STOCK MARKET WATCH, Thursday 28 July

[ozymandius]

Thursday July 28, 2005

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 3 YEARS, 177 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 4 YEARS, 220 DAYS
WHERE'S OSAMA BIN-LADEN? 3 YEARS, 284 DAYS
DAYS SINCE ENRON COLLAPSE = 1341
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54


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




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

AT THE CLOSING BELL ON July 27, 2005

Dow... 10,637.09 +57.32 (+0.54%)
Nasdaq... 2,186.22 +10.23 (+0.47%)
S&P 500... 1,236.79 +5.63 (+0.46%)
10-Yr Bond... 4.26% +0.02 (+0.52%)
Gold future... 430.60 +1.30 (+0.30%)

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 Jim Willie CB

THE FED QUEST FOR NEUTRALITY

These modern alchemists at the US Federal Reserve are in a pickle. They must promote an image of seeking monetary neutrality in the setting of interest rates. The Greenspan Fed continues to raise short-term targeted rates, with clumsy calls for more “measured pace” hikes. The technical justification is more amusing, if not embarrassing. That is, embarrassing if they intend to pass themselves off as central bankers. They must pose as bankers and play the role. In my view these guys are mere inflation engineers and political representatives from the banking center. A system which has forfeited almost its entire manufacturing base, has outsourced an increasing amount of its services, and relies so heavily on asset inflation, equity extraction, zero-percent transaction finance, such a system cannot revert to normalcy with walking through fire for a prolonged period of time. The current path is pointed in the wrong direction. Instead, what we have is a recurring series of economic fantasies which an ill-trained public is eager to latch onto and an engrained investment community is eager to perpetuate. In the article “Economic Mythology” from almost a year ago, a premise was upheld that in the United States, a complex system has emerged with irrational beliefs which have no bearing on reality. Myths perpetuate because the monetary system cannot stand on its own merits. NOT EVEN CLOSE.

Since Greenspan took the helm almost 18 years ago, we have witnessed a pathogenesis toward the bizarre in monetary leadership which qualifies as incompetent and heretical, the near opposite path laid by Paul Volcker. Sadly, there is no way back. No path of bread crumbs can lead our system back to normalcy. Once upon a time, central banks actually were devoted to legitimate justification of policy, founded in valid economic practices, and not to a scummy outpouring of professionally adolescent excuses for their absurd indefensible policies. To defend the current system, the powers that be use their own printed money to purchase key securities like the 10-yr Treasury Note, like the S&P500 basket, like gold short futures contracts, and have even enlisted the Bank of Japan in collusion. The USFed has ventured so far afield from sane sound scrutinized principles, that its credibility has been undermined. Some say it has lost control over interest rates and the Treasury credit market, as control swings from US shores to ceded Asian shores. An argument can be made that the USFed has morphed into a gigantic monetary drug dealer enterprise. How does a crack cocaine addict turn a new leaf and reform? How does a man who goes through a bottle of Jack Daniels on a daily basis reform? How does a devoted methamphetamine crankhead go straight? It can be done, but it takes a couple years, deep courage, broad support, professional guidance, an excellent plan, and willingness to endure considerable pain. We have none of these.

-cut-

CURRENT STATED RATIONALE

One could stretch the definition of US neutrality to include the entire global economy. Asian savings supplies capital for business investment in an attempt to seek balance. But it more realistically supplies credit within the United States for a deepening obligation of Medicare expenses, a rationalized shrug of tax structure levies, US Military war spending, a frenzied housing speculation, and broad bond speculation. Recall that our free market will lend money for anyone to pursue a dream, as long as you have the income. NO WAIT!!! Housing loans only require a good solid credit rating in many cases. So a person with a sterling credit record can conceivably borrow almost endlessly even after walking away from the employment bridle, bit, and yoke. The balance has a self-dealing nature about it. The Asian savings has as its origin the US bank system largesse, pure federal monetization and private sector credit creation, which produces mountains of trade surpluses for exporters in the Far East. Money off the US inflation printing press becomes transformed into Asian savings. It is not savings at all, but rather evidence of capital draining (blood hemorrhage) collected in Asian central bank depositories (blood vats).

-cut-

HAS ANYONE NOTICED HOW FANNY MAE IS NO LONGER IN THE NEWS? ONE CAN SAFELY CONCLUDE THAT ITS BANKRUPTCY RECEIVERSHIP REMEDY IS WELL ALONG. THE DEPT OF TREASURY HAS MANAGED THE ABSORPTION AND ASSIMILATION OF ITS CRIPPLED PORTFOLIO. WHETHER LEGAL OR NOT, WHO KNOWS? THE VACANT CAPITAL CORE IS NOT A CONCERN, A SIGN OF THE TIMES.

more...

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

[ozymandius]

2. A Status Report on Wall Street

Investors sent stocks higher Wednesday after the
Federal Reserve's assessment of the economy raised hopes that the Fed's interest rate hikes would soon end.

Wall Street had been headed for another listless trading session before the afternoon release of the Fed's Beige Book economic update. A better-than-expected report on durable goods orders and a continued influx of positive earnings reports also bolstered trading.

more...

[UpInArms]

3. daily dollar watch

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

Last trade 89.61 Change -0.12 (-0.13%)

Forex: Dollar Markets Remain Cautionary In Anticipation Of GDP Figures

http://www.dailyfx.com/index.php?option=com_content&task=view&id=2484&Itemid=62

The dollar was thwarted from making any significant gains off of today’s better-than-expected durable goods data. When the dollar reached the $1.1965 mark against the euro right after the economic report, it made a sharp upturn on increased buying interest from Eastern European sources as the price action additionally triggered stops. By midday, the dollar still had not managed a recovery from the slide and EURUSD was trading at $1.2052, quite close to yesterday’s high.

Durable goods gave the markets another surprise this month with an increase of 1.4% when a drop of 1% was expected. However, unlike the previous month, June’s growth stayed high, at 2.6%, even when transportation-related orders were excluded. The boost came from stellar performance in computers and electronic products and the absence of a huge drop in Boeing sales. Communications equipment made the largest gain of a whopping 18.3% in the month. This is definitely evidence that, indeed, the US economy is on “firm footing” as Fed Chairman Alan Greenspan stated last week and also sets the stage for Friday’s GDP report.

It was a slow day in equities as the indexes barely moved despite the surprising economic news and further earnings announcements. It seems as if the markets may be remaining quiet until the first estimate of second quarter GDP is released on Friday. At 16:20 GMT, the Dow Jones Industrial Average was up 24.20, or 0.23%, to 10,603.97. NASDAQ was up 0.71, or 0.03%, to 2,176.70. Finally, the S&P 500 was up 1.81, or 0.15%, to 1,232.97.

...more...

Dollar Colossus Begins To Buckle Under Its Own Weight

http://www.dailyfx.com/index.php?option=com_content&task=view&id=2495&Itemid=39

Previous session overview:
Dollar longs where lured into a trap which majors sprung with surprising cunning and in one sweeping motion pushed the dollar back across the board with European currencies leading the advance.

EUR/USD – Euro longs launched a massive counterattack against the dollar bulls with the pair retreating above the psychologically important 1.2000 figure. As euro bulls continue to advance against the greenback positions, the 1.2250 represents the next line in the sand for the single currency traders to take as its marked by the triple top resistance, breaking of which will most likely see the pair test the dollar offers around the 1.2450 mark. Indicators signal range trading conditions with upward bias due to positive momentum indicator and neutral oscillators which gives the euro bulls more room to maneuver.

<snipping charts>

USD/JPY – Japanese Yen traders joined the initial attack launched by the majors against the dollar but failed to break below the 112.00 figure and retreated toward the 113.00. A move toward the 113.00 will most likely give the Japanese Yen bulls a chance to sell the dollars as the currency in the process of establishing triple top resistance pattern, with a move to the downside most likely completing the three Buddha sitting pattern or head and shoulders reversal pattern. Indicators signal weakening trend with ADX declining to 29.35, while the oscillators are neutral with momentum indicator sloping down toward the zero line.

...more...

It's MaeveDay (Truth to Power)!

Have a Great Day Marketeers!

[UpInArms]

10. Yuan hits high as c.bank tests waters

http://today.reuters.com/investing/FinanceArticle.aspx?type=businessNews&storyID=2005-07-28T111310Z_01_SHA305932_RTRIDST_0_BUSINESS-MARKETS-CHINA-YUAN-RECORD-DC.XML

SHANGHAI (Reuters) - China's central bank on Thursday let the yuan close at its strongest level since last week's revaluation, apparently taking another small step toward the greater flexibility planned for its new trading system.

The yuan's 0.06 percent rise to 8.1080 per dollar was tiny by the standards of free-floating currencies but larger than any move since last Thursday's 2.1 percent revaluation.

"It was not quite an appreciation," said a dealer with a foreign bank. "But such tolerance showed the central bank is testing the waters for a wider trading box for the yuan."

<snip>

On Thursday it moved through a range of 48 ticks, versus the 2 or 3 ticks typical before the revaluation.

On the previous day the central bank intervened in the final minutes of trade to push the currency to close at a post-revaluation low of 8.1128 against the dollar.

...more...

[UpInArms]

11. US dollar loses lure in black market

http://www.thestandard.com.hk/stdn/std/China/GG28Ad04.html

When China scrapped its decade-old peg to the US dollar last week, black market currency dealer Li Xiao's world came crashing around his ears.

''I'm trying to get rid of dollars now,'' said Li, just one of a horde of black-market currency dealers that ply the damp streets of riverfront Shanghai.

``We're taking bigger risks,'' said the 30-something Li, crouching with his underground dealer colleagues on the stairs of the Bank of China branch along the city's famed Bund.

``If we keep dollars overnight, who knows what the rate is going to be the next day?'' said the casually dressed dealer, toting a slim black calculator and glancing around in search of customers.

<snip>

In a closed capital market regime that restricts inflow and outflow of hard currencies, black market dealers offer services to Chinese travelers and students needing dollars, locals who wish to invest overseas illegally and tourists who need yuan.

...more...

[UpInArms]

4. Today's Reports (It's MaeveDay!):

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

Jul 28	8:30 AM		Initial Claims		07/23	-	320K	320K	303K	-	
Jul 28	10:00 AM	Help-Wanted Index	Jun	-	38	38	37	-

[UpInArms]

14. U.S. initial jobless claims rise 5,000 to 310,000

(actually rose 7,000 due to last week's "adjustment")

http://www.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&guid=%7B0B1640DE-4F06-4249-9BD7-72148CC1D997%7D&

WASHINGTON (MarketWatch) - First-time filings for state unemployment benefits rose by 5,000 to a seasonally adjusted 310,000 last week, the Labor Department said Thursday. Economists surveyed by MarketWatch were expecting claims to rise to about 317,000. The four-week average of new claims dropped by 250 to 318,250, while continuing jobless claims rose by 32,000 to 2.60 million.

8:29am 07/28/05 U.S. CONTINUING JOBLESS CLAIMS RISE 32,000 TO 2.60 MLN

8:29am 07/28/05 U.S. 4-WEEK AVG. JOBLESS CLAIMS FALL 250 TO 318,250

8:29am 07/28/05 U.S. INITIAL JOBLESS CLAIMS RISE 5,000 TO 310,000

[Maeve]

21. Ah, but less than expected, so everybody party!

:eyes:

Sorry, but I suspect there is less here than meets the eye. Like the stock market itself, the job market seems to fluctuate within a range. I think we used to call that 'stagnation'.

And Maeve is dealing with other news and upcoming activities (haven't stopped running since vacation). Y'all have a good market watch! :hi:

[UpInArms]

25. Hiya Maeve!

:hi:

Come back and see us when you stop running!

[WhiteTara]

58. okay, a stupid question

if all these companies are doing ENORMOUS layoffs, why aren

[WhiteTara]

59. okay, a stupid question

if all these companies are doing ENORMOUS layoffs, why aren

[WhiteTara]

60. okay, a question...

if all these companies are doing ENORMOUS layoffs, why aren't these numbers reflected in the reports? :shrug:

[UpInArms]

35. Help Wanted Index at 38

10:00am 07/28/05 U.S. JUNE HELP-WANTED INDEX RISES TO 38 FROM 37

guess those envelope stuffers and bedpan changers are in greater demand :eyes:

on edit:

U.S. June help-wanted index rises to 38

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38561.4198239236-839216521&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) -- The number of help-wanted ads in major U.S. newspapers inched higher in June, the Conference Board said Thursday. The help-wanted index improved to 38 in June from 37 in May. The index was at 38 a year ago. Ad volumes have declined in seven of nine U.S. regions over the past three months, the board said. The board said earlier this month that want-ad volumes posted on the Internet were unchanged in June at about 2 million. "Hiring intentions have turned more cautious as the economy is poised to lose some steam in the second half of 2005," said Ken Goldstein, chief economist for the private economic research group.

[UpInArms]

5. Rubbermaid to close plant in Goodyear, furlough 260

http://www.azcentral.com/arizonarepublic/business/articles/0728rubbermaid28.html

Rubbermaid recently announced plans to close its Valley manufacturing facility and lay off about 260 employees.

High oil prices are putting pressure on Rubbermaid's raw material costs, the company said. The Goodyear plant was a victim in the company's efforts to boost profits by streamlining the company.

Rubbermaid, which makes products such as laundry baskets, bins, totes and trashcans, has phased out some older, underperforming items over the past year. Cutting the lagging products freed up manufacturing capability at several facilities, including Goodyear.

"We had too much manufacturing capacity," Rubbermaid spokeswoman Lorri Crum said.

<snip>

Rubbermaid's attempt to bring the business in line also stems from increasing competition from imported and cheaper products.

...more...

Well, I guess we're not exporting much of that! :eyes:

[punpirate]

19. Rubbermaid is one of those companies...

... which has been trying to tailor its line specifically to WalMart's needs, since about 55% of its business is sole-sourced to them, and have been outsourcing to reduce costs on WalMart's demand.

It's a sure route to ruin to let a single customer dictate terms of business.

Expect more of this in the future. *sigh*

[UpInArms]

6. Exxon Mobil net income up 32%

http://www.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&dateid=38561.3368059491-839209360&

NEW YORK (MarketWatch) -- Exxon Mobil Corp. (XOM) on Thursday reported a 32% increase in net income to $7.64 billion, or $1.20 a share, compared with $5.79 billion, or 88 cents a share, posted a year ago. Excluding a $200 million charge to cover a judgment against it, Exxon Mobil would have earned $7.84 billion, or $1.23 a share. Analysts polled by Thomson First Call expected earnings of $1.24 a share, on average.

[UpInArms]

12. Exxon Mobil profit rises on soaring oil prices

http://today.reuters.com/investing/FinanceArticle.aspx?type=businessNews&storyID=2005-07-28T121552Z_01_N28335707_RTRIDST_0_BUSINESS-ENERGY-EXXON-EARNS-DC.XML

NEW YORK (Reuters) - Exxon Mobil Corp. (XOM.N: Quote, Profile, Research), the world's largest publicly traded oil company, on Thursday reported an increase in quarterly profit, driven by the relentless rise in crude prices.

Net income was $7.6 billion, or $1.20 a share, in the second quarter, compared to $5.79 billion, or 88 cents a share, in the year earlier quarter.

...more...

[UpInArms]

7. Outback Steakhouse July same-store sales down 1.2%

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38561.3422168519-839209918&siteID=mktw&scid=0&doctype=806&

NEW YORK (MarketWatch) -- Outback Steakhouse Inc. (OSI) said Thursday said same-stores sales in July fell 1.2% at its namesake restaurants versus year-ago levels. Same-store sales for the four-week period ended July 23 at other restaurant chains it operates, including Fleming's Prime Steakhouse, Carrabba's, Roy's and Bonefish Grills all posted a rise year-over-year. On Wednesday, the stock slipped 5 cents to $46.25.

Are these big-box food outlets considered "retail"?

[UpInArms]

8. Dow Chemical profit up (24%) on strong pricing

http://today.reuters.com/investing/FinanceArticle.aspx?type=businessNews&storyID=2005-07-28T115432Z_01_N28324685_RTRIDST_0_BUSINESS-CHEMICALS-DOW-EARNS-DC.XML

NEW YORK (Reuters) - Dow Chemical Co. (DOW.N: Quote, Profile, Research) on Thursday reported higher second-quarter profit on a 24 percent jump in plastic prices, and it forecast earnings growth for the rest of 2005.

Net income for the No. 1 U.S. chemical maker rose to $1.27 billion, or $1.30 cents a share, from $685 million, or 72 cents a share, a year earlier.

Net sales increased to $11.45 billion from $9.84 billion.

"It's a good, solid performance by Dow," said Fulcrum Global Partners analyst Frank Mitsch. He said the more specialized "performance" chemicals and plastics businesses did well while basic chemicals weakened, as expected, on slower buying.

Results before special items were slightly below Wall Street expectations, hurt by the easing demand and a $900 million jump in energy and raw materials costs.

...more...

[UpInArms]

9. Bristol-Myers profit rises, helped by low tax rate

http://today.reuters.com/investing/FinanceArticle.aspx?type=businessNews&storyID=2005-07-28T113546Z_01_N28330649_RTRIDST_0_BUSINESS-HEALTH-BRISTOLMYERS-EARNS-DC.XML

NEW YORK (Reuters) - Bristol-Myers Squibb Co. (BMY.N: Quote, Profile, Research) on Thursday said quarterly profit jumped from a year ago when it took charges related to a probe of its inventory practices, with the recent quarter also helped by a lower tax rate.

The New York-based company reported a second-quarter profit from continuing operations of $991 million from continuing operations, or 50 cents per share, compared with $523 million, or 27 cents, in the year-ago quarter.

Although the results were far better than the 36-cent-per share average forecast among analysts polled by Reuters Estimates, they were due primarily to a reduction in the company's tax rate during the period.

Company revenue from continuing operations edged up 1 percent to $4.9 billion. But revenue would have fallen 1 percent if not for the weak dollar, which increases the value of overseas sales when converted back into U.S. currency.

...more...

[54anickel]

13. Bwahahahaha - Love the toon today!...eom

[UpInArms]

15. Timken earnings beat; to restructure car ops (cutting 400 to 500 jobs)

http://www.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&guid=%7BAE012D7D-AAEE-4EE3-B801-0F8E4C185250%7D&

NEW YORK (MarketWatch) -- The Timken Co. (TKR) lifted its 2005 profit outlook Thursday after posting second-quarter results that beat analyst expectations. The maker of engineered bearings, alloy steels and related products reported quarterly net income of $67.3 million, or 73 cents a share, up from $25.3 million, or 28 cents a share in the year-ago quarter. Excluding special items, the Canton, Ohio company said earnings would have come in at 77 cents a share. Revenue for the quarter rose to $1.3 billion from $1.1 billion a year ago. The Thomson First Call average estimate is for earnings of 61 cents a share on revenue of $1.28 billion. Timken said its automotive division will announce detailed plans to restructure its operations over the next quarter, which will lead to annual savings of around $40 million, the loss of 400 to 500 jobs and restructuring costs of $80 to $90 million. Timken said it expects third-quarter earnings, excluding special items, in the range of 50 to 55 cents a share. It lifted its 2005 forecast, saying it now expects to earn between $2.40 to $2.55 a share versus a prior estimate of $2.05 to $2.20. The current First Call average estimate is for third-quarter results of 47 cents and full-year earnings of $2.28. On Wednesday, the stock ended up 0.4% to $28.69.

Big *Co supporters - I wonder if they regret voting for the liar in chief now?

[54anickel]

16. It's a scary new world - Mogambo

http://www.321gold.com/editorials/daughty/daughty072705.html

snip>

Aside from the problems of one more large group ganging up on us Americans (as if having all the Muslims in the world and damned near everybody else against us is not enough), there is no more permanent peg at all, although the government will allow a maximum movement of 0.3% per day . 0.3? Like you, at first I said "A third of a lousy percent? That doesn't sound like much!" But it is! This percentage move is every (pause) freaking (pause) DAY! It is like the little boy who killed his mother and father for twenty-five cents and explained "You know how it is, judge; two bits here, two bits there, it adds up!" It adds up!

My horror lies in the fact that after a few months of this "two bits here and two bits there", and the dollar could be down by fifty percent! There is a lot of work done through the last few years that suggests that the Chinese yuan is overvalued by somewhere around 40%, so overshooting that overvaluation is not inconceivable to me.

snip>

Immediately (and this is the part that ought to make your trigger finger twitch involuntarily and your heart slam-dance against your ribcage), oil, precious, precious oil, which is priced in dollars, becomes instantly 2.1% cheaper for the Chinese! The price to us is (big sigh of relief!) unchanged. So far. Note the caveat "so far", which is very meaningful to those of you with sharp eyes.

But the oil exporters have to be looking at this, too, and figuring that getting paid in dollars is really, really, really stupid if they are going to turn around and buy something from the Chinese . If they do intend to buy some Chinese products (and who doesn't?), then petroleum exporters just lost 2.1% of their buying power! In one day! Remember, these oil production companies are in the business of making profits, currently denominated in dollars, by pumping and selling oil. Then, in the natural course of events (and this is the best part!), they will take some of their new dollars and spend them on a few necessities and some other really neat stuff ("Did you see where Abdul has one of those fancy new satellite dishes with the optional polarized gaflugelizer?"). But when the wife gets to the store, she finds that the prices of everything are 2.1% higher! And getting higher by 0.3% per freaking day!

snip>

Out of the corner of my eye I can see Peter Schiff is bored with listening to me and this metaphysical philosophy, and is furtively looking around for a discreet way out . I figure "I'll teach him!" I spin around, point my finger at him, and say, "So, Mr. Schiff, what are your final conclusions?" Without missing a beat, the guy jumps up, snatches the microphone out of my hand, and, ignoring the audience cheering him on and urging him to use it to beat the hell out of me, says, "In conclusion, July 21, 2005 will be another date likely to live in infamy. This time the aggressor is China not Japan, and the bombs are purely economic. Though there will be no immediate loss of life, and no American retaliation, the financial damages will be devastating. History will remember this date as the beginning of Chinese independence, and the beginning of the end of America's ability to depend on the Chinese."

more...

[UpInArms]

17. Fed adds reserves via 14-day system repurchases

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-07-28T123209Z_01_N28341598_RTRIDST_0_MARKETS-FED-OPERATIONS.XML

NEW YORK, July 28 (Reuters) - The Federal Reserve said on Thursday that it was adding temporary reserves to the banking system through 14-day system repurchase agreements.

Fed funds last traded at 3.25 percent, the Fed's current target for the rate on overnight loans between banks.

Further details of the operations are available at: http://www.ny.frb.org/markets/omo/dmm/temp.cfm

What? No $ amount given? And besides that, didn't the last Treasury Budget Report state that we were in a "surplus"?

Why do we need to ADD to the "reserves"?

More check kiting in progress :grr:

[54anickel]

22. DeLay needed a blank check to pay off 15 dems and 2 repukes

for the CAFTA vote.

[54anickel]

34. Blanks filling in

14-day for 11 billion, but that wasn't enough so they added a 1-day for 5.25 billion.

[54anickel]

18. SOB!!! - U.S. House Approves Central American Trade Agreement

http://www.bloomberg.com/apps/news?pid=10000103&sid=a4YY0OwHpx6E&refer=us

July 28 (Bloomberg) -- The U.S. House of Representatives approved the Central American Free Trade Agreement early today, overcoming objections by unions, sugar producers and textile makers in what was the most contentious trade fight in Congress in more than a decade.

The vote was 217-215 in favor of Cafta, in an hour-long vote held just after midnight in Washington. With only a minor procedural step in the Senate ahead, today's vote effectively completes a yearlong battle for U.S. ratification of Cafta.

Only 15 of the 202 Democrats in the House voted for the measure, a record low for a trade agreement. While Democrats objected to Cafta because of what they characterized as weak labor provisions, many in the party used the legislation to show dissatisfaction with President George W. Bush's trade policies.

Democrats ``picked this to make their stand,'' said House Ways and Means Committee Chairman Bill Thomas, a California Republican. ``When someone else decides that this is make or break, you better make sure that they are the ones that break.''

BS - Who are the 15 traitors to America!!!!

more...

[54anickel]

20. DeLay did another "full-court press"

http://www.cnn.com/2005/POLITICS/07/28/house.cafta/

WASHINGTON (CNN) -- After an all-day, full-court press by the White House, the House early Thursday narrowly approved the controversial Central America Free Trade Agreement, a pact supporters say will help strengthen fledgling democracies.

The vote also helped President Bush avoid a potentially embarrassing political defeat on an issue he championed for months.

The final vote to approve the pact was 217 to 215. House leaders held the vote open for an hour -- well past the normal 15-minute voting time -- as they rounded up enough votes to win.

In the end, 25 Republicans defied their leadership, and their president, to oppose CAFTA, while two others didn't vote. Only 15 of the House's 202 Democrats broke ranks to support it.

As the House debated deep into the night, Vice President Dick Cheney, two Cabinet secretaries and the U.S. trade representative were all in the Capitol, working with GOP leaders to secure the votes of wavering Republicans.

more...

[UpInArms]

24. "Debated"? Hahahahaha!

Twisted arms, blackmailed, threatened and squeezed some tiny raisins is more likely.

As the House debated deep into the night, Vice President Dick Cheney, two Cabinet secretaries and the U.S. trade representative were all in the Capitol, working with GOP leaders to secure the votes of wavering Republicans.

[Roland99]

46. Bastards! Remember the *3 hour* extension for the Medicare drug bill?

[54anickel]

57. Another to add to DeLay's Dirty Dozen list

http://www.alternet.org/story/21509/


Here's a refresher on that Medicare fiasco
http://www.oreilly-sucks.com/medicarescamvote.htm

and the Dems that cave on the Medicare issue were:

alexander, rodney (LA)
boucher, rick (VA)
boyd, f. allen (FL)
carson, brad (OK)
cramer, robert (AL)
davis, lincoln (TN)
dooley, calvin (CA)
hall, ralph (TX)
john, chris (LA)
marshall, jim (GA)
matheson, jim (UT)
peterson, collin (MN)
pomeroy, earl (ND)
scott, david (GA)
stenholm, charles (TX)
wu, david (OR)

[UpInArms]

23. what's up with Thomas/loc?

http://thomas.loc.gov/cgi-bin/bdquery/z?d109:HE00098:@@@X

The last thing on CAFTA was as of 2/15/2005

Can't find a roll call - but am still looking.

:argh:

[UpInArms]

28. link to DU thread with CAFTA votes

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x1659826

[54anickel]

31. Thanks UIA...eom

[converted_democrat]

40. Good morning UIA.........

Hope you have a good day.


BTW This CAFTA crap has really gotten me down. I am so sad for my country.

[UpInArms]

Hiya c_d!

All of the news seems to hit me wrong lately - seems as though we are less and less represented and more and more screwed the longer these criminals are allowed to roam the halls of our government.

Being an optimist by nature, it is difficult for me to find reasons to remain balanced.

It is then that I look at my personal life and make certain that my relationships are healthy and supportive.

Also, I am grateful daily for DU - which keeps me from feeling alone and isolated with my anger.

Hang in there - together we will truly make a difference.

:pals:

[54anickel]

29. Mogambo sums CAFTA up nicely in the post above

- An editorial in the Springfield News, by Representative Peter DeFazio, about how CAFTA (Central American Free Trade Agreement) if another NAFTA-like rip off that will plague us, pretty much sums it up for me when he writes, "The combined economic might of the five Central American countries is only $151 billion, about what the U.S. economy produces in five days. Even if every penny of these countries' economies was devoted to buying U.S. goods, which isn't going to happen, the impact would be insignificant in the $11 trillion U.S. economy. The bottom line is that CAFTA is not about creating U.S. jobs and exporting U.S. goods. It is about creating a favorable climate for multinational corporations to export U.S. jobs and use Central America to export goods back into the U.S." Well, maybe not back into the U.S., because if all the jobs are exported, what are we going to use for money to buy those things with?

So is this some idea to help the Central American countries? Obviously not. He notes that "The U.S. already has a trade deficit with the Central American countries of $1.6 billion, which will only grow if CAFTA is enacted."

So the countries affected by the proposed CAFTA legislation are already showing trade surpluses! What the hell is the problem that we need CAFTA? It probably has to do with China. Our whole problem is that American wages and costs are too high to allow us to compete with China. So, with typical Yankee know-how, we change the law to produce tax advantages to get our grubby hands on some cheap Central American labor! It reminds one of the old line about how "The machinery of capitalism is lubricated with the blood of the exploited workers."


But remember your re-edumacation - What's good for the corporation is good for me! :eyes: :puke:

[UpInArms]

26. Cognizant profit up 51 percent; adds staff (in India)

http://today.reuters.com/investing/FinanceArticle.aspx?type=marketsNews&storyID=URI:urn:newsml:reuters.com:20050728:MTFH39586_2005-07-28_12-03-12_N28334041:1

NEW YORK, July 28 (Reuters) - Indian-U.S. technology services provider Cognizant Technology Solutions Corp. (CTSH.O: Quote, Profile, Research) on Thursday posted a 51 percent rise in second-quarter net income, boosted by higher demand for its low-cost services.

Net income rose to $36 million, or 25 cents per share, from $23.8 million, or 17 cents per share, a year earlier.

Quarterly revenue increased to $211.7 million, up 53 percent from the year-ago quarter, driven by healthy demand for its technology services from the financial services, retail and manufacturing, telecommunications and healthcare sectors.

Given the demand, the company said the quarter included a record amount of hiring, with the net addition of 2,200 staffers which brought the total number of employees to 19,250.

Total headcount by end of fiscal 2005 expected to be more than 23,000, it said, while signaling it would meet analysts' estimates for the third quarter and full year.

...more...

background:

Cognizant to expand India facilities, grow global staff

http://www.infoworld.com/article/03/12/22/HNcognizantIndia_1.html

December 22, 2003

Cognizant Technology Solutions Corp., a provider of offshore outsourcing services, plans to increase its presence in India next year by building new facilities and to grow its global headcount by over 40 percent, the company announced Monday.

Cognizant, based in Teaneck, New Jersey, plans to expand its campuses in the cities of Pune, India, and Chennai, India, and build its first facility in Bangalore, India, said Larry Gordon, a company spokesman.

The company currently both owns and leases space in Pune and Chennai, while the situation is different in Bangalore, where Cognizant leases space and doesn't own real estate, he said.

The plan is to move the employees working in leased space in these three cities to Cognizant-owned facilities, he said. Exiting the leased space is expected to save the company about $10 million annually in operating expenses, according to Cognizant's Monday press release.

Cognizant expects to spend about $40 million over the next two years in this new construction program, which is expected to begin early next year and yield a total over 600,000 square feet of space, the company said.

...more...

[UpInArms]

27. Treasurys little changed after data

http://www.marketwatch.com/news/story.asp?guid=%7B613D47C1%2D4CE5%2D47CA%2DBE44%2D6CD46628CE24%7D&siteid=mktw

CHICAGO (MarketWatch) - The benchmark 10-year Treasury note traded little changed from the previous session on Thursday, as a report tracking jobless benefits applications did little to cloud the outlook for solid growth with limited inflation gains.

The note bobbed between unchanged and a slender gain of 2/32 in morning trading, last priced at 99 even.

The small change in price left its yield ($TNX: news, chart, profile) , a barometer for mortgage and corporate borrowing rates, stuck at around 4.25%, nearly a two-month high.

First-time filings for state unemployment benefits rose by 5,000 to a seasonally adjusted 310,000 last week, the Labor Department said Thursday.

...more...

[UpInArms]

30. pre-opening blather

09:00 ET S&P futures vs fair value: +2.6. Nasdaq futures vs fair value: +3.0. Futures indications continue to strengthen heading into the open, suggesting the cash market will start off on an upbeat note, as the bulk of quarterly reports continues to impress Wall Street... More notable names recently beating analysts' expectations include CCE, NOC, NWL, PD, R and UST

08:33 ET S&P futures vs fair value: +2.2. Nasdaq futures vs fair value: +2.5. Futures market at its best levels of the morning after Exxon Mobil (XOM) reported a 32% increase in net income to $7.64 bln, indicating a slightly higher open for equities... Meanwhile, weekly jobless claims have risen 5K to 310K (consensus 320K) but the data have been overshadowed by the significance of this morning's flood of earnings reports... Bonds have also shrugged off the claims data, as the 10-yr note remains unchanged to yield 4.25%

08:00 ET S&P futures vs fair value: +0.7. Nasdaq futures vs fair value: +0.5. Futures market versus fair value suggesting a relatively flat open for the cash market as investors wait for this quarter's largest batch of earnings reports to set a more definitive tone to trading... So far, blue chips like BMY, DCX, MRO and RTN have beaten analysts' forecasts, AET and CA have matched estimates, while DOW, GP and WMI have missed expectations... Separately, initial claims (consensus 320K) will be released at 8:30 ET

[UpInArms]

32. 9:53 EST partying at the casino this morning

Dow 10,661.29 +24.20 (+0.23%)
Nasdaq 2,187.50 +1.28 (+0.06%)
S&P 500 1,239.05 +2.26 (+0.18%)
10-Yr Bond 4.242 -0.19 (-0.45%)

NYSE Volume 187,474,000
Nasdaq Volume 198,416,000

[UpInArms]

33. Carlyle to buy software company SS&C for $982 mln

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-07-28T134443Z_01_N28651765_RTRIDST_0_TECH-SSC-UPDATE-1.XML

NEW YORK, July 28 (Reuters) - SS&C Technologies Inc. (SSNC.O: Quote, Profile, Research), which designs financial-management software, has agreed to be acquired by private equity firm Carlyle Group for $982 million, SS&C said on Thursday.

Sunshine Acquisition Corp., an affiliate of Carlyle, will pay $37.25 cash for each SS&C share. The price represents a 15.7 percent premium over the average closing price of SS&C stock for the last 30 trading days, SS&C said. The stock closed at $33 on Wednesday on Nasdaq.

The deal is expected to be completed during the fourth quarter.

The acquisition will be financed through a combination of equity by investment funds affiliated with the Carlyle Group, and debt financing provided by affiliates of Wachovia, JPMorgan and Bank of America, SS&C said.

...more...

[UpInArms]

36. Fannie Mae's retained portfolio shrinks (25.3%) in June

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-07-28T140756Z_01_N28351039_RTRIDST_0_FINANCIAL-FANNIE-PORTFOLIO-UPDATE-1.XML

NEW YORK, July 28 (Reuters) - Fannie Mae (FNM.N: Quote, Profile, Research), the largest U.S. home funding company, on Thursday said its mortgage portfolio slumped by an annualized 25.3 percent in June, its eighth straight monthly drop.

Fannie Mae had a retained portfolio of $808 billion at the end of June, down from $828 billion in May.

The portfolio has been downsized by an annualized 20.2 percent so far this year as Congress battles over legislation that will curb or slash the company's mortgage holdings in the wake of an accounting scandal.

Fannie Mae's portfolio purchases of $9 billion last month were overshadowed by portfolio sales of $10.4 billion, the company said in its monthly summary report.

...more...

[UpInArms]

37. Miltary Industrial Complex Profits - everyone else loses

Northrop profit up, outlook raised

http://www.marketwatch.com/news/story.asp?guid=%7BE4DA2596%2D1FBB%2D4DB0%2D9BFC%2D3FC978ED2D3C%7D&siteid=mktw

SAN FRANCISCO (MarketWatch) -- Northrop Grumman on Thursday said that higher sales of defense-electronics and air-combat systems helped boost its second-quarter results.

The Los Angeles-based defense giant, which operates naval shipyards and also makes the Global Hawk unmanned surveillance aircraft, also said it expects stronger results this year and in 2006.

Net income for the quarter came to $367 million, or $1 a share, up from a year-ago profit of $298 million, or 82 cents a share.

Revenue totaled $7.962 billion, up from $7.435 billion in the same period a year earlier.

<snip>

Northrop, like other major contractors, is expanding into more sophisticated systems and communications work. Meanwhile, Defense Department spending continues to grow, but the rate at which it does increase is expected to slow because of fiscal pressure. Operations in Afghanistan and Iraq are also changing how the Pentagon allocates its money.

...more...

[UpInArms]

38. Report: Higher Gas Prices Could Lead to Job Cuts

http://www.wtol.com/Global/story.asp?S=3651163

TOLEDO -- The price of oil isn't just effecting your wallet -- it could have a significant effect on area jobs too. A new report from the Natural Resources Defense Council finds if gas prices continue to rise, fewer people will buy big trucks or SUV's, and ultimately lead to lay-offs in the auto industry.

The Council released its findings during a telephone news conference on Wednesday, along with analysts from the University of Michigan. They estimate if oil hits $80 dollars a barrel, America could lose 297,000 auto-related jobs. At 100-dollars a barrel, they say that number rises to 465,000 One of the factories that could take a hit is the GM Powertrain plant in west Toledo, which makes transmissions for large, rear-wheel-drive trucks and SUV's. Those are the vehicles mentioned in the report.

Pain at the pump has crossed the minds of employees at Toledo Powertrain. The new study says if prices top out at $2.86 to $3.37 a gallon, consumers will rebel by dumping their huge SUV's and trucks for something more fuel efficient.

When that happens, the plants that make those vehicles or their parts can expect to take a hit. "The most vulnerable facilities are those that build mid- and full-sized truck-based SUV's, large cars, 8 cylinder engines and rear wheel drive transmissions," said Dr. Walter McManus, a researcher for the University of Michigan.

...more...

[UpInArms]

39. Soon coming: Fewer TV ads

10:17am 07/28/05 JANUS CEO SAYS FIRM WILL CUT BACK ON TV AD SPENDING

[UpInArms]

41. Cox okayed as SEC Chairman

10:46am 07/28/05 SENATE PANEL OKS COX AS SEC CHAIRMAN

[54anickel]

61. SOB!!! Seems they are in a rush to expediate the transfer of wealth -

do they know something is coming up? Are we on the brink of "crash and burn"? Are they foreseeing riots in the streets?

Eminent domain laws
Patriot Act II
CAFTA
Torture


Meanwhile they toss the old wedge issue bones (Roe and Arms control) out there to keep Amurikans occupied and at each others throats.

[UpInArms]

42. CA profits surge, job cuts loom (800jobs)

http://www.enn.ie/news.html?code=9627642

Computer Associates' profits more than doubled during its first fiscal quarter, however the firm has announced it is to cut 800 jobs to reduce costs.

CA, which is one of the world's largest management software companies, posted profits of USD94 million or USD0.15 a share for its first quarter of fiscal year 2006. This represents an increase of 135 percent on the USD40 million or USD0.07 a share recorded by the firm for the same quarter last year.

Revenue for the software maker rose by 8 percent over the year from USD850 million to USD920 million. The company's operating earnings per share was USD0.22, up 16 percent compared to the same period in fiscal year 2005.

However, total bookings, a figure which is used as a measure of new business deals completed, fell 30 percent to USD415 million during the first quarter.

"We've made progress laying the foundation for growth and are now focusing on accelerating the execution of our business strategy," said CA president and chief executive officer John Swainson. "There have been, and will continue to be a number of significant, but necessary transitions at CA. And while the first quarter met our revenue and earnings goals, we need to do additional work to ensure that the changes yield the results intended and help effectively position CA for the long term."

The company, which employs around 15,300 employees worldwide, said it hopes to generate cost savings of USD75 million by reducing its workforce by 5 percent by the end of the year. It is not known yet whether any of CA's 30 Irish employees will be affected by the restructuring plan.

...more...

[UpInArms]

47. CA Lays Off Workers, Again

http://www.forbes.com/2005/07/28/ca-layoffs-restructuring-cx_fr_0728ca.html

NEW YORK - Computer Associates International on Wednesday said profits for the first quarter more than doubled, but the company also said it plans to slash 5% of its workforce.

In a move expected to save $75 million per year, CA (nyse: CA - news - people ) will lay off 800 workers worldwide, and is also identifying facilities to consolidate or shut down. These layoffs are on top of the 800 jobs cut in September.

"There have been, and will continue to be, a number of significant but necessary transitions at CA," said Chief Executive John A. Swainson on a conference call late yesterday.

<snip>

The latest restructuring follows a similar effort last September that saved $70 million, according to the company, and resulted in a $28 million restructuring charge. CA has been battling to revive its business after a multibillion-dollar accounting scandal ensnared the company, which replaced many of its top executives last year.

CA in April restated its financial results from 2000 and 2001 to reflect $2.2 billion in revenue that was improperly booked. The U.S. Securities and Exchange Commission said the company prematurely recognized $1.5 billion in revenue from more than 100 contracts that had yet to be signed.

For Swainson, who took over at CA in November, this will be the first round of layoffs on his watch. Most of the reductions will occur in research and development, marketing and sales. When pressed by analysts, Davis said the restructuring was tied to CA's acquisitions as well as its own ongoing review of its cost structure.

...more...

[54anickel]

43. Bush Wants To Bankrupt America: There is Method To His Madness

This is from 2003. It's interesting to read in hindsight and see just how far BeelzeBush has progressed in reaching his "goal". I'm betting this article was labeled tin foil material when it was written.

http://www.informationclearinghouse.info/article3977.htm

07/01/03: Some have wondered if GW Bush knows what he's doing with his tax cut that benefits the corporations and the very rich, and cuts away the remaining money of the poor and the middle class. I say yes, he does know what he'd up to, as do his corporate advisors and his neo-con economist friends and theorists, chief among them Grover Norquist. Norquist has been the chief architect behind the dismantling of the American federal financial structure in terms of benefits for the common citizen, but has helped to create the superstructure of tax breaks for the very rich and the corporatocracy that now has a choke-hold on America.

The plan is very simple, but not obvious on first blush. Make sure that all the money is gone from the U.S. treasury, make sure the deficits are so great that all social and educational programs are cut, increase the military and security budgets to "protect our nation" with all these monies going to corporations and security firms who are extra-national (not tied to any country, but actually more than multi-national in that they are outside the purview of any nation at any single moment) and stave in the social security fund by allowing it to go to private corporations for "investment"-and you have the perfect scenario for saying, "only the private sector can save us-we're broke and they have the money to run every program, fund every program, but of course, at huge costs and profits for the private corporations." Our only resource will be the corporate lenders, especially the large extra-national corporations who will have loyalty to no one except their corporate coffers and large share owners throughout the world.

This plan is so obvious at this point that it is hard to believe because it is happening so fast and the Democrats and even conservative non- neo-con Republicans don't realize what Bush and his neo-con buddies are up to.

snip>

Friends, we are in a mess of catastrophic proportions on so many fronts that it will be difficult to unravel all the various strains of this explosive Bushian virus. I use the term virus, because Bush is trying to pack the courts with his appointees from the neo-con right, placing government officials in corporations and in some cases, in law schools so that the neo-con approach to the destruction of the federal government may have academic credentials and blessings. Yes, this is an artificially created virus intended to kill the patient-namely, our democracy and our formerly free and decent lives.

more....


Found this one interesting as well

The Conservative Case Against George W. Bush

http://www.freezerbox.com/archive/article.asp?id=300

Theodore Roosevelt, that most virile of presidents, insisted that, "To announce that there should be no criticism of the president, or that we are to stand by the president, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American people." With that in mind, I say: George W. Bush is no conservative, and his unprincipled abandonment of conservatism under the pressure of events is no statesmanship. The Republic would be well-served by his defeat this November.

William F. Buckley's recent retirement from the National Review, nearly half a century after he founded it, led me to reflect on American conservatism's first principles, which Buckley helped define for our time. Beneath Buckley's scintillating phrases and rapier wit lay, as Churchill wrote of Lord Birkenhead, "settled and somewhat somber conclusions upon... questions about which many people are content to remain in placid suspense": that political and economic liberty were indivisible; that government's purpose was protecting those liberties; that the Constitution empowered government to fulfill its proper role while restraining it from the concentration and abuse of power; and that its genius lay in the Tenth Amendment, which makes explicit that the powers not delegated to government are reserved to the states or to the people.

More generally, American conservatives seek what Lord Acton called the highest political good: to secure liberty, which is the freedom to obey one's own will and conscience rather than the will and conscience of others. Any government, of any political shade, that erodes personal liberty in the name of social and economic progress must face a conservative's reasoned dissent, for allowing one to choose between right and wrong, between wisdom and foolishness, is the essential condition of human progress. Although sometimes the State has a duty to impose restrictions, such curbs on the liberty of the individual are analogous to a brace, crutch or bandage: However necessary in the moment, as they tend to weaken and to cramp, they are best removed as soon as possible. Thus American conservative politics championed private property, an institution sacred in itself and vital to the well-being of society. It favored limited government, balanced budgets, fiscal prudence and avoidance of foreign entanglements.

More subtly, American conservatism viewed human society as something of an organism in itself. This sense of society's organic character urged the necessity of continuity with the past, with change implemented gradually and with as little disruption as possible. Thus, conservatism emphasized the "civil society"--the private voluntary institutions developed over time by passing the reality test--i.e., because they work--such as families, private property, religious congregations and neighborhoods--rather than the State. In nearly every sense, these institutions were much closer to the individuals who composed them than the State could ever be and had the incidental and beneficial effect of protecting one's personal liberty against undue intrusion from governments controlled by fanatics and busybodies, that which Edmund Burke presciently called the "armed ideologies," and thus upheld our way of life as flying buttresses supported a Gothic cathedral.

But the policies of this administration self-labeled "conservative" have little to do with the essence of tradition. Rather, they tend to centralize power in the hands of the government under the guise of patriotism. If nothing else, the Bush administration has thrown into question what being a conservative in America actually means.

more...

[UpInArms]

44. Dow Chemical's profit nearly doubles

http://www.marketwatch.com/news/story.asp?guid=%7BDD85E898%2D7EC7%2D4A7F%2D98BA%2D9ED1A5C3FA6A%7D&siteid=mktw

SAN FRANCISCO (MarketWatch) -- Dow Chemical Co., citing aggressive pricing for its products, reported Thursday a strong jump in second-quarter profit and told investors to expect even better results for the rest of the year and into 2006.

Midland, Mich.-based Dow (DOW: news, chart, profile) said net earnings rose 85%, reaching $1.27 billion, or $1.30 a share, from $685 million, or 72 cents, earned in the year-ago second quarter.

Revenue shot up 16% to $11.45 billion from $9.84 billion.

Both the 2005 and 2004 quarters included special items that, when added up, gave the 2005 quarter's profit a 9-cent advantage over the year-ago results.

Excluding one-time gains associated with returning overseas earnings to the home balance sheet, earnings per share were $1.20, two cents short of the $1.22 that analysts polled by Thomson First Call had been looking for.

...more...

[54anickel]

45. Greenspan Not Easily Led by Leading Indicators

http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_baum&sid=akhBZGaLzu3g

July 27 (Bloomberg) -- Federal Reserve Chairman Alan Greenspan was crystal clear last week when he said that keeping the U.S. economy on a course of sustained growth and contained inflation required further rate increases.

The keeper of the business cycle indicators would beg to differ. If the Conference Board's Index of Leading Economic Indicators, comprised of 10 financial and real-side components, lives up to its name -- and periodic retoolings are designed to help it do just that -- the promised land of trend economic growth may be closer than Greenspan thinks.

At a press conference last week to discuss changes to the LEI, Gail Fosler, chief economist of the Conference Board, said the industrial economy is ``slowing down; actually it's slowing down quite quickly.''

Perhaps anticipating protestations that the U.S. is no longer an industrial economy, Fosler noted that ``the direction of the economy and direction of the industrial economy move hand in hand.''

And it's the industrial economy that leads, she said.

In a subsequent telephone interview, Fosler said she looks at the LEI's ``rate of change, rather than the level, to tell you whether the economy is accelerating or decelerating. It's decelerating.''

Growth Rate Slowing

more...

[54anickel]

48. The Greenspan of the '20s and '30s

http://moneycentral.msn.com/content/P121539.asp?Printer

The Greenspan of the '20s and '30s
For years, I have been rather vocal about Greenspan and the problems he has caused. Recently, after reading one of my daily columns on that theme, another friend forwarded a quote by Peter Drucker (from an interview in Business 2.0), in which he was queried about the effectiveness of the Federal Reserve today. I thought his answer was as brilliant a response as one could have, especially his conclusion:

"The Alan Greenspan of the 1920s and 1930s was Montagu Norman, the governor of the Bank of England. He had the same reputation as Greenspan has now. But he lost it with the Depression, the same way Greenspan will lose his. The idea that the Federal Reserve chairman has power is a delusion. The only power he has is over the interest rate, and the interest rate has ceased to be important because businesses are no longer dependent upon borrowing from banks. The interest rate is only important to the stock market, to people that short or buy on margin. For the economy -- yes, if it goes up to 18% or down to 2%, but half a point is a symbolic gesture. The Fed has control only as long as people trust that when Greenspan opens his mouth, it is meaningful. But the first time it does not work -- well, magicians get no second chance."

I think that sums it up better than I could ever hope to. I have exhausted the adjectives to describe his simultaneous display of arrogance and cluelessness. I can only repeat my oft-asked rhetorical question: How can this most irresponsible, incompetent Fed chairman in history have any credibility whatsoever?

[ozymandius]

51. Can't help but be snarky about the Has-Been Partisan hack.

[54anickel]

49. 12:18 lunch break check in....

Dow 10,677.21 +40.12 (+0.38%)
Nasdaq 2,192.16 +5.94 (+0.27%)
S&P 500 1,241.44 +4.65 (+0.38%)
10-Yr Bond 4.217% -0.04
NYSE Volume 941,209,000
Nasdaq Volume 833,169,000

12:00PM : Market holding onto modest gains midday as investors digest another flood of upbeat earnings reports... Garnering the bulk of the attention this morning has been ExxonMobil (XOM 59.40 -0.20), which beat analysts' forecasts by a penny on record Q2 net income of $7.6 bln and revenues of $88.6 bln... Even though the stock has sold off on the news, since some analysts had even higher expectations for the oil giant, underlying sentiment remains rather positive, as eight out of ten economic sectors have traded higher...
Pacing the day's gains for a second consecutive session has been Telecom Services has again paced the way higher amid reports of new legislation that could help carriers like SBC and VZ coupled with strong Q2 earnings and upside FY05 guidance from CenturyTel (CTL 34.10 +0.50)... Providing the bulk of the leadership, however, has been Health Care, benefiting from a rebound in HMOs following an encouraging Q2 report from Aetna (AET 77.38 +2.76) as well as strength in the drug group after Bristol-Myers (BMY 25.41 +0.31) beat estimates by $0.11 and raised its FY05 outlook...

The Consumer Discretionary sector has also been an influential leader to the upside, taking advantage of strong earnings reports from SBUX, PHM, AN, NWL and SNA, as well as a Merrill Lynch upgrade on LTD to Buy from Hold... Even amid strong Q2 reports from the likes of XOM and MRO and rising oil prices ($59.20/bbl +$0.09), Energy has paced the way lower amid widespread consolidation, a Q2 disappointment from Apache Oil (APA 69.17 -1.32) and analyst downgrades on EOG Resources (EOG 60.10 -3.69)... Technology has also lost ground, as losses in hardware, software and chip stocks, primarily from NTAP, CA and LSI, respectively, have overshadowed gains in networking (i.e. MOT)...

Separately, initial claims rose 5K to 310K (consensus 320K), leaving a 4-week average of 318K - the lowest since early March, but the report has been largely ignored in favor of the quarter's largest day of earnings reports... DJTA +0.7, DJUA +0.5, DOT +0.5, Nasdaq 100 +0.3, Russell 2000 +0.3, SOX -0.2, S&P Midcap 400 +0.5, NYSE Adv/Dec 1943/1140, Nasdaq Adv/Dec 1512/1319

11:30AM : Little changed since the last update as the major averages continue to vacillate in roughly the same ranges... Meanwhile, aside from strong earnings results from a slew of S&P 500 companies, U.S. markets may also be taking notice of strength in European markets, following strong quarterly performances from AstraZeneca (AZN 43.87 +1.76), GlaxoSmithKline (GSK 47.36 +0.43) and DaimlerChrysler (DCX 47.88 +3.91)... The latter has garnered extra momentum amid reports of current CEO Juergen Schrempp's resignation...NYSE Adv/Dec 1888/1169, Nasdaq Adv/Dec 1406/1361

11:00AM : Market bounces off its lows, finding some leadership from a turnaround in the influential, interest-rate senstive Financial sector... Continued deterioration in benchmark yields on the 10-year note (+8/32) to 4.21%, as week- and month-end bond buying continues to filter in, has eased concerns of higher borrowing costs... Meanwhile, initial claims checked in earlier, rising 5K to 310K (consensus 320K) to leave a 4-week average of 318K - the lowest since early March, suggesting that the Labor Dept.'s report due a week from tomorrow could show strong July payroll figures...

However, bond traders have basically ignored the claims data, as tomorrow's GDP and Chicago PMI hold a bit more importance... NYSE Adv/Dec 1793/1178, Nasdaq Adv/Dec 1364/1349



Gotta run for the day :hi:

[ozymandius]

50. lunchtime check-in

Numbers like these make a dozen roses look like a booger.

12:21
Dow 10,678.88 +41.79 (+0.39%)
Nasdaq 2,191.88 +5.66 (+0.26%)
S&P 500 1,241.19 +4.40 (+0.36%)
10-Yr Bond 42.19 -0.42 (-0.99%)
NYSE Volume 951,368,000
Nasdaq Volume 841,674,000

12:00PM: Market holding onto modest gains midday as investors digest another flood of upbeat earnings reports... Garnering the bulk of the attention this morning has been ExxonMobil (XOM 59.40 -0.20), which beat analysts' forecasts by a penny on record Q2 net income of $7.6 bln and revenues of $88.6 bln... Even though the stock has sold off on the news, since some analysts had even higher expectations for the oil giant, underlying sentiment remains rather positive, as eight out of ten economic sectors have traded higher...

Pacing the day's gains for a second consecutive session has been Telecom Services has again paced the way higher amid reports of new legislation that could help carriers like SBC and VZ coupled with strong Q2 earnings and upside FY05 guidance from CenturyTel (CTL 34.10 +0.50)... Providing the bulk of the leadership, however, has been Health Care, benefiting from a rebound in HMOs following an encouraging Q2 report from Aetna (AET 77.38 +2.76) as well as strength in the drug group after Bristol-Myers (BMY 25.41 +0.31) beat estimates by $0.11 and raised its FY05 outlook...

The Consumer Discretionary sector has also been an influential leader to the upside, taking advantage of strong earnings reports from SBUX, PHM, AN, NWL and SNA, as well as a Merrill Lynch upgrade on LTD to Buy from Hold... Even amid strong Q2 reports from the likes of XOM and MRO and rising oil prices ($59.20/bbl +$0.09), Energy has paced the way lower amid widespread consolidation, a Q2 disappointment from Apache Oil (APA 69.17 -1.32) and analyst downgrades on EOG Resources (EOG 60.10 -3.69)...

[ozymandius]

52. 2:11 numbers and blather

Dow 10,689.31 +52.22 (+0.49%)
Nasdaq 2,194.88 +8.66 (+0.40%)
S&P 500 1,243.13 +6.34 (+0.51%)
10-Yr Bond 42.06 -0.55 (-1.29%)
NYSE Volume 1,335,984,000
Nasdaq Volume 1,175,040,000

2:00PM: Market breaks out of its range somewhat, taking another bullish cue from weakening bond yields... Renewed buying in bonds has now lifted the 10-year note 15 ticks, knocking benchmark yields below 4.2%, as month-end buying from money managers trying to match their portfolios to benchmark indices continues to filter into the Treasury market... With regard to the major averages' performances during the month of July, the Dow, S&P and Nasdaq have surged 3.9%, 4.2% and 6.3%, respectively... NYSE Adv/Dec 2272/937, Nasdaq Adv/Dec 1714/1249

[Submariner]

53. NTRI up 28% today!

I bought 400 sh of nutri-system stock on a tip a few days ago and it's up 28% today at this time.:woohoo:Now if only all my stocks did that.

[ozymandius]

54. Into the home stretch

3:41
Dow 10,696.72 +59.63 (+0.56%)
Nasdaq 2,195.83 +9.61 (+0.44%)
S&P 500 1,243.08 +6.29 (+0.51%)
10-Yr Bond 41.96 -0.65 (-1.53%)
NYSE Volume 1,766,310,000
Nasdaq Volume 1,523,317,000

3:30PM: Indices still trading at their best levels going into the close as blue chips continue to outpace their Nasdaq counterparts to the upside... On the Dow, Caterpillar (CAT 54.37 +1.58) has paced the way higher, hitting a new all-time high, while shares of Honeywell (HON 38.93 +0.91), amid an analyst upgrade, have also surged more than 2.0%... Hewlett-Packard (HPQ 24.50 -0.28) and Boeing (BA 66.09 -0.61), both of which have hit new 52-week highs within the last few sessions, however, remain the two (out of three total) worst performing components today as investors lock in recent gains... NYSE Adv/Dec 2339/930, Nasdaq Adv/Dec 1772/1253

[ozymandius]

55. at the close - simply unreal

Dow 10,705.55 +68.46 (+0.64%)
Nasdaq 2,198.44 +12.22 (+0.56%)
S&P 500 1,243.72 +6.93 (+0.56%)
10-Yr Bond 41.96 -0.65 (-1.53%)
NYSE Volume 2,001,676,000
Nasdaq Volume 1,724,163,000

S&P, Nasdaq Climb to Four-Year Highs

NEW YORK (AP) -- The Standard & Poor's 500 index and Nasdaq composite index both reached four-year highs Thursday as investors, unfazed by oil prices nearing $60 per barrel, welcomed a raft of strong earnings reports.

The earnings, led by DaimlerChrysler AG and Bristol-Myers Squibb Co., further fueled investors' confidence in the stability of the economy. They also helped Wall Street look past a slight rise in first-time jobless claims reported by the Labor Department and another sharp rise in oil prices. A barrel of light crude settled at $59.94, up 83 cents, on the New York Mercantile Exchange.

The question on many investors' minds, however, was how high the markets can go, and whether the economy over the second half of the year will support those higher share prices.

"Obviously, we had a nice day yesterday, so now I tend to think that we're digesting all these earnings and figuring out whether we can move higher," said Jay Suskind, head trader at Ryan Beck & Co. "The news has been very good, but now the market's pricing in the second half of the year even more."

more...

http://biz.yahoo.com/ap/050728/wall_street.html?.v=23

[54anickel]

56. Wow!!! Unfreakinbelievable. I cannot believe investors are this

gulliable. There's got to be something else holding these markets up. They are pricing in the 2nd half of the year and they are going up? And look at Treasuries? Are they buying Greenspins latest spin that it's easy money?

Greenspan Hints at Risk-Free Trade in Treasuries
http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_gilbert&sid=auN0mdUcgWoc