STOCK MARKET WATCH, Thursday 14 October

[ozymandius]

Thursday October 14, 2004

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 98
DAYS UNTIL W* GETS HIS PINK SLIP 19
DAYS SINCE DEMOCRACY DIED (12/12/00) 3 YEARS, 307 DAYS
WHERE'S OSAMA BIN-LADEN? 2 YEARS, 361 DAYS
DAYS SINCE ENRON COLLAPSE = 1057
Number of Enron Execs in handcuffs = 19
Recent Acquisitions: Ken Lay
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54

---

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

---

AT THE CLOSING BELL ON October 13, 2004

Dow... 10,002.33 -74.85 (-0.74%)
Nasdaq... 1,920.53 -4.64 (-0.24%)
S&P 500... 1,113.65 -8.19 (-0.73%)
10-Yr Bond... 4.08% -0.02 (-0.59%)
Gold future... 414.60 -1.60 (-0.39%)





GOLD, EURO, YEN, Dollars and Loonie

---

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

---

http://us.news1.yimg.com/us.yimg.com/p/umedia/20041013/cp.faa802b87c4e7ce55b7a5fb82524f24d

[UpInArms]

1. daily dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DXY0

Last trade 87.70Change -0.18 (-0.20%)

http://www.fxstreet.com/nou/noticies/afx/noticia.asp?pv_noticia=1097744315-9e32d306-16383

Forex - Dollar on backfoot ahead of US trade data

LONDON (AFX) - The dollar was on the backfoot on concerns that this afternoon's US trade report will show the deficit widening even further

Analysts expect the trade gap to widen to 51.5 bln usd in August from 50.1 bln in July

Hans Redeker, global head of FX strategy at BNP Paribas, will be interested in more than just the headline number, adding that the dollar will come under renewed pressure if the report shows simultaneously declining exports and imports

Redeker also noted that the the US administration will breach its 7.384 bln usd debt ceiling in the next few days, "eliminating the dollar supporting effect of the homeland investment act". Congress' approval of the Act, which will lower taxes on US corporate profits earned abroad to 5.25 pct from 35 pct for 12 months, earlier this week, helped provide the dollar with some support

The greenback has also been buoyed in recent days after currencies such as the Australian dollar and Canadian dollar faltered in the wake of a sharp retreat in commodity prices

"Yesterday's sharp drop in the value of commodity currencies alongside a sharp drop in metals prices underlined the vulnerability of these high yielders to commodity price declines," said Daragh Maher, senior forex strategist at CALYON

The key release for the dollar this week is tomorrow's US retail sales report for September, and BNP Paribas' Redeker thinks core sales will need to rise by more than 0.3 pct on a month-on-month basis to provide the dollar support

"The near term prospect for the dollar has weakened and the overnight decline of bond yields, cross currency yield differentials and equity markets suggest the dollar will remain under pressure," he added

...more...

http://futures.fxstreet.com/Futures/news/afx/singleNew.asp?menu=economicnews&pv_noticia=MTFH73316_2004-10-14_10-37-15_L14612380

GLOBAL MARKETS-Oil at $54 undermines stocks, boosts bonds

LONDON, Oct 14 (Reuters) - Oil's move back above $54 a barrel and plunging industrial metal prices weighed on European shares on Thursday, but boosted government bonds on renewed risks of a slowdown in economic growth.

The jump in oil prices and inertia ahead of U.S. trade data due out at 1230 GMT knocked the dollar from three-week highs against the euro and saw it slip against the yen.

European stock markets traded weaker, despite a spate of positive earnings news from technology firms. The tech-heavy DAX <.GDAXI> underperformed European peers with a 0.9 percent drop while the pan-European FTSE Eurofirst 300 <.FTEU3> index slipped 0.5 percent by late morning.

New York Mercantile Exchange (NYMEX) November crude oil futures <CLc1> briefly touched $54.20 a barrel, close to Tuesday's record high of $54.45. U.S. weekly oil inventory data , due at 1430 GMT, are expected to show tight heating fuel stocks going into the northern hemisphere winter.

<snip>

The dollar hovered near late U.S. levels on Thursday with Wednesday's spike to a three-week high against the euro cut back by rebounding oil prices. Worries surfaced that the higher cost of oil could worsen the U.S. trade deficit as the country is the world's biggest net importer of oil

The greenback dipped $1.2360 per euro <EUR=> and also slipped a quarter-percent against the yen to 109.50 <JPY=>.

...more...

It's MaeveDay!

Reports due today:

Oct 14 8:30 AM
Export Prices ex-ag. Sep
report -
briefing.com anticipates NA
market anticipates NA
last report 0.4%
revised -

Oct 14 8:30 AM
Import Prices ex-oil Sep
report -
briefing.com anticipates NA
market anticipates NA
last report 0.4%
revised -

Oct 14 8:30 AM
Initial Claims 10/09
report -
briefing.com anticipates 340K
market anticipates 340K
last report 335K
revised -

Oct 14 8:30 AM
Trade Balance Aug
report -
briefing.com anticipates -$51.8B
market anticipates -$51.4B
last report -$50.1B
revised -

Have a Great Day Marketeers!

[UpInArms]

5. reports in - not good on trade gap

8:30am 10/14/04 U.S. AUG. TRADE GAP WIDENS 6.9% TO $54.0 BLN

8:30am 10/14/04 U.S. AUG. TRADE GAP ABOVE CONSENSUS OF $51.6 BLN

8:30am 10/14/04 U.S. AUG. TRADE GAP WITH CHINA RECORD $15.4 BLN

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.3545023148-823541987&siteID=mktw&scid=0&doctype=806&

U.S. trade gap widens sharply in Aug. on oil imports

WASHINGTON (CBS.MW) -- The U.S. trade deficit widened by 6.9 percent in August to $54.0 billion, the Commerce Department said. This is the second highest trade gap on record and was above the consensus forecast of Wall Street economists of a deficit of $51.6 billion. Imports rose faster than exports in August. Much of the increase in the deficit came from a larger amount and higher cost of imported oil. The U.S. trade deficit with China widened to a record $15.4 billion in August compared with $11.7 billion in the same month last year.

[UpInArms]

8. Dollar weakens after U.S. trade data

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&guid=%7BDC8B5223-F6B1-4176-A38F-8873853D7F25%7D&

CHICAGO (CBS.MW) -- The dollar extended its decline in the wake of a report showing the U.S. trade deficit widened by 6.9 percent in August to $54 billion. The dollar was lower ahead of the report amid expectations for another record or near-record reading. This is the second highest trade gap on record and was above the consensus forecast of Wall Street economists of a deficit of $51.6 billion. The dollar was quoted at 109.24 yen compared to 109.35 yen just ahead of the report's release. The dollar is down 0.6 percent against the yen compared to late U.S. trading on Wednesday. The euro was quoted at $1.2408 compared to $1.2377 before the report. The dollar is down 0.4 percent against Europe's shared currency compared to Wednesday.

and here's another perspective:

8:34am 10/14/04 US SEPT. OIL IMPORT PRICES UP 48.7% IN PAST YEAR

[ozymandius]

13. McTeer was right about this one.

From the WrapUp -

Oct. 7 (Bloomberg) -- The record U.S. current account deficit will lead to an inevitable decline in the value of the dollar, a drop that might be rapid and provoke a financial crisis, Dallas Federal Reserve Bank President Robert McTeer said.

In a New York speech, McTeer said a precipitous drop in the U.S. currency would lead to a big jump in interest rates. He offered no easy policy solution, saying he `` feels foolish warning about it'' because ``nothing bad has happened so far.''

[UpInArms]

14. reminds me of that old saying

"that which cannot go on indefinitely, will not"

[54anickel]

44. "Nothing bad has happened so far" WTF does that mean? Sheesh

are we a cat with 9 lives? Should we consider ourselves damned lucky? Good grief!

I apologize for popping in and out the past few days, once again working on a paper that's due tonight. I didn't even procrastinate this time, just had a lot of research to sort through on this one.

I'm starting to wonder if this "edumacation" is worth it. Sure, I'm learning a lot, but is it worth all the damned money to basically teach myself using google? Heck, I do that as a hobby!

[Maeve]

46. Isn't that what the guy said as he was falling off the skyscraper?

"15 floors and still doing fine!"


Thud.

[UpInArms]

48. wonder if the Fed govs have their "execu-chutes" handy?

[Media_Lies_Daily]

52. "It's not the FALL that kills you, it's the IMPACT!"

[ozymandius]

47. Even an obese gorilla can be useful.

Sure the beast overeats and doesn't get enough exercise. But we still need that monster to do some of the heavy lifting around the place.

Metaphorically speaking, maybe that's why nothing horrible has happened so far. The world still needs someone to do the heavy lifting if some sense of decorum is to be maintained.

[UpInArms]

58. speaking of gorillas

Competitiveness's 800-Pound Gorillas

http://www.forbes.com/home/commerce/2004/10/14/cx_pm_1014wef.html

NEW YORK - The World Economic Forum looks at countries' competitiveness through both ends of the economist's telescope--the macro end and the micro one.

The macro measure is the Global Competitive Index, in which Finland beat out the U.S. for the top position this year (see: "Finland Tops Competitiveness Index"). The Business Competitive Index reflects the micro measure: how hospitable a country is to business and how well companies exploit the business environment they find themselves in. Here the U.S. has regained the top spot in the BCI it yielded to Finland last year. As the main reasons, the WEF cites the sophistication of U.S. companies' marketing, the availability of venture capital, the intensity of local competition and the quality and quantity of local suppliers.

Big-economy countries do much better in this ranking than they do in the Growth Competitiveness Index. Germany, the U.K., Japan and the Netherlands all make the top ten in the BCI, whereas only Japan joins the U.S. among the GCI's elite.

<snip>

"Countries with the nimbleness demanded for such cross-border arrangements are reaping the benefits of higher economic growth rates and improvements in living standards," says Augusto Lopez-Carlos, WEF chief economist. The complexity of the global economy is "changing our understanding of what are emerging as the key factors determining a country's growth performance."

...more...

[UpInArms]

6. Jobless claims up 15K to 352,000

8:32am 10/14/04 US WEEKLY JOBLESS CLAIMS +15,000 TO 352,000

U.S. weekly jobless claims rise in latest week

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.3669675926-823543353&siteID=mktw&scid=0&doctype=806&

WASHINGTON (CBS.MW) -- The number of people filing for state unemployment insurance rose in the latest week, the Labor Department said Thursday. Initial claims rose 15,000 to 352,000 in the week ended Oct. 9, while the four-week average of claims rose 4,000 to 353,000. That's the highest four-week average since the week ended February 28. Economists generally prefer to track the four-week average, since it smoothes out weekly distortions caused by weather and other one-time events. Economists had been expecting about 340,000 claims in the latest week, according to a survey conducted by CBS MarketWatch.

(edited to add newsblurb)

[ozymandius]

10. Is Elaine Chao's department already packing their bags?

It would seem to say so since the weekly jobless claims figures have been reported so brutally honestly lately.

[UpInArms]

12. haven't you heard? Job losses are a "myth"

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x903518

http://www.salon.com/politics/war_room

excerpt:

At a Republican barbeque in Ohio Monday, Treasury Secretary John Snow said it was a "myth" that Bush will end his first term with a net loss in jobs. The budget surplus Bush inherited when he took office? That was a "mirage," Snow said.

We really have to show these idiots the street and push them right on out the door. :grr:

[ozymandius]

15. Snowjob would garner more respect from me if he were

to don a clown suit (a-la Clem Cladiddlehopper) and a fuzzy rainbow wig. The absolute vacuousness of this man makes me embarrassed for him.

Do you remember the old Nixon meme? "Would you buy a used car from this man?"

[UpInArms]

25. found a recent photo of SnowJob for you

[ozymandius]

28. HA!

really captures the essence of the man...

[Media_Lies_Daily]

37. Reminds me of Stephen King's "It".

[UpInArms]

7. More Reports

8:33am 10/14/04 US FOUR-WEEK AVERAGE JOBLESS CLAIMS +4,000 TO 353,000

8:33am 10/14/04 US SEPT. IMPORT PRICES UP 0.2%

8:33am 10/14/04 US SEPT. OIL IMPORT PRICES UP 0.6%

[UpInArms]

11. U.S. import prices up 0.2% in September

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&guid=%7BC709DB79-70B0-41D9-8F3C-977FA6565AF0%7D&

WASHINGTON (CBS.MW) -- Record high oil prices caused the prices of imported goods to rise 0.2 percent in September, the Labor Department said Thursday. Prices of imported oil rose 0.6 percent in the month, while overall export prices rose 0.4 percent. Economists polled by CBS MarketWatch were expecting an overall rise of 0.5 percent in September. There were no price declines in any of the major sub-categories of imports. Non-oil imports rose 0.1 percent in September, the eleventh consecutive month without a decline.

[ozymandius]

24. Dollar dips as oil remains firm

The US dollar drifted lower in European morning trade on Thursday, with dollar bulls disappointed that Wednesday's meltdown in metals prices had not spread to the oil market.

With a slowdown in demand growth from China cited as a prime cause for the metal sell-off, speculators had gambled that the same factor would help burst the oil price bubble.

-cut-

"Given the scale of declines in metal prices, speculation quickly built that oil could also see a significant decline as speculators rushed to square up long oil positions," said Derek Halpenny, senior currency economist at Bank of Tokyo-Mitsubishi. "That helped drive 10-year yields higher and fuelled dollar buying. However, the failure of the oil market to follow the metals market saw a rapid reversal in the bond market and the foreign exchange market."

Political uncertainty is also continuing to weigh on the greenback, with messrs Bush and Kerry still neck-and-neck after Wednesday's final presidential debate. "The apparent closeness of the race may be undermining the dollar for the moment, mainly because it produces uncertainty, something that financial markets so dislike," said Chris Gothard, currencies strategist at Brown Brothers Harriman.

http://story.news.yahoo.com/news?tmpl=story&cid=1106&ncid=1106&e=2&u=/ft/20041014/bs_ft/bc9c4e381dc811d99c2400000e2511c8

[UpInArms]

71. Dollar lower after U.S. trade data

U.S. trade deficit stands at near-record $54 billion

http://cbs.marketwatch.com/news/story.asp?guid=%7B269DED97%2D9E18%2D4FFA%2DA7A9%2DB90CF984A867%7D&siteid=mktw

CHICAGO (CBS.MW) - The U.S. dollar was lower Thursday after a report showed the U.S. trade deficit is at its second widest on record.

The report "is categorically bearish for the dollar," said Charmaine Buskas, an analyst with Economy.com.

In early afternoon trading, the dollar was quoted at 109.53 Japanese yen compared to 109.35 yen just ahead of the report's release. The dollar is down 0.2 percent against the yen compared to late U.S. trading on Wednesday. It was around 0.6 percent lower in morning action.

<snip>

"Friday's disappointing nonfarm payrolls combined with today's trade figures underscore the dollar's deficiencies on the external and domestic fronts," said Ashraf Laidi, chief currency analyst with MG Financial Group.

"And with waning probabilities of a Fed rate hike -- fed funds futures see a 26 percent chance of a quarter point hike by December, down from 80 percent three weeks ago -- prospects for interest-rate differential advantage are looking bleak," he said.

"These growing negatives for the U.S. dollar leaves intact our postulation that traders will shun the currency as the election draws near in favor of the commodity currencies of Australia and Canada."

"Also weighing on the greenback is the fact that oil began to rise again, after retreating yesterday," said Buskas.

...more...

[UpInArms]

2. Global Imbalance Is Risk for Economic Growth, BOJ's Fukui Says

http://quote.bloomberg.com/apps/news?pid=10000101&sid=aGScG_2RXzH8&refer=japan

Oct. 14 (Bloomberg) -- Global imbalances including the U.S. current account deficit pose a risk to world economic growth and policy makers should have a ``good mix of policies'' to rectify them, Bank of Japan Governor Toshihiko Fukui said.

``Adjusting imbalances entirely through exchange rate realignments is neither practical nor desirable,'' Fukui said in a speech at an annual meeting of the World Federation of Exchanges in Tokyo yesterday. ``We need to have a good mix of policies,'' he said. The bank published the speech on its Web site late yesterday.

Most of the imbalances are ``concentrated in the external account of the United States,'' Fukui said, adding deficits observed in the mid 1980s led to ``a rather painful correction of the dollar.''

<snip>

The current account shortfall grew to a record $166.2 billion in the second quarter, increasing U.S. dependence on foreign capital.

Japan's current account surplus increased to 1.73 trillion yen ($15.8 billion) in August from 1.39 trillion yen in July, seasonally adjusted, the Ministry of Finance said in Tokyo yesterday. The surplus hit a record high of 1.89 trillion yen in May.

If market sentiment for a weak dollar increases, ``there would be a rush to convert dollars into alternative assets'' and that could ``impair the smooth functioning of the international financial system,'' Fukui said. ``We must think about how to adjust the imbalances to more comfortable and manageable levels.''

There were worries a year ago that the U.S. currency ``might fall sharply, were it not for continued and heavy currency market intervention by Asian monetary authorities,'' Fukui said.

...more...0/i]

[UpInArms]

3. Google on Bangalore hiring spree

http://www.news.com.au/common/story_page/0,4057,11069350%255E15306,00.html

NEW Google features and services would come from the company's research centre in the southern Indian city of Bangalore, where Google has been on a hiring spree, founders Larry Page and Sergey Brin said.

"One approach we are taking is that Bangalore is where we run a mirror exactly of what we have in the United States in terms of development," Mr Brin said.

Messrs Page and Brin said they were visiting India looking for "extraordinary talented entrepreneurial people who want to make a big change in the world".

Researchers in Bangalore would work with their counterparts in Google's US offices to conceptualise new services and develop software, they said.

<snip>

Google set up offices in the southern Indian cities of Bangalore and Hyderabad earlier this year. Google was in fact "too late" in tapping Indian talent, Mr Brin said.

...more...

Just a note:

www.a9.com

[UpInArms]

4. General Motors Q3 earns decline, miss expectations

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.3390509259-823540267&siteID=mktw&scid=0&doctype=806&

NEW YORK (CBS.MW) -= General Motors (GM) reported third-quarter earnings of $440 million, or 78 cents a share, down from earnings from continuing operations of $448 million, 80 cents a share in the same period a year ago, and below the average analyst estimate compiled by Thomson First Call of 96 cents a share. Weak automotive results, including increased losses in Europe, lower production in North America and slower growth in China offset strong results at its financing arm, General Motors Acceptance Corp. Revenue 3.1 percent to $44.86 billion. Looking ahead, the world's biggest automaker now expects to earn $6 to $6.50 a share in 2004, below previous projections of $7 a share. The stock, a component of the Dow industrials, closed Wednesday down 50 cents at $41.80.

[UpInArms]

39. The Wheels Come Off At GM

http://www.forbes.com/2004/10/14/cx_vc_1014gmmini.html

General Motors (nyse: GM - news - people ) posted weaker-than-expected third-quarter earnings this morning, cut its forecast for the full year and announced that it will lay off 12,000 workers in Europe, nearly one-fifth of its workforce there. Its auto business posted a loss of $130 million, reversing $34 million in black ink in the year-earlier quarter. Once again, GM's finance unit had a bang-up quarter, posting net income of $656 million, but overall revenue rose just 3.1% from the year-earlier period, at the low end of the auto maker's forecasts.

Slow growth around the globe caused GM to cut its full-year guidance to between $6 and $6.50 per share, down from $7 per share. The company has an inventory overhang of 2004 models, and its 2005 offerings have gotten mixed reviews (see: "Fall New Car Forecast").

...more...

[hatrack]

49. Funny - w. $2.25 gasoline, GMC Mastodon sales are slumping badly!

And these guys are the hard-eyed realist captains of industry? Sheesh.

[ozymandius]

91. When referring to GM - that's a huge slice of the auto market.

And yet - every American car manufacturer has consistently lost marketshare over the past year. The appeal of these American autos has sunk so low that the manufacturers are showing more profit from their lending trade than their manufacturing trade. In essence, they are banks.

But when your cars do not compete with overseas makers, lag behind in technological development such as fuel-saving transmissions and alternative fuel/hybrid vehicles, how will the corporation continue to post any profit if it cannot enlist customers in its financing business?

[ozymandius]

9. WrapUp by Mike Hartman

DOW INDUSTRIALS CRAWL BACK TO 10,000

Stocks prices opened higher with good news coming from Intel on lower chip inventories and Yahoo raising their forecast for 2004 operating income from $995 million to $1.01 billion. Stocks also got an early bounce with crude oil falling to $52.15 in early trading, but the gains for the Dow Industrials didn’t last long as the index fell below yesterday's close just one hour into today’s session. Floor traders commented to a CNBC reporter that Intel shares were oversold and today’s gain had more to do with short covering, and also added that the chip sector was “not out of the woods yet.” Similarly, Treasury prices began the day lower with renewed confidence oil prices will come down reducing the drag on the economy of high energy prices. With crude falling below $52 per barrel, bond prices began to turn positive as stock prices fell into negative territory. While the tug-o-war continued with stocks and bonds, the dollar strengthened and commodity prices generally moved lower, especially copper falling more than 10% today.

-cut-

Primary Trends

Based on the heavy volume of emails I received last week, it’s clear that investors are getting caught up in a great deal of the “market noise” out there. At this point in the game it’s nearly impossible to separate financial markets from politics. With the election just three weeks away the noise will probably get even louder. For those of you that haven’t received an email reply from last week, please bear with me as I’m fighting a flu bug. I will be cutting this WrapUp short, but there are a few things I really want to get out there.

-cut-

Presidential Debate Tonight

So far the analysts are saying Kerry wins on most domestic issues and Bush shows his strength with the war on terror and lower taxes. On Friday I got an email from one of my investing buddies just after the labor report came out much weaker than expected. His comments were short and to the point. He said, “Looks like they had to choose between Bush and the bond market…they decided to flush Bush and support bonds with weak economic data.” The weak labor numbers came the day of the last debate and today I’m a bit surprised to see the Dow Industrials breaking below the psychological 10,000 level. Richard Russell points out that an incumbent has never been re-elected when the Dow has dropped more than 0.5% in the October preceding the presidential elections.

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

There's also a segment about Robert McTeer.

[KoKo]

30. I wonder when "Big Phil" will be available for purchase...from article:

"Big Phil?" :eyes:


Robert Mundell introduced a huge gold coin called “Big Phil” and spoke to the merits of gold as a long standing asset for the preservation of wealth. Now we get this one on the prospects of a gold-backed global currency. Who knows if or when it will happen, but it looks like the N.W.O. gang are using Mr. Mundell as a mouthpiece to plant some seeds for future consideration. Mr. Mundell is no slouch when it comes to currencies since he is the one who laid out the framework to launch the euro. At the time of the euro launch he also indicated that the euro was a stepping stone to the bigger global currency…we shall see.

[UpInArms]

16. Bernanke opens pie-hole

9:00am 10/14/04 BERNANKE: FLOATING EXCHANGE RATES BEST FOR MOST NATIONS

9:00am 10/14/04 BERNANKE URGES CHINA TO ADOPT FLOATING EXCHANGE RATE

9:00am 10/14/04 BERNANKE MAKES NO COMMENTS ON U.S. MONETARY POLICY

Bernanke urges floating exchange rates for all

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.3751273148-823544220&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

WASHINGTON (CBS.MW) - Most economies in the world would benefit from floating exchange rates, increased capital mobility and policies that focus on low inflation, Federal Reserve Gov. Ben Bernanke said Thursday. Attempted to fix the exchange rate rarely works to lessen volatility except in the short run, he said in prepared remarks at a discussion on international capital flows at the Cato Institute. "Moving toward exchange rate flexibility is in the interest of China as well as the rest of the world," Bernanke said.

[UpInArms]

17. How 'bout those health care providers!

http://cbs.marketwatch.com/news/story.asp?guid=%7B8CB41B0D%2DFC59%2D43CD%2D9EDE%2DF4B36F30D49F%7D&siteid=mktw

UnitedHealth posts 35% profit surge

WASHINGTON (CBS.MW) -- UnitedHealth Group's earnings climbed 35 percent for the third quarter compared to last year, due to robust customer growth and consistent operations, the company reported Thursday.

<snip>

UnitedHealth also posted $9.86 billion in total revenue, up from $7.24 billion for the 2003 quarter and better than the First Call-derived average of $9.72 billion.

...more...

Makes your heart just soar for those CEO bonuses!

[ozymandius]

19. This, unfortunately, is our insurance company.

While it is really good insurance, they just instituted deductibles for prescription medication. Our son needed eyedrops to the tune of $45. This applied toward the deductible. There have been recent times when this pawltry expense would have really hurt us.

I get so angry when I see a company earning huge profits after requiring its members to pay more for less.

[Media_Lies_Daily]

22. When you can simultaneously raise premiums AND....

...refuse to insure anybody but the very healthy, how can your profits NOT go way up?

There may be close to 50 to 60 million people that are now uninsured...the health insurance industry should be ashamed.

[UpInArms]

18. Citigroup CEO on recent scandals: "more to come"

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.3852430556-823545419&siteID=mktw&scid=0&doctype=806&

NEW YORK (CBS.MW) -- Responding to his company's recent scandals in Japan and Europe Citigroup (C) Chief Executive Charles Prince said Thursday the scandals may not be over. "I'm not prepared to go into that just yet, but there is more to come," Prince said when asked directly about his comment. Japanese regulators have shuttered Citi's private bank in that country and European regulators have accused the company of wrongdoing in underwriting government bonds.

[ozymandius]

21. This could explain the rash of parachutes over the recent months. n/t

[UpInArms]

20. pre-opening blather

briefing.com

9:18 ET S&P futures vs fair value: -1.0. Nasdaq futures vs fair value: -0.5. Futures market showing some modest improvement, but current indications suggest a relatively flat start for the cash market... Good earnings news from AAPL, BAC, and UNH is helping to offset some of the concern surrounding increasing oil prices, and disappointing earnings pronouncements from the likes of GM, NVLS, SNDK and LIN

8:51AM: S&P futures vs fair value: -2.2. Nasdaq futures vs fair value: -4.0.

8:36AM: S&P futures vs fair value: -1.8. Nasdaq futures vs fair value: -3.5. Early tone not helped by initial claims and trade deficit reports, both of which checked in weaker than expected (claims 352K vs 340K consensus... Trade deficit -$54.0B vs -$51.4B consensus)... deficit report apt to invite chatter about possible downward revisions to Q3 GDP estimates

8:14AM: S&P futures vs fair value: -0.6. Nasdaq futures vs fair value: -4.0. Cash market likely to start the session on a modestly lower note... Yesterday's weak close, more disappointing guidance from the semiconductor space (namely from NVLS), and GM missing Q3 estimates and cutting its FY04 outlook have contributed to the lack of buying interest in the futures market

ino.com

The December NASDAQ 100 was slightly lower overnight due to spillover selling following Wednesday's downside reversal. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends the recent breakout below the 10-day moving average, a test of the August-September uptrend line crossing near 1409.10 is the next downside target. The December NASDAQ 100 was up 0.50 pts. at 1436.50 as of 5:51 AM ET. Overnight action sets the stage for a steady to weaker opening by the NASDAQ composite index later this morning.

The December S&P 500 index was slightly higher overnight due to short covering as it consolidates some of Wednesday's loss but remains below the 40-day moving average crossing at 1116.69 and the August- September uptrend line. Stochastics and the RSI are bearish signaling sideways to lower prices are possible near-term. Yesterday's breakout below the aforementioned uptrend line opens the door for a test of the 50% retracement level of the August-October rally crossing at 1102.60 and then September's low crossing at 1101.60 later this fall. Overnight action sets the stage for a steady to firmer opening when the day session begins later this morning.

[ozymandius]

26. more...

U.S. Stock Futures Point to Weak Open

NEW YORK (Reuters) - U.S. stock futures drifted lower on Thursday, pointing to a weak open on Wall Street, as automaker General Motors Corp. (NYSE:GM - news) posted earnings below Street estimates and a government report showed initial claims for U.S. jobless aid rose more than expected.

GM posted slightly stronger quarterly earnings, but the results were at the low end of its own forecast and the automaker cut its earnings outlook for the year due to slowing growth in China and mounting losses in Europe.

-cut-

"The Dow futures are falling because of a disappointing weekly jobs number and a larger-than-expected trade deficit. To add insult to injury, we had disappointing profits from General Motors and rising oil prices early on," said Phil Flynn, vice president and senior market analyst at Aaron Trading Corp.

http://story.news.yahoo.com/news?tmpl=story&ncid=1196&e=1&u=/nm/bs_nm/markets_stocks_dc&sid=95609877

[UpInArms]

23. Julie Williams named acting Comptroller of the Currency

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.392662037-823546281&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

NEW YORK (CBS.MW) -- The U.S. Treasury said Thursday that Julie Williams has became Acting Comptroller of the Currency, succeeding John Hawke, Jr. who completed a five-year term Wednesday after serving as Comptroller for nearly six years. Williams has been First Senior Deputy Comptroller since 1999 and also Chief Counsel since 1994, the Treasury said. Deputy Chief Counsel Daniel Stipano will serve as Acting Chief Counsel.

[KoKo]

29. I was up late last night...when I scanned your post saw: "Juan Williams"

named as acting Comptroller of the Currency.....:eyes:

[UpInArms]

27. 9:42 EST markets are open

Dow 9,985.37 -16.96 (-0.17%)
Nasdaq 1,916.07 -4.46 (-0.23%)
S&P 500 1,112.92 -0.73 (-0.07%)
10-Yr Bond 4.065% -0.013

NYSE Volume 62,467,000
Nasdaq Volume 126,482,000

[UpInArms]

31. adding insult to injury - Kozlowski

http://www.forbes.com/associatedpress/feeds/ap/2004/10/13/ap1589814.html

Former Tyco Executives Sue for Legal Fees

The two former top executives of Tyco International who face a retrial in January on charges of looting the conglomerate of $600 million have sued to force an insurance company to pay their legal bills.

Former Tyco chief executive Dennis Kozlowski and Mark Swartz, the company's one-time chief financial officer, asked a court to direct Twin City Fire Insurance to pay legal bills that they say have surpassed $25 million.

The first trial of Kozlowski, 57, and Swartz, 44, on charges of stealing $170 million in unauthorized pay and $430 million in profits from manipulated stock ended in a mistrial in April. Their second trial is scheduled Jan. 18.

Court papers filed Tuesday in Manhattan Supreme Court say Twin City, a unit of Hartford Financial Services Group, is obligated help cover their legal bills.

The pair has already exhausted the first $25 million of coverage provided by Federal Insurance Co. The Twin City policy provides an additional $25 million in coverage.

...more...

these people (loose interpretation of word applied) are scum.

[UpInArms]

32. 10:21 EST numbers and blather

Dow 9,982.79 -19.54 (-0.20%)
Nasdaq 1,918.35 -2.18 (-0.11%)
S&P 500 1,113.90 +0.25 (+0.02%)
10-Yr Bond 4.058% -0.020

NYSE Volume 244,436,000
Nasdaq Volume 331,200,000

10:00 ET Negative bias continues but action is fairly stable...oil prices will of course be closely watched during the day, as will the SOX semiconductor index, which is now down 2.3% as Novellus (NVLS 25.75 -1.13) gave a disappointing fourth quarter outlook with their third quarter earnings report...after the close, there are a number of smaller technology companies due to report as well as Sun Microsystems (SUNW)... ..NYSE Adv/Dec /. ..NASDAQ Adv/Dec /.

9:45AM: Indices hold up pretty well considering negative bias in futures...General Motors (GM 39.65 -1.65) a big hit on earnings miss and hurts the Dow...Apple Computer (AAPL 42,91 +3.16) up strongly on excellent earnings report...Citigroup (C 44.04 -0.07) another large company that reported earnings...oil is up 20 cents...

It's only a flesh wound! I can still spit on ye!

(Monty Python fans might recall this line)

[KoKo]

33. Spitzer Halts Sale of 9/11 Coins Made of Silver Recovered at Ground Zero.

Spitzer halts sale
of 9/11 coins he calls fraud

ALBANY, N.Y. - New York Attorney General Eliot Spitzer on Wednesday obtained a court order to temporarily suspend the sale of commemorative Sept. 11 coins heavily advertised as being minted from silver recovered at ground zero.
Spitzer said the sale of the silver dollars emblazoned with the World Trade Center towers on one side and the planned Freedom Tower on the flip side is a fraud and he's investigating the claim the silver came from the ruins of the twin towers.

"It is a shameless attempt to profit from a national tragedy," Spitzer said. "This product has been promoted with claims that are false, misleading or unsubstantiated." He said the coin advertised as nearly pure silver is only silver plated, produced by a Wyoming company called SoftSky Inc.
---SNIP---

The TV and print ads include one fashioned after a news story that reads: "Today, history is being made. For the first time ever, a legally authorized government issue silver dollar has been struck to commemorate the World Trade Center and the new Freedom Tower being erected in its place ... Most importantly, each coin has been created using .999 pure silver recovered from ground zero!"
----SNIP---

The temporary halt on sales is pending a civil suit filed by Spitzer in state Supreme Court. Spitzer seeks civil penalties, restitution to those who bought the coins, greater consumer disclosure and full disclosure that the coins aren't endorsed by the federal government.
http://www.msnbc.msn.com/id/6239155 /

[Media_Lies_Daily]

38. I also think those coins are clad, as opposed to being 100% silver.

[KoKo]

43. yes...article says just a silver coating applied in Wyoming. I wonder

how many thousands they scammed with that one. At least Spitzer says they will try to get restitution for those who bought them. :-(

[UpInArms]

34. oil inventories report

10:31am 10/14/04 U.S. CRUDE STKS UP 4.2 MLN BRLS LAST WK: ENERGY DEPT

10:31am 10/14/04 U.S. GAS STKS UP 1.2 MLN BRLS LAST WK: ENERGY DEPT

10:31am 10/14/04 U.S. DISTILLATE STKS DOWN 2.5 MLN BRLS: ENERGY DEPT

[UpInArms]

35. the components' fluctuations are what to watch for

http://quote.bloomberg.com/apps/news?pid=10000086&sid=a7kDVuxbTDKA&refer=news_index

Oil prices have fluctuated by almost $3 a barrel in the past two days after concern that rising energy costs will slow the global economy and oil demand growth halted a rally that drove prices to six straight records. The European Central Bank said today high prices could ``dampen the strength'' of economic recovery.

Distillate supplies probably fell 1 million barrels in the week ended Oct. 8 from 123.4 million barrels, according to the median of forecasts by 14 analysts before the report. All of the analysts expected a decline. Inventories in last week's report were 6.2 percent lower than a year earlier.

Heating oil for November delivery was up 0.44 cent, or 0.3 percent, at $1.5035 a gallon in New York. Prices reached $1.5098, the highest since the fuel began trading in 1978. Gasoline for November delivery was up 0.37 cents, or 0.3 percent, at $1.412 a gallon in New York.

[UpInArms]

36. 10:42am 10/14/04 CRUDE FUTURES UP 1% AT $54.15

guess someone figured out about those distillate supplies :shrug:

[UpInArms]

45. API posts rise in crude, fall distillate stocks - $54.50 per bbl

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.4662847222-823554327&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

SAN FRANCISCO (CBS.MW) -- The American Petroleum Institute said crude inventories for the week ended Oct. 8 rose by 3.7 million barrels to total 276.9 million. The Energy Department reported a 4.2 million-barrel rise. Distillate stocks were down 2.9 million barrels at 118 million barrels. Gasoline stocks rose by 537,000 barrels to total 199.8 million, according to the API data. November crude is now up 86 cents at $54.50 a barrel in New York.

[UpInArms]

57. Crude Oil Surges to Record on Report of Heating Oil Supply Fall

http://quote.bloomberg.com/apps/news?pid=10000006&sid=aqEvuXoJFqbk&refer=home

Oct. 14 (Bloomberg) -- Crude oil rose to a record $54.60 a barrel in New York after an Energy Department report showed that U.S. supplies of distillate fuels, including heating oil and diesel, plunged last week.

Distillate inventories fell 2.5 million barrels, or 2 percent, to 120.9 million, the lowest since the week ended July 23. Heating oil stockpiles declined 1.2 million barrels, or 2.3 percent, to 50 million barrels. The department released its weekly report on petroleum inventories at 10:30 a.m. in Washington.

``The distillate supply number is leading crude higher,'' said Marshall Steeves, an energy analyst with Refco Group Inc. in New York. ``Stocks are low and going lower in the run-up to winter, which gets people up in arms about supplies running out in winter.''

Crude oil for November delivery was up 76 cents, or 1.4 percent, at $54.40 a barrel at 11:06 a.m. on the New York Mercantile Exchange. Prices reached $54.60, the highest since futures began trading in 1983. Oil futures were up 71 percent from a year earlier.

...more...

Did someone say my name? :evilgrin:

[UpInArms]

62. NOV CRUDE UP $1.04 AT $54.68 AFTER $54.75 RECORD HIGH

n/t

[UpInArms]

79. Crude, heating-oil futures close at new records - $54.76 bbl

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.6235300926-823570743&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (CBS.MW) -- Crude and heating-oil futures closed at new record highs in New York after two U.S. reports sparked fresh concern over winter heating-fuel stocks. November crude rose $1.12 to close at $54.76 a barrel after climbing as high as $54.88 earlier. November heating oil closed at $1.5491 a gallon, up 5 cents after an intraday peak of $1.55.

[UpInArms]

40. SnowJob's stricken by the facts

Snow: Treasury takings steps to avoid debt limit

WASHINGTON (CBS.MW) -- Treasury Secretary John Snow said his department had begun taking special actions so the federal government would avoid hitting the legally mandated debt ceiling of $7.38 trillion. In a letter to Senate Majority Leader Bill Frist, R-Tenn., Snow called on Congress "to increase the debt limit by mid-November, at which time all of our previously used prudent and legal actions to avoid breaching the statutory debt limit will be exhausted."

11:00am 10/14/04 SNOW: TREASURY TAKING ACTION TO STAY UNDER DEBT LIMIT

11:00am 10/14/04 SNOW: CONGRESS MUST RAISE DEBT LIMIT BY MID-NOVEMBER

[UpInArms]

56. Treasury acting to avoid hitting debt limit

http://cbs.marketwatch.com/news/story.asp?guid=%7BD7522DD9%2D52A6%2D4DE0%2D9BBC%2D53722795382C%7D&siteid=mktw

Snow urges Congress to raise limit by mid-November

WASHINGTON (CBS.MW) -- The Treasury Department has begun taking special actions so the federal government would avoid hitting the legally mandated debt ceiling of $7.38 trillion, Treasury Secretary John Snow said.

<snip>

Snow released the letter less than 24 hours after President Bush and Sen. John Kerry, D-Mass., faced off for their third and final debate, which focused primarily on domestic issues.

"This president has taken a $5.6 trillion surplus and turned it into deficits as far as the eye can see," Kerry said in the debate, held late Wednesday at Arizona State University in Tempe, Ariz.

<snip>

"For the third time in three years, the government has run up so much debt that it has hit the legal debt ceiling. The Treasury Department can prevent default only by taking extraordinary actions, which amount to bookkeeping gimmicks," said Rep. John Spratt, D-S.C., ranking member of the House Budget Committee.

...more...

here's that number:



The estimated population of the United States is 294,529,833
so each citizen's share of this debt is $25,230.94.

The National Debt has continued to increase an average of
$1.71 billion per day since September 30, 2003

[54anickel]

66. After the debate - how conveeeeenient! n/t

[UpInArms]

41. 11:06 EST numbers and blather

Dow 9,949.16 -53.17 (-0.53%)
Nasdaq 1,910.76 -9.77 (-0.51%)
S&P 500 1,110.73 -2.92 (-0.26%)
10-Yr Bond 4.059% -0.019


NYSE Volume 412,909,000
Nasdaq Volume 526,843,000

11:05 ET Oil pops back up and stock knee-jerk down...the risk may very well be on the down side in the days ahead...higher oil prices have hurt stocks, while lower prices haven't helped as much...meanwhile, the market needs to wait a while to assess earnings trends better...with so many key earnings coming out in the weeks ahead, the market may reflect caution...

still, the action today is reasonably stable... ..NYSE Adv/Dec 1594/1304. ..NASDAQ Adv/Dec 1147/1475.

[ozymandius]

42. 11:08 figures and blather

Dow 9,947.69 -54.64 (-0.55%)
Nasdaq 1,910.48 -10.05 (-0.52%)
S&P 500 1,110.40 -3.25 (-0.29%)
10-Yr Bond 4.059% -0.019
NYSE Volume 421,046,000
Nasdaq Volume 535,755,000

U.S. stocks trim losses after oil data but remain red

NEW YORK (CBS.MW) - The major U.S. indexes trimmed their losses Thursday morning after the latest industry data showed a greater than expected rise in crude oil inventories in the latest week.

Investors, meanwhile, digested mixed earnings from blue chips Citigroup and General Motors and Novellus, Apple Computer and SanDisk in the technology sector.

"I think you're looking at a market that is still grappling with high energy prices and a market seeing mixed results on earnings - good on Citigroup, bad on Sandisk. Technology, which has been strong, may show some weakness," said Barry Hyman, equity market strategist at Ehrenkrantz King Nussbaum.

more...

http://biz.yahoo.com/cbsm-top/041014/0ef16b5e4938152358f8741e3c5ea6fd_1.html

[UpInArms]

50. 11:33 numbers and blather (and a bit of info :)

Dow 9,955.50 -46.83 (-0.47%)
Nasdaq 1,912.67 -7.86 (-0.41%)
S&P 500 1,110.62 -3.03 (-0.27%)
10-Yr Bond 4.049% -0.029

NYSE Volume 508,710,000
Nasdaq Volume 627,056,000

11:30AM: Indices come off their lows, but just barely...bias remains to the down side...Dow is the worst performing index today...General Motors (GM 39.07 -2.23) is the main problem, but American Insurance Group (AIG 65.69 -1.30) is also lower...the only other Dow stock down more than 50 cents is 3M (MMM 77.45 -0.53)...Exxon Mobil (XOM 48.97 +0.49) is the only Dow stock up more than 25 cents...NYSE Adv/Dec 1402/1566, Nasdaq Adv/Dec 1031/1655

here's why AIG is stumbling:

Spitzer to unveil major action vs insurance companies

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.4747916667-823555456&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

(AIG, HIG, ACE, MMC) By Greg Morcroft
NEW YORK (CBS.MW) -- New York Attorney General Eliot Spitzer is set to unveil a major action against a number of the country's largest insurance brokers Thursday, according to a broadcast report. The cable channel CNBC reported that the companies involved include AIG (AIG) , Hartford Financial (HIG) , ACE Ltd. (ACE) and Marsh & McLennan (MMC) . The report also said two industry executives have agreed to plead guilty to some charges and cooperate with prosecutirs. Shares of the four companies named were lower in Thursday morning trading.

[UpInArms]

51. 12:03 EST numbers and blather

Dow 9,920.85 -81.48 (-0.81%)
Nasdaq 1,907.65 -12.88 (-0.67%)
S&P 500 1,107.43 -6.22 (-0.56%)
10-Yr Bond 4.046% -0.032

NYSE Volume 606,510,000
Nasdaq Volume 728,541,000

12:00PM: Stocks opened lower and have retained a negative bias all morning...higher oil prices, a poor earnings report from General Motors (GM 39.33 -1.97), and negative guidance from Novellus (NVLS 24.47 -2.41) are the main factors...the latter has hit the SOX semiconductor index, which is down 2.9%...the overall tone remains nervous at the early portion of earnings season, even though there are also plenty of good earnings reports...financial firms Bank of America (BAC 44.44 -0.57) and Citigroup (C 43.63 -0.48) had good reports, and of the 33 reports this morning, 25 beat estimates and only 3 missed...

but there is a long way to go in earnings season...volume is light to moderate, while declining issues have a big lead on advancing issues...bonds are up a bit as the 10-year yield remains remarkably low at 4.04%, and the December crude futures contract is currently up 61 cents at $53.75... NYSE Adv/Dec 1506/1526, Nasdaq Adv/Dec 1043/1689

[JNelson6563]

53. Need help Marketeers

Hey there Marketeers-

Still slugging it out in the trenches and I have a request. One of my fellow foot soldiers is going to talk to a class of high school students about the state of our economy, namely our debt. She is looking for an article she read some time back about our debt with China. I don't expect you all to come up with that exact article but anyone have a good piece that demonstrates how indebted we are to China?

I appreciate any help on this. Would do it myself with phones, mailings and general HQ chaos.

Hope it's all good with you--

Julie

[UpInArms]

54. Chinese Mainland, the Second Biggest Holder of US T-Bonds

http://english.people.com.cn/200208/09/eng20020809_101194.shtml

Last updated at: (Beijing Time) Friday, August 09, 2002

The Chinese mainland has become the second biggest holder of US T-bonds, ranking before the United Kingdom and after Japan, according to statistics released by the US Department of Treasury on July 31.

The Chinese mainland has become the second biggest holder of US T-bonds, ranking before the United Kingdom and after Japan, according to statistics released by the US Department of Treasury on July 31.

By the end of May 2002, the balance of overseas US T-bonds reached US$1032.8 billion, (of which US$618.4 billion was held by foreign governments), accounting for around 30 percent of the total US$3433.8 billion in the same period, of which Japan held US$321 billion, Chinese mainland US$80.9 billion, (plus Hong Kong's US$42 billion and Taiwan's US$32.9 billion added up to a total of US$155.8 billion), and Britain US$ 51.4 billion. In fact, the Chinese mainland had become the second largest US T-bond-holder at the end of 2000.

Political Risks

By the end of June 2002, the Chinese mainland held a foreign exchange reserve around US$242.76 billion and folk foreign exchange savings deposits over US$85.54 billion, most of which were put in the US markets of T-bond, institution bond and corporate bond. Fortunately, to avoid risks, such a huge investment was scattered on financial markets of the United States, Euro area and Japan instead of being put into one basket, with only one-fourth of the total used to buy 80.9 billion worth of US T-bonds.

Along with the development of the Chinese economy and foreign trade and increase in the inflow of capital, the reserve and deposits of foreign exchange would also increase, such a growth rate has been quickened especially in the process of a lowered exchange rate of the US dollar. The resultant question is that the inevitably larger scale of US T-bonds held by China means the involvement of higher political and sovereign risks.

The 56-page report on China's military strengths at present in the next 20 years, released by the Pentagon on July 12, repeated the same old tune about "China Threat", while the ensuing report published by the US-China Security Review Committee, established with the authorization of US Congress, bluntly asserted that China threatened the United States economically and in security.

...more...

as this article was written in 2002, I imagine that number is now quite a bit larger.

[UpInArms]

55. Crisis looms due to weak dollar

http://www.chinadaily.com.cn/english/doc/2004-09/28/content_378317.htm

Jiang Ruiping Updated: 2004-09-28 08:42

Many international institutions and renowned scholars have recently warned that the possibility of a US dollar slump is increasing and may even lead to a new round of "US dollar crisis."

Since China holds huge amounts of US-dollar-denominated foreign exchange reserves, the authorities should consider taking prompt measures to ward off possible risks.

It is still too early to conclude if the US dollar is heading towards a crisis. But it is an indisputable fact that it has gone down continually. Its rate against the euro, for example, has dropped by 40 per cent since its peak period and it lost 20 per cent of its value against the euro last year alone.

It is becoming more and more evident that the possibility of a further slump of the US dollar is increasing.

From a domestic perspective, the worsening fiscal deficit will put great pressure on the stability of the US dollar.

In 2001 when the Bush administration was sworn in, the United States enjoyed a US$127.3 billion surplus. The large-scale tax cuts, economic cool-down, invasion of Iraq and anti-terrorism endeavours have abruptly turned the surplus into a US$459 billion deficit, which accounts for 3.8 per cent of the US gross domestic product (GDP).

By the 2004 fiscal year, the US Government's outstanding debt stood at US$7.586 trillion, accounting for 67.3 per cent of its GDP, which exceeds the internationally accepted warning limit.

The deteriorating current account deficit of the United States is another factor menacing the future fate of the dollar.

...more...

[54anickel]

70. Here's one I posted not too long ago

http://www.chinadaily.com.cn/english/doc/2004-09/28/content_378317.htm

Crisis looms due to weak dollar
Jiang Ruiping Updated: 2004-09-28 08:42



Many international institutions and renowned scholars have recently warned that the possibility of a US dollar slump is increasing and may even lead to a new round of "US dollar crisis."

Since China holds huge amounts of US-dollar-denominated foreign exchange reserves, the authorities should consider taking prompt measures to ward off possible risks.

It is still too early to conclude if the US dollar is heading towards a crisis. But it is an indisputable fact that it has gone down continually. Its rate against the euro, for example, has dropped by 40 per cent since its peak period and it lost 20 per cent of its value against the euro last year alone.

It is becoming more and more evident that the possibility of a further slump of the US dollar is increasing.

From a domestic perspective, the worsening fiscal deficit will put great pressure on the stability of the US dollar.

In 2001 when the Bush administration was sworn in, the United States enjoyed a US$127.3 billion surplus. The large-scale tax cuts, economic cool-down, invasion of Iraq and anti-terrorism endeavours have abruptly turned the surplus into a US$459 billion deficit, which accounts for 3.8 per cent of the US gross domestic product (GDP).

more...

[JNelson6563]

101. Thanks 54 and UIA!!!

I did get these in time for my comrade to use. I printed them up and out she went. She spoke to a group of about 150 students and 20 teachers. Thanks to you she had some fabulous info on our precarious situation.

Did you ever think you'd be helping with the overthrow in northern MI from good ol' DU? We you are.

Hugs to you both, thanks again.

Julie

[UpInArms]

103. anytime Julie!

:grouphug:

Anything to get the word out - the truth must find its way through all the cracks in this gawdawful silence.

[GAspnes]

59. Spitzer sues, Marsh-Mclennan stock dives

NY to Sue Some Insurers for Manipulation

http://news.moneycentral.msn.com/breaking/breakingnewsarticle.asp?feed=OBR&Date=20041014&ID=4027971

NEW YORK (Reuters) - New York Attorney General Eliot Spitzer on Thursday sued several prominent participants in the insurance industry, including AIG and broker Marsh & McLennan Cos. (MMC), charging they engaged in market manipulation.

Companies named in the lawsuit include Hartford Financial Services Group (HIG), American International Group (AIG), ACE Ltd (ACE), and a unit of Munich Re , according to a press release on Spitzer's Web site.

The charges center around a practice known in the insurance industry as ``contingent commissions,'' essentially payments by insurance companies to Marsh in exchange for business from the world's largest insurance broker, the AG's office said.

The attorney general's office said its review of documents from 2003 found that Marsh collected $800 million in these contingent commissions.

[ozymandius]

78. Gods! how I want Spitzer as our nation's AG!

Not only does this guy know how to fight. Spitzer seems to relish hitting people so hard that he bruises his knuckles. Fearless and utterly competent!

[UpInArms]

81. I long for a government that actually represents the people

of the country - not this Contra Government that the BFEE has set up.

http://www.democraticunderground.com/articles/02/05/07_contra.html

The Contra Government
May 7, 2002

excerpt:

Bush has taken our Securities and Exchange Commission and given it to the very folks that it is to monitor. He has taken the Environmental Protection Agency and given it to the polluters. He has taken the State Department and given it to a radical fringe. He has taken the Justice Department and given it to a fundamentalist zealot. He has taken the Federal Energy Regulatory Commission and given it to the power companies. He has taken the Department of the Interior and given it to the companies that will profit from the removal of public resources.

We have the former Alcoa CEO, Paul O'Neil, as the Treasury Secretary who advocates that corporate taxes should be completely abolished and that "able-bodied adults who have the ability to earn income have an obligation not to pass part of their own responsibility on to a broader population." Bush appointed a commission to find the best way to dismantle our Social Security trust fund entirely. We have Michael Powell, son of Colin Powell, as the man in charge of the Federal Communications Commission (this is the segment of government that monitors the use of our publicly owned airwaves). Michael believes that he can only look at mergers one at a time and not look at the change in the landscape of the past in determining the landscape of the future.

...more...

yes, some of the names have changed since May 2002, but the sentiment of the replacements is no better (in some cases - worse)

[ozymandius]

83. Hear! Hear! UIA

When did we last have a government representative of "all" Americans?

It boggles the will how these Republicans can violate the public trust so wantonly, proudly. It's as though their own self respect depended on throwing the public trust to the dogs. I have long contended that if any republican ran on a platform that accurately stated what they did in the past, plan to do in the future and wish to do in the interim, they would never win an election. Not one. Not even their own mothers would vote for them.

[UpInArms]

86. didn't Skillings' own mother

say something to that effect?

:toast:

[ozymandius]

88. come to think of it

That sounds like a recent quote, probably jogged my memory. That saying has been around for awhile. I know my father, a politician, used it when talking about an absolute scalawag.

But Skilling's mother? Was she referring to Republicans?

[UpInArms]

89. she was talking about Jeffrey Skilling

her very own son :evilgrin:

http://www.usatoday.com/money/energy/enron/2002-02-10-investigation.htm

Leaders of Enron inquiry challenge CEO's testimony

WASHINGTON (AP) — Leaders of Congress' investigations of the Enron collapse said flatly Sunday they didn't believe the sworn testimony of former Enron chief executive Jeffrey Skilling, and one suggested he could face formal accusations of perjury. After an intense week of hearings, lawmakers say they have strong evidence of illegal activity surrounding the failure of the energy-trading company, which slid into the biggest bankruptcy in U.S. history on Dec. 2.

<snip>

A House investigative panel heard hours of conflicting testimony Thursday from Skilling, who was chief executive officer of Houston-based Enron, and other top company officials. Skilling said he knew few details of the complex web of partnerships that brought down Enron, and he insisted he was never warned of problems with the arrangements.

Rep. Jim Greenwood, R-Pa., chairman of the House Energy and Commerce subcommittee, and Rep. Billy Tauzin, R-La., who heads the full committee, told CBS Face the Nation that they didn't believe Skilling.

"He was totally incredible," said Tauzin. "This is the guy who was in charge of the corporation. ... I'm afraid he may have put himself in some legal jeopardy as a result."

<snip>

Even Skilling's mother questioned what he had said.

"When you are the CEO and you are on the board of directors, you are supposed to know what's going on with the rest of the company," Betty Skilling told Newsweek magazine.

"You can't get off the hook with me there," she said. "He's going to have to beat this the best way he can."

...more...

[ozymandius]

93. OH MY! Not even his own mother believes him.

I missed this story. Odd that his own mother would feed the prosecution something they can use from a public record.

[UpInArms]

94. hope the prosecution has someone

reading the SMW :evilgrin:

Know anyone in Houston??

[UpInArms]

60. 1:00 EST numbers and some blather

Dow 9,908.90 -93.43 (-0.93%)
Nasdaq 1,905.52 -15.01 (-0.78%)
S&P 500 1,105.92 -7.73 (-0.69%)
10-Yr Bond 4.034% -0.044

NYSE Volume 751,772,000
Nasdaq Volume 884,589,000

12:25 ET Oil pushes higher as inventory data released this morning raised supply concerns...that has kept pressure on stocks...after the close today, earnings reports are due from Fairchild Semiconductor (FCS), Juniper Networks (JNPR), and Sun Microsystems (SUNW)...

so far, technology company earnings reports have been generally disappointing, and this collection is not likely to change that overall perception...

..NYSE Adv/Dec 1451/1634. ..NASDAQ Adv/Dec 973/1827.

[UpInArms]

64. 1:19 EST numbers and blather (getting close to 9900)

Dow 9,902.93 -99.40 (-0.99%)
Nasdaq 1,904.74 -15.79 (-0.82%)
S&P 500 1,105.38 -8.27 (-0.74%)
10-Yr Bond 4.032% -0.046

NYSE Volume 803,693,000
Nasdaq Volume 938,892,000

1:00PM: Major indices continue to trade near their session lows as the bulk of industry leadership remains negative... Financial and tech continue to post the largest losses, and as they comprise a combined 35% of the S&P 500, the chances of a full-fledged recovery at this point are low... Energy and basic material are some of the only sectors finding buying right now... Both have rebounded following yesterday's drubbing...

In basic material's case, copper has eased off its sharp decline yesterday (due to a report about slowing demand in China) and in energy's case, the price of crude oil has resumed its upward trek (now at $54.45/bbl)...NYSE Adv/Dec 1486/1630, Nasdaq Adv/Dec 1060/1809

[UpInArms]

61. Former El Paso trader admits providing false trade data - ARGH!

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.5412731481-823562236&siteID=mktw&scid=0&doctype=806&

WASHINGTON (CBS.MW) -- Former El Paso Corp. (EP) natural gas trader Dallas Dean told a U.S. district court judge he sent e-mail to a trade publication reporting false information on fixed-price physical natural gas trades, U.S. Attorney Michael Shelby said Thursday. The information was used to calculate a natural gas "index" price, which served as a benchmark for the industry to price large volumes of natural gas. Dean is the first of four former El Paso traders charged last week with one count of false reporting to plead guilty and cooperate with U.S. officials.

Here's how they absolutely screw every person in this country (and possibly worldwide) with the lies and fabrications. These are the prices set as benchmarks for the charges that are made - this affects all of your utility costs.

:argh:

[KoKo]

63. Until we get Enron indictments and long jail sentences....this kind of

stuff is just going to go on and one wonders how these people can live with themselves doing this kind of manipulation. But, then I guess lots of coins in ones pockets makes up for alot of sins for these crooks.:shrug:

[UpInArms]

65. no matter how they spin these "white collar" criminals

these are not victimless crimes.

I am so darn mad about the constant thievery at the public's purse - via medical bills (through greedy CEOs and insurance companies - not excluding big pharma) - no matter how much these pigs at the trough get, its never enough for them.

Under the freakin' jail would be best.

[KoKo]

102. You are kind...I won't say what I think I'd like to have happen to them or

skinner would give me a "stone." :-(

[UpInArms]

72. more indepth article: Ex-El Paso trader pleads guilty

http://cbs.marketwatch.com/news/story.asp?guid=%7BC9E84E36%2D7A88%2D4FFF%2D8E2C%2D33AC3C5FDCB7%7D&siteid=mktw

WASHINGTON (CBS.MW) -- Former El Paso trader Dallas Dean pled guilty to reporting false trading information via e-mail to a trade publication in 2000, U.S. Attorney Michael Shelby said Thursday.

The trading information, which included inaccurate natural-gas trade volumes and price data, was used to calculate a monthly natural-gas "index" price published by publisher Platts and served as a benchmark for the industry to price large volumes of natural gas.

Movement in published index prices can affect traders' profits and inflate the price that electric utilities and businesses pay for natural gas. Index prices are also used to set royalty payments for mineral rights owners.

...more...

[54anickel]

67. Stocks and the coming electoral chaos

http://www.prudentbear.com/archive_comm_article.asp?category=Guest+Commentary&content_idx=36766

snip>

From last week's piece published on my website (10/6, "The Mother of All 2004 Failing Stock-Market Rallies?"):

"There's the continuing threat of domestic terrorism, of course, ... Considering where the major sentiment measures are at present, the stock market is ill-prepared for such an event…

"But is it possible the ingredients for another kind of terrorism of sorts are beginning to coalesce. Suppose, for instance, the Presidential election segued into out-and-out chaos? I sense this as a growing possibility.

"Something is up with the huge quantity of new voter registration throughout the country. Where I suspect this is leading is massive voter fraud on 11/2, or at least what will appear as such -- something akin to what Florida-2000 spawned, but on a much, much grander scale! Taken to an extreme -- something not to be ruled out, in my view -- it could leave the United States in political chaos on the morning of 11/3."

I went on to conclude that such an outcome would not be at all charitable to the US financial markets. I certainly have not changed my view on this since last week.

The ingredients are now very much in place for a high level of either actual or perceived election fraud. And to stay out of the partisan fray as much as possible, although I did begin this missive with my standard political disclosure statement, fraud of the perceived variety can and is likely to work in both directions. To wit: Republicans alleging it against Democrats as well as the other way around.

more...

[54anickel]

68. A Federal Inflation Conspiracy?

http://www.wpbfnews.com/money/3802963/detail.html#

snip>

According to Gross, the government is "fudging on inflation" by adjusting many of the prices that go into its calculation for improvements in quality (for example, a standard-issue corporate laptop computer has declined in price in the past five years, but it also has a lot more memory and capability overall). Gross also says the feds are adjusting for the fact that if the price of beef goes up, people eat more chicken. Therefore, it doesn't matter so much if a steak costs more. Economists call this phenomenon "substitution bias."

Due to these adjustments, Gross figures inflation is really about a percentage point higher and gross domestic product about a percentage point lower than official statistics. Such an error would have huge ramifications for government payouts due for Social Security or TIPS (inflation-protected bonds). It would also affect bond prices and interest rates. He calls the lower levels of official inflation "a con job foisted on an unwitting public by government officials."
OR IS IT OVERSTATED? For most economists and portfolio managers, however, Gross's arguments are pure heresy. David Kotok of Cumberland Advisors called the fund manager "unduly and extremely harsh," in an Oct. 1 e-mail to clients and leaped to the defense of government economists who "are highly skilled professionals who take their work very seriously" and "do not engage in governmental conspiratorial activities of the type Gross suggests."

Action Economics' Englund says academics have been studying this question for over a decade and have sophisticated research to back up the need for adjustments. "It is irrefutable that some adjustments have to be made for quality," he says, even if their size is open to healthy debate. Ironically, he says, much of the discussion before Gross's missive was that inflation is overstated and that the adjustments don't go far enough.

Right or wrong, Gross's argument has portfolio managers thinking, which could ultimately affect the market, even if the government doesn't change its methodology. Bob Sitko, lead portfolio manager for USAA Investment Management's private-account business, says one of his analysts brought the piece to his attention. "It's a tricky issue, and I don't feel equipped to adjudicate the issue raising," he says, but he believes Gross and others who have voiced this concern may generate some response from the Fed.

WRATH, RIDICULE, AND CREDIT. And Sitko says the debate has spurred him to do some deeper thinking about the way productivity increases in Corporate America have contributed to low inflation. He worries now that business reluctance to spend on new technology could suppress productivity growth and lead to more inflation in the future than would otherwise occur.

While Gross has raised wrath and even ridicule, he deserves credit for addressing head-on a central economic paradox that many ordinary folks are wondering about. The truth about the inflation number is probably somewhere between his claims and those of his critics, but based on the reaction Gross is getting, he's clearly asking the right question.

[54anickel]

69. Scare me... Come dressed up as the money supply - Mogambo

http://www.321gold.com/editorials/daughty/daughty101404.html

- The Federal Reserve, tired of waiting for us idiot Americans to drive down to the bank in our almost-new SUV to borrow more money to buy new SUVs so that the money supply can expand, is moving into Buying Outright Mode to accomplish the same thing. This is, of course, the second-most ultimate monetary fraud, whereas the most ultimate monetary fraud being that you would accept an IOU from the Mogambo ("Money down the rat hole!").

And when you look at the category known as "U.S. Government Securities Bought Outright," it is up another $2 billion last week. The way it works is that, and you gotta admire the utter simplicity of it, the banks buy Treasury debt from the government, and the government spends the money. Then, later, when they think nobody is looking, the Fed sneaks around and creates some money out of thin air, and uses that new money to buy the debt from the banks, and then run that debt through the shredder. And since that gives the banks their money back, the banks use that new money to go out and buy up more Treasury debt, so that the government can spend some more money! It's like a miracle!

The Treasury was likewise emboldened that nobody has raised so much as a peep that they have exceeded the borrowing limit as set by Congress, and so they went out and sold another big stinking pile of American government debt, taking us to $7.420 trillion in total, which is up healthily over the statutory maximum of $7.384 trillion. But let me go over my MasterCard limit by a lousy ten bucks and all hell breaks loose around here like I got into a fistfight with Mrs. Kravitz again or something!

And where is all this money going? Well, a lot of it went into houses, of course, as everybody just knows that houses will always go up in value, and so therefore there is no price that is too high to pay for a house, and that everybody who ever buys a house will always make lots and lots of money in profits on that house, and one day we will all live in luxury by just buying and selling houses to each other.

more...

[Media_Lies_Daily]

74. Do I detect a note or two of cynicism?? LOL!!

[UpInArms]

73. 2:16 EST numbers and blather

Dow 9,902.34 -99.99 (-1.00%)
Nasdaq 1,904.76 -15.77 (-0.82%)
S&P 500 1,105.00 -8.65 (-0.78%)
10-Yr Bond 4.032% -0.046

NYSE Volume 967,075,000
Nasdaq Volume 1,088,963,000

2:00PM: Market holds tight to its afternoon range as buyers remain on the sidelines... Down volume is leading up volume by an approximately 2-to-1 margin at the NYSE and Nasdaq... So far, today's action is mimicking the activity in overseas trading... Tokyo's Nikkei dropped 1.4% and Germany's DAX, for instance, has declined 0.9%... The same disappointment surrounding Novellus (NVLS 23.89 -2.99) and others' earnings reports last night has sent the Asian and European bourses lower...

Nokia's (NOK 14.27 +0.29) better than expected Q3 (Sept) report/guidance brought about temporary relief, but the markets soon resumed their bearish trade...NYSE Adv/Dec 1465/1697, Nasdaq Adv/Dec 1033/1901

1:30PM: Equities continue to head lower - having just set new session lows in the past half hour... Investors remain disappointed by today's economic, crude oil, and earnings news as most of it came in worse than expected... There have certainly been some winners among last night/this morning's earnings reports - such as Apple Computer (AAPL 45.05 +5.29) and UnitedHealth Group (UNH 73.93 +1.92) - but most were replete with disappointing metrics (gross margins, sales, shipments) and guidance...

The combination has left traders with not a lot to get excited about, and thus they have chosen the path of least resistance (in recent sessions) - down...NYSE Adv/Dec 1420/1711, Nasdaq Adv/Dec 1008/1893

[UpInArms]

76. 2:46 EST numbers and blather (under 9900)

Dow 9,897.10 -105.23 (-1.05%)
Nasdaq 1,903.00 -17.53 (-0.91%)
S&P 500 1,103.70 -9.95 (-0.89%)
10-Yr Bond 4.017% -0.061

NYSE Volume 1,064,743,000
Nasdaq Volume 1,174,726,000

2:25PM: Indices extend their reach into negative territory in what has become a repeat of yesterday's session... Earnings reports - despite a number of downward revisions during warnings season - have not lived up to investors' expectations as most have showed weakness in various areas... Tech companies, specifically, have added fuel to the bears' fire that this year's upturn is over...

Capital expenditure spending is again beginning to trend lower, and that means end market demand is weaker... Tech companies must focus on costs in this kind of environment in order to keep profitability strong...NYSE Adv/Dec 1495/1697, Nasdaq Adv/Dec 1062/1917

[UpInArms]

80. 3:01 EST numbers and blather

Dow 9,893.05 -109.28 (-1.09%)
Nasdaq 1,903.50 -17.03 (-0.89%)
S&P 500 1,103.65 -10.00 (-0.90%)
10-Yr Bond 4.017% -0.061

NYSE Volume 1,112,262,000
Nasdaq Volume 1,226,935,000

3:00 ET Sellers continue to maintain control of the proceedings with an hour left of regular session trade... Crude oil just closed 2% higher for the day, at $54.75/bbl, and not far from its record highs... The Energy Information Administration reported a greater than expected fall in US crude oil inventories, which has renewed fears about a supply shortfall following Hurricane Ivan...

Production was cut by approximately 20% in the Gulf Coat following the hurricane... Oil, however, is just one worry today - investors remain unsure of how to proceed following what has been a few days of lackluster Q3 (Sept) earnings... As a result, the S&P 500 is trading below both its 200-day simple moving average (at 1120) and 50-day moving average (at 1107), and the Dow is below its psychologically-significant level at 10,000... ..NYSE Adv/Dec 1476/1759. ..NASDAQ Adv/Dec 1035/1961.

[UpInArms]

75. Treasury suspends debt issuance to state, local gov'ts

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.5834722222-823566879&siteID=mktw&scid=0&doctype=806&

WASHINGTON (CBS.MW) -- The Treasury Department has suspended sales of State and Local Government series (SLGS) nonmarketable Treasury securities in order to prevent the federal government from reaching the $7.38 trillion debt ceiling. Earlier in the day, the department announced that the government could operate until mid-November without raising the debt limit if special measures were taken. Lawmakers are expected to return to Washington after the Nov. 2 elections to hold a special "lame duck" session to ensure the government continues running.

and here's that number (one more time)

[ozymandius]

77. a delaying tactic

Runaway debt is Bush's albatross around his neck among conservative voters. Any calls to max-out yet another line of credit will result in a matching set of black eyes.

[ozymandius]

82. 3:23 numbers and blather mentions that AIG probe

Dow 9,885.30 -117.03 (-1.17%)
Nasdaq 1,903.21 -17.32 (-0.90%)
S&P 500 1,102.71 -10.94 (-0.98%)
10-Yr Bond 4.015% -0.063
NYSE Volume 1,210,847,000
Nasdaq Volume 1,322,508,000

U.S. stocks tumble as oil spikes; AIG slammed by probe

Already reeling from a spike in crude oil prices, stocks fell to session lows Thursday afternoon after New York state Attorney General Eliot Spitzer filed charges against American International Group and several other insurers.

-cut-

American International Group tumbled 11 percent as the New York Attorney General's office filed charges against AIG, Marsh & McLennan (NYSE:MMC - News) , Chubb Corp. (NYSE:CB - News) , Hartford Financial Group (NYSE:HIG - News) , and Munich American for steering insurance business to preferred underwriters in return for payments.

Two executives from AIG admitted to antitrust fraud, New York Attorney General Eliot Spitzer said Thursday during a televised press conference.

http://us.rd.yahoo.com/finance/finhome/topstories/cbsm/*http://biz.yahoo.com/cbsm-top/041014/6007c1de45b75d87a5c230d917205bfb_1.html

[UpInArms]

85. Spitzer takes on Greenberg dynasty

http://cbs.marketwatch.com/news/story.asp?guid=%7B24C3E2B7%2D0476%2D4438%2DB03B%2D1F065499A1A2%7D&siteid=mktw

SAN FRANCISCO (CBS.MW) - In the global insurance business, no name is more synonymous with power than Greenberg.

Now Maurice "Hank" Greenberg and his sons Jeffrey and Evan, who between them run three of the world's most influential insurers, could see that power threatened.

New York Attorney General Eliot Spitzer Thursday levied a stinging antitrust suit against insurance giant Marsh & McLennan Cos. (MMC: news, chart, profile), of which Jeffrey Greenberg is chairman and CEO.

The lawsuit outlined sordid business practices involving payoffs and rigged bids between Marsh & McLennan and other insurers including American International Group (AIG: news, chart, profile), over which Maurice Greenberg presides, and Bermuda-based insurer Ace Ltd. (ACE: news, chart, profile), headed by Evan Greenberg.

While none of the Greenbergs are implicated directly in Spitzer's civil suit, the family has been a driving force in the insurance industry and its business practices since the early 1960s.

...more...

Go, Eliot! :yourock:

[ozymandius]

84. Surviving The Wal-Mart Onslaught

It seems like Wal-Mart just continues to get bigger and stronger every year. Are there any retailers out there that can effectively compete with Wal-Mart long term?

It's true that over the past decade, Wal-Mart (NYSE:WMT - News) has become the 800-pound gorilla of the retail industry. The company recorded $259 billion in revenue last year, averaging almost $700 million in sales per day--which is more than many companies post in a year. Due to its massive size, Wal-Mart is one of, if not the, largest U.S. retailer of virtually every category of merchandise that it sells. This allows the company to wield an extraordinary amount of leverage over its suppliers, which it uses to keep prices low. Wal-Mart has also used its massive scale to offer its customers a wide range of products and services, including photo developing, online DVD rental, and auto maintenance. The retail graveyard is strewn with companies put out of business by Wal-Mart, including Caldor and Montgomery Ward. And Wal-Mart plans to continue its aggressive store expansion, with 500 new store openings planned for 2005.

-cut-

Based on the experience of the toy industry and many others, one might come to the conclusion that Wal-Mart will eventually be the only broadlines retailer left in the United States. However, there are retailers that successfully compete with Wal-Mart. For example, deep-discount retailers such as Dollar General (NYSE:DG - News) have thrived over the last 10 years, in spite of the increasing power of the Wal-Mart juggernaut. The key to Dollar General's success is simple: Offer a limited selection of everyday, consumable items in convenient neighborhood locations. For example, the typical Dollar General store averages just 6,800 square feet--less than one thirtieth the size of the average Wal-Mart Supercenter. Thus, a time-starved consumer looking to pick up a few food and household items may be more likely to shop at the Dollar General down the street, to avoid making a several-mile trek to the nearest Wal-Mart, where they would have to park in a gargantuan parking lot, spend a fair amount of time locating their desired items, and wait several minutes in a checkout line. This focus on convenience has enabled Dollar General to increase its sales at an average annual rate of 16% over the last five years, due to a combination of expansion (by opening about 600 stores a year) and consistent comparable-store sales, or comps (sales at stores open at least a year).

Another example of a retailer that has thrived in the face of the Wal-Mart powerhouse is Costco Wholesale (NasdaqNM:COST - News). Costco's performance is far superior to that of Sam's Club, Wal-Mart's wholesale retailing division. Costco's stores generate more than 50% more annual sales on average than Sam's Club stores, and its comps usually outpace its peer's. How does Costco do it? By matching Sam's Club on price, while offering far superior customer service. Costco store employees earn much higher wages and have better benefits than their Sam's Club counterparts, which leads to a more motivated employee base and lower turnover--both of which directly lead to a better customer experience in the stores. For example, Costco cashiers start out making $10 per hour, and within four or five years, can make $40,000 a year or more--compensation levels that most Sam's Club staffers can only dream about.

http://biz.yahoo.com/ms/041013/117157_1.html

[ozymandius]

87. vultures come to feed

3:44
Dow 9,904.33 -98.00 (-0.98%)
Nasdaq 1,905.37 -15.16 (-0.79%)
S&P 500 1,104.28 -9.37 (-0.84%)
10-Yr Bond 4.015% -0.063
NYSE Volume 1,324,182,000
Nasdaq Volume 1,437,577,000

[UpInArms]

90. carcass to rotten for vultures

3:55

Dow 9,896.70 -105.63 (-1.06%)
Nasdaq 1,903.29 -17.24 (-0.90%)
S&P 500 1,103.49 -10.16 (-0.91%)
10-Yr Bond 4.015% -0.063

NYSE Volume 1,397,744,000
Nasdaq Volume 1,508,386,000

[UpInArms]

92. adding some blather (check out that AIG loss!)

3:35PM: Market remains on a course of new session lows as negative news continues to pour in... The implications of Eliot Spitzer's investigation into the insurance industry continue to be vast as the NY Attorney General charges Marsh & McLennan (MMC 35.25 -10.88), AIG (AIG 59.56 -7.43), and others with committing 'contingent commissions' - i.e. the act of taking payoffs from insurance companies to steer corporate clients their way rather than get the best price...

Two executives from AIG have already pled guilty, and investigators reportedly believe Marsh & McLennan collected $800 mln in contingent commissions in 2003 alone... AIG itself is shaving 53 points off the Dow...NYSE Adv/Dec 1439/1824, Nasdaq Adv/Dec 953/2089

[ozymandius]

95. closing with some vultures puking what they ate

Dow 9,894.45 -107.88 (-1.08%)
Nasdaq 1,903.02 -17.51 (-0.91%)
S&P 500 1,103.28 -10.37 (-0.93%)
10-Yr Bond 4.015% -0.063
NYSE Volume 1,492,370,000
Nasdaq Volume 1,574,321,000

...blather...

In the broader market, losers outnumbered winners 9 to 7 on the New York Stock Exchange and 2 to 1 on the Nasdaq. Big Board volume topped 1.1 billion shares while some 1.2 billion shares traded on the Nasdaq.

American International Group tumbled 11 percent as the New York Attorney General's office filed charges against AIG, Marsh & McLennan (NYSE:MMC - News) , Chubb Corp. (NYSE:CB - News) , Hartford Financial Group (NYSE:HIG - News) , and Munich American for steering insurance business to preferred underwriters in return for payments.

Marsh & McLennan shares plunged 24 percent; Chubb slid 6 percent and Hartford slumped 10 percent.

Two executives from AIG admitted to antitrust fraud, New York Attorney General Eliot Spitzer said Thursday during a televised press conference.

http://biz.yahoo.com/cbsm-top/041014/0817e2e925cb091635cf191f79fe99ba_1.html

[UpInArms]

96. after the bell - Sun Micro posts $174 million Q1 loss

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.6714351852-823575977&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

SAN FRANCISCO (CBS.MW) -- Sun Microsystems (SUNW) on Thursday reported a first-quarter net loss of $174 milion, or 5 cents a share, on revenue of $2.63 billion. Excluding charges,the computer server and software company earned $13 million, to break even on a per-share basis. Sun beat the earnings estimates of analysts surveyed by Thomson First Call, who forecasted a loss of 3 cents a share, but fell short of analysts' $2.71 billion revenue estimate.

[Dogmudgeon]

97. A blood-splattered Friday on The Street?

Sun Micro holds a lot of juju over NASDAQ. It's not a very big drop, but the traders ought to be very herd-like by the time the bell is struck.

It's October.

--bkl

[nolabels]

99. They took out profit all week and thinking Friday will be a bargain shop

unless oil goes to $55 a barrel, I would say it goes up on different issues tomorrow. Just a pot shot, but I was only 2 points off one a guess for Wednesday. Dow goes up 42 points Friday :-)

(Anyone else got 2 cents )

[Dogmudgeon]

100. Good guess

But I'll represent the Bears and go double-or-nothing: 85 point drop (down over 100 at one point or another), oil in NYC at $55.20, crappy periodic reports, more AIG fallout, and general old-money doldrums about Bush wiping out.

If you think that's bad, wait until you see my BKL Annual Winter Forecast. I'm trying to finish by tomorrow, maybe Monday. :)

--bkl

[nolabels]

105. I 'll see that and raise you double or nothing

:D

[Dogmudgeon]

106. Jeeze!

Spot on!

Excellent, Dude!

My only question is -- what made the market go up? Everything else sucked wax!

--bkl

[nolabels]

107. A lot of like to buy when things kind of look like the bottom of ugly

They can even follow it down that way, there is sure to be some uptick, they sometimes loose a little guessing the day, but they can still make money at it. It don't take no big waves to surf, just as long as you know how to do it.



Now if I just get my pro-nouns correct :silly:

[UpInArms]

98. Lots of Reports due tomorrow

Oct 15 8:30 AM
Business Inventories Aug
report -
briefing.com anticipates 0.7%
market anticipates 0.6%
last report 0.9%
revised -

Oct 15 8:30 AM
Core PPI Sep
report -
briefing com anticipates 0.2%
market anticipates 0.2%
last report -0.1%
revised -

Oct 15 8:30 AM
NY Empire State Index Oct
report -
briefing.com anticipates 23.0
market anticipates 25.0
last report 28.3
revised -

Oct 15 8:30 AM
PPI Sep
report -
briefing.com anticipates -0.1%
market anticipates 0.1%
last report -0.1%
revised -

Oct 15 8:30 AM
Retail Sales Sep
report -
briefing.com anticipates 0.7%
market anticipates 0.7%
last report -0.3%
revised -

Oct 15 8:30 AM
Retail Sales ex-auto Sep
report -
briefing.com anticipates 0.4%
market anticipates 0.3%
last report 0.2%
revised -

Oct 15 9:15 AM
Capacity Utilization Sep
report -
briefing.com anticipates 77.6%
market anticipates 77.5%
last report 77.3%
revised -

Oct 15 9:15 AM
Industrial Production Sep
report -
briefing.com anticipates 0.5%
market anticipates 0.3%
last report 0.1%
revised -

Oct 15 9:45 AM
Mich Sentiment-Prel Oct
report -
briefing.com anticipates 95.5
market anticipates 94.0
last report 94.2
revised -

Oct 15 2:00 PM
Treasury Budget Sep
report -
briefing.com anticipates $22.0B
market anticipates $22.0B
last report $26.3B
revised -

[Dark Jedi]

104. "The economy is strooooooooong"

That is still the most laughable Bush & Co.'s lie!

[TrogL]

108. Loonie Watch - oops today's friday

nevermind