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Daily Highlights: 9.4.09
- Unemployment rate: 9.7%, higher than the expected 9.5%.
- Asian stock markets were mostly higher Friday, with mining stocks rising.
- Fed’s Fisher says prolonged period of 'sluggish' economy likely.
- Global economy is emerging from its deep slump faster than forecast: OECD.
- ISM non-manufacturing index rises to 48.4, indicating continued contraction.
- Lead surges to 16-month high after China vows to clean up metals industry.
- Mortgage rates for 30-yr fixed US home loans fell this week to 5.08%: Freddie Mac.
- Natural Gas may plunge from 7-year low to less than $2, options show.
- Retailers reported August sales declined 2.9%, but customer visits rose.
- Barclays said to repackage top-rated bonds from $1B downgraded CDO.
- Becton, Dickinson gets $52 million government contract for flu-shot supplies.
- Boeing gets $102.3 million Air Force deal for logistics on aerial refueling tankers.
- Cisco, EMC Corp. in talks to form a new JV to provide technology services.
- Citigroup gets shareholder approval of increase in authorized common shares.
- Costco Wholesale, BJ's Wholesale Club posted unexpected increases in Aug sales.
- Credit Suisse in talks to acquire Chicago's Mesirow unit with $11B in assets.
- CVC-led consortium hikes offer for National Express by 11%, valuing it at $1.25B.
- Elan-J&J deal breaches Tysabri pact, Judge rules.
- George Forrest claims $150M from Forsys after takeover talks failed.
- H&R Block's July net loss was $133M last year and $134M this year.
- J.C. Penney's same-store sales in August fell 7.9% (cons. est. -6.7%).
- Lloyds Banking considering giving away UK govt asset-guarantee program, raise capital.
- Oracle's $7.4B purchase of Sun is put on hold by EU antitrust probe.
- Quiksilver's earnings drop 53% to $1.3M amid tough retail environment.
- RBS, Lloyds reduce lending even as UK's Treasury presses for increase.
- Rite Aid's August same-store sales dipped 1.9% vs. cons est. of -0.6%.
- Ross Stores' August same-store sales beat estimates, rises 6%.
- Saks Inc.'s August same-store sales fell by 19.6% vs. cons. est. of -14.1%.
- Sprint Nextel to sell its first phone running Google's Android software next month.
- Sumitomo Mitsui in talks to end a brokerage venture with Daiwa Securities Group.
- Toshiba Corp plans to bid for French nuclear group Areva's power distribution
Recent Egan-Jones Rating Actions
MANITOWOC CO INC/THE (MTW)
CHIQUITA BRANDS INTERNATIONAL INC (CQB)
DEL MONTE FOODS CO (DLM)
MASTEC INC (MTZ)
CIENA CORP (CIEN)
SPX CORP (SPW)
THOMAS & BETTS CORP (TNB)
THERMO FISHER SCIENTIFIC INC (TMO)
MANITOWOC CO INC/THE (MTW)
BEAZER HOMES USA INC (BZH)
DOVER CORP (DOV)
JOY GLOBAL INC (JOYG)
MGM MIRAGE (MGM)
Data provided by Egan-Jones Ratings and Analytics
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Rosenberg: "The next move may be to depreciate the dollar" Currently on Bloomberg radio
And gold can smell it. Obama has the FDR play book. I'm still not sure how devaluing the dollar works. Was consumer spending 70% of GDP in the 1930's, and were consumers highly dependant on the motor car and the price of gasoline, like they are today? Not to mention other energy bills.
The bogus Birth/Death Model added 118,000 phantom jobs in ridiculous areas like construction, leisure & hospitality...
The bullshit never ends...
Where can I read up in the birth/death-model? Can't find anything good. Must be googles fault
My favorite employment comment was from this morning's Canadian report (which I've never looked at until today because it caused a 2 pt S&P pop):
"Employment increased by 27,000 in August, led by part-time work and among private sector employees. The unemployment rate edged up 0.1 percentage points to 8.7% as more people participated in the labour market."
HFT and algo houses are large holders of commodity ETFs.
Link: http://ftalphaville.ft.com/blog/2009/09/04/70006/hft-in-commodity-etfs/?...
How are the furlough programs accounted for in the unemployment?
The birth/death pad-justment strikes again!
Tyler Mathiesen to Erin Burnett (CNBC Presenters)
"Thanks goodness were are employed and both of us clearly overpaid for what we do".
The look on Erin's face - priceless!
For anyone who hasn't had their eyes open, this would be enough evidence to prove market manipulation. The futures have barely changed on the jobless rate hike. They should be deeply in the red right now, taking back the ramp job from yesterday.
"But there were fewer jobs lost than expected!" Birth-death model AND a -50,000 revision for June/July tell us all we need to know.
Second derivative brigade are out in force. See job losses ending in Q4. Not paying attention to the first derivative and the fact that credit has gone. They think it's 2003, but where does the growth come from when the stimulus fades and the inventory rebuild cycle ends?
Pay attention to Japan. This will be an interesting fall. Known as the earthquake society, the new gov't has even less exp. than those occupying Wash now.
Unempy't ##'s a non event. Have to see them in context and over a period of revisions.
this market is BS
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions