STOCK MARKET WATCH, Wednesday 12 January

[ozymandius]

Wednesday January 12, 2005

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 4 YEARS, 8 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 4 YEARS, 32 DAYS
WHERE'S OSAMA BIN-LADEN? 3 YEARS, 86 DAYS
DAYS SINCE ENRON COLLAPSE = 1147
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54

---

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

---

AT THE CLOSING BELL ON January 11, 2005

Dow... 10,556.22 -64.81 (-0.61%)
Nasdaq... 2,079.62 -17.42 (-0.83%)
S&P 500... 1,182.99 -7.26 (-0.61%)
10-Yr Bond... 4.24% -0.03 (-0.79%)
Gold future... 422.40 +3.00 ( +0.71%)





GOLD, EURO, YEN, Dollars and Loonie

---

PIEHOLE ALERT

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

For information on protests and other actions Citizens For Legitimate Government

---

[ozymandius]

1. WrapUp by Ike Iossif

...cut past lotsa interesting charts... (Be careful looking. You might poke your eye out.)

Summary

All the indices have traded in a narrow sideways range for the past five consecutive days. My expectation is that a break-out or a break-down from the narrow zone of the past few days will set the bullish/bearish tone of the next 3%-5% move. Consequently, we highly recommend paying attention to the highs/lows of the last five trading days. On balance, we ought to be bullish on a close above those highs by two or more of the major indices. We ought to be bearish--on balance--on a close below the lows of the past five days, by two or more of the major indices, and we ought to stay neutral in-between.

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

[ozymandius]

2. Have a wonderful day folks.

And good morning... :donut: :donut: :donut:

I am off to my first day at work at the museum. I will check in if time allows. Have fun at the Casino.

Ozy :hi:

[JNelson6563]

6. Happy First Day!

I know you will bowl them over Ozy! We all look forward to hearing how it went.

We're all very happy for you getting this opportunity and really pulling for you!

:grouphug:

Julie

[UpInArms]

7. Have a Great First Day at Work, Ozy!

We'll be thinking about you and hoping all is good!

:hi:

[RawMaterials]

14. Have a great day at work today

remember most places give you some grace period to learn the ropes and the way they like things done, so don't stress out to much. :)

[spotbird]

18. Good luck, it sounds like a fun job! nt

[54anickel]

26. Doh! Overslept so didn't get to see you off on your first day!!! Have a

great day Ozy! Once you get to know the ropes, let me know who to contact to donate an exhibit. I'm sure one of these will belong in a museum soon. :evilgrin:



Did you catch this article I had posted on Monday? Thought you might like it and would hate for you to miss it! :hi:

http://www.forbes.com/business/2005/01/07/cx_da_0107topnews.html

[RawMaterials]

3. U.S. Treasuries Decline in New York Amid Concern Auction Demand Will Wane

Jan. 12 (Bloomberg) -- U.S. Treasuries fell in Europe on concern the government's sale today of $15 billion in five-year notes will draw fewer buyers from overseas after the yen had its biggest gain in a month against the dollar yesterday.

Japan, the biggest overseas owner of U.S. government debt, cut its holdings for a second month in October, the first back-to- back decrease since September 2001, according to the most recent data from the Treasury. The U.S. also will sell $10 billion of 10- year inflation-linked securities tomorrow.

``Buying by Asian central banks could slow as they already hold a lot of dollar assets and they've fired a couple of warning shots that they can't buy Treasuries for ever,'' said Cian Murphy, a fixed-income trader in Dublin at Bank of Ireland Plc, the biggest Irish bank by assets. ``We may see yields higher as Asian buying has been keeping them artificially low.''

The 3 1/2 percent note maturing December 2009 fell 1/16, or $0.63 per $1,000 face amount, to 99 by 7:23 a.m. in New York, according to Cantor Fitzgerald LP. The yield gained 1 basis point, or 0.01 percentage point, to 3.72 percent. It reached 3.77 percent on Jan. 7, the highest in more than five months.

The 10-year yield gained 1 basis point to 4.25 percent. Murphy expects it to rise to 5 percent by the end of the year

snip..
Diversifying Portfolios

``We've got a dollar that is weakening and the Fed saying they are going to keep hiking rates so there is no compelling reason to buy Treasuries,'' said Jonathan Lee, a fixed-income analyst in London at Barclays Capital. ``You can understand why foreign central banks are looking to diversify their portfolios out of dollars.''

Barclays is one of 22 primary dealers who trade directly with the Fed's New York branch. Lee expects the yield on the 10- year Treasury to rise to 5.3 percent by year-end.

snip..
Shift to Europe

U.S. 10-year Treasuries yielded about 63 basis points more than comparable German securities today, compared with a 68-basis point gap on Jan. 10, which matched the widest since August 2000. As recently as September, the yields were the same, Bloomberg data shows. A wider gap signals greater demand for European bonds relative to U.S. debt.

``Investors have been shifting from U.S. debt to European bonds because of the strength of the euro,'' Oh'e said. ``That trade is less attractive now as German bunds have gained and the euro is not as strong.''

Traders should also bet on a further narrowing of the gap between U.S. two- and 10-year notes, Oh'e said.

http://www.bloomberg.com/news/markets/bonds.html

could get fun...

[JNelson6563]

8. It'll be interesting to see

how that auction goes. Especially the breakdown on how much foreign governments buy.

Good article, I also see yields topping 5% on the 10yr.

Julie

[UpInArms]

16. Treasury notes mixed in wake of trade data

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.369560706-830896474&siteID=mktw&scid=0&doctype=806&

CHICAGO (CBS.MW) -- The benchmark 10-year Treasury note got an initial boost as a report showing a record U.S. trade gap could spell a reduction in U.S. GDP. But the note turned lower as a weaker dollar on back of the trade data could mean less demand from foreign investors at this week's Treasury auctions. The 10-year note was down 5/32 at 99 30/32, yielding 4.26 percent. The 2-year note was up 1/32 at 99 20/32, yielding 3.20 percent.

[UpInArms]

78. hey Julie - question for you

what does this mean:

1:02pm 01/12/05 U.S. 5-YEAR TREASURY NOTE BID-TO-COVER 2.37

1:02pm 01/12/05 U.S. TREASURY AUCTIONS 5-YEAR NOTE AT 3.731% YIELD

[UpInArms]

81. here's the answer: Treasurys little changed after mixed auction results

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.5537695023-830908884&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

CHICAGO (CBS.MW) -- Both the benchmark 10-year Treasury note and the 5-year note were modestly lower, moving little in the wake of mixed results for the government's auction of 5-year notes. The new 5-year securities went at a high yield of 3.731 percent, slightly above expectations. The bid-to-cover ratio, a measure of demand was at a slightly softer 2.37, which means $2.37 in bids were received for every $1 of notes sold. Indirect bidders, a category that includes foreign central banks, took 39.8 percent of the notes, down sharply from December's record 65.8% but just shy of the average of 43.6 percent seen over past 12 auctions.

[JNelson6563]

86. Thanks for results

Not surprised to see FCB participation down. We are on the road to ruin. Ugh.

Julie

[UpInArms]

84. Treasurys get late lift on flight scare, budget figures

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.5974796296-830912863&siteID=mktw&scid=0&doctype=806&

CHICAGO (CBS.MW) -- Treasurys turned higher in the final hour of trading in part because of a report that a New York-bound British Airways flight had been returned to London after U.S. authorities said a passenger on board was not allowed in the United States. U.S. government debt is often sought as a "safe haven" investment during uncertain security situations. The reversal higher for Treasurys also stemmed from a report showing improved U.S. budget figures for December. Treasurys slumped earlier owing to a weaker dollar and reduced demand at an auction of 5-year notes. At last check, the benchmark 10-year note was up 3/32 at 100 6/32. Its yield fell to 4.23 percent vs. 4.24 percent.

[RawMaterials]

4. Crude Oil Rises as Colder Weather to Boost Heating Use in U.S. Northeast

Jan. 12 (Bloomberg) -- Crude oil rose for a second day on expectations heating demand will rise and stockpiles shrink in the U.S., reducing the supplies needed to cope with surges in winter consumption.

Temperatures in the U.S. Northeast may fall below average from Jan. 17 through Jan. 21 after an unseasonably warm period, the National Weather Service said. U.S. crude stockpiles probably fell 1.9 million barrels last week, a Bloomberg survey showed, as OPEC pumps less. Violence is curbing Iraqi exports and bad weather is hampering North Sea output and shipments.

snip..
Warm Winter

Warmer-than-average temperatures in the last quarter of 2004 are estimated to have reduced demand by 192,000 barrels a day in the 30-country Organization for Economic Cooperation and Development, Societe Generale analysts Frederic Lasserre and Alex Kervinio wrote in a report.

``As a consequence, the market is tempted to consider that winter will be a non-event, forgetting perhaps a bit too quickly that oil demand's sensitivity to temperature leaps 77 percent'' from the fourth quarter to the first, the analysts said.

The Organization of Petroleum Exporting Countries is due to meet at its Vienna headquarters at the end of this month to discuss oil prices and its self-imposed production quotas.

``U.S. crude inventories are actually reasonably well stocked so OPEC is concerned that there is going to be a big increase in inventories and this could translate into a big price drop, so they are looking to cut before that,'' said Simon Wardell, an analyst at World Markets Research Centre in London.

snip..
``We have still got very tight refinery capacity in the U.S. and problems with the refining sector, so we haven't had the build as quickly as we normally see it, or as early, so we are still very low on distillate stocks,'' Wardell said.

The U.S. Energy Department will publish its weekly report on petroleum inventories at 10:30 a.m. in Washington.

http://www.bloomberg.com/news/markets/energy.html

well it is supposed to get up to 70% today January 12 2005 Ohio (global warming, I don't see know stinking global warming)

[UpInArms]

42. Oil futures rise ahead of supply data (due at 10:30 EST)

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.427611713-830900691&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (CBS.MW) -- Crude-oil futures climbed above $46 a barrel with most analysts expecting two key U.S. reports to reflect declines in crude inventories, along with increases in distillate and gasoline supplies. Reports from the Energy Department and American Petroleum Institute, covering the week ended Jan. 7 are due after 10:30 a.m. Eastern. Ahead of the news, February crude is up 37 cents at $46.05 a barrel.

[UpInArms]

46. Petroleum Inventory Report

10:31am 01/12/05 U.S. CRUDE STK DOWN 3 MLN BRLS LAST WK: ENERGY DEPT

10:31am 01/12/05 U.S. DISTILLATE STK UP 1.9 MLN BRLS: ENERGY DEPT

10:31am 01/12/05 U.S. GASOLINE STK UP 1 MLN BRLS: ENERGY DEPT

[UpInArms]

5. daily dollar watch

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

Last trade 82.84 Change -0.18 (-0.22%)

http://futures.fxstreet.com/Futures/news/afx/singleNew.asp?menu=economicnews&pv_noticia=MTFH66536_2005-01-12_12-45-29_L1236287

FOREX-Dollar on back foot ahead of U.S. trade data

LONDON, Jan 12 (Reuters) - The dollar lost ground against the euro and the yen on Wednesday ahead of U.S. trade data that could put the market's focus back on structural problems in the U.S. economy.

The yen was on a firmer footing, hitting a seven-week high against the euro and a one-week peak on the dollar, after comments on Tuesday by the European Central Bank's chief economist urging Asia to share the burden of dollar weakness.

Markets are awaiting U.S. November trade data at 1330 GMT. The trade deficit, a factor behind the dollar's three-year decline, is expected to have narrowed slightly to $54 billion in November from $55.46 billion in October.

"If is there is an improvement you might see a bit of a dollar pick up but does anyone believe that's the start of a new trend? I don't think so," said Neil Mellor, currency strategist at Bank of New York.

"The deficit will probably continue to deteriorate on a trend basis regardless of today's figure."

...more...

http://www.fxstreet.com/nou/noticies/afx/noticia.asp?pv_noticia=1105530966-9e32d306-21436

CSFB sees soft US dollar, global equities overperforming in near-term 2005

SINGAPORE (AFX) - Credit Suisse First Boston (CSFB) is forecasting a mild weakening of the US dollar and a possible overperformance of the equities market globally in the near term, CSFB chief economist and strategist Arjuna Mahendran said here

The dollar will remain pressured by the anticipated revaluation of the yuan, although CSFB does not see the Chinese authorities making such a decision until after the Chinese New Year

CSFB foreign exchange strategist Charlie Lay said that China is likelier to resist revaluing the yuan the more it is pressured to do so

"If the G7 keeps on pressuring China to do something, the more the heat, the less they are willing to do anything. That's what they (G7) fail to realize," Lay said, adding however, that will continue to be the case even if revaluation would be in China's interest

CSFB expects the revaluation to be in the range of 3.0-5.0 pct

The bearish dollar sentiment is also seen borne of concerns over the US fiscal and current account deficits. "The USD has further room to weaken before stabilizing at USD/JPY 100," CSFB said

...more...

Due at 8:30 EST is the Trade Deficit numbers

Today's Reports:

Jan 12 8:30 AM
Trade Balance Nov
report -
briefing.com -$52.3B
market -$54.0B
last report -$55.5B
revised -

Jan 12 2:00 PM
Treasury Budget Dec
report -
briefing.com $0.0B
market -$0.0B
last report -$17.6B
revised -

Have a Great Day Marketeers!

[UpInArms]

12. Dollar falls sharply on record U.S. trade deficit

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.364541412-830896093&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

NEW YORK (CBS.MW) -- The dollar fell sharply against the euro and the yen in morning trade Wednesday, after news that the U.S. trade deficit unexpectedly widened to a new record high in November. The Commerce Department said the trade deficit reached an all-time high of $60.3 billion, while economists polled by CBS MarketWatch expected the deficit to narrow to $53.3 billion. Against the euro, the dollar was down 0.8 percent at $1.3218, and was worth 102.48 yen, also a 0.8 percent drop.

[UpInArms]

23. Dollar slides on record U.S. deficit

http://cbs.marketwatch.com/news/story.asp?guid=%7BB9FA77C8%2D5E86%2D4F30%2DA779%2D6DEDC801C839%7D&siteid=mktw

NEW YORK (CBS.MW) - The dollar fell sharply in morning trade Wednesday, after news that the U.S. trade deficit unexpectedly widened to a new record high in November.

Against the euro, the dollar fell 0.9 percent to $1.3226, and was worth 102.43 yen, a 0.9 percent drop.

Following a mini-dollar rally since Friday, currency traders were prepared to test the $1.30 euro/dollar level had the deficit narrowed more than expected.

But the U.S. trade deficit reached an all-time high of $60.3 billion, the Commerce Department said. Economists polled by CBS MarketWatch expected the deficit to narrow to $53.3 billion.

"We stick to our view that most of the rally in the dollar is done for now, as Japanese and European data continues to improve or stabilize while U.S. balance sheet problems persist," said DailyFX currency analyst Boris Schlossberg.

Overnight, the dollar came under pressure against the yen after European Central Bank chief economist Otmar Issing reportedly told a conference in Zurich Tuesday that Asian currencies would have to shoulder more of the burden of the U.S. dollar's weakness.

...more...

[UpInArms]

65. dumpster diving with the dollar

Last trade 82.01 Change -1.01 (-1.22%)

Settle 83.02 Settle Time 23:37

Open 83.07 Previous Close 83.02

High 83.26 Low 82.02

Last tick: 2005-01-12 10:44:58 ET
30-min delayed quote.

[UpInArms]

85. U.S. Dec. budget deficit narrows to $3.4 billion

http://cbs.marketwatch.com/help/default.asp?page=support/help/reprint.asp&dist=reprints&siteid=mktw

WASHINGTON (CBS.MW) -- The U.S. federal budget deficit narrowed to $3.4 billion in December from $17.6 billion a year ago, the Treasury Department said Wednesday. Receipts rose from a year ago, to $215.8 billion from $186.7 billion in December 2003. Outlays rose to $219.2 billion from $204.4 billion last year. Last week, the Congressional Budget Office estimated the government recorded a $1 billion surplus in December.

filling in the blanks:

Jan 12 2:00 PM
Treasury Budget Dec
report -$3.4B
briefing.com $0.0B
market -$0.0B
last report -$17.6B
revised -

[UpInArms]

9. OMG - U.S. Nov. trade gap widens to record $60.3 billion

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.3542225347-830895275&siteID=mktw&scid=0&doctype=806&

WASHINGTON (CBS.MW) - U.S. exports sank 2.3 percent in November, driving the U.S. trade deficit to all-time high of $60.3 billion, the Commerce Department estimated Wednesday. While exports fell to a five-month low of $95.6 billion, imports rose 1.3 percent to a record $155.8 billion as the bill for imported oil rose by 17.7 percent, or more than $2 billion, to a record $14.2 billion. The trade gap increased 7.7 percent from October's revised $56 billion and 50.8 percent from November 2003's $40 billion.Wall Street economists were expecting the trade deficit on goods and services to shrink to about $53.3 billion.

8:30am 01/12/05 U.S. NOV. EXPORT FALL LED BY AIRCRAFT, DRILLING GEAR

8:30am 01/12/05 U.S. NOV. IMPORT RISE LED BY OIL, TOYS, ELECTRONICS

8:30am 01/12/05 U.S. IMPORTS FROM CHINA UP 28.7% YEAR-TO-DATE

8:30am 01/12/05 U.S. IMPORTS UP 16% YEAR-TO-DATE, EXPORTS UP 12%

8:30am 01/12/05 U.S. NOV. TRADE GAP WIDER THAN $53.3 BILLION EXPECTED

8:30am 01/12/05 U.S. NOV. CRUDE OIL IMPORTS RECORD $14.2 BILLON

8:30am 01/12/05 U.S. TRADE DEFICIT UP 50.8% YEAR-OVER-YEAR

8:30am 01/12/05 U.S. NOV. IMPORTS RISE 1.3% TO RECORD $155.8 BILLION

8:30am 01/12/05 U.S. NOV. EXPORTS FALL 2.3% TO $95.5 BILLION

8:30am 01/12/05 U.S. NOV. TRADE GAP WIDENS 7.7% TO RECORD $60.3 BILLION

Watch out for falling dollars!

[54anickel]

20. Look at that straight line down on the buck chart achieved 82.30 in

one move. Swine dive!!!!

[54anickel]

49. Heh, guess I was wrong yesterday - Snow don't know nuttin' afterall!

Another day of surprised economists. :eyes:

[UpInArms]

50. SpinWatch (I smell fear)

10:36am 01/12/05 WHITE HOUSE: TRADE DEFICIT SHOWS U.S. IS GLOBAL ENGINE

[UpInArms]

54. White House: trade deficit shows U.S. is global engine

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.4477078472-830902030&siteID=mktw&scid=0&doctype=806&

WASHINGTON (CBS.MW) -- President Bush sees the record trade deficit as evidence the U.S. is the global driver of economic growth, White House spokesman Scott McClellan said Wednesday. "Our economy is the economic engine for world growth," McClellan told reporters at the White House, adding "because of that prosperity, Americans are shopping in the global marketplace, buying more goods and services than other countries which are not growing as fast." Earlier Wednesday, the Commerce Department said U.S. exports sank 2.3 percent in November, driving the nation's trade deficit to an all-time high of $60.3 billion. McClellan urged other nations to step up efforts to increase growth.

[54anickel]

70. What a delusional A$$!...n/t

[54anickel]

58. Bwahahahahahaha - the little engine that couldn't. Made up entirely

of foreign part, a blown head gasket, and no Parts Hut in sight. :evilgrin:

[UpInArms]

64. more detail: Trade gap soars to record $60.3 billion

http://cbs.marketwatch.com/news/story.asp?guid=%7B0ECE01C3%2DBFC0%2D41B7%2D9FF2%2D1227AE88BAB4%7D&siteid=mktw

U.S. exports decline 2.3%; imported oil bill jumps 17.7%

WASHINGTON (CBS.MW) -- U.S. exports sank 2.3 percent in November, driving the nation's trade deficit to all-time high of $60.3 billion, the Commerce Department estimated Wednesday.

While exports fell to a five-month low of $95.6 billion, imports rose 1.3 percent to a record $155.8 billion as the bill for imported oil rose by 17.7 percent -- more than $2 billion -- to a record $14.2 billion. The November figures are adjusted for seasonal factors, but not for price changes. Read more.

The trade gap on goods and services thus increased by 7.7 percent from October's revised $56 billion and by 50.8 percent from November 2003's $40 billion.

Wall Street economists had been expecting the U.S. trade deficit to shrink to about $53.3 billion, according to a survey conducted by CBS MarketWatch. See Economic Calendar.

For the first 11 months of 2004, the trade gap totaled $561.3 billion, beating the annual record of $496.5 billion set last year with another month to go. For the year to date, imports have risen 16 percent, while exports are up 12 percent.

The trade gap has widened despite a weakening dollar, which theoretically should make U.S. goods and services more competitive from a pricing standpoint both at home and abroad.

...more...

More proof that their freakin' theory DOES NOT WORK!

[UpInArms]

10. Fed "Damage Control" Team Runs out and Spews:

8:35am 01/12/05 MINEHAN SEES CORE INFLATION AT 2% PACE IN 2005

8:35am 01/12/05 MINEHAN SAYS HER FORECAST IMPLIES HIGHER INTEREST RATES

8:35am 01/12/05 MINEHAN SAYS HIGHER INFLATION POSSIBLE BUT NOT LIKELY

8:35am 01/12/05 MINEHAN SEES ACCELERATION IN JOB CREATION

8:35am 01/12/05 BOSTON FED'S MINEHAN SAYS ECONOMY IN GOOD SHAPE IN 2005

[UpInArms]

11. Boston Fed's Minehan sees 2005 GDP growth near 4% rate

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.3582325463-830895697&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

WASHINGTON (CBS.MW) -- The U.S. economy is in "reasonably good shape" in 2005, with gross domestic product expected to expand near a 4 percent rate, said Cathy Minehan, the president of the Federal Reserve Bank of Boston. The relatively strong growth rate should be accompanied by continued hiring and low inflation, she said in a speech to the Connecticut Business and Industry Association in Hartford. This upbeat forecast implies "less need" for Fed monetary policy to remain accommodative, she said, "but with risks on both sides of the forecast, a lot depends on how economic growth unfolds."

[UpInArms]

13. Today's Layoffs

http://www.orlandosentinel.com/business/orl-biztupperware12011205jan12,1,5693748.story?coll=orl-business-headlines&ctrack=1&cset=true

Tupperware layoffs stun tiny S.C. town

Plastics-maker Tupperware Corp. is cutting 250 jobs at its Hemingway, S.C.-based factory -- about half of the plant's total work force.

It's the third layoff in less than two years at the facility, the only U.S.-based manufacturer for the Orlando-based storage-container company. Smaller layoffs were announced in April and July last year, and in the fall of 2003.

"As we evaluate our capacity, we want to make sure and use our resources in the most cost-effective way possible," Jane Garrard, a company spokeswoman, said Tuesday.

Tupperware will have $6.8 million in expenses related to the job cuts, plus an additional cost of $2.4 million to relocate equipment, the company said in a filing with the U.S. Securities and Exchange Commission. The move is expected to save the company about $6 million a year.

The plant, which opened in 1976, supplied 75 percent of the plastic bowls, kitchenware and other Tupperware products in North America.

Although the facility will still produce some products, such as two-toned plasticware and high-tech, polycarbonate items, most of its operations will be allocated to overseas plants. Tupperware has 15 factories worldwide, some of which will absorb Hemingway's production.

...more...

http://www.commercialappeal.com/mca/local_news/article/0,1426,MCA_437_3463756,00.html

(free registration or try www.bugmenot.com)

Arlington center to lose 193 jobs

Developmental facility anchors town economy

The state will cut 193 positions -- or 15 percent of the workforce -- at Arlington Developmental Center to bring staffing in line with national levels.

Across-the-board job cuts in the 1,259-employee workforce begin in two weeks, with the last departure by June 30, Tony Troiano, communications director for the Division of Mental Retardation Services in Nashville, said Tuesday.

"This is not a cost-cutting measure," Troiano said.

The cuts will free about $6 million of Arlington's $65 million annual budget that can "go into community programs and other support services for persons with mental retardation that the division serves," he said.

The announcement came a day after a hearing in federal court on efforts to block a plan that would shut the center down within three years, moving residents into smaller homes throughout the community. U.S. Dist. Judge Bernice Donald is reviewing the request for a restraining order against the plan.

<snip>

Troiano said the staff reduction should not affect residents.

...more...

[UpInArms]

59. here's a laugh

Forget Raise; More Workers Want Time Off

http://www.thecarolinachannel.com/money/4074330/detail.html

A new survey finds a growing number of people would pick more time off from work over a $5,000 pay raise.

According to salary.com, nearly 40 percent of 4,600 full-time workers surveyed would choose time over money. That was an almost 20 percent jump from three years ago, when the company asked the same question.

...more...

but but but

here's the current poll numbers:

Would you rather have more time off from work or a $5,000 raise?
Choice Votes Percentage of 1223 Votes
More time off 590 48%
$5,000 raise 633 52%

[54anickel]

69. Online numbers are different -

Raise = 53% 1123
Time off = 47% 988

Then there's this tidbit, evidence of more with less is getting old:

He said that after years of layoffs and cost-cutting, some employees are no longer willing to put the job above personal needs.

[UpInArms]

60. Fifty millworkers lose jobs at Domtar

http://www.bangornews.com/news/templates/?a=106687&z=12

BAILEYVILLE - Fifty people learned earlier this week that their jobs have been axed at Domtar Industries' pulp and paper mill, and people in this mill town are shaking their heads wondering what this community of nearly 1,400 will do next. The layoffs will take place over the next 12 months.

On Monday, Domtar announced it planned to restructure its activities to improve its cost competitiveness.

"The Woodland mill has conducted an in-depth analysis and review of its business operations and resulting manpower needs," the company said in a prepared release. "This workforce reduction will mainly result from the sharing of best practices between Domtar's manufacturing facilities as well as a concerted effort by all to reduce spending."

Those employees who are being let go will be eligible for financial assistance and be given access to outplacement services. Work force reductions also will be achieved through attrition.

...more...

[UpInArms]

80. Kyocera Wireless moving some ops to Tijuana, Mexico

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.5611891088-830909260&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

SAN FRANCISCO (CBS.MW) -- Kyocera Wireless, a unit of Kyocera Corp. (KYO) , said Wednesday that it plans to shift some of its manufacturing operations from its headquarters in San Diego to its sister company, Kyocera Mexicana, in Tijuana, Mexico, eliminating about 450 jobs. The company said the shift will be complete by the end of its fiscal year on March 31. It also said it plans to cut about 150 service and repair jobs in San Diego as it completes the transition of that division throughout the Americas, Australia, New Zealand and India. Kyocera Wireless said its headquarters will remain in San Diego. Kyocera Group said it will employ about 4,000 people in the San Diego-Tijuana region after the job cuts.

1:19pm 01/12/05 KYOCERA GROUP: 4K SAN DIEGO-TIJUANA WORKERS AFTER CUTS

1:17pm 01/12/05 KYOCERA TO CUT 150 SERVICE, REPAIR JOBS IN SAN DIEGO

1:18pm 01/12/05 KYOCERA WIRELESS SAYS HQ TO REMAIN IN SAN DIEGO

1:17pm 01/12/05 KYOCERA WIRELESS TO COMPLETE SVC, REPAIR OPS SHIFT

1:15pm 01/12/05 KYOCERA WIRELESS TO SHIFT SOME OPS DURING Q4

1:14pm 01/12/05 KYOCERA WIRELESS CUTTING 450 MANUFACTURING JOBS

1:14pm 01/12/05 KYOCERA WIRELESS CUTTING 450 JOBS IN SAN DIEGO

1:13pm 01/12/05 KYOCERA WIRELESS TO SHIFT SOME OPS TO TIJUANA, MEXICO

[UpInArms]

82. Level 3 Communications Announces Job Cuts

http://news4colorado.com/finance/local_story_012120540.html

BROOMFIELD, Colo. (AP) Broomfield-based Level 3 Communications says it will reduce its workforce by some 500 to 600 employees within a matter of weeks.

The fiber-optic network company issued a statement Wednesday morning saying the cuts are designed to save $60 to $70 million a year.

Officials say the job reductions will occur in Level 3's operating subsidiaries by the end of this month. It's not yet clear which subsidiaries the company is referring to or where they're located.

Level 3 chief executive officer James Crowe says the company is happy with the volume of sales, but says revenue growth for voice-over-Internet-protocol service, or VOIP, is difficult to predict.

...more...

[UpInArms]

87. Teradyne edges higher; co. to eliminate 320 jobs

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.6034200463-830913937&siteID=mktw&scid=0&doctype=806&

NEW YORK (CBS.MW) -- Shares of Teradyne (TER) tacked on almost 2 percent to $15.11 in afternoon action. After Tuesday's closing bell, the company disclosed a restructuring plan in a Form 8-K filing with the Securities and Exchange Commission that calls for the dismissal of roughlty 320 employees. Teradyne expects to complete the plan, which aims to lower its expenses, in the first quarter. It anticipates charges totaling roughly $11 million from severance costs and remaining lease obligations will be recorded in the first quarter.

[UpInArms]

15. OfficeMax delays earnings report (because of FRAUD), CFO quits

http://cbs.marketwatch.com/news/story.asp?guid=%7BBFAE6285%2D4B82%2D491A%2D8EDC%2DF5CBB174EC60%7D&siteid=mktw

NEW YORK (CBS.MW) -- Office Max Inc. said Wednesday it will postpone the release of its fourth-quarter and full-year earnings reports, pending the conclusion of a now-expanded probe into an accounting fraud.

At the same time, OfficeMax (OMX: news, chart, profile) said Chief Financial Officer Brain Anderson resigned after two months on the job. Former CFO Ted Crumley will return to that post on an interim basis, the company said.

OfficeMax, which first disclosed the investigation Dec. 20, said it has confirmed claims by a vendor that certain employees created false documents to support about $3.3 million in claims billed to a vendor in 2003 and 2004.

Four employees have been fired as a result of the investigation, the company said.

<snip>

On Oct. 29, the company -- then known as Boise Cascade Corp. -- closed the sale of its paper and forest products businesses and changed its name to OfficeMax, which it purchased in 2003.

...more...

[RawMaterials]

17. Home mortgage applications fall

NEW YORK (Reuters) - Applications for U.S. home mortgages dropped last week as a decrease in purchasing activity offset an increase in refinancing activity, an industry group said Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity declined 3 percent to 587.8 in the week ended Jan. 7, after falling 10.6 percent in the MBA's prior week survey.

The MBA's purchase index, a gauge of loan requests for home purchases, decreased 5.8 percent last week to 393.1, adding to the 13.7 percent loss the previous week

http://money.cnn.com/2005/01/12/news/economy/mortgage_aps.reut/index.htm

[UpInArms]

19. Intel gains on strong Q4, outlook (let's see that inventory report)

Inventories cut nearly 19 percent; Q1 guidance in line

(was that "cut" due to "revaluation"?)

http://cbs.marketwatch.com/news/story.asp?siteid=mktw&guid=%7B671BEC30%2DB78D%2D49F8%2DA10F%2D68D89BBFF44E%7D&

SAN FRANCISCO (CBS.MW) - Shares of Intel Corp. traded higher before the opening bell Wednesday as analysts applauded higher-than-expected fourth-quarter earnings and an upbeat outlook for 2005.

Intel revenue rose 9.8 percent on better-than-expected sales of its computer chips.

Shares of the Santa Clara, Calif.-based company (INTC: news, chart, profile) rose 86 cents, or nearly 4 percent, to $23.40 in pre-open trading on Instinet Wednesday, after closing the Tuesday session down 34 cents at $22.54.

<snip>

Net income at Intel for the period ended Dec. 25 was $2.12 billion, down 2 percent from $2.17 billion for the same period a year ago. Earnings per share were 33 cents, unchanged from the fourth quarter of 2003, as Intel reduced the number of its shares outstanding through a stock buyback program.

<snip>

The company cut inventory levels by more than 18 percent to $2.6 billion, compared with $3.2 billion at the end of the previous quarter. The $560 million reduction was significantly more than the $350 million to $400 million expected by analysts.

"The most important thing for them is that they cut their inventory levels," said RBC Capital Markets analyst Apjit Walia, who has a "sector perform" rating on Intel. "And it was a much deeper than the expected cut."

...more...

Were those "inventory levels" in product or dollars?

[RawMaterials]

22. Could go either way they

could have depreciated product of the books, give it a value of 0$ then when they sell sed product they get all profit.

[UpInArms]

24. I say the report is full of holes

and needs to be examined very carefully -

they have been playing fast and loose with those inventory numbers for quite some time now.

[54anickel]

47. I know I've said this before, but I'll say it again - Intel ALWAYS plays

games with their inventory, especially on the processor end. We would get sudden and unexpected end-of-life notifications on "sweet-spot" processors and have to substitute one of the "dogs" that they had too many of. They also would do huge dumps into the gray market just before their end of quarter. They'd get you to pre-purchase CPUs that they knew damned well you were going to need by sending out last time buy notifications.

Ewwwww, just don't even get me started on that company!!!

[UpInArms]

21. Morgan Stanley fined $13 mln by NYSE over supervision

(let's have these folks play with your retirement money!)

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.3865937268-830897803&siteID=mktw&scid=0&doctype=806&

NEW YORK (CBS.MW) -- The New York Stock Exchange fined Morgan Stanley (MWD) $13 million by for a number of violations including the failure to send prospectuses to 141,000 customers, failure to provide daily trading reports to the exchange and failing to do background checks on 23 percent of its new hires, the Big Board announced Wednesday. The NYSE said the violations occurred between February 2002 and September 2004 and Morgan was guilty of "supervisory, operational and technological deficiencies. Shares of Morgan Stanley closed down 60 cents to $55.47 on Tuesday.

[UpInArms]

37. Advest fined $300,000 for overstating capital

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.4124755556-830899646&siteID=mktw&scid=0&doctype=806&

NEW YORK (CBS.MW) -- The New York Stock Exchange on Wednesday said it had fined Advest, a Hartford-based broker, $300,000 for several rules violations including overstating its net capital by more than $47 million. The NYSE said Advest was deficient in net capital by $5 million between January 2000 and March 2003.

[UpInArms]

38. NYSE fines HSBC $500,000 over e-mails

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.4094429977-830899465&siteID=mktw&scid=0&doctype=806&

NEW YORK (CBS.MW) -- The New York Stock Exchange said Wednesday it has fined HSBC Holdings (HBC) $500,000 for failing to retain three years worth of e-mails in violation of exchange policy. The NYSE also said London-based HSBC failed to report the failure promptly to the Big Board. U.S.-listed shares of HSBC fell 17 cents to $82.01 in early trading.

[UpInArms]

66. NASD fines Banc One $400,000 for supervisory failures

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.4783993634-830904056&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

BOSTON (CBS.MW) - The National Association of Securities Dealers said Wednesday it has censured and fined Banc One Securities Corp. $400,000 for failing to have adequate systems and written procedures in place to detect and prevent late trading in mutual funds, and for inaccurately recording the entry time for customer orders. The fine is the largest imposed to date by regulators against a firm for supervisory failures tied to potential late trading.

[UpInArms]

74. Zeon Chemicals pleads guilty to rubber price fixing ($10.5 Million Fine)

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.5341583796-830907641&siteID=mktw&scid=0&doctype=806&

WASHINGTON (CBS.MW) -- Zeon Chemicals, a Kentucky-based subsidiary of Zeon Corp. (NIZNF) agreed to plead guilty and pay a $10.5 million fine for its role in a conspiracy to fix prices of synthetic rubber, the Justice Department said Wednesday. U.S. prosecutors said Zeon conspired with unnamed companies from May 2002 to December 2002 to suppress competition for the rubber, called NBR. This is the latest in a lengthening string of fines levied against chemical companies accused of price-fixing.

[54anickel]

93. Fines as far as the eye can see!!! Oh yeah, we'll all do well as

shareholders, won't we BeezleBush!

Their little world is crumbling around them, but they are too close to see. Let hope the average Joe can get a grasp of what's going on here.

Gotta say, the timing of all this corruption while * pushes for privatization is rather poetic.

[UpInArms]

94. here's another: McKesson to take $1.2B Q3 charge for settlement

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&dateid=38364.6744671875-830918467&

SAN FRANCISCO (CBS.MW) -- McKesson Corp. (MCK) announced after the bell Wednesday that it will take a $1.2 billion pre-tax charge in the third quarter for a $960 million class action shareholder settlement, and the establishment of $240 million in reserves. The charge will be $2.70 a share, or $810 million, on an after-tax basis, McKesson said. The lawsuit against McKesson and HBO & Co. is over the restatement of its 1999 results.

I can hardly wait to see how much money gets "lost" when the FICA funds get ripped. /sarcasm

[UpInArms]

25. sheep caller alert: It may be time to look for bottoming signs: Lowry Res.

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.3928611806-830898162&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

NEW YORK (CBS.MW) -- Lowry Research senior market strategist Richard Dickson said the stock market is becoming oversold enough that it may be time to start looking for signs of a bottom. "Most short-term indicators are now at oversold levels, with some, such as the percent stocks indicators, showing signs of positive divergences," Dickson said in a note to clients. "In addition, intermediate-term momentum indicators have fallen to neutral levels, which are readings that frequently correspond to market bottoms during corrections." He said the market is still lacking signs that it has hit bottom, such as evidence of a selling panic, several high volume days with no further downside progress or a broad-based high volume up day. The Dow industrials ($INDU) fell 65 points to 10,556 on Tuesday and has lost 227 points since the end of 2004, and has declined in 8 of the prior 10 sessions.

[RawMaterials]

27. Stocks Seen Headed Higher, Intel Helps

NEW YORK (Reuters) - U.S. stock futures trimmed gains on Wednesday, but still pointed to a higher open, as an unexpected jump in the U.S. trade deficit slightly dampened news of increased spending by technology bellwether Intel Corp. (INTC.O: Quote, Profile, Research) .

Intel (INTC.O: Quote, Profile, Research) , the world's largest computer chip maker, reported its highest-ever quarterly revenue late on Tuesday and boosted its budget for factory and investments by more than $1 billion.

Shares of Intel rose 85 cents, or 3.7 percent, to $23.39 on the Inet electronic brokerage before the bell on Wednesday, and helped lift stock futures after Tuesday's close.


snip..
The deficit has continued to balloon despite a 50 percent drop in the value of the dollar against the euro over the past three years, which has been expected to gradually narrow the gap. A weaker dollar makes U.S. products cheaper and in higher demand overseas, but a major tumble in the greenback may deter foreign investors in U.S. assets.

Stock futures moved slightly downward after the report.

"The Intel news has been the most important thing, especially since the tech group had been sliding," said Rick Meckler, president of investment firm LibertyView Capital Management. "Having Intel come in with solid numbers has taken some of the fear out of that sector."

http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=7305264

suckers rally because of bogus inventory news out of Intel???? :shrug:

[UpInArms]

28. pre-opening blather

briefing.com

9:18AM: S&P futures vs fair value: +1.7. Nasdaq futures vs fair value: +5.0.

9:00AM: S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +5.0. The futures market continues to suggest a higher open for the cash market with traders still taking a bullish cue from Intel's report... Other factors providing conviction on the part of buyers have been several notable ratings changes... Aside from two upgrades on INTC from Piper Jaffray and JMP Securities, Goldman Sachs has upgraded the telecom equipment sector to Attractive from Neutral, but downgraded Verizon (VZ) to In-Line from Outperform, while AAPL has been upped to Buy from Hold at Needham & Company

8:32AM: S&P futures vs fair value: +3.0. Nasdaq futures vs fair value: +8.5. Still shaping up to be a higher open for the indices as a positive sentiment in futures market remains intact... Dow components making headlines include Hewlett-Packard (HPQ) and SBC Communications (SBC), which have formed a strategic alliance to provide IT solutions to businesses... Microsoft (MSFT) has said its CFO will be retiring while Boeing (BA) could be in focus after rival Airbus maintained its lead in the commercial aircraft market...

Separately, the Commerce Dept has shown that the November trade gap has widened to $60.3 bln (consensus -$54.0 bln), from a revised $56.0 bln in October, but the data has had little impact on futures indications

8:00AM: S&P futures vs fair value: +3.3. Nasdaq futures vs fair value: +9.5. Futures market suggesting a higher open for the cash market as investors shrug off some of yesterday's nervousness...

ino.com

The March NASDAQ 100 was higher overnight due to short covering as it consolidates some of Tuesday's decline but remains below the 25% retracement level of last year's rally crossing at 1581.50. Stochastics and the RSI are oversold and are turning bullish signaling that a short-term low is in or is near. However, closes above the 10-day moving average crossing at 1584.50 are needed to signal that a short-term low has likely been posted. If March extends this year's decline, the 38% retracement level crossing at 1547.86 is the next downside target. The March NASDAQ 100 was up 8.50 pt. at 1567.50 as of 5:45 AM ET. Overnight action sets the stage for a steady to firmer opening by the NASDAQ composite index later this morning.

The March S&P 500 index was higher overnight due to short covering as it consolidates above the 25% retracement level of last year's rally crossing at 1181.58. Stochastics and the RSI are oversold and have turned neutral hinting that a short-term low might be near. Closes below the 25% retracement level would open the door for a test of December's low crossing at 1175.70. Closes above the 10-day moving average crossing at 1194.57 are needed to confirm that a short-term low has likely been posted. The March S&P 500 Index was up 2.80 pts. at 1186.70 as of 5:49 AM ET. Overnight action sets the stage for a steady to firmer opening when the day session begins later this morning.

[54anickel]

29. Report: U.S. lost 1.5M jobs to China

Pro-labor study says losses in textiles have not been offset by gains in high tech; yuan peg blamed. :eyes:

http://money.cnn.com/2005/01/11/news/economy/jobs_us_china.reut/index.htm

WASHINGTON (Reuters) - The United States lost nearly 1.5 million jobs between 1989 and 2003 because of increased trade with China, according to a report released Tuesday by a government watchdog committee.

The report was prepared by the pro-labor Economic Policy Institute for the U.S.-China Economic and Security Review Commission, a congressionally-appointed panel that has pushed for a tough U.S. approach to China on trade.

The study estimates that imports from China displaced 1.659 million jobs between 1989 and 2003, while exports to that country generated only 199,000 additional U.S. jobs.

The job losses have accelerated and moved into unexpected new sectors as the trade deficit -- which reflects the gap between imports and exports -- with China skyrocketed to a record $124 billion in 2003, report author and EPI senior international trade economist Robert Scott said.

"The assumptions we built our trade relationship with China on have proved to be a house of cards," Scott said in a statement. "Everyone knew we would lose jobs in labor-intensive industries like textiles and apparel, but we thought we could hold our own in the capital-intensive, high-tech arena."

more...

[JNelson6563]

30. And they're off!

9:38 and already a 2 t gain in the 10 yr. yield:

Dow 10,558.81 +2.59 (+0.02%)
Nasdaq 2,086.82 +7.20 (+0.35%)
S&P 500 1,183.11 +0.12 (+0.01%)
10-Yr Bond 4.265% +0.021

Could get bloody in Treasuries today.

Julie

[54anickel]

33. Hmmm, so when do we hit the "you couldn't pay me to take one of

those" point? :evilgrin:
Inverted yields coming up this year?

[UpInArms]

32. any of these names and faces look familiar?

http://www.usccc.org/overview.htm


His Excellency, Premier Zhu Rongji and Prescott Bush, Chairman (retired) of US-China Chamber of Commerce


President George H. W. Bush, Siva Yam and Bush' Brother Prescott Bush


USCCC Memebers Received An Invitation To Join President George W. Bush At The White House For The Arrival Ceremony Of Wen Jiabo, Premier Of China

http://www.usatoday.com/news/washington/2002/02/19/usat-prescott-bush.htm

President's uncle shares Bush family ties to China

02/18/2002

CHICAGO — When President Bush arrives in Beijing on Thursday, he'll embrace a policy that's something of a family tradition.

Bush's approach centers on promoting U.S.-China economic ties. That's a course favored not only by his father, the first President Bush, but also by his uncle, Prescott Bush Jr., a longtime acquaintance of Chinese President Jiang Zemin.

The Bush family's ties to China go back to 1974, when President Nixon named George Bush ambassador to China. The college-age George W. Bush spent two months in China visiting his parents during his father's two-year stint.

Seven years after his brother left the ambassadorial post, Prescott Bush made his first trip to China. He later joined with Japanese partners in 1988 to build a golf course in Shanghai, the first in China. He met Jiang, who was then the mayor of Shanghai.

Prescott Bush, now 79, also developed a close working relationship with Rong Yiren, a former trade minister and vice president, who in 1993 introduced Bush to a group of Chinese business leaders as "an old friend." In 2000, Forbes publications reported that Rong, who has retired from government, was the richest man in China.

The president's uncle concedes that he sometimes relied on his name to open doors, but he says any deals he made were the result of his own hard work.

...more...

[54anickel]

36. It is much easier to "Blame China". I am disappointed in the EPI

sometimes. I realize they focus on economics, but politics and foreign policy can not be left out when studying our new global economy (what the evil ones call "The New World Order").

Economics do not take place in a vacuum, it's all related. Guess it's easier to simply "blame China" then take a step back and look at how we got to where we are.

[54anickel]

41. Great article UIA.

So, is the * administration really about spreading democracy, or is it just more "shady, greedy bidness"

Along with access, the family name has also brought scrutiny to Prescott Bush's deals:

He was criticized in 1989 for visiting China to meet with business and government leaders just three months after the Tiananmen Square massacre, in which army troops fired at pro-democracy demonstrators.
His Shanghai partnership with the Japanese firm Aoki in 1988 proved embarrassing when revelations surfaced that Aoki at the same time was allegedly trying to get business contracts by bribing Panamanian leader Manuel Noriega, whom the first President Bush later ousted from power.

His connections to an American firm, Asset Management, came into question in 1989, when the company was the only U.S. firm able to skirt U.S. sanctions and import communications satellites into China.
When Asset Management went bankrupt later that year, Bush's deal to arrange a buyout through West Tsusho, a Japanese investment firm, raised eyebrows. Newspapers reported that Japanese police were investigating West Tsusho's alleged ties to organized crime.

Bush declines to discuss those controversies. "That's old news. It's in the past," he says.

And that last section regarding dear uncles visits during that U.S. Navy surveillance plane incident.

"I couldn't possibly do something like that," he says. "It would be very embarrassing for the president if it was found out that I was going to see my friends when he was trying to work things out."

[UpInArms]

44. the BFEE has nothing to do with "spreading democracy"

they are the most corrupt despicable cabal of criminals I have ever researched in my entire life.

[RawMaterials]

39. China Could Rule Textile Market After 2005

http://www.washingtonpost.com/wp-dyn/articles/A58429-2004Aug11.html

this is an older article but it applies to this subject The job loss is only going to get worse.


here is the article.....

China is poised to dominate the more than $400 billion global market in clothing, and India will also significantly increase its clothing exports starting in 2005, when import restrictions are eliminated in the United States and other rich nations, according to a World Trade Organization study released yesterday.

But the report said that while many developing countries will suffer significant losses amid stiff new competition from China and India, a number of nations such as Mexico and Turkey should be able to maintain their positions as major clothing exporters because they are geographically close to the big markets of the United States and the European Union.

The old system has allowed rich nations -- chiefly the United States, Canada and the E.U. -- to set quotas, or ceilings, on the amount of textiles and apparel that they import from individual countries. That has allowed them to protect their domestic firms and workers from low-wage competition to some extent, although the rising tide of cheap clothing already has destroyed much of the U.S. industry.

snip..

Some U.S. executives have publicly forecast that China could grab up to 80 percent of the U.S. clothing market. Earlier this year, the U.S. International Trade Commission, an independent agency, released a report based in large part on interviews with industry sources around the world. That report said China is "expected to become the 'supplier of choice' for most U.S. importers . . . because of its ability to make almost any type of textile and apparel product at any quality level at a competitive price."

buy buy manufacturing, didn't Germany try to go to a service (information)economy right before or Hitler???

[54anickel]

31. CEOs are playing dumb in attempts to get off hook

http://www.chron.com/cs/CDA/ssistory.mpl/business/2988866

SCORE one for ignorance. After almost two months of deliberation, a jury in Hartford, Conn., failed to reach a verdict in the trial of former CUC International chairman Walter Forbes, who was accused of inflating the company's revenue to boost its stock price.

While the jury couldn't decide if Forbes was guilty, it convicted former vice chairman Kirk Shelton on 12 counts of fraud and conspiracy. In Forbes' case, the judge declared a mistrial.

Forbes was using the doofus defense, a popular tactic in which indicted CEOs try to convince a jury their companies paid them millions a year to ignore their business. :evilgrin:

During the trial, Forbes argued that he didn't know that CUC goosed revenue by $500 million before it was acquired by Cendant Corp. Nor did he know that the fraud would be revealed just weeks after he sold $11 million worth of Cendant stock. News of the scandal cost investors $14 billion in lost market value.

Forbes, though, said he simply relied on CUC's auditors to make sure the finances were in order. He took the word of flunkies like Shelton. In his testimony, he described himself as the idea man, the strategy guy, the schmoozer of big clients, the "outside voice of the company."

more...

Sounds like he's cut from the same cloth as BeezleBush!

[UpInArms]

34. liars and fairy tales

http://www.fastcompany.com/magazine/65/akreamer.html

excerpt:

That's a rogue's gallery of choices. But the worst of the lot has to be Bernie Ebbers. For seven years, I had to listen to his bullshit about how he was the smartest telco man in the universe, only to discover that his company was one of the biggest frauds in the universe. And then I had to hear that he saw nothing and knew nothing about telco - his radical defense strategy! - and it was all some peon's fault in the CFO's position. Arrrghh! Some $9 billion in fraud and the CEO had nothing to do with it?

Kenny Lay is tougher, because during the days when Enron was run like the Lex Luthor version of a modern-day company, the CEO was Jeff Skilling. Like Ebbers, Skilling said that he didn't understand what was happening at his own company, pleading that he wasn't an accountant. I love it when the defense team asks us to believe that the smartest man in his class at Harvard Business School couldn't understand credit-derivatives transactions that he could've done in his sleep.

A different kind of prize goes to Jack "Bean Stalk" Grubman, so named because he really believed that phone companies would grow to the sky. He may be the first person ever to try to commit crimes and then say that they weren't crimes because he disclosed them ! Best of luck, Jack. Keep believing in fairy tales.

...more...

[54anickel]

40. Heh, interesting. I see Anne was a bit off on this call at the end of the

article:

Anne The late-1990s bubble was about all of us merrily telling bald-faced lies to ourselves, pretending that the emperor had clothes and that Wall Street analysts could be objective. Maybe the reform that's needed is just more candor - starting with candor about oneself to oneself.

HA! Wall Street analysts lying to themselves - I'd have no problem. It's is that they are spewing those bald-faced lies to the public. Seems they are also attempting to use the "dumb defense".

[UpInArms]

35. 9:53 EST numbers and blather

Dow 10,543.07 -13.15 (-0.12%)
Nasdaq 2,080.27 +0.65 (+0.03%)
S&P 500 1,181.00 -1.99 (-0.17%)
10-Yr Bond 4.269 +0.25 (+0.59%)

NYSE Volume 132,574,000
Nasdaq Volume 279,265,000

9:40AM: As expected, the market opens higher on the heels of solid quarterly performance from Intel... With very little not to like from Intel's (INTC 23.13 +0.59) Q4 (Dec) results, which beat analysts' EPS expectations by two cents on record revenues and cut inventories by more than 18%, the market has used the news as a catalyst to bid stocks higher across the board...

But while the better than expected report and a 32% increase in capital spending to $4.9-5.3 bln for 2005 has provided an initial spark and temporarily mitigated concerns regarding a deceleration in overall earnings growth, it will be interesting to see if early buying support will be sustainable into the close as trading patterns so far in 2005 have suggested otherwise...SOX +2.0

[54anickel]

43. So the market is going to go up based on Intel while there's all this

other not so good news in earnings?

http://biz.yahoo.com/cbsm-top/050112/ded300890a1af03a3b21710519391f06_1.html

snip>

Verizon, meanwhile, fell after Goldman Sachs downgraded the shares, saying its outperformance versus its wireless peers is likely to narrow in 2005.

snip>

Elsewhere, in the telecommunications sector, Dow component SBC Communications (NYSE:SBC - News) said fourth-quarter earnings will be impacted by $250 million in one-time costs related to previously announced layoffs. The charge will shave 5 cents from the phone carrier's earnings per share. SBC shares slipped 0.3 percent.

Procter & Gamble (NYSE:PG - News) was also a notable blue chip decliner, falling 0.5 percent after it was downgraded at CIBC World Markets on expectations of increased competitive activity in many of its categories and geographies, as well as valuation.

snip>

Meanwhile, a number of profit warnings surfaced as earnings season kicks into gear.

more...

The dollar is down, interest rates are up, the deficit is up, oil is up and somehow the stock market is also going UP? :crazy:

[UpInArms]

45. 10:28 EST and all red

Dow 10,542.47 -13.75 (-0.13%)
Nasdaq 2,078.16 -1.46 (-0.07%)
S&P 500 1,180.36 -2.63 (-0.22%)
10-Yr Bond 4.254 +0.10 (+0.24%)

NYSE Volume 310,986,000
Nasdaq Volume 571,796,000

[54anickel]

53. Reality finally setting in?...n/t

[UpInArms]

48. SnowBlowJob mouthfarts some more

http://cbs.marketwatch.com/news/story.asp?guid=%7B5989A882%2D5A9E%2D4F03%2D9B26%2D263DB8B271FE%7D&siteid=mktw

Snow: Wall Street backs private accounts
Bush plan to benefit U.S. economy, Treasury chief says

WASHINGTON (CBS.MW) -- Wall Street banks and investment firms are ready to stand behind President Bush's call to add private accounts to Social Security amid worries that long-term projected shortfalls could otherwise weaken the U.S. economy, Treasury Secretary John Snow said Wednesday.

"The people behind the institutions of Wall Street understand that if we fix the system and put it on a sustainable course, it will benefit our country's financial future," Snow told a New York audience.

Bush, Snow and other top administration officials began a public-relations push this week designed to build support for the plan to allow some workers to divert a chunk of their payroll taxes into personal accounts.

The Social Security program is currently running an annual surplus. Some 47 million people received Social Security benefits, including 29.5 million retired workers.

<snip>

While the administration has yet to offer detailed plans about the accounts, broad outlines offered by the White House have led critics to charge that Bush's approach poses a bigger threat to markets.

Depending on the scope of the plan, diverting payroll taxes from the Social Security trust fund into private accounts would force the government to come up with as much as $2 trillion over 10 years in order to continue paying benefits to current retirees.

...more...

The thieves are doing the level best to lie their way into the pockets of every working person in this country. I certainly hope that they get their hands chopped off (metaphorically speaking)

[54anickel]

56. More propaganda! And CBS should be ashamed of themselves for

pushing this. Not even all of Wall Street is behind this scheme, yet this article makes it sound like Snow's visit was a cakewalk and everyone is behind this Ponzi scheme 100%.

He's LY-Y-Y-Y-Y-Y-ING!

[Just Me]

89. I consider it worse than propaganda. It's FRAUD!!!

I am sick of this administration's pattern of deceit in order to convince the American people to give up liberties and benefits that they otherwise hold onto to but for this administration's deception!!! It is an outrageous abuse of power!!!

I think the whole damned lot of them are guilty of "high crimes and misdeamers" due to their obvious pattern of deception against our people. They should all be impeached,...every single one of them!!!

[UpInArms]

90. I believe some of the "conservatives" are starting to wake up

although I do fear that it's too little and too late

this was in the Amarillo Gob Snews today:

http://www.amarillo.com/stories/011205/opi_1010504.shtml

(free registration or try www.bugmenot.com)

BORGER - People are frequently cautioned that they should be careful what they wish for because they just might get it. The wisdom of this saying has again been proved by recent events.

As a hard-core Republican conservative who first voted in 1964 for Barry Goldwater, my fervent wish has been that the government be run more like a business. It now appears I am about to get my wish.

What I had not considered was the systemic change in the typical American corporation from a goal-directed organization which had to produce goods and services acceptable in quality and price to the marketplace or go out of business, an organization which was based on trust, honesty and fiduciary responsibility.

The new American corporation is, at best, an organization operated for the benefit of a few insiders, relying on dodgy bookkeeping, tax evasion, market manipulation and employee exploitation, while producing shoddy goods and services which can be sold only through hype, rebates and on credit.

Unfortunately, it appears that increasing numbers of American corporations have abandoned even the pretense of providing productive goods and services and have become entirely parasitic, relying almost entirely on unethical and illegal activities such as market manipulation, pension fund looting and loan-sharking to generate even paper profits. The characteristics of this new model American corporation's management include:

When anything goes wrong, it is always someone else's fault, generally the lowest level employees; you must follow the latest organization fad or "buzz word"; and that there is no commitment or promise management must honor, even if a valid contract exists. Pre-planned bankruptcy can void most existing obligations, and performance of any remaining agreements can be, and generally are, indefinitely delayed during one or more Chapter 11 "reorganizations."

...more...

[RawMaterials]

76. plus

"The Social Security program is currently running an annual surplus. Some 47 million people received Social Security benefits, including 29.5 million retired workers."

there is no problem with SS, it has a surplus right now and there is a huge population the echo boomer's, that are going to start to join the work force over the next 15 years. The worst case situation is to push the retirement age back till 71 -72 or go with a system that says if your well of and have a pension or whatever you get less from SS.

[54anickel]

51. Forex trade volumes hit record levels

http://news.ft.com/cms/s/8fdf8018-63f5-11d9-b0ed-00000e2511c8.html

Foreign exchange trading volumes leapt to record levels in the first week of 2005, according to EBS, the largest interbank trading platform, and the Chicago Mercantile Exchange.


Average daily volume for the week on EBS reached $162bn, up 21 per cent on the same week last year and considerably higher than the average of about $100bn. Total volumes for the week were $811bn.

Trading in FX products over the CME’s Globex electronic platform last week was up 182 per cent over the same period in 2004, and pit-traded options volumes were up 114 per cent compared with last year.

Last week, the dollar rallied strongly, recording its best week against the euro since the single currency was introduced six years ago. From $1.357 on Monday, the euro slid to a low of $1.3025 on Friday. About 90 per cent of all FX transactions involve the dollar and any move in the greenback tends to affect the whole market.

“The dollar move triggered widespread liquidation of positions and really forced people to participate,” said Mark Austin, chief currencies strategist at HSBC, who maintained that the dollar still had further to fall in the longer-term.

more...

[UpInArms]

52. A bit of truth seeps out: RBS Greenwich lowers U.S. GDP forecast on trade

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38364.4444358681-830901844&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

WASHINGTON (CBS.MW) -- RBS Greenwich Capital economists cut their forecast for fourth-quarter U.S. economic growth by more than a percentage point to 3 percent Wednesday in wake of the greater-than-expected $60.3 billion trade gap in November. "Domestic demand was still robust" at 4 percent, so the slowdown in gross domestic product isn't so worrisome, said chief economist Steve Stanley. Still, the growing trade gap will "heighten the concerns regarding the current account deficit and perhaps intensify the negative sentiment toward the dollar."

[UpInArms]

55. 10:50 EST numbers (red), blather (inane) and buck (down)

Dow 10,514.62 -41.60 (-0.39%)
Nasdaq 2,070.86 -8.76 (-0.42%)
S&P 500 1,177.18 -5.81 (-0.49%)
10-Yr Bond 4.251 +0.07 (+0.16%)

NYSE Volume 417,970,000
Nasdaq Volume 738,760,000

10:30AM: Equities remain on the defensive as all the market averages show weakness... Posting losses in excess of 1.0% have been homebuilding, transportation and airline while telecom services, financial and retail have also been weak... Showing modest strength early on has been semiconductor (+0.4%), rebounding from yesterday's 2.2% drubbing, while networking, health care and energy have also shown modest gains, with the latter trading higher as crude oil holds above $46.10/bbl (+$0.42)...

Separately, the EIA just release weekly crude supplies of -3.0 mln (consensus -1.9 mln) and distillate stockpiles of +1.9 mln(consensus +900K), and the market has barely budged on the mixed data... NYSE Adv/Dec 1392/1451, Nasdaq Adv/Dec 1112/1517

Last trade 82.05 Change -0.97 (-1.17%)

Settle 83.02 Settle Time 23:37

Open 83.07 Previous Close 83.02

High 83.26 Low 82.04

Last tick: 2005-01-12 10:12:29 ET
30-min delayed quote.

[UpInArms]

62. Stocks slide into the red

All-time high trade gap overshadows bullish Intel outlook

http://cbs.marketwatch.com/news/story.asp?guid=%7BC674BE5B%2D34B4%2D483D%2DB3E3%2D69F51E96B40D%7D&siteid=mktw

NEW YORK (CBS.MW) - Stocks retreated Wednesday morning as news of a record high trade gap drew rising interest rates back to the foreground, overshadowing a strong earnings report and bullish outlook from chip giant Intel Corp.

"It's another blow, if you will, for lower interest rates or at least a stopping of this current rate cycle," said Paul Nolte, director of investments at Hinsdale Associates, who believes the market is still trying to figure out what's going to happen this year.

The Commerce Department reported Wednesday that the U.S. trade gap widened to a record $60.3 billion in November, sending the dollar sharply lower.

The Dow Jones Industrial Average ($INDU: news, chart, profile) was last down 42 points, or 0.4 percent, to 10,514 after rising as high as 10,575 in the opening minutes of trade.

<snip>

Meanwhile, a number of profit warnings surfaced, raising concerns about the outlook for fourth-quarter earnings as the reporting season kicks into gear.

...more...

I can just hear that indignant tone: How dare the markets pay attention to that deficit number!

[54anickel]

57. Evans Says China's Policies May Risk U.S. Backlash

http://www.bloomberg.com/apps/news?pid=10000080&sid=a2jaTxEseP50&refer=asia

Jan. 12 (Bloomberg) -- China risks inciting a backlash from U.S. lawmakers and businesses because of subsidies for state-run companies, curbs on imports and the fixed value of its currency, U.S. Commerce Secretary Donald Evans said.

``When China's leaders fail to produce results on the points of friction in our trading relationship, their failure only empowers those critics within the U.S. political system,'' Evans said today in a speech to the American Chamber of Commerce in Beijing.

The U.S. blames Chinese government policies for aggravating a trade deficit with China that grew to a record $150 billion in 2004, according to a Bloomberg News survey of economists. Trade authorities have imposed tariffs on Chinese imports including televisions, furniture and textiles since 2003 after complaints by U.S. manufacturers, which shed 2.7 million jobs since 2001.

``It's a serious message from the U.S. government, probably delivered because trading issues had been sidelined during the global fight against terrorism,'' said Zhiqun Zhu, professor of international political economy and diplomacy at the University of Bridgeport. ``I don't think he will get any specific concessions on this trip, but they will get the message.''

more..

[spotbird]

61. Like the falling dollar isn't a subsidy.

Or we have any power over China anymore? China could retaliate by discontinuation of their financing of the US budget deficit.


Get a grip, they pay these people slave wages that helps keep the price down.

[UpInArms]

63. these idjits think we can spend our way out of debt

:shakesheadsadly:

[UpInArms]

67. 11:37 EST numbers (almost better now!) and blather

Dow 10,550.76 -5.46 (-0.05%)
Nasdaq 2,076.36 -3.26 (-0.16%)
S&P 500 1,181.00 -1.99 (-0.17%)
10-Yr Bond 4.247 +0.03 (+0.07%)

NYSE Volume 597,132,000
Nasdaq Volume 998,572,000

11:30AM: Market lifts off its worst levels but shows little signs of wholeheartedly rallying as market internals remain negative... Decliners on both the NYSE and the Nasdaq continue to outpace advancers by a more than 2 to 1 margin... Down volumes hold a commanding edge over up volumes on the Big Board while total volumes on the Composite have almost touched 1.0 bln shares...

The Nasdaq, which recently bounced off its 7-week low as semiconductors slipped into the red for the first time, has been trying to push through initial intraday resistance near the 2073 level, which could neutralize much of this morning's weakness in technology...NYSE Adv/Dec 1037/2003, Nasdaq Adv/Dec 848/1995

11:00AM: Major indices fall to their lows of the session as selling intensifies following mixed oil inventories data... Crude oil futures ($46.24/bbl +$0.52), despite swinging to session lows following a weekly release that showed a 3 mln barrel decline in crude supplies but showed a 1.9 mln barrel increase in distillates, has since rebounded... The commodity, which touched a six week high surpassing $47/bbl on Monday amid concerns about storm-related supply disruptions in the North Sea, had initially climbed above $46/bbl ahead of this morning's data due to an imminent cold front in the Northeast... NYSE Adv/Dec 1120/1839, Nasdaq Adv/Dec 840/1908

[UpInArms]

68. 11:53 EST numbers (musta been a buying opportunity)

Dow 10,574.25 +18.03 (+0.17%)
Nasdaq 2,081.89 +2.27 (+0.11%)
S&P 500 1,183.43 +0.44 (+0.04%)
10-Yr Bond 4.250 +0.06 (+0.14%)

NYSE Volume 656,742,000
Nasdaq Volume 1,082,171,000

[UpInArms]

71. a side of blather

12:00PM: Market opens positive in the wake of Intel's strong quarter but a record trade deficit and worries of decelerating earnings growth result in a day of instability... While a better than expected Q4 report and upbeat guidance from Intel (INTC 23.18 +0.64) lifted investors' spirits early on and alleviated some concerns in the semiconductor space, it hasn't been much of a comforting influence to keep a tight lid on selling interest and ease the market's overall fears about Q4 earnings...

The November trade deficit widening to a record high of $60.3 bln (consensus -$54.0 bln), amid exports falling to a five-month low and imports rising to record levels, has also underscored the market's bearish bias and underlying reluctance to buy equities... The worse than expected deficit has crushed the greenback, as the dollar has lost roughly 1.0% against both the euro (1.3277) and the yen (102.31) in volatile trading, pushing gold ($427.00/oz) higher in response... Sectors under pressure midday have been transportation, homebuilding and airline, all losing more than 1.0% so far, while financial, telecom services and retail have also been weak...

Energy has paced the list of leaders, as crude oil hovers around the $46/bbl level ($45.70/bbl +$0.02) following weekly crude supplies of -3.0 mln (consensus -1.9 mln) and distillates of +1.9 mln (consensus +900K)... Semiconductor (+0.7%) has recovered some of the 2.2% it lost yesterday while networking and managed health have also posted modest gains... Meanwhile, treasuries have traded back and forth with little enthusiasm, as the 10-year note is off 2 ticks to yield 4.24%...

[54anickel]

72. What Could Go Wrong In 2005?

http://www.prudentbear.com/internationalperspective.asp

DeTocqueville once wrote, “The more things change, the more they stay the same.” In the case of the United States in 2005, the opposite might be true: the more things stay the same, the more they are likely to change…for the worse. In that regard, compiling a list of potential threats to the US as we come into the New Year represents nothing more than a longstanding catalogue of economic policy making run amok. The same list could have been drawn up in 2004, 2003, and even the years before that. They include: the persistent and increasing resort to debt-financed growth, a concomitant and growing external imbalance in the current account (leading to an ever greater reliance on “the kindness of strangers” who keep the US economy afloat by enormous foreign lending so that consumers can keep buying more imports, thus further increasing an already bloated external trade imbalance).

All of which is occurring against an increasingly problematic Vietnam-style quagmire in Iraq, and the ongoing (and related) problem of high energy prices, which are themselves spurring an ever more frantic competition for energy security, thereby intensifying existing global and regional rivalries.

Just as a haystack soaked in kerosene will appear relatively benign until somebody strikes a match, so too it is worth noting that although America’s longstanding economic problems have not yet engendered financial Armageddon does not invalidate the threat they ultimately pose. But the key is finding out which event (or combination of them) represents the match that could set this “haystack” alight, if there is indeed one “event” which precipitates the bursting of a historically unprecedented credit bubble.

The odd thing about credit bubbles is that they have no determinate resolution. There is nothing about a self fulfilling prophecy dynamic that generates a specific level of financial excess or an eventual end to it. It can happen at any level or at any time. There is also nothing about such a dynamic that specifies the path of its reversal. True, the Federal Reserve’s move to raise rates suggests the start of a process to rebuild national savings and rid America of the debt disease, but the underlying reality is that the Greenspan Fed has shown itself ready to turn on a dime at the first sign of market stress. The moral hazard dialectic of remedying successive crises in an ever more fragile financial structure with bailout measures had fostered a dynamic in which the economy’s lead actors assume greater and greater risk because they expect current credit conditions to persist (or at the very least, to be bailed out when they do not).

more...

[54anickel]

73. U.S. stocks climb back to flat line midday

http://biz.yahoo.com/cbsm-top/050112/10c5df1b8e05a390635b552c5383f4eb_1.html

NEW YORK (CBS.MW) - Stocks climbed back to the flat line midday Wednesday as investors weighed a strong earnings report and bullish outlook from chip giant Intel Corp. against news of a record high trade gap.

snip>

Traders, however saw the rebound as technical in nature and didn't believe it would last.

"You got some positives with Intel and a lot of things this morning but I think the market just feels like the path of least resistance has been since the beginning of the year and it looks like it's going to continue," said Tim Heekin, head of stock trading at Thomas Weisel Partners.

Heekin noted that several times in the last few days stocks have bounced off the key 1,180 level for the S&P 500 but broke through that mark Wednesday.

"I've been hoping and thinking we were going to hold but we haven't -- I think this lift is purely technical and I don't think it's going to sustain," he said.

more...

[UpInArms]

75. Securities group to push for tax relief this year

http://cbs.marketwatch.com/news/story.asp?guid=%7B91EAF0B1%2DBAF8%2D4D15%2DB665%2DC4DA86917AF6%7D&siteid=mktw

WASHINGTON (CBS.MW) - A leading securities industry group is planning to push Congress and the Bush administration this year to make reductions in capital gains and dividend taxes permanent.

"The time to make these tax cuts permanent is now," Richard Hunt of the Securities Industry Association told reporters at a briefing Wednesday.

Taxes on dividends have fallen to 15 percent from as high as 38 percent, while taxes on capital gains have dropped to 15 percent from 20 percent, Hunt, the SIA's vice president for federal policy noted.

Both rate cuts expire on the last day of 2008, but the SIA, which represents almost 600 securities firms, is trying to get Congress and the White House to act now to head off uncertainty and bolster investment.

The group is also planning efforts to boost retirement savings programs, for example for baby boomers, a segment of the population "grossly undersaved," said SIA president Marc Lackritz.

...more...

Oh the burdens of the rich! :nopity:

[RawMaterials]

77. 1:00 EST Market Update

12:30PM: Stocks improve their stance somewhat and hold their own above the unchanged mark as oil prices tumble... Crude oil has recently sold off, falling below its 50-day moving average and touching fresh session lows near $45/bbl, reginiting interest in equities... Paring some of their losses have been airline stocks and other transportation related issues... NYSE Adv/Dec 1417/1741, Nasdaq Adv/Dec 1048/1889

12:00PM: Market opens positive in the wake of Intel's strong quarter but a record trade deficit and worries of decelerating earnings growth result in a day of instability... While a better than expected Q4 report and upbeat guidance from Intel (INTC 23.18 +0.64) lifted investors' spirits early on and alleviated some concerns in the semiconductor space, it hasn't been much of a comforting influence to keep a tight lid on selling interest and ease the market's overall fears about Q4 earnings...

The November trade deficit widening to a record high of $60.3 bln (consensus -$54.0 bln), amid exports falling to a five-month low and imports rising to record levels, has also underscored the market's bearish bias... The worse than expected deficit has crushed the greenback, as the dollar has lost roughly 1.0% against both the euro (1.3277) and the yen (102.31) in volatile trading, pushing gold ($427.00/oz) higher in response... Sectors under pressure midday have been transportation, homebuilding and airline, all losing more than 1.0% so far, while financial, telecom services and retail have also been weak...

Energy has paced the list of leaders, as crude oil hovers around the $46/bbl level ($45.70/bbl +$0.02) following weekly crude supplies of -3.0 mln (consensus -1.9 mln) and distillates of +1.9 mln (consensus +900K)...
http://finance.yahoo.com/mo

[UpInArms]

79. 1:07 EST numbers

Dow 10,565.98 +9.76 (+0.09%)
Nasdaq 2,079.03 -0.59 (-0.03%)
S&P 500 1,182.17 -0.82 (-0.07%)
10-Yr Bond 4.244 0.00 (0.00%)

NYSE Volume 852,434,000
Nasdaq Volume 1,352,378,000

[RawMaterials]

83. 2:05 EST Market update

2:00PM: More of the same as stocks continue to trade near the unchanged mark... Notable management changes have kept a handful of companies making management changes have been in focus all day... Microsoft (MSFT 26.78 +0.05) has announced the departure of CFO John Connors, but the news has done little to bolster concerns, while TiVo (TIVO 4.23 +0.03) co-founder Michael Ramsey will resign as CEO but retain his role as chairman...

Shares of OfficeMax (OMX 28.61 -1.69), which announced the resignation of its new CFO, have not fared as well as office products retailer also said it will delay Q4 results due to accounting problems, while Motorola (MOT 16.47 -0.17) has also lost ground after President and COO Mike Zafirovski said he will leave at the end of the month... NYSE Adv/Dec 1410/1861, Nasdaq Adv/Dec 1084/1947

1:30PM: Little changed since the last update as the major averages continue to vacillate in roughly the same ranges... One area showing resilience has been telecom equipment after Goldman Sachs upgraded the sector to Attractive from Neutral... The firm has cited very attractive entry points and 15-30% upside for some of their In-Line rated stocks, in particular, Sonus Networks (SONS 5.90 +0.37) and Netgear (NTGR 16.70 +0.45)... Other notable movers have included Cisco Systems (CSCO 18.86 +0.22), Research In Motion (RIMM 77.09 +4.07) and Juniper Networks (JNPR 26.09 +0.42)...NYSE Adv/Dec 1460/1772, Nasdaq Adv/Dec 1138/1849

http://finance.yahoo.com/mo

[UpInArms]

88. 3:05 EST numbers and blather

Dow 10,569.23 +13.01 (+0.12%)
Nasdaq 2,079.38 -0.24 (-0.01%)
S&P 500 1,182.94 -0.05 (-0.00%)
10-Yr Bond 4.234 -0.10 (-0.24%)

NYSE Volume 1,190,049,000
Nasdaq Volume 1,769,480,000

3:00PM: Still a basically unchanged market with not much to move the indices in the late afternoon... Meanwhile, the transportation sector has led the list of underperforming sectors all day, after United Parcel Service (UPS 76.69 -6.61) lowered Q4 earnings guidance last night... The Dow Jones Transports (-2.2%), which also accounts for 4 of the 20 worst performing stocks overall on a point basis, has now relinquished roughly 30% of the 26% in gains the sector enjoyed in 2004, touching levels not seen since late November...

UPS rival FedEx Corp (FDX 94.35 -1.06), along with trucking companies CH Robinson (CHRW 53.29 -1.92) and Expeditors International (EXPD 55.15 -1.97), have also posted substantial losses...NYSE Adv/Dec 1498/1809, Nasdaq Adv/Dec 1122/1932

2:30PM: While stocks show little vigor, having moved little in the past half hour, bonds inch higher... Treasuries have recently turned positive after indirect bidder participation at today's bond auction came in at a healthy 39.8%, even in the face of the previous record 65.8%... Renewed buying interest pushed the 5- through 30-year notes to new session highs, shrugging off initial pre-auction pressure, as the benchmark 10-year note climbed 3 ticks to yield 4.22%...NYSE Adv/Dec 1442/1859, Nasdaq Adv/Dec 1117/1913

the buck

Last trade 82.10 Change -0.92 (-1.11%)

Settle 83.02 Settle Time 23:37

Open 83.07 Previous Close 83.02

High 83.26 Low 82.00

Last tick: 2005-01-12 14:35:19 ET
30-min delayed quote.

[UpInArms]

91. 2:37 EST numbers and blather (back in the black!)

Dow 10,613.28 +57.06 (+0.54%)
Nasdaq 2,088.32 +8.70 (+0.42%)
S&P 500 1,186.66 +3.67 (+0.31%)
10-Yr Bond 42.36 -0.08 (-0.19%)

NYSE Volume 1,331,793,000
Nasdaq Volume 1,959,692,000

3:30PM: A renewed wave of buying interest pushes the market a bit higher heading into the last half hour of trading... Tomorrow, S&P 500 constituents Marshall & Ilsley Corp (MI 42.02 -0.47) and MGIC Investment Corp (MTG 66.15 -0.96) will report Q4 (Dec) earnings before the bell tomorrow while Sun Microsystems (SUNW 4.59 +0.06) will report Q2 (Dec) results after the close of trading...

In economic news, investors will get a read at 8:30 ET on the closely watched December retail sales (consensus +1.1%) and ex-auto figures (consensus +0.4%), which should provide a clearer indication of how well the 2004 holiday shopping season fared... Also out at 8:30 ET will be weekly jobless claims (consensus 340K) as well as the Labor Dept's export / import prices for the month of December...NYSE Adv/Dec 1569/1751, Nasdaq Adv/Dec 1202/1881

wind or just hot air?

[54anickel]

92. Zowie! Just got back and had to see what happened today. So,

exactly what DID happen? "Oh, must be time to buy, they've been going down for the past couple of weeks!" Never mind the deficit, oil, treasuries, interest rates or earning warnings. Hey, this is an 05 year, it's just gotta go up!

Ship of fools!

[UpInArms]

95. closing numbers and blather

Dow 10,617.78 +61.56 (+0.58%)
Nasdaq 2,092.53 +12.91 (+0.62%)
S&P 500 1,187.70 +4.71 (+0.40%)
10-Yr Bond 4.236 -0.08 (-0.19%)

NYSE Volume 1,560,313,000
Nasdaq Volume 2,290,935,000

Close: Stocks began the day higher following Intel's stellar Q4 performance and, despite a wider-than-anticipated trade deficit and growing concerns about earnings visibility, a late resurgence in buying interest pushed the major indices into positive territory for good... Stronger than expected earnings, record revenues and upbeat guidance from Intel (INTC 23.17 +0.63) served as the underlying impetus early on for buyers to revisit equities despite yesterday's lackluster performance...

But a worsening trade balance, which topped $60.0 bln for the first time on record (consensus -$54.0 bln), did anything but calm investor's uneasiness ahead of slowing earnings growth and expected rate hikes... Within seconds of the Commerce Dept's release, which showed exports falling to five-month lows and imports hitting record levels, the dollar plummeted against both the euro (1.3264) and the yen (102.40)... Weakness in the greenback, however, lifted gold futures ($426.60/oz) nearly 1.0% and helped materials close higher... Energy (+1.7%) recorded the largest gains, trading higher as crude oil prices surged 1.5% to close at $46.37/bbl (+$0.69) despite mixed weekly oil inventories data...

While crude supplies fell 3.0 mln barrels, further than the expected 1.9 mln barrel decline, distillates, which had risen 8 out of the last 10 weeks, surpassed economists forecasts by 1.0 mln barrels... Semiconductor (+1.4%), lifted by Intel's Q4 report, paced the way in technology as strength in networking and hardware, ahead of Apple Computer's (AAPL 65.37 +0.81) earnings, offset modest weakness in software... Managed health was also strong, extending two days of gains, while biotech, retail, health care and utility also closed higher...