STOCK MARKET WATCH, Friday January 19

[ozymandius]

Friday January 19, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 731 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2215 DAYS
WHERE'S OSAMA BIN-LADEN? 1920 DAYS
DAYS SINCE ENRON COLLAPSE = 1881
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 7
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54


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




AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON January 18, 2007

Dow... 12,567.93 -9.22 (-0.07%)
Nasdaq... 2,443.21 -36.21 (-1.46%)
S&P 500... 1,426.37 -4.25 (-0.30%)
Gold future... 628.10 -5.20 (-0.83%)
30-Year Bond 4.85% -0.04 (-0.72%)
10-Yr Bond... 4.75% -0.04 (-0.75%)






GOLD, EURO, YEN, Loonie and Silver


PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [email protected]

For information on protests and other actions Citizens For Legitimate Government

[ozymandius]

1. Today's Market WrapUp

Don't Call It "Investing"
BY MARTIN GOLDBERG

It isn’t investing. Not today. Not in this stock market. Not with all this crazy stuff going on within it. Not without any dividends. Not with these valuations. Not with this amount of overtrading. Not with all of this insider selling. Not without any insider buying. Not with all these hedge funds. Not with all of this shareholder dilution. Not with all this margin debt. Not with all the stock options. Not in this economy. Don’t insult my intelligence. Don’t call it investing. It is not investing – it is speculating.

Hold the valuation rationales for the US stock market. They don’t hold water or pass mustard. You can’t rely on Fed action saving most US stock portfolios forever. Sure, they can hold things up while the public is fooled into doing what they normally wouldn’t do, presumably for the good of the short term economy. (Spend excessively and incur mountains of debt.) But know that this is not sustainable, although at times like this it may appear as though it is. But in the long term, valuations will prevail (they always do). When will valuations prevail? It will occur sometime between tomorrow and when the majority of the US Baby Boomers retire. Sorry, I cannot be more specific; but what do I know anyway? Cramer I’m not. (And not being Cramer will have its day in the sun as well.)

Small dividends, small value. Big dividends, big value. No rationale will ever change that; although at times like this, it is tempting to try to invent or buy into someone else’s rationale. You get less than 2% yield for the S&P 500 and less most other places in the US market. So to buy it is to depend on another person or thing standing behind you to pay more than you did for your sub 2% yield. This is possible for a finite amount of time. This is even appropriate. If there’s a good chart, buy it. Got a bad chart? Don’t buy it. But for now, let’s not kid ourselves. If you do this, you are not investing; you are speculating.

-cut-

And while were at calling things what they actually are, don’t call it a private equity deal; call it corporate rape.

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

[AnneD]

15. Morning Marketeers.....

:donut: and lurkers. This is an excellent wrap up. I have been in the market on and off (when I had the spare change to invest) since the late 70's. In all that time I have seen many things. But the one thing I haven't seen is the type of stock market we have today. I guess after going through a few down turns like I have, you start looking at the magician's hands and not the trick. The first time I noticed this was when an asshole named T Boone Pickens toppled Gulf Oil. He was going to bankers and financiers in order to borrow money from them to buy shares of Gulf so he could tear the viable company apart and then sell the pieces to folks to pay back the loans he tool out, er uh, I mean pay back investors. I likened it to a burglar going to a bank looking for a loan to break into a house and then promising the banker that he will pay back the loan once he fences the stolen goods. It may look good on paper but it just plane wrong. I had faith that the investors would see it for the shameful tactic that it was.I was amazed that investors cheered Pickens on, and even more shocked that our company 'leaders' sold the company for a few pieces of silver and a golden parachute. That was the first job I had with a company that I loved and would have gladly given 20-30 years to. It was also the last time I every had loyalty to a company. That experience opened my eye.

Over the years, I have watched the folly continue. I have been shocked and dismayed at the poor level of quality in business leadership that our finest MBA programs have produced. Our think tanks have proved to be nothing more than cesspools.

I have made decent money over the years when I have listened to my gut and watched the magicians hands-and ignored the trick. For your own fiscal well being-I recommend you learn to do the same. It may take time and effort, but it is well worth it.

Happy hunting and watch out for the bears.

[DemReadingDU]

28. AnneD, I'm with you

I've always tried to 'diversify', but the growth stock fund in my 401K took a big hit in 2001. I left the stock fund alone in the 401K, hoping it would recover in the following years. And mostly it did, but a couple of months ago, when the market was nearing record highs, I decided to get out of stocks (and into bonds & CD's). I realized the older I got, it was more important to preserve what I had, rather than be greedy.

I look around, and I don't see that the economy is going gangbusters, but that more people are losing their jobs to outsourcing and losing healthcare. I don't see how the stock market can still be setting record highs except that the corporate thieves are raking in the big profits before the impending downturn and recession.

And Bernanke gives a gloomy speech yesterday, and still the markets are being propped up. Something is wrong with this picture.

[AnneD]

31. At this point.....

given conditions are what they are....I am putting extra into a Roth. While a 403 has some nice tax benefits-it also reduces what you make. Your Social Security is based on what you make, therefore it will reduce your Social Security (are you connecting the dots now). The money in your 401/403 will still be taxed. They say the money will be taxed a lower rate since you're at a lower bracket when you retire; but after this deficit, do you really believe that. On top of the tax, you have to worry about the capricious nature of the market. Between the possible loss of capital, reduction of Social Security benefits, and possible taxation at a higher rate-the only way I will sink money in a 401/403 is if I have a really good match from the company-and I don't.

You already pay tax on your Roth so it grows tax free. We are currently at the lowest tax rate at the moment. I figure the bill for this party will have to come due soon, and most folks have light or empty pockets. The best way I can figure to make my dollars grow even more is to do a poor man's shelter, like a Roth. It took me a while to see how Roth's will benefit me-but now that I do-I think I am beginning to like them.

Just my $0.02 worth.

:hippie:

[specimenfred1984]

46. Our market is completely rigged

The S&P is rigged by Morgan Stanley and Goldman Sachs, whos CEOs just gave themselves $27 million and $40 million bonuses in 2006 for doing such a good job of corrupting the U.S. markets.

That may sound like a "conspiracy theory" but look no further than the CEO of Freddie Mac who was recently found guilty of lying about Freddie Mac's earnings for 6 straight years from 1998-2004, so he could give Freddie Mac execs huge yearly bonuses.

Under the corrupt repukes the U.S. has become a fascist country, ruled by corporations that have many more rights than human beings.

[ozymandius]

2. Today's Report

10:00 AM Mich Sentiment-Prel. Jan
Briefing Forecast 93.0
Market Expects 92.4
Prior 91.7

http://biz.yahoo.com/c/e.html

[ozymandius]

3. Oil prices edge up

VIENNA, Austria - Oil prices edged higher Friday, recovering ground lost a day earlier after the U.S. Energy Department reported the highest rise in crude inventories in more than four years.

Traders appeared eager to cover their short positions ahead of the weekend, accounting for the increase.

Light, sweet crude for February delivery rose 20 cents to $50.68 a barrel in electronic trading on the New York Mercantile Exchange by early afternoon in Europe. On Thursday, the contract briefly fell below $50 a barrel in New York for the first time since May 2005 before settling at $50.48.

-cut-

Crude stockpiles rose by 6.8 million barrels to 321.5 million barrels in the week ended Jan. 12, the Energy Information Administration said in its weekly report. It was the biggest barrel-by-barrel gain since October 2002. Analysts had been expecting an increase of just 325,000 barrels, according to a Dow Jones Newswires survey.

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

[ozymandius]

4. Oil price above 52 dollars London

LONDON (AFP) - World oil prices have risen slightly, breaching 52 dollars per barrel in London, while remaining above 50 dollars in New York.

Crude futures had tumbled to a 19-month lower under 50 dollars in New York on Thursday after a US government report showed a bigger-than-expected rise in US stockpiles of crude oil Friday.

In London on Friday, the price of Brent North Sea crude for March delivery rose 31 cents to 52.06 dollars per barrel in electronic trading, as dealers tracked news also of disruptions to Russian oil exports.

http://news.yahoo.com/s/afp/20070119/bs_afp/commoditiesenergyoilprice_070119124514

[Roland99]

19. I knew I should have filled up on the way in this morning

:)

I wouldn't be surprised to see it fall back down.

Read something the other day that oil prices being low (possibly thru Saudi manipulation) is hurting Iran as Iran relies so much upon dwindling oil revenue.

[Demeter]

27. $1.809/gallon this morning Ann Arbor

But my sister in Mass. says it's gone up to $2.30! What gives? Other than our 6 year recession in Michigan, that is...

[AnneD]

41. I heard the same thing

SA hurting Iran by lowering oil prices. I really is the only tool they have in the tool box, Roland. I was thinking, lower gas prices :wtf:. It ain't happening in my hood and we process the stuff. While everyone's gas prices across the country are going down-our's have stayed the same. Well. I went to gas up today, and sure enough, it had dropped 5 cents ($2.08 to $2.03 in Houston-most are $2.16-21), but we are still way above the national averages, even though we process the product.

[Roland99]

59. Well, most stations have shot up $0.20 on oil's massive $2/bbl rise recently.

:eyes:


Did find a place on the way home at $1.89, though.

[ozymandius]

5. 'Calm before the storm' in federal deficit

WASHINGTON (MarketWatch) -- Warning of serious consequences to the U.S. economy if plans are not put in place to pay for the government's future spending obligations, Federal Reserve chief Ben Bernanke urged Congress on Thursday to take "early and meaningful" action to put the budget on a sustainable path.

Referring to official forecasts that project the budget deficit to moderate over the next few years, Bernanke said this was simply "the calm before the storm" for the deficit.

A surge in tax receipts pushed the deficit down to $248 billion in fiscal 2006 -- the smallest gap in four years.

But Bernanke said this number presented a misleading picture because it doesn't capture long-term government obligations. Spending on entitlement programs, such as Social Security, Medicare and Medicaid, will begin to climb quickly over the next decade as baby boomers retire, likely leading to rising budget deficits and record levels of federal debt, he told the Senate Budget Committee.

http://www.marketwatch.com/news/story/bernanke-urges-congress-tackle-deficit/story.aspx?guid=%7B04B74938%2D845C%2D4C30%2D8621%2D75868101149E%7D

[acmejack]

9. Ramping up the rhetoric to begin a new assault on mandatory programs.

[ozymandius]

12. Yep - here he goes: Bernanke warns of threat to US prosperity

Fed chairman Ben Bernanke warned in stark terms on Thursday of the long-term threat to US prosperity posed by the soaring cost of unfunded entitlement programmes such as Medicare and Social Security.

Mr Bernanke told the Senate Budget Committee the effect on the "vibrancy, efficiency and growth rate of our economy" would soon be "palpable."

He identified Medicare as the core of the threat to US public finances, describing it as a "much bigger problem than Social Security," and called for a root-and-branch overhaul of the US health sector to reduce costs and increase efficiency.

Mr Bernanke rebutted aggressive questioning from one Democrat Senator who claimed the record US current account deficit showed that US trade policy was failing.

http://news.yahoo.com/s/ft/20070119/bs_ft/fto011820071950561307

How is Social Security unfunded? I have been living under the thought that payroll taxes funded Social Security payments.

[Ghost Dog]

17. Related DU thread (yesterday):

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2693970

eg: When Social Security (SS) was last "reformed" under Reagan, the rates were increased which brought in a lot of taxes into the Federal Government. These taxes were to be put into a "Trust" for use later when the baby boomer's retire. These taxes technically were invested in Treasury Bonds (T-Bonds) reserved only for SS and are kept by SS. The Treasury then used that money as Congress directed (i.e. paid for Reagan/Bush I expansion of Military Spending while cutting income taxes).

The problem is come about 2010-2012 the Taxes coming in from SS taxes will roughly equal what is going out, thus no more excess SS taxes to invest in T-Bonds. Worse about 2010-2012 the SOcial Security Administration (SSA) will have to go back to the Treasury and ask the Treasury to cash in those T-bond. The treasury will have to go back to Congress for authorization to increase the debt limit OR to raise Income taxes to pay back the SS Taxes. This is the real concern, NOT the fact SS may or may not run out of money in 2040 (And most economist believe SS will NOT run out ever based on present SS tax rates).

Thus the problem is NOT the SS tax rate or even the upper limit BUT THE FACT THAT THE SS TAXES COLLECTED SINCE 1981 WERE SPENT ON WEAPONS, AND THE ONLY WAY TO PAY BACK THESE TAXES ALREADY SPENT IS TO INCREASE INCOME TAXES. The real issue is Congress willing to increase Income taxes to pay back SS the money Congress and the President Spent in the period 1981-present? This is not so much this year but will come to a head about 2010-2012.

[DemReadingDU]

26. Bernanke: tax cuts don't pay for themselves

I watched Bernanke yesterday. He said this several times. These words were in this article too, but they are not there now.


1/18/07 Bernanke: Social Security, Medicare deficits threaten to weaken the economy
Bernanke did say the "general view is tax cuts don't pay for themselves" and their economic impact hinges largely on the nature of the tax cut.
http://www.usatoday.com/money/economy/fed/2007-01-18-bernanke_x.htm?csp=34
note: these words disappeared - " tax cuts don't pay for themselves"
(even the name of the article changed)


1/18/07 Full text of Fed Chairman Bernanke's testimony
http://www.usatoday.com/money/economy/fed/2007-01-18-bernanke-text_x.htm

note: these words not in the transcript - " tax cuts don't pay for themselves"


edit to add my link from yesterday
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=2693778&mesg_id=2694525


edit to add this link
``Crucially, whatever size of government is chosen, tax rates must ultimately be set at a level sufficient to achieve an appropriate balance of spending and revenues in the long run,'' Bernanke said. He added that the ``general'' view is that tax cuts ``don't pay for themselves.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=aTgmnxIPdfHo&refer=home

[RawMaterials]

14. Although I do agree with the benefits of have programs like this

I don't agree that they are in any such way mandatory. Sometimes I wonder if family's would be closer if more people had to rely on
each other, instead of the government. For what its worth i don't think the social safety net should be removed maybe just tweaked. I'm also not in favor of private accounts

[AnneD]

24. Raw Materials.....

I have spoken to many elderly (I work alot in nursing homes). Prior to SS all was not like 'The Waltons'. Many elderly folks had no financial underpinnings but their land and what ever ability they had to grow their own food-and that could be easily taken from them for taxes, etc leaving them with nothing. We were largely a rural economy and culture. The largest group of the poor prior to the advent of Social Security was the elderly. Those SS checks allowed them some independence and comfort in their old age. (Now, sadly, it is children that are the poorest, but we can only hope that we can lift children out.)

Now we may find ourselves in the same bind. The number of folks with private pensions are dwindling and more and more folks are forced into having to rely on their 401 and 403b and the stock market(if it weren't so sad I might laugh)at the very same time the government wants to do away with SS. Can you see were we are headed-right back to 1938.

I have contributed to SS since I was 16 and I just recently was 'kicked 'out of the program-even though I contributed enough quarters already. We are trying to fix that legislation now. I never complained when they increased the amount of deductions because I knew it helped the elderly, my widowed sister and nephew (he was barely 2 when his father was killed). And until recently, our system worked well. That is until 2000.

It needs to be tweaked a little, but should not be removed. You never know what life will throw you. No matter what you plan, life can change. I hope I never have to have SS but at this stage, it is comforting to know that it is there.

Good to see you post. Miss ya :hi:

[ozymandius]

60. Remember that Social Security is not just a cushion for the elderly.

Social Security also provides for the disabled. Anyone can fall into this category regardless of age. Disability descriminates neither by economic station nor social status. I know two people who receive disability payments due to horrific genetic and accidental weaknesses that would have them begging on the street in 1938. But because of Social Security's disability feature, they are able to live productive lives. In one instance - one individual is able to attend graduate school to equip himself for a productive future straight onto retirement.

Social Security is a mixed bag of benefits.

[acmejack]

30. But if people are harmed in the prosecution of a war.

They must be cared for and compensated. No short cuts are morally justifiable. A five billion dollar shortfall to the VA this fiscal year is reprehensible. They are looking to take pensions away from people as we speak.

[AnneD]

32. Your talking to

an ex military, medical person that has had run ins with the VA. Hell, they have only recently started getting gynecologist at the VA. Now how many years have women been in the military:think:....since it's inception if you count Nurses as military personnel. And they most surely are on the front lines anymore.:patriot:

It has been hard to get the stats on the wounded and permanently disabled from this war, but let's put it this way, prosthetics are pushing new frontiers. And the poor guys that were injured in Army Reserve and National Guard service are particularly screwed.:banghead:

Frankly, you are better off getting killed and taking the nice funeral, flag, and check. We do well by the dead, but the living have a tough go of it.:sarcasm:

This is not directed to anyone in particular, just very sad observations.

[Ghost Dog]

18. Fed officials see nagging risks to inflation

http://yahoo.reuters.com/news/articlebusiness.aspx?type=ousiv&storyid=2007-01-19T051537Z_01_N18210937_RTRIDST_0_BUSINESSPRO-ECONOMY-FED-DC.XML&WTmodLoc=HybArt-R3-MostViewedBiz-1&from=business

Fri Jan 19, 2007 12:15am ET
TUCSON, Arizona (Reuters) - Federal Reserve officials underscored concerns on Thursday about nagging upside risks to inflation, especially given a wave of strong data including signs that a housing slowdown may be moderating.

Such data and upbeat views on the economy from Fed officials have prompted financial markets to push back expectations for any eventual cut in U.S. interest rates to later in 2007.

Fed Governor Susan Bies and Cleveland Fed President Sandra Pianalto, who is not a voting member of the policy setting Federal Open Market Committee in 2007, delivered a similar upbeat message in comments on Thursday.

Fed Chairman Ben Bernanke also spoke, but he steered clear of the interest rate debate in an appearance on Capitol Hill, instead warning lawmakers of the long-term dangers posed by fiscal deficits.

The FOMC next meets on January 30-31 and policy-makers are widely expected to hold the key fed funds rate steady at 5.25 percent.

The rate has been on hold for four straight meetings. The Fed last raised it in June, the 17th in a string of rate hikes dating back two years.

Pianalto failed to rule out that the Fed could make another rate increase at some point, as some in the financial markets have come to suspect.

/...

[Demeter]

29. God Forbid Congress Should Raise the Funds To Pay the Sick and Elderly

Tax increases, not cuts in the social contract, Ben, that's what you want to say and do.

[Ghost Dog]

57. Iraq War Costs Going Through Stratosphere

http://www.btimes.com/News/article/article.asp?NewsID=75516&sID=35
Baltimore Times
Originally posted 1/19/2007

As President George Bush sends additional troops to Iraq to try to quell the fighting in Baghdad, the cost of the Iraq War in addition to costing thousands of American and Iraqi lives is bleeding the American treasury at dangerous levels. Gen. Collin Powell told his cohorts in the Bush Administration that if they broke Iraq they would then own it. He was prescient.

At the current spending rate on the Iraq War, which is being waged simultaneously with the fighting in Afghanistan, the cost of the Iraq invasion will reach $600 billion this year. Much of the funding for the war has been outside of the normal budgetary process through emergency appropriation bills. There have been major problems with services not being rendered and there are billions of dollars that are missing, which were originally slated for reconstruction of the country. Much of the money has never been accounted for by the federal government or the Iraqi government.

Political and military considerations aside, the open-ended nature of the fiscal commitment to the Iraq War is draining the country at a time when monetary resources are in scarce supply. There have been many tax cuts over recent years and the rising trade deficit and the national debt which is growing astronomically are all contributing to a massive fiscal crisis that will have to be addressed one day soon.

/..

[ozymandius]

6. Energy costs push up US inflation

US inflation picked up pace last month, according to fresh figures which are likely to add to the Federal Reserve's concern about persistent price pressures.

The rate of consumer inflation increased for the first time since the summer as the government price index rose 0.5 per cent, driven by a rise of 4.6 per cent in energy prices. Closely watched core prices - which exclude volatile energy and food costs - were also elevated, rising 0.2 last month after prices stabilised in November.

The acceleration is likely to heighten Fed policymakers' reluctance to lower their guard on inflation, in spite of below-trend economic growth.

The Fed has said it is prepared to raise interest rates further if price pressures build, despite market expectations that slowing growth will lead it to cut rates later this year.

http://news.yahoo.com/s/ft/20070118/bs_ft/fto011820070946251207

[ozymandius]

7. Dow's year-end rise a pleasant surprise (eyes roll)

Mutual fund investors can toot their horns over the surprising success of 2006. An aging bull market that was supposed to eke out modest returns turned out to be a real winner. Major stock indexes hit highs not seen for six years. And unlike 2005, when the fattest gains were confined to a handful of narrow sectors, such as energy and emerging markets, Wall Street's bounty was widespread. Most stock funds chalked up double-digit gains in 2006, enjoying their best year since 2003.

Among 18 types of diversified US stock fund categories tracked by Lipper, only one - dedicated short bias funds - lost ground for the year. The average diversified fund rose a hefty 12.4 percent, the fourth upside year in a row. Fund portfolios packed with big multinational companies fared particularly well, as did those geared to foreign markets, where a weakening dollar boosted returns.

-cut-

Almost half of the S&P 500 index's 16 percent rise in 2006 occurred in a robust fourth-quarter rally following August's pause in the Federal Reserve's long string of rate hikes. The rally was stoked by an easing of oil prices and inflationary pressures. Investor confidence was also buoyed by record corporate profits and a growing belief that a cooling economy would not sink into recession.

http://www.csmonitor.com/2007/0108/p12s01-wmgn.html

Everyone knows about Santa Claus rallies. Someone has to create those year-end bonuses for market professionals. As always, the professionals leave that job to the "professionals".

[ozymandius]

8. European stocks lower as techs fall

European equity markets opened lower on Friday as gains for construction and building groups were offset by falling technology stocks and utilities.

By midday, the FTSE Eurofirst 300 was down 0.2 per cent to 1,506.12, Frankfurt's Xetra Dax fell 0.3 per cent to 6,670.31, the CAC 40 in Paris shed 0.1 per cent to 5,547.95 and London's FTSE 100 lost 0.2 per cent to 6,199.0.

Technology stocks drove Wall Street lower overnight after disappointing outlooks from computer group Apple and Lam Research, the maker of chip-manufacturing equipment. Meanwhile, IBM shares fell after failing to meet the market's high expectations with its fourth-quarter profits.

-cut-

Shares in Deutsche Börse, the German stock exchange operator, rose 2.4 per cent to EU160.20 following reports it was considering dividing its managment structure into three sectors, concentrating on internal growth rather than acquisitions.

http://news.yahoo.com/s/ft/20070119/bs_ft/fto011920070707001337

[ozymandius]

10. FTSE lower as Sage and British Airways fall

London equities eased back on Friday as gains for Corus on reports of upcoming bid developments were balanced by losses for British Airways and Sage Group.

The FTSE 100 started the session 0.4 per cent lower at 6,188.3. The mid-cap FTSE 250 was 0.1 per cent weaker at 11,109.6.

Overnight in New York, indices were hampered by a sell off among chip makers after worries about slowing demand for computer hardware after Apple reduced its quarterly earnings guidance.

There were knock-on effects in London for Sage Group, the FTSE 100's last remaining technology stock. Shares in the provider of accountancy software fell 0.4 per cent to 272¾p as sentiment toward the sector cooled.

http://news.yahoo.com/s/ft/20070119/bs_ft/fto011920070452591321

[Ghost Dog]

16. Tokyo stocks fall on drop in high-tech shares, profit-taking

http://asia.news.yahoo.com/070119/kyodo/d8mo7pqg1.html

(Kyodo)Tokyo stocks fell Friday as investors sold high-tech issues, tracking the fall in U.S. counterparts overnight, and took profits on a wide range of shares.

The 225-issue Nikkei Stock Average fell 60.49 points, or 0.35 percent, to 17,310.44. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 0.96 points, or 0.06 percent, to 1,714.21.

"High-tech shares met heavy selling after the drop in the U.S. Nasdaq index while recent gainers are becoming targets for profit-taking," said Hiroichi Nishi, equities chief at Nikko Cordial Securities Inc.

The tech-heavy Nasdaq Composite Index on Thursday lost 36.21 points, or 1.46 percent, to end at 2,443.21.

/...

[Ghost Dog]

58. European Stocks Rally to Six-Year High on U.S. Consumer Report

http://www.bloomberg.com/apps/news?pid=20601084&sid=aJJfKYcDxyn0&refer=stocks

Jan. 19 (Bloomberg) -- European stocks rallied to a six-year high after consumer confidence in the U.S. exceeded economists' forecasts, boosting speculation the region's largest trading partner can avoid an economic slump.

Sanofi-Aventis SA, France's largest drugmaker, and food manufacturer Nestle SA led an advance by companies that generate sales in the world's biggest economy.

This has ``good implications for corporate profitability,'' said Jeremy Le Sueur, a fund manager at Church House Investments who helps oversee the equivalent of $265 million in Somerset, England. ``If people are confident, it means the consumer is going to keep on spending.''

The Dow Jones Stoxx 600 Index added 0.7 percent to 374.23 in London, posting its fourth weekly gain and climbing to the highest since Dec. 13, 2000. The Stoxx 50 rose 0.8 percent and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, advanced 0.9 percent.

Total SA and BP Plc led energy stocks higher after oil rebounded from a 19-month low. DaimlerChrysler AG rose after the automaker said it expected sales of it Mercedes-Benz C-Class sedan to help boost profit.

American consumers gained confidence in January as falling energy prices and steady wage gains made them feel better off, a private survey showed.

The Reuters/University of Michigan's preliminary index of sentiment rose to 98, the highest reading since January 2004, from 91.7 in December. The gauge averaged 87.3 in 2006. Economists surveyed by Bloomberg News forecast a rise to 92.2.

``It reassures us about growth,'' said Romain Boscher, a fund manager at Groupama Asset Management in Paris, which oversees $22 billion. Markets ``like this kind of scenario.''

U.S. Sales

National benchmarks rose in 16 of the 18 western European markets. The U.K.'s FTSE 100 added 0.4 percent, Germany's DAX gained 0.9 percent and France's CAC 40 rose 1.1 percent.

/...

[texpatriot2004]

11. K & R nm

[ozymandius]

13. Have fun at the Casino folks!

:donut: :donut: :donut:

As Martin Goldberg says - don't call it investing. It's just high-stakes gambling.

See you later!

Ozy :hi:

[Ghost Dog]

20. Dalton flags dangers of US, Europe private equity

http://yahoo.reuters.com/news/articlehybrid.aspx?type=comktNews&storyID=urn:newsml:reuters.com:20070119:MTFH25206_2007-01-19_09-36-24_T17635&pageNumber=0&imageid=&cap=&sz=13&WTModLoc=HybArt-C1-ArticlePage2

TOKYO, Jan 19 (Reuters) - Large loan defaults in Europe and U.S. are likely in 2007 as private equity deals become unsustainable, but Japan is at the beginning of a durable M&A boom, said the founder of U.S.-based activist fund Dalton Investments.

Los Angeles-headquartered Dalton has about $1 billion of assets under management, around $800 million of which is in Japan.

"U.S. and Western European private equity is definitely a bubble, and we will be ready when the default rate for private equity deals spikes," founder and managing partner James Rosenwald told Reuters in an interview.

Dalton gave back over $300 million to investors from its global distressed debt hedge fund last year because emerging debt markets were priced to perfection. But the firm is ready to make a capital call when spreads widen again.

In the United States, private equity deals accounted for 26.5 percent of activity, in Europe 15.3 percent but in Japan just 5.2 percent, illustrating the potential for growth in the asset class, according to financial data providers Dealogic.

"In Japan, on a cash-flow multiple basis companies are trading cheaply. Coupled with low financing costs you have a recipe for phenomenal M&A growth. The biggest stumbling block is getting the chief executives to agree to change," said Rosenwald.

/more ...

[AnneD]

33. Gee...

how interesting Ghost Dog. It seems like some of our observational posts were right. This is the next big thing to strip more money from companies, forcing healthy company to lay workers off and hobbling economies.

[Ghost Dog]

21. Shanghai copper down 4.2 pct on LME decline

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070119:MTFH22804_2007-01-19_07-47-48_SP194814&type=comktNews&rpc=44

SHANGHAI, Jan 19 (Reuters) - Shanghai copper futures fell 4.2 percent on Friday after weak oil prices knocked London futures sharply lower.

The most active March contract <SCFH7> lost 2,220 yuan to 51,330 yuan a tonne by the close and was 3.2 percent down from Thursday's settlement price.

"There is a lot of volatility but very little direction," one trader said.

"I don't think demand in China is as strong as many people think and it won't pick up until after the (Lunar) New Year."

He said Chinese consumers were very price sensitive and while they may buy when prices dip to lower levels, they withdraw from the market and look for substitutes if the market rallies.

Spot copper prices in Shanghai were down 850 yuan, quoted between 54,450 yuan and 54,700 yuan.

/...

[Ghost Dog]

22. China's leaders set to endorse yuan's steady rise

http://yahoo.reuters.com/news/articlehybrid.aspx?type=comktNews&storyID=2007-01-19T090919Z_01_PEK76302_RTRIDST_0_CHINA-ECONOMY-YUAN.XML

BEIJING, Jan 19 (Reuters) - China's economic planners have a crowded agenda at a rare strategy conference that started on Friday, but one issue is likely to be conspicuous by its virtual absence: what to do about the yuan.

The reason, according to economists who track the currency debate in Beijing, is that policy is now settled and China's top leadership is content with the gradual, controlled nature of the yuan's appreciation.

"There won't be any major move in terms of the exchange rate itself in this year," Zhong Wei, a professor with the Beijing Normal University, told Reuters.

Since it was unhooked from a dollar peg in July 2005, the yuan <CNY=CFXS> has gained 4.3 percent, a pace of about 3 percent a year.

Washington believes China's balance of payments surplus of some 10 percent of GDP and $1.07 trillion stockpile of foreign currency reserves justify a faster rate of climb.

Tantalisingly, the pace has picked up recently.

In the past month the yuan has appreciated at an annualised rate of nearly 8 percent, and on Friday Canadian Finance Minister Jim Flaherty said he had been assured by Chinese officials that the exchange rate would gradually become more flexible.

/...

[Ghost Dog]

23. Easy money in Asia prompts tailored policies

http://today.reuters.com/news/articlenews.aspx?type=reutersEdge&storyID=2007-01-19T061539Z_01_SP75689_RTRUKOC_0_US-ASIA-ECONOMY-POLICY.xml&pageNumber=0&imageid=&cap=&sz=13&WTModLoc=NewsArt-C1-ArticlePage2

SINGAPORE (Reuters) - Asian central banks are using tailored policies to combat the threat from a flood of easy money, keen to avoid interest rate rises given that headline inflation and economic growth are expected to ease.

Many economies are awash in easy funds as central banks buy dollars generated by regional balance of payments surpluses which otherwise would push up the value of their local currencies.

To deal with the nagging problem, China and India have forced commercial banks to park more money with the central bank.

South Korea and China are encouraging locals to invest more abroad, while Thailand has adopted more severe measures by placing curbs on foreign money entering the country.

"I think policy makers are looking for more direct means and direct tools to try to control liquidity," said Rob Subbaraman, senior economist with Lehman Brothers in Hong Kong.

"The problem with raising interest rates is that it affects the overall economy, so maybe it's not the appropriate policy given that inflation is so low and generally there is a concern about the export outlook."

/...

[Ghost Dog]

25. Gold's price charts offer route toward summit

http://today.reuters.com/news/articlenews.aspx?type=reutersEdge&storyID=2007-01-18T152729Z_01_L18925515_RTRUKOC_0_US-MARKETS-GOLD-TECHNICAL.xml&src=011807_1139_FEATURES_global_markets

LONDON (Reuters) - Gold will struggle to break out of its current trading range in the short term and may slip toward $600, but price charts signal a big rally later this year.

Chart analysts, who predict future prices moves by tracing past market performance, said gold might move closer to its record high of $850 an ounce, last seen more than a quarter of a century ago, in the second half of 2007.

"The market is going sideways and is in a long-term uptrend. Ultimately, there should be quite bullish price action later this year," said Phil Roberts, analyst at Barclays Capital.

"You need to take out the $650-$675 area to really get things going again and trigger a move to probably $800 and higher," he added.

...

"The bigger picture is that the eventual move will be...a move through $725, but we will have to wait and see how that develops," said Robin Wilkin, technical analyst at J.P. Morgan.

/... Reuters "recommended"...

[citizen snips]

34. GE's 4Q Profit More Than Doubled

NEW HAVEN, Conn. (AP) -- General Electric Co. said Friday its fourth-quarter profit more than doubled as the diversified industrial products and media conglomerate saw strong revenue growth in its infrastructure, health care and financial services businesses.

GE also said it is restating financial results for the years 2001 through 2005 and the first three quarters of 2006 to adjust accounting for interest rate swaps in part of its financial services commercial paper program.

Its shares fell 72 cents, or 1.9 percent, to $37.15 in late morning trading on the New York Stock Exchange.

Nicholas Heymann, an analyst with Prudential Equity Group in New York, said the results were "pretty good" but investors were concerned that GE had its second restatement in less than two years.

more...
http://biz.yahoo.com/ap/070119/earns_general_electric.html?.v=12

[citizen snips]

35. Oil Prices Rebound

NEW YORK (AP) -- Oil prices rose Friday, recovering from their decline below $50 a day earlier as traders who had made bets on the market falling took profits.

Crude oil on the New York Mercantile Exchange has risen only four trading days out of this year's 12, and three of them have been Fridays -- typically when traders cash in and square up their positions. The market has yet to see a sustained rally, which some market watchers say indicates that it might have further to fall.

"It will need to see consistent strength over next few days to show that $50 was a bottom. And I'm not convinced of that," said Michael Guido, director of commodity strategy in New York for bank Societe Generale.

Light, sweet crude for February delivery rose $1.25 to $51.73 a barrel in early afternoon trading on the New York Mercantile Exchange.

more...
http://biz.yahoo.com/ap/070119/oil_prices.html?.v=10

[citizen snips]

36. IBM Stock Sinks Despite Profit Leap

International Business Machines Corp. rode cost cuts and software acquisitions to healthy fourth-quarter profits, and the company posted a blockbuster number for contract signings. But investors found reasons to be disappointed, sending IBM stock down sharply Friday.

IBM's earnings report, released after the market closed Thursday, showed an 11 percent gain in net profit, to $3.54 billion, or $2.31 per share, on revenue of $26.3 billion.

Five cents per share of profit came from gains related to discontinued lines of business, so continuing operations earned $2.26 per share.

That was well above the $2.19 per share and $25.7 billion in revenue expected by analysts surveyed by Thomson Financial. But investors apparently wanted even more. Six cents of the earnings upside stemmed from beneficial changes in the company's tax rates.

more...
http://biz.yahoo.com/ap/070119/earns_ibm.html?.v=7

[citizen snips]

37. Motorola Among Wall Street's Big Movers

NEW YORK (AP) -- Stocks that were moving substantially or trading heavily Friday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

Abbott Laboratories, up 54 cents at $53.33.

The company struck a deal to sell a portion of its medical testing business to General Electric Co. for $8.13 billion. GE fell 78 cents to $37.24.

Motorola Inc., up 67 cents at $19.38.

The company posted a drop in fourth-quarter profits and announced plans to cut 3,500 jobs, or about 5 percent of its work force, to cut costs.

Schlumberger Ltd., up $2.76 at $60.66.

The provider of oilfield services said fourth-quarter profits jumped 71 percent amid price increases, heavy exploration activity worldwide and better-than-expected results at its seismic operation.

more...
http://biz.yahoo.com/ap/070119/wall_street_stocks.html?.v=2

[barb162]

47. yeah, mass layoffs makes the stock price rise

[citizen snips]

38. Alcoa Announces Buyback of 87M Shares

NEW YORK (AP) -- Alcoa Inc., the world's largest aluminum maker, on Friday said it will repurchase up to 10 percent, or about 87 million shares, of the company's outstanding common stock.

The buyback program, Alcoa's first since July 2001, calls for repurchasing the shares over three years.

Alcoa also approved a public offering under its shelf registration statement of up to $2 billion of new senior notes; a cash tender offer for any or all of its outstanding 4.25 percent notes due Aug. 15, of which about $790 million are currently outstanding; and a liability management transaction extending a portion of its notes into discrete longer term maturities.

The company said it will use net proceeds from the proposed public offering to reduce its outstanding balance of commercial paper, to fund amounts payable in connection with its cash tender offer for its outstanding 4.25 percent notes, and for general corporate purposes.

more...
http://biz.yahoo.com/ap/070119/alcoa_buyback.html?.v=1

[citizen snips]

39. Sector Snap: Airline Stocks Mixed

NEW YORK (AP) -- Airline shares were mixed in Friday trading, as crude oil prices recovered from their lowest levels since May 2005.

The Amex Airline Index was flat, with five gainers and six decliners. Most percentage swings were slight, less than 2 percent.

Shares faltered as a barrel of crude picked up $1.44 to $51.92 on the New York Mercantile Exchange, a day after prices briefly plunged below the $50 barrier. Jet fuel is one of an airline's top costs.

Analysts also debated the industry's unit-revenue performance in December. JP Morgan's Jamie Baker said the industry's 4.6 percent growth was below his expectations of 6 percent. As a result, he wrote in a research report that upside for airline stocks will likely depend on continued easing of oil prices and industry consolidation.

more...
http://biz.yahoo.com/ap/070119/airlines_sector_snap.html?.v=1

[citizen snips]

40. Microsoft Case Lawyers Claim Violation

DES MOINES, Iowa (AP) -- The plaintiffs in Iowa's class-action antitrust lawsuit against Microsoft Corp. claim they have uncovered information that indicates the software company is violating its 2002 agreement with the U.S. Department of Justice.

The alleged misconduct surrounds Microsoft's duty to share software hooks known as application programming interfaces, or APIs, which let disparate programs work together. The Iowa plaintiffs' attorneys have alleged that Microsoft has not disclosed certain APIs to other software developers who want to make programs compatible with Microsoft software.

Plaintiffs' attorney Roxanne Conlin asked the judge in the Iowa case, Scott Rosenberg, for permission to tell the Justice Department and the Iowa attorney general what her side knows. Rosenberg responded that she could provide the information if a court order or a subpoena is issued for it.

The API issue also has landed Microsoft into trouble with the European Commission, which imposed a 3 million-euros-a-day fine last July for failure to provide proper software documentation. In response, the company provided 8,500 pages of documentation in November.

more...
http://biz.yahoo.com/ap/070119/microsoft_antitrust.html?.v=1

[citizen snips]

42. Google Plans N.C. Data Center

RALEIGH, N.C. (AP) -- Search engine giant Google Inc. plans to spend $600 million to build a data center in North Carolina, state officials and the company said Friday.

The so-called "server farm" will eventually employ 210 people in a region hit hard in recent years by layoffs in the furniture and textile industries.

"This company will provide hundreds of good-paying, knowledge-based jobs that North Carolina's citizens want," Gov. Mike Easley said in a statement. "It will help reinvigorate an area hard hit by the loss of furniture and textile jobs with 21st century opportunities."

The state will give the company $4.8 million as part of a total incentives package that could reach more than $100 million.

more...
http://biz.yahoo.com/ap/070119/google_data_center.html?.v=1

[citizen snips]

43. Stocks Turn Mixed on Earnings Report

NEW YORK (AP) -- Stocks were mixed Friday after profit reports and forecasts from blue chip names like International Business Machines Corp. and General Electric Co. failed to impress Wall Street and sent investors searching for other catalysts to drive the markets higher.

Profit concerns have unnerved investors already made skittish by the recent tug-of-war over whether stocks will move higher in 2007 with the same resolve as in 2006. Recent weakness in technology stocks has upset Wall Street and on Thursday led the Nasdaq composite index to its biggest drop since late November.

"I think we're at an extremely pivotal psychological level," said T.J. Marta, economic strategist at RBC Capital Markets. He said earnings and economic data support the Federal Reserve's notion that the economy can pull off a soft landing. Marta contends Wall Street is now mulling whether the economy will do a "fly-by" and skip a soft landing entirely with growth continuing apace.

The Fed is unlikely to lower short-term interest rates if the economy continues at a steady clip or if it begins to heat up again. The central bank has left interest rates unchanged at its last four meetings after a string of 17 straight increases that began in 2004. Last year, investors propelled stocks sharply higher party on the widely held view that the Fed would cut rates perhaps as early as the first half of 2007.

more...
http://biz.yahoo.com/ap/070119/wall_street.html?.v=25

[citizen snips]

44. Vista Launch Points to Microsoft Changes

Here comes a new Windows operating system from Microsoft Corp. Long delayed, it's the first in several years, so the company plans an enormous marketing campaign to tout the software as a way to get more out of computers.

But Microsoft's legion of detractors roll their eyes, calling the new Windows a weak imitator of other operating systems. Meanwhile, technology analysts wonder whether Microsoft's dominance is nearing an end, since programs coming over the Internet are emerging as a more powerful force in computing than software tied to individual desktops.

Ah, those were the days. Who can forget the release of Windows 95?

That's right: While the description above applies to the new Windows Vista operating system hitting stores Jan. 30, it also was the landscape 11 1/2 years ago, when Microsoft came out with Windows 95 and ended up cementing its position in the PC industry.

more...
http://biz.yahoo.com/ap/070119/vista_changing_era.html?.v=2

[citizen snips]

45. Sector Snap: Discount Stores Up

NEW YORK (AP) -- Shares of Family Dollar Stores Inc. rose on Friday after an analyst said the discount retailer's operating and merchandising methods were improving.

Oppenheimer & Co. analyst Bernard Sosnick affirmed his "Buy" rating on the Matthew, N.C.-based company, which started several initiatives recently to help increase sales and profit.

He said the company's planning, merchandising and execution processes are being refined by a newly expanded executive team and inventory levels are being contained.

He added that two offerings are helping to improve gross margins: A prepaid cellular service and a "treasure hunt" program, which offers constantly changing items that aren't always found in discount stores, such as apparel or electronics, for $10 or less.

more...
http://biz.yahoo.com/ap/070119/sector_snap_discount_stores.html?.v=1

[citizen snips]

48. Sector Wrap: Electronic Brokers

NEW YORK (AP) -- Shares of online stock brokerages were flat this week as the three major e-brokers posted mostly inline results on tougher competiton for deposits and an industry move away from relying on stock trading.

E-Trade Financial Corp., Charles Schwab Corp. and TD Ameritrade Holding Corp. each reported earnings for the final quarter of 2006 this week. None missed badly, but none blew away Wall Street.

In afternoon trading Friday, E-Trade's and Charles Schwab's shares were down less than a dollar versus last Friday's close, and TD Ameritrade's shares were up 15 cents.

These companies' purview has been allowing clients to deposit money in electronic accounts and trade stocks for a commission. That previously profitable business has become tougher because better technology and competition have choked the rates companies charge to execute trades.

more...
http://biz.yahoo.com/ap/070119/sector_wrap_electronic_brokers.html?.v=1

[citizen snips]

49. Equinix Surges on Analyst Comments

NEW YORK (AP) -- Shares of data center service provider Equinix Inc. shot up Friday, helped by coverage initiated by a bullish Wall Street analyst.

RBC Capital Markets analyst Jonathan Atkin, who initiated coverage with an "Outperform" rating on the stock, said he believes the company could benefit from a favorable pricing environment coupled with increased demand for its services.

Atkin expects the company to post 2007 earnings, before various expenses, of $136 million on $358 million in revenue. Analysts polled by Thomson Financial expect the company to post, on average, earnings of $136.1 million on $357.3 million in revenue.

Based on those estimates, Atkin thinks the stock is trading at a discount to various other companies he covers, including Cogent Communications Group Inc. and Digital Realty Trust Inc.

[citizen snips]

50. Soybeans Rise, Grains Down

CHICAGO (AP) -- Soybean futures increased while grain futures finished lower Friday on the Chicago Board of Trade.

Wheat for March delivery fell 4 cents to $4.67 a bushel; March corn fell 5 1/2 cents to $4.06 3/4 a bushel; March oats fell 3 cents to $2.69 1/4 a bushel; March soybeans rose 1 1/2 cent to $7.17 3/4 a bushel.

Beef and pork futures ended mixed on the Chicago Mercantile Exchange.

February live cattle fell 1.35 cent to 91.05 cents a pound; March feeder cattle rose .02 cent to 93.57 cents a pound; February lean hogs fell .23 cent to 61.57 cents a pound; February pork bellies rose .20 cent to 96.20 cents a pound.

[citizen snips]

51. Stocks Close Mixed Amid Earnings News

NEW YORK (AP) -- Stocks closed narrowly mixed Friday after profit reports and forecasts from blue chip names like International Business Machines Corp. and General Electric Co. failed to impress Wall Street and sent investors searching for other catalysts to drive the markets higher.

Profit concerns have unnerved investors already made skittish by the recent tug-of-war over whether stocks will move higher in 2007 with the same resolve as in 2006. Recent weakness in technology stocks had upset Wall Street; tech stocks regained some ground a day after the Nasdaq composite index posted its biggest drop since late November.

"I think we're at an extremely pivotal psychological level," said T.J. Marta, economic strategist at RBC Capital Markets. He said earnings and economic data support the Federal Reserve's notion that the economy can pull off a soft landing. Marta contends Wall Street is now mulling whether the economy will do a "fly-by" and skip a soft landing entirely with growth continuing apace.

The Fed is unlikely to lower short-term interest rates if the economy continues at a steady clip or if it begins to accelerate again. The central bank has left interest rates unchanged at its last four meetings after a string of 17 straight increases that began in 2004. Last year, investors propelled stocks sharply higher partly on the widely held view that the Fed would cut rates perhaps as early as the first half of 2007.

more...
http://biz.yahoo.com/ap/070119/wall_street.html?.v=32

[citizen snips]

52. Oil Stocks Could Dip More on 4Q Earnings

NEW YORK (AP) -- Investors in the energy sector have heard the warning: Oil that was cheaper the fourth quarter will likely make for weaker earnings. But analysts say the market may not have fully acted on the call.

Oil and gas companies, which early last year saw booming oil prices translate to record earnings, may finally hit a wall in the fourth quarter. Analysts expect a sharp decline in oil prices and tough year-over-year comparisons will make for relatively dreary fourth-quarter results.

With the shares of major oil companies down since Jan. 1, Wall Street has begun to reflect the gloomy forecast. But some analysts say share prices may not have faced the full extent of investor disappointment.

"Originally, the stocks did not reflect the precipitous drop in oil prices," said Fadel Gheit, an energy analyst with Oppenheimer & Co. "All of a sudden, it is beginning to sink in now."

more...
http://biz.yahoo.com/ap/070119/market_spotlight_oil_stocks.html?.v=1

[citizen snips]

53. Dollar Little Changed Against Currencies

NEW YORK (AP) -- The dollar was little changed against major currencies Friday a day after the Federal Reserve reported that consumer inflation moderated in 2006.

In afternoon New York trading, the 13-nation bought $1.2965, up slightly from $1.2959 late Thursday in New York. The British pound inched up to $1.9737 from $1.9733.

The dollar rose against the Japanese currency, edging up to 121.29 yen from 121.26 yen late Thursday.

The Labor Department reported Thursday that consumer prices rose by 2.5 percent last year, the smallest rise since 2003 when prices gained by 1.9 percent.

more...
http://biz.yahoo.com/ap/070119/dollar.html?.v=1

[citizen snips]

54. Citi 4Q Results Lags Retail Bank Rivals

NEW YORK (AP) -- Citigroup Inc. said Friday its fourth-quarter profit beat Wall Street projections, but the financial services company's results lagged major rivals that reported earlier this week.

The nation's largest bank reported that profit of $5.13 billion, or $1.03 per share, on revenue of $23.83 billion. Analysts surveyed by Thomson Financial projected earnings of $1 per share on revenue of $22.45 billion.

Citigroup's profit fell 26 percent from the year-ago level, though earnings excluding one-time items rose 3 percent. Revenue increased 15 percent from the year-ago period.

On Wednesday, JPMorgan Chase & Co., the nation's third-largest bank, reported strong fourth-quarter earnings growth. The company posted quarterly profit -- including a one-time gain -- soared 68 percent to $4.53 billion, or $1.26 per share during the October-December period. Stripping out a gain on the sale of its trust business, the company posted a 44 percent jump in profits -- still well ahead of Wall Street expectations.

more...
http://biz.yahoo.com/ap/070119/banks_wrap.html?.v=2

[citizen snips]

55. For tech investors, another string of disappointments

SAN FRANCISCO (MarketWatch) -- Technology stocks ended Friday with mixed results, as investors seem to be disappointed with a sector that once promised to be one of the markets' few bright spots.

The Nasdaq Composite Index (NASDAQ:^IXIC - News) finished up 8 points to 2,451, after giving up 36 points on Thursday. The Philadelphia Semiconductor Index rose 2 points to 457, a day after dropping more than 18 points.

While technology stocks have generally proven to be safe bets over the past six months, recent announcements from bellwether companies in the sector have set a darker tone.

"The market is struggling to find some leadership," said Kevin Kruszenski, director of equity trading at KeyBanc Capital Markets. "People really wanted technology to be the sector this year, but earnings have been a little disappointing."

more...
http://biz.yahoo.com/cbsm/070119/20144c8087c144378acc90a4e1ad807e.html?.v=4

[citizen snips]

56. Investors Lose $3.7M in Scam: Agency

LAFAYETTE, La. (AP) -- A Florida-based investment scam cheated at least 127 people around the country of a total of $3.7 million by promising big returns from buying and selling world currency futures, a federal agency alleges.

The Commodity Futures Trading Commission announced Thursday that it had sued UForex Consulting LLC of Sunny Isles Beach, Fla.; Paulo Correa, 57, of North Miami Beach and Mario Garcia, 39, of Hialeah, in federal district court in Lafayette, La.

Correa "withdrew, transferred or dissipated" more than $2 million, including $332,000 in checks to himself, $50,000 in condo payments, $36,000 for electronics and $4,620 for restaurant meals and groceries, according to a lawsuit filed Jan. 9.

An attorney who has represented UForex, Allan M. Lerner, did not respond immediately Friday to a call from The Associated Press. He declined comment Thursday on the case, The Advocate of Baton Rouge reported.

more...
http://biz.yahoo.com/ap/070119/foreign_trade_scam.html?.v=1

[54anickel]

61. Stoppin' by to turn out the lights

Dow 12,565.53 2.40 (0.02%)
Nasdaq 2,451.31 8.10 (0.33%)
S&P 500 1,430.50 4.13 (0.29%)
10-yr Bond 4.7730% 0.0220
30-yr Bond 4.86% 0.01
NYSE Volume 2,777,479,000
Nasdaq Volume 2,092,475,000

4:20 pm : The major averages finished in split fashion Friday as investors juggled mixed earnings news, a rebound in oil prices and the belief that stocks, especially tech, may be oversold at current levels.

IBM (IBM 96.17 -3.28) became the third tech bellwether in as many days to beat consensus estimates but also deliver a report that did not live up to the market's lofty expectations. The Dow component, which was up nearly 25% since October, topped estimates; but expectations running high into the report offered investors an opportunity to lock in profits. As the highest priced stock on the Dow, it is worth noting that the 3.3% decline in Big Blue accounted for 26 points of the selling pressure that kept the Dow in negative territory most of the day.

With the Nasdaq on pace for its worst weekly performance since last July, a sense that the recent bloodletting was overextended attracted some bargain-hunting interest. Among the biggest beneficiaries helping the tech-heavy Composite snap a three-day losing streak were chip stocks.

Xilinx (XLNX 23.88 +0.91) turned in the best recovery effort on the PHLX Semiconductor Sector Index, which plunged 3.9% yesterday. Citigroup telling investors to buy Intel (INTC 20.82 +0.17) on weakness provided additional support while some upbeat news from Motorola (MOT 19.27 +0.56) also helped to renew enthusiasm in several beaten-down tech names. Motorola posted a 48% drop in Q4 earnings, but the market applauded its plans to save $400 mln over two years by cutting as many as 3,500 jobs.

Of the seven sectors closing higher, Energy paced the way (+2.5%). Oil prices closing at session highs near $52/bbl was certainly a big reason why, especially with crude for February delivery touching 20-month lows yesterday below $50/bbl. However, Schlumberger (SLB 61.00 +3.10) posting a 71% rise in Q4 profits and saying that any moderation in activity (the fear given lower energy prices) will be short-lived also helped renew some optimism about the sector's earnings potential. The stock, which was down 8.3% year to date yesterday, more than halved that decline today (+5.4%).

With Tech finishing just below the flat line (but basically flat), the only sector under noticeable pressure today was Industrials. General Electric (GE 36.95 -1.05) said Q4 profits more than doubled, matching Wall Street estimates. However, management also saying it will restate financials from 2001 to 2006 pushed the stock down 2.8%, and earmarked Industrial Conglomerates as today's worst performing S&P industry group (-2.3%) which contributed to the Dow's inability to finish in positive territory. BTK +0.6% DJ30 -2.40 DJTA +0.8% DJUA +0.4% DOT -0.2% NASDAQ +8.10 NQ100 +0.2% R2K +0.9% SOX +0.6% SP400 +0.7% SP500 +4.13 XOI +2.1% NASDAQ Dec/Adv/Vol 1178/1827/2.07 bln NYSE Dec/Adv/Vol 998/2273/1.55 bln


http://finance.yahoo.com/marketupdate/update

[Theres-a]

62. Goodnight,54

See ya Monday......(I'm a daily lurker here)

[54anickel]

63. Good night, there-s a. Always nice to see lurkers stop by. Have a good

weekend. :hi: