STOCK MARKET WATCH, Wednesday October 10

[ozymandius]

Source: du

STOCK MARKET WATCH, Wednesday October 10, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 468 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2469 DAYS
WHERE'S OSAMA BIN-LADEN? 2181 DAYS
DAYS SINCE ENRON COLLAPSE = 2142
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
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 October 9, 2007

Dow... 14,164.53 +120.80 (+0.86%)
Nasdaq... 2,803.91 +16.54 (+0.59%)
S&P 500... 1,565.15 +12.57 (+0.81%)
Gold future... 743.10 +4.40 (+0.59%)
30-Year Bond 4.86% +0.00 (+0.06%)
10-Yr Bond... 4.65% +0.01 (+0.28%)






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

---

Read more: du

[skids]

1. OK, make faster money than stocks...

...be first to market with a latex Gouliani mask. What a great idea! :rofl:

[ozymandius]

2. Market WrapUp

Energy Update - Part One
BY FRANK BARBERA, CMT

This year has been another rewarding one for Energy investors as prices have firmed throughout the year after starting in a headlong plunge. Investing in Energy is never for the faint of heart as the incessant commodity related volatility guarantees many a lively morning. Yet for the last few years, the trend for Energy prices has been solidly higher, and with the US Dollar weakening over the last few months, this has only served as a prop for energy prices.

In today’s commentary, we are updating the technical view of Energy prices, with a focus on Crude Oil this week and Natural Gas next week. Earlier this year, Crude Oil began January 2007 with what looked like a serious price collapse. Falling nearly day after day, Crude plunged toward $50 per barrel during the first three weeks of the year. At the time, we viewed the decline in the Oil price as completing a major intermediate degree correction from the highs in July-August 2006. At the time, we wrote an article which forecast a move back up across the entire range for Crude Oil and suggested looking at the then ‘down and out’ Oil Drilling Stocks, which have turned out to be among this year's best performers.

-chart-

Since the major low in Crude Oil back in January, prices have not only moved back up across the range, but have most recently moved to new highs above $80 per barrel. From an Elliott point of view, the advance has traced out a clear-cut five wave advance, which could recently have reached an important price juncture. At these levels, the risk-reward profile on Crude Oil is currently highly questionable and thus investors should ‘go slow’ and step up monitoring of energy related positions. Mind you, we are not turning bearish on Crude, but simply believe that the market has come to a point where the most likely outcome is probably a trading range for a period of two to three months. Under different circumstances, with the threat of a US recession continuing to grow in our view, and over-extended market charts dominating the portrait of Asian markets, especially China, -- we could be turning actively bearish on Crude. Another element to consider would also be the proximity to former highs, which often act as price resistance. Yet, today’s circumstance is radically altered by the recent turn by the Fed toward a policy of monetary easing. In doing so, the Fed is kicking out the support from underneath the US Dollar in a move for which they will almost certainly eventually pay for dearly. Opening the door to a currency crisis is no solution to a bad debt problem, except it spreads the pain over an even wider number of individuals, in this case, everyone holding dollars.

-cut-

However, recent times have been anything but ordinary. As can be seen by the huge write downs at JP Morgan, Citicorp, Bank America, and UBS, the recent credit crisis did a tremendous amount of damage in a short period of time. The Bernanke solution seems to be to throw money at the problem, and allow the Dollar to sink against other global currencies. Among the OPEC Countries, the weak dollar is causing pain on several levels. To begin with, all of these countries have to varying degree’s, in recent years, enjoyed major construction booms, particularly in Qatar. In virtually all of the Gulf States, domestic inflation has been heating up and is running at 5% to 6% annualized. Curbing domestic inflation is rapidly becoming a major issue, which has now been exacerbated by the Bernanke Rate cuts. For the Gulf State OPEC countries, an easy Fed means they are importing via the Dollar peg, an easy monetary policy at precisely the time when they need a tight monetary policy. As a result, pressure is now building for the Gulf State Oil producers to move away from the US Dollar Peg, and allow their currencies to either revalue or break the peg.

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

[ozymandius]

3. Today's Reports

10:00 AM Wholesale Inventories Aug
Briefing Forecast 0.2%
Market Expects 0.3%
Prior 0.2%

10:30 AM Crude Inventories 10/05
Briefing Forecast NA
Market Expects NA
Prior 1138K

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

[UpInArms]

19. U.S. Aug. wholesale sales up 0.4%; inventories up 0.1%

01. U.S. Aug. wholesale sales up 0.4%; inventories up 0.1%
10:00 AM ET, Oct 10, 2007 - 52 seconds ago

02. U.S. Aug. wholesale inventory-sales ratio steady at 1.11
10:00 AM ET, Oct 10, 2007 - 52 seconds ago

03. U.S. Aug. wholesale inventories remain at historic lows
10:00 AM ET, Oct 10, 2007 - 52 seconds ago

[Nimrod2005]

4. Good morning everyone and good luck...nt

[ozymandius]

6. Good morning!

:donut: :donut: :donut:

:hi:

[AnneD]

25. Morning Marketeers...

:donut: and lurkers. I was watching a commercial this morning touting the miraculous results in curing cancer in a patient. The treatment was elegant and simple....and I am sure extremely expensive. I then thought what if it were my Mom, my daughter, my husband or myself fighting cancer. What would I do to make sure they survived, how much would I spend. And as I thought on this. I began to ponder-what ever happened to the concept 'for the betterment of mankind', 'to ease the suffering of mankind'. What happened to a cure being a cure and not a company money generator until the patent runs out. I think profit needs to be taken out of the equation. What if our vaccines were done for profit and not betterment. People would not stand for it. And yet they quake in fear of health care for the betterment of mankind. It is nothing more than profit off of people's suffering.

I am glad I work where I do. Some folks say it is a dead end job-no chance for advancement. But I enjoy seeing to the needs of kids that might not get any other health care otherwise. Care can be anything from attention to a scraped knee, to something to eat because there was no breakfast in the house, to calling in CPS to deal with an abusive situation, to providing daily needed medical care for survival. It may not be much of a money generator for me, but I think the future of mankind has a better chance at the future because folks cared enough to have health care in the schools.

Happy hunting and watch out for the bears.

[specimenfred1984]

38. Good for you Anne, seriously

Check out this guy, he does things because they're the right thing to do as well. http://www.truthout.org/docs_2006/100807A.shtml

[AnneD]

41. Thanks for the article....

I hate that greed seems to be all that motivates research any more-how much can we sell this for-how much would someone with aids pay for this drug, how much is a human life worth and what would you pay to save it. I guess morals are just for story ending these days.

[ozymandius]

5. Oil prices inch higher in Asian trading

SINGAPORE - Oil prices inched higher Wednesday in Asia after rising sharply overnight on U.S. government predictions that a colder winter ahead will help lift worldwide demand for crude during the fourth quarter.

In a monthly report, the U.S. Energy Department's Energy Information Administration estimated global demand for oil will be 1.8 million barrels a day higher in the fourth quarter than it was during the same period last year. The report follows a prediction last Thursday from the U.S. National Oceanic and Atmospheric Administration that temperatures in the U.S. will be 1.3 percent colder than last year, although they'll be 2.8 percent warmer than average.

Oil prices have been volatile in recent days as investors have debated whether oil supplies are adequate to meet fourth quarter demand. Some investors feel prices have peaked for the year and are due to begin a seasonal decline; others feel prices could rise again and set new records.

-cut-

According to a Dow Jones Newswires survey of analysts, crude oil inventories are expected to have gained 1 million barrels in the week ended Oct. 5, while refinery use is expected to have fallen 0.1 percentage point to 87.4 percent of capacity.

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

[ozymandius]

7. Heating costs seen jumping this winter

NEW YORK - Almost all Americans will pay a lot more to heat their homes this winter, even though temperatures are expected to be warmer than average. That's the sobering message from an Energy Department report Tuesday that estimates heating oil costs are likely to jump 22 percent and natural gas bills, on average, will rise 10 percent between October and March.

And while the National Oceanic and Atmospheric Administration forecast a milder than average winter in most parts of the country, the agency also predicted Tuesday that temperatures will be 1.3 percent colder than last year.

In Massachusetts, where about 40 percent of homeowners rely on oil for heat, consumers are bracing for price spikes, said Michael Ferrante, president of the Massachusetts Oilheat Council, a trade group. "They are buttoning up their houses even more, they are turning down their thermostats, they are wearing sweaters," he said.

Surging crude oil prices are the primary, but not the only, culprit for the jump in fuel oil costs. This spring and summer, American refineries experienced an unusual number of unexpected maintenance outages. The net result was that fewer refineries were producing gasoline, heating oil and other petroleum products.

-cut-

On the other hand, supplies coming on line this year, including Anadarko Petroleum Corp.'s Independence Hub platform in the Gulf of Mexico and a portion of the huge Rockies Express natural gas pipeline project, are expected to boost natural gas supplies by 2 billion to 2.5 billion cubic feet.

http://news.yahoo.com/s/ap/20071009/ap_on_bi_ge/heating_costs

[kineneb]

50. any news on propane costs?

No nat-gas where we are, just heating from electricity, wood, oil and propane. I suppose the price for propane will be going up as well.

[ozymandius]

11. Think oil can't go higher? Think again

(Fortune Magazine) -- Crude oil prices hit a series of record highs in the past month, topping $83 a barrel - and that was after OPEC announced it would increase production by 500,000 barrels a day. The sharp spike went against post-Labor Day tradition, when the end of a gas-guzzling summer usually brings lower prices, and refineries head into their fall maintenance schedule.

After Goldman Sachs raised its year-end price forecast by $13, to $85 a barrel, Jeffrey Currie, global head of commodities research in London, spoke to Fortune's Eugenia Levenson about where oil is headed from here.

What's behind the recent surge in crude oil prices?

The OPEC supply increase was too little, too late. The market is in a significant deficit, the first deficit we've seen since 2003. Inventory started to drop in October of last year for two reasons. Non-OPEC supply has been extraordinarily disappointing, because those producers are hitting technical difficulties with new equipment and their existing fields are getting less productive. OPEC has the supply but hasn't brought it online. The second factor is that we're in the part of the energy cycle where extraction costs are rising and have been since 2001.

http://money.cnn.com/2007/10/09/markets/oil_goldmansachs.fortune/index.htm

---

Notice the lie of omission? Levenson does not mention that investment banks like Goldman Sachs have been buying oil futures. They never take possession of the oil - only a certificate showing what is theirs. Then they resell their virtual inventory to refineries. OPEC bearing the role as the sole culprit is a smoke screen.

[radfringe]

16. we got heating oil in August

in anticipation of heating costs... we have a 550 gallon tank, got it half-filled

put up about 10 cords of wood which should last us well into April'08

worked pretty well for us last year - only had 8 cords of wood which lasted until middle of march, didn't need more heating oil until mid-Feb.

my partner was laid off at the end of September, I got laid-off yesterday

it sucks bigtime.

don't get me started on health insurance - with our budget the only one we can afford is the Republican Pray-Go Insurance: PRAY you don't have to GO to the doctor

we checked out all insurance plans available to us when my partner learned she was going to be laid-off. Nothing out there that we can afford or that we qualify for.

[UpInArms]

18. I am so sorry about the job and insurance situation

not just yours, but for a lot of us - I haven't been able to find affordable insurance for years - when we turned 40 - our insurance rates went from $30 per month to $300 per month (that was for each of us - and that was 10 years ago) $600 per month! for 2 very healthy fit people with no pre-existing conditions or claims!

:shakeshead:

it has been out of control for so very long and it has taken so very long for anyone to even notice that the self-employed don't stand a chance.

on the heating thing -

we had been heating our home with heating oil - 15 years ago, our winter oil bill was $450 (at 86 cents a gallon). 2 years ago, it cost almost $2,000 (at $2.60 a gallon). Last year, we bought a pellet stove and it cost $550 for the season for pellets - recycled and made within the state - in managable chunks (a weight that I can hoist and carry) and I don't have to go out and chop wood. I think that one works for me.

Hope all goes better for you and yours soon.

UIA

[antigop]

20. So sorry to hear of your situation, radfringe. Hope things start looking up for you.

And, yes, the health "insurance" situation is disgraceful.

I'm sorry we live in a country that doesn't take better care of its citizens.

[Roland99]

35. It's obvious you should move and earn a degree.

According the rwingnuts.


:banghead:

[appal_jack]

52. be careful with that chain saw!

I teach a chainsaw safety class as part of my day-job, and I always spend some time comparing the costs of kevlar chaps (~$50), full grain leather boots ($125) and a hardhat/earmuff/face-shield unit ($50) to an emergency room visit ($2,000+). After the class of high school kids mulls that over for a minute, I get lots of nodding heads when I say that such safety gear is cheap health insurance. Of course, it's no substitute for REAL health insurance, but the short safety classes don't permit much discussion of that.

If you're already putting-up 8-10 cords of wood per year, I'm sure you are very familiar with your machine and its safe use. But please, please, be safe, use proper safety gear, and never work when you are overly tired (my one near-miss happened about 5 minutes after I thought to myself "It's getting late, I really should quit sawing now...")

-app

Edited to add a few sentences above, and to say that I am sorry to hear of your economic woes radfringe. Your initiative in the face of hardship is more than impressive. I hope things get better soon!

[ozymandius]

58. SHIT!

Oh Rad - I am so sorry to hear this. We've all been through such a rough time in the past few years. It makes me hurt so badly that your situation has been so bruising. I wish there were something I could do.

:hug:

[ozymandius]

8. Economists cut 2008 forecasts for U.S. growth

WASHINGTON (Reuters) - U.S. economists have chopped their forecasts for 2008 economic growth for a third straight month, saying the housing slump will be deeper and last longer than earlier expected, a survey released on Wednesday showed.

The consensus of economists surveyed by the Blue Chip Economic Indicators newsletter sees the U.S. economy expanding 2.4 percent in 2008. That's down from a 2.6 percent projection made last month and a 2.8 percent gain forecast in August.

The downturn in housing will boost the likelihood of spillover effects on consumer spending and business investment, the monthly newsletter said.

-cut-

As for this year, the drag on the economy from falling housing activity is expected to prove more acute over the second half of this year than it did in the second quarter, and many economists expect home prices to log their first year-over-year decline since the 1930s, the newsletter said.

High inventories of unsold homes, tighter lending standards and falling prices suggest the housing sector will remain weak through 2008, it said.

http://news.yahoo.com/s/nm/20071010/bs_nm/usa_economy_forecast_dc

[Nimrod2005]

12. I say growth will be no more than 1.8%....nt

[ozymandius]

9. Sallie Mae $25 billion buyout ends up in court

NEW YORK, Oct 9 (Reuters) - The planned $25 billion buyout of U.S. student lender Sallie Mae (SLM.N: Quote, Profile, Research) has ended up where many said it would -- in court.

Sallie Mae said late on Monday that it filed a lawsuit seeking a breakup fee of $900 million from the consortium led by J.C. Flowers & Co, which last week proposed to cut its bid price for the lender citing a recent credit market squeeze and legislation that slashes subsidies to student lenders.

Sallie Mae's lawsuit seeks a declaration that the buyer group has reneged on the merger agreement, that no "material adverse change" has occurred, and that Sallie Mae may terminate the takeover and collect the $900 million.

A material adverse change (MAC) is a condition that could cause a substantial reduction in earnings power and it can give buyers or lenders a "walk right" from their obligations.

The lawsuit is being seen by many as a hard-ball attempt by Sallie Mae to force the buyer group to stick to the original deal, in which the group offered $60 a share, or come up with something closer to it than its revised proposal of $50 a share, or $20.6 billion offer, plus extra payments depending on how the company performed.

http://www.reuters.com/article/bankingfinancial-SP/idUSN0940164120071010

[ozymandius]

10. Trucking giant sees blue Christmas (Q&A)

(Fortune Magazine) -- As the head of YRC Worldwide (formerly Yellow Roadway), a $10 billion trucking and transportation company with 27,000 trucks and customers in 80 countries, Bill Zollars has a crow's-nest view of the global economy. From the pace of Chinese manufacturing to shipments of holiday retail goods to fluctuations in gas prices, he has the data to grasp what's happening in economic sectors before the rest of us do. Amid rumors of a bid for YRC by German shipping giant Deutsche Post, Zollars tells Fortune's Matthew Boyle it might be a disappointing Christmas unless business perks up in the next few weeks.

From your perspective, how is the overall economy doing?

New York and most of the world get fixated on the credit crunch, since there's a tendency to be mesmerized by the financial markets. But underlying that is the real economy, which is the movement of goods. That economy is driven by people making and shipping stuff. They are not making and shipping as much (right now), and we see that every day.

http://money.cnn.com/2007/10/09/news/companies/yrc_worldwide.fortune/index.htm?postversion=2007101003

[UpInArms]

13. dollar watch

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

Last trade 78.342 Change -0.127 (-0.16%)

Euro Back Above 1.41 As Dollar Doubts Rise

http://www.dailyfx.com/story/bio2/Euro_Back_Above_1_41_As_1192012057991.html

A tough day for dollar longs as none of the event risk data proved greenback positive, pushing the EURUSD back above the 1.4100 figure after the pair flirted briefly with breaking support at 1.40 just 24 hours earlier. First, the IDD survey of economic optimism surprised to the downside printing at 47.3 versus 49.0 expected. This was the lowest reading since April of 2007 and suggests that consumer spending is likely to remain moribund for the foreseeable future creating a drag on economic growth.

Secondly, the FOMC minutes revealed that Fed members expressed little concern over inflation, remaining essentially neutral in their assessment of pricing pressures and were more focused on risks to growth. While the latest communiqué from the Fed showed little inclination to cut rates yet again in October, the general tone of the discussion suggested a willingness to loosen monetary policy further before the year end. That idea was reinforced last night by the San Francisco Fed Chief Janet Yellen who noted in a speech that a case for an additional rate cut in 2007 could be made even if the capital markets see no further financial shock. Ms. Yellen stated that the recent repricing of risk in the credit markets is in and of itself a contractionary event for the US economy suggesting that further easing may be necessary.

Meanwhile, on the other side of the trade the euro received some positive news as both French and Italian production data printed better than forecast. Coming on the heels of better that expected readings in German Industrial Production, the latest data from the region indicates that despite euro’s relentless rise, EZ manufactures are able to adjust to the high exchange rate regime with minimal negative impact. This in turn took some political pressure off the ECB to immediately restrain euro’s latest ascent, boosting the unit .

...more...

US Fed: One and Done...For Now

http://www.dailyfx.com/story/topheadline/US_Fed__One_and_Done___For_1191959792677.html

The minutes of the FOMC’s September 18th meeting showed that “all members agreed that a rate cut of 50 basis points at this meeting was the most prudent course of action." Meanwhile, the central bank said that they would consider more options "closely" after the September meeting, but that all future actions depend on the economy and market developments. Given the improvements we saw in last Friday's NFP report, the timeliest economic data could lead the FOMC to leave rates steady on October 31st. Furthermore, there have been signs that price pressures are building via energy and food, and with the FOMC minutes showing that the bank "remained concerned" about inflation as a continued decline in the US Dollar could raise inflation risks, Bernanke & Co. may be hesitant to slash the Fed Funds rate again so soon:

FOMC Minutes from September 18th

“Participants made only modest revisions to their outlook for inflation...and they generally were a little more confident that the decline in inflation earlier this year would be sustained. Participants nonetheless remained concerned about possible upside risks to inflation. Higher benefit costs, rising unit labor costs more generally, reduced markups, and levels of resource utilization both in the United States and abroad that remained relatively high were all cited as factors that could contribute to inflationary pressures. Inflation risks could be heightened if the dollar were to continue to depreciate significantly.”

Richard Fisher, Federal Reserve Bank of Dallas President (Alternate-Voter)

“The global economy is facing agri-flation, a period of rising food prices that may be more sustained than we would like and could last several years.” – October 5, 2007

“I think things are clearly better than they were back during that crisis period in August. It does take a while for a wound to heal and this process of healing is still at work…I don't think it is fair to say that the Fed has flooded the market with liquidity, which has gone straight into stocks. I don't think that is accurate.” – October 5, 2007

Frederic Mishkin, Federal Reserve Board Governor (Voter)

“Clearly exchange rates are an important asset price…(but) I have always argued very strongly that it is not a good idea to focus on asset prices like the exchange rate over and above the effect it has in terms of things we should care about as central banks. This is an issue right now with the highly appreciated Euro.” – October 5, 2007

...more...

[Buttercup McToots]

17. USD $78.21 @ 9:48 am

Mornin`All:donut:

[Buttercup McToots]

21. USD $78.19 @ 10:04 am

:)

Hey...just checking...

[Buttercup McToots]

39. USD $78.15 @ 11:26 am

Go Gold!!!

[UpInArms]

22. Weaker dollar is potential inflation concern: Fed's Rosengren

http://www.reuters.com/article/bondsNews/idUSNAT00329020071010

PORTLAND, Maine (Reuters) - Federal Reserve Bank of Boston President Eric Rosengren on Wednesday said a weaker dollar was a potential concern for inflation but that a lower currency did have some advantages.

"There is the potential concern if the dollar depreciates significantly," he said in response to a question after a speech, but added the pass-through effect was not so great in the United States as foreign importers priced costs to the dollar rather than their local currencies.

...a bit more...

[Roland99]

33. Wow. And he gets paid *how* much???

:eyes:

[AnneD]

54. More than you....

and I combined I bet.

[Roland99]

59. I wouldn't be betting against that bet

;)

[Ghost Dog]

42. Dollar down as markets still see Fed easing in 2007

http://investing.reuters.co.uk/news/articleinvesting.aspx?rpc=401&type=allBreakingNews&storyID=2007-10-10T160110Z_01_N10225438_RTRIDST_0_MARKETS-FOREX-UPDATE-6.XML

NEW YORK, Oct 10 (Reuters) - The dollar fell on Wednesday as concern crept back into the market that the Federal Reserve may cut interest rates again this year to prevent a weak housing sector from damaging the broader economy.

Comments by former Fed Chairman Alan Greenspan on Wednesday and by San Francisco Fed President Janet Yellen late on Tuesday heightened concerns about the economy, adding to fears that signs of slower growth would force the central bank's hand by year-end.

...

Although minutes from the Fed's September meeting, at which it cut rates by half a percentage point, revealed little inclination to cut again this month, traders have fully priced in a rate cut in December.

Implied prospects for another quarter point cut this month stand at about 35 percent, compared with 64 percent before Friday's stronger-than-expected September payrolls report.

/...

[Ghost Dog]

43. Gold jumps to near 28-year high on weak dollar

http://investing.reuters.co.uk/news/articleinvesting.aspx?rpc=401&type=hotStocksNewsUS&storyID=2007-10-10T152451Z_01_L08275791_RTRUKOC_0_US-MARKETS-PRECIOUS.xml

LONDON (Reuters) - Gold rose more than one percent on Wednesday to trade just below its recent 28-year highs, as a weaker dollar against the euro increased the metal's appeal as an alternative investment.

Spot gold rose as high as $745.80 an ounce and came closer to last week's high of $747.65 -- the highest level since January 1980. It was quoted at $744.40/745.10 by 10:37 a.m. ET, compared with $736.60/737.40 late in New York on Tuesday.

"People are bullish on gold because they have no faith in the dollar. You have to detach yourself in some ways from day to day and say that what we are seeing is a market that is in a bull cycle," said Peter Hillyard, head of metals sales at ANZ Investment Bank.

"The market still believes that gold has the capacity to go much higher and whether it's true or not, there is a belief amongst the investors that gold is still a viable asset class."

/...

[UpInArms]

14. ConAgra stops pot pie plant production

http://news.yahoo.com/s/ap/20071009/ap_on_bi_ge/pot_pie_problem

OMAHA, Neb. - ConAgra Foods Inc. voluntarily stopped production Tuesday at the Missouri plant that makes its Banquet pot pies after health officials said the pies may be linked to 139 cases of salmonella in 30 states.

ConAgra officials believe the company's pies are safe if they're cooked properly, but the Omaha-based company told consumers Tuesday not to eat its chicken or turkey pot pies until the government and company investigations are complete.

The U.S. Department of Agriculture also issued a health alert Tuesday afternoon to warn consumers about the link between the company's product and the salmonella cases.

The federal Centers for Disease Control and Prevention has been tracking reports of the salmonella cases since Wednesday. A CDC spokeswoman said the largest numbers of salmonella cases had been reported in Wisconsin, Pennsylvania and Missouri.

<snip>

The USDA said the Marshall, Mo., plant made Banquet and generic store brand pot pies. All of the pot pies made at the plant in question have "P-9" printed on the side of the box as part of a code above the use-by date.

...more...

[UpInArms]

15. Chevron sees third quarter sharply down

http://news.yahoo.com/s/nm/20071009/bs_nm/chevron_interim_dc

NEW YORK (Reuters) - Chevron Corp (CVX.N) said on Tuesday it expects its third-quarter net income to be significantly below the $5.4 billion it earned in the second quarter due to a sharp drop in its refining margins.

The second largest U.S. oil and gas company said in an interim report that one-time items also should hurt third-quarter earnings.

Refining margins are expected to be a drag on third-quarter earnings for integrated oil and gas producers as well as independent refiners as refining margins dropped by more than half from second quarter levels in some U.S. regions.

Chevron said international benchmark margins also were considerably lower.

Moreover, the amount of oil Chevron processed at its U.S. refineries fell about 8 percent to 812,000 barrels per day, mostly due to planned and unplanned shutdowns at its El Segundo Calif., and Pascagoula, Miss., refineries.

A crude unit at the Pascagoula refinery has been out since an August 16 fire.

...more...

[antigop]

23. Keller Rohrback LLP announces breach of fiduciary duty investigation re: State Street Funds

http://biz.yahoo.com/prnews/071009/aqtu198.html?.v=11

>>
Keller Rohrback L.L.P. (http://www.erisafraud.com) today announced that it is investigating State Street Global Advisors ("SSgA") and State Street Bank & Trust Company (NYSE: STT - News; collectively "State Street") for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on retirement plans that offer State Street's Government Credit Bond Fund, the SSgA Intermediate Bond Fund, the SSgA Yield Plus Fund, or the SSgA Bond Market Fund.

State Street has marketed these funds to retirement plans throughout the country as investments that would provide "stable, predictable returns" in line with an index of U.S. government and corporate bonds. According to a lawsuit recently filed by Prudential Retirement Insurance and Annuity Co., State Street changed its investment strategy without notification and committed a large portion into instruments that included "asset-based securities that overwhelmingly derived their value" from home-equity loans, mortgage-backed securities swaps and derivatives. As a result, the funds became highly risky investments that have caused substantial losses to plan participants who invested in the funds. Far from providing a steady and stable return, the State Street funds plunged in value because of their excessive exposure to highly risky investments. Under ERISA, State Street, as an investment manager and plan fiduciary, may be found liable for losses incurred by plan participants who invested in these funds.
>>

I guess employees who bought into these funds in their retirement plans are responsible for their own situation. They should have known better, right?
:sarcasm:

[UpInArms]

24. Fed Pumping Action: Fed adds $16 bln in reserves via overnight repo

http://www.reuters.com/article/bondsNews/idUSNYG00078020071010

NEW YORK, Oct 10 (Reuters) - The U.S. Federal Reserve said on Wednesday it added $16.0 billion of temporary reserves to the banking system via an overnight repurchase agreement.

Federal funds traded in the market steady at 4.875 percent after the operation amount was announced, above the 4.75 percent target rate the Fed sets.

The Fed said collateral accepted in the operation was $11.51 billion in agency debt, $2.41 billion in mortgage-backed securities and $2.08 billion in Treasuries.

A total of $59.25 billion in bids were submitted for the operation.

[UpInArms]

26. "I'm Forever Blowing Bubbles" Greenspan sees US econ toll from credit crunch

http://www.reuters.com/article/bondsNews/idUSN1023029620071010

NEW YORK, Oct 10 (Reuters) - The credit crunch that has troubled financial markets in recent months will also take its toll on the U.S. economy eventually, former Federal Reserve Chairman Alan Greenspan said on Wednesday.

Greenspan said house prices would almost certainly fall and that the slump will eventually prompt consumers to cut back spending. He was speaking at the World Business Forum in New York.

"When you get house prices flattening out, you begin to get pressures on consumption," Greenspan said.

He also said that rising stock prices could help offset the drop in the value of home equity.

...more...

[UpInArms]

27. Americans charge it as Bank of Subprime closes: James Saft

http://www.reuters.com/article/newsOne/idUSL0936312820071009?sp=true

LONDON (Reuters) - The automated teller for home loans is empty and Americans are relying increasingly on credit cards to pay their living costs, indicating tough hurdles ahead for U.S. consumer spending and markets.

Federal Reserve data released on Friday showed U.S. consumer borrowing rising by $12.18 billion in August, more than 20 percent more than economists had forecast.

Most striking was an 8.1 percent increase in borrowing on revolving credit lines, mostly credit cards, to a record $909 billion.

Credit card borrowings rose at the sharpest rate since early 2002.

<snip>

Quite possibly, it wasn't because they felt better, but because things had gotten suddenly worse.

"If they had been financing their consumption on the basis of the equity of their homes and suddenly that is cut off then they will have to borrow more through traditional channels," said Stephen Lewis, economist at Insinger de Beaufort in London.

...more...

[UpInArms]

28. Stanley Furniture to cut 250 jobs in Virginia

http://www.reuters.com/article/bondsNews/idUSN1022255920071010

NEW YORK, Oct 10 (Reuters) - Stanley Furniture Co. (STLY.O: Quote, Profile, Research) said on Wednesday it plans to cut 250 jobs at its Virginia plants and consolidate manufacturing operations, hurt by a softer U.S. housing market that is slowing spending.

The company said it will take a related after-tax charge of $4.1 million, or 39 cents per share, which is expected to impact its fourth quarter and the first quarter of 2008.

Stanley said it would move its Martinsville production to Stanleytown and expand warehouse operations at Martinsville. The company employs about 1,300 people at both Virginia plants. Those laid off include hourly and management employees.

Stanley said the job cuts will not affect its North Carolina facilities at Lexington and Robbinsville.

Furniture companies have been pressured over the past year as the housing market and higher borrowing costs slowed spending on big-ticket items such as furniture. Last December, Stanley cut 200 of the 450 jobs at its Robbinsville plant to better align staffing with demand.

...more...

[AnneD]

29. Court shows unease

WASHINGTON — The Supreme Court, hearing arguments in a major securities case Tuesday, questioned investors' rights to sue banks and other third parties for securities fraud, dampening the hopes of those trying to recoup billions of dollars lost when Houston's Enron Corp. collapsed in 2001.

With the exceptions of Justices Ruth Bader Ginsburg and David Souter, most of the court's members indicated that they are reluctant to let investors sue bankers, accountants, law firms and other companies they accuse of scheming with corporations to misrepresent their worth on Wall Street.

Patrick Coughlin, a lawyer for investors trying to collect $40 billion from Enron's bankers, conceded on the courthouse steps that Tuesday's case involving another company could end in a 4-4 tie after Justice Stephen Breyer excused himself from participating. That tie would be a loss for investors.

<snip>
The case, which will be decided by next summer, is the most significant securities lawsuit to come before the court since 1994, when the justices decided that bit players — mere "aiders and abettors" — in securities cases can be sued only by the government, not by private citizens.


http://www.chron.com/disp/story.mpl/business/5201582.html

If you can't sue these folks that basically collude with Enron (or any other company) to basically give you fradulent information....then what option do you have other than not invest. if ever there was a case for federal intervention to protect the investor-this is it. And they want us to put our retirement in the market.:eyes:

[antigop]

30. Yes, exactly. And Hillary wants universal 401(k)'s.

And see my post above about State Street's funds that people invested in their 401(k)'s.

[antigop]

31. OK, here is one idea .... let people periodically roll their money out of their 401(k) into an IRA

I think it is crazy that people should have to keep their money locked up in a company's 401(k) until they either quit or retire.

People should be allowed to roll that money into an IRA of their own choosing. That way they are not stuck indefinitely with the plans their employers choose for them.

Companies already have a mechanism for doing this -- when people retire or quit, they can roll their 401(k)'s into an IRA. All we need to do is open that up, so that periodically people can get their money out from underneath their employer's 401(k) plan.

<edit to add> If it's YOUR money, you should be allowed to invest it for YOUR retirement, the way YOU want to.

<soapbox off>

[Roland99]

32. hmmmm....

interesting idea.

[antigop]

34. Ask yourself why this isn't allowed in employer plans...

<edit to add> Actually, I found a website at one point where some lawyer claimed there was nothing legally preventing this -- but the plan had to allow it.

I don't know if this is true or not, and I can't find the website.

I'll bet, though, that if people asked whether their plan allowed a rollover while they were still working at that employer, the answer would be,"No, you can't do that unless you quit or retire."

[Roland99]

36. $$$$$$

[antigop]

37. I just edited post #34, in case you missed the updates...n/t

[ret5hd]

40. If i have a 401k can i even have an IRA?

(not really on topic, because i agree with you)
i was under the impression that if a person has a 401k available to them thru their employer, that person is not able to have an IRA.

I realize the laws could be changed, just asking about current law.

[RantinRavin]

44. Absolutely you can have both

However, if you contribute to your 401K plan, then depending on your income level you may not be able to take the deduction for your IRA contributions from your income taxes...

[RawMaterials]

46. Max out your 401k up to the employer match then fund

a roth-ira. It will give you "tax diversification" when you start to withdraw your retirement funds. IMO

[AnneD]

55. Ahmen...

I have been putting money in an IRA now at the low tax rates cause you know we will be stuck at a higher rate in the future. Someone has to pay for the war.

[RantinRavin]

57. I hope it's a ROTH IRA

or you will be paying those higher taxes.

[AnneD]

60. I didn't fall off the turnip truck yesterday......

it's a Roth. I have a good broker. ;)
He doesn't make a lot off me but he is very good and I give him lots of referral biz and the folks I refer to him are happy too.

[kineneb]

51. rhetorical question: what the h*** is a 401k...

Hubby used to have one... then he lost his job... then he lost kidney function... all assets had to be cashed out so he could get medical care.

My opinion: to hell with the 401k, IRA, etc. We Must have Universal (low cost/no cost) health care soon, or we will all go broke. Rice and beans, anyone?

PS. because I am 49, I don't expect to have any retirement money except Hubby's Social Security, if that... can't work, must take care of him now. Sigh.


Sorry for the rant here, but all the candidates (D or R) are soooo out of touch with the real world.

[specimenfred1984]

53. It's for the ever shrinking and usually hated "investor class"

Probably, the person who fired your sick husband has one, as does the corrupt hospital worker who stole your last cent. Good post.

[TrogL]

45. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



30-day vs. Euro, Yen, UK Pound and Swiss Franc




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

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

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.Y%24%24&v=s&w=5&t=l&a=1

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

2007-09-10 Monday, September 10 0.949487 USD
2007-09-11 Tuesday, September 11 0.958773 USD
2007-09-12 Wednesday, September 12 0.964134 USD
2007-09-13 Thursday, September 13 0.968617 USD
2007-09-14 Friday, September 14 0.971628 USD
2007-09-17 Monday, September 17 0.970214 USD
2007-09-18 Tuesday, September 18 0.977135 USD
2007-09-19 Wednesday, September 19 0.985513 USD
2007-09-20 Thursday, September 20 0.998901 USD
2007-09-21 Friday, September 21 0.999201 USD
2007-09-24 Monday, September 24 0.998901 USD
2007-09-25 Tuesday, September 25 0.9995 USD
2007-09-26 Wednesday, September 26 0.99552 USD
2007-09-27 Thursday, September 27 0.99691 USD
2007-09-28 Friday, September 28 1.00412 USD
2007-10-01 Monday, October 1 1.00715 USD
2007-10-02 Tuesday, October 2 0.9998 USD
2007-10-03 Wednesday, October 3 1.00392 USD
2007-10-04 Thursday, October 4 1.002 USD
2007-10-05 Friday, October 5 1.01885 USD
2007-10-08 Monday, October 8 1.01885 USD
2007-10-09 Tuesday, October 9 1.01564 USD

Current values

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

Market            Open   High    Low   Last  Change    Pct 
CD.Y$$ Cash        1.0192 1.0197 1.0179 1.0192 +0.0020 +0.20% 
CD.Z07 Dec 2007    1.0203 1.0206 1.0177 1.0189 +0.0011 +0.11% 
CD.H08 Mar 2008    1.0194 1.0195 1.0187 1.0195 +0.0014 +0.14% 
CD.M08 Jun 2008    0.9495        0.9495 1.0184 -0.0017 -0.17% 
CD.U08 Sep 2008    1.0163 1.0195 1.0163 1.0185 -0.0019 -0.19% 
CD.Z08 Dec 2008    0.9530 0.9530 0.9530 1.0186 -0.0019 -0.19% 
CD.H09 Mar 2009    1.0055 1.0060 1.0050 1.0187 -0.0019 -0.19% 

Other combinations:

AU.Z07 AUSTRALIAN $/US$ Dec (NYBOT)          0.89525 +0.00085 
HY.Z07 CANADIAN $/JAPANESE YEN Dec (NYBOT) 118.255   +0.045 
GB.Z07 EURO/BRITISH POUND Dec (NYBOT)        0.6946   0.0000 
EP.Z07 EURO/CANADIAN $ Dec (NYBOT)           1.38740 -0.00145 
EJ.Z07 EURO/JAPANESE YEN Sep (NYBOT)       164.80    +0.62 
EU.Z07 EURO/US$ (LARGE) Sep (NYBOT)          1.41210 +0.00205 

Blather (from http://quotes.ino.com/exchanges/?r=CME_CD)

The December Canadian Dollar was higher overnight as it extends last week's rally above the previous high crossing at 1.0101. Stochastics and the RSI are overbought but are neutral signaling that sideways to higher prices are possible near-term. Upside targets are hard to project as December continues to extend this fall's rally into new uncharted territory. Closes below last Thursday's low crossing at .9990 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 1.0225. First support is the 10-day moving average crossing at crossing at 1.0099 then last Thursday's low crossing at .9990.

Analysis

I emailed the folks at kitco and they fixed the US/Canada .gif. Looks like lots of instability today.

[AnneD]

47. Say it in plain English, please

WASHINGTON — Federal regulators are telling companies to provide clearer, more detailed analyses of their executive compensation decisions and avoid repeating unhelpful "boilerplate" in expanded disclosure statements.

After reviewing 350 public companies' compliance with new disclosure rules, the Securities and Exchange Commission said Tuesday it asked "a significant number of companies to replace boilerplate discussions ... with more specific analysis" of how compensation committees determined executive pay and perks.

While acknowledging that the new disclosure rules have provided investors with a substantial amount of information on executive pay, "far too often meaningful analysis is missing," John White, the director of the SEC's division of corporate finance, said during a speech Tuesday in San Francisco at the National Association of Stock Plan Professionals conference on executive compensation.

The SEC had the most questions on "performance targets" for individuals that companies used to determine compensation and asked them to explain how the quality of an executive's performance translates into an objective pay decision.

Corporate performance goals included in the proxies ranged from financial targets such as earnings and sales growth, to strategic goals including increases in market share, according to the review.

<snip>


http://www.chron.com/disp/story.mpl/business/5201609.html



Ahhhhh transparency, the best disenfectant. Time these weevils are exposed. :evilgrin:

[Buttercup McToots]

48. MINT SUSPENDS GOLD COIN SALES PENDING PRICE INCREASE

Due to the increasing market value of gold, the American Eagle Gold Uncirculated Coins are temporarily unavailable while pricing for this option can be adjusted; therefore, no orders can be taken at this time.


MINT SUSPENDS GOLD COIN SALES PENDING PRICE INCREASE
Gold American Eagle Sales Suspended
From Numismatic News, Cincinnati, Ohio
Thursday, September 13, 2007


Sales of some 2007 gold American Eagles were suspended by the U.S. Mint late Thursday, Sept. 13, due to the rising price of gold bullion on international markets.

Uncirculated American Eagles with the "W" mintmark went off sale with the expectation they would be repriced and returned to the market on or after Sept. 27, according to the U.S. Mint.

The $749.95 price for the one-ounce coin was barely above the highs reached by gold bullion this week.

Also suspended were bulk sales of four-coin sets of proof 2007 gold American Eagles. These sell at a discount to bulk dealers. Sales of individual gold American Eagle proof sets to collectors continue at the $1,499.95 price.

The mint will honor all orders for which confirmations have been received by bulk dealers.

__________________
"Its a Tao thing!"

[Buttercup McToots]

49. Wowie Zowie...Ex-Mexican prez: Yes, there will be an amero

Ex-El Presidente: Yes, there will be an amero - GOLD???????

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

Ex-Mexican prez: Yes, there will be an amero Quote

Vicente Fox confirms long-term plan worked out with President Bush.


Posted: October 9, 2007
1:15 p.m. Eastern


By Jerome R. Corsi
© 2007 WorldNetDaily.com


Ex-Mexican President Vicente Fox last night on CNN
In an interview last night on CNN's "Larry King Live," the former president of Mexico, Vicente Fox, confirmed the existence of a government plan to create the amero as a new regional currency to replace the U.S. dollar, the Canadian dollar and the Mexican Peso.

It possibly was the first time a leader of Mexico, Canada or the U.S. openly confirmed a plan to create a regional currency. Fox explained the current regional trade agreement is intended to evolve into other previously hidden aspects of integration.

According to a transcript published by CNN, King, near the end of the broadcast, asked Fox a question e-mailed from a listener, a Ms. Gonzalez from Elizabeth, N.J.: "Mr. Fox, I would like to know how you feel about the possibility of having a Latin America united with one currency?"

Fox answered in the affirmative, admitting he and President Bush had agreed to pursue the Free Trade Agreement of the Americas – a free-trade zone extending throughout the Western Hemisphere – and that part of the plan was to institute a regional currency from Canada to the tip of South America.

"Long term, very long term," he said. "What we proposed together, President Bush and myself, it's ALCA, which is a trade union for all the Americas."

ALCA is the acronym for the Area de Libre Comercio de las Américas, the name of the FTAA in Spanish.

Fox noted the FTAA plan had been thwarted by Hugo Chavez, the radical socialist president of Venezuela.

"Everything was running fluently until Hugo Chavez came," Fox commented. "He decided to combat the idea and destroy the idea."

King, evidently startled by Fox's revelation of the currency, asked pointedly, "It's going to be like the euro dollar, you mean?"

"Well, that would be long, long term," Fox repeated.

Fox then explained that he and Bush intended to proceed incrementally, establishing FTAA as an economic agreement first and waiting to create an amero-type currency later – a plan Fox also suggested was in place for NAFTA itself.

"I think the process to go, first step is trading agreement," Fox said. "And then further on, a new vision, like we are trying to do with NAFTA."

Last week, WND reported BankIntroductions.com, a Canadian company that specializes in global banking strategies and currency consulting, is advising clients the amero may be the currency of North America within 10 years.

Coin designer Daniel Carr has issued for sale a series of private-issue fantasy pattern amero coins that have drawn attention on the Internet.

WND also reported the African Union is moving down the path of regional economic integration, with the African Central Bank planning to create the "Gold Mandela" as a single African continental currency by 2010.

The Council on Foreign Relations has supported regional and global currencies designed to replace nationally issued currencies.

In an article in the May/June issue of Foreign Affairs, entitled "The End of National Currency," CFR economist Benn Steil asserts the dollar is a temporary currency.

Steil concluded "countries should abandon monetary nationalism," moving to adopt regional currencies, on the road to a global "one world currency."

WND previously reported Steve Previs, a vice president at Jeffries International Ltd. in London, said the amero "is the proposed new currency for the North American Community which is being developed right now between Canada, the U.S., and Mexico."

A video clip of the CNBC interview in November with Jeffries is now available at YouTube.com.

WND also has reported a continued slide in the value of the dollar on world currency markets could set up conditions in which the adoption of the amero as a North American currency gains momentum.

[UpInArms]

56. mexed missages at the close

Dow 14,078.69 85.84 (0.61%)
Nasdaq 2,811.61 7.70 (0.27%)
S&P 500 1,562.47 2.68 (0.17%)
10-Yr Bond 4.647% 0.004

NYSE Volume 3,012,603,500
Nasdaq Volume 1,979,509,500

4:20 pm : The equity market spent most of Wednesday's session on the defensive following a batch of disappointing earnings updates from the likes of Alcoa (AA 38.73, -0.99), Chevron (CVX 92.08, -0.72), Valero (VLO 74.25, +2.06), PetSmart (PETM 31.06, -1.32) and International Paper (IP 36.18, -0.88).

Alcoa was the only one of the aforementioned companies to report actual quarterly results and they disappointed on a few fronts. First, earnings were up just 3.0% in the seasonally weak period. Secondly, the aluminum company's profit of $0.64 per share was two cents below the Reuters Estimates consensus estimate.

Alcoa helped mitigate some of the disappointment with an announcement that its buyback authorization has been increased from 10% of shares outstanding to 25%. Still, the Dow component lost ground on the session and weighed on the blue chip averages.

Chevron and Valero tempered their third quarter outlooks due to a drop in refining margins, International Paper cut its third quarter estimates due to lower than planned land sales, and PetSmart reduced its guidance citing the weather and weak consumer demand.

Boeing (BA 98.68, -2.77) was another key laggard in the broader market. Its stock got clipped after the company said the delivery of its Dreamliner jet would be delayed due to component shortages on its 787 assembly line. Boeing was the biggest drag on the Dow today, which dropped as many as 154 points at its lows for the day.

One of the other big news stories today was the report that the UAW went on strike at Chrysler plants after the two parties were unable to reach agreement on a new contract before the 11:00 ET strike deadline.

Strikingly, the Nasdaq held its ground throughout the session, losing just 8 points at its worst levels. Once again, its resilience was fueled by the outperformance of large-cap leaders like Google (GOOG 625.39, +10.20) and Research In Motion (RIMM 116.88, +1.36).

Retailer Costco (COST 69.13, +5.82) also provided some strong support for the Nasdaq as it proved to be a bright spot amid today's disappointing earnings reports. Costco for its part posted a fourth quarter profit of $0.91 per share, ex items, that topped estimates by eight cents. Additionally, it reported a 6.0% increase in September same-store sales that beat the consensus estimate that called for an increase of 4.7%.

The relative strength of the Nasdaq helped spark an afternoon recovery effort that saw the broader market pare its losses considerably. Still, the Dow and S&P 500 couldn't complete the recovery as a weak financial sector (-1.0%) acted as an influential drag.

Strength in the energy (+1.1%), technology (+0.3%) and consumer staples (+0.3%) sectors helped limit losses in the broader market.DJ30 -85.84 NASDAQ +7.70 SP500 -2.68 NASDAQ Dec/Adv/Vol 1525/1363/1.98 bln NYSE Dec/Adv/Vol 1733/1566/1.15 bln

3:30 pm : Since the last update, the S&P has reached the unchanged mark, and the Nasdaq Composite has extended its gains. The Dow has managed to cut the majority of its losses.

The recovery effort is especially impressive considering the underperformance of the financial sector (-0.9%) is a large drag on the S&P due to its 20% weighting.

Tomorrow, PepsiCo (PEP 73.75, -0.52), Safeway (SWY 33.13, -0.28) and SLM Corp (SLM 48.55, +0.05) are set to report their earnings. DJ30 -67.88 NASDAQ +7.72 SP500 -0.85 NASDAQ Dec/Adv/Vol 1652/1256/1.55 bln NYSE Dec/Adv/Vol 1851/1386/808 mln