STOCK MARKET WATCH, Friday 1 April

[ozymandius]

Friday April 1, 2005

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 3 YEARS, 294 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 4 YEARS, 109 DAYS
WHERE'S OSAMA BIN-LADEN? 3 YEARS, 165 DAYS
DAYS SINCE ENRON COLLAPSE = 1223
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54


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




AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90

AT THE CLOSING BELL ON March 31, 2005

Dow... 10,503.76 -37.17 (-0.35%)
Nasdaq... 1,999.23 -6.44 (-0.32%)
S&P 500... 1,180.59 -0.82 (-0.07%)
10-Yr Bond... 4.50% -0.06 (-1.36%)
Gold future... 431.10 +1.60 (+0.37%)





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 [email protected]

For information on protests and other actions Citizens For Legitimate Government

[ozymandius]

1. WrapUp by Martin Goldberg

An Intermediate Term Technical Snapshot of Dow Jones Industrials Component Stocks

Tonight’s Wrap Up includes a brief look at each component of the 30 Stocks in the Dow Jones Industrial Average (DJIA). This analysis indicates a general picture of bearishness in the consumer, financial, and telecom sectors. Bullish charts exist in the aerospace sector, General Electric, and Johnson & Johnson.

The table below outlines each DJIA stock according to their general category – industrials, aerospace, technology, pharmaceuticals, telecommunications, consumer related, and financials, along with their current price (as of Wednesday) compared to their respective 50-, and 200-day simple moving averages.

-cut past table-

By looking at this quick and simple tabular analysis, some important conclusions become apparent:

1.Industrial and commodity stocks may be starting to roll over. Both Alcoa and Dupont are currently below both their 50 and 200 day moving averages.

2.The aerospace stocks, Boeing and United Technologies are acting quite bullish as they are above both their 50 and 200 day moving averages.

3. All three DJIA pharmaceutical stocks are above their 50-day moving averages. This suggests the market may be getting defensive, and the pharmaceutical stocks may now be coming fashionable on Wall Street.

4. Telecommunications stocks are bearish.

5.Consumer related stocks are bearish. Only Altria, a defensive tobacco stock, is above its 50-day moving average.

6. The financial stocks are among the most bearish sectors within the DJIA. All four financial related stocks are below both their 50 and 200 day moving averages. This is not a good sign in an economy so dependent upon “finance.”

more...

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

[radfringe]

2. Dollar "catastrophe" prompts call to replace George W Bush

can't vouch for the source... but....

Dollar "catastrophe" prompts call to replace George W Bush
http://www.theinquirer.net/?article=22247
US unable to repay $7 trillion in loans, claim
By INQUIRER staff: Thursday 31 March 2005, 09:15

THE FORMER prime minister of Malaysia, Mahathir Mohamad, has launched into a swingeing attack on US president George W. Bush and warned that the global economy was heading for a catastrophe with the dollar in danger of imminent collapse.

Mahathir claimed that the only reason the US dollar was keeping its value was because of a widespread fear of global meltdown if it collapsed.

According to a report in today's Taipei Times, the only way to avert such a meltdown in the value of the US dollar was if the Americans replaced George W. Bush with a "more responsible president". Replacing US presidents isn't that simple, we suspect.

==========

[ozymandius]

27. Good morning Rad!

Glad you could drop by. Love the 'toon.

Ozy :hi:

[punpirate]

41. Coulda snuck in another joke...

... by saying "that pie is getting higher." :)

[MARALE]

70. I know why you are called Punpirate

:spray: :spray: :spray: :spray: :spray: :spray: :spray: :spray: :spray: :spray:

[UpInArms]

3. daily dollar watch

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

Last trade 84.09 Change +0.03 (+0.04%)

http://www.dailyfx.com/index.php?option=com_content&task=view&id=548&Itemid=39

Majors Test Dollar’s Defenses

EUR/USD - Euro bulls attempted a preemptive strike on the dollar defenses today in a bid to recapture the 1.3000 level. Greenback longs successfully pushed back the single currency and the trench warfare resumed as if nothing happened.

As the EUR/USD continues to drift sideways euro longs will rely on minor support at 1.2934, created by the 5-day SMA. Single currency defenses remain intact at 1.2890, an intermediate support formed by the 78.6 Fib of the 1.2730-1.3482 euro rally. Major support at 1.2850, formed by the Feb 10 -14 consolidation range low, remains an obstacle before the dollar bulls can target the 1.2730 level, a 2005 low in a push toward the 1.2490, a 61.8 fib of the1.1760-1.3667 euro rally. In case the euro longs decide to strike at the greenback, they will encounter a minor resistance at 1.3016, a 61.8 Fib of the Feb-Mar euro rally, followed by an intermediate resistance at 1.3105, established by the 50.0 Fib of the 1.2730-1.3482 single currency advance. In case the euro manages to penetrate lesser defenses, a major resistance at 1.3186, a 20-day SMA, will stand in its way. Oscillators are mixed with Stochastic extremely oversold at 7.33 on the daily chart and is drifting sideways at 51.35 on the dealer (4HR) chart. RSI at 37.35 continues to tread above the oversold level on the daily and is neutral at 51.06 on the 4-hour chart. MACD finished crossing the zero line on the daily chart and is about to cross the zero line on the dealer (4HR) chart.

...more...

Euro Holds Its Breath Ahead of Non-Farm Payrolls

http://www.dailyfx.com/index.php?option=com_content&task=view&id=537&Itemid=39

EURUSD

The euro brought forth some minor excitement after the surprising rise in US jobless claims, but the move quickly reversed following a better than expected Chicago PMI report. Unfortunately for traders, this week has really just been periphery action ahead of this Friday's Non-Farm payrolls release. The latest string of Eurozone economic data was exceptionally weak which has hampered any possibility of a euro recovery today. Both the unemployment rates in France and Germany ticked higher while overall confidence in the region deteriorated. With weak growth and reduced confidence following the revision of the Stability and Growth Pact, confidence in the outlook for the Eurozone economy and single currency has fallen significantly. As such, so has reserve diversification talk for the moment. Yet the forecast for annualized Eurozone inflation was notched higher from 2.0% to 2.1%. This highlights the difficulties that the ECB is faced with - that is rising inflationary pressures in the face of deteriorating growth. As such, do not expect the ECB to raise rates anytime soon. The growing interest rate differential will, for the time being lend strength to the dollar. However, short term price action all depends on payrolls.



USDCHF

The US dollar is marginally weaker ahead of tomorrow's non-farm payrolls report. Aside from the sharp jump in the Chicago PMI report, most of the other economic releases were either in line or fell short of expectations. Most notable was the 350k jump in jobless claims and the shortfall in personal income. Personal income fell short of spending for the second consecutive month, as US consumers continued to spend more than they could afford. Factory orders also came in lower due to a shortfall in orders for automobiles and appliances. Yet, the market found comfort in the Chicago PMI report, which increased to the highest level since July 1988. The hiring index also surged to the highest level since December 1983. This has catapulted the "whisper" number of NFPs to +300k, which is the top end of analysts' forecasts. So far, according to the manufacturing sector surveys that have already been released, both the employment components of the Empire State Manufacturing and Chicago PMI surveys support a stronger NFP number while the Philly Fed survey refutes that. As indicated in the NFP special report that we have released on our website, handicapping the NFP's is often an exercise in futility. This month the task is further complicated by the fact that it is being released early (April 1st) making some of the usual pre-NFP reports such as the Challenger layoff numbers, the ISM employment figures and the Monster survey all unavailable for analysis. Nevertheless, some of the broader economic indicators as well the weekly jobless claims data are suggesting that the NFP report is unlikely to exceed market expectations (visit www.dailyfx.com for the full outlook). An interesting report released by the Federal Reserve today indicated that due to a lower workforce participation rate, only 93,000 jobs need to be created each month to keep the unemployment rate unchanged.

<snip>

USDJPY

The Japanese Yen is licking its wounds on the last day of the country's fiscal year. Traders are bracing for tonight's release of the ever-important quarterly Tankan survey of business sentiment. Economists forecast sentiment to remain unchanged with an improvement in the outlook for the non-manufacturing sector. Yet, the risk is clearly weighted to the downside with the latest series of disappointing economic data. Last night, housing starts fell far short of expectations, rising only 0.4% compared to a forecast of 3.0%. This follows a week of poor data, making February an exceptionally very difficult month in Japan. The labor market has worsened, household spending and retail sales have declined, industrial production took a dive while consumers and businesses had to grapple with soaring oil prices. It is difficult to fathom that business sentiment could still hold steady amidst increasing signs of a shift in growth.

...more...

Have a Great April Fool's Day Marketeers!

[UpInArms]

13. dollar movement after reports

8:32am 04/01/05 DOLLAR AT 106.80 YEN VS 107.11 YEN BEFORE JOB REPORT

8:31am 04/01/05 EURO AT $1.3055 VS $1.2968 BEFORE MARCH JOB REPORT

Dollar softens after March employment report

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.3600619329-833758771&siteID=mktw&scid=0&doctype=806&

NEW YORK (MarketWatch) - The dollar lost strength on news of an unexpectedly weak rise in employment last month. The U.S. economy added only 110,000 jobs in March, about half of the MarketWatch average economist forecast for an increase of 221,000. The euro traded at $1.3040, up 0.5% on the session and up from $1.2968 before the report. The dollar was down 0.5% at 106.85 yen, against 107.11 yen before the report.

{edited to add link)

[UpInArms]

16. a peek at the buck

Last trade 83.64 Change -0.42 (-0.50%)

Settle 84.06 Settle Time 23:28

Open 84.13 Previous Close 84.06

Last tick: 2005-04-01 08:32:08 ET
30-min delayed quote.

[54anickel]

81. WTF?!?!!!!! That line you have highlighted is complete BS!!

Those friggen bastards! Do they think all the folks in the same boat as I am CHOOSE to stop participating? Hell, we are just burned out from looking - we still look, though not with the frequency that counts I guess.

:grr:

Short on time again today, hope everyone is doing well. :hi:

[UpInArms]

83. Hi 54anickel!

:hi:

hope all is well in your world - come back soon!

:grouphug:

[UpInArms]

4. Today's Reports:

Apr 1	12:00 AM	Auto Sales	Mar	-	5.4M	5.4M	5.3M	-	
Apr 1	12:00 AM	Truck Sales	Mar	-	7.8M	7.8M	7.6M	-	
Apr 1	8:30 AM	Average Workweek	Mar	-	33.8	33.7	33.7	-	
Apr 1	8:30 AM	Hourly Earnings   	Mar	-	0.3%	0.2%	0.0%	-	
Apr 1	8:30 AM	Nonfarm Payrolls	Mar	-	225K	220K	262K	-	
Apr 1	8:30 AM	Unemployment Rate	Mar	-	5.3%	5.3%	5.4%	-	
Apr 1	9:45 AM	Mich Sentiment-Rev.	Mar	-	92.9	92.5	92.9	-	
Apr 1	10:00 AMConstruction Spending	Feb	-	0.4%	0.6%	0.7%	-	
Apr 1	10:00 AM	ISM Index	Mar	-	55.0	54.9	55.3	-

[UpInArms]

12. U.S. March nonfarm payrolls up 110,000, below expected

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.3542660648-833758381&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) - The U.S. economy added only 110,000 jobs in March, the Labor Department. This was well short of Wall Street expectations. Economists had forecast payrolls to grow by about 221,000 in March. The unemployment rate fell to 5.2 percent in March from 5.4 percent in February. This was below Wall Street expectations for the unemployment rate to slip to 5.3 percent. Gains in nonfarm payrolls in February and January were revised down by a total of 27,000. Average hourly earnings increased 4 cents, or 0.3 percent, to $15.95. The average workweek was steady at 33.7 hours.

8:30am 04/01/05 U.S. MARCH AVERAGE WORKWEEK FLAT AT 33.7 HOURS

8:30am 04/01/05 U.S. MARCH FACTORY JOBS DOWN 8,000

8:30am 04/01/05 U.S. MARCH RETAIL JOBS DOWN 10,000

8:30am 04/01/05 U.S. MARCH AVERAGE HOURLY EARNINGS UP 0.3%, 2.6% Y-O-Y

8:30am 04/01/05 U.S. MARCH UNEMPLOYMENT RATE 5.2% VS 5.4% IN FEB.

8:30am 04/01/05 U.S. JAN NONFARM PAYROLL UP 124,000 VS 132K PREV

8:30am 04/01/05 U.S. FEB NONFARM PAYROLLS UP REV 243,000 VS 262,000 PRE

8:30am 04/01/05 U.S. MARCH NONFARM PAYROLLS UP 110,000 VS 221K EXPECTED

(edited to fix report lines)

[UpInArms]

18. let's take a look at before and after the report

Economists Predict Rise in Payroll Jobs

http://www.cbsnews.com/stories/2005/04/01/ap/business/mainD896JPT00.shtml

(AP) Economists expect an increase of 225,000 in non-farm payroll jobs in March and a drop in the unemployment rate to 5.3 percent when the Labor Department releases new unemployment numbers at 8:30 a.m. this morning.

America's employers added a sizable 262,000 jobs in February _ the most in four months. The new hiring, however, wasn't sufficiently brisk to accommodate a wave of job seekers, and the overall unemployment rate rose to 5.4 percent.

The gain of 262,000 jobs in February was stronger than the increase of 225,000 positions that economists were forecasting before the release of the employment report. Payroll growth in February was up from January's sluggish gain of 132,000, which was less than the 146,000 increase initially reported.

...more...

Just who are the "economists"? I want someone to start taking names and get their faces on camera so that they can take some responsibility for the cheerleading lies. :grr:

March Job Gains Weakest in Eight Months

http://news.moneycentral.msn.com/breaking/breakingnewsarticle.asp?feed=OBR&Date=20050401&ID=4341153

WASHINGTON (Reuters) - U.S. employers created only 110,000 new jobs in March, the smallest gain in eight months, as manufacturers and retailers shed workers, the Labor Department said on Friday.

The surprisingly weak March jobs number was barely half the 220,000 that Wall Street economists had forecast and came a shock to financial markets.

The dollar's value dropped immediately and bond prices shot higher on the prospect that it meant less likelihood of large interest-rate rises ahead.

The March weakness was emphasized by the fact that the Labor Department also revised down the two preceding months' job totals. It said that 243,000 jobs were created in February and 124,000 in January instead of 262,000 and 132,000, respectively -- a total 27,000 fewer jobs.

<snip>

The participation rate, the proportion of the population that either has a job or is looking for a job, remained at a 17-year low of 65.8 percent.

...more...

[MARALE]

23. Participation rate?

So that means only 65.8% of the population want to work or are working? That is a number that is hard to believe, most baby-boomers have not retired yet. How do they come up with this number? I have never heard of it before, but can not think of why it should be so low.
It makes me think of AIG, fudging their numbers to look better than they accually are.

:shrug:

[UpInArms]

24. from the dollar watch post

in the CHF section:

An interesting report released by the Federal Reserve today indicated that due to a lower workforce participation rate, only 93,000 jobs need to be created each month to keep the unemployment rate unchanged.

it was my understanding that the number was 150,000 jobs just to cover the "churn"

now it's only 93,000 -

Wish Maeve were here to explain the better :(

[bain_sidhe]

72. Funny how they always revise DOWN

8:30am 04/01/05 U.S. JAN NONFARM PAYROLL UP 124,000 VS 132K PREV

8:30am 04/01/05 U.S. FEB NONFARM PAYROLLS UP REV 243,000 VS 262,000 PRE

And the post below (written before the job numbers (and revisions) were released quotes the OLD number for February, cheerily noting that the "262,000" increase was the largest in four months. Now what will they say? Will they pull a Emily Lutilla?

Oh. Nevermind.

[UpInArms]

31. UMich Sentiment revised down to 92.6

UMich March sentiment revised down to 92.6 vs 92.9

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.4093114352-833761088&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) -- Consumer sentiment weakened slightly in late March, according to media reports Friday of proprietary research from the University of Michigan. The UMich consumer sentiment index inched lower to 92.6 in late March from 92.9 earlier in the month. The decrease was slightly less than expected. Economists were expecting the index to inch lower to 92.5 in late March. The index is below the 94.1 level in February.

9:47am 04/01/05 UMICH MARCH SENTIMENT REVISED DOWN TO 92.6 VS 92.9

9:48am 04/01/05 UMICH MARCH SENTIMENT BELOW 94.1 IN FEB.

(adding link upon edit)

[UpInArms]

34. U.S. Feb. construction outlays up 0.4% vs 0.7% expected

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.416748125-833761333&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) -- Outlays on U.S. construction projects increased by a weaker-than-expected 0.4 percent in February, the Commerce Department reported Friday. Economists surveyed by MarketWatch were expecting outlays to rise 0.7 percent. Spending on private construction projects climbed 0.1 percent above the revised January estimate of $806.2 billion, while spending on public projects rose 1.1 percent above the revised January estimate of $237.3 billion.

10:00am 04/01/05 U.S. FEB. PUBLIC CONSTRUCTION RISES 1.1 PERCENT

10:00am 04/01/05 U.S. FEB. PRIVATE CONSTRUCTION RISES 0.1%

10:00am 04/01/05 U.S. FEB. CONSTRUCTION OUTLAYS UP 0.4% VS 0.7% EXPECTED

[UpInArms]

42. U.S. Feb. construction outlays up 0.4% - Spending weaker than expected

http://cbs.marketwatch.com/news/story.asp?guid=%7B6A3B3815%2D5D97%2D4AF7%2D9C3F%2D2CB135261191%7D&siteid=mktw

WASHINGTON (MarketWatch) -- Outlays on U.S. construction projects increased by a weaker-than-expected 0.4% in February, the Commerce Department reported Friday.

Economists surveyed by MarketWatch were expecting outlays to rise 0.7%.

Spending in February rose to a seasonally adjusted annual rate of $1.05 trillion, the department said.

Spending on private construction projects climbed 0.1% above the revised January estimate of $806.2 billion, while spending on public projects rose 1.1% above the revised January estimate of $237.3 billion.

...more...

[UpInArms]

35. CORRECT: U.S. MARCH ISM FACTORY INDEX 55.2%

http://www.marketwatch.com/news/newsfinder/pulseone.asp?guid={0B390E11-6992-42EE-8420-C43CE495D192}&siteid=mktw

CORRECT: U.S. March ISM factory index 55.2%

WASHINGTON (MarketWatch) -- Factory activity in the United States accelerated slightly in March, the Institute for Supply Management reported Friday. The ISM index rose to 55.2 percent in March from 55.3 percent in February. The rise was unexpected. The consensus forecast of estimates collected by Marketwatch was for the index to slip to 55.0. Readings above 50 indicate expansion. (Corrects headline to 55.2%)

10:06am 04/01/05 CORRECT: U.S. MARCH ISM FACTORY INDEX 55.2%

10:01am 04/01/05 U.S. MARCH ISM MANUFACTURING INDEX ABOVE 55.0% EXPECTED

10:01am 04/01/05 U.S. MARCH ISM MANUFACTURING INDEX 63.1% VS 55.3% FEB

Guess that first release was just an "April Fool's" joke :grr:

[UpInArms]

48. early report: ISM Services March

10:57am 04/01/05 U.S. MARCH ISM SERVICES EMPLOYMENT 57.1% VS 59.6% FEB

10:56am 04/01/05 ISM RELEASES SERVICES INDEX EARLY, REPORT WAS DUE 4/5

10:56am 04/01/05 U.S. MARCH ISM SERVICES 63.1% VS 59.8% IN FEB.

[UpInArms]

54. U.S. March ISM services index rises to 63.1%

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.4642120139-833763476&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) -- Nonmanufacturing sectors of the U.S. economy expanded at a faster pace during March, the Institute for Supply Management reported Friday. The ISM nonmanufacturing index rose to 63.1% from 59.8% in February. The rise was above expectations. Economists were looking for a drop to 59.0%. New orders rose to 62.1% from 61.6%. The employment index slipped to 57.1% from a record high 59.6% in February. The ISM services index was released early. It was scheduled to be released on Tuesday, April 5.

[UpInArms]

57. auto sales reports tumbling in

Volvo March U.S. sales down 10% in March

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.4961871759-833764704&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- Volvo's March U.S. sales fell 10% from last year's level while the final tally for the first quarter puts sales 3.8% behind last year. Ford Motor's (F) Volvo unit sold 11,631 vehicles in the month of March and 32,222 in the first quarter. The only models that saw March sales increases were the XC70 station wagon and the XC90, which is an SUV.

Mazda March U.S. sales up 3.3%

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.4961936574-833764709&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- Mazda on Friday reported a 3.3% rise in March U.S. sales to 26,153 vehicles. The company said car sales grew 6% to 19,415 while truck sales declined 4% to 6,738.

DaimlerChrysler March U.S. sales up 7%

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.4923834954-833764599&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- DaimlerChrysler (DCX) on Friday reported a 7% rise in U.S. sales to 231,140 vehicles, with the Chrysler side up 8% and the luxury Mercedes group, which recently announced a recall of up to 1.3 million cars, gaining 2%. Chrysler unit sales have grown for 12 consecutive months, on a year-over-year basis, reflecting strong sales in products like the Chrysler 300 and Dodge Magnum.

11:50am 04/01/05 VOLVO MARCH U.S. SALES DOWN 10.3% TO 11,631 UNITS

11:48am 04/01/05 MAZDA MARCH U.S. SALES RISE 3.3% TO 26,153 UNITS

11:45am 04/01/05 MERCEDES-BENZ U.S. MARCH SALES RISE 2% TO 18,162

11:44am 04/01/05 CHRYSLER GROUP U.S. MARCH SALES RISE 8% TO 212,978

11:42am 04/01/05 DAIMLERCHRYLSER U.S. SALES RISE 7% TO 231,140 IN MARCH

still waiting for GM, Ford, Toyota etc

[UpInArms]

59. Ford Motor March U.S. sales off 1.7%

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.5049333218-833765074&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- Ford Motor (F) on Friday reported a 1.7% decline in March U.S. sales to 304,172 vehicles. Car sales were mostly unchanged at 107,834 vehicles, bolstered by demand for the new Ford Mustang, Ford Five Hundred and Mercury Montego. Truck sales fell 3% to 197,338 vehicles due to lower sales of traditional SUVs like the Ford Explorer and Ford Expedition.

12:04pm 04/01/05 FORD: LAND ROVER U.S. MARCH SALES UP 8.2% TO 2,982

12:03pm 04/01/05 FORD: MERCURY U.S. MARCH SALES UP 26.9% TO 21,457

12:03pm 04/01/05 FORD: FORD BRAND U.S. MARCH SALES DOWN 2.8% TO 252,636

12:02pm 04/01/05 FORD U.S. MARCH SALES FALL 1.7% TO 305,172

[UpInArms]

65. NA vehicle production numbers

12:16pm 04/01/05 WARD'S: N.A. VEHICLE OUTPUT DOWN 3.6% FROM YEAR AGO

12:15pm 04/01/05 WARD'S: N.A. WEEKLY VEHICLE PRODUCTION UP 20.3%

[UpInArms]

76. Audi sales down 12.9%

1:08pm 04/01/05 AUDI U.S. MARCH A4 SALES DOWN 28% TO 2,811

1:08pm 04/01/05 AUDI U.S. MARCH A6 SALES UP 31.8% TO 1,681

1:07pm 04/01/05 AUDI U.S. MARCH SALES FALL 12.9% TO 6,502 UNITS

[UpInArms]

79. Honda and Porsche are in - still no GM report

Honda March U.S. sales up 6.9%

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.5689177894-833767303&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- Honda Motor (HMC) on Friday reported a 6.9% rise in March U.S. sales to 128,548 vehicles. Honda brands showed a 7.4% rise while the luxury Acura division grew 3.6%. The Honda Pilot and CR-V led a 19.4% surge in light truck sales while car sales slipped 1.1%.

Porsche March U.S. sales up 6%

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.564738669-833767199&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- Porsche Cars North America (DE:693773) on Friday reported a 6% rise in March U.S. sales to 2,799 vehicles. Strong sales in Boxster and 911 models more than offset a 27% decline in Cayenne SUV sales.

1:38pm 04/01/05 PORSCHE CARS NORTH AMERICA INC 911MODEL SALES UP 26%

1:37pm 04/01/05 PORSCHE CARS NORTH AMERICA INC U.S. MARCH SALES UP 6%

1:38pm 04/01/05 HONDA U.S. MARCH SALES RISE 6.9% TO 128,548

1:20pm 04/01/05 TOYOTA LEXUS U.S. MARCH SALES DOWN 1.9% TO 25,471

1:19pm 04/01/05 TOYOTA BRAND U.S. MARCH SALES RISE 14.6% TO 177,752

1:17pm 04/01/05 TOYOTA MOTOR U.S. MARCH SALES UP 12.3% TO OF 203,223

[UpInArms]

82. GM March Sales Down 1.1%

1:55pm 04/01/05 GM EUROPE'S REVISED Q1 PRODUCTION EST 502,000

1:55pm 04/01/05 GM EUROPE'S REVISED Q2 PRODUCTION EST 503,000

1:53pm 04/01/05 GM MARCH U.S. SALES UP 3% ON NET BASIS

1:53pm 04/01/05 GM MARCH U.S. SALES UP 3% ON NET BASIS

1:52pm 04/01/05 GM MARCH U.S. TRUCK SALES UP 4.3% TO 255,209

1:52pm 04/01/05 GM MARCH U.S. CAR SALES DOWN 8.3% TO 170,905

1:51pm 04/01/05 GM U.S. MARCH SALES DOWN 1.1% TO 426,114

Nissan March U.S. sales up 12.6%

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.5726495486-833767375&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

SAN FRANCISCO (MarketWatch) -- Nissan North America (NSANY) on Friday reported a 12.6% increase in March U.S. sales to a record 105,804 vehicles. Nissan brand sales jumped 13.8% while Infiniti grew 5.3%. Pathfinder, Murano, Armada and Titan all turned in their best March.

1:43pm 04/01/05 NISSAN BRAND U.S. MARCH SALES UP 13.8% TO 92,221

1:43pm 04/01/05 NISSAN MOTORS U.S. MARCH SALES UP 12.6% TO 105,804

[UpInArms]

86. Lower sales for GM, Ford

http://money.cnn.com/2005/04/01/news/fortune500/carsales.reut/

DETROIT (Reuters) - General Motors and Ford, the nation's two biggest automakers, Friday both reported declines in U.S. vehicle sales for March.

GM said sales fell 1 percent despite aggressive consumer incentives. The world's largest automaker, which warned on March 16 of a loss in the first quarter and lowered its full-year earnings target by as much as 80 percent, sold 426,114 cars and trucks last month compared with 414,949 a year earlier.

The results include GM's Saab brand and medium- and heavy-duty trucks, and were adjusted for the extra selling day in March 2005.

Ford Motor Co. said Friday U.S. sales of its cars and trucks fell 1.7 percent in March, the tenth straight monthly decline, as high gasoline prices hurt sales of large sport/utility vehicles.

...more...

[UpInArms]

5. BOJ tankan confidence index drops

http://cbs.marketwatch.com/news/story.asp?guid=%7BF6B3B56F%2D6D3E%2D48B7%2DA047%2D0234400347B4%7D&siteid=mktw

SAN FRANCISCO (MarketWatch) -- The Bank of Japan's quarterly tankan survey Friday showed a sharp deterioration of business confidence among the large exporters driving the nation's economic recovery.

The headline business sentiment index for large manufacturers came in at 14 points, down from 22 points in the December survey. The median expectation was for the index to remain unchanged at 22 points, according to separate surveys of economists conducted by both the Nihon Keizai Shimbun and Bloomberg News.

The index hit a 13-year high of 26 points in the September survey. The diffusion index is calculated by subtracting the percentage of companies which are pessimist about business conditions from the percentage of those that believe that conditions are favorable.

Confidence among large nonmanufacturers was unchanged from the December survey at 11 points, slightly below the median expectation of 12 points, according to Bloomberg's consensus forecast.

...more...

[UpInArms]

6. FBI opens probe of Delphi accounting problems

http://www.freep.com/news/statewire/sw113792_20050401.htm

TROY, Mich. (AP) -- The FBI says it has begun investigating accounting errors totalling hundreds of millions of dollars at Delphi Corp., the world's largest auto supplier.

Delphi has said that it improperly accounted for $237 million in cash payments for warranty claims to its former parent, General Motors Corp., in 2000. The accounting errors led to the resignations of Delphi's chief financial officer and controller.

The investigation is in the early stages and was begun after the SEC made a criminal referral to the fraud section of the U.S. Department of Justice, Dawn Clenney, a spokeswoman for the FBI's Detroit office, said Thursday.

The investigation is in the early stages and was opened after the SEC made a criminal referral to the fraud section of the Department of Justice in Washington, The Detroit News said.

Troy-based Delphi said last week it had improperly accounted for $237 million in cash payments made to GM. Delphi said the accounting errors caused it to overstate pretax income by about $61 million in 2001.

...more...

[UpInArms]

7. AIG may face some pricing pressure

http://www.businessweek.com/ap/financialnews/D89674L80.htm?campaign_id=apn_home_down

MAR. 31 4:57 P.M. ET American International Group Inc. has justified its higher rates as the price customers pay for dealing with a company that has the best credit and financial strength ratings in the industry.

Fast forward to the present and AIG is in a far different position. In the wake of New York Attorney General Eliot Spitzer's storm on the insurance industry and the company's own management upheaval, rating agencies have taken a knife to AIG's ratings.

And that could provide fodder for customers trying to negotiate a better deal from AIG.

"They may try to use it to (take) out a little out of the price by saying 'you're not as good as you used to be,'" said Joyce Sharraf, managing senior financial analyst at A.M. Best. "But AIG is still the gorilla on the porch and can say 'take it or walk away.'"

AIG, historically, has maintained that attitude. Former Chairman and Chief Executive Maurice "Hank" Greenberg was vocal in his opinion that the company wouldn't "follow rates lower" in an otherwise softening rate environment.

And in an interview with last July, former Chief Financial Officer Howard Smith said, "We really believe that brokers and those insured need to be conscious about who you're buying coverage from."

...more...

"no impact" :rofl:

[UpInArms]

9. AIG in Damage Control

http://www.washingtonpost.com/ac2/wp-dyn/A17202-2005Mar31?language=printer

American International Group Inc. has warned investors about a $1.7 billion reduction in capital, pushed out its chairman of the past four decades and disclosed that deals under federal investigation were "improper."

And that's only the past four days.

<snip>

The investigations also raise questions that have become familiar in the fallout from corporate scandals at Enron Corp., WorldCom Inc. and other companies: Did the company use accounting tricks to hit the numbers investors were looking for? What did top management know?

Investigators are examining Greenberg's involvement in several insurance deals that may have been used to make the company's earnings look better or boost its reserve accounts. AIG said Wednesday that it continues to review transactions that could reduce its net worth by $1.7 billion. Regulators are scrutinizing those and other deals between AIG and several U.S. and offshore insurance companies. An attorney for Greenberg, who is scheduled to be interviewed by regulators April 12, did not return calls.

...more...

"no impact" :rofl:

[UpInArms]

19. Breadth of AIG's problems stands out

Accounting experts: Accounting woes widespread

http://msnbc.msn.com/id/7355730/

NEW YORK - The troubling things about the $1.7 billion in accounting problems reported Wednesday by American International Group Inc. are their number and variety, accounting and finance experts said.

The eight accounting issues revealed by the company range from a transaction with a company closely linked to AIG that could reduce shareholder equity by $1.1 billion to others that were improper but will have little or no effect.

"My initial reaction was 'Wow!' They have about eight different new issues here, and it pretty much covers the waterfront" of improper accounting, said University of Georgia accounting professor Dennis R. Beresford. "It's an indication that a lot of things are messed up."

<snip>

Now the company has warned that at least some of its recent reliability was based on a series of "transactions which appear to have been structured for the sole or primary purpose of accomplishing a desired accounting result."

Three of the issues involve offshore insurance issuers that AIG previously treated as separate companies and may have used to shift liabilities and losses off its books. Regulators have been scrutinizing related entities particularly closely since Enron hid billions of dollars in losses that way.

...more...

"no impact" :rofl:

[Zynx]

22. I wouldn't touch AIG even if you offered it to me at $40 a share.

[UpInArms]

88. Investigation into insurer AIG expanded

Probe into whether performance yardstick was inflated

http://msnbc.msn.com/id/7358796/

NEW YORK - Shares of American International Group sank Friday after a report that regulators expanded their investigations into whether the insurer inflated a closely watched performance yardstick.

“There is the ongoing uncertainty over what shoes might next fall,” said Thomas Russo, who helps invest more than $1 billion for Gardner Russo & Gardner in Lancaster, Pennsylvania, and owns AIG shares. “Uncertainty chases away investors.”

Regulators are examining whether AIG, which this week admitted improper accounting going back 14 years, inappropriately capped its underwriting “loss ratio” — the percentage of each dollar of premiums used to pay claims — and potentially boosted the firm’s surplus capital, the Wall Street Journal reported, citing people familiar with the matter.

<snip>

Surplus capital data can be used to determine how much insurance an insurer can sell.

...more...

"no impact" :rofl:

[UpInArms]

101. AIG Probe Expands to Near 20 Deals-Source

http://abcnews.go.com/Business/wireStory?id=633172

Apr 1, 2005 — NEW YORK (Reuters) - Investigators probing American International Group Inc. <AIG.N> are looking at about 20 transactions that could have been improperly accounted for by the insurer, a source close to the investigation said on Friday.

"They are pretty significant transactions," the source said, referring to the expanding list of deals under investigation by federal and state authorities.

Previously, sources have said authorities were looking at around 10 transactions for evidence of improper accounting at AIG. AIG is the subject of investigations by the office of the New York State attorney general and the U.S. Securities and Exchange Commission over accounting treatment of certain transactions.

<snip>

"It seems there was a pervasive attitude, certainly in the financial division of AIG, to at best use aggressive accounting practices," the source said. He added that investigators were also examining accounting records of counter parties to some of the transactions.

...more...

"no impact" :rofl:

[RawMaterials]

8. Rocketing oil price predicted

Think gasoline and heating oil are expensive now? Get this: Analysts at Goldman Sachs said yesterday that there was a good chance crude oil would nearly double in price in the next two years, topping $100 a barrel.

"The strength in oil demand and economic growth, especially in the United States and China ... has surprised us," the six Goldman analysts wrote in a research report. What they called a "super spike" period is beginning, they said, which could drive oil prices toward $105 a barrel in 2007.

The ominous prediction could prove conservative, the analysts said, if there are major supply disruptions in producing areas. But the analysts also predicted that prices so high would reduce demand for petroleum so that prices would slide back.

Economists believe sharply rising oil prices could depress world economies, wreck fuel-dependent industries such as airlines, and result in much higher prices for natural gas and electricity. Predictably, the Goldman report sent crude oil futures higher yesterday; the most closely watched grade for May delivery closed at $55.40 a barrel on the New York Mercantile Exchange, up $1.41.

snip..

Regular unleaded gasoline averaged $2.178 a gallon on Long Island yesterday, according to the AAA's daily survey of stations - a half higher than the day before and 16.5 cents above a month earlier. The Nassau-Suffolk average hit a record $2.248 on June 8.

In the city, regular unleaded averaged $2.225, also up half a cent from a day earlier and 16.7 cents higher than a month earlier. The city's record average of $2.282 also was set June 8.

Yesterday's national average is a record $2.159, according to the AAA. Prices have yet to reach their inflation-adjusted record high of more than $3.08 set in March of 1981.

Home heating oil also is near a record, although the Long Island average dropped a penny last week, to $2.364, according to a weekly survey by the state Energy Research and Development Authority. In the city, the average rose slightly from a week earlier to a new record of $2.377.

http://www.newsday.com/business/ny-bzoil4198388apr01,0,6660436.story?coll=ny-business-headlines

[UpInArms]

40. May crude on the rise early Friday

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.4261394792-833761898&siteID=mktw&scid=0&doctype=806&

DALLAS (MarketWatch) - May crude-oil futures moved higher Friday morning on the New York Mercantile Exchange, still feeding off a warning of $100-plus oil. The contract was last at $55.60 a barrel, up 20 cents. "The reason for the move higher is clear," said Kevin Kerr, president of Kerr Trading International. "The Goldman Sachs analyst report signaling $105 crude jolted the market. Clearly the oil market is bullish in the long term. However to suggest that it will happen in some mythical "superspike" right around the corner is pure fantasy."

[UpInArms]

50. Gasoline trading above $1.70, an all-time high

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.4575359491-833763144&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

DALLAS (MarketWatch) -- Concerns about adequate supplies heading into the summer driving season propelled May gasoline futures to a record $1.703 a gallon, up 2.4%, or 3.99 cents, Friday on the New York Mercantile Exchange.

Now that is going to leave a bruise. :spank:

[UpInArms]

53. Refinery outage in Venezuela boosts gasoline

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.4671581366-833763591&siteID=mktw&scid=0&doctype=806&

DALLAS (MarketWatch) -- Gasoline futures surged to an all-time high of $1.703 a gallon, up 2.4%, or 3.99 cents, on reports of a refinery outage in Venezuela. The Associated Press reported that the processing units at the giant Amuay oil refinery were shut down after a power failure. Petroleos de Venezuela S.A., or PDVSA, said it shouldn't take more than a week for the refinery to begin operating fully again.

[UpInArms]

80. Crude tops $57 a barrel for first time in ten days

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.5557574769-833766886&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

NEW YORK (MarketWatch) -- Crude futures extended their early gains to trade back over the $57 a barrel level on the New York Mercantile Exchange Friday, their highest level in ten days. The contract for May delivery was last trading up 3.3 percent at $57.20. May gasoline futures were up 3 percent at $1.715 a gallon after earlier hitting an all-time high of $1.7270 amid fears about supplies following a refinery outage in Venezuela.

[UpInArms]

105. Energy Markets Closing numbers (May Crude $57.27 bbl)

3:07pm 04/01/05 MAY HEATING OIL CLOSES UP 3% AT A RECORD $1.6638

3:06pm 04/01/05 HEATING OIL UP 9% FOR THE WEEK

3:06pm 04/01/05 MAY CRUDE CLOSES AT $57.27, UP 3.4%

3:07pm 04/01/05 CRUDE UP 4.4% FOR THE WEEK

3:07pm 04/01/05 NATURAL GAS UP 8% FOR THE WEEK

3:04pm 04/01/05 MAY NATURAL GAS CLOSES AT $7.749, UP 1.3%

[UpInArms]

113. wholesale gasoline at record $1.731

Energy futures end the week up sharply

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&guid=%7BD2E3C5AE-9C3C-463F-B440-15F225E1A5DD%7D&

DALLAS (MarketWatch) -- Supply concerns, combined with a controversial warning of $100-plus oil, led energy futures to a sharply higher close for the week. On the New York Mercantile Exchange Friday, May crude, which touched a new high of $57.70 a barrel during the session, closed at $57.27 a barrel, up 3.4% on the session and up 4.4% for the week. Gasoline closed the week up 6.5%, and the May contract finished at a record $1.731 gallon, after adding 4.1%. Heating oil futures closed at $1.6638 a gallon, up 3% on the session and higher by 9% for the week. And natural gas added 8% for the week and 1.3% on the session to close at $7.749 per million British thermal units.

3:11pm 04/01/05 GASOLINE UP 6.5% FOR THE WEEK

3:11pm 04/01/05 MAY GASOLINE CLOSES AT A RECORD $1.731, UP 4.1%

[UpInArms]

10. `Mass layoff ' in store at Sears

http://www.chicagotribune.com/business/chi-0504010321apr01,1,4790703.story?coll=chi-business-hed&ctrack=1&cset=true

Less than a week after Sears and Kmart officially merged, the new company has notified the state about a "mass layoff" planned at the Hoffman Estates headquarters.

Under a 2004 Illinois law, employers with at least 75 workers must give 60 days' notice of pending plant closings or mass layoffs. A mass layoff is defined as job cuts at a single site, typically during a 30-day period, of "at least 33 percent of the employees and at least 25 employees, or at least 250 employees regardless of the percentage."

Sears Holdings Corp. put the state on notice that it was cutting at least 250 workers earlier this week. It was posted Thursday on the Web site of the state's Department of Commerce and Economic Opportunity.

<snip>

Kmart has about 2,000 workers in its Troy, Mich., headquarters. More than 4,000 people work at Sears' headquarters, even after previous job cuts.

<snip>

Kmart has eliminated 57,000 jobs since it filed for bankruptcy in 2002, according to the Detroit News.

...more...

[UpInArms]

17. Neon Sys to cut 12% of workforce

8:56am 04/01/05 NEON SYSTEMS TO CUT 12% OF ITS WORK FORCE

[UpInArms]

44. Atmel cuts 150 in (Colorado) Springs

http://www.gazette.com/display.php?id=1306728&secid=4

Atmel Corp. has laid off 150 people at its chip fabrication plant in Colorado Springs as the company strives to become profitable.

The cuts, roughly 7 percent of the plant’s work force, took place Wednesday and Thursday.

No more layoffs are planned, said Steven Horwitz, director of investor relations for the San Jose, Calif.-based electronics chip-maker.

“It is our feeling that this is it, with respect to this site,” Horwitz said Thursday.

...more...

operative phrase: with respect to this site

[UpInArms]

11. Taser blames publicity for sales 'disruption'

http://cbs.marketwatch.com/news/story.asp?guid=%7B53773E91%2D6D54%2D42D4%2D96E5%2D246DCDCD7CD5%7D&siteid=mktw

NEW YORK (MarketWatch) - Stun gun maker Taser International Inc. said Friday bad publicity over the risk of the company's signature weapons will reduce first-quarter sales below Wall Street's expectations.

Taser projected first-quarter revenue of about $10 million. Rick Smith, the Scottsdale, Ariz., company's chief executive, said "significant adverse publicity" has led to "a temporary disruption in our sales pipeline." As a result, "we decided not to issue financial guidance because of the lack of visibility on our business in light of this controversy."

<snip>

Smith said Taser had formed a team of "experts" to defend the company "against the myriad of erroneous and misleading information in the public domain" and launched a publicity campaign that includes a users conference in April.

...more at link...

wasn't there an article citing over 100 deaths related to Taser use?

[UpInArms]

14. Putnam CEO Haldeman paid about $13.7mln for 2004

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.364355162-833758915&siteID=mktw&scid=0&doctype=806&

BOSTON (MarketWatch) - Charles Haldeman, president and chief executive officer of Putnam Investments, earned roughly $13.7 million in total compensation last year, according to a regulatory filing Thursday by Marsh & McLennan, Putnam's parent company. Haldeman's earnings included $900,000 in salary as well as a $6.5 million bonus and $6.1 million in restricted stock, the filing said. Shares of Marsh & McLennan (MMC) fell 28 cents to $30.42 Thursday.

hmmmm....

Marsh & McLennan Companies, Inc. Website Annual Report
1166 Avenue of the Americas Phone: [phone]
New York NEW YORK 10036

Fax: [phone]


Marsh & McLennan Companies, Inc.. The Group's principal activities are to provide clients with analysis, advice and transactional capabilities in the fields of risk and insurance services, investment management and consulting. The Group operates in 3 segments: Risk and Insurance Services, Investment Management and Consulting. The Risk and Insurance Services provide insurance broking, risk management, insurance program management for business, public entity, professional firms and private clients. The Investment Management provides securities investment advisory and management services and administrative services for publicly held investment companies and institutional accounts. The Consulting segment provides retirement services, human capital consulting, HR technology and operations consulting, leadership, organizational design and economic consulting.In January 2004, the Group acquired Synhrgy HR Technologies. In Jan 2004 the Group acquired Synhrgy HR & Kroll Inc in Jul 2004.

[UpInArms]

20. Marsh's Greenberg forfeited stock, Chernasky earned $4M

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.3817346065-833759836&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

NEW YORK (MarketWatch)-- Former Marsh & McLennan (MMC) chief executive and president Jeffrey Greenberg forfeited $25.1 million in restricted stock after being fired amid an investigation into bid-rigging by the insurance broker. His replacement, Michael G. Cherkasky, earned $373,965 in salary, a $600,000 bonus and $3 million in restricted stock awards, according to a regulatory filing made late Thursday. Shares of Marsh & McLennan fell 28 cents to close at $30.42 on Thursday.

Jeffrey Greenberg - son of Maurice "Hank" Greenberg - cheating runs in the family :eyes:

[Zynx]

32. There are some families that just are corrupt.

*cough*Bush*cough*

[UpInArms]

15. DaimlerChrysler reorganizing Smart

Sees job cuts, costs up to 1.2 billion euro

http://cbs.marketwatch.com/news/story.asp?guid=%7B67B4518B%2D8ED5%2D4A15%2DA75F%2D808CA3CE3F6C%7D&siteid=mktw

LONDON (MarketWatch) -- DaimlerChrysler Friday detailed a reorganization of its ailing Smart car business that will lead to job cuts and cost the German-American automaker up to 1.2 billion euros ($1.5 billion).

<snip>

The group is aiming at a breakeven position for Smart in 2007 - an outlook built on expectations for a 30 percent reduction in fixed costs over the next two years. Plans are to continue cooperation with Mitsubishi Motors on the Smart Forfour, although the group noted "measures will be taken" to improve profitability.

DaimlerChrysler expects to end production of the Smart Roadster at the end of this year and said the Smart SUV project will be discontinued.

As a result, it foresees "significant workforce reductions" but the automaker didn't detail how many jobs are expected to go. Plans include "write-downs on plant and equipment, the settlement of obligations to third parties, and other value adjustments."

...more...

[UpInArms]

56. DaimlerChrysler to restructure Smart, cut 700 jobs through 2006

http://www.miami.com/mld/miamiherald/business/national/11286946.htm

RANKFURT, Germany - DaimlerChrysler AG announced plans Friday to restructure its money-losing Smart car maker, spending up to 1.2 billion euros ($1.56 billion) this year, cutting 700 jobs and scrapping some models.

Smart is part of the German-U.S. automaker's troubled Mercedes division, with its ultra-compact brands including the zippy two-seat forTwo, the four-seat forFour and a two-seat roadster. The roadster will stop being produced this year and plans for an SUV model are being dropped.

"The new business model aims to put the small-car brand onto a financially sound basis, with the goal of breaking even in 2007," said Mercedes-Benz chief Eckhard Cordes.

Smart has been losing money, but the company has not said how much.

<snip>

Some 700 workers will lose their jobs, including 600 at the company's headquarters operations in Boeblingen near Stuttgart in southern Germany. Some 100 jobs will be eliminated at Smart's manufacturing plant in Hambach, France.

...more...

[UpInArms]

21. pre-opening blather

briefing.com

9:15AM: S&P futures vs fair value: +5.5. Nasdaq futures vs fair value: +11.5. Stage remains set for a higher open, as an upbeat sentiment in the futures market remains intact ahead of more economic data... At 9:45 ET, investors will get a revised read on Mar. Consumer Sentiment (consensus 92.5) while Mar. ISM Index (consensus 54.9) and Feb. Construction Spending (consensus +0.6%) will be released at 10:00 ET

9:00AM: S&P futures vs fair value: +6.4. Nasdaq futures vs fair value: +13.0. Bullish bias persists in pre-market trading as the futures market continues to trade well above fair value... Aside from falling bond yields lending early support for stocks, following March employment data, anticipation of new fund inflows on the first trading day of the month/quarter has also helped underpin a positive sentiment

8:33AM: S&P futures vs fair value: +4.5. Nasdaq futures vs fair value: +9.0. Non-farm payrolls checked in at 110K, well below forecasts of 220K, versus a downward revision to last month's read of 262K to 243K, while the unemployment rate fell to 5.2% (from 5.4%), but hourly earnings increased 0.3%, above forecasts... Futures trade, however, has held relatively steady, still indicating a strong open for the indices, while Treasurys have surged, as the 10-year note is now up 17 ticks to yield 4.40%

8:00AM: S&P futures vs fair value: +3.9. Nasdaq futures vs fair value: +7.0. Futures market versus fair value suggesting a higher open for the cash market as investors await employment data...

ino.com

The June NASDAQ 100 was higher overnight as it consolidates above broken support marked by January's low crossing at 1496.50 and the 10- day moving average would signal that a short-term low has likely been posted. Closes above the 20-day moving average crossing at 1505.52 are needed to confirm that a low has been posted. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near- term. If June resumes March's decline, weekly support crossing at 1433.06 is a potential downside target. The June NASDAQ 100 was up 9.00 pts. at 1500 as of 5:01 AM ET. Overnight action sets the stage for a steady to higher opening by the NASDAQ composite index later this morning.

The June S&P 500 index was higher overnight as it extends this week's short covering rally and recent breakout above the 10-day moving average crossing at 1180.60. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 1193.70 would confirm that a short- term low has been posted. Closes below January's low crossing at 1170 would open the door for a possible test of weekly support crossing at 1163.50. The June S&P 500 Index was up 4.30 pts. at 1188.70 as of 5:04 AM ET. Overnight action sets the stage for a steady to higher opening when the day session begins later this morning.

[UpInArms]

25. EU sanctions hit US trousers

http://business.timesonline.co.uk/article/0,,13130-1549634,00.html

THE cost of trousers, spectacle frames and sweetcorn imported into Europe from America will jump 15 per cent next month, after the latest transatlantic trade dispute erupted yesterday.

The European Commission has decided to introduce sanctions, worth $28 million (£15 million), in retaliation at Washington’s failure to repeal controversial anti-dumping measures that the World Trade Organisation (WTO) declared illegal more than two years ago.

Under the US legislation, known as the Byrd Amendment, American companies that have complained of being unfairly undercut by foreign competitors have received a share of the proceeds of the anti-dumping and countervailing duties introduced by the Government. Since 2000 the firms, mainly in the steel, household and food sectors, have received more than $1 billion.

The Commission predicts that if the legislation, which should have been repealed in December 2003, remains in force, American companies will pocket a further windfall of $1.6 billion later this year.

...more...

[UpInArms]

26. Shifting Buyer Trends Set Back Western Carmakers in China

http://www.nytimes.com/2005/04/01/business/worldbusiness/01auto.html

HONG KONG, March 31 - In the first months of the year, the Chinese slowed their purchases of automobiles, and the cars they did buy tended to be small and inexpensive - trends that are hurting Western manufacturers like General Motors and Volkswagen.

The Chinese auto market has been the best source of growth and profits in recent years for American and European manufacturers. But total vehicle shipments from manufacturers to dealers in China slowed by 10 percent in January and February compared with those months last year.

Sales of large cars are falling, mainly because of government restrictions on corporate and government purchases of fleets, but also because of higher gasoline prices. In their place, dealers are selling many more bare-bones subcompacts and tiny minivans that sell for less than $5,000 because they have flimsy seats and engines no more powerful than those on some motorcycles.

These very small vehicles carry minimal profits for manufacturers.

At the same time, Korean and Japanese automakers are rapidly increasing their shares of the Chinese market by expanding production in China and by entering segments of the market, like large cars, they had largely avoided.

...more...

[UpInArms]

28. 9:36 EST markets are open (and thrilled)

Dow 10,559.48 +55.72 (+0.53%)
Nasdaq 2,011.03 +11.80 (+0.59%)
S&P 500 1,187.45 +6.86 (+0.58%)
10-Yr Bond 4.445 -0.51 (-1.13%)

NYSE Volume 57,628,000
Nasdaq Volume 98,550,000

YeeHaw! No need for Fed tightening! No worries! Hurray! No inflation because there's no pressure on JOBS!

[UpInArms]

30. Stocks open higher as weak job report eases rate fears

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&guid=%7BE7075570-0873-4B10-801F-7A35DA769F0B%7D&

NEW YORK (MarketWatch) -- U.S. stocks opened higher Friday as a weaker-than-expected March employment report eased fears the Federal Reserve would adopt a more aggressive stance on raising interest rates. In the early going, the Dow Jones Industrial Average ($INDU) was up 22 points at 10,526. The Nasdaq Composite ($COMPQ) climbed 10 points to 2,009 while the S&P 500 Index ($SPX) rose 3.60 points to 1,184.18.

[spotbird]

33. My head is spinning.

If unemployment reaches 25% will the Dow hit 20,000?

[Zynx]

36. The market makes fine distinctions.

In this case, they were hoping for modestly bad news to keep interest rates in check.

[Kukesa]

37. Mine too, spotbird, mine too. n/t

[UpInArms]

39. agreed spotbird

methinks we need a :spinninghead: smiley just for the SMW :D

[MARALE]

43. Got some

Okay, what happened to the dollar, it is really making a come-back!

[UpInArms]

45. thanks for the "heads" MARALE

as for the dollar, check out the charts on this link

http://www.weblinks247.com/exrate/

looks like the dollar will be "up" for the day - perhaps the various central banks decided they couldn't have the dollar tank just yet :shrug:

[UpInArms]

49. Dollar improves on ISM component

Comments from Fed's Moskow also lend strength

http://cbs.marketwatch.com/news/story.asp?guid=%7B731F9294%2D4B5C%2D4D64%2DA9A0%2D94CBCCEDC667%7D&siteid=mktw

NEW YORK (MarketWatch) - The dollar gained strength in midmorning trading Friday after the prices-paid component in the latest manufacturing survey indicated rising inflation. Separately, a Federal Reserve official said the central bank is increasingly concerned about rising prices.

<snip>

But the Institute for Supply Management survey's indication of accelerating inflation and the remarks by Chicago Federal Reserve President Michael Moskow caused a rapid reversal in the dollar's fortunes, switching the market's attention to inflation and away from economic and jobs weakness, according to Brian Dolan, head of currency research at Gain Capital.

<snip>

Around the same time as the ISM release, Moskow made remarks viewed by currency traders as indicating the Federal Reserve has grown more concerned about the pace of inflation, according to Dolan.

Price action was made volatile by incorrect initial reports of the ISM figures from a number of news agencies, as well as the premature release of the ISM's monthly services-sector survey, Dolan said.

"In my 17 years in the business, I have never seen anything quite like this," he said.

...more...

[MARALE]

61. There is that number again

17 years ago was the end of the catastrophe of the Regan economy.
I am sure they will have to raise the rates by .5 instead of .25. I don't know if it will be a soon enough bandage, because inflation is raising its ugly head. They can't fudge the numbers anymore to try and simulate a good economy.

:popcorn:

[UpInArms]

29. Q1 U.S. equity capital market revenue falls 11%

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.401397419-833760720&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

NEW YORK (MarketWatch) -- U.S. equity capital markets revenue fell 11 percent to $34 billion in the first quarter, as follow-on and convertible bond banking revenue declined, according to Dealogic. U.S. banking revenue from IPOs was the only product to experience a revenue increase, with a 12 percent rise to $1.1 billion.

[UpInArms]

38. 10:13 EST numbers and blather (still good)

Dow 10,535.31 +31.55 (+0.30%)
Nasdaq 2,006.92 +7.69 (+0.38%)
S&P 500 1,185.60 +5.01 (+0.42%)
10-Yr Bond 4.445 -0.51 (-1.13%)

NYSE Volume 376,615,000
Nasdaq Volume 384,371,000

10:00AM: Equities remain on the offensive as the bulk of sector leadership remains positive... Energy (+1.5%) has paced the way higher amid rising oil prices while lower bond yields have lent support to interest-rate sensitive groups like financial, utility, homebuilding and REITs... Technology has been strong across the board, with gains of more than 1.0% seen in software and networking, while other influential leaders to the upside have been consumer discretionary, industrials and telecom services...

Computer & Electronics (-1.6%), however, has been weak after Best Buy (BBY 52.49 -1.52) merely matched Q4 forecasts and guided Q1 below consensus... DJTA +0.9, DJUA +1.1, SOX +0.4, NYSE Adv/Dec 2176/451, Nasdaq Adv/Dec 1615/803

9:40AM: Market opens sharply higher, as inflation fears ease following mixed employment data... Non-farm payrolls rose 110K, well below forecasts of 220K and last month's revised read of 243K (down from 262K), marking the eighth time in 10 months the data have missed expectations... Even though payrolls checked in less than the 150K gain essential to keep pace with population growth, monthly payrolls have averaged about a 200K increase over the past year, so there is no reason to suspect that conditions deteriorated last month...

Arguably of greater concern, however, has been the hourly earnings component, which rose 0.3% following an upwardly revised gain in Feb. of 0.1%, which suggests moderately firming inflationary pressures... But strength in Treasurys, with yields on the 10-year note falling to 4.43%, has helped offset a piece of data that should perhaps be more closely watched in the future...

[UpInArms]

46. 10:42 EST numbers and blather (mixed)

Dow 10,506.06 +2.30 (+0.02%)
Nasdaq 1,995.71 -3.52 (-0.18%)
S&P 500 1,182.01 +1.42 (+0.12%)
10-Yr Bond 4.511 +0.15 (+0.33%)

NYSE Volume 566,197,000
Nasdaq Volume 570,948,000

10:30AM: Major indices retreat to new session lows amid a reversal in Treasurys following confusing ISM data... As scheduled, the Mar ISM Index has been released, checking in at 55.2, near expectations of 54.9 and in line with Feb.'s 55.3 figure, representing strong growth in manufacturing... But the ISM initially released an incorrect figure of 63.1, which was in fact Mar. ISM Services data (consensus 59.0), which was not supposed to be released until next Tuesday...

Meanwhile, bond traders have arguably used the data as a reason to take some early profits off the table, which has lifted yields on the 10-year note back above 4.50% and subsequently weaken sentiment in the equities market intially underpinned by falling bond yields... NYSE Adv/Dec 2116/826, Nasdaq Adv/Dec 1401/1235

[UpInArms]

51. 11:06 EST numbers and blather (all red)

Dow 10,462.67 -41.09 (-0.39%)
Nasdaq 1,988.23 -11.00 (-0.55%)
S&P 500 1,177.90 -2.69 (-0.23%)
10-Yr Bond 4.520 +0.24 (+0.53%)

NYSE Volume 703,284,000
Nasdaq Volume 702,936,000

11:00AM: Stocks extend their reach into negative territory as oil prices spike to new session highs... Within the last half hour, crude oil futures have surpassed $56.50/bbl, extending yesterday's 2.5% advance amid raised oil estimates from Goldman Sachs... Strangely, the dollar-based commodity has been unaffected by a rebound in the greenback against major currencies amid rising bond yields, as overall sentiment continues to deteriorate... NYSE Adv/Dec 1816/1214, Nasdaq Adv/Dec 1072/1680

(added blather on edit)

[UpInArms]

47. Stocks erase gains after ISM isparks bond yield surge

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38443.4431189468-833762591&siteID=mktw&scid=0&doctype=806&

NEW YORK (MarketWatch) -- Stocks gave up earlier gains after data showing that manufacturing activity did not decline as much as expected sparked a surge in bond yields. The Dow industrials ($INDU) were up 9 points at 10,513 and the Nasdaq Composite ($COMPQ) was down 3 points at 1,996. Earlier in the session, after weaker-than-expected March jobs growth data sent the yield on the 10-year Treasury note ($TNX) down to a 4-week low of 4.398 percent, the Dow was up as much as 65 points and the Nasdaq was up as much as 15.5 points. The 10-year yield was last up 0.020 percentage points at 4.516 percent after the Institute of Supply Management's index fell to 55.2 percent from 55.3 percent vs. expectations of a dip to 55.0 percent.

[Zynx]

52. AIG is weighing on the Dow today.

It's currently down over 4.7%.

[UpInArms]

55. here's a link to the AIG chart

http://ichart.finance.yahoo.com/t?s=AIG

AMER INTL GROUP INC (NYSE:AIG) Delayed quote data
Last Trade: 52.29
Trade Time: 11:00AM ET
Change: 3.12 (5.63%)
Prev Close: 55.41

[UpInArms]

66. AIG off 8.2%

12:20pm 04/01/05 AIG SHARES NOW OFF 8.2% TO $50.88

"no impact" :rofl:

[UpInArms]

67. AIG dives on report of missing (?) (DESTROYED!) records

http://cbs.marketwatch.com/news/story.asp?guid=%7B1B3D1973%2DAEAF%2D4C72%2D8D9B%2D47C275B57408%7D&siteid=mktw

Insurer almost indicted; shares slump to a 2-year low

SAN FRANCISCO (MarketWatch) -- American International Group shares slumped to a 2 year low Friday after the Wall Street Journal reported an employee of the giant insurer destroyed records, potentially thwarting inquiries into the company.

New York Attorney General Eliot Spitzer threatened to indict AIG on Monday if the insurer's board of directors didn't oust Maurice "Hank" Greenberg from his role as non-executive chairman, the Wall Street Journal said. No financial-services company has ever survived a corporate indictment. See full story at WSJ.com.

AIG shares fell $4.90 , or 8.8%, to $50.51 in midday trading. The shares fell as low as $52.10 earlier. The last time they traded below that level was in March of 2003.

A lawyer for Greenberg took boxes of documents out of an AIG office in Bermuda last Friday and took them away in a van, the Wall Street Journal said, citing unidentified sources.

The next day, lawyers representing AIG discovered certain records were missing and also learned that an employee of the insurer had destroyed some computer records and tape recordings of business meetings, the newspaper said.

...more...

"no impact" :rofl:

[barb162]

71. AIG keeps crap records anyway. Trust me. Nobody can ever find

anything at that place.

[UpInArms]

92. AIG cut to "hold" - gack! who would want to "hold" it?

2:26pm 04/01/05 AMERICAN INT'L GROUP CUT TO HOLD AT A.G. EDWARDS

[Zynx]

106. May I interest you in holding a bag of sh!t?

;-)

[ozymandius]

58. heading into lunch - market crashing, bridges on fire, Bush resigns

12:01
Dow
10,474.79
-28.97
(-0.28%)

Nasdaq
1,992.99
-6.24
(-0.31%)

S&P 500
1,179.56
-1.03
(-0.09%)

10-Yr Bond
4.504%
+0.01

NYSE Volume
931,274,000

Nasdaq Volume
904,772,000

[UpInArms]

60. ah, if only

it were true

Bush resigns

:sigh:

[ozymandius]

62. 12:16 comes the tumble

Dow
10,449.74
-54.02
(-0.51%)

Nasdaq
1,990.20
-9.03
(-0.45%)

S&P 500
1,177.17
-3.42
(-0.29%)

10-Yr Bond
4.5%
0.00

NYSE Volume
986,984,000

Nasdaq Volume
953,577,000

[ozymandius]

63. with blather

12:00PM: Major indices remain under pressure midday as falling bond yields, amid mixed economic data, and rising oil prices, continue to weigh on sentiment... With Treasurys now assuming a leadership role over oil prices in terms of market influence, volatility in bond yields has played havoc with the overall tone of trading... Falling bond yields, in the wake of the Mar. employment report, had initially pushed yields on the 10-year note lower to around 4.4% amid eased inflation fears... Non-farm payrolls rose 110K, well below forecasts of 220K and last month's revised read of 243K (down from 262K)...

But a strong prices paid component in the ISM data almost as quickly increased speculation of more aggressive Fed tightening, as bond yields surpassed 4.5%, market internals deteriorated and selling interest returned to minimize gains in sectors that had been much stronger in the early going... Still pacing the way higher, however, has been Energy (+1.4%), as short covering in crude oil futures has pushed the commodity close to $57/bbl, extending yesterday's 2.5% advance...

Interest-rate sensitive issues like Utility and Homebuilding have also maintain gains despite rising rates, but Financial has failed to follow suit amid weakness in Banks and Brokerage... Technology remains mixed, with weakness in Semiconductor and Hardware offsetting modest gains in Software, while Health Care, Consumer Staples and Industrials have also traded lower... Separately, investors have gotten the latest read on Michigan Sentiment, which basically matched expectations of 92.5, but the revised data, along with faintly followed Feb. construction spending, which rose 0.4% (consensus 0.6%), have had little impact on overall market activity...

[UpInArms]

69. 12:37 EST numbers and blather

Dow 10,424.99 -78.77 (-0.75%)
Nasdaq 1,988.34 -10.89 (-0.54%)
S&P 500 1,174.07 -6.52 (-0.55%)
10-Yr Bond 4.503 +0.07 (+0.16%)

NYSE Volume 1,078,311,000
Nasdaq Volume 1,021,389,000

12:30PM: Sellers show some resolve and knock the indices even lower as buyers remain a reluctant bunch... There have, however, been a few individual stories generating some excitement... Shares of Red Hat (RHAT 12.18 +1.27) have surged amid upbeat comments out of Banc of America and an upgrade at Baird following the software maker's Q4 report... Analyst upgrades have also helped companies such as Accenture (ACN 24.86 +0.71), Novel (NOVL 6.08 +0.12), Fortune Brands (FO 82.55 +1.92) and Cymer (CYMI 27.74 +0.97) gain ground in a down market... NYSE Adv/Dec 1623/1528, Nasdaq Adv/Dec 958/1952

[UpInArms]

64. 12:18 EST numbers (redder) and blather

Dow 10,442.94 -60.82 (-0.58%)
Nasdaq 1,989.28 -9.95 (-0.50%)
S&P 500 1,176.11 -4.48 (-0.38%)
10-Yr Bond 4.506 +0.10 (+0.22%)

NYSE Volume 996,712,000
Nasdaq Volume 960,357,000

12:00PM: Major indices remain under pressure midday as falling bond yields, amid mixed economic data, and rising oil prices, continue to weigh on sentiment... With Treasurys now assuming a leadership role over oil prices in terms of market influence, volatility in bond yields has played havoc with the overall tone of trading... Falling bond yields, in the wake of the Mar. employment report, had initially pushed yields on the 10-year note lower to around 4.4% amid eased inflation fears... Non-farm payrolls rose 110K, well below forecasts of 220K and last month's revised read of 243K (down from 262K)...

But a strong prices paid component in the ISM data almost as quickly increased speculation of more aggressive Fed tightening, as bond yields surpassed 4.5%, market internals deteriorated and selling interest returned to minimize gains in sectors that had been much stronger in the early going... Still pacing the way higher, however, has been Energy (+1.4%), as short covering in crude oil futures has pushed the commodity close to $57/bbl, extending yesterday's 2.5% advance...

Interest-rate sensitive issues like Utility and Homebuilding have also maintain gains despite rising rates, but Financial has failed to follow suit amid weakness in Banks and Brokerage... Technology remains mixed, with weakness in Semiconductor and Hardware offsetting modest gains in Software, while Health Care, Consumer Staples and Industrials have also traded lower... Separately, investors have gotten the latest read on Michigan Sentiment, which basically matched expectations of 92.5, but the revised data, along with faintly followed Feb. construction spending, which rose 0.4% (consensus 0.6%), have had little impact on overall market activity...

[TrogL]

68. Loonie Watch

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

Highlights.



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

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

Up-to-the-minute graph (http://quotes.ino.com/chart/?s=CME_CDY&v=i)


2005-03-01 Tuesday, March 1 0.804829 USD
2005-03-02 Wednesday, March 2 0.806777 USD
2005-03-03 Thursday, March 3 0.802375 USD
2005-03-04 Friday, March 4 0.811425 USD
2005-03-07 Monday, March 7 0.813008 USD
2005-03-08 Tuesday, March 8 0.822166 USD
2005-03-09 Wednesday, March 9 0.828912 USD
2005-03-10 Thursday, March 10 0.829876 USD
2005-03-11 Friday, March 11 0.830496 USD
2005-03-14 Monday, March 14 0.827335 USD
2005-03-15 Tuesday, March 15 0.828912 USD
2005-03-16 Wednesday, March 16 0.830703 USD
2005-03-17 Thursday, March 17 0.831393 USD
2005-03-18 Friday, March 18 0.831463 USD
2005-03-21 Monday, March 21 0.825764 USD
2005-03-22 Tuesday, March 22 0.832154 USD
2005-03-23 Wednesday, March 23 0.824198 USD
2005-03-24 Thursday, March 24 0.823045 USD
2005-03-25 Friday, March 25 0.821018 USD
2005-03-28 Monday, March 28 0.817394 USD
2005-03-29 Tuesday, March 29 0.824063 USD
2005-03-30 Wednesday, March 30 0.822098 USD
2005-03-31 Thursday, March 31 0.826856 USD




This is posted before today's numbers are up. The loonie has been making major gains against all major currencies for about the last week, rising presumably on oil prices and a stable economy.

Other notes of interest, Canada has engaged trade sanctions against the United States on pork (and some other things). Canadian pork farmers say that the Canadian pork industry will not be affected. Canadian beef producers are gearing up to beef up (pun intended) Canada's production of finished and packaged beef products, presumably for shipment overseas. Canada will do whatever it takes to re-enter the world market even if it means testing every cow, everywhere. (link to related story http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x1360336)

The province of Alberta is poised to pay off its last debtor sometime within the week (wish I could say the same). This puts it in a unique position among Canadian provinces (and world states for that matter). Ontario still owes 120 billion.

[TrogL]

85. TSE is falling along with everything else

[UpInArms]

73. Fed's Minehan works on verbal intervention skills

12:45pm 04/01/05 MINEHAN SEES 4.0% GDP GROWTH IN 2005

12:45pm 04/01/05 MINEHAN: OIL ABOVE $50 WILL MOVE CORE INFLATION HIGHER

12:45pm 04/01/05 MINEHAN: RATE HIKE PACE RESTS ON 'HOW ECONOMY EVOLVES'

12:45pm 04/01/05 MINEHAN: STRONGER ECONOMY DOES NOT NEED LOW RATES

12:45pm 04/01/05 MINEHAN: ANECDOTAL REPORTS RAISE INFLATION RISKS

12:45pm 04/01/05 MINEHAN: BUSINESSES BETTER ABLE TO PASS ON HIGHER COSTS

12:45pm 04/01/05 FED'S MINEHAN: INFLATION TO STAY 'WELL-BEHAVED' IN '05

[punpirate]

77. Vying for...

... Greenspin's job? Proving that he's up to the standards set for BS quality and quantity? :)

[ozymandius]

74. FALLING DOWN--------->

 Market Summary

Dow
10,418.34
-85.42
(-0.81%)

Nasdaq
1,987.26
-11.97
(-0.60%)

S&P 500
1,173.01
-7.58
(-0.64%)

10-Yr Bond
4.488
-0.08
(-0.18%)

NYSE Volume
1,186,452,000

Nasdaq Volume
1,114,515,000

[ozymandius]

75. and more

1:05


Dow
10,414.05
-89.71
(-0.85%)

Nasdaq
1,987.59
-11.64
(-0.58%)

S&P 500
1,172.93
-7.66
(-0.65%)

10-Yr Bond
4.492%
-0.00

NYSE Volume
1,195,161,000

Nasdaq Volume
1,119,816,000

[RawMaterials]

78. 1:38 <- under 10400

Dow 10396.02 -107.74 (-1.03%)
Nasdaq 1984.80 -14.43 (-0.72%)
S&P 500 1171.86 -8.73 (-0.74%)
10-Yr Bond 4.487% -0.09

NYSE Volume 1,321,008,000
Nasdaq Volume 1,217,766,000

[UpInArms]

84. 1:57 EST numbers (DOW down 110)

Dow 10,392.84 -110.92 (-1.06%)
Nasdaq 1,983.35 -15.88 (-0.79%)
S&P 500 1,170.87 -9.72 (-0.82%)
10-Yr Bond 4.482 -0.14 (-0.31%)

NYSE Volume 1,427,786,000
Nasdaq Volume 1,298,097,000

[UpInArms]

91. 2:36 EST numbers and blather (clinging to 10,400)

Dow 10,402.08 -101.68 (-0.97%)
Nasdaq 1,986.38 -12.85 (-0.64%)
S&P 500 1,172.34 -8.25 (-0.70%)
10-Yr Bond 4.0.76 -0.20 (-0.44%)

NYSE Volume 1,591,197,000
Nasdaq Volume 1,425,163,000

2:30PM: Little changed since the last update as equities remain under pressure... Meanwhile, auto makers have been in focus following Mar. auto sales figures...Shares of General Motors (GM 29.80 +0.41) have turned positive within the hour after posting a smaller than expected decline of 1.0% in US sales (consensus -3.3%) due to strong truck demand... Ford Motor (F 11.17 -0.16) has also reported a better than expected US sales decline (1.7% versus forecasts of -3.5%) while DaimlerChrysler (DCX) beat Street expectations of 2.0% with Mar. sales growth of 7.0%, but both stocks remain under pressure...

2:00PM: Sellers remain in control of the action as buying interest remains scarce across the board... Treasurys, however, have recently inched into positive territory for the first time this afternoon, as a flight to quality has lured investors to seek safety in assets backed by "the full faith and credit" of the U.S. government... Yields on the 10-year note (+2/32) have now fallen to 4.47%, but the benchmark's recent advance has yet to have an influential impact on the market as oil prices have simultaneously inched closer to $58/bbl...NYSE Adv/Dec 1403/1811, Nasdaq Adv/Dec 968/2032

[UpInArms]

97. 2:46 numbers (lost its grip - sliding on down)

Dow 10,387.74 -116.02 (-1.10%)
Nasdaq 1,983.30 -15.93 (-0.80%)
S&P 500 1,170.23 -10.36 (-0.88%)
10-Yr Bond 4.470 -0.26 (-0.58%)

NYSE Volume 1,637,211,000
Nasdaq Volume 1,467,502,000

[RawMaterials]

100. 2:57 Still on the way down

Dow 10385.90 -117.86 (-1.12%)
Nasdaq 1982.33 -16.90 (-0.85%)
S&P 500 1170.67 -9.92 (-0.84%)
10-Yr Bond 4.474% -0.22

NYSE Volume 1,669,572,000
Nasdaq Volume 1,492,676,000

[UpInArms]

104. a side of blather to go with those numbers

3:00PM: More of the same as a negative sentiment remains firmly intact heading into the final hour of trading for the week... The dollar, however, has maintained early gains against both the euro (1.2906) and the yen (107.67) generated after the ISM's report showed an unexpected jump in the prices paid by manufacturers... Initially weak following the lower than expected rise in March payrolls, the greenback has now recovered much of the ground lost over the last two days to extend gains of more than 4.0% for the year...NYSE Adv/Dec 1487/1761, Nasdaq Adv/Dec 990/2051

[UpInArms]

109. 3:15 EST numbers (fairy dust or vultures?)

Dow 10,413.83 -89.93 (-0.86%)
Nasdaq 1,986.34 -12.89 (-0.64%)
S&P 500 1,173.05 -7.54 (-0.64%)
10-Yr Bond 4.456 -0.40 (-0.89%)

NYSE Volume 1,782,833,000
Nasdaq Volume 1,585,619,000

[AnneD]

87. Ouch...

Talk about butt bouncing down the ski slope. Job numbers don't look good and neither does the market. Do you think we are starting to reach critical mass? You can cook the books and use the fudge factor in all your calculations, but eventually it will catch up to you.
I tend to look at the market from the consumer perspective and the view hasn't looked good from main street since 2000. We have had a good month here and there but overall....not good.

[DoBotherMe]

89. Hoarding?

That's my theory and practice. D ; )

[UpInArms]

90. I think it all has to do with the Enronomics issue

whereas all of the "major" companies see great opportunities to cook their numbers - see AIG's problems, they have gotten themselves into very risky situations with hedge funds and derivatives - using those numbers to leverage themselves into financial husks - gutting the basics of econ101

the outrageous rewards for their CEOs and the cross-board (where each of these guys sit on the BoDs for the other guys, each approving more and more outrageous compensation and perk packages) while cutting employees, making substandard products, ending up outsourcing the customer service - making for really angry consumers - while the fund managers have the audacity to plug the companies that reward them with perks and bonuses

slippery slope? you bet

[UpInArms]

95. here's an example:

Two CEOs are richly rewarded
Blockbuster pays Antioco $50 million as profits fall

http://www.dfw.com/mld/dfw/business/11285334.htm

Blockbuster's chief executive, John Antioco, received compensation worth more than $50 million last year even as operating profits dropped and the company continued to struggle against competitors such as Netflix.

Separately Thursday, the video chain -- the nation's largest -- confirmed that it would cut 200 to 300 employees at its Dallas headquarters and McKinney distribution center.

The compensation package, disclosed in a government filing, included stock options and an award of restricted stock shares. Excluding those, Antioco's compensation was $7.2 million, an increase of nearly $650,000 from 2003. The 2004 pay included a $5 million bonus, spokeswoman Karen Raskopf said. The bonuses were pegged to undisclosed strategic and financial goals.

<snip>

Antioco's compensation included restricted stock grants, valued at $26.8 million, and options on 5 million shares. The restricted stock includes $14.7 million worth of shares Antioco received in exchange for options that had been previously awarded, Raskopf said. Bloomberg News valued the new options at $17 million.

...more...

:banghead:

[The_Casual_Observer]

93. Any bets on when it will drop below 10,000?

I'm thinking 2-3 weeks.

[ret5hd]

94. i'm guessing late this summer.

[napi21]

96. If it drops below 10,000 I think we'll see Greenspan resign.

...to spend more time with his new wife, I'm sure!

[RawMaterials]

98. MeanSpin is already set to leave later this year n/m

[Zynx]

99. DU Personal Finance and Investing Group is up!

http://www.democraticunderground.com/discuss/duboard.php?az=show_topics&forum=327

[RawMaterials]

102. Personal Finance group is up, actual personal finance Down

sounds like a CC commercial :)

[Zynx]

103. I'm getting hit today. Good thing I mostly have cash right now.

Still, 40% of my money is in stocks. Ouch. ;-)

[Gregorian]

110. Thanks for the heads up!

I'm probably too conservative to do anything but a CD, but still I'd like to know what options there are. And there aren't many people I trust more than du'ers.
I just made a few bucks, and would like to know where to safely put it so it makes more than 3 percent.

[JNelson6563]

107. 3:14 and getting bloody

--------------------------------------------------------------------------------
Dow 10,405.40 -98.36 (-0.94%)
Nasdaq 1,985.56 -13.67 (-0.68%)
S&P 500 1,172.99 -7.60 (-0.64%)
10-Yr Bond 4.451% -0.05


Ouch!

I've been very busy with domestic things and getting ready for our first District meeting where I am Chair. Took a quick peek and Zowie!! Very ugly stuff!

Hope all are faring well.

Julie

[ozymandius]

108. 3:17 and deep in it

Dow
10,405.40
-98.36
(-0.94%)

Nasdaq
1,985.03
-14.20
(-0.71%)

S&P 500
1,172.54
-8.05
(-0.68%)

10-Yr Bond
4.454%
-0.04

NYSE Volume
1,784,558,000

Nasdaq Volume
1,588,790,00

[UpInArms]

115. 3:34 EST numbers and blather

Dow 10,408.43 -95.33 (-0.91%)
Nasdaq 1,985.02 -14.21 (-0.71%)
S&P 500 1,172.68 -7.91 (-0.67%)
10-Yr Bond 4.451 -0.45 (-1.00%)

NYSE Volume 1,886,003,000
Nasdaq Volume 1,666,793,000

3:30PM: Market still confined to a tight late-day trading range as virtually every sector remains under pressure... The Computer & Electronics group (-4.7%) has been second only to the Multi-line Insurance (-6.6%) space - courtesy of another drubbing in shares of AIG (-7.7%) - after Best Buy (BBY 50.60 -3.41) issued disappointing Q1 and FY06 EPS guidance... BBY, however, did match analysts' Q4 expectations with earnings of $1.55 a share, but the report had also been delayed by two days in order to incorporate recent tax issues...

Speaking of earnings, the release of Alcoa's (AA 30.35 -0.04) Q1 results next Wednesday afternoon will officially kick off earnings season... NYSE Adv/Dec 1491/1760, Nasdaq Adv/Dec 1036/2021

Will the Vultures or the Fairy Dust keep it above 10,400?

(edit to fix posting error on blather)

[RawMaterials]

111. Does anyone have the numbers for the last time

that the stock market ended down after 8 years of one president?

[Zynx]

112. Hasn't happened. Ever.

[UpInArms]

114. don't have that information, but I do have this

http://www.huppi.com/kangaroo/Timeline.htm

excerpt:

"Technological unemployment" enters the nation's vocabulary; as many as 200,000 workers a year are replaced by automatic or semi-automatic machinery.

Over the decade, about 1,200 mergers will swallow up more than 6,000 previously independent companies; by 1929, only 200 corporations will control over half of all American industry.

By the end of the decade, the bottom 80 percent of all income-earners will be removed from the tax rolls completely. Taxes on the rich will fall throughout the decade.

By 1929, the richest 1 percent will own 40 percent of the nation's wealth. The bottom 93 percent will have experienced a 4 percent drop in real disposable per-capita income between 1923 and 1929.

The middle class comprises only 15 to 20 percent of all Americans.

Individual worker productivity rises an astonishing 43 percent from 1919 to 1929. But the rewards are being funneled to the top: the number of people reporting half-million dollar incomes grows from 156 to 1,489 between 1920 and 1929, a phenomenal rise compared to other decades. But that is still less than 1 percent of all income-earners.

...more...

[Zynx]

116. Unconfirmed Reports: AIG is dead

April fools.

Aparently, AIG's heart stopped beating a long time ago. ;-)

[UpInArms]

119. AIG Probes Expand; Shares Hit 2-Year Low

excerpt:

The investigations have helped wipe more than $40 billion in stock market value from AIG since the middle of February, and the stock dropped another 7.6 percent, or $4.21, to $51.21 on the New York Stock Exchange in late afternoon trading. Earlier in the session, the stock hit a two-year low of $50.40 a share.

"There is the ongoing uncertainty over what shoes might next fall," said Thomas Russo, who helps invest more than $1 billion for Gardner Russo & Gardner in Lancaster, Pennsylvania, and owns AIG shares. "Uncertainty chases away investors."

Fallout from the probes also prompted the abrupt resignation of longtime AIG Chairman Maurice "Hank" Greenberg this week, and has caused the company to crack down on security out of concern that evidence could be destroyed.

At its offices in Hamilton, Bermuda, where security was tightened over the weekend, three legal staffers quit their jobs this week over concerns relating to the investigations, according to George Cubbon, chief executive of AIG's Bermuda operations.

...more...

"no impact" :rofl:

[UpInArms]

117. Treasurys rise on tame inflation hopes

Higher crude prices seen restraining core inflation

http://cbs.marketwatch.com/news/story.asp?guid=%7B2CAC8D65%2D7E4C%2D4EFF%2DA43B%2D4918DCCC281A%7D&siteid=mktw

NEW YORK (MarketWatch) - Treasurys rose in late trade Friday, after reversing course twice during a session made volatile by economic reports that depicted both weaker-than-expected jobs growth and surprisingly brisk inflation.

Treasurys began the morning with a rally linked to a weak jobs report, then reversed course in mid-morning on indications of inflation in the latest Institute for Supply Management survey.

Late in the day, Treasurys rose again with a stronger crude price.

<snip>

The surge in oil prices in recent sessions has been accompanied by lower prices for many other commodities, a fact which suggests core inflation is being held in check by the elevated oil price, Crescenzi said.

"The higher oil price is actually slowing down the economy by sapping consumer spending," he said.

...more...

Oh boy! Isn't the "consumer" something like 3/4ths of this economy?

[AnneD]

121. HELLO

I have been saying this on every economic thread I have been on and to friends when we talk finance. Consumers are on a razor thin margins now and they ARE 3/4 ths of the economy. It doesn't bode well for the economy for a while. I haven't seen any good numbers that make ME change my mind yet.

[loudsue]

118. Kickin' in for the wild ride!

Looks like boosh's social security propaganda tour is going to have to look even harder for audiences that agree with his idea to "privatize" social security.

America, going broke.

:kick::kick::kick::kick::kick:

[RawMaterials]

120. Closing numbers and blather

Dow 10404.30 -99.46 (-0.95%)
Nasdaq 1984.81 -14.42 (-0.72%)
S&P 500 1172.91 -7.68 (-0.65%)
10-Yr Bond 4.451% -0.45

NYSE Volume 2,148,721,000
Nasdaq Volume 1,860,045,000



Close: Conflicting inflation concerns, in the wake of mixed economic data, and record oil prices fueled a broad-based sell off that kept nearly every sector in negative territory... The session, however, did not begin on such a somber note, as the market opened sharply higher following the Labor Dept.'s March Employment Report...

While non-farm payrolls grew at their slowest pace in nine months, rising a paltry 110K which was well below forecasts of 220K and last month's revised read of 243K (down from 262K), the data calmed concerns that the economy was not growing too fast enough to trigger more aggressive Fed tightening... The news subsequently lit a fire under Treasurys, knocking yields on the benchmark 10-year note (+19/32) down to 4.40%, and spurred widespread buying interest in equities... Even an unexpected rise of 0.3% in the hourly earnings component, which arguably suggested moderately firming inflationary pressures, was brushed under the rug in favor of kicking off day one of Q2 on an upbeat note... But the rally was short-lived amid confusion with the unanticipated release of the ISM Services report...

And when investors got wind of a larger than expected jump in the prices paid component - a widely-watched inflation metric - bonds just a quickly reversed course, erasing roughly half of the morning's gains and pushing yields back above 4.5%... Treasurys did rebound late in the day, as the 10-year note finished up 8 ticks to yield 4.44%, but the damage was already done as market volumes dried up heading into the weekend... Also contributing to the overall bearish bias was another surge in crude oil prices...

Crude oil futures ($57.27/bbl +$1.87) surged 3.4%, extending yesterday's 2.5% advance, amid short covering and speculation that current refining capacity may not be sufficient to meet growing demand for gasoline ahead of the summer driving season... Financial (-1.4%) was the most influential leader to the downside, dragged lower as U.S. regulators expanded their probe into American International Group's (AIG 50.95 -4.46) improper accounting practices... Health Care (-0.8%) was also weak, after health care distributor Cardinal Health (CAH 54.81 -0.99) warned that FY05 earnings could miss expectations while strength in Steel (+1.4%), despite a stronger dollar, merely minimized losses in the Materials sector (-0.4%)...

The dollar, initially weak following the lower than expected rise in March payrolls, strengthened against both the euro (1.2906) and the yen (107.59) in the wake of the disappointing ISM data... Technology finished mixed, as losses in in the likes of Semiconductor and Hardware offset modest strength in Software (+0.3%), which got a modest lift amid speculation of further M&A activity which earmarked Seibel Systems (SEBL 9.46 +0.33) as a potential takeover candidate...

Consumer Staples (-1.0%) and Telecom Services (-0.5%) also traded lower while Retail's (-1.5%) weakness was attributed in large part to a sell off in shares of Best Buy (BBY 50.66 -3.35) - one of the worst performers on the S&P after it issued downside Q1 guidance... Pacing the way higher, however, was Energy (+2.2%), amid surging oil prices, while interest-rate sensitive issues like Utility and Homebuilding took advantage lower bond rates... Auto makers were also in focus following Mar. auto sales figures...

General Motors (GM 29.30 -0.09) posted a smaller than expected decline of 1.0% in US sales (consensus -3.3%) due to strong truck demand while Ford Motor (F 11.18 -0.15) also reported a better than anticipated US sales decline (1.7% versus forecasts of -3.5%)... Separately, investors have gotten the latest read on Michigan Sentiment, which basically matched expectations of 92.5, but the revised data, along with faintly followed Feb. construction spending, which rose 0.4% (consensus 0.6%), have had little impact on overall market activity...NYSE Adv/Dec 1610/1663, Nasdaq Adv/Dec 1074/2001


I would like to draw attention to the Nasdaq closing at 1984
I just think thats quite interesting. well have a good weekend Marketers. :hi: