USD
2007-04-19 Thursday, April 19 0.886054 USD
2007-04-20 Friday, April 20 0.89071 USD
2007-04-23 Monday, April 23 0.890869 USD
2007-04-24 Tuesday, April 24 0.890631 USD
2007-04-25 Wednesday, April 25 0.897183 USD
2007-04-26 Thursday, April 26 0.892698 USD
2007-04-27 Friday, April 27 0.8967 USD
2007-04-30 Monday, April 30 0.903506 USD
2007-05-01 Tuesday, May 1 0.901876 USD
2007-05-02 Wednesday, May 2 0.901957 USD


Current values

Last trade 0.9036 Change
Previous Close 0.9021 Open 0.9023
Low 0.9018 High 0.9050


Blather (from http://quotes.ino.com/exchanges/?r=CME_CD)

The June Canadian Dollar was lower in overnight trading and trading below the 75% retracement level of the September-February decline crossing at .9006. Stochastics and the RSI are overbought and are neutral to bearish hinting that a short-term top might be in or is near. Closes below the reaction low crossing at .8920 would signal that a short-term top has been posted. If June extends the rally off February's low, the 87% retracement level of the September-February decline crossing at .9098 is the next upside target. Overnight action sets the stage for a steady to lower opening in early-day session trading.


Analysis

The greenback is hurtin' bad and I'm guessing (as usual) that people are parking in loonies. There's good reason - the economy's strong, we've got oil and other resources, the Conservative government is faltering and Canadian banks and trusts didn't go whole hog into zero-down mortage mania.

[Ghost Dog]

40. Canadian Dollar Rises as Economic Strength Lures Investors

http://www.bloomberg.com/apps/news?pid=20601083&sid=av6XKdTmUAlk&refer=currency

May 2 (Bloomberg) -- Canada's dollar strengthened to an eight-month high as the nation's economic strength attracted investors.

The Canadian dollar has gained six straight weeks, the longest rally since 2003, boosted by an almost 30 percent rebound in crude oil prices since mid-January. Commodities account for about 54 percent of Canadian exports.

Traders pushed the currency past 90 U.S. cents earlier this week for the first time since September, after a government report showed economic growth in February doubled the median estimate of 22 economists surveyed by Bloomberg.

``The underlying strength in Canada seems to be completely focused on the fundamentals,'' said Firas Askari, head currency trader in Toronto at BMO Capital Markets. ``We are seeing large real money funds coming in and adding to their Canadian dollar positions.''

The Canadian currency rose to 90.251 U.S. cents at 11:31 a.m. in Toronto from 90.01 U.S. cents yesterday. The currency touched 90.51 yesterday, the highest since Sept. 7. One U.S. dollar buys C$1.1081.

Canada's dollar strengthened against all 16 most actively traded currencies except the Brazilian real.

The Canadian currency advanced against the U.S. dollar earlier this morning as Canada's economic prospects appeared brighter than those in the U.S.

...

Canada's economy grew 0.4 percent in February, the fifth consecutive monthly gain, Statistics Canada reported April 30. The expansion backed a central bank estimate that growth accelerated in the first quarter.

`On a Roll'

``Canada has been on a roll for seven weeks or so now,'' said Shaun Osborne, chief currency strategist in Toronto at TD Securities Inc. ``Now, we are going to sit in a range ahead of the payroll numbers on Friday.''

/...

[TrogL]

44. OK, so I'm not insane

[Ghost Dog]

39. Europe’s stocks end higher on bid hopes

http://mwprices.ft.com/custom/ft2-com/html-story.asp?pulse=true&siteid=ft&dist=ft&guid=%7B52b1de30%2D7f65%2D45c7%2Da913%2Dc68dd36e77ad%7D

European equity markets were supported on Wednesday by merger activity and some strong corporate earnings. The FTSE Eurofirst 300 ended the session 0.52 per cent higher at 1,571.11. Frankfurt’s Xetra Dax added 0.64 per cent to 7,455.93, the CAC 40 in Paris gained 0.5 per cent to 5990.13 and London’s FTSE 100 climbed 1.01 per cent to 6,484.5. Gains in the media sector were driven by takeover speculation after News Corp offered $5bn for its US rival Dow Jones. At $60 a share, the deal would represent a premium of 65 per cent.

---> :silly:

[Ghost Dog]

42. (Asian Stocks Gain, Led by BHP, on Metals Outlook; SK Corp Rises)

http://www.bloomberg.com/apps/news?pid=20601080&sid=a4JALnZ5AFUg&refer=asia

May 2 (Bloomberg) -- Asian stocks rose for the first time in four days, led by BHP Billiton Ltd. and Sumitomo Metal Mining Co. after the price of metals gained.

``The resources sector is one of our biggest overweight positions, and that's likely to continue because the big picture hasn't really changed,'' said Shane Oliver, who helps oversee $83 billion at AMP Capital Investors in Sydney. ``Demand in China and supply constraints are good for the sector.''

Energy companies gained, led by SK Corp. after UBS AG boosted its share-price forecast for South Korea's biggest oil refiner. Santos Ltd., Australia's third-largest oil company, advanced after Goldman Sachs JBWere Pty raised its rating for the stock.

The Morgan Stanley Capital International Asia-Pacific Index climbed 0.6 percent to 146.36 as of 6:39 p.m. in Tokyo, after earlier declining as much as 0.1 percent. The measure slid to a four-week low yesterday, following a three-day, 1.2 percent drop.

In Japan, KDDI Corp. led the Nikkei 225 Stock Average 0.7 percent higher after the Nikkei newspaper reported the domestic economy will keep expanding. Automakers such as Toyota Motor Corp. limited the Topix index to a 0.7 percent gain as U.S. sales fell on wavering consumer confidence and rising gasoline prices.

Australia's S&P/ASX 200 Index rose 1.5 percent to a record, led by BHP after Rio Tinto Group and Zinifex Ltd. said metals demand will continue to buoy prices. Singapore's Straits Times Index added 1.7 percent, the biggest gain in the region. All markets open for trading advanced, except in New Zealand.

China, Malaysia, India and Sri Lanka are closed for public holidays. Markets were shut yesterday, except in Japan, Australia, New Zealand and Indonesia.

/...

Nb. Hi folks and sorry, I'm likely to be increasingly busy elsewhere offline during the coming days.

[citizen snips]

45. MasterCard 1Q Profit Surges 70 Percent

NEW YORK (AP) -- MasterCard Inc., the world's second-biggest credit card franchise, on Wednesday reported favorable currency exchanges and stronger use of its brand overseas led to a record first-quarter profit.

The Purchase, New York-based company said profit for the first three months of the year rose to $214.9 million, or $1.57 per share, from $126.7 million, or 94 cents per share, in the year-ago period. Revenue climbed 24 percent to $915.1 million from $738.5 million.

The No. 2 card network behind Visa easily topped Wall Street projections for earnings of $1.15 per share on revenue of $840 million, according to analysts polled by Thomson Financial.

"We are very pleased with our first-quarter financial results, which reflect the highest quarterly net income in MasterCard's history," said President and Chief Executive Robert W. Selander in a statement.

more...
http://biz.yahoo.com/ap/070502/earns_mastercard.html?.v=8

[Roland99]

59. MEW wanes, credit card debt surges

[citizen snips]

46. Sprint Nextel Swings to 1st-Quarter Loss

KANSAS CITY, Mo. (AP) -- Sprint Nextel Corp., the nation's third-largest wireless carrier, said Wednesday it swung to a first-quarter loss as investments in operations wiped out modest gains in sales.

For the January-March quarter, the Reston, Va.-based company reported losing $211 million, or 7 cents per share, versus $417 million, or 14 cents per share, a year ago.

Excluding one-time amortization charges, Sprint Nextel said it earned 18 cents per share, well below the 22 cents per share expected by analysts polled by Thomson Financial.

Revenues for the quarter rose slightly to $10.1 billion from $10.07 billion a year ago. Analysts had expected $10.31 billion in sales.

more...
http://biz.yahoo.com/ap/070502/earns_sprint_nextel.html?.v=12

[citizen snips]

47. Blockbuster First-Quarter Loss Widens

DALLAS (AP) -- Blockbuster Inc. said Wednesday that its first-quarter loss widened because of a soft market for movie rentals and heavy spending on its online rental program, which competes with Netflix Inc. Shares of Blockbuster fell more than 12 percent in afternoon trading

Chairman and Chief Executive John Antioco said the stores face "an extremely tough" sales climate but said Blockbuster's online service will turn profitable next year.

Antioco said prices for online rentals might have to rise and that the chain is may allow customers to rent movies over the Web without paying a monthly subscription.

Analyst Stacey Widlitz of Pali Research agreed.

more...
http://biz.yahoo.com/ap/070502/earns_blockbuster.html?.v=8

[citizen snips]

48. Soybeans Fall, Grains Mixed

CHICAGO (AP) -- Soybean futures declined and grains finished mixed Wednesday on the Chicago Board of Trade.

Wheat for July delivery fell 7 1/2 cents to $4.93 1/2 a bushel; July corn rose 4 1/2 cents to $3.82 a bushel; July oats fell 3/4 cent to $2.69 a bushel; July soybeans fell 7 3/4 cents to $7.48 1/2 a bushel.

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

June live cattle fell .02 cent to 93.85 cents a pound; August feeder cattle rose .05 cent to $1.1265 a pound; June lean hogs fell 1.32 cent to 74.20 cents a pound; July pork bellies fell 1.18 cent to 99.62 cents a pound.

http://biz.yahoo.com/ap/070502/board_of_trade.html?.v=2

[citizen snips]

49. Barrick Gold Jumps on Adjusted 1Q Beat

NEW YORK (AP) -- Shares of Canadian metals miner Barrick Gold Corp. jumped Wednesday following stronger-than-anticipated first-quarter profit, excluding a one-time cost, partially due to lower costs.

Barrick stock advanced $1.62, or 5.8 percent, to $29.60 with very heavy trading volume in afternoon trading.

The company lost $159 million, or 18 cents per share, compared to earnings of $224 million, or 29 cents per share, in the year-ago quarter.

The quarter was hurt by a $557 million, or 63 cents-per-share, charge related to the elimination of corporate gold sales contracts. The move will allow the company to sell all of its metals from existing operations at spot prices, which have been robust lately.

more...
http://biz.yahoo.com/ap/070502/earns_barrick_gold.html?.v=1

[citizen snips]

50. Garmin 1Q Profits Soar

KANSAS CITY, Mo. (AP) -- Navigational device maker Garmin Ltd. said Wednesday that first-quarter profit soared almost 60 percent as strong sales of automotive devices offset what is normally a soft quarter for the company's retail products.

The Olathe, Kan.-based company said it earned $139.9 million, or 64 cents per share, during the January-March period, up from $87.5 million, or 40 cents per share, last year. Excluding gains on foreign currency exchanges, the company said it earned 59 cents per share, meeting expectations of analysts surveyed by Thomson Financial.

Revenue during the quarter surged 52 percent from $322.3 million to $492.2 million, but came in below analysts' predictions of $497.9 million.

That miss appeared to spook investors, who drove the stock price down $2.72, or 4.6 percent, to $56.65 in midday trading on the Nasdaq Stock Exchange.

more...
http://biz.yahoo.com/ap/070502/ks_earns_garmin.html?.v=1

[citizen snips]

51. Other Bidders Could Emerge for Dow Jones

NEW YORK (AP) -- The Bancroft family, which controls Dow Jones & Co., publisher of The Wall Street Journal, says they don't want to sell the company to Rupert Murdoch at $60 a share. But would they sell at a higher price, or to someone else?

Those are the questions racing through Wall Street and the newspaper industry on Wednesday, a day after Murdoch announced his unsolicited bid, only to have it spurned hours later.

Even though the Bancrofts said Tuesday after markets closed that they would quash the deal -- which they have the power to do since they control the company's shareholder vote through a special class of shares -- investors were still holding out hope that some kind of deal would emerge.

Dow Jones shares gave up hardly any ground on Wednesday, shedding just 31 cents to $55.89, still far above their closing value of $36.33 on Monday, the day before the news came out of the offer, and not far off the $60 per share proposal that Murdoch's News Corp. media conglomerate made.

more...
http://biz.yahoo.com/ap/070502/news_corp_dow_jones.html?.v=12

[citizen snips]

52. Sector Glance: Online Content Rises

NEW YORK (AP) -- Online content providers closed mostly higher Wednesday, as Audible Inc. shares jumped on an upgrade from a Citigroup analyst.

In a client note, Citigroup analyst Mark S. Mahaney upgraded the stock to "Speculative Buy" from "Speculative Hold" and raised his price target to $13 from $9.50.

Shares gained 75 cents, or 7.8 percent, to end at $10.33. During the past year, the stock has traded between $6.85 and $12.80.

Mahaney said now is a solid time to buy the stock, since its share price recently declined 15 percent. Furthermore, he thinks the fourth quarter was a "a sustainable profitability tipping point" for Audible, which reported its first profitable quarter since the second quarter of 2005.

more...
http://biz.yahoo.com/ap/070502/sector_glance_internet.html?.v=1

[citizen snips]

53. Sector Glance: Telecom Climbs

NEW YORK (AP) -- Telecom stocks were up almost across the board Wednesday along with the broader market, as the Dow passed 13,200 for the first time and secured a record close for the second straight day.

Sprint Nextel Corp. posted quarterly results below Wall Street's expectations, but its stock climbed as one analyst pointed to "favorable data points" in the report that were overshadowed by weak headline numbers. Citigroup's Michael Rollins called the wireless carrier's results "constructive" and maintained a "Buy" rating.

Verizon Communications Inc., meanwhile, saw its stock rise to a new 52-week high, and Telus Corp.'s stock edged up after the Canadian telecom carrier said strong wireless and data growth drove first-quarter revenue up 6 percent.

Among equipment makers, shares of Canada's Nortel Networks Corp. jumped more than 9 percent after the company preannounced first-quarter sales above Wall Street's expectations.

more...
http://biz.yahoo.com/ap/070502/sector_glance_telecom.html?.v=1

[citizen snips]

54. Sector Glance: Fast-Food Stocks Rise

NEW YORK (AP) -- Fast-food stocks closed higher Wednesday after Yum Brands, the operator of Taco Bell, KFC and Pizza Hut chains, reported a 14 percent rise in first-quarter profit despite two highly publicized scandals that brought U.S. sales at store open at least a year down 3 percent.

During the past few months, Yum Brands has weathered fallout from an E. coli outbreak that sickened 70 Taco Bell customers last year, as well as a news video depicting a massive rat infestation at a KFC/Taco Bell restaurant in New York City.

Here is how some key fast-food stocks did Wednesday:

McDonald's Corp. rose 88 cents to $50.02

more...
http://biz.yahoo.com/ap/070502/sector_glance_fast_food.html?.v=1

[citizen snips]

55. Sector Glance: Apparel Retailers Rise

NEW YORK (AP) -- Apparel retailers gained on Wednesday along with the broader market, which was buoyed by a positive report on U.S. factory orders.

The Commerce Department said orders to U.S. factories rose 3.1 percent in March, the largest increase in a year.

Even a trimmed April same-store sales forecast from Wet Seal Inc. and a New York Post report that Gap was considering layoffs did not stop the upswing. Both companies' shares rose.

Here is how some apparel retailers did on Wednesday:

Gap Stores Inc. shares rose 63 cents, or 3.6 percent, to $18.35.

more...
http://biz.yahoo.com/ap/070502/sector_glance_apparel_retailers.html?.v=1

[citizen snips]

56. Nasdaq 100 Leaders & Laggards: WYNN CTSH

NEW YORK (AP) -- The Nasdaq 100 rose Wednesday, boosted by gains for casino operator Wynn Resorts Ltd., NII Holdings Inc. and Akamai Technologies Inc.

The Nasdaq 100, which includes 100 of the largest nonfinancial securities traded on the Nasdaq Stock Market, climbed 16.30 points to 1,889.73. The broader Nasdaq composite rose 26.31 points to 2,557.84.

Wynn increased $4.88, or 4.8 percent, to $107.05.

Mobile carrier NII Holdings rose $2.61, or 3.4 percent, to $79.93.

more..

http://biz.yahoo.com/ap/070502/nasdaq_100_laggards.html?.v=2

[citizen snips]

57. S&P 500 Leaders & Laggards: CBG, LIZ

NEW YORK (AP) -- CB Richard Ellis Group Inc. helped lift the Standard & Poor's 500 Index higher Wednesday after the real estate consultant said strong commercial property markets worldwide led to first-quarter profit ahead of Wall Street's estimate.

Shares of CB Richard Ellis Group gained $4.74, or 14.1 percent, to $38.39.

International Game Technology rose after a Goldman Sachs analyst predicted shares would rise 21 percent over the next year. Shares climbed $2.28, or 6 percent, to $40.33.

Louisville, Ky.-based Yum Brands Inc.'s first-quarter profit fueled the fast food chain operator's stock up $3.61, or 5.7 percent, to $66.73.

more...
http://biz.yahoo.com/ap/070502/s_p_500_laggards.html?.v=1

[citizen snips]

58. DJIA Leaders & Laggards: GM, PG

NEW YORK (AP) -- Auto maker General Motors Corp. shares posted the largest rise on the Dow Jones industrial average Wednesday after April sales pleased investors.

The index rose 75.74, to 13,211.88, with 25 of the 30 stocks moving up.

GM on Tuesday said sales declined 9.5 percent from a year ago, but Bear Stearns analyst Peter Nesvold said the company did well in a difficult market. Shares rose $1.14, or 3.6 percent, to $32.44.

Shares of Verizon Communications Inc. hit a 52-week high, after competitor Sprint Nextel Inc. reported a first-quarter loss and missed analysts' estimates.

more...
http://biz.yahoo.com/ap/070502/djia_leaders.html?.v=2

[UpInArms]

60. closing the shop

Dow 13,211.88 75.74 (0.58%)
Nasdaq 2,557.84 26.31 (1.04%)
S&P 500 1,495.92 9.62 (0.65%)
10-Yr Bond 4.646% 0.004

NYSE Volume 3,189,801,000
Nasdaq Volume 2,188,071,000

4:20 pm : Despite some headwinds right out of the gate, it didn't take long for yesterday's momentum to resurface and silence the naysayers still making bets that the market remains overbought. As a result, sellers' attempts to fight the tape again came up short. The Dow posted its 21st advance in 24 tries and the S&P 500 came within a point of hitting the psychologically important 1,500 mark, a level not seen since 2000.

For the 17th time this year the Dow closed in record territory. However, for the first time in weeks, the blue-chip index's gains weren't the direct result of solid earnings reports from some of its components but rather anticipation of an earnings surprise from General Motors (GM 32.49 +1.19) tomorrow morning. The latter paced the way among the 28 Dow stocks posting gains and was just one of many components that helped Consumer Discretionary (+0.9%) provide some notable leadership to the upside.

Some more deal-making news provided additional sector support and contributed to today's decidedly bullish market breadth. The Dolan family confirming it will acquire 100% of the public interest in Cablevision Systems (CVC 35.80 +3.13) for $36.26 per share (or $10.5 bln) in cash earmarked Broadcasting & Cable TV (+1.3%) as a bright spot for buyers.

Movies & Entertainment (+1.1%) was also in focus amid speculation News Corp's (NWS 23.40 +0.41) unsolicited bid Tuesday for Dow Jones (DJ 56.32 +0.12) may start a bidding war. NWS, a suggested holding in the Briefing.com Active Portfolio, recouped nearly half of yesterday's 4.2% sell-off. Restaurants got a boost after Yum! Brands (YUM 66.80 +3.68) beat analysts' expectations and raised its 2007 earnings outlook.

Aside from M&A news and better than expected earnings reports across a wide array of industry groups, investors also rallied around some encouraging economic data. Albeit not typically a market mover, March Factory Orders rising a stronger than expected 3.1% (consensus 2.1%), the biggest gain in a year, gave an added boost to stocks and lifted the industrial-heavy Dow even further into unchartered territory.

Even though the surprisingly strong rise was due to a modest upward revision to last week's durable goods new orders component, and the one month increase does not necessarily mean that manufacturing is back on track, a market concerned about the pace of economic growth and looking for something other than earnings to support market gains embraced the data.

Technology was another influential leader to the upside. Cisco Systems (CSCO 27.67 0.81) surging 3.0% after Goldman Sachs urged investors to buy the stock ahead of its Q3 earnings report next Tuesday was the biggest source of sector support. Financials was also in focus after Dow component American Express (AXP 62.67 +1.35) climbed noticeably after competitor MasterCard (MA 126.15 +11.30) posted a blowout quarter.

With prices at the pump up 11% over the past month and expected to hit all-time highs by the end of the month, according to AAA, another pullback in crude futures helped ease worries about inadequate supplies with less than a month until the official start to the summer driving season.

More noteworthy was the fact that the Energy sector did not sacrifice much in the way of leadership in the face of another oil downturn.

Oil & Gas Drillers (+1.2%) were among the day's best performers after Transocean (RIG 89.15 +2.88), a suggested holding in the Briefing.com Active Portfolio, handily topped Wall Street forecasts last night after Q1 profits more than doubled. Refiners were another bright spot as shares of Sunoco (SUN 77.21 +1.45) ran up ahead of its report tonight with investors reflecting on the 30% jump in earnings from rival Valero Energy (VLO 72.94 +1.79) last Thursday. DJ30 +75.74 DJTA +1.0% NASDAQ +26.31 NQ100 +0.9% R2K +1.5% SOX +0.9% SP400 +1.1% SP500 +9.62 XOI +1.1% NASDAQ Dec/Adv/Vol 949/2132/2.11 bln NYSE Dec/Adv/Vol 842/2447/1.58 bln

3:30 pm : After getting to within one point of the psychologically significant 1,500 level on the S&P 500 just over an hour ago, a sense of nervousness has set in and given sellers a chance to lock in some of today's surprise performance.

Even as stock prices continue to run ahead of fundamentals as they relate to the earnings picture, it is worth noting that the S&P 500 is trading at only 15.7 times 2007 earnings versus a much loftier forward multiple of 26 when it closed at an all-time high of 1527.40 on March 24, 2000. The index at current levels is roughly 2% away from revisiting record levels. DJ30 +78.50 NASDAQ +24.69 SP500 +9.38 NASDAQ Dec/Adv/Vol 933/2125/1.69 bln NYSE Dec/Adv/Vol 779/2511/1.29 bln

Thank goodness those factory orders came in "just right"! :eyes: