STOCK MARKET WATCH, Monday March 26

[ozymandius]

Source: DU

Monday March 26, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 665 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2282 DAYS
WHERE'S OSAMA BIN-LADEN? 1986 DAYS
DAYS SINCE ENRON COLLAPSE = 1946
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 9
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

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

---

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

AT THE CLOSING BELL ON March 23, 2007

Dow... 12,481.01 +19.87 (+0.16%)
Nasdaq... 2,448.93 -2.81 (-0.11%)
S&P 500... 1,436.11 +1.57 (+0.11%)
Gold future... 657.30 -6.90 (-1.05%)
30-Year Bond 4.80% +0.02 (+0.36%)
10-Yr Bond... 4.61% +0.02 (+0.52%)






GOLD, EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

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

For information on protests and other actions Citizens For Legitimate Government

---

more Radfringe here


Read more: DU

[ozymandius]

1. Today's Market WrapUp

A Follow-Up On Housing
BY TIM W. WOOD

It seems that of late that a major topic being covered by the mainstream media is “sub-prime” mortgages and the related scare of the downstream impact. Well, the charts warned of problems in the home building sector a year and a half ago. In fact, it was in the October 28, 2005 Market WrapUp that I originally reported signs of trouble for the housing market. In the February 24, 2006 Market WrapUp I also reported on the technical problems and developments for the housing sector. Then, in the May 19, 2006 Market WrapUp I followed up again on the housing sector and reported that the evidence from the intermediate-term charts had continued to evolve to the point that the longer-term trend had topped. I went on to give very specific cyclical high and low points to watch for as continued confirmation of my thesis. My point here being, the charts were right and the mainstream media once again failed to warn and even refused to acknowledge a housing bubble. That is until now when the problem becomes obvious.

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

[Roland99]

10. Well, that's no big surprise. The M$M has all but given up real reporting.

[AnneD]

18. Morning Marketeers....

:donut: and lurkers. Well slap me silly and call me for dinner. We have been bitching and moaning about poor, if not even dishonest economic reporting on behalf of the MSM and governmental agencies. Anyone that doesn't check out as many and varied sources as he can before he invest is a fool.
And we know what happens to a fool and their money. The SMW thread is a nice counter weight to all the MSM rah rah.

Happy Hunting and watch out for the bears.

[Hugin]

46. Morning AnneD...

:hangover:

Well... Yeah, the Corporate Media has really let investors down. Of any group I can think of
who -requires- ... NAY ... -demands- accurate reporting on reality. It's Investors.

BTW... Anna is still dead. :eyes:

[AnneD]

54. I guess I owe

Rush an apology. Who knew an infected cyst could be life threatening, but then again Anna had just had a baby-so I think she had a little bit more going on body wise. I am factoring out drug use on both....of course.

Ewwwh that was tacky-even for me. I apologize again to Rush. I mean he suffered carrying that 6 lb cyst around every bit as much as Anna did her baby. So eh, who was the father of his cyst.

Dang, I did it again.....Must stop watching the news.....must take my meds. Menopause is making me a bit more sarcastic than normal today.

[Hugin]

57. !

Don't do it!

Don't apologize to Rush! He knew what he was getting into (or out of) with that bouncing
baby 6# cyst. He is the product of poor decision making skills.

:rofl:

[ozymandius]

2. Today's Report

10:00 AM New Home Sales Feb
Briefing Forecast 1000K
Market Expects 995K
Prior 937K

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

[Ghost Dog]

34. New-Home Sales in U.S. Drop to Lowest Since June 2000 (Very Bad)

http://www.bloomberg.com/apps/news?pid=20601087&sid=aK0xZi0MGUhw&refer=worldwide

March 26 (Bloomberg) -- New-home sales in the U.S. unexpectedly fell in February to the lowest level in almost seven years, dimming prospects for a quick revival in housing.

Purchases declined 3.9 percent to an annual pace of 848,000 last month from a revised 882,000 rate in January that was lower than previously reported, the Commerce Department said today in Washington. The supply of unsold homes at the current sales pace rose to the highest in 16 years.

Cold weather and concern that a glut of unsold homes will further depress prices may have deterred homebuyers, economists said. The report suggests that a slump in home construction will further weigh on the economy as a wave of mortgage foreclosures adds to the woes of builders including KB Home.

``We're probably not going to see the pickup in housing by the end of the year that we were looking for,'' said Michelle Meyer, an economist at Lehman Brothers Holdings Inc. in New York. ``Housing imbalances will take longer to correct because inventories aren't declining very fast.''

Economists had forecast new-home sales would rise to a 985,000 rate from a previously reported 937,000 for January, according to the median of 63 projections in a Bloomberg News survey.

The new-home sales figures contrast with reports last week showing a rise in housing starts and an unexpected jump in sales of existing homes. Existing homes make up 85 percent of the market.

The yield on the benchmark 10-year Treasury note fell to 4.57 percent at 10:28 a.m. in New York, from 4.61 percent late in the day on March 23.

Median Price

The median price of a new home fell 0.3 percent in February to $250,000 from $250,800 a year earlier, today's report showed.

The number of homes for sale at the end of the month rose to 546,000 from 538,000 in January. That left the supply of homes at the current sales rate at 8.1 months' worth, compared with 7.3 months in January. The number of homes completed and awaiting a buyer rose to 179,000 last month.

While builders are offering more incentives to unload homes already built, the actual number of homes in inventory may be more than the government reports because it doesn't include cancellations, economists said.

New-home sales for February fell 18.3 percent from a year earlier, the government said.

/...

[ozymandius]

3. Oil trades above $62 on Iran tension

VIENNA, Austria - Oil prices rose Monday, trading above $62 a barrel, on continued tensions between Iran and the West following Iran's detention of British naval personnel. Recent declines in U.S. oil stocks also supported the market.

Vienna's PVM Oil Associates cited the "deteriorating relationship between Iran (OPEC's second largest producer) and the West and last week's further falls in U.S. commercial oil inventories" as driving prices upward.

-cut-

Light, sweet crude for May delivery rose 55 cents to $62.83 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.

The contract hit a 3-month high last Friday to close at $62.28 a barrel after Iran detained the sailors, sparking concerns that an escalation in the conflict could cut Persian Gulf oil exports.

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

[ozymandius]

4. The lights are out all over oil-rich Nigeria

LAGOS (AFP) - Nigeria is rich in oil but short of energy, and at night the lights are out and darkness reigns for most of the 140 million inhabitants.

Hundreds of small and medium-scale businesses are being strangled by an almost total lack of power in a country which is the sixth-biggest exporter of oil in the world.

-cut-

For several weeks now, from Kano in the north to Port Harcourt in the south, power supplies have deteriorated so much that Nigerians count the minutes of electricity provided by the Power Holding Company of Nigeria (PHCN) rather than refer to power cuts.

PHCN, which is the successor to the defunct National Electric Power Authority (NEPA) and is being prepared for privatisation, is widely referred to by frustrated Nigerians as either "Problem Has Changed Name", "Poverty Holding Company of Nigeria" or "Please Hold Candle Now".

http://news.yahoo.com/s/afp/20070325/bs_afp/nigeriaeconomyenergy

[Robbien]

14. Wonder how much of the power problems are due to the fact

the Nigerian government wanted to privatize the power company. Appears the people aren't being fooled.

[ozymandius]

5. Housebuilders merger provides foundation for FTSE gains

Merger activity among housebuilders sector provided a foundation for gains for the FTSE on Monday. The bluechip index initially moved lower as oil prices rose to a new high for the year but reversed its early weakness, led the gains among housebuilders following news of an agreed merger between housebuilders George Wimpey and Taylor Woodrow.

The share prices of both companies moved sharply higher with Taylor Woodrow up rose 16.2 per cent to 488½p while Wimpey gained 5.8 per cent to 672p.

A successful deal would create the UK's largest housebuilder which will be called Taylor Wimpey.

-cut-

The rest of the housebuilding sector made strong gains on hopes of further consolidation. Redrow, which has long been seen as a potential target, jumped 8.2 per cent to 656½p while Bellway added 6.3 per cent at £16.08, Bovis Homes increased 4.4 per cent to £11.92 and Barratt rose 1.9 per cent to £11.76.

http://news.yahoo.com/s/ft/20070326/bs_ft/fto032620070702449695

[ozymandius]

6. Chinese shares set record high

SHANGHAI, China - Chinese stocks rose to a fresh record Monday, with the benchmark Shanghai Composite Index topping 3,100 for the first time on lively demand from securities funds and strong 2006 corporate earnings results.

The Shanghai Composite Index gained 1.6 percent to 3,122.81, its fourth straight record close. The Shenzhen Composite Index rose 2 percent to 833.58, its fifth record high in a row.

"The market was boosted by new funds building portfolios," said Li Xianming, a strategist at Ping An Securities. He estimates the size of securities funds set up since year's start at about 100 billion yuan ($12.9 billion).

http://news.yahoo.com/s/ap/20070326/ap_on_bi_st_ma_re/china_markets

[soothsayer]

9. get ready to short them if we attack iran. China gets its oil mostly

from Iran, and that will seriously F up China. In fact, some folks say that's our whole interest in attacking Iran---blow up the pipeline that feeds china so we can muscle china into not dumping our crap currency.

[Ghost Dog]

32. Nikkei up 0.2 pct, exporters rise but realtors fall

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070326:MTFH30028_2007-03-26_06-46-14_T172306&type=comktNews&rpc=44

TOKYO, March 26 (Reuters) - The Nikkei average rose 0.24 percent to a one-month closing high on Monday, after gains in exporters including Fanuc Ltd. (6954.T: Quote, NEWS , Research) were partly offset by losses in property shares such as Sumitomo Realty & Development Co. Ltd. (8830.T: Quote, NEWS , Research).

...

Trade volume slid to the lowest level in three months, with many market participants opting to hold on to stocks that go ex-dividend on Tuesday ahead of the end of the business year for many firms this month. Many Japanese stocks will not pay dividends for this year to investors who buy them after Monday.

"The Nikkei is pausing around 17,500 after recouping about half of the losses it had sustained amid the global stock sell-off," said Yoku Ihara, manager at the investment information department of Retela Crea Securities, adding that investors are reluctant to trade actively before the end-March book closings.

The Bank of Japan's tankan corporate sentiment survey for March, due out on April 2, also added to investors' wait-and-see stance this week, he said.

/...

[Ghost Dog]

33. BoJ chief says low interest rates may store up trouble

http://asia.news.yahoo.com/070326/afp/070326050337business.html

TOKYO (AFP) - Bank of Japan governor Toshihiko Fukui warned Monday that very low interest rates could store up trouble for the economy in the future if people get over reliant on cheap credit.

"We need to gradually adjust the level of interest rates to reflect changes in the economy and prices," Fukui said in parliament.

"Even if the economy expands at a moderate rate, there are concerns that we may see various adverse effects resulting from the market's belief that the extremely easy interest rates will last for a long time," he said.

His comments reflect worries at the central bank that Japan may struggle to kick its addiction to cheap credit and that if it keeps interest rates very low, it will have no leeway to loosen monetary policy if needed in the future.

/...

[ozymandius]

7. Stocks head toward flat opening

NEW YORK - U.S. stocks headed toward a flat opening Monday as investors awaited data that could help indicate whether a downturn in the housing market will undermine overall economic growth.

Concerns about an implosion among subprime mortgage lenders, which make loans to people with poor credit, as well as a general slump in demand for housing have loomed large over Wall Street in recent months. A housing report due Monday could help set the tone on the Street following a week that saw strong gains.

-cut-

On Monday, the Commerce Department is expected to release a report on February new home sales. Analysts expect a rise to 995,000 from 937,000 in January. The report comes off a better-than-expected jump in sales of existing homes that the National Association of Realtors reported Friday.

http://news.yahoo.com/s/ap/20070326/ap_on_bi_st_ma_re/wall_street

[UpInArms]

8. dollar watch

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

Last trade 83.37 Change +0.06 (+0.07%)

Dollar Averts Doomsday

http://www.dailyfx.com/story/strategy_pieces/trade_or_fade/Dollar_Averts_Doomsday_1174886702244.html

Listening to dollar bears last week one would have thought that the collapse of the greenback was inevitable with the fears over the sub-prime blowup rising to a fever pitch. Dollar bearishness reached its apex right after the FOMC meeting. The Fed acknowledged the problems in the housing sector in its communiqué, leading many market players to assume that US monetary officials changed their bias to a neutral stance. However, the Fed did nothing of the sort. In fact, if anything FOMC members stressed the upside risks of inflation and after a second look the market reconsidered its opinion capping the EURUSD pair at 1.3400. As the week progressed US data turned much more dollar friendly, first with smaller than expected jobless claims on Thursday and then with a much stronger Existing Home Sales results on Friday. Existing Home Sales were pivotal to proving the dollar negative case, and once the report showed that housing demand has not collapsed, worries over an imminent US recession receded.

Nevertheless, skepticism about the rebound in US housing maybe well warranted. As some analysts pointed out, February numbers were mostly a function of business conducted in January and December and therefore offered little insight into market sentiment after the sub-prime problems were revealed in the media in February. Next week brings the New Home Sales release which will either confirm or contradict the Existing Home sales report and could reopen the debate on the state of housing once again. The rest of the week provides only minimal data of importance, although the Consumer Confidence numbers and the Durable Goods report will be key to measuring the strength of both consumer and producers. Unless the data once again turns unremittingly dollar bearish the EURUSD should continue to bounce between 1.3100-1.3400 range as traders look for the next big theme.– BS



...more...

US Dollar Underpinned By Surprise Surge in Existing Home Sales

http://www.dailyfx.com/story/dailyfx_reports/daily_fundamentals/US_Dollar_Underpinned_By_Surprise_1174686346922.html

US Dollar – The release of existing home sales lent the US dollar a solid boost in morning trade as the figure jumped a significantly stronger-than-expected 3.9 percent in February - the sharpest rise in three years - to 6.69M from 6.44M. Although the figure for January was revised down to 2.7 percent from 3.0 percent, the markets took the report as unabashedly bullish for US housing and will likely fuel further speculation that the sector has bottomed out. The seemingly cheery data comes as Federal Reserve official Roger Cole admitted a degree of fault yesterday in the fallout of subprime lenders saying, "Given what we know now…we could have done more, sooner,” which may be a more accurate indicator of the times ahead. Indeed, the existing home sales report released today is a calculation of contracts that were signed primarily in December and January, prior to the mid-February subprime breakdown. Furthermore, building permits - a leading indicator for the sector – fell back 2.5 percent earlier this week. It remains to be seen whether traders will acknowledge the signs and focus instead on next week’s calendar chock full of releases. First, new home sales are predicted to rebound after last month’s dismal -16.6 percent reading while durable goods orders are estimated to recover from January’s drop of -7.8 percent. PCE Core is predicted to edge even higher, which may spark concerns that the Fed will be put in the complicated position of dealing with growing inflation and slowing expansion. The final reading of Q4 GDP could garner major attention as well, as the markets will respond swifly to any upward or downward revisions. Manufacturing indicators should improve, but may still reflect broad pessimism on the sector with the Richmond Fed predicted to rise to -4 from -10 and Chicago PMI estimated to hit 49.5 from 47.9. Finally, sentiment reports in the form of consumer confidence and the University of Michigan survey are projected to show that optimism in the US is dwindling amidst rising oil prices, growing inflation, and mounting tensions with Iran.

...more...

[Ghost Dog]

36. Dollar falls as new home sales weaken

http://investing.reuters.co.uk/news/articleinvesting.aspx?type=hotStocksNewsUS&storyID=2007-03-26T143902Z_01_T153847_RTRUKOC_0_US-MARKETS-FOREX.xml

NEW YORK (Reuters) - The dollar fell on Monday, giving up earlier gains, after data showed U.S. sales of new homes for February dropped to its lowest rate since June 2000, boosting expectations of a Federal Reserve rate cut by mid-year.

"This disappointing number highlights the ongoing risk of slower housing activity on the broader economy, and that's why we are seeing the dollar sell off," said Alex Beuzelin, senior market strategist, at Ruesch International in Washington.

"Ultimately what is going to determine the Fed's next move is inflation and economic growth, and to the extent that this disappointing housing number further clouds the economic outlook that (adds) greater traction to the idea that the Fed's next move will be an interest rate cut," he added.

...

The euro <EUR=> was trading at $1.3333, up around 0.4 percent on the day and up from $1.3290 before the release of the data. The dollar was down 0.3 percent against the yen, trading at 117.07 yen <JPY=> and down from 118.30 yen ahead of the data's release.

Interest rate futures showed perceived prospects for the Fed to cut rates by June <FFN7> rose to 32 percent from 28 percent on Friday and 26 percent just before the report. Deferred months posted bigger gains to suggest more aggressive Fed rate cuts later in the year.

/...

[Ghost Dog]

59. Sterling up as risk appetite returns

http://investing.reuters.co.uk/news/articleinvesting.aspx?type=ukPoundRpt&storyID=2007-03-26T141546Z_01_L26658098_RTRIDST_0_MARKETS-STERLING-CLOSE.XML

LONDON, March 26 (Reuters) - Sterling rose against the dollar, yen and euro on Monday as investor appetite for risk increased and housing data reinforced expectations of a further interest rate rise from the Bank of England.

House price inflation picked up in March with the average cost of a house rising 6.7 percent on the year, its fastest pace since June 2003, compared with 6.4 percent in February, according to data from housing researchers Hometrack. The continuing strength of the housing market is making a further interest rate hike from 5.25 percent more likely, according to analysts.

The pound's strong performance was also driven by the pick-up in risk appetite, with investors more willing to re-enter risky carry trades, borrowing low yielding currencies like the yen to fund purchases of higher return units like sterling.

...

At 1411 GMT, the pound was up 0.2 percent versus the yen at 232.12 <GBPJPY=R>. It was up 0.2 percent against the euro at 67.62 pence <EURGBP=>.

Sterling rose 0.35 percent to $1.9688 <GBP=>, extending gains after an unexpected fall in U.S. new home sales in February sparked a broad sell off in the greenback.

/..

[Ghost Dog]

61. Gold rises 1 pct on higher oil, weaker dollar

http://investing.reuters.co.uk/news/articleinvesting.aspx?type=goldMktRpt&storyID=2007-03-26T151154Z_01_L26522093_RTRIDST_0_MARKETS-PRECIOUS-UPDATE-4.XML

LONDON, March 26 (Reuters) - Gold jumped more than one percent on Monday, boosted by strong oil prices that rose on tensions between Iran and the West, and a drop in the dollar after lower-than-expected new home sales figures.

Other key precious metals also gained, and analysts said the market was building a solid base to move higher in the coming trading sessions.

...

Gold <XAU=> rose as high as $664.30 an ounce before easing to $663.10/664.10 by 1438 GMT, up from $657.00/658.00 in New York late on Friday, when it dropped more than one percent on a firmer dollar and pre-weekend profit taking.

Oil climbed to $63 a barrel, setting a 2007 record, on growing tension between Iran and the West over Tehran's nuclear work and its capture last week of British servicemen.

...

In other precious metals, silver <XAG=> rose to $13.34/13.37 an ounce from $13.16/13.21 in New York, while platinum <XPT=> increased to $1,235/1,240 an ounce from $1,229/1,234. Palladium <XPD=> was flat at $351/356 an ounce.

/...

[texpatriot2004]

11. K & R nm

[Demeter]

12. IMF to Urge Depreciation in Dollar

http://www.economicpolicymonitor.com/

IMF to Urge Depreciation in Dollar

The International Monetary Fund will say further depreciation by the U.S. dollar is needed to help correct global imbalances in its latest World Economic Outlook (WEO), Germany’s Sueddeutsche Zeitung is reporting.

Quoting from a draft of the WEO, the paper said the Washington-based fund argued “extraordinarily aggressively” for a correction in exchange rates, above all so as to reduce the massive U.S. current account deficit.

The dollar, which slid to a 2-year low against the euro last week, should continue to depreciate in the mid-term, while the yen, the Chinese yuan and currencies of oil-exporting countries in the Middle East should all appreciate, the draft WEO said.
Labels: dollar

posted by Raymond Weber @ 10:21 AM 3/25/07

[UpInArms]

13. Intel to build $2.5 bln China plant, first in Asia

http://news.yahoo.com/s/nm/20070326/bs_nm/intel_china_investment_dc

BEIJING (Reuters) - Intel Corp. (Nasdaq:INTC - news), the world's top chip maker, will build a $2.5 billion plant in fast-growing China to produce microchips, in an effort to move up the mainland's technology food chain.

Intel's first chip plant in Asia brings it closer to a rising number of customers in China's rapidly developing electronics industry and dovetails with Beijing's policy of fostering the high-tech industry.

China is counting on the plan to create jobs, build the electronics industry and help rejuvenate a region that has been hurt by a decline in old polluting manufacturing technologies.

"China was an obvious choice," Chief Executive Paul Otellini told reporters.

"It is the second largest market in the world for IT and likely to be the largest market for IT by the time this factory comes on line," he said, referring to the mainland's growing output of information technology products.

Equipment and machinery account for about 40 percent of China's total imports in 2006, helping boost China's production of higher value added products in the future, say analysts.

...more...

I guess giving the Chinese all out technology is no longer a problem :shrug:

[UpInArms]

15. U.S. foreclosure activity seen rising 33 pct

http://www.reuters.com/article/bondsNews/idUSN2325945920070326

SAN FRANCISCO, March 26 (Reuters) - Foreclosure activity across the United States will rise by 33 percent this year as lenders tighten standards amid a jump in defaults on subprime mortgages, according to a RealtyTrac Inc. report released on Monday.

"Based on our numbers for the first two months of 2007, foreclosure activity is running at a rate that would project to a 33 percent increase over 2006," RealtyTrac Chief Executive James Saccacio said, adding that "we're going to continue to see a spike in the number of homeowners facing foreclosure."

The Irvine, California, firm said February foreclosure activity, which includes default notices, auction sale notices and bank repossessions, rose 12 percent from a year earlier and that during the month there was one foreclosure filing for every 884 households.

Foreclosure filings totaled 130,786 last month, according to RealtyTrac, an Internet real estate data provider.

Turmoil in the subprime mortgage market, which provided home financing to the riskiest borrowers during the housing boom, is pushing many households into foreclosure.

...more...

[burf]

22. Good morning all

But I thought the economy was roaring. These numbers coupled with a depreciation of the dollar certainly are not good indicators. But I guess as long as you can fudge the numbers and the corporate media is not going to call you on it, it ok. The cartoon that is posted above tells the story. If you are in the top 2% everything is hunky-dory.

[radfringe]

28. see the toon

depends on which side of the "car" you are standing beside

[radfringe]

29. briefly caught a news story yesterday

about foreclosures - specifically the subprime ones

One woman said she hadn't seen forclosure numbers like this since 1991

In 1991 - Poppy Bush was talking about how good the enconomy was, and we weren't in a recession

Today - we have jr essentially telling us the same thing. Technically we aren't in a recession.......yet

[ozymandius]

31. Florida foreclosures lead nation

State's filings were way up in February over last year. California and Arizona also showing strain.

NEW YORK (CNNMoney.com) -- The once red-hot Florida housing market leads the nation in delinquencies, according to the latest report on foreclosure filings from RealtyTrac, an online marketer of foreclosure properties.

There were more than 19,144 properties in some stage of foreclosure in February in the Sunshine State, up 63.5 percent from January and nearly double the number a year earlier.

-cut-

The RealyTrac report covers several stages of foreclosures including: notices of default; notices of trustee sale; notices of foreclosure sale; and real estate owned, that is, properties already foreclosed on and repurchased by lenders.

In addition to Florida, other once-hot markets showing weakness include California, where filings shot up nearly 79 percent compared with a year ago, and Nevada, which for the second straight month had the nation's highest foreclosure rate relative to the number of households.

http://money.cnn.com/2007/03/23/real_estate/february_foreclosure_fall/index.htm?postversion=2007032606

[ozymandius]

37. Bonddad chimes in: The Coming Mortgage Meltdown, pt. III Impact

CBS Marketwatch wrote a story over the weekend titled, "Will Lemming Loans Drive US Economy Off the Cliff?" The story highlights the basic problems created by the current mortgage market. If all of the predictions below come true than we are in some serious trouble. However, I think the more likely scenario is some of the possibilities below will come true partially, meaning the mortgage market won't crash, but will instead limp along for longer than we would like.

-cut-

Another way to look at this situation is the number of qualified lower risk purchasers were probably already homeowners by roughly 2003 - 2004. The main borrowers who were left were higher-risk borrowers with lower credit ratings. This would partially explain why the number of higher borrowers increased over the last 5 years -- they were the only ones left to loan to.

-cut-

20% of the market will go away because purchasers can't get a loan. Tightening credit standards will disproportionately impact the subprime market. Considering the number of subprime/Alt-A loans has increased from 10% of total new mortgages in 2001 to 40% in 2006, the tightening could impact the housing market fairly severely.

Econ 101: few buyers = lower prices.

http://www.dailykos.com/storyonly/2007/3/26/72933/1611

[burf]

42. That explains

Bushies "ownership society". 2% own darned near everything and the hell with the rest of society. After all to have the rich segment we must have the poor to offset. I forget who said that but seems that is the way we are headed.

[UpInArms]

16. Morgan Stanley auctions New Century mtgs: report

trying to pass off those bad investments to the unwary :eyes:

http://www.reuters.com/article/bondsNews/idUSN2633718720070326

NEW YORK (Reuters) - Morgan Stanley (MS.N: Quote, Profile, Research) is auctioning $2.48 billion of mortgages from troubled subprime lender New Century Financial Inc. (NEWC.PK: Quote, Profile, Research), the New York Post said on Monday.

The loans represent collateral that New Century gave the investment bank for a $2.5 billion credit line, the newspaper said.

Morgan Stanley did not immediately return a call seeking comment.

Subprime lenders make loans to people with poor credit histories. Many are struggling with rising delinquencies and defaults. At least four large subprime lenders have sought bankruptcy protection since late December.

Two weeks ago, Irvine, California-based New Century stopped making loans, and said it had less than $60 million of cash on hand. Many analysts have said the company appears on the brink of bankruptcy.

...more...

[OrangeCountyDemocrat]

39. How Would Morgan Stanley Be Impacted?

I have a lot of my money invested in brokerage accounts at Morgan Stanley. Would it become quickly jeopardized if Morgan Stanley were to have significant problems related to subprime loans such as these? I have No investments in Morgan Stanley stock.

[masmdu]

17. SP emini

High 1449 then to 1432 (stop at 1454)...NOT ADVICE! my speculation.

[masmdu]

35. Actual 1448 then 1434...close but no cigar (I missed my entry price)

[citizen snips]

19. Wall Street set for flat open

NEW YORK (Reuters) - Stocks were set to open little changed on Monday as oil prices near $63 a barrel and housing data kept investors on edge, while a brokerage upgrade of computer maker Dell Inc. (NasdaqGS: DELL - News) could boost tech shares.

Investors are anxious to see data on housing amid lingering concerns about the turmoil in the subprime mortgage lending sector. New-home sales numbers are due at 10 a.m. (1400 GMT). Sales rose to an annual pace of 985,000 units in February from 937,000 in January, according to economists in a Reuters poll.

Shares of Dell Inc. (NasdaqGS: DELL - News) rose before the opening bell after brokerage Goldman Sachs lifted its rating on the computer maker. For details, see (ID:nWNA4981) Dell shares were up 3.4 percent to $23.60 in electronic composite trading,

S&P 500 futures (SPc1) were unchanged and about even with fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

more...
http://biz.yahoo.com/rb/070326/markets_stocks.html?.v=4

[citizen snips]

20. Citigroup Said to Consider Cutting Jobs

NEW YORK (AP) -- Citigroup Inc., the nation's largest bank, is considering cutting about 15,000 jobs, or nearly 5 percent of its work force, as part of a restructuring plan being developed to improve its financial performance, according to a report in Monday's edition of The Wall Street Journal.

Citigroup, which announced a cost-cutting review of operations last year, has come under heavy criticism from investors because its expenses grew faster than its revenue last year, reducing profits.

The newspaper report said that the review is being led by Chief Operating Officer Roger Druskin, who is set to report his recommendations internally by the end of the week. The newspaper cited unidentified people familiar with the matter.

Citigroup expects to disclose the cost-cutting plan by the time it reports first-quarter results on April 16, the day before the annual meeting, the Journal reported.

more...
http://biz.yahoo.com/ap/070326/citigroup_job_cuts.html?.v=1

[citizen snips]

21. Walgreen 2Q Net Income Up Nearly 25 Pct.

DEERFIELD, Ill. (AP) -- Walgreen Co., the nation's largest drugstore chain by revenue, on Monday said fiscal second-quarter net income rose nearly 25 percent as sales at established stores increased on the strength of a strong retail prescription business.

Net income increased to $651.9 million, or 65 cents per share, for the quarter ended Feb. 28 from $523.5 million, or 51 cents per share, in the year-ago period.

Revenue grew 14 percent to $13.93 billion, from $12.16 billion last year.

Analysts polled by Thomson Financial expected net income of 61 cents on revenue of $13.89 billion.

more...
http://biz.yahoo.com/ap/070326/earns_walgreen.html?.v=4

[4dsc]

41. Nothing but a big convenience store

I never visit WalMart and I never visit or buy anything from Walgreens.. They remind me of a big convenient store because their prices are too high!!

[citizen snips]

23. Dow Falls, Nasdaq Rises in Early Trading

NEW YORK (AP) -- Wall Street opened mixed Monday ahead of the release of housing data that could give investors a better sense of the economy's growth.

The Commerce Department is scheduled to release a report later Monday on February new home sales. Analysts expect a rise to 995,000 from 937,000 in January. The report comes off a better-than-expected jump in sales of existing homes that the National Association of Realtors reported Friday.

In corporate news, there was speculation Citigroup Inc. would lay off 15,000 workers and book a $1 billion restructuring charge under a proposed plan to cut costs, The Wall Street Journal reported Monday. The plan to reduce Citigroup's 327,000-person work force by 5 percent comes as revenue grew 7 percent last year while expenses jumped 15 percent.

In the first minutes of trading, the Dow Jones industrial average fell 4.17, or 0.03 percent, to 12,476.84. The Dow secured its best week in four years last week, rising 370.60 points.

more...
http://biz.yahoo.com/ap/070326/wall_street.html?.v=11

[citizen snips]

24. Beckman Coulter, Biosite, Dell, Osiris: U.S. Equity Movers

March 26 (Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Share price are as of 9:30 a.m. New York time.

Alcatel-Lucent (ALU US) rose 51 cents, or 4.4 percent, to $12.04 and traded as high as $12.05. The world's biggest maker of telecommunications gear won a three-year contract worth about $6 billion from Verizon Communications Inc. to expand the U.S. company's mobile-phone network. Alcatel-Lucent will supply network equipment, software and services to expand the coverage of Verizon's wireless network and its capacity to transmit data, the French company said in a PR Newswire statement today.

Biosite Inc. (BSTE US) rose $28.58, or 52 percent, to $83.96 and traded as high as $84. Beckman Coulter Inc. (BEC US), a maker of laboratory equipment, said it will acquire Biosite for $1.55 billion to add heart-disease diagnostic tests. The $85-a-share offer is a 53 percent premium to Biosite's closing share price on March 23.

Beckman Coulter fell $4.08, or 6 percent, to $63. The company was cut to ``market perform'' from ``outperform'' at Piper Jaffray & Co

more...
http://www.bloomberg.com/apps/news?pid=20601084&sid=ay78XvzD2k5w&refer=stocks

[citizen snips]

25. Sales of New Homes Fall Sharply

WASHINGTON (AP) -- Sales of new homes fell sharply for a second consecutive month in February, a weaker-than-expected performance that dimmed hopes for a rebound in the troubled housing market.

The Commerce Department reported Monday that sales of new single-family homes fell by 3.9 percent last month to a seasonally adjusted annual rate of 848,000, the slowest sales pace in nearly seven years. All regions of the country except the West experienced weakness last month.

The February decline followed an even larger 15.8 percent drop in sales in January, which had been the largest one-month plunge in 13 years. The back-to-back declines provided evidence that the housing market is continuing to struggle with lagging demand and a glut of unsold homes.

The weakness in sales pushed the median price of a new home down to $250,000 in February, a drop of 0.3 percent from a year ago. It marked the second straight month that the median price fell compared with the same period a year ago. The median is the point where half the homes sold for more and half for less.

more...
http://biz.yahoo.com/ap/070326/economy.html?.v=3

[WannaJumpMyScooter]

26. well, there ya go

a little truth for monday morning

[specimenfred1984]

27. In the news: Housing's Great, err...ah...well Maybe Not. LOL

The "news" contradicts itself every single day.

[Roland99]

47. I was poking around some Disney-area suburbs of Orlando....

Seeing more than a few listings showing "REDUCED!"

And this makes sense as to the existing home sales rising. Builders aren't putting up as much new stuff as they don't want to be left holding the bag on so much kindling.

[AnneD]

68. I use to wish upon a star about

getting a house in Orlando. I had this Goofy idea that I could afford it but the mortgage company would pull Mickey Mouse stuff like become a Scrooge (McDuck) on the repairs. My Minnie (Mouse) salary didn't help I guess. So now they are having trouble-well, it's a small world after all. It is a real Jungle (Book) out there and we'll all be pushing up a Daisy (Duck) or two before you know it. I guess Fla will see Snow (White) before I can buy a house.

[Hugin]

70. This post is way too funny for the SMW Thread...

:rofl:

[Roland99]

71. .

:rofl: :rofl: :rofl: :rofl:

[ozymandius]

30. numbers and blather

10:36
Dow 12,383.83 Down 97.18 (0.78%)
Nasdaq 2,431.86 Down 17.07 (0.70%)
S&P 500 1,424.70 Down 11.41 (0.79%)
10-Yr Bond 4.579% Down 0.034
NYSE Volume 752,385,000
Nasdaq Volume 461,130,000

10:00 am : The major averages are still trading in split fashion as participants wait for today's housing data, which will be out momentarily, to help set a more definitive tone. Of the 10 economic sectors, seven are trading lower. Industrials is today's biggest laggard (-0.4%) as many of its transportation components consolidate at the expense of rising oil prices. Consumer Staples and Financials are also giving back some of last week's gains.

Energy (+0.6%) is turning in the best performance as crude for May delivery hovers above $63/bbl while Technology holds onto a modest 0.2% advance. Dell (DELL 23.50 +0.67) is up nearly 3% after being upgraded to Buy from Neutral at Goldman Sachs.DJ30 -13.02 NASDAQ +4.14 SP500 -0.55 NASDAQ Dec/Adv/Vol 1135/1389/136 mln NYSE Dec/Adv/Vol 1290/1244/70 mln

[citizen snips]

38. Hastings Entertainment 4Q Profit Falls

AMARILLO, Texas (AP) -- Entertainment retailer Hastings Entertainment Inc. said Monday its fourth-quarter profit fell 27 percent because of "specific merchandising initiatives" in the quarter.

Net income for the quarter ended Jan. 31 dropped to $5.1 million, or 45 cents per share, from $7 million, or 61 cents per share, in the prior year quarter.

"We are disappointed with our results for the fourth quarter," said Chief Executive John Marmaduke. "This holiday season was highly promotional, but I feel that our sales and merchandise margin shortfall, compared to our internal projections, are a result of specific merchandising initiatives, which occurred in the fourth quarter and are not indicative of our ability to produce increased earnings growth."

Revenue rose 2 percent to $174.2 million from $171.5 million in the fourth quarter of fiscal 2005.

more...
http://biz.yahoo.com/ap/070326/earns_hastings_entertainment.html?.v=1

[neverforget]

64. I used to work for them in the early 90s in Montana. It was an okay job

for what it was...a paycheck.

[citizen snips]

40. Euro Posts Gains Against U.S. Dollar

BERLIN (AP) -- The euro climbed against the dollar on Monday after disappointing data from the U.S. on the sale of new homes dimmed hopes of a rebound in the troubled housing market.

In afternoon European trading, the 13-nation euro bought US$1.3333, up from US$1.3290 in New York late Friday.

The British pound rose to US$1.9695 from US$1.9614, while the dollar fell to 117.79 Japanese yen from 118.05 yen.

The dollar was battered last week, but recovered slightly after the National Association of Realtors reported Friday that sales of existing homes rose by 3.9 percent in February -- the largest one-month gain in nearly three years.

more...
http://biz.yahoo.com/ap/070326/euro_dollar.html?.v=2

[citizen snips]

43. Report: GM Bid in January for Chrysler

DETROIT (AP) -- General Motors Corp. offered to buy Chrysler Group in late January, prompting DaimlerChrysler AG to publicly discuss the idea of selling its struggling U.S. arm, according to a report published Monday.

The offer from the world's largest automaker remains on the table, but GM is a long-shot candidate to buy Chrysler, The Detroit News reported, citing people familiar with the situation that it didn't name.

The offer initially was rejected by DaimlerChrysler for being too low, the newspaper said.

It said GM offered to give DaimlerChrysler a minority stake in GM stock of less than 10 percent. And the newspaper said the proposal called for DaimlerChrysler to pay GM more than $1 billion to defray Chrysler's health care costs, and then team up with GM to seek financial concessions for Chrysler from the United Auto Workers.

more...
http://biz.yahoo.com/ap/070326/chrysler.html?.v=1

[citizen snips]

44. Treasurys Gain After Housing Sales Fall

NEW YORK (AP) -- Treasury prices pushed higher Monday morning after a report that new home sales unexpectedly fell for the second month in a row, with investors cheered by the weaker picture painted of the U.S. housing sector.

At 11 a.m. EDT, the 10-year Treasury note was up $3.44 per $1,000 in face value, or 11/32 point, from its level at 5 p.m. Friday. Its yield, which moves in the opposite direction, fell to 4.57 percent from 4.62 percent.

The 30-year bond rose 18/32 point. Its yield fell to 4.77 percent from 4.80 percent.

The 2-year note rose 3/32 point. Its yield fell to 4.56 percent from 4.61 percent.

more...
http://biz.yahoo.com/ap/070326/bonds.html?.v=1

[citizen snips]

45. EU Extends Microsoft Deadline on Charges

BRUSSELS, Belgium (AP) -- Microsoft Corp. now has until April 23 to respond to EU charges that it fails to offer rivals a fair deal on licenses for communications code that helps servers work with Windows, an EU spokesman said Monday.

The European Commission originally set a four-week deadline ending April 3, threatening to start levying daily fines of euro3 million (US$4 million) a day after that.

Microsoft said it needed more time to address the complex issues involved.

The EU had ordered the company to share communications code with rivals as part of a 2004 antitrust order that found Microsoft broke anti-monopoly rules by denying competitors information needed to link the servers -- which organize all the computers in an office -- to desktop PCs running Windows.

more...
http://biz.yahoo.com/ap/070326/eu_microsoft.html?.v=2

[Roland99]

48. Lunchtime check-in: Redness abounds on the sad new home sales numbers.

DJIA 12,396.49 -84.52 -0.68%
Nasdaq 2,435.87 -13.06 -0.53%
S&P 500 1,427.91 -8.20 -0.57%
Dow Util 498.54 -1.02 -0.20%
NYSE 9,285.68 -52.72 -0.56%
AMEX 2,154.21 +4.00 +0.19%
Russell 2000 804.06 -5.45 -0.67%
Semcond 475.53 -3.74 -0.78%
Gold future 663.20 +5.90 +0.90%
30-Year Bond 4.77% -0.03 -0.54%
10-Year Bond 4.58% -0.04 -0.82%

[citizen snips]

49. Coca-Cola Buys Fuze Beverages

NEWTON, Mass. (AP) -- A private equity firm said Monday it sold Fuze Beverages, which makes juices and teas infused with vitamins, to the Coca-Cola Co.

The firm, called Castanea Partners, did not disclose financial terms of the deal.

Castanea said it initially invested in Fuze in 2004 and that the company's sales volume has tripled since then.

Fuze, based in Englewood Cliffs, N.J., makes the Vitalize, Refresh, Tea and Slenderize lines under the Fuze trademark. It also makes WaterPlus enhanced water products and owns the license rights to the Nos Energy Drink brands.

more...
http://biz.yahoo.com/ap/070326/coca_cola_fuze_beverages.html?.v=1

[Hugin]

56. I'm okay with this as long as Coke doesn't start adding...

Corn Syrup. :blech:

and they don't mess with my favorite flavor.

[PassingFair]

67. Oh NO! I'm ADDICTED to Fuze....

Especially the Orange Passionfruit.

They put something in there that my body WANTS!

[Hugin]

69. Dragonfruit Lime...

:9

That's the flavor I like... Seems pretty scarce, tho.

:)

[AnneD]

60. I tried fuze

it wasn't all that great. I can take my vitimins with flavoured water for a lot less.

[citizen snips]

50. Sector Snap: Discount Retailers Decline

NEW YORK (AP) -- Shares of discount retailers tumbled on Monday after Dollar General Corp. reported a sharply lower fourth-quarter profit on charges related to store closings and a clearance event.

Dollar General earlier Monday reported a 66 percent lower quarterly profit amid $24.7 million in charges related to store closings, marketing for its clearance event and other markdown-related costs.

Shares of Dollar General, which earlier this month agreed to be purchased by private equity firm Kohlberg Kravis Roberts & Co., declined 7 cents to $21.18 in midday trading on the New York Stock Exchange.

Family Dollar Stores Inc. declined 39 cents to $29.31 and 99 Cents Only Stores gave up 41 cents, or 3 percent, to $14.65, both on the NYSE.

more...
http://biz.yahoo.com/ap/070326/discount_retailers_sector_snap.html?.v=1

[citizen snips]

51. Dell Shares Climb After Upgrade

NEW YORK (AP) -- Shares of Dell Inc. rose Monday following an upgrade from a Goldman Sachs analyst who said the battered computer maker has quite a few positive catalysts coming in the next 12 to 18 months.

"Although we know we are early and that there will be inevitable backsteps, the history of turnarounds suggests that a good part of the stock rise comes in the first 12 months," Goldman's Laura Conigliaro wrote in a note to investors, where she lifted her rating on Dell's stock to "Buy" from "Neutral."

The company has seen its share of problems in recent months, including a federal accounting probe, tougher competition, falling profit and shareholder lawsuits.

Conigliaro said she sees the fiscal third quarter ending in October as the "point of inflection, in essence starting the clock on the actual turnaround, pointing investors toward fiscal 2009 as the first key year."

more...
http://biz.yahoo.com/ap/070326/dell_mover.html?.v=1

[citizen snips]

52. Sector Snap: Homebuilders

NEW YORK (AP) -- Shares of homebuilders fell sharply Monday after a government report showed fewer people bought new homes in February -- and those who did paid less for them -- in nearly every part of the country.

The Census Bureau reported builders sold 848,000 single-family houses in February, 18.3 percent fewer than February 2006 and 3.9 percent fewer than January of this year.

The report dashed hopes that the reeling housing market had hit bottom. While the National Association of Realtors (NAR) on Friday reported existing-home sales rose 3.9 percent last month, the new-home sales report underscored the housing market's weak condition.

JMP Securities analyst James F. Wilson said it's grown tougher for builders to sell houses to people because the market is flooded with homes that have already been built. As housing prices slump and investors, speculators and flippers try to sell, buyers have so many choices it's hard to persuade them to have a new home built.

more...
http://biz.yahoo.com/ap/070326/homebuilders_sector_snap.html?.v=1

[citizen snips]

53. Sector Snap: Railroads Lose Some Steam

NEW YORK (AP) -- Shares of railroads traded lower on Monday as analysts drew back their earnings expectations to reflect softer freight volumes in the first quarter.

Shares of eastern railroad CSX Corp. fell $1.49, or 3.6 percent, to $40.16 in midday trading. Shares of Union Pacific Corp. the nation's largest railroad, lost $1.51 to $102.69. Shares of its western rival, Burlington Northern Santa Fe Corp., gave up $1.36 to $81.28, while shares of Canadian Pacific Railway Ltd. surrendered 28 cents to $55.84. All four stocks trade on the New York Stock Exchange.

Thomas Wadewitz, an analyst at JPMorgan, lowered his first quarter estimates on CSX to 49 cents per share from 53 cents per share, and trimmed expectations on Canadian Pacific to 67 cents per share from 69 cents per share. Analysts on average expect 55 cents per share from CSX and 71 cents per share from Canadian Pacific, according to a poll by Thomson Financial.

Wadewitz cited softer freight demand across the sector, but also noted that CSX faces some costs pressures and financial headwinds from a derailment in Kentucky, while Canadian Pacific met with weather-related service disruptions. Western and Canadian railroads fared better than eastern rails amid the weaker demand, he said in a note to client on Monday before the markets opened.

more...
http://biz.yahoo.com/ap/070326/railroads_sector_snap.html?.v=1

[citizen snips]

55. European Markets Finish Lower

LONDON (AP) -- European shares closed lower Monday after a sharp drop in U.S. new-home sales reignited economic growth concerns and on weakness in the automotive sector after Porsche made a below-market value move on Volkswagen.\

The German DAX Xetra 30 index declined 1 percent to 6,828.82, the French CAC-40 index dipped 1 percent to 5,576.30 and the U.K.'s FTSE 100 index lost 0.8 percent to 6,291.90.

While automakers were the worst performing, European stocks more broadly struggled after sales of new homes in the U.S. unexpectedly slowed again in February.

Volkswagen shares pared Friday's gains, dropping 3.2 percent after luxury-car maker Porsche raised its stake to more than 30 percent and offered to buy the company at a level below market price. Porsche was forced to launch an offer after exercising an option to take its stake above 30 percent, to 31 percent from 27.3 percent.

more...
http://biz.yahoo.com/ap/070326/european_stock_roundup.html?.v=1

[Ghost Dog]

58. European shares close 0.9% lower as US data weighs

http://investing.reuters.co.uk/news/articleinvesting.aspx?type=eurMktRpt&storyID=2007-03-26T155046Z_01_L26699037_RTRIDST_0_MARKETS-EUROPE-SHARES-CLOSE-URGENT.XML

LONDON, March 26 (Reuters) - European shares closed 0.9 percent lower on Monday, as weak U.S. housing data put further pressure on a market already cautious on the back of underperforming banks and geo-political concerns over Iran.

The FTSEurofirst 300 index <.FTEU3> closed 0.9 percent lower at 1,509.97 points, pulled down by the data from a steady reading for most of the session.

...

Analysts said the weakness over the U.S. data could prove short-lived if it was seen as leading to rate cuts in the world's biggest economy.

/..

[citizen snips]

62. JetBlue Shares Rise on UBS Upgrade

NEW YORK (AP) -- Shares of low-cost carrier JetBlue Airways Corp. rose modestly Monday, against a strong industry tide, after UBS upgraded the stock.

The Forest Hills, N.Y.-based airline's shares added 15 cents at $11.83 in afternoon trading on the Nasdaq Stock Market. It was one of the few gainers in the airline industry, which was hammered by spiking crude oil prices. The Amex Airline Index lost 1.9 percent.

UBS analyst Kevin Crissey upgraded JetBlue to "Neutral" from "Reduce," after the stock lost about 25 percent of its value since mid January.

"We expect JBLU to underperform its peers but to benefit from a sector summer tailwind," Crissey wrote. "We think airline money is better spent on network carriers but see some upside to JBLU now."

more...
http://biz.yahoo.com/ap/070326/jetblue_analyst_note.html?.v=1

[Roland99]

66. Well, with the way they route their flights that don't originate from the NE....

I just checked on a Nashville - Orlando flight and I'd be routed thru NYC first!!

:wtf:

[citizen snips]

63. Bebe Stores Shares Fall on Downgrade

NEW YORK (AP) -- Shares of Bebe Stores Inc. fell on Monday, after an analyst said the apparel retailer's spring clothing items were not fashionable enough and downgraded the stock.

Brean Murray, Carret & Co. analyst Eric Beder said in a research note on Monday he was "nonplussed" about spring offerings.

"Although we had expected the beginning of the spring season to be difficult for Bebe, given the sales misses and inventory overflows from the holiday season, we believed the company would be clean and fashion-right by the middle of March, when it would have its annual fashion show and be geared up for an Easter shift-driven boost," Beder wrote. "While we have seen improvements, we believe Bebe still lags its competitors and the spring season will remain highly challenging."

Earlier this month, Bebe Stores reported its first monthly same-store sales decline in 46 months, blaming the weakness on not having enough trendy tops.

more...
http://biz.yahoo.com/ap/070326/bebe_stores_mover.html?.v=1

[Roland99]

65. Saudi Basic preps bid for GE Plastics, says report

http://www.marketwatch.com/news/story/mideast-chemical-co-sabic-said/story.aspx?guid=%7B55675C84%2DDD12%2D426F%2D94B0%2DEC67D5B81450%7D

audi Basic Industries Corp., a large chemical company based in Riyadh, may bid up to $12 billion for the plastics unit of General Electric Co., according to a media report.

The company, also known as Sabic, has hired Citigroup to prepare an offer before the first round of the division's auction in mid-April, said the Financial Times in its Monday edition. Sabic is 70% owned by the Saudi Arabian government and is the largest public company in the Middle East.

In January, General Electric said it might sell GE Plastics, which has struggled amid volatility in crude oil prices -- the building block for plastics materials. The division makes a variety of finished plastics products, from lightweight car fenders to heat-resistant films in laptop computers.

...

Besides Sabic, private equity firm Blackstone Group LP has teamed up with Koch Industries to bid on the division, said the newspaper. It said other private equity firms including Apollo Investment Corp. Kohlberg Kravis Roberts, the Carlyle Group and Bain Capital may be interested in submitting first-round bids.

[Roland99]

72. Closing numbers: A mere stubbing of the toe on the way to higher highs!

DJIA 12,469.07 -11.94 -0.10%
Nasdaq 2,455.63 +6.70 +0.27%
S&P 500 1,437.50 +1.39 +0.10%
Dow Util 502.81 +3.25 +0.65%
NYSE 9,341.36 +2.96 +0.03%
AMEX 2,162.79 +12.58 +0.59%
Russell 2000 808.94 -0.57 -0.07%
Semcond 478.77 -0.50 -0.10%
Gold future 663.90 +6.60 +1.00%
30-Year Bond 4.78% -0.02 -0.33%
10-Year Bond 4.59% -0.03 -0.56%