STOCK MARKET WATCH, Wednesday 20 October

[ozymandius]

Wednesday October 20, 2004

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 92
DAYS UNTIL W* GETS HIS PINK SLIP 13
DAYS SINCE DEMOCRACY DIED (12/12/00) 3 YEARS, 313 DAYS
WHERE'S OSAMA BIN-LADEN? 3 YEARS, 2 DAYS
DAYS SINCE ENRON COLLAPSE = 1063
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 19, 2004

Dow... 9,897.62 -58.70 (-0.59%)
Nasdaq... 1,922.90 -13.62 (-0.70%)
S&P 500... 1,103.23 -10.79 (-0.97%)
10-Yr Bond... 4.04% -0.01 (-0.32%)
Gold future... 421.60 +4.20 (+1.00%)





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

---

[54anickel]

1. Good Morning Ozy and all. Great toon again today! Futures aren't

looking too bright today, are they?

[ozymandius]

3. Futures are looking rosy for the sake of democracy.

That is, if one believes in the direct correlation between stock market performance and an incumbent's success.

[KoKo]

33. Really interesting "toon" today... says a lot doesn't it....? (n/t)

[ozymandius]

2. Good morning Marketeers.

:donut: :donut: :donut:

There is no new WrapUp today.

I will be interested to see how Sinclair's new position on the anti-Kerry film will be reflected in their stock price. It seems like the hemmorhaging has slowed. The pragmatists at Glickenhaus & Co. have weighed in the interest of their investors. This is certainly telling of how monied interests can trump political ones.

What I do wonder is if these accusations of insider trading will carry any legal consequences?

[54anickel]

5. Someone had posted a link to the YaHoo discussion board on

Sinclair last night. There were some great comments, and I can't remember the number of posts but it was huge. The first post I saw was from someone that moved some of their 401K money between funds offered by their program. Moving money out of the fund that held Sinclair (I'm not the only one that had that thought).
I wonder how that will shake out with regards to Sinclair. I know the transfer from fund to fund for the individual is normally processed by the next business day, but not sure how it works on the fund to market holding side. There might be some residual movement there. :shrug:

[UpInArms]

35. Sinclair retreats on anti-Kerry film

http://cbs.marketwatch.com/news/story.asp?guid=%7B587E3700%2DA9C5%2D414C%2D9262%2D285897335C54%7D&siteid=mktw

NEW YORK (CBS.MW) - Faced by mounting opposition and a plunging stock price, Sinclair Broadcasting Group is backing down on its plans to air a movie blasting presidential candidate Sen. John Kerry's involvement in Vietnam War era protests.

Sinclair, which makes no secret of its conservative political inclinations, had originally intended to air the controversial movie, "Stolen Honor," on the eve of the Nov. 2 presidential election.

The documentary, which has been criticized as being one-sided, examines the effect that Kerry's antiwar testimony had on POWs in the war.

The company had been criticized by people who wanted the company, at the very least, to give equal time to a pro-Kerry documentary as a way to even the political scales. Read more political coverage.

...more...

[54anickel]

43. Looks like Sinclair started to recover some losses, but has just turned

back down again from its high of 6.90. Volume is still pretty high.

Last Trade: 6.80
Trade Time: 10:21AM ET
Change: 0.54 (8.63%)
Prev Close: 6.26
Open: 6.50

Day's Range: 6.46 - 6.90
52wk Range: 6.12 - 15.43
Volume: 601,316
Avg Vol (3m): 353,272

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

Interesting link off of that page as well.

http://yahoo.businessweek.com/bwdaily/dnflash/oct2004/nf20041020_4457_db009.htm

snip past the Dem bashing>

By ordering its 62 stations to broadcast an anti-Kerry "documentary" -- and then firing its Washington bureau chief when he protested -- Sinclair Broadcast Group in one dramatic swoop managed to realize every fear ever voiced about Big Media consolidation. According to The Washington Post, the film, Stolen Honor: Wounds That Never Heal, takes a critical look at Kerry the antiwar protester and how his testimony before Congress in 1971 affected POWs in Vietnam.

Wall Street is already punishing the right-wing Smith brothers, who run Sinclair, for playing politics with a public company: Sinclair (SBGI ) stock hit a 52-week low of $6.26 on Oct. 19. But so far the messiah of media consolidation, Federal Communications Commission Chairman Michael Powell (biological and ideological son of Colin), has remained mum. He needs to step in -- and fast.

RAVING REVERENDS. Stolen Honor is scheduled to run all this week. But Powell should put Sinclair on notice that this blatant political abuse of prime-time TV won't be tolerated. If Sinclair wants to force all its stations to run the documentary, Powell should say, it must give the Kerry campaign equal time in prime time or run Fahrenheit 9/11 in the same time slot the next day. Where is the old Fairness Doctrine when we need it?

Then Chairman Powell should find a nice, quiet spot and rethink his failed dogma about the magic of the marketplace.

"Render unto Caesar the things that are Caesar's and unto God the things that are God's," spoke Jesus. In other words, the secular and spiritual worlds exist in separate spheres. So what in God's name are all these priests and preachers doing sticking their well-tithed noses into the political life of the nation?

more...

[ozymandius]

4. Greenscam, when you're in a hole...

stop digging. Jeez, does this guy plan to shred what remains of his tattered credibility?

Greenspan says US unlikely to experience housing bubble

Greenspan: Home Prices Not Hurting Economy

Greenspan plays down fears on household debt

Greenspan Tries to Soothe Housing Worries

[54anickel]

9. He's ly-y-y-y-ing again. I can tell - his mouth was open. Consumers

are starting to hurt - not a good thing when 2/3 of your economy is based on consumerism.

snip>

Even more important is the further question of whether or not the economy has gained the "traction" it needs for the recovery to become self-sustaining and self-reinforcing without further artificial monetary and fiscal stimuli. It would have to show particularly in much faster employment and income growth than it has so far.

In his congressional testimony, Mr. Greenspan stated, "The expansion has regained some traction" after having gone through an oil price-induced "soft patch" last spring. In general, this has been interpreted as an upbeat statement. To us, the word "some" is strictly diminutive, implying less than full traction, which is realized when an economic recovery has gained self-sustaining, if not self-reinforcing, dynamism.

As a matter of fact, there was a very different reading about consumer spending in the Fed's Sept. 8 Beige Book: "Household spending was reported to have softened in many parts of the nation, reflecting lackluster retail sales and some cooling in new and existing home sales." They certainly knew what happened in August.

In past cycles, the usual vigorous traction used to come mainly from pent-up demand that, due to prior monetary tightness, had accumulated during the recession mainly in residential building, consumer durables and business investment in equipment. Key to the present subpar recovery has been the exact opposite -- heavy consumer borrowing from the future.

During the three years 2000-03, disposable incomes of private households grew, in current dollars, a cumulative $965.9 billion. They increased their spending by $1,023.7 billion and their debts by a stunning $2,726.9 billion. In this regard, the monetary and fiscal stimuli appear to have worked so far. But the problem is that a growing part of domestic spending exits to foreign producers, fueling the U.S. trade deficit, instead of U.S. domestic production.

http://www.prudentbear.com/archive_comm_article.asp?category=Guest+Commentary&content_idx=36911

[54anickel]

29. Stumble Cookies

http://www.321gold.com/editorials/mackenzie/mackenzie102004.html

Remarks by Chairman Alan Greenspan
The mortgage market and consumer debt
At America's Community Bankers Annual Convention, Washington, D.C.

In recent years, banks and thrifts have been experiencing low delinquency rates on home mortgage and credit card debt, a situation suggesting that the vast majority of households are managing their debt well.

<<<What the ____? Chapters 7, 11 and 13 are at historic highs. Debt to income ratios at the lowest in this nations history...>>>

snip>

About three-fourths of all outstanding first-lien mortgages were originated with a loan-to-value ratio of 80 percent or less, and in aggregate, the current loan-to-value ratio is estimated to be around 45 percent. Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity. Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.

<<< No, not true. High LTV loans were common in the late 90's as investors chose to chase financial assets with income and savings. You warned repeatedly in 1998, 1999, 2000 and 2001 the inherent risks associated with such programs as WAMU's Negative Amortization schemes.>>>

more...

[ozymandius]

6. Stocks Seen Lower; JP Morgan Hits Dow

NEW YORK (Reuters) - U.S. stock futures weakened on Wednesday, pointing to a lower market open, as rising oil prices and a wide-reaching investigation into the insurance industry soured the mood on Wall Street.

Futures fell after No. 2 U.S. bank J.P. Morgan Chase & Co. (NYSE:JPM - news), a Dow component, said profit fell in the third quarter, hurt by costs from its July merger with Bank One Corp.

S&P 500 futures were down 4.9 points, 3 points below fair value accounting for dividends, interest rates and time to expiration on the contract, indicating the market would open lower.

-cut-

Stocks fell on Tuesday as New York Attorney General Eliot Spitzer's probe of the insurance industry widened to the health insurers, hammering their shares.

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

[ozymandius]

7. Stocks to Watch Wednesday (Shitibank)

Three top Citigroup executives, including Vice Chairman Deryck Maughan, are leaving the financial services giant in the wake of a scandal at its Japanese private banking unit.

http://story.news.yahoo.com/news?tmpl=story&ncid=1196&e=7&u=/nm/20041020/bs_nm/markets_stocks_headlines_dc&sid=95609877

...and the story...

Three top Citigroup officials leave the company

Three of Citigroup's most senior executives have lost their jobs for failing to prevent the violations of banking laws that led to the closure of its private bank in Japan. Sir Deryck Maughan, chairman of Citigroup International, Thomas Jones, head of asset management, and Peter Scaturro, head of the private bank, "will be leaving the firm", the company said on Tuesday night.

developing...

http://story.news.yahoo.com/news?tmpl=story&cid=1106&ncid=1106&e=7&u=/ft/20041019/bs_ft/7e0da88e221d11d98c5500000e2511c8

[UpInArms]

8. daily dollar watch

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

Last trade 86.43 Change -0.41 (-0.47%)

http://futures.fxstreet.com/Futures/news/afx/singleNew.asp?menu=economicnews&pv_noticia=MTFH71366_2004-10-20_11-59-11_L20280012

OREX-Dollar notches up fresh lows as econ worries weigh

LONDON, Oct 20 (Reuters) - The dollar fell to a 7-1/2 month low against the euro on Wednesday and weakened against a broad range of other currencies as its slide on recent concerns about the U.S. economy and interest rate outlook gained momentum.

The dollar's losses took it within 3-1/2 cents of a record low it set against the euro in February, to 3-month lows against the Japanese yen and Swiss franc, 11-1/2 year lows against the Canadian currency, and a 7-1/2 month trough versus the New Zealand dollar.

It also tumbled one percent on the day against the Australian dollar. Dealers blamed recent disappointing economic data, which has cast doubts on the pace of future interest rate hikes, and capital flows figures which revived worries about the U.S. current account deficit.

"In most markets we see some overall unease or uncertainty with respect to the economic prospects," said Peter Wuyts, market analyst at KBC in Brussels.

"There is not enough good news to support the dollar on a broader basis and we now have a technical picture which is negative for the dollar."

...more...

Good Morning Marketeers!

The last line says it all: There is not enough good news to support the dollar...

Have a Great Day and let's hope this one is not the one where we just have to hang on tight.

[54anickel]

10. Bit o' blather from INO on the buck from the gold chart page. But first

I gotta ask, did you see that huge move in gold on Monday? I just noticed it while looking for the buck blather. Big dip from 420 to around 355. Heh, wish I could get in on that kind of bargain. B-)

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

The December Dollar was lower overnight and is challenging weekly support crossing at 86.59. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If this fall's decline continues, monthly support crossing at 84.77 is the next downside target. Closes above the 10-day moving average crossing at 87.54 would signal that a short-term low has been posted. Overnight action sets the stage for a steady to weaker tone in early-day session trading.

[UpInArms]

11. Dollar Fails to Respond to Strong CPI

http://www.dailyfx.com/article_daily_fundamentals_101904.html

excerpt:

The dollar broke down against the Japanese yen today as the yen finds some relief from the retracement in oil prices. It appears that the pair is more sensitive to a decline in oil prices these days than its persistent rallies. Declines into the 108 handle and even further into the 107 handle always sparks fears of Bank of Japan intervention. However, the BoJ has refrained from intervening in the market this fiscal year despite the fact that USDJPY was trading at these levels back in July. If anything, verbal intervention is more likely at this point. Interestingly enough, the Nihon Keizai Shimbun reports that in a report due for release on October 29, the Bank of Japan will forecast that consumer prices will increase modestly in fiscal year 2005. This means that they may be looking at gradually removing excess policy accommodation in late 2005, early 2006.

...more...

[54anickel]

12. Dollar Broadly Weak on Econ Worries

http://biz.yahoo.com/rb/041020/markets_forex_2.html

snip>

"The momentum is firmly against the dollar at the moment. People aren't as positive about the prospects for the U.S. economy as they had been a few months ago," said Chris Gothard, currency analyst at Brown Brothers Harriman.

"The soft patch seems to have been slightly longer and softer than people expected and the funding of the deficits is also coming back as an issue, particularly when you see evidence that global investors aren't buying as many U.S assets as they had been before."

snip>

Dealers wondered if the European Central Bank might be more relaxed about currency strength now than at the start of the year since high energy costs have added to inflation worries and economic growth seems to have taken firmer root.

"When the euro was above $1.29 in January, ECB president (Jean-Claude) Trichet said the move was brutal. This time, ECB officials are actually welcoming the euro's rise because of a dampening effect on inflation from high oil prices," said Mansoor Mohi-Uddin, chief currency strategist at UBS.

"The euro zone's economy is a lot stronger so they are likely to take a more sanguine, tolerant attitude."

more...

[54anickel]

24. Well, this dollar chart is ugly!

[ozymandius]

28. This is the stuff of financial nightmares.

Sure, the trade imbalance will shrink. But the cost of living will really bite.

[UpInArms]

30. at my house, we no longer refer to it as the

"cost of living" index - we call it the "cost of survival" index - as they use replacement items that fall in quality and price to keep the index low.

dried beans are a much cheaper form of protein than beef :(

[aneerkoinos]

45. Trade imbalance

why would it shrink? On the contrary, it has doubled or trippled since dollar started declining - US exports inflation (temporarily)and manufactoring jobs and imports increasing dependency on foreign energy, eroding the petrodollar empire closer and closer to collapse.

Only way for US to get rid of the trade imbalance (under the capitalist paradigm) seems through massive inflation and massive unemployment cutting the consumption (standard of living) very significantly, because the cake (natural resources) is finite and at least for oil the limit has been reached. Of course US collapse will take down the whole current global capitalist paradigm with it, and good riddens! :)

So you are right about the cost of living, but IMO collapse is much more likely than controlled shrinking of the US economy.

[54anickel]

51. Hi Aneerkoinos, good to see you popping in again.

Wish I could honestly refute your opinion, but I can't. We are in deep doo these days.

So, what are you hearing over there with regards to the election coming up?

My aunt called recently from Holland to catch up on things, you know chit-chat about the family and all. Near the end of the conversation she threatened to disown me if I voted for Shrub. Seems her group of friends have started their own calling campaign to friends and family here in the States.

HA! I love my Tante, she's always been a bit of a "radical". :hippie:

[aneerkoinos]

55. Hi!

I keep hearing the lawyers are ready and the battle has already begun. I keep hearing it's a nation divided evenly in Believers, those who have belief in their all-powerfull Will that can mould the world anyway they want, and Realists, to be compered with us euro-weenies and other miserable defeatists whining about limits and balances and reactions and whatnot, who are all just talk talk talk and don't know how to take decisive gut based action.... ;)

I don't think US will get elected president right after the election day, possibly there will be not even a legitimate selected one before 2005 if ever, but a divided nation gone insane and close to civil war...

[54anickel]

64. Ouch! n/t

[UpInArms]

44. Dollar at 7-month low vs. euro

http://cbs.marketwatch.com/news/story.asp?guid=%7B33B81571%2DEFD8%2D4970%2DB904%2D39AF9D000402%7D&siteid=mktw

CHICAGO (CBS.MW) -- The dollar fell against the euro Wednesday to its lowest level in more than seven months after disappointing earnings reports from several key players.

Worries about the U.S. deficit and pace of economic growth weakened demand for the greenback and increased investors' appetite for Treasurys, with yields on the benchmark 10-year note sliding to stand at just above 4 percent. See Bond Report.

"The dollar continues to lose ground against the major currencies as traders assess just how quickly the United States can plug its growing trade deficit," said Paul Jackson, senior foreign exchange dealer at CMC Group.

The dollar was quoted at $1.2595 against the euro, the weakest reading since late February, and garnered about 108.23 yen, the lowest in more than two months.

...more...

[UpInArms]

54. dollar looking sickly at 86.26

Last trade 86.26 Change -0.58 (-0.67%)

Settle 86.84 Settle Time 23:36

Open 86.96 Previous Close 86.84

High 86.98 Low 86.24

Last tick: 2004-10-20 10:52:32 ET
30-min delayed quote.

[UpInArms]

13. lots of layoff notices going out today

http://www.nytimes.com/2004/10/20/nyregion/20dodger.html?oref=login

Broadway Producing Company Announces Plans for Layoffs

Dodger Theatricals, one of Broadway's biggest and most respected producing companies, has announced staff cutbacks amid news that it and its Dutch financial partner, Stage Holding, were rethinking their partnership, said Susanne Tighe, a Dodger spokeswoman.

The Dodgers, as the company is informally known along Broadway, have produced such Broadway shows as "42nd Street" and "Dracula: The Musical" and have just opened a $23 million Off Broadway theater complex, Dodger Stages, on West 50th Street between Eighth and Ninth Avenues.

Ms. Tighe said that the current productions and the theater complex would not be affected by the cutbacks, but that some layoffs were occurring. "With Dodger Stages now open and '42nd Street' counting down, like any company in our business, regrettably when there are fewer shows you need fewer people," she said.

...more...

http://seattlepi.nwsource.com/business/195913_becu20.html

85 jobs cut in second round of Boeing credit union layoffs

Boeing Employees Credit Union yesterday announced its second round of layoffs in five months, reducing employment by 85 after an earlier round in which it cut 70 jobs.

The Tukwila-based credit union, the state's largest and one of the nation's biggest, said the cuts will be made throughout the company, in management and non-management positions, effective Nov. 19.

BECU President and Chief Executive Gary Oakland said the layoffs are not the result of any financial difficulty for the credit union. The credit union reported third-quarter net income of $15.6 million, up 49 percent from the second quarter and 28 percent from the third quarter of 2003.

Instead the credit union wants to take advantage of the technology investments it has made, increase efficiency, lower costs, hold loan rates in check and increase dividends paid to members on their savings, in order to improve its competitive position.

...more...

http://www.ledger-enquirer.com/mld/ledgerenquirer/news/politics/9965895.htm

Nearly 300 AT&T workers laid off in Conyers

CONYERS, Ga. - Nearly 300 AT&T employees at a facility in Conyers are being laid off.

Workers found out about the layoffs Tuesday.

In a letter to the Georgia Department of Labor, AT&T Government Affairs Vice President Patrick T. Wingo said that the layoffs will take effect in 60 days, in keeping with federal law.

The work force reductions are being caused by "a shift in business focus," company spokesman Andy Backover said.

"We're not going to be marketing traditional services like long distance and local telephone service. As a result ... we expected significant impact in headcount," Backover said.

Backover said the work force reductions are part of a larger nationwide reduction for the telecommunications giant. AT&T Corp. announced 1,509 job cuts total.

...more...

http://news.newkerala.com/india-news/?action=fullnews&id=37670

Reuters may see further job cuts:

World News]: London, Oct 20 : After outsourcing several journalism jobs to India, journalists at Reuters fear further job losses next year as the media group seeks to save more money to meet its 440-million-pound cuts target.

Speaking to senior editorial managers, Geert Linnebank, the company's editor-in-chief, was unable to rule out further cuts because the department was still negotiating next year's budget.

A spokesman for the company said: "He couldn't rule it (cuts) out but there's nothing to say at the moment."

The group's 2,300 journalists have emerged largely unscathed from the company's Fast Forward restructuring programme announced two years ago.

Up to 20 editorial jobs went last year, partly as a result of the company's decision to outsource some of the more basic financial reporting to Bangalore and Bangkok.

This contrasts with more than 3,000 job cuts overall following the company's decision to slash 440 million pounds from its costs.

...more...

[KoKo]

36. How does one "outsource" journalism jobs to India? Wha?

This just blows my mind...but then they don't cover real news in the US anyway..so I guess the "view" from India might be more interesting. :eyes:

Reuters may see further job cuts:

World News]: London, Oct 20 : After outsourcing several journalism jobs to India, journalists at Reuters fear further job losses next year as the media group seeks to save more money to meet its 440-million-pound cuts target.

[54anickel]

63. Guess location doesn't matter when you're writing fiction. n/t

[UpInArms]

59. layoffs being tied to "weak dollar" at Conversys

Convergys Profit Falls, Cutting 250 Jobs

http://www.miami.com/mld/miamiherald/business/national/9967946.htm?1c

CINCINNATI - Convergys Corp. said Wednesday that its earnings fell by a third in the third quarter and that it will eliminate 250 management jobs worldwide through voluntary departures or layoffs.

For the three months ending Sept. 30, the billing, customer and employee care services company earned $30.1 million, or 21 cents per share, a penny less than the forecast of Wall Street analysts surveyed by Thomson First Call. A year ago, Convergys earned $45.5 million, or 31 cents a share.

Overall revenues increased 12 percent to $639.9 million from $570.7 million a year ago. But the group's operating income lagged, reflecting increased investment and startup costs related to large clients. The figure was also hurt by the weak U.S. dollar.

The number of layoffs needed will be determined after Convergys sees how many managers accept the early buyouts, spokesman John Pratt said. Most of the cuts will be completed by March 31.

<snip>

The Cincinnati-based company provides billing, customer care and employee care services for U.S. and international corporations and state governments. Convergys employs about 63,000 in customer contact centers, data centers and offices in the United States, Canada, Latin America, Europe, the Middle East and Asia.

...more...

Where's Frodo when you need to have someone tell you that a weak dollar is great for our economy?

[54anickel]

90. You know, I really miss Frodo. I just did another search on him and

it appears he has left DU. No posts anywhere lately. The last time I checked it looked like he'd been gone a couple of weeks, but I just figured he was on vacation or something. :shrug:

[UpInArms]

93. well, he said he worked for a bank

and with all of the mass layoffs due to the mergers on those big banks and with all of the layoffs in the mortgage industry, I hope that he didn't get axed.

:(

[54anickel]

69. Freescale to cut 1,000 jobs

http://www.azcentral.com/arizonarepublic/business/articles/1020Freescale20.html

Freescale Semiconductor Inc. said Tuesday that it plans to cut 1,000 jobs worldwide, or 4.5 percent of its workforce, and some of those cuts will hit the Valley.

The losses would be mainly administrative and overhead positions, as opposed to jobs in direct manufacturing, said Tim Doke, spokesman for the Austin-based computer-chip maker. Much of the operations here are in manufacturing, research and sales. The company has not determined exactly how many of those cuts the local operations will suffer.

Most layoffs would occur by year-end, though some workers would stay on through the first half of next year. advertisement

"We're streamlining operations that grew up as a division of a large company and now finds itself competing in a space with more nimble companies," Doke said.

snip>

The computer-chip maker, which is being spun off from Motorola Inc., has 3,500 employees at plants in Tempe and Chandler. It has 22,000 employees worldwide.

more...

[54anickel]

70. Profit soars 90 pct. for Manpower, a global temporary-staffing agency

http://www.philly.com/mld/philly/business/9964596.htm?1c

Manpower Inc., the temporary-staffing agency, said yesterday that third-quarter profit shot up 90 percent amid solid performances from several divisions, plus a benefit from stronger foreign currencies. The Milwaukee, Wis., firm had net income of $83.4 million, or 89 cents a share, compared with $43.8 million, or 56 cents, a year ago. However, the latest results included an income-tax adjustment that added 8 cents a share to earnings. Excluding items, Wall Street expected Manpower to report third-quarter earnings of 66 cents a share, according to a Thomson First Call survey of analysts. Revenue for the latest quarter rose 22 percent to $3.9 billion from $3.2 billion a year ago.

that's it, just a short blurb.

[UpInArms]

14. Fed finds holes in Union Bank's anti-money laundering

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38279.7346643518-824072999&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

WASHINGTON (CBS.MW) -- Union Bank of California International has agreed with the Federal Reserve to step up its efforts against money laundering. In a written agreement with the Fed released Tuesday, the subsidiary of UnionBanCal Corp. (UB) said it would allow an independent review of all transactions since July 2002 to determine if suspicous activities were properly handled. The bank conducts "a high volume U.S. dollar clearing business" and "significant services to its correspondent banking customers," the agreement said. A review by the New York Fed found "compliance and risk management deficiencies" in its operations, the written agreement released by the Fed said.

[UpInArms]

15. pre-opening blather

briefing.com

9:16AM: S&P futures vs fair value: -4.3. Nasdaq futures vs fair value: -5.5. Futures market is off its worst levels of the morning, but buyers have shown some reluctance overall given concerns about the pace of earnings growth that have been fueled by several blue chip companies being unable to meet consensus estimates for the September quarter

8:55AM: S&P futures vs fair value: -4.6. Nasdaq futures vs fair value: -5.0.

8:38AM: S&P futures vs fair value: -4.3. Nasdaq futures vs fair value: -7.0. Expectations for a negative start for the cash market remain intact... Nothing in the way of a convincing buying catalyst this morning as oil prices are up (+0.29 at $53.58) ahead of the DoE's weekly inventory report and several blue chip companies have failed to impress with their earnings results

8:11AM: S&P futures vs fair value: -5.4. Nasdaq futures vs fair value: -8.5. Futures market trading with a negative bias this morning as yesterday's reversal and some unimpressive earnings news are weighing on sentiment... JPM, CFC, WHR and ERTS are among the notable companies that came up short of consensus estimates and/or provided disappointing guidance

ino.com

The December NASDAQ 100 was lower overnight as it extends Tuesday's downside reversal and is trading below the 10-day moving average crossing at 1443.35. Stochastics and the RSI are diverging and are turning bearish again signaling that sideways to lower prices is possible near-term. Closes below last week's low crossing at 1419 would renew this month's decline and would mark a breakout below the August-September uptrend line. The December NASDAQ 100 was down 3.00 pts. at 1443 as of 5:48 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 lower overnight and below the 50% retracement level of the August-October rally crossing at 1102.60. Stochastics and the RSI remain bearish signaling sideways to lower prices are possible near-term. Closes below September's low crossing at 1101.60 would open the door for a possible test of the 62% retracement level of the August-October rally crossing at 1092.90 later this month. Overnight action sets the stage for a steady to weaker opening when the day session begins later this morning.

[UpInArms]

16. 9:36 EST markets are open

Dow 9,876.09 -21.53 (-0.22%)
Nasdaq 1,917.46 -5.44 (-0.28%)
S&P 500 1,099.75 -3.48 (-0.32%)
10-Yr Bond 4.009% -0.031

NYSE Volume 42,229,000
Nasdaq Volume 63,916,000

[54anickel]

17. Pessimism about global economic outlook grows - WTF?

http://news.ft.com/cms/s/f7b09f52-2204-11d9-8c55-00000e2511c8.html

snip>

David Bowers, Merrill's chief global investment strategist, said there were signs of a "significant turning point being established" as investor concern shifted to corporate profits and away from inflation and interest rates. A net 25 per cent of fund managers expect the global economy to weaken over the next year, while a net 23 per cent think the global profit environment is worsening. These are the gloomiest figures since the spring of 2001.

Global earnings per share are forecast to grow by only 5.4 per cent over the next 12 months. This compares with the 6.5 per cent growth anticipated in September's poll. More investors are expecting profit growth to be driven by cost-cutting rather than by higher volumes or prices.

Mr Bowers said: "Fund managers are expecting margins to take the strain from the commodity shock, rather than inflation." He noted that the recent surge in oil prices came against the background of a generally weak global economy, whereas in the 1970s when oil prices also rose strongly, conditions were much better. Merrill believes fundamentals only support an oil price in the $30s rather than the $50s.

"As people worry less about inflation, they feel there is less urgency for central banks to tighten," Mr Bowers said. He said fund managers still expected the US Federal Reserve to continue lifting interest rates, but at a slower pace.

The survey shows fund managers favour equities over bonds: they are most positive about emerging market equities and least enthusiastic about US equities. A net 55 per cent of respondents said bonds were overvalued.

more...

[ret5hd]

18. transportation tidbit...

i don't often post here, but heard some news some might be interested in. This will be officially announced at 10 AM, i think.

american airlines lost $260M in the third Q, will close kansas city maintenance base, will vastly scale back st. louis facility (b & c checks)

[54anickel]

22. Welcome ret5hd. Thanks for posting this. It's always a bit scary to read

about companies (especially airlines!) making cuts in maintenance areas to survive. Look like Continental is hurting quite a bit as well.

Continental warns of ‘significant’ loss
http://news.ft.com/cms/s/4b89caf4-21bf-11d9-8c55-00000e2511c8.html


Continental Airlines warned on Tuesday that it expected to make “a significant loss” both this year and in 2005 “unless the current environment improves”, as it struggles to cope with high fuel prices and low yields.

The US airline fell to a net loss of $16m in the third quarter, traditionally its strongest three months of the year, from a net profit of $133m a year ago in the face of surging oil prices and continuing tough competition from low cost carriers.

Its net loss in the first nine months rose to $157m from $9m a year ago.

The group is moving additional capacity into international markets in particular on to its North Atlantic, Latin American and Pacific routes to offset the continuing losses in the domestic US market.

more...

[ret5hd]

27. re: cuts in maintenance...

i would like to point out that the kansas maintenance base was acquired when american bought twa, and the base was essentially a shell of its former self. there was not a lot of maintenance going on there lately. most of it had been sent to americans tulsa, ok and ft. worth, tx maintenance bases.

it seemed to some that the main value of the kansas base was to use it as a threat to the other maintenance bases to demand wage/benefit cuts from maintenance employees. now, it seems the cost of maintaining such a threat outweighs its utility.

[54anickel]

31. Thanks, good to know it's not out of a lower regard for safety. Hope

there won't be too many laid off by this decision.

[KoKo]

42. interesting. I read that American is now switching employees over to

it's Eagle Division and asking them to work for less. (Eagle employees are paid less) and that the new emphasis "might be" on the smaller planes that Eagle flies to keep AMR afloat. Less business travel = smaller planes, I guess.

[UpInArms]

32. AMR stock is in the ditch

10:22am 10/20/04 AMERICAN AIR HOVERS AT 52-WEEK LOW AHEAD OF Q3 EARNS

[UpInArms]

57. here's your AMR report ret5hd

11:36am 10/20/04 AMR TO CONSOLIDATE DALLAS-AREA RESERVATION OFFICES

11:33am 10/20/04 AMR Q3 LOSS $1.33 VS $0

AMR swings to Q3 loss of $214 million

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38280.4873958333-824149494&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (CBS.MW) -- AMR Corp. (AMR) , parent of American Airlines, swung to a third-quarter loss of $214 million, or $1.33 a share. That compares with a profit of $1 million in the year-ago period. AMR blamed the loss on higher fuel costs, lower fares, and the hurricanes that hit Florida. The airline ended the quarter with $3.6 billion in cash.

11:37am 10/20/04 AMR SAYS Q1 DOMESTIC CAPACITY TO BE CUT BY 5%

11:37am 10/20/04 AMR TO ADD BACK SEATS ON MD80, 737, 767, 777 AIRCRAFT

11:36am 10/20/04 AMR TO CONSOLIDATE DALLAS-AREA RESERVATION OFFICES

11:36am 10/20/04 AMR Q3 REV $4.8B VS $4.6B

(edited to include additional information)

11:33am 10/20/04 AMR Q3 LOSS $1.33 VS $0

[UpInArms]

79. American Airlines plans job cuts in wake of loss

http://www.chron.com/cs/CDA/ssistory.mpl/business/2857729

DALLAS - The parent of American Airlines lost $214 million from July through September, as it struggled with rising fuel costs and competition from low-fare carriers, and predicted an even bigger loss in the fourth quarter.

Chief executive Gerard Arpey said American would take steps to raise revenue and cut costs, including job cuts and a 5 percent reduction in the airline's capacity by the first quarter of next year. He offered no details on layoffs.

<snip>

The president of American's pilots' union had feared the company would announce layoffs and ground more planes when it released the third-quarter numbers. Ralph Hunter told union leaders that junior pilots with "viable alternatives" to their current job "should seriously consider leaving."

American has furloughed nearly 2,600 of its 11,000 pilots and is in the process of laying off another 298. Under an agreement last year -- reached with the union as AMR teetered on the brink of bankruptcy -- American could cut another 861 pilots for a total of 3,750 layoffs.

American also has eliminated 4,500 flight attendant jobs, although it said last month it would recall 610 to staff profitable international routes.

...more...

[54anickel]

19. Fund firms' profits to slow, analyst says

UBS's Schorr sees end to 'decade of asset managers'

By Jonathan Burton, CBS.MarketWatch.com
Last Update: 2:33 PM ET Oct. 19, 2004

SAN FRANCISCO (CBS.MW) -- The superior profitability that mutual-fund companies enjoyed over the past decade may have run its course, a casualty of investors' lowered expectations for stock returns, lackluster buying interest and tightened regulation.

snip>

"Domestic asset managers have enjoyed a good ride," Schorr said. "Investors in the sector did pretty well too," he added, capturing 21 percent annualized returns over a decade vs. 9 percent for the S&P 500 Index.

Now, the road is bumpier, Schorr said. A combination of factors -- a maturing customer base, single-digit market returns, fee cuts, additional costs to comply with stricter regulation, and a broader range of investment alternatives -- has come together to pressure fund companies' record of formidable growth and profit margins, he said.

"While we really like the asset management business, we believe returns will be more subdued and that stock picking will matter more than ever," he wrote.

"The great asset land grab is maturing; the next wave is about trying to profitably grab market share from competitors while protecting against alternative products." These products -- such as hedge funds, exchange-traded funds and separately managed accounts -- appeal to sophisticated investors, Schorr added.

more...

[54anickel]

20. 3 Top Officials Leaving Citigroup -- Memo

http://biz.yahoo.com/rb/041019/financial_citigroup_japan_2.html

NEW YORK (Reuters) - Three senior Citigroup Inc. (NYSE:C - News) executives are leaving the company, after being found partially responsible for last month's forced closure of Citigroup's private bank in Japan, a person familiar with the matter said.

The departing executives are Deryck Maughan, Thomas Jones and Peter Scaturro, according to a memo issued Tuesday by Chief Executive Charles Prince. Reuters obtained a copy of the memo.

Regulators last month ordered the world's largest financial services company to close its private bank in Japan for what they called a breakdown in internal controls.

Citigroup brought in an independent person to review the matter, and concluded the executives shared responsibility for it, the person said.

more...

[KoKo]

47. Peter Scaturro...one of those leaving..and some info here about Citigroup'

strategy. Their strategy didn't last long...Scaturro was only in charge a year according to this article. Interesting how they "marketed" themselves and their strategy from the article. :eyes:



Scaturro: ‘People have been burned and families prefer to focus on a few trusted advisers’
Private bank acts as gateway to Citigroup empire
http://64.233.161.104/search?q=cache:mZVloUzBWHwJ:www.pwmnet.com/news/fullstory.php/aid/577/Private_bank_acts_as_gateway_to_Citigroup_empire.html+Peter+Scaturro&hl=en&start=7
03 November, 2003

Roxane McMeeken quizzes Citigroup’s private banking chief Peter Scaturro on the firm’s strategy for success in Europe. Even before the Iraq war, anti-American feeling was not uncommon in Europe. Now, as President George W. Bush attempts to mend fences with former friends across the Atlantic, the sentiment is close to rife.
But US super bank Citigroup has no plans to de-Americanise its private banking proposition for Europe.
Citigroup’s private banking chief Peter Scaturro believes Europe provides one of the bank’s largest opportunities and has an ambitious growth plan for the region. Yet he happily flies in the face of the entrenched idea that European clients respond best to a service minutely tailored to suit them

Beyond traditional banking

Mr Scaturro wants the private bank to present itself in Europe as “a true global wealth manager”. As such it is to act as a “gateway” within the Citigroup empire, providing clients with access to the company’s entire suite of banking and investment services. This starts with access to traditional banking services such as credit cards, and access to investment in securities and funds – both in-house and external. But clients are also able to access Citigroup’s FX capabilities and those of its corporate and investment bank.
“Many of our clients are entrepreneurs or have family businesses,” says Mr Scaturro. “They therefore might want to sell their business or expand it through acquisitions. Some families need liquidity, others need access to capital markets.”
He stresses that Citigroup sells itself on the basis of these global capabilities, which stretch “well beyond traditional banking”. “Traditional activities such as lending can be handled by local banks, while we will advise on the portfolio globally. Anyone who thinks they are going to manage 100 per cent of a client’s assets is naive. Families will always have a local provider for basic banking and so they should. But Citigroup comes into the picture as their one adviser for the big decisions, such as acquiring other businesses or managing wealth on a global basis.”
He adds that this segment of business has become more lucrative since the bear market. “Before, wealthy families spread their wealth among many advisers. Everyone looked good. Now, people have been burned and families prefer to focus on just a few trusted advisers.”
The bank’s strongest presence is currently in the UK and Switzerland, followed by the UK expatriate markets in Spain and Greece. Mr Scaturro wants to expand coverage, but only where there is significant wealth. The aim is to serve the 100-200 top families in Europe.

Alternative products

The internal investment management product range remains central to Citigroup Private Bank’s offering. “At the moment, families want alternative products,” says Mr Scaturro. “Especially those products where they have the chance to invest alongside the proprietary capital of Citigroup. We offer them the full range of venture capital, private equity, hedge funds and real estate.”
Mr Scaturro concedes that “as big as Citigroup is, even we need to open up to outside capabilities”. For the past year, one third of all the private bank’s alternative products have been non-proprietary. Citigroup uses a lesser proportion of external products in other asset classes, where Mr Scaturro feels the internal asset management division has stronger capabilities.
“Where external providers have something unique or where we feel our product could be better, the field is wide open. We take a view on the market and see where the opportunities are,” says Mr Scaturro. While due diligence is strict, he adds, “external providers don’t have to be a big name or a certain size”.
Service is another key element to the Citigroup proposition. Within the next 15 months Mr Scaturro plans to roll out “Project One”, an enhanced reporting and analytics system already live in the US and Latin America. “We decided we needed more information, analysis and insights for the client, so we have put a lot of time and energy into this platform,” he says.
Citigroup Private Bank is also prepared to buy in additional expertise. “Our growth to date has been purely organic, but we are constantly looking to acquire businesses or capabilities or interesting sets of clients through the right deal.” He hints that the bank is close to concluding an acquisition that would boost its service offering, to be announced soon.

[54anickel]

53. HA! Looks like he took "beyond traditional banking" a wee-bit too far n/t

[UpInArms]

21. Countrywide's profit falls (mortgage lender)

http://cbs.marketwatch.com/news/story.asp?guid=%7B68927991%2D5BA0%2D487F%2DA2FA%2D9D0FAA24AC6D%7D&siteid=mktw

NEW YORK (CBS.MW) -- Countrywide Financial shares fell sharply Wednesday after the company said third-quarter net income fell 47 percent as a drop in refinancing volume and higher interest rates left it unable to repeat its year-ago record performance.

Countrywide (CFC: news, chart, profile) said third-quarter net income was $582 million, down substantially from last year's $1.1 billion.

The Calabasas, Calif.-based lender reported third-quarter earnings per share of 94 cents, down from $1.93 a year before. The company had been expected to earn $1.01 per share, according to a survey of analysts by Thomson First Call.

Pretax earnings in the mortgage banking segment were $633 million, which compares to a year-ago pretax profit of $1.5 billion.

"During the quarter, the Fed raised interest rates by 50 basis points, yet the 10-year U.S. Treasury yield decreased by 48 basis points," said Angelo R. Mozilo, the company's chief executive.

...more...

[mom cat]

23. Wow! We have really turned the corner! Great job Prez!

:puke:

[ozymandius]

25. 10:05 and little bounce

Dow 9,867.68 -29.94 (-0.30%)
Nasdaq 1,919.80 -3.10 (-0.16%)
S&P 500 1,099.22 -4.01 (-0.36%)
10-Yr Bond 4.007% -0.033
NYSE Volume 204,254,000
Nasdaq Volume 222,689,000

U.S. stocks edge lower on slew of weak earnings

NEW YORK (CBS.MW) -- U.S. stocks lost ground Wednesday on disappointing earnings reports out of JP Morgan, Pfizer and Motorola, with a turn up in oil ahead of key inventory data further unsettling investors.

-cut-

Oil edges higher ahead of supply data

Crude-oil futures edged higher ahead of key updates on U.S. petroleum supplies.

Many analysts expect the weekly supply data from the Energy Department and the American Petroleum Institute to show a further recovery in Gulf of Mexico production, which has been hampered by a series of hurricanes in recent weeks.

Last week's data revealed sizable increases in crude-oil inventories, but also showed big declines in distillate stocks, which include supplies of heating oil for the winter.

http://biz.yahoo.com/cbsm-top/041020/b8a18b8e57451bf8975937ffabe087c7_1.html

[UpInArms]

26. 10:05 EST numbers and blather

Dow 9,865.91 -31.71 (-0.32%)
Nasdaq 1,918.77 -4.13 (-0.21%)
S&P 500 1,099.22 -4.01 (-0.36%)
10-Yr Bond 4.007% -0.033

NYSE Volume 209,616,000
Nasdaq Volume 226,911,000

10:00AM: Indices lift from their inital weakness, but still sport modest losses... Decliners are outpacing advancers by a respectable margin at the NYSE and Nasdaq, and down volume also leads up volume... Software, computer hardware, semiconductor, banking, cyclical, and restail continue to trade noticeably lower, but gains in energy, basic material, and biotech have helped offset those losses... The market will get an influential report at 10:30 ET with the release of weekly US oil inventories...

A Reuters survey of 11 analysts predicts a fall of 1.1 mln barrels, which would mark the fifth straight week of declines... Crude oil has reacted in anticipation of such a release, climbing $0.25 to $53.24/bbl... NYSE Adv/Dec 1216/1318, Nasdaq Adv/Dec 943/1367

9:40AM: Stock market gets off to a sluggish start, pressured by broad-based selling following a number of earnings misses... Dow component JP Morgan (JPM 36.51 -1.47) fell short of the Q3 (Sept) consensus EPS estimate by $0.14, and Bank of New York (BK 30.35 -0.40), Delta (DAL 2.80 -0.19) and Whirlpool (WHR 56.84 -2.47) also came in under expectations... Last night's earnings reports were also a bit of a disappointment, with investors unhappy with Motorola's (MOT 17.64 -0.86) numbers following Nokia's (NOK 15.00 +0.07) better than expected Q3 (Sept) report/raised FY04 (Dec) outlook last week...

Presently, semiconductor, airline, and brokerage are the largest laggards on the averages...

[UpInArms]

34. Fannie slips as SEC probe is formal

http://cbs.marketwatch.com/news/story.asp?guid=%7B8933973B%2D1C44%2D4BD1%2D86A3%2D895A15D98C24%7D&siteid=mktw

SAN FRANCISCO (CBS.MW) -- Shares of Fannie Mae slipped in pre-market trading after the mortgage giant disclosed late Tuesday that the Securities and Exchange Commission's investigation into its earnings accounting has escalated into a formal probe.

In a statement announcing its latest "8-K" filing, the company said it's been informed by the SEC that the agency has "initiated a formal order of investigation." Fannie Mae had previously announced that the SEC was conducting an informal inquiry.

The lender said it would "continue to fully cooperate with the SEC's ongoing investigation."

Ed Groshans, New York City-based vice president at investment bank Fox-Pitt, Kelton, said Fannie Mae's stock price could slip into the $62 to $63 range and "possibly test new lows" on the news.

<snip>

The inquiry's elevated status, he said, "lends credence" to the report by Fannie Mae's primary regulator, the Office of Federal Housing Enterprise Oversight, which in late September accused the company of misusing accounting methods to burnish earnings and boost executive bonuses.

...more...

[UpInArms]

37. bad news on distillate inventories

10:31am 10/20/04 U.S. CRUDE STKS UP 1.2 MLN BRLS LAST WK: ENERGY DEPT

10:32am 10/20/04 U.S. DISTILLATE STKS DOWN 1.9 MLN BRLS: ENERGY DEPT

10:32am 10/20/04 U.S. GAS STOCKS DOWN 700,000 BRLS LAST WK: ENERGY DEPT

[UpInArms]

40. Oil prices up as Energy Dept posts distillate stk fall

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38280.4418287037-824144712&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (CBS.MW) -- November crude in New York is up 80 cents to $54.15 a barrel after the Energy Department said distillate supplies fell for a fifth week, down 1.9 million barrels at 119 million barrels for the week ended Oct. 15. Crude inventories were up 1.2 million barrels at 279.4 million barrels. Gasoline stocks fell by 700,000 barrels to total 199.9 million barrels. November heating oil is up 1.95 cents at $1.528 a gallon and November unleaded gasoline is up 1.27 cents at $1.37 a gallon.

[UpInArms]

46. Crude now at $54.10 bbl

10:50am 10/20/04 NOV CRUDE UP 81C AT $54.10/BRL AFTER $54.34 HIGH

[UpInArms]

56. OUCH! heating oil now at $1.554 a gallon!

11:26am 10/20/04 HEATING-OIL FUTURES TRADE A FRESH INTRADAY RECORD HIGH

11:26am 10/20/04 NOV HEATING OIL UP 4.55C, OR 3%, AT $1.554/GAL

[UpInArms]

61. Crude at $55.10 bbl

12:07pm 10/20/04 NOV CRUDE HITS $55, UP $1.71, OR 3.2%

12:08pm 10/20/04 NOV CRUDE HITS HIGH OF $55.10, A FRESH INTRADAY HIGH

[UpInArms]

62. Crude tops $55 for first time in regular NY trade

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38280.5078935185-824151763&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

SAN FRANCISCO (CBS.MW) -- Crude futures topped $55 a barrel for the first time in regular trading on the New York Mercantile Exchange. November crude traded as high as $55.10 a barrel and was last at $54.95, up $1.66. Prices reached an intraday record of $55 on Oct. 15, and traded as high as $55.33 in overnight trading on Oct. 18. Declines in distillate and gasoline supplies last week sparked the latest rally.

[hatrack]

38. A question for you, Ozymandius

Along with gold, exchange rates & market indices, would it be possible to add an oil price graphic to the initial Stock Market post each day? Given current conditions, I think a lot of people might find that interesting and useful.

Thanks for all your work each day! :toast:

[ozymandius]

95. Great idea. I've looked high and low for a chart -

for over an hour but to no avail. If you run across a chart for light sweet crude, pass it along. It would be great to track this throughout the day.

[UpInArms]

98. maybe this one?

or there are a few others relating to crude and futures here:

http://www2.barchart.com/dfutpage.asp?sym=CL&code=BWSLCT

click on the contract then click for a chart

[UpInArms]

39. 10:36 EST numbers and blather

Dow 9,827.71 -69.91 (-0.71%)
Nasdaq 1,915.62 -7.28 (-0.38%)
S&P 500 1,096.20 -7.03 (-0.64%)
10-Yr Bond 3.996% -0.044

NYSE Volume 369,383,000
Nasdaq Volume 372,085,000

10:30AM: Market dips lower as selling remains persistent across the indices... The bulls have not been able to find much to rally on this morning: earnings were generally lackluster with notables Pfizer (PFE 28.67 -0.33) missing on the top-line and Electronic Arts (ERTS 44.24 -2.42) coming up short in EPS and revenues... Analyst commentary has also been rather negative as McDonald's (MCD 28.58 -0.42) was downgraded to Peer Perform from Outperform at Bear Stearns... MCD has thus acted as a drag on the Dow, along with JPM, PFE, and HON following their earnings reports...NYSE Adv/Dec 1199/1580, Nasdaq Adv/Dec 1073/1430

[UpInArms]

41. Dow drop accelerates to 2-mo. low as crude spikes

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38280.4425578704-824144794&siteID=mktw&scid=0&doctype=806&

NEW YORK (CBS.MW) -- The Dow industrials ($INDU) accelerated to the downside after data showing a decline in gas and distillate inventory prompted a spike in crude prices. The Dow was last down 68 points at a 2-month low 9,830. December crude surged 74 cents to $53.35.

[KoKo]

49. Aren't those volume levels kind of low? (n/t)

[UpInArms]

50. 11:12 EST numbers and blather (and yes, those volumes seem low)

Dow 9,852.64 -44.98 (-0.45%)
Nasdaq 1,922.25 -0.65 (-0.03%)
S&P 500 1,099.45 -3.78 (-0.34%)
10-Yr Bond 3.984% -0.056

NYSE Volume 540,060,000
Nasdaq Volume 542,223,000

11:00AM: Stocks continue to slide as weekly oil inventories, across most measures, came in lighter than expected... The Energy Information Administration (EIA) reported a 1.9 mln barrel decline in distillate inventories (consensus of a 1.0 mln decrease) and a 1.2 mln barrel rise in crude oil supplies (consensus of a 1.8 mln increase)... Analysts were expecting more of a recovery as imports delayed by Hurricane Ivan made their way back to the Gulf this week... Instead, the supply picture remains weak across North America - raising concerns about meeting demand for heating oil during the winter season...

The market dropped fell deeper as a result, although it has recently bounced off its lows - the Dow finding support at its 52-week closing low of 9814...NYSE Adv/Dec 1056/1858, Nasdaq Adv/Dec 925/1730

Wow! What a recovery from being down 92 points after the crude numbers came in :eyes:

[54anickel]

52. Shadow of "the hand" in those charts again today? Moving in unison

quite nicely and on low volume. Could be coinkie-dink? :shrug:

[KoKo]

58. Yes...I had the site up and saw Nasdaq take the spike in "real time" then

clicked on Dow and tandem spikes....It's always fun if one can catch it in "real time." Does make you wonder about that "hand." :D

[54anickel]

48. Interesting bit from Hussman Funds

http://www.hussmanfunds.com/wmc/wmc041018.htm

snip>

In my view, earnings are simply the wrong unit to place at the center of the analysis. What matters, very simply, is the stream of cash that investors actually have a claim upon, after all obligations to other stakeholders have been met. True, in order to communicate to a large number of readers, I often couch my views in terms of P/E ratios (but even then, use my own “adjustments” such as the use of peak earnings in order to filter out recession-induced swings). But ultimately, values are based on the stream of cash you actually receive as a shareholder over time.

The reason for my concern here is that earnings are currently quite elevated relative to nearly every other fundamental. That's another way of saying that ratios like price/revenue, price/dividend and price/book are still off the chart relative to historical norms, while the price/peak earnings ratio is merely at the same level as the 1929, 1972 and 1987 market highs. We observe a high ratio of earnings to revenues in the form of high profit margins, a high ratio of earnings to dividends as a low payout ratio, and a high ratio of earnings to book values as high return on equity. If current, unusual profit margins, payout ratios and returns on equity are now the norm, then fine, stocks are simply overvalued to the same degree that we've seen in a handful of previous instances. But if those margins aren't sustainable, as they historically have not been in a competitive economy, then stocks are actually even more expensive than price/earnings ratios would have investors believe.

The bottom line is that as earnings reports come out in the weeks ahead, investors should keep in the back of their minds that they are looking at a fairly unreliable measure of stock valuations. What we're really interested in is the stream of cash that investors have a claim upon. At present, that stream of cash remains unusually small relative to going prices.

Market Climate

The Market Climate for stocks remains characterized by unusually unfavorable valuations and modestly favorable market action. Despite high valuations, it does not follow that stock prices must decline anytime soon. Indeed, given that the recent decline has cleared the overbought condition of a few weeks ago, there's an even chance that stocks could enjoy one of the “fast, furious, prone-to-failure” rallies that we've seen again and again this year after oversold conditions have been cleared. That, of course, is not a forecast either. For us, it is sufficient to recognize that until further breakdowns in market action occur (which may show up in market internals rather than in substantial declines from the major indices), the Market Climate remains one that has produced a modestly positive return/risk profile on average. So while our stock holdings in the Strategic Growth Fund are well-hedged, we also hold a small but important position in call options sufficient to produce a roughly 35% exposure to market fluctuations should the market enjoy an extended advance.

In bonds, the Market Climate remains characterized by modestly unfavorable valuations and tenuously favorable market action. Again, that doesn't imply any particular directional forecast. Rather, it suggests that the overall probability distribution of returns here has a relatively mundane average profile of return and risk. I don't view bond market risks as particularly high here, but on average, the current Market Climate hasn't produced much in the way of returns either. For that reason, the Strategic Total Return Fund continues to have a relatively low duration of just under 2 years (meaning that a 100 basis point move in bond yields would be expected to have a roughly 2% impact on Fund value on account of bond price fluctuations). That duration is mostly in Treasury Inflation Protected Securities. The Fund also continues to hold about 14% of its assets in precious metals shares. I would be inclined to increase this position on credible evidence of economic softening (as I noted a few weeks ago, the main additional element for a recession warning here would be a decline in the ISM Purchasing Managers Index below 50). It is notable that consumer credit declined last month, help wanted advertising remains weak, the current account deficit continues to deteriorate, and lumber futures are suddenly falling out of bed (a concern for housing). Until we observe more definitive evidence of economic weakness, however, our exposure to precious metals will remain comfortably moderate.

[UpInArms]

60. 12:07 EST numbers and blather (tumbling downward)

Dow 9,837.82 -59.80 (-0.60%)
Nasdaq 1,922.56 -0.34 (-0.02%)
S&P 500 1,098.37 -4.86 (-0.44%)
10-Yr Bond 4.005% -0.035

NYSE Volume 757,617,000
Nasdaq Volume 769,174,000

12:00PM: Equities have been on the defensive most of the morning as traders have balked at the majority of the morning's news items... Earnings and crude oil reports were a disappointment to the market as they suggested slower corporate/economic growth down the road... The Energy Information Administration's (EIA) weekly US oil inventories report showed a reported a 1.9 mln barrel decline in distillate inventories and a 1.2 mln barrel rise in crude oil supplies - both of which were weaker than expected... The price of crude oil has thus advanced nearly 3%, to $54.70/bbl, and approached record highs...

As for last night/this morning's earnings, they generally fell short of market expectations... Banking juggernaut JP Morgan (JPM 37.06 -0.92) missed the Reuters Estimates Q3 (Sept) consensus by $0.14, and other financial names such as Bank of New York (BK 30.89 -0.14) also came up shy of profits targets... This has only reinforced selling in the group, which is still underwater following Eliot Spitzer's expanded insurance probe (announced yesterday afternoon)...

Technology reports were also mixed, with Motorola (MOT 17.49 -1.01) missing whisper numbers and Electronic Arts (ERTS 44.38 -2.28) coming in under consensus estimates... As a result, technology and financial have been some of the more notable laggards, with industrial, retail, drug, homebuilding, and airline (the latter of Delta's Q3 miss today) following suit...One of the few areas to move higher has been energy (+1.5%) and that has been off the crude oil spike...

dollar really sad

Last trade 86.17 Change -0.67 (-0.77%)

[UpInArms]

65. 12:32 EST lunchtime rally!

Dow 9,881.03 -16.59 (-0.17%)
Nasdaq 1,932.31 +9.41 (+0.49%)
S&P 500 1,102.83 -0.40 (-0.04%)
10-Yr Bond 3.999% -0.041

NYSE Volume 847,433,000
Nasdaq Volume 858,406,000

12:25PM: Some improvement in the past half hour as the Nasdaq passes above the unchanged mark... The catalyst has been a surge in the semiconductor group, which has charged higher by 1.3%... Traders have engaged in bargain-hunting following the group's harsh sell-off over the past month... Leading the way higher has been chip makers Texas Instruments (TXN 22.81 +0.26) and Intel (INTC 21.25 +0.45)... Networking and biotech are also boasting gains and have helped the Composite in its turnaround...

The blue chip averages, however, continue to be weighed down by selling in telecom service, financial, health care, and consumer discretionary...NYSE Adv/Dec 1354/1726, Nasdaq Adv/Dec 1231/1618

dollar still sad

Last trade 86.15 Change -0.69 (-0.79%)

[54anickel]

67. Dang, beat me to it! Spending the lunch hour bargain shopping! n/t

[54anickel]

68. 3.250 Billion in repos went out the door at around 10:00 am. Wonder

where that's headed to?

[54anickel]

66. Whoa, that buck does look sickly indeed. This morning I wondered if

it would dip below 86.00 on intraday trading. I thought, nah it's not going to drop that much in a day. Now it's looking like a possibility.

[UpInArms]

73. 54anickel, what's up with that yen chart?

huh?

dollar now 86.36 (as of 12:50 EST)

[54anickel]

74. Huh? WTF? Are you having flashbacks to the yenetics days and

intervention? Some sort of line drawn at 108?

[UpInArms]

76. well, maybe these are "flashbacks"

:D

from the daily dollar watch posting

http://www.dailyfx.com/article_daily_fundamentals_101904.html

he dollar broke down against the Japanese yen today as the yen finds some relief from the retracement in oil prices. It appears that the pair is more sensitive to a decline in oil prices these days than its persistent rallies. Declines into the 108 handle and even further into the 107 handle always sparks fears of Bank of Japan intervention. However, the BoJ has refrained from intervening in the market this fiscal year despite the fact that USDJPY was trading at these levels back in July. If anything, verbal intervention is more likely at this point. Interestingly enough, the Nihon Keizai Shimbun reports that in a report due for release on October 29, the Bank of Japan will forecast that consumer prices will increase modestly in fiscal year 2005. This means that they may be looking at gradually removing excess policy accommodation in late 2005, early 2006.

[54anickel]

77. Found this from yesterday

USDJPY


The dollar broke down against the Japanese yen today as the yen finds some relief from the retracement in oil prices. It appears that the pair is more sensitive to a decline in oil prices these days than its persistent rallies. Declines into the 108 handle and even further into the 107 handle always sparks fears of Bank of Japan intervention. However, the BoJ has refrained from intervening in the market this fiscal year despite the fact that USDJPY was trading at these levels back in July. If anything, verbal intervention is more likely at this point. Interestingly enough, the Nihon Keizai Shimbun reports that in a report due for release on October 29, the Bank of Japan will forecast that consumer prices will increase modestly in fiscal year 2005. This means that they may be looking at gradually removing excess policy accommodation in late 2005, early 2006.

http://www.dailyfx.com/article_daily_fundamentals_101904.html

[UpInArms]

78. a little something just for you :)

[54anickel]

80. Ahhh, things go better with Coke! Hey, do you think that little buck

freefall show was the result of a little muscle flexing? Check out this article. If I were China, I'd be a bit ticked off right about now.

http://www.businessreport.co.za/index.php?fArticleId=2268288

Beijing - The Chinese government's top forex regulator argued on Wednesday that the peg of the yuan to the US dollar is not a good enough reason to consider the country a 'non-market economy,' a key assessement in trade negotiations.

Guo Shuqing, director of the State Administration of Foreign Exchange (SAFE), said in an opinion piece in the English-language China Daily that many market economies have had fixed exchange rate regimes in the past and some still do.

"Recent discussion about China's market economy status was connected with the renminbi (yuan) exchange rate system. I do not think (that) was appropriate," he said.

"China has never manipulated its currency and there is no direct link between the exchange rate system and market economy status."

snip>

Late Tuesday, Alan Larson, the visiting US under secretary of state for economic, business and agricultural affairs, told a Beijing audience that the decade-old peg of the yuan to the dollar ought to go as quickly as possible.

snip>

At the same time, Guo warned that a revaluation of the yuan would have an "unavoidable" impact on the economic stability of the world and encourage other countries to improve cooperation in currency arrangements.

[UpInArms]

81. to my thinking - and as always it could have

a huge black hole running through it -

the yuan, although tied to the dollar, has a tremendous amount of strength behind it (through asset accumulation).

To "untie" the yuan, would be to let loose of those assets in a way that would devalue their own currency. China might not be in any hurry to do that for a number of reasons - an already "hot" economic boom for them would become "overheated" and possibly implode. They (China) appear to be more willing to work out issues of oil dependence and to encourage technologies that are more independent and naturally recurring.

For some bumbling *Co mouthpiece to denigrate their efforts would have an adverse effect upon Sino-US relationships.

jmho

[54anickel]

71. Bumper Crop of Corporate Probes

http://www.cfo.com/article.cfm/3307631/c_3307640?f=home_todayinfinance

Fannie Mae, Krispy Kreme, Marsh & McLennan, American International Group. This year's "fall harvest" — another bounty of companies under investigation by the Securities and Exchange Commission, the Department of Justice, or New York State Attorney General Eliot Spitzer — provides a reminder of the value of legislation like the Sarbanes-Oxley Act.

So it's distressing that despite several years of post-Enron scandals, some corporate executives are rooting for a second Bush administration and a Republican-controlled Congress that would undo that legislation and back off from new rules intended to improve corporate transparency and deter malfeasance.

"Hopefully, they'll put something that's more practical in place," said Daniel Ustian, chief executive officer of truck maker Navistar International Corp., at the Reuters Autos and Manufacturing Summit in Detroit earlier this month. Other CEOs in attendance made similar comments, according to the wire service.

Section 404 of Sarbanes-Oxley, which must be implemented in next year's financial filings, also came in for criticism. "The internal control part is good," Ustian told Reuters, "but they need to step back and say, 'Is this really doing anything from a practical standpoint? Is this really controlling? Is this really giving the company some benefit?'." He was obviously mindful of a recent survey by Financial Executives International, which estimated that large companies will shell out an annual average of about $8 million to comply with Section 404.

Of course, a large number of companies — especially those in the technology industry — have been aggressively lobbying against the Financial Accounting Standards Board's proposal to require that companies expense the value of options. Sadly, it worked; last week, FASB delayed the implementation of the new rules until next year.

more...

[54anickel]

72. Primary Bear Market - 2nd Down Leg

http://www.gold-eagle.com/editorials_04/bloom101904.html

snip>

"Despite the addition of nearly 1.6 million private jobs in the past twelve months, since the recession of 2001, only 391,000 private jobs net/net have been created, compared with 5.3 million private jobs at the same point in the previous five business recoveries. This lack of job growth has caused individuals to drop out of the job force in droves, so that only 65.9% of the potential labor force is participating, down from the 67.3% peak in 2000. The number of unemployed stands at eight million individuals, and if discouraged and underemployed individuals are counted, the total would rise to 13 million, or 8.9% of the labor force. Incidentally, this is down from the peak of over 16 million, or 10.9% of the labor force"

snip>

"Further, the work week has averaged about 33.7 hours over the past twelve months, marking the lowest annual hourly level since the Department of Labor began measuring this statistic in 1965".

So the $64,000 question is: What will happen to the US Equity Markets? Will they trend upwards, sideways or downwards?

Up until a few weeks ago, I was anticipating a sideways movement. Now, it appears to me that the move is likely to be "down" (following some technical "noise" leading up to the elections)

snip>

To me, it has been the decreasing volume that has been most worrying. Rising prices on decreasing volume is indicative of an absence of selling pressure as opposed to a presence of buying pressure. The "smart" money people have been the most likely sellers during this phase because they passively "feed" demand as opposed to actively sell into the market. What happens during this phase is that investment moves from strong hands into weak hands; and weak hands have a high propensity to panic when the going get tough.

The Fed has been able to hold it together leading up to the elections, but their incentive to continue doing this is waning.

[UpInArms]

75. 2:17 numbers and blather

Dow 9,856.40 -41.22 (-0.42%)
Nasdaq 1,928.52 +5.62 (+0.29%)
S&P 500 1,101.13 -2.10 (-0.19%)
10-Yr Bond 4.000% -0.040

NYSE Volume 1,141,645,000
Nasdaq Volume 1,158,235,000

2:00PM: Still a mixed market as the major indices remain stalled around the flat line... A weak financial sector, which has plunged nearly 1% lower, continues to hold the market back and limit the gains of the indices... A downbeat earnings report from JP Morgan (JPM 37.31 -0.67) combined with the fallout from NY Attorney General Eliot Spitzer's expanded investigation into the insurance industry has kept buyers out of financial shares...

A lot of industry analysts believe Spitzer's charges of bid-rigging and fraud will lead to more carnage in the insurance sector, which has been one of the worst performing groups this week... Already, Marsh & McLennan (MMC 23.92 -0.18) has suspended four of its employees under suspicion of corrupt practices...NYSE Adv/Dec 1655/1547, Nasdaq Adv/Dec 1473/1472

1:35PM: Major indices continue to trade around the unchanged mark with the blue chip averages trailing the Nasdaq... Volume has run above normal levels as traders have been prompted by the number of earnings reports today... More earnings will come out after the close and before the open tomorrow, with the focus being on health care...

AstraZeneca (AZN 39.57 +0.37), Eli Lilly (LLY 55.09 -0.91), Guidant (GDT 64.75 +1.23), and Schering-Plough (SGP 16.67 -0.35) will all be reporting, in addition to Altera (ALTR 20.28 +0.50), eBay (EBAY 81.25 -1.20), PMC-Sierra (PMCS 8.90 +0.12), Symantec (SYMC 54.80 -0.56), and Cadence Design (CDN 12.04 -0.12) tonight... A preview of the latter is found on Briefing.com's Looking Ahead page...NYSE Adv/Dec 1704/1481, Nasdaq Adv/Dec 1481/1432

12:55PM: Market continues to trade along its best levels, despite a price of crude oil that has remained persistently high...

[TrogL]

82. Loonie Watch Special!!!!!

http://www.angelfire.com/ab/trogl/looniewatch.html

Highlights.



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


2004-09-20 Monday, September 20 0.772559 USD
2004-09-21 Tuesday, September 21 0.776036 USD
2004-09-22 Wednesday, September 22 0.780275 USD
2004-09-23 Thursday, September 23 0.78235 USD
2004-09-24 Friday, September 24 0.783515 USD
2004-09-27 Monday, September 27 0.785053 USD
2004-09-28 Tuesday, September 28 0.784068 USD
2004-09-29 Wednesday, September 29 0.785546 USD
2004-09-30 Thursday, September 30 0.790639 USD
2004-10-01 Friday, October 1 0.791828 USD
2004-10-04 Monday, October 4 0.785793 USD
2004-10-05 Tuesday, October 5 0.792079 USD
2004-10-06 Wednesday, October 6 0.794155 USD
2004-10-07 Thursday, October 7 0.795102 USD
2004-10-08 Friday, October 8 0.799233 USD
2004-10-12 Tuesday, October 12 0.795229 USD
2004-10-13 Wednesday, October 13 0.791139 USD
2004-10-14 Thursday, October 14 0.798212 USD
2004-10-15 Friday, October 15 0.798722 USD
2004-10-18 Monday, October 18 0.796813 USD
2004-10-19 Tuesday, October 19 0.797321 USD
2004-10-20 Wednesday, October 20 0.804376 USD





WE HAVE AN EIGHTY CENT LOONIE!!!

The loonie is drifting compared to most other currencies, but climbing against the greenback. Doubtless, as noted in other posts, the greenback is at fault for any number of reasons.

Nevertheless, the number resonates in Canada and shows confidence in something-or-other for which the current government may or may not take/want to take credit.

I'm sure Harper will whine, regardless. He's certainly been doing enough of it lately and I think he's been taking voice lessons from Preston Manning.

[54anickel]

83. Forex debate: Does the US deficit matter? (Ugh!)

http://www.manilatimes.net/national/2004/oct/21/yehey/opinion/20041021opi6.html

SINGAPORE—Dollar bears have long argued a yawning current account deficit would send the dollar tumbling.

But as each month passes and the US deficit grows, analysts are debating if the current account really matters for the dollar.

Conventional wisdom among economists is that the dollar needs to fall sharply to put a brake on US overconsumption and head off a potentially painful adjustment when Asian central banks stop offering cheap funding of the current account deficit.

But some economists say obsessing about the current account gap, now around 6 percent of US GDP, is misplaced. They say Asia could keep its currencies undervalued for two more decades without creating major market instability as it follows a well-worn path of export-led industrialization.

J.P. Morgan currency strategist Claudio Piron said the theory that the US deficit will not guide the dollar tends to gain popularity whenever the US currency rallies.

snip>
“The deficit is a reflection of US strength, not weakness,” he wrote in a paper for Deutsche Bank Research. “The primary cause of US trade deficits is disparity of growth, with the US growing faster than most other industrial nations due to demographic and productivity factors.”

more BS...

[UpInArms]

84. and I have a special place in hell reserved for

this type of "economist"

But some economists say obsessing about the current account gap, now around 6 percent of US GDP, is misplaced. They say Asia could keep its currencies undervalued for two more decades without creating major market instability as it follows a well-worn path of export-led industrialization.

and a spot in the fire for this guy:

“The deficit is a reflection of US strength, not weakness,” he wrote in a paper for Deutsche Bank Research.

[54anickel]

85. Yeah, but they only hate us for our freedom - remember that. n/t

[54anickel]

86. 3:16 numbers & yada

Dow 9,858.24 -39.38 (-0.40%)
Nasdaq 1,925.78 +2.88 (+0.15%)
S&P 500 1,101.17 -2.06 (-0.19%)
10-yr Bond 3.993% -0.047
30-yr Bond 4.782% -0.042
NYSE Volume 1,371,568,000
Nasdaq Volume 1,362,715,000

3:00PM: More of the same for the indices as they remain stuck in a rut... Buyers have been hesitant to come out in mass with worries about earnings and economic growth prospects on the front burner... They have, though, been willing to pick up shares in underperforming groups... As a result, technology has done particularly well while areas that have demonstrated relative strength - such as telecom service and consumer staple - have traveled lower today...NYSE Adv/Dec 1641/1608, Nasdaq Adv/Dec 1482/1517
2:30PM: Indices improve their stance but have yet to break out of the afternoon trading range... Down volume is still leading up volume at the NYSE as the bulk of most blue chip companies' earnings have been negative... The tone of trading has been fairly weak today as fundamentals - and technicals - have worked against heavy buying activity... The Dow has re-tested its 2004 lows, and that has renewed concerns that the average will be unable to turn higher this year... Traders continue to take a defensive stance, preferring to wait until after the outcome of the Presidential election...NYSE Adv/Dec 1708/1539, Nasdaq Adv/Dec 1495/1490

Advances & Declines
NYSE Nasdaq
Advances 1719 (50%) 1522 (47%)
Declines 1527 (44%) 1499 (47%)
Unchanged 172 (5%) 167 (5%)

--------------------------------------------------------------------------------

Up Vol* 644 (49%) 759 (57%)
Down Vol* 629 (48%) 543 (41%)
Unch. Vol* 21 (1%) 13 (0%)

--------------------------------------------------------------------------------

New Hi's 34 47
New Lo's 70 71

[UpInArms]

87. 3:38 EST numbers and blather (the shadow of the hand returns)

Dow 9,873.58 -24.04 (-0.24%)
Nasdaq 1,928.54 +5.64 (+0.29%)
S&P 500 1,102.12 -1.11 (-0.10%)
10-Yr Bond 3.991% -0.049

NYSE Volume 1,479,263,000
Nasdaq Volume 1,464,717,000

3:30PM: Indices begin to sink lower as the market is unable to hold onto its bid... Today's session is poised to end higher than it started, but that is still not saying much - the indices were never able to get off the ground thanks to a number of weak earnings reports... Crude oil has also been a deterrent to buying, approaching $55/bbl (now at $54.92/bbl) as traders continue to worry about heavy winter demand... Tonight, there will be a number of tech-centric reports to sift through (see the 13:35 ET comment for a full list) which should provide the market with direction tomorrow...

Traders should use Briefing.com's In Play page - a Platinum service - for minute-by-minute updates...NYSE Adv/Dec 1712/1551, Nasdaq Adv/Dec 1492/1522

[UpInArms]

88. 3:49 EST and pouring the coal on

Dow 9,883.83 -13.79 (-0.14%)
Nasdaq 1,929.39 +6.49 (+0.34%)
S&P 500 1,103.17 -0.06 (-0.01%)
10-Yr Bond 3.991% -0.049

NYSE Volume 1,550,033,000
Nasdaq Volume 1,518,056,000

[54anickel]

89. Another blue-light special kinda day. n/t

[nolabels]

91. The shadow, the dark hand and pouring on the coal (he he)

Even if there were major sell offs by them there fereners we know other billionaires will step up, some of their bacon could be in the fire otherwise


http://triggur.org/costume/dark/

on edit thought the red text at top would ad some color to his face also ;-)

[54anickel]

92. YIKES!!!

[UpInArms]

94. GACK! That is one scary looking dude!

please make the bad man go away! :D

[TrogL]

96. PPT ran out of gas

or money or coal or whatever metaphor we're using.

They coudn't get it into positive territory and they couldn't get it over 10000.

This close to the election, heads will roll.

The market isn't speaking - it's bellowing.

[54anickel]

97. Closin' time

Dow 9,886.93 -10.69 (-0.11%)
Nasdaq 1,932.97 +10.07 (+0.52%)
S&P 500 1,103.66 +0.43 (+0.04%)
10-yr Bond 3.991% -0.049
30-yr Bond 4.781% -0.043
NYSE Volume 1,688,994,000
Nasdaq Volume 1,655,198,000

Close: The market made slight headway at the end of the day, but spent most of the session trading underwater - unable to move higher with crude oil near record highs and earnings an overall disappointment... JP Morgan (JPM 37.30 -0.68) came in $0.14 below the market's Q3 (Sept) expectation and kept concerns about banks - in the higher interest rate environment - present... Whirlpool (WHR 57.11 -2.20), Delta Airlines (DAL 2.95 -0.04), and Electronic Arts (ERTS 47.49 -1.87) didn't help matters by also missing consensus estimates in their Q3 (Sept) reports...
Burdened by a number of disappointing blue chip results, the Dow and S&P 500 traded with little vigor throughout the day (the Dow re-testing its 52-week closing lows)... Crude oil also amplified the selling pressure by zooming over 3% higher to $54.92/bbl as weekly US oil inventories came in weaker than expected... Technology, however, was not caught up in the negative trade and actually managed a 0.4% move higher thanks to a resilient semiconductor sector... Shares soared despite what was a lackluster Q3 (Sept) report from Motorola (MOT 17.05 -1.45)...

Communication equipment was also strong following Lucent's (LU 3.48 +0.10) in line Q3 (Sept) report, in which the company reported its first quarterly profit since 2000...SOX +1.2, NYSE Adv/Dec 1737/1550, Nasdaq Adv/Dec 1711/1333

3:30PM : Indices begin to sink lower as the market is unable to hold onto its bid... Today's session is poised to end higher than it started, but that is still not saying much - the indices were never able to get off the ground thanks to a number of weak earnings reports... Crude oil has also been a deterrent to buying, approaching $55/bbl (now at $54.92/bbl) as traders continue to worry about heavy winter demand... Tonight, there will be a number of tech-centric reports to sift through (see the 13:35 ET comment for a full list) which should provide the market with direction tomorrow...

Traders should use Briefing.com's In Play page - a Platinum service - for minute-by-minute updates...NYSE Adv/Dec 1712/1551, Nasdaq Adv/Dec 1492/1522

Advances & Declines
NYSE Nasdaq
Advances 1767 (51%) 1711 (52%)
Declines 1525 (44%) 1333 (41%)
Unchanged 160 (4%) 186 (5%)

--------------------------------------------------------------------------------

Up Vol* 839 (49%) 985 (59%)
Down Vol* 813 (48%) 648 (39%)
Unch. Vol* 37 (2%) 17 (1%)


edit to add the buck:

Last trade 86.36 Change -0.50 (-0.58%)

High 86.98 Low 86.13

[54anickel]

99. SEC probes GM, Ford (Missed this one)

Dang, I thought most corporations did this. :shrug:

http://www.chicagotribune.com/business/chi-0410200147oct20,1,6363574.story?coll=chi-business-hed

General Motors Corp. and Ford Motor Co. said the Securities and Exchange Commission has asked them to provide information on their pension and retiree health-care plans as part of an inquiry into how companies prepare estimates used to calculate pension costs. The SEC has no evidence of violations, but the companies were not selected randomly, said Lawrence West, an associate director of enforcement at the agency. Company pension plans are among several areas being examined in the SEC's new "risk-based inquiries," intended to anticipate problems that could lead to fraud and investor losses. Critics have suggested that some companies are using artificially high estimates of future rates of return on pension assets to lower their pension costs, thereby pumping up earnings.