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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 06:28 AM
Original message
STOCK MARKET WATCH, Tuesday 22 November
Tuesday November 22, 2005

Number of Enron Execs in handcuffs = 19
Other Arrests of Execs = 54

NASDAQ FUTURES-----------------------------S&P FUTURES

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 November 21, 2005

Dow... 10,820.28 +53.95 (+0.50%)
Nasdaq... 2,241.67 +14.60 (+0.66%)
S&P 500... 1,254.85 +6.58 (+0.53%)
10-Yr Bond... 4.46% -0.04 (-0.91%)
Gold future... 489.50 +3.30 (+0.67%)

GOLD, EURO, YEN, Dollars and Loonie


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

For information on protests and other actions Citizens For Legitimate Government

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 06:34 AM
Response to Original message
1. WrapUp by Rob Kirby

In light of much of what has been going on from a macro economic perspective I felt it might be appropriate to review some of the fundamental factors that affect a currencys worth. As we can see below,

the U.S. dollar has been strengthening from roughly the Spring of 2005. Lets examine some of the fundamentals to ascertain whether or not this rise in the dollars value has been warranted.


The responsibility of administering the monetary policy in the U.S. falls on the shoulders of the Federal Reserve. The tools at the Feds disposal to carry out this task are most commonly thought to be interest rates. While interest rates are indeed a powerful lever in determining demand for credit and thus the economys fortunes it is not the only tool the Fed has at its disposal.


The Fed has another powerful tool in its bag called Open Market Operations that enable the Fed to rapidly inject or withdraw vast amounts of money into the banking system via repos (short term borrowing or purchase and resale - of securities from the market place) or matched sales (short term selling and subsequent repurchase) of securities through member banks and investment houses. This powerful tool (open market operations), in effect, allows the Fed to be seen to be acting with constraint (reigning in inflation) in the economy whilst simultaneously opening the monetary or liquidity spigots (doing exactly the opposite) in terms of injecting short term cash in the banking system. Needless to say, over the past 12 Fed hikes in interest rates (dating back to June 04) which have seen the Fed raise rates from an historic low 1% to the current 4% - virtually all open market operations undertaken by the Fed have been through the repo (monetary aggregate add) mechanism. Interesting, in my opinion, from a group that preaches how vigilant they are on preventing inflation.

So, there you have it folks, on the fiscal front an accident looking for a place to happen and on the monetary front a central bank (the Fed) that seems (by empirical observation) to want to have it both ways. Many would argue that this is decisively fundamentally negative, yet the dollar appreciates?

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 06:46 AM
Response to Original message
2. Crude Oil Prices Edge Up
SINGAPORE - Forecasts that a winter storm will hit the northeastern United States during the busy Thanksgiving weekend lifted crude oil futures Tuesday amid analysts' predictions that prices would likely rise in coming weeks as demand for heating oil grows.


In recent weeks, oil prices have been largely dictated by weather patterns in the northeastern U.S., which consumes about three-quarters of the country's heating oil, making it the world's biggest market for that type of fuel.

Unusually mild weather in that region in early November depressed prices, but now that winter is setting in, analysts are already saying crude has bottomed out after hitting a five-month low last week.

"With another blast of cold weather headed to us this week we may have seen the lows," said Phil Flynn, an analyst with Alaron Trading Corp. in Chicago.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 08:23 AM
Response to Reply #2
5. U.S. stock futures decline as crude oil nears $59

NEW YORK, Nov 22 (Reuters) - U.S. stock futures pointed to a lower market opening on Tuesday as oil prices headed toward $59 a barrel, raising concerns about the impact of higher energy costs on corporate profits.

In earnings news, Albertsons Inc. (ABS.N: Quote, Profile, Research), the No. 2 U.S. grocer, posted lower quarterly profit, dragged down by higher costs from hurricanes that had hit the Gulf Coast.

Also on Tuesday, maternity clothing retailer Mothers Work Inc. (MWRK.O: Quote, Profile, Research) reported a larger quarterly loss.

Investors may focus on the release of minutes of the Nov. 1 meeting of the Federal Reserve's rate-setting committee. The minutes are due at 2 p.m. (1900 GMT).

"The rise in oil prices this morning is making many investors pause," said Andre Bakhos, president of Princeton Financial Group. "After weeks of gains in stocks, the fear of higher energy costs and higher rates seems to have returned."

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 10:03 AM
Response to Reply #2
15. Jan Crude @ $58.75 bbl - NatGas @ $11.53 mln btus
10:00am 11/22/05 JANUARY CRUDE OPENS UP $1.05 AT $58.75

10:01am 11/22/05 NATURAL GAS UP 19.9 CENTS AT $11.53
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roguevalley Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 04:31 PM
Response to Reply #2
48. so tell me, savants of finance, how many months do I have before
I pull my money out of the market and stuff it in my matress?

(I truly appreciate your posts on finance, of which I am woefully under educated.)
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llmart Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 06:51 PM
Response to Reply #48
50. My question at the close of the market today too.......
Is it time to move my 401K money to a safer investment? I may just log on now and move some of it.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 06:49 AM
Response to Original message
3. Group: Economic Activity Rises in October
NEW YORK - A widely watched measure of future economic activity rose in October, signaling that the economy will grow this year but at a more moderate pace than in 2004 despite being battered by hurricanes in September.

Some of that moderation may be due to a slowdown in the real estate market, which was a major booster of overall economic growth.

The Conference Board said that its Index of Leading Economic Indicators, which tries to gauge future economic growth, rose 0.9 percent in October, offsetting a notable drop in September largely tied to hurricanes Katrina and Rita that swamped U.S. Gulf states and hit hard the heart of the nation's oil refining industry.

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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 10:17 AM
Response to Reply #3
17. Hmmm, if you turn that around ya gotta wonder how far down the
crapper we'd be if there weren't any hurricanes? :shrug:
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 08:22 AM
Response to Original message
4. daily dollar watch

Last trade 92.18 Change +0.15 (+0.16%)

December Could Bring Big Moves in the Dollar

The holiday season is upon us and for traders, this means that liquidity in the markets could begin to dry up. In terms of price action, we could see one of two things either we remain trapped in a 1.1640 1.1900 trading range for the EUR/USD or we have an extended and broad movement driven by a few key players. Last year, we saw trading volume gradually decline in the month of December as most traders sat on the sidelines preferring to watch the EUR/USD hit a high of 1.3667 than to participate in it. There was one brief upsurge in volume on the Wednesday before the New Year but a good portion of that was squared the following night. In times such as these, we usually see a few big players use this opportunity to induce some strong moves in the market. Interestingly enough over the past 5 years, aside from 2001, we saw pretty big trending moves in the month of December, all dollar negative and Euro positive. The move from the beginning of the month to the end of the month (December) in 2000 was over 600 pips, in 2001 was approximately 110 pips, in 2002 and 2003, the move was over 450 pips and in 2004, the EUR/USD rallied 280 pips. Although past performance is never 100 percent indicative of future results, if history can be reliable, then we expect another big move with minimal retracements this December. There are plenty of catalysts in the weeks ahead, but for the time being, this should be a quiet and shortened trading week due to the Thanksgiving holiday here in the US. Leading indicators released this morning was slightly stronger than expected, rising 0.9 percent, compared to the markets forecast for 0.8 percent growth. Comments by Chicago Fed President Moskow were of mild interest. As a well known hawk, Moskow reiterated his belief that more policy accommodation needs to be removed and that rates may even need to be raised beyond the neutral level. Judging from the price action, although the EUR/USD wants to turn, dollar strength remains dominant, which means that any rally could be met with fierce resistance.


Japan's money market gears up for BOJ policy shift

TOKYO, Nov 22 (Reuters) - Japanese money market dealers are anxiously preparing for the prospect of interest rates coming off near-zero for the first time in five years next year, spelling an end to free money and sleepy trade.

Trading volumes are inching off 14-year lows, while money market brokerages, some which have seen their dealing room headcounts slashed by half over the past few years, say they are hiring again.

"The money market is finally coming out of hibernation," said Kiyoshi Iida, senior market economist at Totan Research, the research arm of a major money market broker.

"There have been visible changes in trading from banks, both big and small, to make sure they are ready for higher rates," he said.

The changes come as the Bank of Japan grows increasingly confident of ditching its ultra-easy monetary policy, reining in the trillions of yen of excess money it supplies to the market on a daily basis and paving the way for higher rates.


Great Wrap-up today, Ozy! It definitely explains how the Fed is injecting money into the system via the Repos.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 02:29 PM
Response to Reply #4
45. Dollar hit by Fed minutes hinting at change in policy course

CHICAGO (MarketWatch) -- The dollar reversed to trade lower against its major rivals after Federal Reserve meeting minutes showed the U.S. central bank had mulled a change "before long" to the post-meeting statement that directs markets on future policy. The currency market took this as a signal the Fed was growing nearer the point of "neutral" interest rates, potentially ending the yield-driven gains handed the dollar this year. The euro was trading at $1.1780, up 0.5%. The dollar fell 0.1% to 118.98 yen.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 08:24 AM
Response to Original message
6. Fed's Moskow says limit to appetite for US assets

NEW YORK, Nov 21 (Reuters) - There are limits to the appetite that foreigners have for U.S. assets as a proportion of their total holdings, Chicago Fed President Michael Moskow said on Monday.

However, taking questions after a Market News seminar, Moskow said the inevitable adjustment of the high U.S. current account should be gradual and manageable.

Moskow earlier said the current account deficit, now more than 6 percent of gross domestic product, was "not sustainable indefinitely."
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 08:46 AM
Response to Original message
7. Albertson's 3rd-Qtr Profit Falls 30% as Sales Slump

Nov. 22 (Bloomberg) -- Albertson's Inc., the grocer that put itself up for sale in September, reported the biggest profit decline in a year after sales slumped. The company cut its annual earnings forecast.

Net income at the second-largest U.S. grocery chain fell 30 percent to $77 million, or 21 cents a share, from $110 million, or 29 cents, a year earlier. Sales were little changed at $9.95 billion, the Boise, Idaho-based company said today in a statement.

Identical store sales failed to rise for the second consecutive quarter as Albertson's lost customers to Wal-Mart Stores Inc. and Kroger Co., the largest U.S. grocer. Chief Executive Larry Johnston is seeking a buyer for the company after profit fell in three of the past four years and Wal-Mart won customers by adding 1,000 supercenters since 2000 that sell food at low prices.

``They were right to try and shop it because they aren't getting the job done,'' said David Dietze, president of Summit, New Jersey-based Point View Financial Services, which manages about $95 million, including Albertson's shares. ``If there was ever a time to sell, this is probably not a bad time. Private equity is awash'' in cash.'

Shares of Albertson's, which operates about 2,500 stores in 37 states under the names Jewel, Shaw's and Sav-on, fell 22 cents to $24.66 yesterday in New York Stock Exchange composite trading. They have risen 3.3 percent this year. Shares of Cincinnati-based Kroger have climbed 11 percent, compared with an 18 percent jump for Pleasanton, California-based Safeway Inc.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 08:48 AM
Response to Original message
8. Treasurys mark time ahead of Fed minutes release

CHICAGO (MarketWatch) -- Treasurys were little changed in early trading, with the bond market awaiting the afternoon release of Federal Reserve interest-rate meeting minutes and any fresh clues on the course of monetary policy. The benchmark 10-year government note had slipped 1/32 at last check, to 100 8/32. That shaves from its value slightly more than 30 cents for each $1,000 worth of securities. The note was yielding a little changed 4.47%. The 2-year note was unchanged at 99 24/32, yielding 4.39%. Longer-term maturity gains had outpaced those for their shorter-term brethren in recent trading, narrowing the gap in yield between 2-year notes and 10-year notes to 0.06 percentage point on Monday, the slimmest in more than four years. The gap widened slightly to 0.08 percentage point Tuesday morning. Notes that mature in two years and 3-year debt offered the same yield on Monday for a second time this year, all but inverting once again the short end of the yield curve.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 09:40 AM
Response to Reply #8
13. Printing Press Report:Fed adds temporary reserves via overnight repos

NEW YORK, Nov 22 (Reuters) - The Federal Reserve said on Tuesday that it added temporary reserves to the U.S. banking system through overnight system repurchase agreements.

The benchmark federal funds rate last traded at 4.00 percent, the Fed's target for the overnight lending rate.

Further details of the operations are available at:
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 10:12 AM
Response to Reply #8
16. More Treasuries investors bearish in week - poll

NEW YORK, Nov 22 (Reuters) - More investors were bearish on Treasuries than a week ago in the face of general expectations of further U.S. interest rate hikes, according to a poll released on Tuesday.

Investors who said they were short on Treasuries rose to 43 percent from 40 percent last week and a four-week average of 39 percent, J.P. Morgan Securities said.

The number of outright "shorts" was the greatest since the end of September, the bank said. Among those short respondents, 2 percent were active clients which included market makers and hedge funds, unchanged from last week.

Fed fund futures are generally pricing in a 100 percent chance of a 0.25 percentage point rate increase in December and about a 90 percent chance of a further 0.25 percentage point increase in January.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 02:06 PM
Response to Reply #8
39. FOMC minutes (meeting of the deaf, dumb and blind)






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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 02:17 PM
Response to Reply #39
41. FOMC saw inflation as top worry at Nov. 1 meeting

WASHINGTON (MarketWatch) -- Federal Reserve policy makers decided at their November 1 meeting that the economy had essentially shrugged off the impact of the hurricanes, leaving higher inflation as the biggest threat to the outlook, according to a summary of the meeting released Tuesday.

Members agreed that the evidence was building that the disruptions from the hurricanes were likely to be "limited and temporary."

"The economy seemed to be growing at a fairly strong pace, despite the temporary disruptions associated with the hurricanes, and underlying economic slack was likely quite limited," the FOMC members said.

But FOMC members remained concerned that the high energy prices may spill over into prices of other goods. Some businesses are being able to pass through cost increases.

"While FOMC members noted some recent favorable data on core inflation and labor costs, upside risks to the outlook for underlying inflation remained a key concern," according to the summary.

As a result, Fed policy members were unanimous in their decision to hike rates by a quarter percentage point to 4.0%.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 02:21 PM
Response to Reply #8
43. Treasuries rise on dovish undertone to Fed minutes

NEW YORK, Nov 22 (Reuters) - U.S. Treasury debt prices rose on Tuesday after the minutes from the Federal Reserve's meeting in November revealed concern within the central bank that the Fed runs the risk of raising interest rates too high.

While the minutes did reveal continued concern over inflation, bidding in the bond market was also stoked after the Fed minutes said the policy-making committee expressed views that language of the policy statement might soon need to change.

Benchmark 10-year Treasury notes jumped 8/32 in price after the minutes came out for a yield of 4.43 percent after ending the day on Monday at 4.46 percent.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 02:21 PM
Response to Reply #43
44. US rate futures jump as Fed seeks exit strategy

CHICAGO, Nov 22 (Reuters) - U.S. short-term interest rate futures jumped on Tuesday after minutes from November's Federal Open Market Committee meeting suggested the central bank was looking for a way to change the wording of its statements.

The minutes said that some Fed members worried about "risks of going too far with the tightening process."

Dealers said the minutes supported ideas that the FOMC could pause its program of rate increases early in 2006.

Chances of a Fed rate move in March, the meeting that recently has been most "in play" in futures, dropped to 38 percent from about 58 percent earlier.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 08:59 AM
Response to Original message
9. Deere's 4Q profit slide not as steep as Street expected

WASHINGTON (MarketWatch) -- Deere & Co. (DE) reported net income of $232.8 million, or 96 cents a share, for the fourth quarter ended Oct. 31, down from $356.7 million, or $1.41 a share, earned in the same period during fiscal 2004. The profit downturn reflected "substantial production cutbacks," said Robert Lane, chairman and chief executive. The heavy-equipment manufacturer's quarterly revenue slipped 1%, totaling $5.18 billion. Equipment sales were off 3% to $4.49 billion, with sales of agricultural equipment dropping 10%, to just shy of $2.4 billion. Analysts, on average, had been looking for the company to earn 79 cents a share on quarterly revenue of $4.53 billion, according to estimates compiled by Thomson First Call. Deere also pegged growth in company equipment sales at 11% to 14% for the first quarter of fiscal 2006 and at 1% to 3% for the full year. Accordingly, the company's forecasting net income of $175 million to $200 million for the current quarter and about $1.5 billion for the year. Shares of Deere eased 10 cents to end Monday's trading at $63.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 09:04 AM
Response to Original message
10. Amerada Hess settles New Jersey gasoline price action (illegal activities)

NEW YORK, Nov 22 (Reuters) - Integrated oil company Amerada Hess Corp. (AHC.N: Quote, Profile, Research) on Tuesday said it has settled charges filed by the state of New Jersey over its gasoline pricing in the wake of Hurricane Katrina.

The company was charged with violating a 1938 statute that prohibits gasoline retailers from raising their prices more than once a day, a spokesman said. As prices soared in the wake of Katrina, the company raised prices multiple times to try and keep up with its costs.

"We only took our prices up as our costs increased," the spokesman said.

The company will pay a settlement of between $300,000 and $400,000, some of which will go to programs to subsidize winter heating for low-income New Jersey residents.

You just know that the gas coming from the pumps was purchased for far less then what they were charging for it.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 09:29 AM
Response to Original message
11. pre-opening blather
9:16AM: S&P futures vs fair value: -2.4. Nasdaq futures vs fair value: -5.0.

9:00AM: S&P futures vs fair value: -2.6. Nasdaq futures vs fair value: -5.0. Negative bias persists in the futures market, setting the stage for the indices to open on a lower note. Meanwhile, of the only 20 or so S&P 500 companies yet to report, four (i.e. BF.B, DE, DG and HNZ) have beaten forecasts compared to just one (i.e. ABS) disappointment. However, better than expected earnings from two thirds of the broader market have already provided the spark behind an average gain of 2.6% for the major indices this quarter alone, hence pre-market efforts to lock in some of those gains weighing on early sentiment.

8:30AM: S&P futures vs fair value: -2.5. Nasdaq futures vs fair value: -5.0. Still shaping up to be a lower open for stocks. The absence of noteworthy economic data to set a more definitive tone for the market early on has also weighed on bonds, as traders await the 14:00 ET release of the FOMC minutes, which will remain geared toward continued rate hikes. The 10-yr note is off 2 ticks to yield 4.46%.

8:00AM: S&P futures vs fair value: -2.6. Nasdaq futures vs fair value: -5.5. Futures versus fair value suggests a lower open for the cash market. Oil prices climbing back above $59/bbl (+1.6%) and ongoing concern about more rate hikes have acted as catalysts behind early consolidation efforts. Four consecutive weeks of market gains have lifted the S&P and Nasdaq to their best levels in 4 1/2 years and just yesterday pushed the Dow into positive territory for the first time since March.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 09:38 AM
Response to Original message
12. 9:37 EST markets are giving the bidness to yesterday's suckers
Dow 10,788.82 -31.46 (-0.29%)
Nasdaq 2,232.83 -8.84 (-0.39%)
S&P 500 1,251.51 -3.34 (-0.27%)
10-Yr Bond 4.467 +0.06 (+0.13%)

NYSE Volume 87,368,000
Nasdaq Volume 78,404,000
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 09:47 AM
Response to Original message
14. Dollar General, Dollar Tree profits slip

NEW YORK, Nov 22 (Reuters) - Discount retailers Dollar General Corp. (DG.N: Quote, Profile, Research) and Dollar Tree Stores Inc. (DLTR.O: Quote, Profile, Research) on Tuesday reported lower quarterly earnings as higher energy costs curbed customer spending and raised expenses.

Dollar General, an ultra-discount retailer, said net income dropped to $64.4 million, or 20 cents per share, compared to net income of $71.1 million, or 22 cents per share, in the third quarter of fiscal 2004.

Analysts, on average, expected 19 cents per share for the quarter ended Oct. 28, according to Reuters Estimates. The retailer had said in August it expected earnings in the range of 19 cents to 21 cents per share, including a charge for a change in the way it calculates inventory.

Quarterly sales rose 9.5 percent to $2.1 billion as the company opened new stores. Sales at stores open at least a year -- a key retail measure known as same-store sales -- were up 1.4 percent.

Meanwhile, Dollar Tree said quarterly profit slipped to $31.1 million, or 29 cents per share, in the third quarter ended on Oct. 29, compared with $31.9 million, or 28 cents per share, in the same period a year earlier. Earnings per share were higher since the company repurchased 2.2 million shares of its own stock over the quarter, leading to fewer shares outstanding.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 10:42 AM
Response to Original message
18. Workers Reel from GM Layoffs

(CBS) SPRING HILL, Tenn. When General Motors Corp. started building cars in this sleepy farming town nearly 15 years ago, the Saturn plant was touted as a key component of the automaker's vision for the future.

But now this thriving Nashville suburb finds itself recast as another in a long list of Rust Belt survivors worried about its economic future as GM announces it will eliminate 30,000 manufacturing jobs, including a production line in Spring Hill where the Ion compact car is produced. Other communities in Oklahoma, Georgia, Michigan and Canada are also facing a future without GM jobs.

"You hate to see jobs go," Spring Hill Mayor Danny Leverette said. "That's where my heart is first and foremost with the employees. GM is in some tough times now, but I remain an optimist."

CBS News business correspondent Anthony Mason reports General Motor's CEO Rick Wagoner told his employees today the company's hourly workforce will be cut by about 25 percent over the next three years as GM tries to stop soaring losses. GM's share of the U.S. market fell three percent over the past year, and the company has too many plants for the number of cars it is now selling.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 10:52 AM
Response to Reply #18
20. GM decline spreads through auto sector

SAN FRANCISCO (MarketWatch) -- Automakers posted sharp declines Tuesday, pacing a generally lower stock market. General Motors Corp. (GM) shed 2.7% to $22.93 a day after the company announced it will cut 30,000 jobs to bring spiraling costs in line with its shrinking market share. GM stock bounced last week off an 18-year low of $20.60. The slide also swept Ford Motor Co. (F) 1.7% lower at $8.18, while DaimlerChrysler Ag (DCX) fell 2.9% to $50.33 a share.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 01:29 PM
Response to Reply #18
38. An honest look at the fallout from a plant closure
More than 7,000 impacted by massive GM job cuts
Move means fear in the communities

OSHAWA -- More than 7,000 local jobs will be lost in the next few years after General Motors announced massive cuts in Canada and the U.S.

The struggling automotive giant will cut shift three at Oshawa Car Assembly Plant No. 1 by the middle of 2006, with 1,000 losing their jobs. Car plant No. 2 will cease operations at the end of 2008, affecting 2,300 hourly workers and 230 salaried positions.

But the ripple effect is much wider: the cuts mean between 3,000 and 4,000 employees at GM parts feeder companies will also lose their jobs, said Chris Buckley, Canadian Auto Workers (CAW) Local 222 president. One lost assembly line job means seven job cuts in other local sectors such as retail.

He called the job slashes a real kick in the pants to Durham and said employees were in shock and disbelief.

Theyll be a lot of fear in the communities, Mr. Buckley said.


Wish our MSM would take an moment to really examine the impact upon our communities.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 02:19 PM
Response to Reply #18
42. GM gets serious about selling off the family silver
GM's restructuring boosts prospect of GMAC sale

NEW YORK, Nov 22 (Reuters) - General Motors Corp.'s <GM.N> restructuring plan should boost the automaker's prospects for selling a majority stake in financial services subsidiary General Motors Acceptance Corp., analysts said on Tuesday.

GM said last month it was exploring the sale of a controlling interest in GMAC; analysts say such a sale could fetch between $10 billion and $15 billion. The company hopes a sale would lift GMAC's credit rating back to investment grade and restore its access to low-cost financing.

Prior to the restructuring plan, revealed on Monday, speculation had built that GM's other option was to file for bankruptcy, a move that could derail plans to sell the lucrative GMAC.

If GM took the bankruptcy route, GMAC suitors would sense desperation and offer low-ball prices, said Commerzbank credit analyst Philip Watkins -- if they made any offers at all.

But Monday's restructuring announcement, which calls for slashing 30,000 North American manufacturing jobs and closing all or part of a dozen plants in the next three years, quelled speculation of a hasty fire sale for GMAC, Watkins said, and improved the chances of prospective buyers paying top dollar for the GMAC stake.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 02:34 PM
Response to Reply #18
46. Doubts remain over GM's future

Shares in General Motors have fallen more than 3% as analysts remain sceptical of a turnaround at the loss making car maker.

Despite the firm axeing 30,000 manufacturing jobs and closing 12 plants in North America, many feel GM will struggle to avoid bankruptcy.

Bank of America analyst Ron Tadross said there was a 40% chance of it happening within two years.


"Every town with a closing plant will see its local economy take a hit," corporate restructuring expert John Challenger told Reuters.

"Retailers, restaurants, real estate, home improvement stores... will all see business decline."

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 10:45 AM
Response to Original message
19. Gold futures near $500 an ounce (@ $494.20)

NEW YORK (MarketWatch) -- Gold futures continued their bull run Tuesday, bringing the front-month contract to within $4 of the key $500-an-ounce level, on continued robust physical demand and fears of inflation.

Gold for December delivery touched $495.90 overnight before pulling back. The contract was last trading up $4.70 at $494.20.

"The target remains the magical $500 number, but we might see some retracement before that number is reached," said Alan Plaugmann, sales trader at Saxo Bank.

The precious-metals rally is being driven by institutional and hedge-fund buying, although volume can be expected to thin in the runup to this week's Thanksgiving holiday, he said.


But the combination of strong physical demand from India and China, buying by central banks, notably the Russian central bank, a technical breakout, and option expirations today "has given gold a clear path to $500," he said.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 10:57 AM
Response to Original message
21. The Investors Class-Action Case Against Refco

COLCHESTER, Conn. -- ( Nov. 21) Scott + Scott, LLC ( ), which represents major institutional and individual investors in a securities class action first filed on October 11, 2005 in the United States District Court for the Southern District of New York against Refco, Inc. ("Refco") (OTC: RFXCQ.PK) and individual defendants (Case No. 1:05-cv-08663-DC, FrontPoint Financial Services Fund, LP v. Refco, Inc. et al.), filed a more comprehensive and updated complaint on Friday, Nov. 12. (Case 1:05-cv-09611-UA, Weit v. Bennett et al.).

In Scott + Scotts updated complaint for the class action -- a case that has major international implications -- the firm and its clients allege that during the Class Period, certain of Refcos officers and directors, including now indicted former CEO Phillip Bennett, as well as the Companys IPO underwriters and independent auditor, violated provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, by issuing a false and misleading Prospectus to investors as well as making false and misleading statements during the Class Period.

The complaint alleges that because of these securities law violations, investors were deceived out of over a billion dollars while Bennett personally made off with over $111 million.

"Although it was the industry leader in its field, Refco appears to have lacked significant financial controls," notes Rothstein. "It is almost as if CEO Bennett felt he had a gigantic personal Paypal account with which he could do as he pleased, enabling him to zip money here and there around the world on a whim. It is all quite shocking."

Because investors were deceived out of over $1 billion not just in the United States, but in Europe, South America, and other countries worldwide, there is significant interest on the part of foreign government officials, international financial regulators, and major foreign financial institutions in the conduct of the litigation.

"Financial institutions around the world were deceived in the fraud and are watching this case and the American judicial system very closely," says David Scott, a name partner in the well-known securities litigation firm, which has offices in California, Ohio and Connecticut. "At a time when so much skepticism about the integrity and fairness of Corporate America has been expressed around the world, our firm views this case as an opportunity not just to maximize recovery for our clients, but to demonstrate to all investors in the U.S. market that they can still get the fairest justice in the American courts."

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 10:59 AM
Response to Reply #21
22. How Our National Debts is involved with the Refco collapse
from the link above:

The U.S. is currently $7.6 trillion in debt and accelerating at about $9,000 per second, says Rothstein. Of this debt, $ 4 trillion is owed to the world and foreign investors, not to mention the $ 9 trillion foreigners own in U.S. financial assets. "In all actuality the U.S. is the world's largest debtor nation," says Mr. Rothstein. "And the reason that other governments and foreign lending institutions are willing to lend to us derives from the fact that they know that our country is a government of laws and courts will be diligent in enforcing the legal rights of all investors equally and with due process of law. Hopefully, with our Presidents enactment of the Sarbanes-Oxley Act of 2002, we will eventually begin to see investor confidence grow as the teeth of this law take hold. Only then will the ongoing presence of corporate and accounting fraud die down.

(he's a bit behind on the actual amount of National Debt:

The estimated population of the United States is 297,776,699
so each citizen's share of this debt is $27,199.33.

The National Debt has continued to increase an average of
$3.14 billion per day since September 30, 2005
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 11:02 AM
Response to Original message
23. Yesterday's BIG LIE: Boeing did not receive any "new" orders from India!
Details divulged on two 787 orders

At the Dubai Air Show on Monday, Boeing gave details of two 787 deals. The orders are not new orders, however, and are already included in the running total of 233 firm orders for the new jet.

ILFC, the giant leasing company, had placed a firm order for 20 of the new jets last month, as reported at the time. Low-Cost Aircraft Leasing (LCAL), a new Hong Kong-based company, had placed a firm order for six 787s in May but had not been identified until now.

The two deals together are worth $3.4 billion at list prices. Boeing still has 76 announced 787 orders that are not yet booked as firm.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 11:03 AM
Response to Original message
24. Hollinger Int'l to replace 6 board members (Perle and Kissinger out)

CHICAGO -- Hollinger International Inc., a newspaper publisher formerly run by fallen media tycoon Conrad Black, will lose three well-known members of its board of directors.

Former Secretary of State Henry Kissinger, former Illinois Gov. Jim Thompson and former Assistant Secretary of Defense Richard N. Perle are among six board members who won't seek re-election at the annual shareholders meeting in January, the company said Monday in a statement.

The announcement comes less than a week after federal prosecutors indicted Black, the company's former chairman and CEO, on charges that he siphoned millions of dollars from Hollinger. The Chicago-based company publishes the Chicago Sun-Times, community newspapers in the Chicago area and a few small publications in Canada. It sold the Jerusalem Post and The Daily Telegraph of London in 2004.

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donkeyotay Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 11:53 AM
Response to Reply #24
33. The shell game. We're supposed to forget
Hollinger owned The Daily Telegraph, the paper involved with the Galloway libel case. IIRC, there were 5 sets of documents all found at about the same time in the rubble of Baghdad that all just happened to point to war opponents. (Not all through the same paper, just found all at the same time.)

From "Galloway Wins Libel Case" BBC, 2 December 2004

The newspaper said it was in the public interest to publish the claims (that Galloway got money), based on documents found in Baghdad. . .

"It has never been the Telegraph's case to suggest that the allegations contained in these documents are true," he said outside court on Thursday.

"These documents were published by us because their contents raised some very serious questions at a crucial stage in the war against Iraq.
. . .

Mr Justice Eady said: "It was the defendants' primary case that their coverage was no more than 'neutral reportage' of documents discovered by a reporter in the badly-damaged foreign ministry in Baghdad, but the nature, content and tone of their coverage cannot be so described."

Telegraph foreign correspondent David Blair had earlier told the judge how he had found the documents inside the Iraqi foreign ministry.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 11:07 AM
Response to Original message
25. US holiday gift spending to ease this year-survey

NEW YORK, Nov 22 (Reuters) - U.S. holiday gift spending will likely fall slightly this year and stores will have to offer discounts to satisfy shoppers hunting for bargains, according to a survey released on Tuesday.

U.S. households are expected to spend an average of $466 on gifts this holiday season, down from last year's estimate of $476, the survey by The Conference Board showed.

"Consumers appear to have less Christmas spirit heading into Thanksgiving this year than last year," said Lynn Franco, director of the private research group's Consumer Research Center, in a statement.

"This cautious attitude will have consumers shopping for bargains this season -- retailers will need to offer discounts and promotions to get shoppers into their stores," she said.

About 34 percent of consumers will buy holiday gifts on the Internet, up from 33 percent a year ago, The Conference Board said. Books top the list of online holiday buying intentions.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 11:18 AM
Response to Reply #25
28. Someone Is Wrong, Who is Spinning?

CHICAGO (MarketWatch) -- It turns out that the 2005 holidays are shaping up to be a better selling season for the nation's retailers than originally expected.

That's the conclusion to be drawn as consumers are telling the Gallup Poll that they'll spend more money than last year, as the National Retail Federation lifts its November-December sales forecast, and as the International Council of Shopping Centers tracks better-than-expected sales receipts at the nation's largest chain stores.

"Recent consumer spending has surpassed our expectations and we expect this momentum to continue through the holiday season," said Tracy Mullin, NRF's chief executive, on Tuesday.

"Though our forecast remains cautious, we are confident that the holiday sales increase will be better than we originally anticipated," she added. Specifically, the retail industry's largest trade organization increased its sales projection to a gain of 6% over last year, up from an earlier forecast calling for a 5% increase.

Also Tuesday, Gallup said that consumers are looking to spend about 4.5% more money on gifts this year than they did in 2004. In a poll conducted Nov. 7 to Nov. 10, consumers shrugged off the effects of hurricanes and higher prices at the gas pump, and said they'll open their pocketbooks wider.


Why would Gallup lie to make people think this? :eyes:
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 11:12 AM
Response to Original message
26. Warner Music to pay $5 mln in NY "payola" probe

NEW YORK, Nov 22 (Reuters) - Warner Music Group Corp., one of the largest U.S. record companies, will pay $5 million to settle a New York state probe into how it influenced which songs are played on the radio, New York State Attorney General Eliot Spitzer said on Tuesday.

The probe involved "pay-for-play" practices, commonly known as "payola," in which companies are accused of paying radio stations or promoters to secure air time for songs. In July, Sony BMG agreed to pay $10 million to settle a related pay-to-play probe.

Warner, part of Time Warner Inc. (TWX.N: Quote, Profile, Research), agreed to stop making payoffs in return for airplay, and fully disclose all "items of value" provided to radio stations, Spitzer said. It also issued a statement acknowledging its "improper conduct," the attorney general said.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 11:14 AM
Response to Original message
27. FORD will announce More Plant Closings in January
Edited on Tue Nov-22-05 11:25 AM by UpInArms


(edited to add link and blurb)

WASHINGTON (MarketWatch) -- Ford Motor Co. (F) won't detail downsizing plans, including expected plant closings, until January, CEO Bill Ford said on Tuesday. General Motors (GM) on Monday detailed plans to eliminate 30,000 jobs. Ford said it was important to give the executives formulating the restructuring plan adequate time to come up with a long-term solution. "I need to give them the time to get it right, and we'll announce it when it is right. And right now, we think the January timeframe is the right time," Ford said in a question-and-answer session following a speech at the National Press Club on the need for government and industry cooperation on energy-related challenges.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 12:55 PM
Response to Reply #27
36. CEO: Ford won't rush downsizing plan

WASHINGTON (MarketWatch) -- Ford Motor Co. won't rush details of its expected plan to trim U.S. jobs and close factories in the wake of General Motors Corp.'s announcement this week that it would close several North American plants and eliminate 30,000 jobs, CEO Bill Ford said Tuesday.

Mark Fields, the executive named to head Ford's Americas unit just last month, is scheduled to provide a downsizing plan to the automaker's board of directors in December. The Dearborn, Mich.-based company (F) has said it would detail the plan in January, and has warned that plant closings were likely to be part of it.

In a question-and-answer session following a speech on the need for government and industry cooperation on energy issues, including government incentives for research and sales of hybrid and alternative fuel vehicles, Ford rejected suggestions that the nation's No. 2 automaker needed to accelerate the rollout of its plan.

Ford said it was crucial that Fields and other executives working on the plan, which has been dubbed "Way Forward," have adequate time to formulate a long-range strategy.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 11:24 AM
Response to Original message
29. Wal-Mart To Face State Probe Over Pricing

The relentless attack on Wal-Mart continued Monday as attorneys general throughout the country responded to a call by the chain's critics to investigate the accuracy of its prices.

Connecticut Attorney General Richard Blumenthal said he will launch a statewide investigation of the chain's pricing practices and plans to include other major retailers in order to place the findings regarding Wal-Mart in perspective.

The call for an investigation was made by Wake Up Wal-Mart, an advocacy group that released two union-commissioned studies Monday showing that the retailer charged the wrong prices to shoppers in California and the Midwest at a rate that exceeds federal standards.

Researchers from University of California-Berkeley said there were discrepancies between prices on the shelves and at the register 8.3 percent of the time at 60 California stores, based on a random sampling of at least 90 products at each store.


According to the two university studies, overcharged items in the Midwest cost, on average, $1.33 more than the posted price, while undercharged items cost 91 cents lower than the posted price.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 11:30 AM
Response to Original message
30. Following the Money to Switzerland
No holes in Swiss strategy
Banks add assets, court high-net-worth Americans

SANTA MONICA, Calif. (MarketWatch) -- The world's richest people continue to put their money in Switzerland -- at record levels.

Union Bank of Switzerland and Credit Suisse First Boston are taking assets of extremely high-net-worth individuals away from their U.S. rivals, such as Merrill Lynch, by focusing their efforts on Asia and offering more alternative investments.

Indeed, a recent issue of Private Banker International says "new earnings data suggest the two Swiss banks are now drawing well away from their big rivals in reasserting their global ascendancy in wealth accumulation."

Analysts say UBS has outpaced Merrill Lynch threefold in asset gathering.

Last quarter, UBS reported 20% quarterly growth in its wealth-management division, to $24 billion. Credit Suisse reported a 10% rise in assets to about $11 billion over second-quarter net new money.

And the banks are snapping up these assets in the face of an international crackdown on bank secrecy rules and offshore banking schemes. Swiss banks are famous for their stringent private-banking codes. (In 2003, international pressure forced Switzerland to lower the restrictions it had on allowing "source of funds" and accountholder information to be withheld.) Heretofore, that privacy also came with a price: low to negative interest rates as compensation for protection.

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 11:34 AM
Response to Original message
31. Scamming Report: NASD Fines State Street Unit $1.4M
Edited on Tue Nov-22-05 11:44 AM by UpInArms

(edited to add link and blurb)

BOSTON (MarketWatch) -- The NASD, formerly known as the National Association of Securities Dealers, said Tuesday it has fined State Street Global Markets LLC, a unit of Boston-based State Street Corp. (STT) , $1.4 million for violations related to the reporting of bond trades. The firm failed to report corporate-bond trades to NASD's Trade Reporting and Compliance Engine (TRACE), and municipal-bond trades to the Municipal Securities Rulemaking Board (MSRB), from July 2003 to December 2004, the NASD said. State Street Global Markets neither admitted nor denied guilt in the matter. Shares of State Street Corp. last lost 36 cents at $57.82.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 11:36 AM
Response to Original message
32. Brown Shoes to Close 97 Naturalizer Shoe Stores
Brown Shoe ups forecast, to close stores, shares jump

CHICAGO, Nov 22 (Reuters) - Brown Shoe Co Inc. (BWS.N: Quote, Profile, Research), on Tuesday raised its full-year earnings forecast and said it would close 97 underperforming Naturalizer stores, sending shares up more than 7 percent.

It also reported quarterly profit rose slightly, helped by strong demand at its Famous Footwear chain.

Brown Shoe shares jumped $2.78, or 7.6 percent, to $39.28.

Net income for the fiscal third quarter ended Oct. 29 increased to $19.8 million, or $1.04 per share, compared with $18.6 million, or $1 per share, a year earlier. Results in the latest period include charges of 17 cents per share for closing underperforming stores.


Hmmm... maybe they should have talked with the Gallup people - they are certain that retail will soar this x-mas season. :eyes:
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 12:06 PM
Response to Original message
34. 12:05 EST mixed numbers and blather
Dow 10,813.63 -6.65 (-0.06%)
Nasdaq 2,245.50 +3.83 (+0.17%)
S&P 500 1,254.50 -0.35 (-0.03%)
10-Yr Bond 4.459 -0.02 (-0.04%)

NYSE Volume 895,942,000
Nasdaq Volume 825,434,000

12:00PM: Blue chips still hover below the flat line midday as early consolidation efforts following an average 2.6% gain for the major indices so far in Q4 weigh on sentiment. Some tax-loss selling, a 1.7% surge in oil and uncertainty surrounding the release (14:00 ET) of this afternoon's FOMC minutes have perhaps stalled recent buying efforts. Ongoing weakness in drug stocks, as evidenced by Abbott Labs (ABT 39.37 -1.00) hitting a new 52-week low, has left Health Care as the day's worst-performing sector. Financial, another influential leader trading lower, has lost ground as investors lock in some of the brokerage group's 28% year-to-date gain and a 12% rebound in banks from mid-October lows. Despite the National Retail Federation raising its holiday sales growth forecasts to 6% (from 5%), retail stocks have consolidated some of the industry's 11% four-week advance. Also weighing on Consumer Discretionary has been a 2.6% pullback in autos and homebuilding. Technology, however, has been the day's brightest spot, recently inching the Nasdaq into the green. Providing much of the upside momentum has been a 1.2% advance in semiconductors, spurred in part by a Merrill Lynch upgrade on Micron Technology (MU 14.63 +0.43) but led by a 3.4% surge Intel (INTC 26.11 +0.86). Energy, amid a rebound in crude prices following cold weather forecasts, and Consumer Staples, following strong Q2 earnings from H.J. Heinz (HNZ 35.79 +0.73) and a 1.5% surge Altria (MO 72.71 +1.10), are the only other sectors trading higher. NYSE Adv/Dec 1253/1879, Nasdaq Adv/Dec 1297/1542
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 12:47 PM
Response to Original message
35. Calpine share plunge to 52-low on ruling before being halted

SAN FRANCISCO (MarketWatch) -- Calpine Corp. (CPN) shares plunged to a 52-week low of $1.32 before being halted in midday trade Tuesday. The action came after a Delaware judge ruled the power producer improperly used more than $300 million of proceeds from an asset sale to purchase natural gas to fire its power plants, according to media reports. The judge, citing bondholder agreements, subsequently barred the company from using the funds for that purpose, the reports said. Calpine shares last changed hands for $1.46, down 16.6%, prior to the halt.

Delaware judge rules against Calpine in bond suit

NEW YORK, Nov 22 (Reuters) - A Delaware judge on Tuesday ruled that independent power producer Calpine Corp. (CPN.N: Quote, Profile, Research) improperly used proceeds from an asset sale to purchase natural gas to fire its power plants and barred the company from using any more of the proceeds for that purpose.

Calpine shares fell nearly 17 percent on the New York Stock Exchange before being halted. A spokeswoman for the company was not immediately available to comment.

In addition to barring Calpine from further use of the proceeds from the sale of its oil exploration assets to buy gas for fuel, Vice Chancellor Leo Strine of the Delaware Chancery Court said a "fitting and reasonably prompt restorative remedy" was in order for $313 million already spent.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 01:10 PM
Response to Original message
37. 1:09 EST catching a straight up spike to make everything all better
Edited on Tue Nov-22-05 01:15 PM by UpInArms
Dow 10,820.77 +0.49 (+0.00%)
Nasdaq 2,246.96 +5.29 (+0.24%)
S&P 500 1,255.23 +0.38 (+0.03%)
10-Yr Bond 4.457 -0.04 (-0.09%)

NYSE Volume 1,116,951,000
Nasdaq Volume 1,015,405,000

1:00PM: Market continues to run in place around the flat line, as there isn't a strong sense of conviction on either the bullish or bearish side of the aisle. As reflected in the A/D line, decliners hold an 18-to-13 edge over advancers on the NYSE but maintain a smaller 15-to-13 margin on the Nasdaq. A split ratio of up to down volumes, though, paints even more of a mixed picture at the Big Board and the Composite. NYSE Adv/Dec 1308/1856, Nasdaq Adv/Dec 1307/1586

12:30PM: No change to the prevailing trend as the afternoon session gets underway. Home Entertainment Software remains the best performing S&P industry group after CIBC initiated coverage on Electronic Arts (ERTS 60.35 +1.63) with a Sector Outperform. Semiconductors (+2.2%) are a close second and IT Consulting Services (+1.8%) is fourth, while a 1.5% surge in Computer Storage and Hardware also lending support to Technology.NYSE Adv/Dec 1304/1833, Nasdaq Adv/Dec 1341/1544
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 02:09 PM
Response to Original message
40. 2:07 EST Gold-i-locks FOMC report boosts stocks
Dow 10,842.13 +21.85 (+0.20%)
Nasdaq 2,248.39 +6.72 (+0.30%)
S&P 500 1,256.67 +1.82 (+0.15%)
10-Yr Bond 4.463 +0.02 (+0.04%)

NYSE Volume 1,333,815,000
Nasdaq Volume 1,185,976,000

2:00PM: Stocks still mired in relatively tight trading ranges, as the FOMC minutes will be out momentarily. Separately, oil prices ($58.90/bbl +$1.20) have climbed back toward session highs, still serving as a reason for today's consolidation efforts; but the commodity could take a back seat as the primary driver in the event the FOMC Minutes offer some surprises with respect to the Fed's thinking on the pace of its tightening activity. NYSE Adv/Dec 1369/1838, Nasdaq Adv/Dec 1378/1584

1:30PM: Market catches a bid within the last 30 minutes, momentarily turning the Dow and S&P positive for the first time today; but the recent recovery effort stalls as investors wait to see if the minutes from the Nov. 1 FOMC meeting will signal higher interest rates. Any indication that some Fed officials believe the end of the tightening cycle is near could bode well for the bulls. Nonetheless, the bears will be focused even more closely on inflationary wording as well as energy and housing costs concerns to perhaps invalidate the conviction behind recent broad-based market gains that have lifted the S&P and Nasdaq to 4 1/2-yr highs. NYSE Adv/Dec 1428/1743, Nasdaq Adv/Dec 1402/1517
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 03:07 PM
Response to Reply #40
47. 3:02 EST everybody's happy but the buck
Edited on Tue Nov-22-05 03:17 PM by UpInArms
Dow 10,865.18 +44.90 (+0.41%)
Nasdaq 2,255.10 +13.43 (+0.60%)
S&P 500 1,260.34 +5.49 (+0.44%)
10-Yr Bond 4.441 -0.20 (-0.45%)

3:00PM: Market extends its reach to the upside amid spirited leadership from a number of blue chip industry groups. Of the eight economic sectors now trading higher, Financial has been the biggest beneficiary from the decline in bond yields, with particular buying interest resurfacing in the rate-sensitive bank group (+0.5%). The rate-sensitive Utilities sector, however, has failed to take notice, as investors continue to consolidate its 11.6% year-to-date gain. NYSE Adv/Dec 1707/1536, Nasdaq Adv/Dec 1550/1451

NYSE Volume 1,677,363,000
Nasdaq Volume 1,432,263,000

Last trade 91.49 Change -0.54 (-0.59%)

Settle 92.03 Settle Time 23:39

Open 92.06 Previous Close 92.03

High 92.33 Low 91.42

Last tick: 2005-11-22 14:25:18 ET
30-min delayed quote.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-05 04:44 PM
Response to Original message
49. Quitting time (and just about everybody's a winner)
Dow 10,871.43 +51.15 (+0.47%)
Nasdaq 2,253.56 +11.89 (+0.53%)
S&P 500 1,261.23 +6.38 (+0.51%)
10-Yr Bond 44.28 -0.33 (-0.74%)

NYSE Volume 2,243,906,000
Nasdaq Volume 1,904,015,000

Stocks, which traded in lackluster fashion throughout most of the day amid a dearth of market-moving news, found a late-day buying catalyst after the FOMC minutes suggested the Fed may be close to ending its tightening policy. At 2:00 ET, the minutes showed that FOMC members expressed worries for the first time that there are growing risks the central bank may go too far with its rate hikes, substantiating what we at have been saying all along - "raising rates three more times will provide little benefit in terms of reducing inflation but will, however, cost the economy dearly." Such Fed recognition that rates are reaching a level that is already near neutral allowed investors to pay less heed to a 2.0% surge in oil prices, embrace a rally in Treasuries, as the 10-yr note closed up 7 ticks to yield 4.43%, and close nine of ten sectors in positive territory. Energy paced the way higher, extending its 30.7% year-to-date gain as short-covering ahead of the long holiday weekend closed oil prices near session highs ($58.80/bbl +$1.10). Financial, the biggest beneficiary from the decline in borrowing costs, as particular buying interest resurfaced in the rate-sensitive bank group (+0.6%), was also an influential leader to the upside. Technology also provided much needed leadership to help justify four consecutive weeks of gains that have helped the major indices average a 2.6% gain so far for Q4. The sector, which helped the Nasdaq pace the day's gains among the majors, got a boost from broad-based gains in semiconductors, as a Merrill Lynch upgrade on Micron Technology (MU 14.67 +0.47) following news of its joint venture with Intel (INTC 26.15 +0.90) was a big source of support. Consumer Staples posted a modest gain, following strong Q2 earnings results from H.J. Heinz (HNZ 35.67 +0.61) and a 1.5% surge Altria (MO 73.10 +1.49), while Consumer Discretionary also finished on a high note, benefiting largely from turnarounds in homebuilding and retail. The latter group, once overall sentiment improved, found additional support from early reports that National Retail Federation raised its holiday sales growth forecasts to 6% (from 5%). Industrials got a boost as shares of Caterpillar (CAT 58.61 +0.90) benefited from a pullback in the dollar and climbed in sympathy with Deere & Co. (DE 67.16 +4.16), which beat analysts' Q4 expectations. The currency-sensitive Materials sector also took advantage of the reversal in the greenback after Fed officials also acknowledged that the language will need to change concerning the "outlook for policy." Health Care, however, turned in the day's worst performance due to continued deterioration in the drug group. A German court decision to cap payments for Pfizer's (PFE 21.37 -0.36) drug Lipitor and Abbott Labs (ABT 39.37 -1.00) hitting a new 52-week low following an analyst downgrade weighed most heavily on the sector. NYSE Adv/Dec 1921/1362, Nasdaq Adv/Dec 1673/1372
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