STOCK MARKET WATCH, Thursday 23 March

[ozymandius]

Thursday March 23, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 1033 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 1918 DAYS
WHERE'S OSAMA BIN-LADEN? 1618 DAYS
DAYS SINCE ENRON COLLAPSE = 1579
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 3
Other Arrests of Execs = 54


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




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

AT THE CLOSING BELL ON March 22, 2006

Dow... 11,317.43 +81.96 (+0.73%)
Nasdaq... 2,303.35 +9.12 (+0.40%)
S&P 500... 1,305.04 +7.81 (+0.60%)
30-Year Bond 4.73% -0.02 (-0.32%)
10-Yr Bond... 4.70% -0.01 (-0.30%)
Gold future... 551.70 -1.50 (-0.27%)






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 Chris Puplava

SECTOR VALUATION ANALYSIS

Last week I read the Bank Credit Analyst U.S. Equity Sector Strategy released on Thursday (03/16/06) entitled, “Green Light For Energy When The Fed Stops Tightening.” The piece commented on asset manias over the past decade and compared the technology mania seen in the late 1990s to the current energy mania. I have included the articles comments and graph below:

“True, energy stocks have already rallied significantly, but the rally has been totally driven by profits. P/E ratios in the energy sector have declined markedly in the past several years, despite the steady rise in share prices. This is in stark contrast to the multiple expansion-driven rally in tech stocks in the late 1990s. We doubt energy stocks will be greeted with the same speculative zeal as tech stocks, because after all, energy remains a commodity. Still, there is room for some modest multiple expansion once the Fed is widely seen to be going on hold, as evidenced by yesterday’s sharp rally in energy stocks (despite lower oil prices) following the release of the benign Fed Beige Book.”

The article sparked my curiosity and I decided to use the Ford Equity Research Value Graphs to look at the valuation of the S&P 500 sectors. The Ford Value Graphs use the high and low P/E extremes (for a stock or index) multiplied by the 12-month operating earnings per share to come up with high and low valuation bands. These bands are similar to Bollinger Bands that give a statistical measure of the significance of the current variable in relation to its extremes over a set time period. The Ford Value Graphs help give an indication of whether or not a stock/index is undervalued or overvalued as well as giving a graphical illustration of the earnings trend for an index/stock.

-cut-

I’d like to make two observations in regard to the DJIA and the S&P500. First, both the DJIA and the S&P500 hit their 10-year upper P/E extremes in 1999 and stayed there until they rolled over in 2000. Second, they both underwent mean reversion back to normal levels and then had a major sell off in 2002 that drove both indexes to their 10-year lower P/E extreme. At this point the markets were undervalued and a rally ensued. The second observation I’d like to make is that when looking at their 3-year charts, P/E compression is seen where the upper P/E extreme driven by the 1990s market mania has fallen from 30 to 19 for the Dow and from 28 to 20 for the S&P 500. Note that the lower P/E extreme remained constant for the DOW and fell slightly, from 17 to 16, for the S&P500. This implies that the 10-year upper extreme truly was an extreme caused from a market mania while the lower P/E is seen as a true lower value not caused by a mania of fear as it was not compressed but returned to a “normal” lower extreme value seen previously.

-see charts-

more...

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

[ozymandius]

2. Today's Reports

8:30 AM Initial Claims 03/18
Briefing Forecast 295K
Market Expects 305K
Prior 309K

10:00 AM Existing Home Sales Feb
Briefing Forecast 6.40M
Market Expects 6.50M
Prior 6.56M

[UpInArms]

9. Initial Claims @ 302,000 - last week revised upward by 4,000

8:30 AM ET 3/23/06 U.S. 4-WK. AVG. CONTINUING CLAIMS LOWEST SINCE FEB. 2001

8:30 AM ET 3/23/06 U.S. CONTINUING JOBLESS CLAIMS RISE 38,000 TO 2.472 MILLION

8:30 AM ET 3/23/06 U.S. INITIAL WEEKLY JOBLESS CLAIMS FALL 11,000 TO 302,000

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B14BCD0BF%2D754E%2D4CFD%2D82B2%2DD37936747B4C%7D&dist=newsfinder&symbol=&siteid=mktw

WASHINGTON (MarketWatch) -- First-time claims for state unemployment benefits fell by 11,000 to 302,000 in the week ending March 18, the Labor Department said Thursday. It's down from a revised 313,000 and is the lowest since Feb. 24. The number of people continuing to collect unemployment benefits, meanwhile, rose by 38,000 to 2.472 million, the highest since Feb. 25. The four-week average of continuing claims hit a five-year low of 2.469 million.

[UpInArms]

25. Existing Homes Sales Report:

10:00 AM ET 3/23/06 JUMP IN FEB. HOME SALES DUE TO WARM JAN. WEATHER: NAR

10:00 AM ET 3/23/06 U.S. JAN. EXISTING HOME SALES REVISED 6.57MLN VS. 6.56MLN

10:00 AM ET 3/23/06 U.S. FEB. EXISTING HOME INVENTORIES UP 5.2% TO 3.03MLN

10:00 AM ET 3/23/06 U.S. FEB. EXISTING HOME MEDIAN PRICE UP 10.6% Y-O-Y

10:00 AM ET 3/23/06 U.S. FEB. EXISTING HOME SALES HIGHER THAN 6.52MLN EXPECTED

10:00 AM ET 3/23/06 U.S. FEB. EXISTING HOME SALES UP 5.2% TO 6.91MLN

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B26FBA5C9%2D9CBF%2D4D44%2D873E%2D9D47F58F8FA4%7D&dist=newsfinder&symbol=&siteid=mktw

WASHINGTON (MarketWatch) -- Resales of U.S. homes unexpectedly increased 5.2% in February to a seasonally adjusted annualized rate of 6.91 million, the National Association of Realtors said Thursday. Economists were expecting sales of about 6.52 million. The boost in sales in February was likely due to warmer than usual weather in January, when sales that were closed in February were initiated, the realtors said. The supply of unsold homes also rose 5.2% in February to 3.03 million, close to the all-time record of 3.04 million in 1986. The inventory represents 5.3 months supply, unchanged from January. Median prices are now up 10.6% year-over-year to $209,000.

I wonder if all those "sales" on the courthouse steps are being put into this formula? :eyes:

[UpInArms]

26. US Feb existing home sales soar, inventories rise

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-23T150451Z_01_N23185324_RTRIDST_0_ECONOMY-HOMES-URGENT.XML

WASHINGTON, March 23 (Reuters) - Sales of existing U.S. homes climbed 5.2 percent in February, defying expectations for a slowdown, as unseasonably warm weather boosted sales of both single-family homes and condos, according to trade group data on Thursday that showed a pause in the market's cool-down.

Sales of existing U.S. homes rose to a 6.91 million unit annual rate in February from January's upwardly revised 6.57 million unit pace, according to the National Association of Realtors. The existing homes sale figure includes both single-family homes and condos.

Analysts had forecast existing homes sales at a 6.50 million unit pace in February, down from January's originally reported 6.56 million unit pace.

But the Realtors' group called February's sales figures an aberration due to both warm weather and lower mortgage rates in January that boosted buying activity. The group's chief economist said the pace of home resales should start to slow again next month.

The increase in total sales - the biggest in two years - was driven by a 4.7 percent gain in the pace of single-family sales and an 8.8 percent jump in condo sales in February, the Realtors data showed.

...more...

hmmm... condos? Usually those are the things that go into foreclosure first - high homeowner's dues, taxes, ARMs.... :eyes:

[UpInArms]

33. Home ownership getting tough for working class

kind of flies in the face of that report - together with the demand for loans falling :eyes:

(edited for clarity)

http://money.cnn.com/2006/03/22/real_estate/homeownership_study/index.htm

NEW YORK (CNNMoney.com) - The rate of home ownership for low- to moderate-income families with children is lower than in 1978, even as the overall rate of home ownership increases, according to a study from the Center for Housing Policy released Wednesday.

The study found that only 59.6 percent of working class families owned their homes in 2003, the most recent year for which figures were available, down from 62.5 percent in 1978.


Meanwhile, home ownership in the overall population has risen to 68.3 percent in 2003 from 65.2 percent in 1978. The study is based upon Census Bureau data.

According to the Center, that translates into 2.3 million children who would be living in owner-occupied housing if the rates had remained the same.

The study defines working class families are ones whose earnings range from $10,700, or the equivalent of working 40 hours a week at minimum wage, and up to 120 percent of the median income in their area.

...more...

[ozymandius]

3. Oil Prices Rebound Above $62 a Barrel

SINGAPORE - Oil prices rebounded Thursday, recovering most of their losses the previous day, after U.S. government data showed domestic supplies of oil and gasoline shrank last week.

-cut-

Gasoline rebounded 1.09 cent to $1.7474 a gallon after plunging 10.3 cents, or 6 percent, on Wednesday.

Heating oil rose marginally to $1.7455 a gallon, while natural gas gained 8.2 cents to $7.035 per 1,000 cubic feet.

In its latest weekly report, the U.S. Energy Department said Wednesday that domestic inventories of crude oil declined by 1.3 million barrels last week to 338.6 million barrels, or 9 percent above year-ago levels. The agency said gasoline inventories fell by 2.3 million barrels to 221.6 million barrels, or 1 percent higher than last year.

more...

[UpInArms]

30. DOE: NatGas supply down 23 bln cubic ft

10:31 AM ET 3/23/06 U.S. NATURAL GAS SUPPLY DOWN 23 BLN CUBIC FT: ENERGY DEPT

[UpInArms]

34. May Crude @ $63.35 bbl - April NatGas @ $7.16 mln btus

11:23 AM ET 3/23/06 MAY CRUDE TAPS A THREE-SESSION HIGH OF $63.60/BRL

11:23 AM ET 3/23/06 MAY CRUDE LAST UP $1.58, OR 2.6%, AT $63.35/BRL

11:23 AM ET 3/23/06 APRIL NATURAL GAS RISES 20.7C, OR 3%, TO $7.16/MLN BTUS

[UpInArms]

51. May Crude closes @ $63.91 bbl - April NatGas @ $7.328 mln btus

2:59 PM ET 3/23/06 MAY CRUDE CLOSES AT $63.91/BRL, UP $2.14, OR 3.5%

2:59 PM ET 3/23/06 APRIL NATURAL GAS UP 5%, ENDS AT 1-MO HIGH OF $7.328/MLN BTU

[ozymandius]

4. (redux) US home loan demand falls to lowest level this year

NEW YORK (Reuters) - Consumer demand for home mortgage loan applications fell last week to the lowest level this year despite a marked drop in interest rates, as industry trade group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity or the week ended March 17 decreased 1.6 percent to 565.0 from the previous week's 574.4, its lowest level of 2006.

"It is very evident that the steam is coming out of the housing market even though rates moved down," said Celia Chen, director of housing economics at Moody's Economy.com, a consulting firm.

more...

[AnneD]

29. Morning Marketeers,

:donut: I am really concerned about the RE market now. It is not looking so good. I found out one of the reasons why Tx has such a high forclosure number-Texas allows 27 days to foreclose. I know some states have a much longer process. We use to have homestead exemption laws and you could not take equity out of your house-but then you didn't get thrown out of your house so easily either. I really fought the changing of the law because I thought it irresponsible to extract so much equity out of your home (not to mention all of those questionable loan sharks that were backing the changes)-but it passed anyway. I will have to check with a RE person to see how the changes affected homestead rules.

Oh and Babs will be out today visiting some Katrina evacuee kids at a local middle school. Guess she want to make sure they are 'making out nicely':sarcasm:. Oh to be a parent with a kid over there. I'd add a little spice to that dog and pony photo op show.

Happy hunting and watch out for the bears.

[UpInArms]

31. when I lived in Texas - iirc- it was called the "widow's and orphan's law"

So that those members of a family would always have their home - the equity was secured for them.

It all changed in 1997 -

http://www.thomas-law.com/equityloans.html

HOME EQUITY CONSTITUTIONAL AMENDMENT APPROVED BY TEXAS VOTERS NOVEMBER 4, 1997

TEXAS HOME EQUITY LOANS PERMITTED AFTER JANUARY 1, 1998

For 150 years, Texas has banned home equity loans. On November 4, 1997, the voters of Texas overturned this ban on home equity loans by approving a Constitutional Amendment to the Texas Constitution. Beginning January 1, 1998, home equity loans were permitted in Texas. Texas is the last state in the Union to permit home equity loans. Texas is the second-most-populous state and Texans have more than $200 billion of equity in their homes. Many home equity lenders are aggressively entering the Texas home equity loan market. Other than banks, savings and loans, savings banks, credit unions and under certain circumstances HUD approved lenders, home equity loans may only be made by mortgage companies licensed in Texas with a Texas Regulated Lending License. Since Texas is the last state in the Union to offer home equity loans, the potential growth for the second mortgage business is enormous.

LATEST NEWS FROM THE FINANCE COMMISSION OF TEXAS ON TEXAS HOME EQUITY LOANS

78th Legislature
The 78th Legislature passed SJR 42 and HJR 23 significantly changing Texas home equity law. These two laws were approved by Texas voters on September 13, 2003 as Propositions 16 and 6, respectively. Constitutional amendments authorized home equity lines of credit, allowed lenders under certain conditions to cure violations of the home equity lending law, and enabled borrowers to refinance home equity loans with reverse mortgages. The amendments also permitted the Finance Commission and Credit Union Commission to issue interpretations of home equity lending provisions at the request of an interested party or on their own motion.

Line of credit is a significant change. In the past, borrowers needing staggered funding of a home equity loan, say for instance for the construction of a back yard swimming pool, were required to draw the full amount of the loan at origination. This constitutional change allows borrowers to make draws on their home equity loans. Unique conditions apply: A minimum draw of $4,000 is required, additional advances are not allowed if the principal amount of the loan exceeds 50% of the fair market value of the property, and advances are not permitted through credit card, debit card, or preprinted solicitation checks.

Prior to 2003, the absence of a cure provision caused many Texas lenders to stay out of the home equity lending market rather than risk forfeiting all principal and interest on a non complying loan. The cure provision allows lenders within 60 days after notification by the borrower of any noncompliance to pay any overcharge, deliver documents, obtain missing signatures, adjust the account, and send written notice of any amount, percentage, term or other provision that is not in compliance.

Change in Texas Law May Make Reverse Mortgages More Popular

Texas was one of the last states to allow homeowners to take out home equity loans. Laws going back to the nineteenth century strictly prohibited home equity lending, as legislators feared that unscrupulous lenders would take advantage of homeowners for the purpose of seizing their homes through foreclosure. This made it impossible for citizens of the Lone Star State to use their equity for home improvements, debt consolidation or paying medical bills, as homeowners in other states may do.

In 1997, the Texas constitution was amended to allow homeowners to borrow against their home equity. The amendment allowed for traditional term loans, lines of credit, and reverse mortgages, but did not allow a line of credit on a reverse mortgage.

In a reverse mortgage, owners of homes who are at least 62 years of age may borrow against the equity in their home. They need not pay the money back until they die, move or sell the home. Reverse mortgages have become quite popular in the last few years, especially in areas like California, where homeowners may be cash poor but may have a lot of equity in their homes. Nationally, nearly 90% of homeowners who take out a reverse mortgage do so with a line of credit. In Texas, however, the only options are a lump sum or monthly payments. There are several advantages in taking a reverse mortgage in the form of a line of credit, rather than a lump sum. The most significant is the fact that interest is only due when money is actually drawn from the credit line. This saves the homeowner substantial amounts of interest over the life of the loan when compared to a lump-sum payout. Reverse mortgages have been quite popular in Texas since the law was changed to allow them, but lenders say that the demand should increase substantially if lines of credit are allowed.

...more...

[AnneD]

44. Thanks UIA

I forgot your background. Let's see, who was the Gov in '97 :think:
Oh yah, it was Dubya:sarcasm:
Bet the loan sharks contributed substantial to his war chest, as I recall he had a big slush fund.
I'm all for people making choices in their life, but I really hate to see people becoming desperate and doing stupid thing after being smooth talked by a snake oil salesman. These lending companies are everywhere and ready to pounce.
The old laws were better. At least no one ended up homeless.

[UpInArms]

5. daily dollar watch

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

Last trade 89.88 Change +0.01 (+0.01%)

Dollar Bound To Ranges While Speculation Gears Up

http://www.dailyfx.com/story/dailyfx-financial-markets-headlines/dailyfx-financial-markets-headlines/7491-dollar-bound-to-ranges-while-speculation-gears.html

The US dollar had little on its palette in terms of economic data today, leaving market participants to contemplate already released indicators this week and speculate on next week’s active calendar. Action in the dollar-backed majors was largely choppy. Against the euro, the greenback advanced only 20 pips, after hours of trading in a 50-pip range, from yesterday’s 1.2096, New York session close. The largest gain the dollar made amongst the four large pairs was in the USDCHF. The pair made a new weekly high 1.3057, before trading back slightly to 1.3050 by 19:22 GMT. Trading in the GBPUSD had the pair hovering around par with Tuesday’s New York session close at 1.7575 after a second day of trading within a 50-pip range constraint. Finally, the yen was the only currency among the majors to gain in ground against the greenback. An early session decline in the USDJPY weighed the pair off of highs around 117.40 established in Asian hours all the way down to 116.60. Recently, the dollar was trading around 116.80 to the yen.

With little new fundamental data being put to the market to absorb, traders had time to ruminate over the week’s earlier releases and put speculative bets down on a slew of indicators that will hit the newswire over the coming days. The only market moving indicator offered to the market so far this week has been yesterday’s producer prices. While the market initially rallied on this release, there has been some second guessing on this figure especially with the federal open market committee meeting next Tuesday to determine monetary policy. While growth remains impressive, and core prices actually nudged higher, the mark below expectations will offer another area for policy members to point to that supports a call for normalizing inflation. Also placing some weight on speculators for the upcoming rate decision will be Friday’s February durable goods orders. Expected to have grown 1.3 percent for the period, a realized reversal in orders will help to secure expansion numbers in lieu of receding price levels.

...more...

Protectionism - Death of the Dollar?

http://www.dailyfx.com/story/dailyfx-reports/daily-fundamentals/7495-protectionism---death-of-the.html

US Dollar
With no US economic data released today, the dollar continued to quietly gain strength against the majors. The only currencies that managed to rally against the dollar were the two high yielders that lost the most ground this week, namely the Australian and New Zealand dollars. Tomorrow is not expected to be very different since the only piece of data due out is jobless claims. The lack of a meaningful reaction stems from the fact that claims will do little to change the market’s opinion on rates. With the count down now at 7 days until the next Fed rate decision, there is no question that we will see rates at 4.75 percent by the end of this month. Therefore we take this opportunity to talk about a broader theme that may affect the dollar in the months to come. Today, the World Trade Organization warned the US against shooting themselves in the foot by exercising too much protectionism. The report was written before the UAE Ports deal and likely relates to the failed bid by China to purchase Unocal last July. The two US Senators that have caused a lot of fan fare by threatening to impose high tariffs on Chinese goods are also now touring China to see how much “progress” has been made. Any attempts to inhibit laissez faire tend to lead to disastrous results but more importantly though, attempts at preventing trade and dollar positive cross border acquisitions can only be added to the numerous factors that are pressuring the dollar over the medium to long term.

...more...

[UpInArms]

35. WHEE! Roller Coast goes up!

Last trade 90.39 Change +0.52 (+0.58%)

Settle Time 15:02 Open 89.86

Previous Close 89.87 High 90.43

Low 89.75 2006-03-23 10:57:21, 30 min delay

[UpInArms]

6. Levitt Corp. (Home Builder) quarterly profit falls 51%

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BFD00C8BF%2D9754%2D483B%2DA957%2DDC53A134778F%7D&dist=newsfinder&symbol=&siteid=mktw

SAN FRANCISCO (MarketWatch) -- Levitt Corp. (LEV 21.91, -0.09, -0.4% ) Wednesday evening reported fourth-quarter net earnings of $8.3 million, or 42 cents a share, down 51% from $17 million, or 85 cents a share, last year. Revenue at the Fort Lauderdale, Fla.-based homebuilder fell 30% to $124.5 million from $177 million, while homes delivered dropped 41% to 401. New orders in the quarter rose 56% to 490. Analysts polled by Thomson First Call had forecast earnings of 43 cents a share on revenue of $130 million.

[UpInArms]

7. US Bancorp CEO urges defeat of exec pay proposal

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2006-03-23T001150Z_01_N22288396_RTRIDST_0_FINANCIAL-USBANCORP.XML

NEW YORK, March 22 (Reuters) - U.S. Bancorp <USB.N> Chief Executive Jerry Grundhofer urged shareholders in a letter on Wednesday to reject a proposal giving them a say in how the No. 6 U.S. bank pays its top executives.

Grundhofer's unusual letter, accompanied by 10 pages of backup materials, came amid growing concern among some investors and governance experts about rising executive pay, and shareholders' lack of influence over it.

The proposal from the American Federation of State, County and Municipal Employees, or AFSCME, would allow U.S. Bancorp shareholders to vote annually on an advisory resolution to approve the report of the bank's compensation committee.

AFSCME said a vote would not affect actual compensation.

In his shareholder letter, Grundhofer, 61, called the proposal "a matter of serious concern" that, if adopted, "could put U.S. Bancorp at a serious competitive disadvantage.

"We are an inappropriate target for this type of proposal, given that we pay for performance," Grundhofer said. U.S. Bancorp ranked ahead of 12 of its largest competitors in shareholder returns over the last decade, he said.

Grundhofer's compensation rose 1 percent last year to $17.98 million, including a $5 million bonus.

...more...

[UpInArms]

8. An Empire Built of Paper

http://www.amconmag.com/2006/2006_03_27/review.html

Two hundred years ago, when the United States was a modest commercial republic, the president could take a walk down Pennsylvania Avenue—by himself—and talk to anyone who approached him. If he wasn’t on a walk outdoors, he was most likely at home, and you could speak to him by knocking on the door of the White House and presenting yourself.

The Hamiltonians and their agenda of mercantilism, paper money, and presidential exaltation had been humiliated in the election of 1800. Jeffersonianism had prevailed against them. And though Jefferson made some missteps during his presidency—not even Jefferson could be fully trusted with power—the policy bias was clear: frugality, free trade, peace, hard money, and decentralized government.

Today? The president moves about like Caesar Augustus, with a vast, graded court of civil and military aides, doctors, secretaries, valets, hairdressers, makeup artists, bodyguards, drivers, baggage handlers, cooks, food tasters, Praetorian guards, snipers, centurions, bulletproof limos, a portable hospital, and an armored rostrum. And that’s when he travels in the U.S.

<snip>

The paranoia of the Bush circle has infected the whole regime. The entire government—elected officials, appointed staff, permanent bureaucracy—has shifted in the last decade from pretending to be the people’s servants to admitting that they regard the people as a threat. Thus do we see the stream of legislation permitting ever more powers to spy, confiscate, and jail without trial.

<snip>

The authors not only provide a frightening picture of the mess that the U.S. government has made at home and abroad, they also understand the crucial role that the monetary regime has played in this debacle. They show how the legal right to counterfeit—that’s what the Federal Reserve grants the government—has changed the structure of the government and led to the loss of liberty and the rise of an imperial power unlike any in history.

...more...

Hmmmm.... looks like the "conservatives" might be getting a dose of reality. :eyes:

Oh, and btw - the entire article is worth a read :hi:

[UpInArms]

10. For Curiosity's Sake: Dick Cheney's Suite Demands

http://www.thesmokinggun.com/archive/0322061cheney1.html

MARCH 23--After posting the performance contracts of artists like Bruce Springsteen, the Rolling Stones, and U2, The Smoking Gun has finally obtained the backstage demands of a real rock star. That's right, below you'll find a copy of Vice President Dick Cheney's standard "tour" rider. The document is provided to hotels where Cheney will be bunking and lists how the Republican pol's "Downtime Suite" needs to be outfitted. While the vice president's requests are pretty modest (no extract-the-brown-M&M demands here), Cheney does like his suite at a comfy 68 degrees. And, of course, all the televisions need to be preset to the Fox News Channel (what, you thought he was a Lifetime devotee?). Decaf coffee should be ready upon his arrival along with four cans of caffeine-free Diet Sprite. And when Cheney is traveling with his wife Lynne, the second family's suite needs an additional two bottles of sparkling water. Mrs. Cheney's H2O should be either Calistoga or, curiously, Perrier, a favored beverage of French terrorism appeasers. The document, prepared by the vice president's advance team, was obtained by TSG after it was provided to a hotel employee prior to a Cheney visit. When we asked Cheney spokesperson Jenny Mayfield about the document's reference to gifts that hotels might leave in the suite for the vice president, she told us she was unable to address that question since she had not seen the "downtime requirements" rider (she asked for a copy, which we declined to provide in advance of its publication here).

...more...

[UpInArms]

11. Movie Gallery posts 4Q loss, to cut jobs

http://www.businessweek.com/ap/financialnews/D8GHA1R01.htm?campaign_id=rss_full_topix_bwdaily&chan=db

MAR. 23 8:21 A.M. ET Movie Gallery Inc., the nation's No. 2 video rental chain, on Thursday reported a fourth-quarter loss on large impairment charges, reversing a year-earlier profit. The company also said it plans to cut 17 percent of its work force by year-end to cut costs, as it contends with ongoing weakness in the movie rental business.

For the quarter ended Jan. 1, Movie Gallery reported a loss of $546.5 million, or $17.25 per share, versus a prior-year profit of $11.4 million, or 36 cents per share. Revenue rose to $676.4 million from $208.4 million in the year-earlier period.

The quarter's results include a non-cash, pretax goodwill impairment charge of $527.9 million, which reduced profit by $14.50 per share. Excluding that and other charges, the company reported adjusted earnings before interest, taxes, depreciation and amortization of $33 million, versus $29.1 million a year earlier.

Sales in stores open at least one year -- a closely watched performance gauge called same-store sales -- fell 8.6 percent, due to the decline in the home video rental industry. The retailer also blamed a lack of successful movies released last year for its weak performance.

Movie Gallery said it would reduce salaried and administrative staff by about 17 percent, or 300 positions, from the date of its acquisition of former rival Hollywood Entertainment Corp.

...more...

[UpInArms]

12. Stock Performance Undercuts Bush's Vision of Ownership Society

(thanks to Judi Lynn and this thread:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2183340 )

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

March 23 (Bloomberg) -- President George W. Bush has tried to sell Americans on an ``ownership society'' that would create more wealth -- and more Republicans in the process. The stock market hasn't accommodated.

The Standard & Poor's 500 Index -- the benchmark for American equities -- is down 2.8 percent since Bush took office five years and two months ago. That's the worst performance during the same stage of any two-term administration in the past half century except that of Richard M. Nixon.

The market's performance is undermining a central goal of White House Deputy Chief of Staff Karl Rove, Bush's chief political adviser. Borrowing from Margaret Thatcher's privatization push in the U.K. in the 1980s, Rove's theory is that if more Americans make their own financial decisions and the last vestiges of a welfare state are dismantled, a culture of ownership will spring up. The ranks of Republican voters, the idea goes, will swell along with it.

``The ownership society looked very attractive on paper,'' said Jacob Hacker, a political science professor at Yale University in New Haven, Connecticut. ``But once you flesh out the changes, people become very concerned because they are already fearful that their economic security is slipping away,''

...more...

[UpInArms]

13. Deadly Children's Jewelry recalled for lead poisoning danger - 1 dead

http://seattlepi.nwsource.com/business/1310AP_Jewelry_Lead_Poisoning_Recall.html

WASHINGTON -- More than 800,000 pieces of children's jewelry are being recalled by two companies because of the danger of lead poisoning that killed one child, the government said Thursday.

The Consumer Product Safety Commission said about 300,000 silver-colored, heart-shaped charm bracelets were recalled by Reebok International Ltd., a unit of Germany's Adidas-Salomen AG, after a 4-year-old child swallowed one of the bracelets and died of lead poisoning.

<snip>

The 8-inch-long metal bracelets and charms have the name "Reebok" engraved on the side of the charm. The bracelet was provided as a free gift with the purchase of various styles of children's footwear at major shoe stores nationwide from May 2004 through March 2006.

<snip>

In a separate action Thursday, the CPSC said about 580,000 necklace and ring sets, imported by Dollar Tree Distribution Inc., are being recalled for a lead poisoning danger.

The silver-colored, adjustable rings come in a variety of designs with a toy "gem" in the center. The necklaces have a black string with silver-colored clasps and a silver-colored charm with a "gem" in the center.

...more...

[UpInArms]

14. NEC Worker May Have Faked Purchases

http://breakingnews.nypost.com/dynamic/stories/J/JAPAN_NEC_FAKED_SALES?SITE=NYNYP&SECTION=BUSINESS

TOKYO (AP) -- Japanese electronics maker NEC Corp. has launched an internal probe after finding an employee at an engineering unit may have faked business deals and inflated sales by 36.3 billion yen ($310 million) over half a decade.

For the current fiscal year ending in March, the amount of inflated sales at NEC Engineering Ltd. is estimated at 13.3 billion yen ($113.6 million), inflating operating income by 9.3 billion yen ($79.5 million), the Tokyo-based company said in a statement released Wednesday.

<snip>

The fictitious purchases and sales, which ran from 2001 to December 2005, are believed to be the product of only one employee, and NEC said it failed to initially detect the problem because "it did not fully confirm all the details" of the transactions.

The falsified earnings come as NEC battles a drop in profits due to increased competition in the chip and mobile phone industry. In the quarter ended Dec. 31, NEC reported a 47 percent drop in net income to 20.78 billion yen ($117.6 million).

...more at link...

Only "one employee" ... :eyes:

[UpInArms]

15. Federated to Close Distribution Center in Washington, D.C.

9:02 AM ET 3/23/06 FEDERATED'S WASH., D.C. FACILITY EMPLOYS 250 PEOPLE

9:01 AM ET 3/23/06 FEDERATED TO CLOSE DISTRIBUTION CENTER IN WASHINGTON, D.C.

[54anickel]

16. Excerpts from Helen Thomas and Bush exchange yesterday...

My time is short this morning, just wanted to follow up with AnneD on the Helen Thomas discussion. Sort of goes with today's great toon!

http://www.truthout.org/docs_2006/032206A.shtml

snip>

Helen Thomas: I'd like to ask you, Mr. President, your decision to invade Iraq has caused the deaths of thousands of Americans and Iraqis, wounds of Americans and Iraqis for a lifetime. Every reason given, publicly at least, has turned out not to be true. My question is, why did you really want to go to war? From the moment you stepped into the White House, from your Cabinet - your Cabinet officers, intelligence people, and so forth - what was your real reason? You have said it wasn't oil - quest for oil, it hasn't been Israel, or anything else. What was it?
The President: I think your premise - in all due respect to your question and to you as a lifelong journalist - is that - I didn't want war. To assume I wanted war is just flat wrong, Helen, in all due respect -

Helen Thomas: Everything -

The President: Hold on for a second, please.

Helen Thomas: - everything I've heard -

The President: Excuse me, excuse me. No President wants war. Everything you may have heard is that, but it's just simply not true. My attitude about the defense of this country changed on September the 11th. We - when we got attacked, I vowed then and there to use every asset at my disposal to protect the American people. Our foreign policy changed on that day, Helen. You know, we used to think we were secure because of oceans and previous diplomacy. But we realized on September the 11th, 2001, that killers could destroy innocent life. And I'm never going to forget it. And I'm never going to forget the vow I made to the American people that we will do everything in our power to protect our people.

more...

[ozymandius]

17. Looks like we had us a sucker rally yesterday.

just look at the blather...

09:15 am : S&P futures vs fair value: -0.3. Nasdaq futures vs fair value: -4.0. GM has announced that it has sold a 78% stake in GMAC for about $9 billion in cash and assumed debt to an investor group led by Kohlberg Kravis Roberts, Five Mile Capital Partners, and Goldman Sachs Capital Partners. Futures trade is little changed, and still suggests a lower open for the cash market.

09:01 am : S&P futures vs fair value: -1.0. Nasdaq futures vs fair value: -5.0. Futures trade continues to signal a downside start for stocks. The host of uninspiring earnings reports and earnings outlooks continues to dampen sentiment, and Adobe (ADBE) is particularly weighing on the Nasdaq. A rebound (+0.7%) in the price of crude, to $62.21, isn't helping things. On a positive note, General Mills beat earnings estimates by four cents. The company met revenue expectations and reaffirmed its FY06 guidance, the high end of which matches the consensus estimate.

[ozymandius]

18. Stocks set to open flat; Adobe weighs

NEW YORK (Reuters) - U.S. stock futures pointed to a flat market opening on Thursday, with upbeat earnings news from companies including General Mills Inc. (NYSE:GIS - news) offsetting a disappointing outlook from software maker Adobe Systems Inc. (Nasdaq:ADBE - news)

General Mills, maker of Cheerios cereal and Progresso soup, reported stronger-than-expected quarterly earnings, and its shares rose in light volume before the opening bell.

-cut-

Adobe posted lower quarterly net income on acquisition-related costs and gave a disappointing outlook in a second day of gloomy news for the tech sector. RBC Capital Markets cut its rating on Adobe, whose shares fell before the bell.

Standard & Poor's 500 futures were down 1.5 points, but were even with fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

more...

[ozymandius]

19. ConAgra posts 3rd-quarter loss after charges

CHICAGO (Reuters) - ConAgra Foods Inc. (NYSE:CAG - news) on Thursday posted a quarterly loss, hurt by higher costs and charges related to restructuring and litigation.

ADVERTISEMENT

ConAgra, whose brands include Healthy Choice frozen meals, Peter Pan peanut butter and Hebrew National hot dogs, posted a net loss of $31.7 million, or 6 cents a share, for the third quarter ended February 26. That compared with a profit of $165.3 million, or 32 cents a share, a year earlier.

Excluding one-time items, it earned 37 cents a share, beating analysts' average expectation of 34 cents, according to Reuters Estimates.

more...

[ozymandius]

20. markets giving the bidness

9:33
Dow 11,306.15 -11.28 (-0.10%)
Nasdaq 2,298.85 -4.50 (-0.20%)
S&P 500 1,303.22 -1.82 (-0.14%)
10-Yr Bond 46.97 -0.06 (-0.13%)
NYSE Volume 40,080,000
Nasdaq Volume 58,642,000

[UpInArms]

21. SEC probe of Mills Corp. (Commercial Real Estate Developer) now formal

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B70280C3C%2DB27F%2D4020%2D9D87%2D583E334A5BD7%7D&dist=newsfinder&symbol=&siteid=mktw

BOSTON (MarketWatch) -- Mills Corp. in a filing late Wednesday said the Securities and Exchange Commission has commenced a formal investigation of beleaguered real estate investment trust.

The Arlington, Va.-based property-development company, which in January disclosed the SEC had commenced an informal inquiry after the firm revealed accounting problems, has faced a string of setbacks in recent months.

In January, the company said it would restate financial results to correct accounting errors. And last week, the troubled developer of shopping and entertainment centers delayed the filing of its Form 10-K for fiscal 2005, citing its previously disclosed need to restate certain prior results. In addition, the company said it anticipates additional adjustment to its historical financial statements that could be material.

Amid analyst downgrades and shareholder lawsuits, Mills has announced layoffs and indicated it is exploring "strategic alternatives," including a possible sale of the company.

...more...

[UpInArms]

22. GM sells 78 percent of GMAC Commercial Holding to KKR

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-23T143713Z_01_N23211102_RTRIDST_0_AUTOS-GMAC-UPDATE-1.XML

NEW YORK, March 23 (Reuters) - General Motors Corp. (GM.N: Quote, Profile, Research) on Thursday said an investor group has completed the acquisition of a majority interest in GMAC Commercial Holding Corp. from GM's financing arm, General Motors Acceptance Corp.

GMAC sold 78 percent -- up from a previous target of 60 percent -- of its equity in GMAC Commercial Holding in exchange for more than $1.5 billion in cash, GM said.

GMAC Commercial Holding, GM's real estate finance unit, will repay approximately $7.3 billion of intercompany loans to GMAC at the closing of the deal, bringing GMAC's total cash proceeds from the transaction to almost $9 billion, GM said.

The investor group was comprised of affiliates of Kohlberg Kravis Roberts & Co., Five Mile Capital Partners LLC and Goldman Sachs Capital Partners.

...more...

[UpInArms]

23. Treasuries rise as pre-meeting torpor takes hold - curve still inverted

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-23T142841Z_01_N23325626_RTRIDST_0_MARKETS-BONDS.XML

NEW YORK, March 23 (Reuters) - U.S. Treasury debt prices edged up on Thursday as the market ignored jobless claims data in light trading that is expected to remain subdued until after the Federal Reserve's policy meeting next week.

The first-time weekly jobless claims data showed 302,000 people sought unemployment insurance for the first time in the week ended March 18, compared with economists's expectations of 305,000 and the prior week's 313,000.

In the market, the yield curve inversion, or yield premium that two-year notes now have over 10-year notes, was stable at 4 basis points -- which traders said was suggestive of the market's wait-and-see mode until the Fed meets early next week.

"The market is just sitting back and position-squaring, waiting for what the Fed policy statement says" on Tuesday, said one bond trader with a primary dealer.

He added that he couldn't see any major reason prices were higher on Thursday, but did note that buying overnight out of Japan might offer one explanation for the market's slight move upward.

...more...

[UpInArms]

28. Treasuries turn lower on existing home sales rise

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-23T151256Z_01_NYG000155_RTRIDST_0_MARKETS-BONDS-UPDATE-1-URGENT.XML

NEW YORK, March 23 (Reuters) - U.S. Treasury debt prices turned lower on Thursday on an unexpected rise in existing home sales in February, which encouraged views that the Federal Reserve will raise short-term rates at least two more times.

Sales of existing homes rose 5.2 percent to a seasonally adjusted annual rate of 6.91 million units, according to the National Association of Realtors. That compared with economists' expectations of 6.5 million and January's upwardly revised 6.57 million unit pace.

...a bit more...

[UpInArms]

36. Treasurys drop after boisterous headline home figure

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B6AE39338%2DCAC7%2D432E%2DB879%2D07C6A490AA08%7D&dist=newsfinder&symbol=&siteid=mktw

NEW YORK (MarketWatch) -- Treasury prices dropped Wednesday morning, propelling yields higher, after news that existing home sales unexpectedly shot up 5.2% last month, suggesting to some that the housing market may not be slowing.

<snip>

Resales of homes unexpectedly increased 5.2% in February to a seasonally adjusted annualized rate of 6.91 million, the National Association of Realtors reported. See full story.

The boost in sales in February was likely due to warmer than usual weather in January, when sales that closed in February were initiated.

The unexpected boisterous headline figure was bearish for bonds because it subtracts from the case that the Fed can back off its current program of quarter-point rate increases, as the fixed-income market would like it to do.

Economists polled by MarketWatch had expected sales of 6.52 million.

However, the report also contained some evidence for the argument that the robust housing market, long one of the key driver of the economy, is slowing.

The supply of unsold homes also rose 5.2% in February to 3.03 million, close to the all-time record of 3.04 million in 1986.

...more single-sentence paragraphs at link...

[UpInArms]

24. Stolen Fidelity laptop exposes data of 196,000 HP retire plan participants

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BDF0717E3%2DD927%2D42CB%2DBB46%2DD85CC379CF9B%7D&dist=newsfinder&symbol=&siteid=mktw

BOSTON (MarketWatch) - A laptop stolen from mutual fund giant Fidelity Investments contained software with the personal data of 196,000 participants in Hewlett-Packard Co.- sponsored retirement plans, Fidelity spokeswoman Anne Crowley said, confirming earlier media reports. Fidelity services both defined-benefit and defined-contribution plans for HP (HPQ 33.16, -0.20, -0.6% ) . The laptop contained data including the participants' names, addresses, birthdates and social security numbers. Crowley said Fidelity has been monitoring the accounts since the theft "and we've found no unusual activity there."

[UpInArms]

27. 10:13 EST numbers and blather

Dow 11,307.51 -9.92 (-0.09%)
Nasdaq 2,300.47 -2.88 (-0.13%)
S&P 500 1,303.10 -1.94 (-0.15%)
10-Yr Bond 4.699 -0.04 (-0.09%)

NYSE Volume 310,881,000
Nasdaq Volume 358,729,000

10:00 am : The market is vacillating around the unchanged mark. Just two of the ten economic sectors are lending support, and their gains are countered by losses across the rest of the market. At this point, Energy (+0.8%) is leading trade. Crude oil's rebound and gains in gasoline, natural gas, and heating oil have helped renew some buying interest across the sector. The Materials sector (+0.3%) is also trending higher. On the other side of the aisle, it's the rate-sensitive areas that are faring worst. The Financial sector is levying a 0.3% loss, while Utilities (-0.4%) and the homebuilding industry are also declining. DJ30 +2.08 NASDAQ -1.23 SP500 -1.38 NASDAQ Dec/Adv/Vol 1239/1166/187.8 mln NYSE Dec/Adv/Vol 1513/1107/65.9 mln

09:40 am : As futures trade had presaged, the stock market opened in the red. A round of relatively disappointing profit reports and earnings outlooks is weighing on sentiment. Adobe (ADBE), which beat estimates but issued downside guidance, is a particular drag. YRC Worldwide (YRCW), Carnival Corp (CCL), and Scholastic Corp. (SCHL) also disappointed the market. Crude's 0.8% rise to $62.26 per barrel isn't helping matters, but the price remains within its recent range. Building anticipation ahead of the FOMC meeting may help keep action in check. With respect to today's economic calendar, new claims for unemployment for the week ended March 18 were 302,000 - in-line with expectations and with the recent trend. The market awaits existing home sales data (10:00 ET). Economists anticipate an annual rate of 6.50 million - a reading that would mark the series' sixth straight decline. New home sales data will be released tomorrow. On a related note, KB Homes (KB) delivered better than expected earnings after yesterday's bell, but cautioned that it will likely see pullbacks in some markets this year. DJ30 -6.80 NASDAQ -3.28 SP500 -1.48

[UpInArms]

32. 10:52 EST numbers and blather

Dow 11,273.73 -43.70 (-0.39%)
Nasdaq 2,291.26 -12.09 (-0.52%)
S&P 500 1,299.62 -5.42 (-0.42%)
10-Yr Bond 4.725 +0.22 (+0.47%)

NYSE Volume 551,135,000
Nasdaq Volume 608,499,000

10:30 am : Following the better than expected Existing Homes Sales report, the homebuilding industry fully erased its early loss, and it's now registering a gain. The broader market, though, hasn't caught a similar bid. Existing home sales rose to a 6.91 million annual rate in February, which is above the 6.50 million rate that analysts had anticipated. Still, it's is the third straight level below a 7 million rate (the rate had been above 7 million every month from April through November of 2005). The data doesn't alter expectations that home sales will drift lower over the year ahead. Comments from KB Homes (KBH 65.84 +1.25) feed the argument that the housing sector is slowing, and the market awaits the New Home Sales report tomorrow. Treasuries, meanwhile, have taken a bearish cue from the data because of the fact that it was better than expected. Rising yields are weighing on stocks.DJ30 -19.69 NASDAQ -7.62 SP500 -3.35 NASDAQ Dec/Adv/Vol 1434/1159/385.7 mln NYSE Dec/Adv/Vol 1555/1292/206.7 mln

[UpInArms]

37. SnowJob's incompetence keeps cropping up - report that is due not ready

Must be getting harder to cook those books :eyes:

Snow-No timetable for U.S. forex practices report

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-23T164937Z_01_WBT005025_RTRIDST_0_ECONOMY-SNOW-URGENT.XML

HAGERSTOWN, Maryland, March 23 (Reuters) - U.S. Treasury Secretary John Snow on Thursday said he still was unable to say when a hotly awaited report on currency practices of major trading partners, including China, will be issued.

"We don't have a precise timetable on that," Snow said in answer to a reporter's question after touring a Volvo truck engine-making plant.

"That's being worked on," he added. The currency report is issued twice a year and normally would come in April but it is often delayed.

Snow visited the manufacturing plant to highlight the Bush administration's drive to attract foreign investment in the wake of the Dubai Ports World decision, which kept a United Arab Emirates company from taking over management of some U.S. ports.

Snow said the U.S. economy was on a good growth path, partly because of healthy foreign investment and data on weekly jobless claims issued on Thursday reinforced that point.

...more that obscures the lack of filing of a mandated report from the Treasury Department...

[UpInArms]

40. SnowJob continues to spew

Snow says U.S. welcomes foreign investment

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2006-03-23T180421Z_01_N23266730_RTRIDST_0_ECONOMY-SNOW-UPDATE-1.XML

excerpt:

Snow was asked to comment on the Dubai Ports World deal in which a United Arab Emirates company had sought to take over management of some U.S. ports, provoking an angry U.S. reaction that eventually resulted in the UAE company dropping its deal.

"I'm pleased to again emphasize that America welcomes investment from abroad," Snow said. "America is open for foreign investment, we attract an enormous amount of foreign investment every year. We want to continue to make America a place that is the best place in the world to invest."

The Bush administration was taken by surprise at congressional anger over the proposed ports deal and is aiming to make the case that the United States still wants foreign investment.

<snip>

In 2005, the U.S. trade deficit climbed 17.5 percent to a record $725.8 billion and the deficit with China shot up 24.5 percent from 2004 to a record $201.6 billion.

<snip>

There are signs already the Chinese government is pushing back against U.S. pressure, including a comment from Chinese Premier Wen Jiabao reported on Wednesday by the Financial Times newspaper that the United States must take responsibility for its own economic imbalances.

...more...

[ozymandius]

42. Isn't this basically what a street whore says?

"I'm pleased to again emphasize that America my willing pliant form welcomes investment rutting from abroad," Snow said. "AmericaMy flesh is open for foreign investmentdiddling, we attract an enormous amount of foreign investment humping every year. We want to continue to make America my withered white meat a place that is the best place in the world to invest satiate yourselves."

[UpInArms]

43. that one should have come with a shield, ozy

:spray:

:rofl:

[AnneD]

45. Well.....

I have seen some of these women ply their wares in the street....they are usually not that eloquent. Guess that is the difference between a street hooker and a high class call girl or to paraphrase Slim Whitman to Harvey Korman in Blazing Saddle "You uses yor mouth better than a $20 Whore" :rofl:

[KoKo]

47. A little more about China and Currency from Chalmers Johnson

(who wrote "Sorrows of Empire" and has a new book coming out)

From an Interview:

http://www.counterpunch.org/engelhardt03232006.html

Whatever Happened to Congress?
By TOM ENGELHARDT


Johnson:

The high-growth economies of East Asia now hold huge amounts in American treasury certificates. If the dollar loses its value, the last person to get out of dollars loses everything, so you naturally want to be first. But the person first making the move causes everyone else to panic. So it's a very cautious, yet edgy situation.

A year ago, the head of the Korean Central Bank, which has a couple of hundred billion of our dollars, came out and said: I think we're a little heavily invested in dollars, suggesting that maybe Dubai's currency would be better right now, not to mention the euro. Instantaneous panic. People started to sell; presidents got on the telephone asking: What in the world are you people up to? And the Koreans backed down--and so it continues.

There are smart young American Ph.D.s in economics today inventing theories about why this will go on forever. One is that there's a global savings glut. People have too much money and nothing to do with it, so they loan it to us. Even so, as the very considerable economics correspondent for the Nation magazine, William Greider, has written several times, it's extremely unwise for the world's largest debtor to go around insulting his bankers. We're going to send four aircraft-carrier task forces to the Pacific this summer to intimidate the Chinese, sail around, fly our airplanes, shoot off a few cruise missiles. Why shouldn't the Chinese say, let's get out of dollars. Okay, they don't want a domestic panic of their own, so the truth is they would do it as subtly as they could, causing as little fuss as possible.

-------------
What I wonder is how will anyone know when China and Japan start to "ease out?" :eyes:

[UpInArms]

38. April Gold @ $549.50 oz - May Silver @ $10.63 oz

11:53 AM ET 3/23/06 MAY COPPER UP 2% AT $2.384/LB AFTER A RECORD $2.386

11:52 AM ET 3/23/06 APRIL GOLD FALLS $2.20 TO $549.50/OZ AFTER $544.80 LOW

11:52 AM ET 3/23/06 MAY SILVER UP 1.2% AT FRESH 22-YEAR HIGH OF $10.63/OZ

[UpInArms]

48. April Gold closes @ $550.80 oz - May Silver @ $10.69 oz

1:46 PM ET 3/23/06 CORRECT: MAY SILVER SETTLES UP 19.5C AT $10.69/OUNCE

1:43 PM ET 3/23/06 APRIL PLATINUM SETTLES UP 40C AT $1,046.40/OUNCE ON NYMEX

1:43 PM ET 3/23/06 JUNE PALLADIUM SETTLES DOWN $2.75 AT $323.20/OUNCE ON NYMEX

1:42 PM ET 3/23/06 APRIL GOLD SETTLES DOWN 90C AT $550.8/OUNCE ON NYMEX

1:40 PM ET 3/23/06 MAY COPPER SETTLES UP 5.9C AT $2.398/POUND ON NYMEX

[UpInArms]

39. 12:47 EST recovery in progress

Dow 11,289.98 -27.45 (-0.24%)
Nasdaq 2,300.08 -3.27 (-0.14%)
S&P 500 1,302.84 -2.20 (-0.17%)
10-Yr Bond 4.739 +0.36 (+0.77%)

NYSE Volume 1,024,106,000
Nasdaq Volume 1,076,130,000

12:30 pm : Fading further, the market continues to retrace some of yesterday's gains. Along with Energy (+1.1%), the semiconductor industry is helping to limit the indices' declines. Currently, the Philadelphia Semiconductor Index (SOX) is up 0.9%. Driving its advance is Advanced Micro Devices (AMD 35.42 +1.05). The chip maker is benefiting from news that Dell (DELL 30.31 -0.10), which exclusively uses Intel (INTC 19.89 -0.09) chips, has purchased Alienware. Alienware, which is a maker of high-end personal computers favored by gamers, uses AMD chips. Despite relative strength in that influential industry group, the Tech sector continues to post a 0.5% loss and the Nasdaq remains submerged. With respect to the latter, a drop in biotechnology is a contributing factor.DJ30 -52.43 NASDAQ -8.99 SP500 -4.83 NASDAQ Dec/Adv/Vol 1567/1303/959.2 mln NYSE Dec/Adv/Vol 1716/1383/642.3 mln

12:00 pm : Sellers remain in control of the trading action as the market enters the noon hour. Interest rate concerns are weighing on investors' sentiment, and a round of disappointments from the earnings front exacerbates a bearish bias.

On Tuesday, the FOMC will announce what is widely expected to be another rate hike. Anxiety ahead of that, and ahead of the accompanying policy directive, is building. Today's economic calendar featured a better than expected reading from the housing sector, and the data is fanning rate worries. In February, existing home sales rose to a 6.91 million annual rate. It's still the third consecutive month that the series has checked in below the 7 million annual rate, but, nonetheless, the reading was well above expectations. The Fed has asserted that monetary policy will be dependent upon the economic data, and today's housing report suggests that the data has not deteriorated to the point that the Fed would have reason to pause. To that point, the Treasury market is taking a bearish cue. Rising yields are weighing on the equity market, and rate-sensitive areas are faring especially poorly. The Financial sector is levying a weighty 0.5% loss, as is the Utilities sector.

Conversely, the date helped the homebuilding industry erase its early loss. A sore spot there had been KB Homes (KBH 67.48 +2.89). The company beat earnings estimates and reaffirmed its full-year guidance, but, like many of its peers, cautioned that softness in some markets is likely. Tomorrow, the February New Home Sales Report will be released, and it's apt to garner some added attention. Further to the earnings front, the software industry is a particular pocket of weakness following downside guidance from Adobe Systems (ADBE 35.71 -0.91). There are a few bright spots helping to offset its effect, namely upgraded Yahoo (YHOO 31.69 +0.94) shares and Advanced Micro Devices (AMD 35.50 +1.13), but selling across the tech board is wide-spread and stunting the sector's advance. With respect to AMD, the stock is benefiting from Dell's (DELL 30.46 +0.05) acquisition of Alienware - which uses AMD chips.

Due largely to a profit warning from trucking company YRC Worldwide (YRCW 38.68 -6.61), transportation industries are weak and weighing on the Industrials sector (-0.8%). Healthcare (-0.7%) is suffering from some broad-based selling and is also booking a significant loss. The market's best source of support is the Energy sector. A spike in energy prices has driven buyers back to energy stocks, but the fact that crude is about 3% higher to $63.50 per barrel today, and out of its recent range, is not helping the broader market. DJ30 -48.26 NASDAQ -7.64 SP500 -4.14 NASDAQ Dec/Adv/Vol 1505/1325/862.5 mln NYSE Dec/Adv/Vol 1690/1373/572.0 mln

[ozymandius]

41. Stocks fall as transports drop, bond yields up

NEW YORK (Reuters) - U.S. stocks fell on Thursday, hit by a drop in transportation shares and news of surprising strength in the housing sector, which renewed worries about interest rates and pushed up bond yields.

Trucking company YRC Worldwide Inc. (Nasdaq:YRCW - news) warned that first quarter earnings would be much lower-than-expected, due to soft volumes and cost overruns.

"The underlying economy is coming along, so when a company as big as YRC comes out with that ... it gives everybody a little bit of pause," said Cummins Catherwood, managing director of Walnut Asset Management.

more...

[UpInArms]

46. SAT scoring company - bad scores - tied to Bush advisor

cross-posting from this thread:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=2183213&mesg_id=2183213

http://www.dailytexanonline.com/home/index.cfm?event=displayArticlePrinterFriendly&uStory_id=032e0948-f51e-49ad-b48d-0edce51caff8

SG has a rich history of environmental activism. Sandy Kress, who advised President George W. Bush on the No Child Left Behind Act, helped preserve the Battle Oaks behind the Union during his 1973 term.

"Somebody had the bright idea that they ought to be concreted," Kress said.

<snip>

Kress' own life in public policy is marked by compromise with political nemeses. Though a staunch Democrat, Kress was appointed by then-Gov. Bush to the Education Commission of the States.

"It was very nice, considering he's a Republican," Kress said.

http://www.nabe.org/press/Clips/clip051305.htm

Bush signed No Child Left Behind into law in January 2002. Five months later, Kress registered with the U.S. Secretary of the Senate as a lobbyist for NCS Pearson. Kress specializes in helping his clients tailor themselves to the requirements of No Child Left Behind, something Pearson has done with startling success. A publishing conglomerate that owns The Financial Times and Penguin Books, Pearson had been a bit player in the education market, concentrating on the scoring of standardized tests. In 2000, however, Pearson acquired National Computer Systems, the company that held the contract for designing and scoring the Texas Assessment of Academic Skills. Since then, Pearson has built an accountability empire of sorts, becoming the third-largest testing company in the country, behind CTB McGraw-Hill and Harcourt Educational Measurement.

NCS Pearson publishes software systems that allow teachers to create, administer, and score “diagnostic” tests that purport to show how well students are learning by demonstrating in part how prepared they are for state tests. Subsidiary Pearson Educational Measurement holds test design contracts in states with large testing programs, like Florida and Texas. Pearson Education, another subsidiary, publishes reading, math, science, art, and music curricula for grades K-12. Other subsidiaries offer online testing, data management services, and professional training for teachers, including an online master’s degree program. The company claims to have at least one product placed in 50,000 schools nationwide.

Another of Kress’s clients, Educational Testing Services, Inc., also made a sudden market surge in the wake of No Child Left Behind. A non-profit best known as the publisher of the Scholastic Aptitude Test (SAT), ETS stayed clear of the commercial testing business for nearly 50 years. Beginning with the spin-off of for-profit subsidiary K-12 Works in 2000, however, ETS has aggressively pursued state testing contracts. The company now holds contracts with New Jersey, Indiana, and the plum of the state testing market, California. ETS also offers a professional development program for teachers and one of the few tests so far available to certify teaching aides.

http://www.akingump.com/attorney.cfm?attorney_id=324

Sandy Kress' practice focuses on public law and policy at the state and national levels. Mr. Kress served as senior advisor to President Bush on Education with respect to the No Child Left Behind Act of 2001. He previously served as president of the board of trustees of the Dallas Public Schools. He has served on two statewide committees to recommend improvements to Texas public education.

Appointed in 1998 by Governor George W. Bush, Mr. Kress serves on the Education Commission of the States. He has also served as counsel to the Governor's Business Council and Texans for Education, and as a member of the Texas Business & Education Coalition.

Mr. Kress was appointed by Lieutenant Governor Bob Bullock to the Educational Economic Policy Center. He was later asked to chair the Center's Accountability Committee. This committee produced the public school accountability system that was later adopted into Texas state law and recognized as one of the most advanced accountability systems in the nation. Mr. Kress was also appointed by Lieutenant Governor Bullock to serve on the Interim Committee to study the Texas Education Agency.

Prior to joining Akin Gump, Mr. Kress was a partner in the Dallas law firm of Johnson & Wortley, P.C. He also served as deputy assistant secretary for legislative affairs at the U.S. Treasury Department.

[UpInArms]

49. 2:14 EST and falling into the ditch

Dow 11,258.04 -59.39 (-0.52%)
Nasdaq 2,293.69 -9.66 (-0.42%)
S&P 500 1,300.13 -4.91 (-0.38%)
10-Yr Bond 4.735 +0.32 (+0.68%)

NYSE Volume 1,331,211,000
Nasdaq Volume 1,391,108,000

2:00 pm : Little has changed within the stock market. One area that is demonstrating some interesting relative strength is the retail industry. The apparel group is the standout - currently up about 1%. Home improvement retail is another notable pocket of strength. There, it's Home Depot (HD 43.94 +0.57) that is leading the advance. The stock is trading in sympathy with the homebuilding industry, as it appears to be similarly benefiting from today's better than expected housing data. As a whole, retailers are showing resilience in the face of interest rate anxiety and spiking energy costs. At this point, crude is 3.3% higher and is pushing $64 per barrel.DJ30 -44.17 NASDAQ -5.49 SP500 -3.19 NASDAQ Dec/Adv/Vol 1507/1428/1.28 bln NYSE Dec/Adv/Vol 1663/1517/869.0 mln

1:30 pm : The recent recovery attempt has stalled, and the indices have edged lower. Meanwhile, the Treasury market continues to suffer. Yields are up across the curve. At the back end, which is the most inflation-sensitive, the 30-year note is down 11 ticks and up to a 4.74% yield. The benchmark 10-year note, meanwhile, is off seven ticks and yielding 4.73%. A week ago, that bond was offering 4.64%. Today's better than expected housing data continues to be the catalyst behind the Treasury action. The reading adds to what had already been some anxiety ahead of the upcoming (Tuesday) FOMC policy decision and directive. Treasuries continue to occupy much of stock traders' attention, and, as such, are contributing to the equity market's bearish bias. DJ30 -41.44 NASDAQ -6.01 SP500 -3.51 NASDAQ Dec/Adv/Vol 1487/1434/1.19 bln NYSE Dec/Adv/Vol 164/1504/798.5 mln

[ozymandius]

50. 2:18 numbers - LOOK OUT!

Dow 11,255.64 -61.79 (-0.55%)
Nasdaq 2,293.96 -9.39 (-0.41%)
S&P 500 1,300.15 -4.89 (-0.37%)
10-Yr Bond 47.35 +0.32 (+0.68%)
NYSE Volume 1,350,754,000
Nasdaq Volume 1,409,685,000

[ozymandius]

52. 3:20 numbers and blather

Dow 11,257.16 -60.27 (-0.53%)
Nasdaq 2,298.09 -5.26 (-0.23%)
S&P 500 1,301.09 -3.95 (-0.30%)
10-Yr Bond 47.37 +0.34 (+0.72%)
NYSE Volume 1,622,514,000
Nasdaq Volume 1,679,722,000

3:00 pm : The market continues to fade. Eight of ten sectors remain submerged. Despite some upside earnings reports, the Consumer Staples sector (-0.5%)has been able to overcome selling pressure. This morning, General Mills (GIS 50.23 +0.25) delivered earnings that beat expectations by four cents per share. The company met expectations for its revenue growth, and reaffirmed its full-year guidance range - the high end of which matches the consensus estimate. ConAgra (CAG 20.49 +0.23), meanwhile, beat EPS projections by three cents. The stock's upside appears to be dampened by the fact that the company disappointed on the top line. The sector is also getting some solid support from Sysco (SYY 32.40 +0.92), which is enjoying an analyst upgrade. Like the broader market, the Staples sector is experiencing some wide-spread selling that offsetting its pockets of strength.DJ30 -71.16 NASDAQ -11.57 SP500 -6.08 NASDAQ Dec/Adv/Vol 1609/1378/1.52 bln NYSE Dec/Adv/Vol 1780/1420/1.04 bln

[antigop]

53. U.S. Pension Guaranty Chief Resigns (PBGC)

http://tinyurl.com/kleyc


>>
The chief of the U.S. Pension Benefit Guaranty Corp. announced his resignation Thursday, as efforts continue in Congress to shore up the financially troubled government agency.
"This past two years has been a particularly tumultuous period for the PBGC," executive director Bradley Belt said in his resignation letter to President George W. Bush
>>

[UpInArms]

54. Bank of America cuts ATM fees in China, sees credit card market

http://www.wbt.com/news/detail_wbt.cfm?article_id=26044

Bank of America Corp. has reached a deal with a Chinese bank to offer customers of both banks free ATM access while they're traveling abroad.

Beginning April 1, Bank of America customers in China can use debit or ATM cards for no charge at more than 11,000 foreign-enabled ATMs operated by China Construction Bank. The Chinese bank's cardholders will enjoy the same benefit when using the nearly 17,000 Bank of America ATMs in the United States.

``The successful operation of this project is a significant step for the strategic cooperation'' between the Chinese bank and Bank of America, China Construction Bank chairman Guo Shuqing said in a statement.

Bank of America last year paid $3 billion for a 9 percent stake in China Construction Bank, that nation's third-largest commercial bank with $522 billion in assets and $467 billion in deposits. It is China's largest mortgage lender and one of the country's four large state-controlled banks, but it has little experience with consumer lending.

...more...

hmmmm.... I don't use BoA - is that the same type of deal folks here in the USoA get?

[Roland99]

55. Red at the close

DJIA 11,270.30 -47.10
Nasdaq 2,300.15 -3.20
S&P 500 1,301.67 -3.37
Russell 2000 747.60 +2.75
30 Yr Bond 4.75 +0.03
10 Yr Bond 4.74 +0.04

U.S. stocks ended lower Thursday as a rise in long-term interest rates, sparked by strong housing data, and a spike in crude-oil prices prompted some investors to lock in prior-session gains.

[ozymandius]

56. and the blather

4:20 pm : On the heels of yesterday's advance, the major averages spent the session in the red. Interest rate concerns continue to plague the market, and today's better than expected housing data underpinned them. A batch of disappointing news from the earnings front gave investors further reason to sell, and spiking energy prices did not help matters.

The FOMC is expected to raise interest rates again on Tuesday. Anxiety ahead of that - and ahead of the accompanying policy directive - has been mounting. For a market cognizant of the fact that the Fed will base its policy decisions on the economic data, today's Existing Home Sales report was not inspiring. The reading checked in at a 6.91 million annual rate, which was up from the prior month and well above analysts' projection. Essentially, the data, which is considered a lagging indicator, undercuts the argument that a slowing housing sector will give the Fed a reason to pause its tightening cycle. To that point, Treasuries sold off. For both markets, the housing data exacerbated the lingering interest rate uncertainty and the pre-FOMC nervousness. Bonds continue to occupy much of equity traders' attention, and rising yields helped keep buyers at bay. Rate-sensitive areas, particularly the Financial sector (-0.4%), did not fare well. Utilities (-0.2%) also declined.

Homebuilding was one area of the market that took the opposite cue. In the early going, KB Homes (KBH 67.82 +3.23) had been a sore spot. After Wednesday's bell, the company delivered better than expected profit and reaffirmed its full-year guidance. But, like many of its peers, KB Homes cautioned that softening in some markets is likely. That assertion appeared to be overshadowed, today, by the existing home sales report. Tomorrow, new home sales data will be reported. Across the board strength lifted the industry close to 4% and helped push the Discretionary sector (-0.1%) towards the unchanged mark. That area of the market was also supported by retailers, which demonstrated interesting resilience to interest rate worries and surging energy prices. Apparel stocks did well, and home improvement retail benefited from the housing data. General Motors (GM 22.00 -0.01) again occupied headlines, due to its 78% sale of GMACCH to a private equity consortium, but the stock had little effect on trade.

With respect to today's energy price action, natural gas led the advance. The commodity gained about 4% despite the fact that the Energy Department reported a less than expected inventory drawdown. Crude, meanwhile, closed near $64 per barrel. While equity trade has lately appeared to be less affected by energy price fluctuations, oil today broke out of its recent range. Ongoing geopolitical concerns continue to support energy prices, and reports that the Italian company Eni declared a "force majeure" in Nigeria added fuel to the fire. Additionally, crude's advance may have been a delayed reaction to yesterday's unexpected drop in supply. The price action coupled with a profit warning from YRC Worldwide (YRCW 38.56 -6.73) in challenging transportation stocks and taking Industrials 0.6% lower. On the bright side, the action sparked some buying action across the Energy sector. Its 1.1% gain was not enough to take the indices to positive turf, but it did help limit their decline. Metal commodities also rose today, and resulted in the Materials sector's (+0.2%) advance.

Further to the earnings front, downside guidance from Adobe Systems (ADBE 36.33 -0.29) weighed heavily upon trade. There were a few pockets of strength that helped offset its effect, but the sector still booked a 0.4% loss. Yahoo (YHOO 31.83 +1.08), following an analyst upgrade, and Jabil Circuit (JBL 42.75 +4.51), due to its upside guidance, were two of the brightest spots. Semiconductors had offered some leadership intra-day, mostly to Advanced Micro Device's (AMD 34.75 +0.38) credit, but the industry well-pared its gain and took some of the steam out of the sector. As a side note, AMD's rise appeared to have been the result of Dell's announced acquisition of Alienware - a high end PC maker that uses AMD chips. The Consumer Staples sector, despite better than expected earnings reports from General Mills (GIS 50.23 +0.25) and ConAgra (CAG 20.54 +0.28), also spent the session submerged. Upgraded Sysco (SYY 32.36 +0.88) shares were a separate source of support, but, like the broader market, the sector ultimately faced wide-spread selling that left it with a loss.DJ30 -47.14 NASDAQ -3.20 SP500 -3.37 NASDAQ Dec/Adv/Vol 1417/1604/2.00 bln NYSE Dec/Adv/Vol 1662/1579/1.45 bln