STOCK MARKET WATCH, Monday July 28

[ozymandius]

Source: du

STOCK MARKET WATCH, Monday July 28, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 177
DAYS SINCE DEMOCRACY DIED (12/12/00) 2745 DAYS
WHERE'S OSAMA BIN-LADEN? 2470 DAYS
DAYS SINCE ENRON COLLAPSE = 2761
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
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.
$1 USD = EUR 1.06678
$1 USD = JPY 116.6200

AT THE CLOSING BELL ON July 25, 2008

Dow... 11,370.69 +21.41 (+0.19%)
Nasdaq... 2,310.53 +30.42 (+1.33%)
S&P 500... 1,257.76 +5.22 (+0.42%)
Gold future... 926.80 +3.70 (+0.40%)
30-Year Bond 4.70% +0.09 (+1.84%)
10-Yr Bond... 4.11% +0.10 (+2.37%)






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

[ozymandius]

1. Market WrapUp

Another Look at Crude Oil, the Dow Theory Double Non-Confirmation and Gold
BY TIM W. WOOD


blah blah blah

[blue52power]

64. Bush economy

Will be the death of the working middle class and the beginning of the death of the upper middle class. The poverty class of course are blamed for everything, along with immigrants.

[ozymandius]

2. no goobermint reports today

[ozymandius]

3. Oil rises, tops $125 a barrel on supply worries

.....

By midday in Europe, light, sweet crude for September delivery rose $1.78 to $125.04 a barrel electronic trading on the New York Mercantile Exchange.

The contract fell $2.23 to settle at $123.26 a barrel on Friday — oil's lowest point in weeks — as investors questioned whether crude has cooled enough to reflect a serious deterioration in demand.

Meanwhile, a national survey shows average gas prices in the United States have dropped a fraction below the $4 mark.

The average price of regular gasoline at self-serve stations was $3.996 a gallon Friday. Mid-grade was $4.13 a gallon and premium went for $4.24. That's according to the Lundberg Survey of 7,000 gas stations nationwide, released Sunday.

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

[ozymandius]

4. Fuel cost now driving up electric bills

New York - Rising energy prices are now squeezing consumers from a different direction: their utility bills.

Consumers from California to New York are facing rate increases of as much as 30 percent. Average homeowners' electric bills are now heading towards $70 to $80 a month in some states. And low- and middle-income residents are having trouble paying their bills as evidenced by a large increase in disconnect notices.

"Electricity's been cheap for a long time, it's just catching up," says Mark Wolfe, executive director of the National Energy Assistance Directors' Association in Washington.

On a national basis, the federal Energy Information Administration (EIA) estimates that electric bills will rise 5.2 percent this year. But next year, they're expected to rise 9.8 percent.

http://www.csmonitor.com/2008/0725/p01s10-usec.html

[Ghost Dog]

28. As bad or worse in UK:

Millions of households face big increases in energy bills after one of Britain's biggest gas and electricity providers said yesterday it was raising prices for the second time this year, with other suppliers expected to follow suit in the coming weeks.

EDF Energy, which has just over 5 million residential and small business customers, said it was increasing the price of gas by 22% and electricity by 17%, with immediate effect. This would mean that bills for customers taking both fuels would rise by £200 a year on average.

Dual fuel bills have risen to an average of more than £1,000 a year after the last round of price increases and there have been warnings that prices could rise by 40% this year. Though the other energy suppliers declined to comment or said they were monitoring developments, industry analysts believe EDF is simply the first to move.

/... http://www.guardian.co.uk/money/2008/jul/26/householdbills.consumeraffairs

Note: "gas" refers to natural gas.

Britain's energy markets need a radical shake-up to tackle inefficiencies as homes and businesses brace themselves to pay significantly more for power in the future, MPs warn today.

Consumers could be forced to pay more for their power than those in other countries, and if the discrepancies are not tackled it could hit the competitiveness of British manufacturing, the business and enterprise committee says in a report.

As well as measures to increase the markets' efficiency, the committee is demanding that government and energy companies change their approach to fuel poverty in the face of high and rising gas and electricity prices.

It states: "Gas and electricity bills for domestic consumers rise significantly in the near future, over and above the increases already announced this year, with serious consequences for millions of households, especially the fuel-poor."

/... http://www.guardian.co.uk/money/2008/jul/28/householdbills.consumeraffairs

This, coupled with recent speculation that China will soon be investing in a very big way in US and other international Coal Mining (for electricity generation)...

[janetblond]

45. Comments like this from global elitists make my blood boil!!

""Electricity's been cheap for a long time, it's just catching up," says Mark Wolfe, executive director of the National Energy Assistance Directors' Association in Washington."
======================================

Hey you SOB:
Did anyone ever tell you THAT'S what made America great? .. You could make a LIVING WAGE AND PAY YOUR BILLS.
Now we're like a 3rd World country.
How many people are gonna freeze to death this winter 'cause they can't pay their bill?
How many people are gonna suffocate to death next summer 'cause they can't pay their bill?
How many people are gonna have a three hour commute on public transportation 'cause they can't afford gas to DRIVE themselves to work?
Jorge W B^sh's America!

[Ghost Dog]

66. Transparency Sought as Speculators' Activity in Oil Market Grows

By David Cho
Washington Post Staff Writer
Monday, July 28, 2008; Page A07

Big Wall Street firms representing the interests of pension funds, endowments and wealthy individuals around the country have grown in just a few years from minor participants in the oil markets to their most dominant force.

These financial firms -- whose holdings of oil contracts are now larger than the collective demand of airlines, trucking firms and other companies that need oil to run their businesses -- have become the focus of an intense debate in Washington over whether their exponential growth is contributing to the surge in oil prices.

The agency that regulates commodity trading has been tracking some of the activities of these investors. But a year and a half ago, the Commodity Futures Trading Commission decided to keep that information secret, rebuffing thousands of requests from industry groups and individuals to make the data public. The CFTC noted in a report that only one group supported this decision: the International Swaps and Derivatives Association, which lobbies on behalf of the Wall Street firms.

The biggest financial speculators, called swap dealers, trade "futures contracts" that allow them to make money by betting on the price commodities will fetch in the future. They rarely take delivery of the goods themselves. In 2000, swap dealers held about 140,000 oil contracts, according to CFTC data obtained by a House Energy and Commerce Committee investigation. That has surged to about 1.8 million today, including a three-fold jump since 2006.

/More... http://www.washingtonpost.com/wp-dyn/content/article/2008/07/27/AR2008072701641.html?hpid=topnews

[Demeter]

74. Gee! Ya Think?

I'm saving my invective to get through the week. can't use it all up in one Monday!

[UpInArms]

5. dollar watch

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

Last trade 72.643 Change -0.164 (-0.23%)

Dollar Rallies on Strong Data, but Watch Out for a Big Week

http://www.dailyfx.com/story/bio1/Dollar_Rallies_on_Strong_Data__1217016779979.html

Stronger economic data has driven the US dollar higher against many of the major currencies. New home sales, consumer confidence and durable goods were all better than the market expected, a sign that the mood of US consumers and businesses may be changing. The number of new homes sold in the month of June was more than the market expected, but the big surprise was the 50,000 unit revision to the past 3 months of data and the reduction in inventory. The numbers indicate that there is still decent activity in the housing market and even though house prices are down on an annualized basis, the median price of a home sold has increased from the prior month. The final University of Michigan consumer confidence numbers also rebounded to a 3 month high after falling to a 28 year low in June while durable goods increased 0.8 percent compared to the market’s -0.3 percent forecast. Today’s economic releases were almost too good to be true and for that reason, we are cautiously bullish. With that said, it is quite impressive that the US dollar has shaken off risk aversion. The divergence between the price action of the US dollar, the stock market, gold and oil prices indicate that risk aversion yesterday was limited despite the 280 point drop in the Dow. If you recall, the dollar dropped only against the Japanese Yen, and rallied against all of the other G10 currencies. Looking ahead, consumer confidence and house prices are due for release on Tuesday. Given this week’s upside surprises, both reports could be dollar bullish. However second quarter GDP, non-farm payrolls and manufacturing ISM which are due at the end of the week could turn things around for the dollar. There have been no end to the layoff announcements and not only do we believe that non-farm payrolls will drop for the seventh straight month, but the job losses could be far worse than the market’s -75k forecast.

...more...

Can Dollar Rally Continue?

http://www.dailyfx.com/story/topheadline/Can_Dollar_Rally_Continue__1217192251506.html

“Is the worst behind us?” we asked last week. “If crude continues to drip lower, “ we concluded ,”it could provide yet another reason for a dollar counter trend rally.” With oil falling below $125/bbl by end of trade Friday, the massive sigh of relief from dollar bulls could be heard around the world. As a result, the greenback picked up more than 100 points on the euro by end of the week although the US economic data was mixed at best.

Housing continued to be a problem as Existing Homes plunged -2.6% versus -0.1% projected and LEI data printed negative for 7th out of the past 9 months. However by Friday US economic data actually proved supportive with U of M survey jumping back to the 60 level and Durable Goods registering a surprise increase 0.8% versus forecasts of a -0.3% decline. Furthermore as we noted in our Friday note, ”with markets already so preconditioned to bad economic news from the U.S., the greenback may not weaken much further unless the data shows substantial deterioration from the prior month."

With the greenback clearly stabilized for now, the question forward is can the rally continue? The answer as is so often the case may depend on the NFPs’. The front of the week may actually prove dollar positive as flash GDP for Q2 could show surprising strength of 2% versus only 1% the quarter prior. However, the labor data holds the key. If NFPs surprise to the downside, most importantly breaking the -100K barrier, dollar longs will be hard pressed to rally the unit as expectations of a severe slowdown in the second half of the year will only harden the view of the bears that the worst lies ahead. -BS



...more...

[54anickel]

15. Heh-heh, what are they really trying to say? I think the secret is in these 2 lines from your post-

Today’s economic releases were almost too good to be true and for that reason, we are cautiously bullish. With that said, it is quite impressive that the US dollar has shaken off risk aversion. The divergence between the price action of the US dollar, the stock market, gold and oil prices indicate that risk aversion yesterday was limited despite the 280 point drop in the Dow.



There's one piece they've managed to keep up in the air....

[UpInArms]

6. Former hedge fund head files against Citigroup: report

http://www.reuters.com/article/bondsNews/idUSN2625656620080726

CHICAGO (Reuters) - A former manager of a Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) hedge fund has filed a complaint with a British tribunal accusing the bank of causing his fund's demise, the Wall Street Journal reported on Saturday, citing people familiar with the matter.

In a sealed complaint filed last month with a state-run employment tribunal, John Pickett, who ran a hedge fund known as CSO Partners that specialized in corporate debt, accuses the bank of pressuring CSO to buy billions of dollars in troubled loans, the newspaper reported.

...more...

[UpInArms]

7. Stocks weaken as corporate gloom deepens

http://www.reuters.com/article/bondsNews/idUSL855839420080728?sp=true

LONDON, July 28 (Reuters) -European stocks slipped and Wall Street was set for a weaker open on Monday as some disappointing earnings in Europe and a survey showing weak German consumer morale followed a ratings warning on top U.S. mortgage lenders.

Oil prices rose more than 1 percent towards $125 a barrel, weighing on investor sentiment, having fallen more than $20 last week from July's record high. The dollar slipped from one-month highs above 108 yen <JPY=> while it also fell against a basket of major currencies .DXY.

News that U.S. Congress passed a rescue package that includes a $300 billion fund to help troubled homeowners gave no lasting support for risky assets as Standard & Poor's said it may cut ratings on Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz).

The warnings on their preferred shares and subordinated bonds of the two mortgage giants followed a move by U.S. regulators to seize two regional banks on Friday. They represented the sixth and seventh bank failures this year as financial firms struggle with the deepest housing slump since the Great Depression.

<snip>

According to data from Thomson Reuters, the blended earnings growth rate -- which combines actual numbers for companies that have reported and estimates for companies yet to report -- stands at -17.9 percent for the second quarter. This compares with the rate of 4.7 percent at the start of the year.

If the final growth rate for Q2 2008 is -17.9 percent, it will mark the first time the S&P 500 has recorded four consecutive quarters of negative growth since Q2 2001 - Q1 2002.

...more...

[Ghost Dog]

18. Most Asian Stocks Advance; BHP Billiton Gains, ANZ Bank Drops

July 28 (Bloomberg) -- Most Asian stocks advanced as commodity producers rose on higher metals prices, countering a slump in financial shares after Australia & New Zealand Banking Group Ltd. said bad loans will reduce profit.

BHP Billiton Ltd., the world's largest mining company, gained in Sydney after gold and copper increased. Yahoo Japan Corp., operator of Japan's most visited Internet portal, climbed as profit increased and analysts raised their ratings. ANZ, Australia's fourth-largest bank, tumbled the most since 1987 after saying fallout from the collapse of the U.S. housing market has spread to Australia and New Zealand.

The MSCI Asia Pacific Index was little changed at 133.02 as of 7:07 p.m. in Tokyo. Almost four stocks rose for every three that declined. The index has tumbled 16 percent this year as banks and securities company posted $468 billion in writedowns and credit-related losses, and raw-materials prices surged.

``We're still bullish on commodities, since prices are supported by emerging-market demand rather than a speculative bubble,'' said Lee Min Koo, head of investment strategy at SH Asset Management Co. in Seoul, which manages the equivalent of $1.9 billion in equities. ``The U.S. housing market is going to take time to recover and before that happens, financials will continue to harbor risk.''

Most Asian benchmark indexes gained. Japan's Nikkei 225 Stock Average added 0.1 percent to 13,353.78. Australia's S&P/ASX 200 Index lost 1 percent. In Pakistan, the Karachi Stock Exchange 100 index tumbled 4.1 percent on speculation the central bank will increase borrowing costs tomorrow. Taiwan was closed today after Typhoon Fung-Wong struck the island.

/... http://www.bloomberg.com/apps/news?pid=20601080&sid=a6h8cYsS0qQA&refer=asia

[Ghost Dog]

19. Europe stocks fall on credit fears; Ryanair slides

PARIS, July 28 (Reuters) - European stocks were down around midday on Monday, with airlines falling after a sharp drop in profit by Ryanair (RYA.I: Quote, Profile, Research, Stock Buzz) while banks retreated on fears that U.S. major mortgage lenders could lose their top credit rating.

TNT (TNT.AS: Quote, Profile, Research, Stock Buzz) sank 9.3 percent after the Dutch mail company reported a surprise drop in quarterly operating profit and said it expected the economy to remain under pressure for the rest of the year.

At 1042 GMT, the FTSEurofirst 300 index of top European shares was down 0.8 percent at 1,160.69 points, sliding for the third session in a row.

Banks were among the top losers, hit by concerns over the sector after Standard & Poor's warned on Friday it may cut its ratings on the preferred shares and subordinated bonds of Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz). It cited concerns that U.S. government plans to shore up the mortgage finance companies may subordinate the debt.

...

"Valuation is the only thing that investors could use to say stocks are attractive, but uncertainty surrounding ratios is quite high. In "P/E", the visibility on the "E" is almost nil."

Adding to the downward pressure, Citigroup lowered its stance on European banks to "underweight" from "neutral".

"Write-downs, earnings downgrades, dividend cuts and capital raising are becoming the norm," the broker said in a note.

Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz) shed 3.2 percent, UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) fell 3.3 percent and UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz) dropped 2.9 percent.

HBOS (HBOS.L: Quote, Profile, Research, Stock Buzz) shed 6.3 percent following weekend reports that the bank is due to unveil more asset writedowns when it publishes results on Thursday.

...

But the market's fall was cushioned by buoyant mining shares, helped by gains in metal prices, while energy stocks rose ahead of key quarterly results in the sector expected this week and as oil recovered from a recent sharp drop.

Royal Dutch Shell (RDSa.L: Quote, Profile, Research, Stock Buzz) gained 1.6 percent, Total (TOTF.PA: Quote, Profile, Research, Stock Buzz) added 0.7 percent, Xstrata (XTA.L: Quote, Profile, Research, Stock Buzz) rose 2.6 percent and Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz) added 2.5 percent.

...

Airlines, which had recently enjoyed a strong rally as oil prices sharply fell from record highs, got hammered on Monday after low-cost carrier Ryanair posted an 85 percent fall in quarterly net earnings and warned it is unlikely to make any profit this year in a battle against recession and high oil prices.

Ryanair tumbled 13 percent, while easyJet (EZJ.L: Quote, Profile, Research, Stock Buzz) lost 5.4 percent, British Airways (BAY.L: Quote, Profile, Research, Stock Buzz) fell 4.4 percent, and Air France-KLM (AIRF.PA: Quote, Profile, Research, Stock Buzz) dropped 1.8 percent. EADS (EAD.PA: Quote, Profile, Research, Stock Buzz), the parent of airplane maker Airbus, was down 3 percent.

Around Europe, Germany's DAX index .GDAXI lost 0.9 percent, UK's FTSE 100 index .FTSE dropped 0.2 percent and France's CAC 40 .FCHI shed 1 percent.

/... http://www.reuters.com/article/marketsNews/idCAL818478620080728?rpc=44&sp=true

[Ghost Dog]

59. Europe shares end down as banks slide, oil jumps

LONDON, July 28 (Reuters) - European stocks ended lower on Monday, dragged down by banks that fell on concerns over credit ratings at major U.S. mortgage lenders and by a rise in crude after recent sharp falls, which revived inflation worries.

The pan-European FTSEurofirst 300 index ended down 0.9 percent at 1,158.86 points, falling for a third session in a row.

...

UBS fell 5.5 percent, Royal Bank of Scotland dropped 4.1 percent and Barclays lost 5 percent.

"There is a deep seated problem with many of these banks," said David Buik of Cantor Index in London.

"To call the bottom of the market without the odd little swerve is probably precipitous," he added. "It's going to be quite a negative month," he said of August.

...

HBOS (HBOS.L: Quote, Profile, Research, Stock Buzz) shed 7.3 percent after weekend reports that the bank is due to reveal more asset writedowns when it publishes results on Thursday.

Europe was hit by another wave of bad economic news on Monday, with surveys showing German consumer confidence worse than at any time since recession last struck and yet more house price falls in Spain and Britain.

...

But the market's fall was cushioned by buoyant mining shares, helped by gains in metal prices, while energy stocks rose ahead of key quarterly results in the sector expected this week and as oil recovered from a recent sharp drop.

Royal Dutch Shell (RDSa.L: Quote, Profile, Research, Stock Buzz), BP (BP.L: Quote, Profile, Research, Stock Buzz) and Total (TOTF.PA: Quote, Profile, Research, Stock Buzz) added 0.4-1.3 percent. Among miners, Antofagasta (ANTO.L: Quote, Profile, Research, Stock Buzz) rose 7.1 percent, Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz) added 3 percent and Anglo American (AAL.L: Quote, Profile, Research, Stock Buzz) gained 2.9 percent.

Crude oil CLc1 rose towards $124 a barrel, bouncing back from a seven-week low, in what analysts said was technical buying and short covering after a recent selloff.

"The oil price is a lottery," said Ian Richards, European equity strategist at Royal Bank of Scotland. "We have absolutely no visibility."

Airlines, which had recently enjoyed a rally as oil prices fell from record highs, were hammered after low-cost carrier Ryanair (RYA.I: Quote, Profile, Research, Stock Buzz) posted an 85 percent fall in quarterly net earnings and warned it was unlikely to make any profit this year in a battle against recession and oil prices.

Ryanair tumbled 22 percent, while easyJet (EZJ.L: Quote, Profile, Research, Stock Buzz) lost 8 percent, British Airways (BAY.L: Quote, Profile, Research, Stock Buzz) fell 4.5 percent, and Air France-KLM (AIRF.PA: Quote, Profile, Research, Stock Buzz) dropped 2.2 percent. EADS (EAD.PA: Quote, Profile, Research, Stock Buzz), the parent of airplane maker Airbus, was down 4.5 percent.

/... http://www.reuters.com/article/marketsNews/idCAL868269820080728?rpc=44&sp=true

[UpInArms]

8. U.S. goverment deficit seen headed to $490 billion next year

http://www.marketwatch.com/news/story/us-goverment-deficit-seen-headed/story.aspx?guid=%7B67809B7E%2D2847%2D4758%2DBCAF%2D819EC7887A60%7D&dist=hplatest

WASHINGTON (MarketWatch) -- The federal deficit will swell to nearly $490 billion during the government's 2009 fiscal year, according to a USA Today report citing a Bush admininstration budget update. The report also shows improvement in the deficit for fiscal 2008, now pegged at less than $400 billion, as tax revenue has held up better than anticipated in the face of the nation's economic downturn. The previous record for a budget deficit was $413 billion, in 2004. In current dollars, that would equate to $478 billion, USA Today reported. The wider deficit in the cards for fiscal 2009 in part reflects the impact of the $168 billion fiscal-stimulus package enacted earlier this year. As a proportion of the economy, the deficit for fiscal 2009 would be in a range of 3% to 4%, less than the post-World War II record of 6% set a quarter of a century ago under President Reagan.

[Demeter]

9. Good Morning Ozy and UIA!

And anyone else who comes along.

What's on the menu today? Any hints you care to divulge?

[UpInArms]

11. g'morning, Demeter!

no clues - just trying to clear the cobwebs on this Monday morning

:hi:

[ozymandius]

25. Good morning. Profits announcements still coming in -

so I expect we'll see more creative accounting tricks to puff up those numbers.

[UpInArms]

10. Friday newsdump: Two more banks fail; FDIC sells deposits

http://www.marketwatch.com/news/story/two-more-banks-fail-mutual/story.aspx?guid=672CC5CA-C91E-4D87-82F6-70F27FC0F15F&dist=SecMostRead

SAN FRANCISCO (MarketWatch) -- Two more banks were shut down by federal regulators late Friday, who sold the banks' deposits to Mutual of Omaha Bank. It brings to seven the number of bank failures so far this year.

The Federal Deposit Insurance Corp. said it was appointed receiver of First National Bank of Nevada, based in Reno, Nev., and First Heritage Bank of Newport Beach, Calif. - both units of First National Bank Holding Co., of Scottsdale, Ariz.

Mutual of Omaha Bank's acquisition of all deposits was the "least costly" resolution for the Deposit Insurance Fund compared to all alternatives because the expected losses to uninsured depositors were fully covered by the premium paid for the banks' franchises, the FDIC said in a statement.

All depositors, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Mutual of Omaha Bank for the full amount of their deposits, the FDIC said.

Over the weekend, customers of the banks can access their money by writing checks or using ATM or debit cards. Checks drawn on the banks will be processed normally. Loan customers should continue to make loan payments as usual.

As of June 30, 2008, First National of Nevada had total assets of $3.4 billion and total deposits of $3.0 billion. First Heritage Bank had total assets of $254 million and total deposits of $233 million, the FDIC said.

...more...

[Demeter]

12. All Those Retirees The FDIC Called Up Busy At Work

Thank God they at least know what to do!

[Tansy_Gold]

35. You forgot the sarcasm thingy, Demeter

Those retirees don't necessarily know what they're doing. I worked with a bunch of 'em back in '91 on the Keating/Lincoln Savings resolution, and some of 'em are, well, dumshits.

Maybe this time it will be different :rofl: though, since these two banks are going to continue to operate under new ownership. Lincoln was a catastrophe in liquidation.


:hi:


Tansy Gold

[radfringe]

13. instead of friday news dump - it's looking like

a friday bank dump

makes me wonder if I should withdraw everything on friday morning, and put it back on monday...if bank is still there

[UpInArms]

14. OT: Former Googleers unveil Cuil, a new search engine (and it's nice!)

http://www.reuters.com/article/ousiv/idUSN2741939220080728?sp=true

MENLO PARK, California (Reuters) - A start-up led by former star Google engineers on Sunday unveiled a new Web search service that aims to outdo the Internet search leader in size, but faces an uphill battle changing Web surfing habits.

Cuil Inc (pronounced "cool") is offering a new search service at www.cuil.com that the company claims can index, faster and more cheaply, a far larger portion of the Web than Google, which boasts the largest online index.

The would-be Google rival says its service goes beyond prevailing search techniques that focus on Web links and audience traffic patterns and instead analyzes the context of each page and the concepts behind each user search request.

"Our significant breakthroughs in search technology have enabled us to index much more of the Internet, placing nearly the entire Web at the fingertips of every user," Tom Costello, Cuil co-founder and chief executive, said in a statement.

Danny Sullivan, a Web search analyst and editor-in-chief of Search Engine Land, said Cuil can try to exploit complaints consumers may have with Google -- namely, that it tries to do too much, that its results favor already popular sites, and that it leans heavily on certain authoritative sites such as Wikipedia.

"The time may be right for a challenger," Sullivan says, but adds quickly: "Competing with Google is still a very daunting task, as Microsoft will tell you."

...more...

[Dr.Phool]

16. Needs some refining, and it's kind of slow.

I just googled (or cuilio'ed) my name, and all I got in the first few pages was, "In Search of Stupidity"! Wrong guy, same name.

[Viva_La_Revolution]

20. we just killed it!

We’ll be back soon...
Due to overwhelming interest, our Cuil servers are running a bit hot right now. The search engine is momentarily unavailable as we add more capacity.

Thanks for your patience.

lol!

[Ghost Dog]

21. Tried it this morning, looking for

vertical wind turbines (eg. here), but it came up with 0 results; 0 results on other queries too. Perhaps it's only available for US IP addresses at the moment. I see that they're overloaded, "search engine unavailable" right now.

Nb. I still use altavista from time to time, especially when I don't want Google watching me.

[UpInArms]

27. have you ever used

www.Vivisimo.com or if you have room on your hard drive for a great search browser program, there's www.copernic.com

:hi:

[Ghost Dog]

33. Noted. Will try. Thanks.

:hi:

[Hugin]

55. Good luck to them.

:patriot:

I agree more with cuil's philosophy-of-search than that of Google. I'll try it out.

[Tandalayo_Scheisskopf]

17. Just checked the energy market:

Oil is already dropping. It is now just 1.19 up. Looks like someone in .eu was trying to get a rally started and it petered out.

I will let you know if I see any other interesting things throughout the day.

[ozymandius]

37. Thanks Tandalayo_Scheisskopf!

And good morning :donut: :donut: :donut:

:hi:

[antigop]

22. Things that make you go "hmmmm..."

So was this in Friday's news dump, too?

http://www.lvrj.com/breaking_news/25941494.html

Silver State Bancorp, the Henderson-based holding company for the similarly named bank, reported that Andrew McCain, son of Republican presidential candidate John McCain, resigned today from the boards of directors of the bank and bank holding company.

The company cited “personal reasons” for McCain’s resignation, and a Silver State spokesman declined further comment.

[Ghost Dog]

36. Yup. But was (thoroughly) covered on DU here:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3681721

[antigop]

41. People (like me) who aren't on DU all day may have missed it.

Thanks for the link.

[Ghost Dog]

68. Right. The "Greatest" page is your friend, I reckon,

for a look-in once every 36 hours or so when busy elsewhere.

... I'd recommend not to miss, from the weekend (26 votes):

"The stakes are high. The corporate alliance is in the midst of conquering its final frontiers" http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3683559

and the linked Kos info in: "History: How the US Government Was Overthrown In Three Easy Steps
" http://www.dailykos.com/storyonly/2008/7/27/65732/1557/694/557641

Hummm.

[Joanne98]

40. ..........

http://finance.yahoo.com/q?s=SSBX

down 6%

[Pale Blue Dot]

23. Layoffs 7/28

Good morning, everyone.

Chippewa Valley Plastics Company - Eau Claire, WI - 29 jobs lost

The slowing economy has cost more than two dozen people their jobs in the Chippewa Valley.

Phillips Plastics announced 29 production and office workers were laid off in Eau Claire. Vice president of marketing, Leslie Lagerstrom says a slowdown in the automotive and consumer divisions is to blame.

The positions eliminated were at the multi-shot molding facility on International Drive.
http://www.weau.com/news/headlines/25921749.html

Bamberg County Hospital - Bamberg, SC - 40 jobs lost

Thursday, Bamberg County Hospital announced it was going to cut nearly 40 of it's 260 full-time employees.

Stokes: "As far as an impact on the hospital situation, I'm hoping that the hospital board talked about it enough, and did their homework, to come up with the conclusion that it's the best thing to do. Especially, if we don't want to lose our hospital, forever."

And, it's not just staffing that's going to change. Hospital officials say they'll have to reduce things like supply and utility costs.

Stokes: "The short of it is that the economy is already in really, really bad shape, and rural communities, like Bamberg County, often have a difficult time finding employment for its citizens, and this is just going to make it worse."
http://www.wjbf.com/midatlantic/jbf/news_index.apx.-content-articles-JBF-2008-07-25-0039.html

Laurel Hospital - Laurel, Miss - 45 jobs lost

LAUREL, Miss. --
South Central Regional Medical Center officials say a cut in health care reimbursement and a sluggish economy has forced the layoffs of 45 employees at the Laurel hospital.

The hospital says the last employees were notified of the decision on Thursday. South Central Regional has about 1,900 people.

Officials say the hospital first took other measures to cut 10 percent of its budget, including cost controls, reduced work hours and overtime, before laying off workers.

"While our staff has done a great job of reducing our costs, we are facing issues we cannot control," said Doug Higginbotham, the hospital's executive director. "Our clinic and outpatient volumes continue to increase, but we have seen a decrease in our inpatient volumes.
http://www.sunherald.com/306/story/706277.html

King Aerospace Commercial Corporation - Ardmore, OK - 60 jobs lost

ARDMORE, Okla. – A prominent Carter County business is laying off more than half of its workforce.

King Aerospace Commercial Corporation announced Thursday they will have to send about 60 workers home, indefinitely.

The company operates a facility at the ardmore air park and specializes in refitting and aircraft maintenence work.

King Aerospace says the cutbacks were necessary after a deal with a major international client fell through and a dispute with another client. They are now looking for new customers to try and make up for that lost revenue.
http://www.kxii.com/news/headlines/25901859.html

Stanford Hospital - Palo Alto, CA - between 200 and 350 jobs lost

The San Jose Mercury News reported Friday that the entire lab is being sold, and that between 300 and 350 workers could lose their jobs as a result. But Migdol said that only about 200 employees had received lay-off notices, and that "to date, over half have been hired or offered positions by the purchaser -- and we expect that number to grow."

In addition, Migdol said, outreach lab workers who wish to remain at Stanford will be given "priority consideration for open positions" at both Stanford Hospital and Lucile Packard. All affected regular employees with a year or more of service will receive a severance package, whether or not they get a position with the purchasing organization, according to Stanford.

According to Stanford's web site, its department of pathology and clinical laboratory medicine provides pathology and lab services to Stanford Hospital, Lucile Packard and the outside medical community through the Hillview Avenue facility.

Stanford moved workers into the new 76,000-square-foot quarters a year and a half ago, but has been in negotiations for months to sell the outreach basic testing operations. Workers received notices two months ago saying their jobs might be eliminated, a spokeswoman for the United Healthcare Workers union told the Mercury News.
http://www.bizjournals.com/sanjose/stories/2008/07/21/daily94.html

3M Co. - Decatur, AL - 300 jobs lost

Jul 26, 2008 (The Decatur Daily - McClatchy-Tribune Information Services via COMTEX) -- MMM | Quote | Chart | News | PowerRating -- 3M Co. announced it will eliminate 300 jobs, including an unspecified number at its Decatur plant, because of a drop in sales in its optical films.

The company will make the layoffs at its Decatur plant and a plant in Menomonee, Wis.

The Decatur plant employs 830 workers at an average pay of about $50,000 a year. It paid $120 million for its optical plant, which has struggled with profit margins since it began.

3M's optical film products are used in flat-screen televisions, computer monitors mobile phones and handheld computers.
http://www.tradingmarkets.com/.site/news/Stock%20News/1784063/

GlaxoSmithKline - Zebulon, NC - 90 jobs lost

Jul. 26--Ninety production workers at GlaxoSmithKline's manufacturing plant in Zebulon received notices Friday that they'll be out of a job in 60 days.

It was the latest of several layoffs over the past months at the British drug maker's Triangle facilities.

In October, GSK announced plans to save $1.4 billion in annual costs over the next three years.

The company is suffering from the loss of Avandia sales, and like most other large drug makers, it faces increased competition from cheaper generics as it gets harder to find and bring new medicines to market.
http://www.therapeuticsdaily.com/news/article.cfm?contenttype=sentryarticle&contentvalue=1815804&channelID=26

[Pale Blue Dot]

24. Daley won't rule out layoffs as budget crunch looms (Chicago)

Mayor Richard Daley on Saturday predicted tough times ahead financially for Chicago and pointedly declined to rule out layoffs of police and other municipal employees.

Asked about a published report that the city likely is facing layoffs because of a $400 million-plus shortage in the upcoming 2009 budget, Daley noted that the city—unlike the federal government—doesn't have the option of running up a deficit to pay for its programs.

Daley sidestepped a direct answer to the layoff question.

"I think everybody's concerned about this year's budget," Daley said at the rededication of two historic Monroe Street bridgehouses which were built in 1919. "It's going to take some tough decisions. But we're all working with people. Like everything else, we have to work together."

Daley noted that the economy nationwide is in a serious downturn that will trigger further belt-tightening at home.

http://www.chicagotribune.com/news/local/chi-daley-layoffs_both_27jul27,0,5891717.story

[Pale Blue Dot]

56. AH Belo - Dallas, TX - 500 jobs lost (more newspaper cuts)

NEW YORK (AP) — A.H. Belo Corp., the publisher of The Dallas Morning News and three other newspapers, reported a second-quarter loss on Monday and said it was cutting 500 jobs, or 14 percent of its work force. Its shares fell almost 5 percent.

The publishing company cited a sharp drop in newspaper advertising revenue for the loss for the three months ended June 30 and said it expects losses for the rest of the year.

It said the staff cuts are part of an effort to save $50 million in annual operating costs.

The Dallas-based company reported a loss of $3.2 million, or 16 cents per share, compared to net income of $12.3 million, or 60 cents per share, in the year-ago period.

Revenue fell 15 percent to $163.3 million from $192.3 million a year ago. A drop in classified ads, particularly for job openings, sent total ad revenue down 21 percent.

"The weak macroeconomic environment and declines in overall advertising spending have impacted AHC significantly," Chief Executive Robert Decherd said.

http://ap.google.com/article/ALeqM5iiPZUccraSWF4Bq6-85YXawEErbAD926UL1G2

[Pale Blue Dot]

61. Ford white-collar employees face involuntary layoffs

Officials at Ford Motor Co., which last week posted a record $8.7 billion for the second quarter, were carrying out involuntary layoffs today of white-collar workers.
Advertisement

One longtime worker, who did not want to be identified for fear of retribution, said he was forced to retire this morning.

Meanwhile, he said several of his friends have been walked to the door as part of Ford’s effort to cut 15% of salary related costs by Friday.

“It is yet another dark and dreary day” at Ford, he said.

Ford CEO Alan Mulally on Thursday said that the company would be executing more layoffs in the final days of the month.

http://www.freep.com/apps/pbcs.dll/article?AID=/20080728/BUSINESS01/80728042

[Pale Blue Dot]

26. Worried Banks Sharply Reduce Business Loans

Banks struggling to recover from multibillion-dollar losses on real estate are curtailing loans to American businesses, depriving even healthy companies of money for expansion and hiring.

Drew Greenblatt of Marlin Steel Wire Products is having trouble getting a $300,000 loan to buy a robot for his Baltimore factory. “This is what a bank is supposed to do,” he said.

Two vital forms of credit used by companies — commercial and industrial loans from banks, and short-term “commercial paper” not backed by collateral — collectively dropped almost 3 percent over the last year, to $3.27 trillion from $3.36 trillion, according to Federal Reserve data. That is the largest annual decline since the credit tightening that began with the last recession, in 2001.

The scarcity of credit has intensified the strains on the economy by withholding capital from many companies, just as joblessness grows and consumers pull back from spending in the face of high gas prices, plummeting home values and mounting debt.

“The second half of the year is shot,” said Michael T. Darda, chief economist at the trading firm MKM Partners in Greenwich, Conn., who was until recently optimistic that the economy would continue expanding. “Access to capital and credit is essential to growth. If that access is restrained or blocked, the economic system takes a hit.”

http://www.nytimes.com/2008/07/28/business/economy/28credit.html?_r=1&partner=rssnyt&emc=rss&oref=slogin

This is another reason why this is going to be a lengthy depression, not a recession, IMO.

[ozymandius]

34. Has Deleveraging Even Begun? (Not For the Fainthearted)

It no doubt seems absurd to question the idea that deleveraging in underway. We've had three heroic central bank interventions, starting in August 2007, to reverse seize-ups in the money markets. The asset backed commercial paper market has been almost in run-off mode. Leveraged buyout loans have been scarce to non-existent. Banks have cut home equity credit lines and credit card borrowing limits. Commercial and industrial loans have fallen. The private mortgage securitization market is a shadow of its former self.

Yet the macro level data, at least as far as the US is concerned, tells a dramatically different, indeed troubling story: (see chart)

.....

We will return to discuss the implications of how big the debt level is, but the graph itself should serve to focus the mind. The March 31 level was 350% of GDP. The previous peak occurred in 1933, during the Great Depression, at just under 270% of GDP. Note that the peak was reached due to the start of the rapid fall in GDP taking hold faster than debts were written off, a dynamic not in operation now. So the comparable level to our situation is in fact lower than the 270% peak.

.....

Alejandro Neut at Banco Bilbao provides a good overview of the Fed's funds flow data for the first quarter of 2008:

Credit continued to decelerate in the first quarter of 2008. Total debt of the domestic nonfinancial sectors grew at a seasonally adjusted annual rate of 6.5% (1 pp lower than in the previous quarter and the lowest rate since 2001). Even when the reduction in debt growth was not as pronounced as the one in 2007Q4, when debt eased from 9.1% to 7.5%, the decelerating trend shows no signs of abating. This bleak assertion is based in the yet strong deceleration of households’ debt, segment which remains the main driver of the current downtrend (households’ debt grew a meager 3.5% compared with the previously seasonally annualized growth of 6.1% in the previous quarter). Debt in almost all sectors grew at a lower pace than anytime during 2007. The only exception was the federal government’s debt, which grew at an impressive annualized rate of 9.5%.

Business debt continued to expand at a healthy pace Business’s debt grew 10.8% yoy. With interest payments at historical lows (relative to profits) debt growth in corporate America was robust. This explains why businesses have been shifting the means to finance itself, from bond issuance to bank loans. But risks are growing: the financial gap remains at a high level, indicating the need for external financing in order to keep current operations.

Note that even though the tone of the report is downbeat, credit is still growing, but at a slowing pace. While certain individuals and institutions might be reducing their borrowings, on an overall level, private debt is still increasing.

And, of course, the other reason that we haven't seen deleveraging is that our friendly foreign funding sources have kept the credit spigots open and government debt has grown at a an accelerating pace, thanks in part to Iraq, but to a bigger degree due to various interventions.

http://www.nakedcapitalism.com/2008/07/has-deleveraging-even-begun-not-for.html

[ozymandius]

38. It's Always Darkest Before the Dawn...of a Depression

After the United States started its 'Guns and Butter' exercise under President Johnson and eventually de-linked from gold in 1971, its economy has become ever more leverage- and debt-propelled. Interestingly, the result has been a diminishing marginal return for each new dollar of debt.



.....

The financial system will collapse before "zero-hour" actually occurs. I think we are seeing signs of it in the desperate measures being employed to nationalize companies which trade on market exchanges as private enterprises. There is simply no way to defend the SEC's decision to selectively enforce the prohibition of naked short selling for 17 'fragile' financial companies and to not enforce it for the over 5000 other companies which trade on US stock market exchanges. And plans to rescue Fannie Mae and Freddie Mac breathe of a sort of corporate nationalism. Over time this will deal a massive psychological blow to financial markets. They are currently rallying on the sense of relief that the efforts to prevent Fannie and Freddie from dragging US financial markets into the abyss have succeeded and the inevitable day of reckoning has been postponed once again.

But this time around market participants are beginning to smell blood and are beginning to consider that US dollar's status as the world's reserve currency is in jeopardy. It is now clear that the Bear Stearns bailout was not the bottom and that the bottom has not likely occurred. Many were betting that the market lows in March would hold and that the demise of Bear Stearns marked the nadir from which markets were sufficiently cleansed to begin their new ascent higher.

http://www.safehaven.com/article-10820.htm

[ozymandius]

42. So whatta ya think about safehaven?

I see that beloved hack, Tim W. Wood, is featured there (with his double-dog-down-double-non-confirmations shtick). Other writers from financialsense.com are there too. So I expect the security emphasis will bend toward precious metals.

[UpInArms]

29. CDO investors advised to shield themselves now

http://www.reuters.com/article/bondsNews/idUSL573231920080728?sp=true

LONDON (Reuters) - Now is the time for investors to restructure holdings of synthetic collateralized debt obligations (CDOs) to shield themselves from an expected wave of ratings downgrades, analysts at Dresdner Kleinwort advised.

About $1.5 trillion of synthetic CDOs were issued in the three years before the credit crisis, and most buyers have held on to them while default rates so far have remained low.

But ratings downgrades are rising as the economy slows and could force investors' hands. When a CDO breaches a fund manager's internal ratings guidelines, he may have to unwind or restructure it at a steep loss.

<snip>

The riskiest slice is hit by the first few defaults from any company in the portfolio and is typically wiped out at the so-called detachment point, typically when portfolio losses reach 3 percent. The next tranche takes losses over at the 3 percent level, called the attachment point, to around 7 percent.

<snip>

But increasing numbers of ratings downgrades are seen coming to corporate names, particularly in the financial sector, which could result in downgrades of tranches as well, said Jamie Stuttard, head of European and UK fixed income for Schroders, who keeps an eye on synthetic CDOs but has not bought them.

"The first threat is organic cyclical deterioration," he said. "The second threat is that ratings agencies change their methodologies", if Standard & Poor's Corp. or Moody's were to follow a recent move by Fitch Ratings to toughen standards.

...more...

[Joanne98]

30. SSBX (McCain's son's bank) down 10%

http://finance.yahoo.com/q?s=ssbx

[UpInArms]

31. Merrill says Lehman faces Q3 loss, $2.5 bln writeoff

http://www.reuters.com/article/bondsNews/idUSBNG30722820080728?sp=true

July 28 (Reuters) - Lehman Brothers Holdings Inc (LEH.N: Quote, Profile, Research, Stock Buzz), the fourth-largest U.S. investment bank, may write down an additional $2.5 billion in the third quarter on its residential portfolio and post a loss for the period, Merrill Lynch analyst Guy Moszkowski said.

"It appears disposition of mortgage assets is accelerating, which we conclude means third-quarter results will include another round of significant negative marks, particularly in residential, where price discovery is increasing," Moszkowski wrote in a note to clients.

Lehman, the smallest of the major Wall Street investment banks, is looking at selling 20 percent of about $65 billion of its exposure to real-estate-related assets in the third quarter, he said.

This suggests Lehman may take additional writedowns amid lower prices in the residential market, Moszkowski said.

"The firm appears willing to accept some discount or market impact from the wholesale disposition of assets in order to reduce risk and pressure on its balance sheet," he added.

<snip>

Despite repeated assurances by Lehman management about the investment bank's capital and liquidity position, its stock has fallen 74 percent this year.

...more...

[Joanne98]

39. Merrill pointing the finger at Lehman. What a joke.

If Lehman goes down, all the shorts will run to Merrill. You would think, they'd try to keep them alive, at least as a firewall. Idiots.

[ozymandius]

43. Vache the stampede!

If the mean executive I.Q. at Merrill is comparable to that at Lehman - then I'll expect Merrill to figure on making a profit at Lehman's expense - even to acquire the former for tax benefits (like Morgan's acquisition strategy for Bear perhaps?) which will reap a giant dividend through loopholes in tax codes. To your point: it is idiotic that Merrill would push Lehman under a bus. Short-sighted maneuvering trumps all others these days. If no one has Lehman to kick around - the basis of comparison will fall to the next stupidly managed investment bank.

[UpInArms]

78. After the Bell: Merrill to take $5.7 billion mortgage asset write-down

looks like that $2.5 billion was definitely on the low side :eyes:

http://news.yahoo.com/s/nm/20080728/bs_nm/merrilllynch_writedowns_dc

NEW YORK (Reuters) - Merrill Lynch & Co Inc (MER.N) said it expects to take a $5.7 billion pretax write-down in the third quarter due to losses on the sale of mortgage assets and plans to raise at least $8.5 billion by selling new common shares.

Merrill said Singapore's Temasek Holdings Pte Ltd (TEM.UL) would buy $3.4 billion of the offering. Merrill has already taken billions of dollars in write-downs in past quarters and said it sold key holdings including a 20 percent stake in Bloomberg when it announced second-quarter earnings,

Merrill said on Monday it would pay $2.5 billion as required under a previous stock sale to state-run Temasek, along with $2.4 billion in required dividends to preferred shareholders. In previous deals to raise capital, Merrill had agreed that if it sold shares at too low a price in the future, it would reimburse investors.

The No. 3 Wall Street investment bank's shares were down 5 percent in after-hours trading after retreating 12 percent to $24.33 in the main trading session on the New York Stock Exchange.

...more...

[ozymandius]

32. 9:46 numbers and blather

Dow 11,337.23 Down 33.46 (0.29%)
Nasdaq 2,310.91 Up 0.38 (0.02%)
S&P 500 1,258.98 Up 1.22 (0.10%)
10-Yr Bond 4.0420% Down 0.0690
NYSE Volume 229,784,530
Nasdaq Volume 137,885,470

09:40 am : The stock market opens on a modestly lower note as continued economic concerns and worries of the sustainability of the financial sector's rebound offset several better-than-expected earnings reports. Then an easing in crude prices (unchanged at $123.25 after being up 1.6%) helps the S&P 500 recover to the unchanged mark, and the Nasdaq find positive ground.

Verizon (VZ 34.01, -0.44) reported earnings of $0.67 per share, which topped estimates by two cents. The telecom giant is benefiting from strong wireless sales. Kraft Foods (KFT 30.30, +0.92) reported quarterly earnings that were 16% better than the previous year and the consensus estimate after the company was able to offset rising input costs with price hikes.

In other news, the FDIC shut down two undercapitalized regional banks -- First Nation Bank and First Heritage Bank. The deposits were taken over by Mutual of Omaha. Financials up 1.3% in the early-going as investors shrug off the news.DJ30 -24.75 NASDAQ +2.16 SP500 -0.43

[ozymandius]

44. 11:07 (exits getting crowded)

Dow 11,286.99 Down 83.70 (0.74%)
Nasdaq 2,295.90 Down 14.63 (0.63%)
S&P 500 1,253.77 Down 3.99 (0.32%)
10-Yr Bond 4.014% Down 0.097
NYSE Volume 1,024,145,250
Nasdaq Volume 550,672,625

11:05 am : The stock market remains in the red, with notable weakness in blue chip names as the Dow (-0.7%) underperforms its counterparts. AIG (AIG 25.89, -1.35) and 3M (MMM 70.05, -0.90) are the worst-performing Dow components.

Merrill Lynch (MER 26.04, -1.48) is a notable laggard within the financial sector, falling as much as 8.2% on no specific news item. MER is currently down 5.4%. Not all Wall Street firms are under heavy pressure, Goldman Sachs (GS 178.43, -0.23) and JPMorgan Chase (JPM 39.57, +0.05) are both holding near the unchanged mark. The financial sector is trading with a loss of 1.1%, after rising as much as 1.6% in the early-going.

Shares of Motorola (MOT 7.12, -0.13) are garnering some attention on reports that Motorola is going to reorganize its second largest business. According to The Wall Street Journal, the struggling communication equipment company is expected to split its home and networks mobility business unit into three distinct businesses, which may make it easier for Motorola to sell the businesses in the future.

As the rest of the market slips, energy stocks (+0.9%) get a decent bid, although oil is only up a modest 0.2%.DJ30 -82.64 NASDAQ -10.74 SP500 -3.49 NASDAQ Adv/Vol/Dec 874/523 mln/1641 NYSE Adv/Vol/Dec 1292/297 mln/1617

[Pale Blue Dot]

46. The Subprime Awards: The Saddest, Most Hilarious Tales From a Battered Wall Street

This is a pretty funny article, in a very sad kind of way:

If you know someone who works on Wall Street, there’s a pretty good chance he’s either been fired or — we have it on good authority — will be fired in the near future. The subprime crisis has massacred the city's banks, wiping out not just plankton, but big fish, too — and resulted in all manner of juicy details related to the layoffs. Here we hand down awards for the juiciest, from Pettiest Money-Saving Measure to Most Impotent Kiss-Off E-mail.

Pettiest Money-Saving Measure
The 2,000 workers who got the boot from Morgan Stanley could take solace in the fact that they would no longer have to work for a company that, as part of a new cost-cutting initiative enacted in early May, refused to provide taxi reimbursement until after 10 p.m. (Previously, it was 9 p.m.)

Most Ironic Actual Award
Swiss bank UBS found time between helping clients avoid paying taxes to pink-slip 1,000 New York employees, including CEO Peter Wuffli. On the same day, May 6, that the bank let go a gaggle of workers, it collected an honor called the “Heart of Gold Award” from the Volunteer Center of Southwestern Fairfield County. They made sure to broadcast the news in a mass e-mail to current and former staff.

Best Sacrifice of a Long-Term Ally
Morgan Stanley has held up a bit better than some of its brethren, which is not saying much. (Morgan wrote down $10.8 billion at the end of last year.) Rumors circulated that the end was near for CEO John Mack. But he spared himself the ax, taking the chivalrous route and instead firing his lady co-president Zoe Cruz. Read the wonderful story in full here.

Best Euphemism for “You're Canned”
Goldman Sachs made it out of this thing relatively unscathed, having to eliminate only 500 of its New York staff. And the bank got rid of them in its inimitable “we-always-win” fashion. According to a source, the firm let go of a handful of first-years in June by telling the small fries that they were being “placed into the accelerated one-year analyst program — and it ends today.” They stopped short of offering a hearty “Congratulations!” (The young alums are being paid through August.)

http://nymag.com/daily/intel/2008/07/the_subprime_awards_the_saddes.html

More at the link.

[ozymandius]

47. Oh Well (another Bush goal goes "poof")

from Perfesser Black (a.k.a. Atrios)

2003:

(AP) President Bush's goal of cutting in half a projected $500 billion federal deficit within five years is being dismissed as too timid by conservatives, unachievable by analysts and laughable by Democrats.

Mr. Bush will include the objective in the $2.3 trillion budget for 2005 he sends Congress in February, nine months away from the presidential and congressional elections. The goal is backed by many Republicans, but conservatives want a bolder move against the record deficits and big spending increases the administration has run up.

Today:

(AP) A senior Bush administration official says the budget deficit for this year will set a record in dollar terms, approaching $490 billion.

The official said Monday the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the current record deficit of $413 billion set in 2004.

---

But war is so good for the economy... :eyes:

[Tandalayo_Scheisskopf]

48. Noon Commodity Highlights:

Oil: 123.62, up 0.36. The numbers don't tell the whole story, however. The price is fluctuating narrowly, trying to get below 123, but is meeting serious resistance. If history is any teacher, the real action will be, once again, after lunch and in GLOBEX hours. On the GLOBEX after-hour trading is when the shorts really seem to make their moves.

HO: 3.5397, up about a 1.5 cents. This is one area of the market that seems to have serious support in place.

NG: 9.162, up 0.078

RBOB: 3.0521, up 0.0198

If this is a rally in energy, it was stillborn.

Grains:

Corn Sep 08 581.25 11:49am ET Up 4.00 (0.69%)
OU08.CBT Oats Sep 08 391.25 11:02am ET Up 7.25 (1.89%)
RRU08.CBT Rough Rice Sep 08 16.90 11:38am ET Up 0.18 (1.08%)
SMQ08.CBT Soybean Meal Aug 08 375.80 11:53am ET Up 1.10 (0.29%)
BOQ08.CBT Soybean Oil Aug 08 58.72 11:39am ET Down 0.45 (0.76%)
SQ08.CBT Soybeans Aug 08 1,392.00 11:49am ET Down 6.75 (0.48%)

I think we see where the oil speculators are hiding out.

Metals:

Gold up 4.50, Silver up 0.05, Copper down 0.005, most likely on China closing factories in an attempt to curb air pollution.

As I typed: Oil up to 124.09. Someone trying hard to make something happen. Prediction: They will fail.

[Pale Blue Dot]

49. Edit: This just in:

Read all the way to the end before you post something on DU in full.

I'm an idiot.

[Roland99]

50. heh

It's a Monday!

:)

[Joanne98]

51. Taser close to breaking new lows. 6 month chart...

GEE! I wonder if this company can even survive?

http://finance.yahoo.com/echarts?s=TASR#chart1:symbol=tasr;range=6m;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

[Demeter]

75. On The Other Hand, Why Should It?

Can't thnk of a company the world would miss less than Taser.

[Pale Blue Dot]

52. GM to cut production of SUVs and trucks

NEW YORK - General Motors Corp. said Monday it will cut production by another 117,000 vehicles, citing continued weak in consumer demand for pickup trucks and sport utility vehicles.

GM spokesman Tony Sapienza said the Detroit-based automaker will achieve the cuts by eliminating one shift each at its Moraine, Ohio, and Shreveport, La., plants. Most of the cuts will affect production of trucks and sport utility vehicles.

The Moraine plant makes the Chevrolet TrailBlazer, GMC Envoy, Buick Ranier, Isuzu Ascender, Saab 9-7x midsize SUVs, while the Shreveport plant currently produces the GMC Canyon, Chevrolet Colorado and Hummer H3.

http://www.msnbc.msn.com/id/25887305/

[radfringe]

53. Obama would drag US into depression: McCain camp

Obama would drag US into depression: McCain camp
55 minutes ago
http://afp.google.com/article/ALeqM5hD0zJf7Raz2QJhFJhAI-kkEFL_Lg

WASHINGTON (AFP) — John McCain's White House campaign Monday dragged rival Barack Obama back to the domestic fray, scorning his economic plan as a recipe to plunge the United States into a 1930s-style depression.

Top aides to the Republican senator vied to steal the thunder from an illustrious panel of economic advisors being convened by Obama -- and recapture some of the headlines after the Democrat's much-acclaimed foreign tour.

But with fewer than 100 days now to go before the November 4 election, Obama had opened up a nine-point lead in the latest Gallup poll released Sunday -- 49 percent to 40 for McCain.

Carly Fiorina, a key lieutenant to McCain and former boss of computing giant Hewlett-Packard, said a recession triggered by the 1929 Wall Street crash became a depression through the imposition of higher taxes and trade barriers.

---------

http://stone-waves.blogspot.com/2008/07/4-more-years.html

[Hugin]

57. Doesn't it just bug you that nobody ever mentions why...

Carly Fiorina is the former boss of H-P?

I'd like for them to listen in to the answer to a question about why. ;)

Now, she's an expert on the Great Depression. :ha:


To think, at one time H-P was a bastion of Progressive Thinking.

[54anickel]

67. When/where did she get her history degree? Sounds pretty much like what they

were spewing in some of my business classes at UofPhoenix. When I questioned the elevation of personal opinion to historical fact I was harshly reprimanded. Then again, this particular campus UofPhoenix is not exactly the bastion of free-thinking spirits. :eyes:

Not intended as a rip on anyone persuing a degree from UofP - YMMV. I did encounter ONE progressive-thinking instructor while I was there. Most of my classmates hated her for it...so sad.

[Demeter]

60. Poor McCain. His Depression Arrived Long Before Obama Did

and it's in the numbers, but the BushCo won't admit to anything, just on principle that it could get them imprisoned.

[UpInArms]

54. US corp distress could mean big bankruptcies-report

http://www.reuters.com/article/bondsNews/idUSN2847036220080728?sp=true

NEW YORK, July 28 (Reuters) - The amount of U.S. investment-grade bonds trading at distressed levels has risen close to an all-time high, a sign that a wave of mega-bankruptcies is likely on the way, a veteran high-yield strategist said.

Bonds are considered distressed when their yields, which move in the opposite direction of prices, exceed 1,000 basis points over those on U.S. Treasuries.

The distressed trading levels in both investment-grade and speculative-rated bonds "suggests that we will see record-sized bankruptcies by volume into 2009-2010," said Christopher Garman, writing in high-yield research publication Leverage World.

<snip>

Including both high-grade and high-yield issues, about 7.5 percent of total corporate bonds are trading at distressed levels, pointing to nearly $97 billion of defaults through 2009, Garman said.

That level of distress is the same seen during the credit downturn of 2000 to 2002, a period when the largest corporate bankruptcies on record were filed.

<snip>

About 23.5 percent of the U.S. junk bonds S&P tracks were distressed in July, up from 13.7 percent in June, the agency said in a report on Friday. Troubles in the auto sector accounted for a big part of the rise in distressed debt, S&P said.

...more...

[Pale Blue Dot]

58. Tradewinds Airlines files for bankruptcy.

The Greensboro, N.C.-based freight airline on Friday filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court of Southern Florida in Miami.

The company’s bankruptcy attorney, Scott Baena of Bilzin Sumberg in Miami, said Tradewinds also is pursuing a $54.9 million judgment in New York courts against C-S Aviation Services, a former lessor of its aircraft. Billionaire hedge fund manager George Soros and his business partner, Pernendu Chatterjee, who are as named defendants in that suit, control C-S Aviation. No immediate comment was available from Soros’ spokesperson.

The company listed between $10 million and $50 million in liabilities, more than 200 creditors, and between $1 million and $10 million in assets.

“They are suffering from the same macro-economic problems as other airlines, including the cost of fuel and demand going down,” Baena said. “We’re actually looking at several different strategies for reorganization. It’s our intention to identify a bankruptcy exit strategy within the next 60 days.”

http://www.bizjournals.com/southflorida/stories/2008/07/28/daily3.html

[Demeter]

62. You Know It's Going to Be a Bad Week When The Hope Tank Is Empty On Monday Morning

I just found out that a fellow that owes me money jost his job....laid off.

[Pale Blue Dot]

63. Report: UBS fixed-income chief suspended

As state investigations accelerate over UBS AG’s role in the sale and marketing of auction rate securities, the bank has suspended its U.S. fixed-income chief, David Shulman, according to The Wall Street Journal.

When contacted, a UBS spokeswoman said that an employee had been placed on administrative leave last week, but she declined to confirm that it was him or the reason for suspending the employee.

To date, the Zurich, Switzerland-based company has been hit by civil lawsuits alleging fraud filed by Massachusetts, New York and Texas on behalf of those invested in its ARS when the market collapsed(InvestmentNews July 24).

The Massachusetts case, filed Saturday by Secretary of State William Galvin, cited Mr. Shulman as facilitating the sales of ARS, which are designed as long-term investments whose rates are reset periodically in weekly or monthly auctions.

http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20080728/REG/854085986/-1/RSS02&rssfeed=RSS02

[Pale Blue Dot]

65. Excluding Financials, Homebuilders, and Carmakers, Economy Is... Weak

More horrendous news from companies like Crocs (CROX), Costco (COST), and Toyota, and more banks going belly up (two small ones on Friday), so it's time for an update on the economy at large. Bulls love to say that, outside of a couple of problem areas, the economy's doing great. Unfortunately, this is no longer true.

With half of the S&P 500 having reported Q2 results, here's where things stand (from WSJ):

* Earnings down 17.9% year-over-year. This is worse than the 17.1% fall in Q1 and way worse than the 11.5% consensus.
* Earnings excluding financials (lousy) and energy (excellent), earnings up a paltry 2.8%. This is down from 9.7% in Q4, but actually up modestly from Q1).
* Earnings excluding financials, energy, home-builders, and car makers up a crappy 5.4%, compared to 11.3% in Q4 (and again up modestly from Q1).

It's the 18% total drop that matters. Soaring energy profits aren't offsetting the collapse in financials. Given that most financial firms are still frantically trying to avoid going out of business, moreover, those profits aren't coming back anytime soon.

http://finance.yahoo.com/tech-ticker/article/yftt_42863/Excluding-Financials,-Homebuilders,-and-Carmakers,-Economy-Is...-Weak?tickers=CROX,COST,tm,^gspc

[Roland99]

69. At the close (give or take some settling)

Dow 11,131.32 -239.37
Nasdaq 2,264.22 -46.31
S&P 500 1,234.64 -23.12
10-year 4.02% -0.09
Oil $124.73 $1.47
Gold $937.80 $0.90

[Pale Blue Dot]

70. Paulson: New way to help mortgage market

WASHINGTON - The Bush administration and federal banking regulators joined with the nation’s four largest banks Monday to endorse a new way to pump money into the battered U.S. mortgage market.

Treasury Secretary Henry Paulson unveiled a set of best practices designed to encourage banks to issue a debt instrument known as a covered bond. The administration hopes these bonds will replace some of the mortgage financing that has disappeared as investors have incurred billions of dollars of losses on mortgage-backed securities.

“As we are all aware, the availability of affordable mortgage financing is essential to turning the corner on the current housing correction,” Paulson said in launching the new effort.

“We are at the early stages of what should be a promising path, where the nascent U.S. covered bond market can grow and provide a new source of mortgage financing,” he said.

...

Covered bonds are issued by banks and backed by cash flows from mortgages or other types of debt. Under this approach, banks guarantee the bonds, thus providing an incentive for less risky lending practices. Unlike mortgage backed securities, covered bonds remain on the balance sheet of the bank that sells the bonds.

http://www.msnbc.msn.com/id/25888547/

Does anyone know anything about these "covered bonds"? The idea certainly didn't seem to help the markets today.

[DemReadingDU]

81. Covered bonds?

Covered bonds are debt securities backed by cash flows from mortgages or public sector loans. They are similar in many ways to asset-backed securities created in securitization, but covered bond assets remain on the issuer’s consolidated balance sheet.

Essentially, a covered bond is a corporate bond with one important enhancement: recourse to a pool of assets that secures or "covers" the bond if the originator (usually a financial institution) becomes insolvent. This enhancement typically (although not always) results in the bonds' being assigned AAA credit ratings.

They are common in Germany, where they are known as Pfandbriefe, and can be traced back to 1769.

On July 28, 2008, United States Treasury Secretary Henry Paulson announced that, along with the country's four largest banks, the Treasury would attempt to kick-start a market for these securities in the U.S..
http://en.wikipedia.org/wiki/Covered_bonds


From the MSNBC article...
Officials from banking giants Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. issued a joint statement saying, “We look forward to being leading issuers as the U.S. covered bond market develops.”

************

These are a good thing?

[Ghost Dog]

71. Volume moderate-low."Institutional investors" on sidelines now?

Dow 11,131.24 Down 239.45 (2.11%)
Nasdaq 2,264.22 Down 46.31 (2.00%)
S&P 500 1,234.49 Down 23.27 (1.85%)
10-Yr Bond 4.018% Down 0.093
NYSE Volume 3,742,860,750
Nasdaq Volume 1,899,184,250

Advances & Declines
........ NYSE NASDAQ
Advances 924 (27%) 733 (25%)
Declines 2,466 (71%) 2,132 (72%)
Unchanged 76 (2%) 113 (4%)
Up Vol* 635 (19%) 257 (15%)
Down Vol* 2,702 (81%) 1,428 (83%)
Unch. Vol* 9 (0%) 28 (2%)
New Hi's 19 49
New Lo's 118 117

[Ghost Dog]

72. U.S. stocks sharply lower as crude makes gains

NEW YORK (MarketWatch) -- U.S. stocks on Monday were on the defensive as worries about the economy and the troubled financial system overtook any cheer over a rescue plan for mortgage giants Fannie Mae and Freddie Mac nearing enactment.

"I would refer to today as a death by a thousand cuts. It's not an event in particular but more of a reflection of concerns everywhere, especially in financials. It's all the concerns the market has had about the economy that is impacting stocks," said Peter Boockvar, equity strategist at Miller Tabak.

...

The Senate on Saturday voted final congressional approval for the mortgage-relief measure that President Bush has signaled he would sign, but cheer over the pending legislation was offset by Friday's late seizure of two additional banks by federal regulators.

"I don't think many investors honestly believe that is actually going to make a difference. Every single thing the government has put in place has not worked, other than the government explicitly backing Fannie and Freddie, which is more relevant to Fannie and Freddie debt than it is to equities," said Boockvar.

Wall Street's tentative tone came as crude oil resumed its climb upward and ahead of economic reports due later in the week.

In New York Mercantile Exchange action, oil futures dipped after an earlier rebound after last week's sharp losses, with crude for September delivery lately off 93 cents at $123.80. Read Futures Movers.

"Crude is extremely oversold and we would be looking for a technical bounce with initial resistance at $128 and more significant supply at $133," said Marc Pado, U.S. market strategist at Cantor Fitzgerald.

/... http://www.marketwatch.com/News/Story/Story.aspx?column=Market+Snapshot

[Demeter]

76. Isn't This Just a Rerun of Last Monday?

and does that mean the PPT will pump it up 500+ by Friday again?

You would think the money would run out.

The whole mortgage bond, push more money into housing is fruitless. People can't pay if they lose their jobs. And the unemployment problem has been the pink elephant in the living room since 9/11.

It's not like those losing their jobs are young enough or fit enough to join the Army, either.

(And I hope those that are aren't desperate or stupid enough).

[AnneD]

73. Afternoon Marketeers.....

:toast: Had an interesting morning. We are running a Camp Invention in addition to vacation bible school. I have been co-ordinating our first day of camp I will turn it over to the amateurs tomorrow. I handled 2 crises today and managed to get 39 kids toileted, hands washed and lunch eaten in 30 min. Of course I seemed like a drill sargent, but it got done. I like our VBS. We don't scare the kids to death like some schools (like I experienced growing up). We try to teach them to get along and be nice to each other

The temp is high so we are trying to keep the kids hydrated too. I had the leave early to get the AC fixed. Went the whole weekend without it. I fell as if I should get some carbon footprint reduction trophy. From the looks of the market-we may have to open the pool tomorrow.

Happy hunting and watch out for the bears.

[Ghost Dog]

77. IMF warns higher financial markets fragility, systemic risks

WASHINGTON, July 28 (Xinhua) -- The subprime market crisis erupted in the United States has triggered financial market turmoil around the world and global financial markets continue to be "fragile" and systemic risks remain "elevated," the International Monetary Fund (IMF) said Monday

"Credit quality across many loan classes has begun to deteriorate with declining house prices and slowing economic growth," the IMF said in an update of April's Global Financial Stability Report.

The Update noted that banks have been fairly successful in raising equity so far, amounting to about three-fourths of the write-downs to date, adding that IMF analysts had little reason to change earlier estimates of aggregate potential losses from the crisis of 945 billion dollars published in April.

However, the renewed stress has made raising additional capital more difficult and increased the likelihood of a negative interaction between banking system adjustment and the real economy, the report added.

"At the same time, policy trade-offs between inflation, growth, and financial stability are becoming increasingly difficult," the report warned.

"The resilience of emerging markets to the global turmoil is being tested as external financing conditions tighten and policymakers face rising inflation," it added.

/... http://news.xinhuanet.com/english/2008-07/29/content_8829797.htm

FT: "IMF sees no end in sight to credit crisis" - http://www.ft.com/cms/s/0/a3deb7da-5caf-11dd-8d38-000077b07658.html

Gulf Times: "Credit crisis sparks ‘negative feedback loop’" - http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=232566&version=1&template_id=48&parent_id=28

[ozymandius]

79. closing the books on today's bidness

Dow 11,131.08 Down 239.61 (2.11%)
Nasdaq 2,264.22 Down 46.31 (2.00%)
S&P 500 1,234.37 Down 23.39 (1.86%)
10-Yr Bond 4.018% Down 0.093
NYSE Volume 4,327,075,000
Nasdaq Volume 1,986,859,375

4:20 pm : Monday was not a good session for stock market bulls. Stocks tumbled 1.9%, settling at session lows, after the financial sector was unable to hold onto its opening gains, prompting a broad-based sell off. A 1.2% rise in oil prices compounded selling interest.

All ten of the economic sectors posted a loss on relatively light trading volume.

The financial sector got off to a good start, rising 1.6%, even though news ahead of the opening bell was somewhat negative. Over the weekend, the FDIC shut down two undercapitalized regional banks -- First National Bank of Nevada and First Heritage Bank -- marking the sixth and seventh failures this year. The banks' deposits were taken over by Mutual of Omaha. The closures did not come as a complete shock, as it is widely expected that more regional banks will fail, although the news certainly did not help bring buyers to the table.

The financial sector quickly reversed course as a sharp drop in shares of Merrill Lynch (MER 24.21, -3.31) sent the sector tumbling. There was no specific news item to account for the 12% drop in MER, although there were heightened concerns due to some increased options buying.

In late afternoon, Treasury Secretary Paulson and four of the U.S. largest banks announced support for covered bonds as an instrument to improve mortgage financing oportunities. Covered bonds are similar to traditional asset-backed securities, but would remain on the issuers' balance sheet. The announcement did little to please investors, with the financial sector ending the session down 4.5%. The sector is down 11.5% in the last three sessions, but is still up 18.5% from its July 15 52-week low.

The consumer discretionary sector fell 2.5%, as the 1.2% rise in crude oil prices weighed on oil-sensitive names. Oil advanced on reports of unrest in Nigeria. Conversely, the energy sector outperformed on a relative basis with a 0.5% loss, although the sector fell from a gain of 1.6% as the broader market slipped.

In earnings news, telecom (-2.3%) underperformed after investors soured on Verizon Communication's (VZ 33.57, -0.88) quarterly results. The company reported slightly higher-than-expected earnings due to solid wireless growth. Wall Street was concerned with the slower growth rate of the company's FiOS service.

Kraft Foods (KFT 30.87, +1.49) posted a solid gain after the company topped Wall Street's estimate with a 16% increase in second quarter earnings per share. The company was able to offset soaring commodity costs by passing increased prices on to consumers. Conversely, Tyson Foods (TSN 15.12, -1.11) was not able to pass along its increased input prices, resulting in a 90% drop in earnings per share, which fell short of expectations.

Amgen (AMGN 60.48, +6.56) was the best performing stock on Monday. Wall Street was pleased with encouraging results related to the trial of Amgen's osteoporosis drug.

In deal news, private equity firm Kohlberg Kravis Roberts is going public through a takeover of its struggling European affiliate KKR Private Equity. The Wall Street Journal reports that the company, which will trade on the NYSE as KKR, may be valued between $12 billion and $15 billion.

As stocks struggled, Treasuries rallied. The 10-year note rose 21 ticks, sending its yield to 4.0%. DJ30 -239.61 NASDAQ -46.31 NQ100 -2.4% R2K -2.0% SP400 -1.2% SP500 -23.39 NASDAQ Adv/Vol/Dec 690/1.96 bln/2126 NYSE Adv/Vol/Dec 857/1.17 bln/2289

[Wednesdays]

80. Tokyo is taking a real beating right now

Off more than 2% and it's still early.

13083.20 Down 270.56 (2.03%)

http://www.reuters.com/article/marketsNews/idCAT8080520080729?rpc=44

Nikkei down 2 pct; financials, exporters lead fall

TOKYO, July 29 (Reuters) - The Nikkei average fell 2 percent on Tuesday, led lower by financial shares after concerns about more credit and housing market turmoil battered their counterparts on Wall Street.

Exporters like Honda Motor Co Ltd (7267.T: Quote, Profile, Research, Stock Buzz) also fell sharply amid growing uncertainty over the outlook for the global economy.

As of 0046 GMT, the benchmark Nikkei .N225 had shed 270.56 points to 13,083.22, while the broader Topix declined 2.2 percent to 1,271.81.

[Wednesdays]

82. Seoul off almost 3%, Taiwan more than 3%

http://finance.yahoo.com/q?s=^KS11

KOSPI Composite Index
Index Value: 1552.70
Trade Time: 10:02PM ET
Change: Down 45.59 (2.85%)

TSEC weighted index
Index Value: 7,007.38
Trade Time: 10:05PM ET
Change: Down 226.24 (3.13%)

[Dr.Phool]

83. Looks like Merrill-Lynch is shitting in everyone's corn flakes.

[harry123]

85. Another Merrill thread from latest breaking news

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3413212

basically, Merrill pulled the same stunt it pulled last October when it said it would write down X and it wrote down X plus a lot more. Obviously things are very very bad there. They have now written off more than they had in capital at this time last year.

[dweller]

84. wow, so Monday

is the new Friday?


i'm sticking w/ my pool date, as there are 3 more mondays until then.
dp