STOCK MARKET WATCH, Wednesday March 28

[ozymandius]

Source: DU

Wednesday March 28, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 663 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2284 DAYS
WHERE'S OSAMA BIN-LADEN? 1988 DAYS
DAYS SINCE ENRON COLLAPSE = 1948
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 9
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

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

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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 27, 2007

Dow... 12,397.29 -71.78 (-0.58%)
Nasdaq... 2,437.43 -18.20 (-0.74%)
S&P 500... 1,428.61 -8.89 (-0.62%)
Gold future... 662.50 -1.40 (-0.21%)
30-Year Bond 4.81% +0.03 (+0.54%)
10-Yr Bond... 4.61% +0.03 (+0.55%)






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

---

Read more: DU

[ozymandius]

1. Today's Market WrapUp

Market Trend: "Giant Sideways"
BY FRANK BARBERA, CMT

While Tuesday ended on a down note, on the whole, the past week has seen a nice lift for the stock market, with the Dow kicking off the latest rally on Wednesday, March 21st with a rally of 159 points or 1.30% in the wake of the Fed announcement post the March meeting. With the statement, “Future policy moves will depend on the evolution of the outlook for both inflation and economic growth," the Federal Reserve appears to have stepped back from its hawkish stance on rates, and adopted a more neutral bias.

This reversal comes potentially just in time, as all of the economic evidence rolling in over the last few weeks has had a distinctly bearish tinge. Of concern to many economists has been the trend in Capital Spending (CAPEX) which appears to be weakening over the balance of the last few months. “The weakness in capital spending is alarming,'' says Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York. "If capital spending is weak and getting weaker, the next thing companies will do is slow hiring." That sentiment was echoed by economist Allen Sinai, chief global economist for Decision Economics Inc. based in New York, "When earnings growth slows and margins narrow, American business is very quick to cut back on expenses, -- if this turns out to be a case of business-sector-initiated weakness, the Fed will be late in defending the economy.''

Elsewhere, we learned today that downside pressure on housing prices, falling stock prices and rising gasoline prices appear to have negatively impacted Consumer Confidence with the Conference Board Index falling to 107.20, down from 111.2 in February. The bigger than expected decline in Consumer Confidence to a five month low has led my weakness in the forward looking expectations index which fell to 86.90 down from 93.80 in February. The expectations index is a forward looking gauge, and was supported by polls showing that Consumers expect that it will be harder to find a job in 6 months, and that incomes will continue to lag behind price increases, as has been the case now for some years. In the poll “Jobs Hard to Get” increased to 16.50% from 14.20%, while “Jobs Plentiful” showed a decrease with the latest reading ticking down to 12.70% from 13.30%. The Confidence data appear to validate the negative sales outlook and was revealed in Monday’s release of New Homes Sales, which fell sharply for the second consecutive month tumbling by 3.90% in the latest report.

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

[burf]

37. I stopped by CNBC

to check out Beranke's testimony. A couple of interesting points came across when he was questioned by Rep Ron Paul.

First was the statement by Paul that M3 is now being reported by a private source. (I did not know that). But he went on to say that this source was reporting that it was increasing by 11% per year. We are supposed to believe that inflation is under control with an 11% increase in the money supply ?

Second Paul asked if the Presidential Working Group (I believe this is the term he used) intervened in the market when the Dow fell on the 27th of last month. Beranke says they did not. (no surprise there I guess).

[AnneD]

43. He's a nut...

but he is our nut....When we went to DC, Ron Paul was one of 2 Representitives that actually met with us.

He is sharp as a tack on the economy though. So...there are no faries. I wonder where he go the M3 numbers. Maybe I'll e-mail his office.

[mojavekid]

63. Perhaps John Williams?

at Shadow Government Statistics

http://www.shadowstats.com/cgi-bin/sgs


He is a frequent guest on the Financial Sense newshour

-mojavekid

[burf]

65. AnneD please

let us know what you find out. Thanks He may be a nut but at least he's the guy asking the questions that need to be asked.

You really didn't say there are no fairies. C'mon now! Next you'll be telling me the Easter Bunny has been outsourced.

[Roland99]

47. 11% per year inflation sure feels about right.

[AnneD]

71. Doesn't it though,

esp. with gas this year adding to every sector (transportation, food, medical). I keep tabs on what I spend verses last year and we are spending so much more on basics (or they repackage so you pay more and get less on unit pricing). I hate to even think about June when hurricane season starts. But I think the Chinese demand for oil and the Saudi desire to seperate from the dollar may hit us first.

[Roland99]

76. Or if we hit Iran first.

:scared:

[AnneD]

70. I use to be in Ron Paul's district...

for years one of the reasons he keeps getting re-elected it because he services folks in his district. Now I don't mean servicing members like a rancher gets his cow serviced-:eyes: (vulgar language play). He personally responds to you as much as he can. That's why he is pretty much unopposed. I am Dem and he is libertarian. I disagree on some issues but he, as far as I know is that rarest of all creatures-an honest public servant. I'll keep voting for him (as I always have) til the FBI can show me art (and even then I'll be skeptical).

[ozymandius]

2. Today's Reports

8:30 AM Durable Orders Feb
Briefing Forecast 3.0%
Market Expects 3.5%
Prior -7.8%

10:30 AM Crude Inventories 03/23
Briefing Forecast NA
Market Expects NA
Prior 3924K

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

[UpInArms]

17. durable goods report - hmmmm.....

01. U.S. Feb. non-defense aircraft orders rise 88.4%
8:30 AM ET, Mar 28, 2007 - 1 minute ago

02. U.S. Feb. durable goods inventories rise 0.2%
8:30 AM ET, Mar 28, 2007 - 1 minute ago

03. U.S. Feb. core capital equipment shipments rise 1.2%
8:30 AM ET, Mar 28, 2007 - 1 minute ago

04. U.S. Feb. core capital equipment orders fall 1.2%
8:30 AM ET, Mar 28, 2007 - 1 minute ago

05. U.S. Feb. durable goods orders ex-transportation down 0.1%
8:30 AM ET, Mar 28, 2007 - 1 minute ago

06. U.S. Feb. durable goods shipments fall 0.8%
8:30 AM ET, Mar 28, 2007 - 1 minute ago

07. U.S. Feb. durable goods orders rise 2.5%
8:30 AM ET, Mar 28, 2007 - 1 minute ago

[Ghost Dog]

20. Hmmmm, indeed. Let's see:

"Non-defense" aircraft (where are the military numbers?) - maybe. Airbus screwed up, for a while, that's for sure.

Otherwise, inventories rise, shipments fall, orders rise. <-- :thinks:

And, this stuff, apart from the accounts, is actually manufactured (not assembled, manufactured) where, exactly?

[ozymandius]

3. Oil prices rise $1, but ease back

SINGAPORE - Oil prices were up $1 in Asian trading Wednesday, easing back after spiking more than $5 a barrel on rumors that Iran had fired a missile at a U.S. ship in the Persian Gulf.

The U.S. military denied the reports. Lt. Cmdr. Charlie Brown of the U.S. Navy 5th Fleet said all ships in the Gulf had been checked and the rumors were untrue.

Still, rumors about a military confrontation spurred panic buying in after-hours trading, Dow Jones Newswires reported, sending oil prices above $68 in a matter of minutes. Rising tensions between Iran and the West have created a potentially dangerous situation in the Gulf and markets are jumpy.

-cut-

Traders were awaiting U.S. government oil inventories data due later in the day. The U.S. Energy Department's report is expected to show a gain of 1.1 million barrels in crude oil inventories in week ending March 23, according to analysts polled by Dow Jones Newswires.

Gasoline supplies are expected to decline by an average of 1.8 million barrels, while distillate stocks — which include heating oil and diesel fuel — are expected to dip by 800,000 barrels.

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

[ozymandius]

7. Oil could stain stocks

NEW YORK (CNNMoney.com) -- U.S. stocks were poised to take a slide at Wednesday's open as oil prices surged on concerns about international tension and as investors awaited testimony from Federal Reserve Chairman Ben Bernanke.

At 6:15 a.m. ET, Nasdaq and S&P futures were lower.

-cut-

Investors are also anxiously awaiting Bernanke's testimony on the economic outlook in front of the Joint Economic Committee of Congress at 10:30 a.m. ET.

It will be the central bank chief's first Congressional appearance since the last Fed meeting on March 21.

http://money.cnn.com/2007/03/28/markets/stockswatch/index.htm?postversion=2007032806

[Roland99]

21. Oil futures spike, durable-goods orders fall short, Beazer tumbles

http://www.marketwatch.com/News/Story/Story.aspx?column=Indications

Oil futures on Wednesday climbed $1.70 to $64.63 a barrel in electronic trading, after briefly topping $68 a barrel in after-hours trade Tuesday on a false rumor of an Iran attack on a U.S. ship. Oil-exporter Iran has defined United Nations resolutions on its nuclear research program and last week seized 15 U.K. naval personnel

...

S&P 500 futures slumped 7.10 points 1,433.50 and Nasdaq 100 futures dropped 12.50 points to 1,797.75. Dow industrial futures shed 52 points to 12,432.

[WannaJumpMyScooter]

26. LCDR Charlie Brown? And CAPT Linus

and VADM Snoopy?

[ozymandius]

4. General Motors will not bid for Chrysler: paper

LONDON (Reuters) - General Motors Corp. will not make a first-round bid for DaimlerChrysler AG's (DCXGn.DE) Chrysler unit, leaving just private equity firms and an auto parts supplier in the running, the Times reported on Wednesday.

Unnamed sources close to the talks were quoted in the newspaper as saying GM (NYSE:GM - news) decided against making the bid because the company felt it had no need for the extra capacity.

Bid proposals were due to be submitted to U.S. investment bank JPMorgan Chase, which is advising DaimlerChrysler, on Friday, according to the Times.

-cut-

People familiar with the matter have told Reuters that Cerberus, Blackstone and Magna have emerged as the leading candidates for Chrysler Group, now the No. 4 U.S. automaker.

http://news.yahoo.com/s/nm/20070328/bs_nm/chrysler_gm_dc

[ozymandius]

5. Aston Martin sold to UK-led group

Oxford-based Dave Richards, boss of motorsport firm Prodrive, is heading the UK-led consortium buying Aston. Kuwaiti investors are also involved.

Ford is selling off the marque - made famous by James Bond - for $439m as it tackles its own financial woes, but the group is holding onto a £40m stake.

Ford bought a 75% stake in Aston Martin in 1987, and bought the rest later.

Aston Martin will remain at its purpose-built factory in Gaydon in Warwickshire, which employs 1,800 people.

http://news.bbc.co.uk/2/hi/business/6442101.stm

[ozymandius]

6. Burger King pledges cage-free food

MIAMI - Animal rights advocates praised Burger King for its new commitment to begin buying eggs and pork from suppliers that do not keep their animals in cages or crates.

"We certainly hope that people will order the BK Veggie Burger when they go into Burger King," said Matt Prescott, spokesman for People for the Ethical Treatment of Animals. "But the fact that Burger King has made positive changes for some of the animals killed for its restaurants will send a ripple effect through the fast food industry and show other companies that animal welfare cannot be ignored."

-cut-

The fast food chain has already started purchasing 10 percent of its pork from suppliers that do not use sow gestation crates, according to the letter. The company said it will double that amount by the end of 2007.

Burger King also said it will start getting 2 percent of its eggs from hens that are not confined to small cages. That percentage should more than double by the end of 2007.

http://news.yahoo.com/s/ap/20070328/ap_on_bi_ge/burger_king_no_cages

[Kolesar]

22. Oh my! I hope they have good audit procedures on the cage-free certification

I am going to have to stop in and congratulate them. Do you think the shift manager will "get it"?

[AnneD]

28. Oh, they'll be cage free all right....

Just like they get that free range beef-the cattle that graze on that acreage that use to be the Amazon basin rain forest before the slashed and burned it.

Edited to add
I imagine it will come from the Guadong region of China (where the bird flu is). Much like that poisoned wheat for gluten was imported (import wheat, to the USA-shit we have bigger problems than just poisoned pet food if that is true)

[ozymandius]

8. Subprime losses lead to drop in home ownership

Despite the mortgage industry's claims to the contrary, an advocacy group says that subprime foreclosures will leave 1 million fewer homeowners.

NEW YORK (CNNMoney.com) -- About 2.4 million holders of subprime mortgage loans made between 1998 and 2006 will lose their properties to foreclosure, according to a report from the Center for Responsible Lending, a non-profit policy and advocacy organization for home owners.

-cut-

CRL contends that few subprime loans went to first time buyers, a notion that was seconded by Emory Rushton, chief national bank examiner for the Office of Comptroller of the Currency, in his testimony before the Finance Committee. He pointed out that Mortgage Bank Association figures revealed only 11 percent of subprime loans went to first-time buyers last year.

CRL says the record going back to 1998 is even worse; only 9 percent of subprime loans went to first-time buyers in the nine years through 2006.

The bulk of these loans actually went to refinance existing mortgages, incurring additional fees. And many of these refinancings involved cash back deals which increased the size of the original mortgages. When all was said and done, borrowers owed more on their homes after refinancing.

http://money.cnn.com/2007/03/27/real_estate/subprime_losses_spike/index.htm?postversion=2007032716

[ozymandius]

9. Patagonia: Blueprint for green business

(Fortune Magazine) -- "There is no business to be done on a dead planet."

These words, a quotation from the legendary Sierra Club executive director David Brower, are the first thing you see when you walk into Patagonia headquarters in Ventura, Calif., and really, you can't miss them, given that they're etched into the front door.

-cut-

"This company is an experiment," says the 68-year-old Chouinard, leaning back on a redwood chair in his office. Though he's given to provocative statements - "I don't think we're going to be here 100 years from now as a society, or maybe even as a species" - anyone expecting a pugnacious character would be surprised. He speaks softly, with a California drawl. Athletically built and small-statured, forged by a life spent in nature's wildest corners, he looks more like a river guide than an executive.

And again, this is no accident. To Chouinard, the average suit ranks somewhere between alcoholic and criminal on the respect scale, and American business, when powered by the endless consumption and discarding of stuff, is unimaginative at best and evil at worst, responsible for clear-cutting forests, polluting oceans, and bulldozing wetlands to make way for the next condo development. Its modus operandi is unsustainable growth, which he compares to an "out-of-control tumor."

http://money.cnn.com/magazines/fortune/fortune_archive/2007/04/02/8403423/index.htm?postversion=2007032706

Even if you're not in business for yourself - you really should read his book.

[AnneD]

23. Morning Marketeers.....

:donut: and lurkers. Fantastic quote Ozy...Think I'll steal it for my sig line for a while. O can't help but notice that our planet and most especially our animals are in deep distress. They know something is going on, they just don't know where to go or what to do. We have dolphins (with evident decomposition) stranding themselves here and A&M are hard at work trying to figure it out. If I could use a traffic light as an example we are on the last few seconds of yellow. That's the bad news. The good news is that the little sums we do adds up. Since the report fro the UN can out I have: ceased using styrofoam entirely, stopped using drive thru, use my own bags for groceries, combine trips and buy local produce, and recycle and reuse as much as I can. Now I have always done this to varying degrees, but now I do it with a vengeance. I always thought that this was a small thing, but as my Science teacher friend-and the greenest person I know-once said, a little here, a little there and before you know it, you're saving the planet.

The economic wheels are starting to turn folks. On the news this morning, they showed an economist that looked like she was testifying before congress. She was saying that all was not well because folks that were laided off typically earned on average 20-25% less than their prior job and the economy is in bad shape. My thought is that it is a lot more than that if you take away the revolving door CEO's. They also mentioned the rising gas costs too. Hope you all have your chair in site or are sitting down cause the music is about to stop.


Happy hunting and watch out for the bears.

[Ghost Dog]

24. AnneD speaks truth. Thanks Ozy.

See also (start here): http://www.foe.co.uk/campaigns/sustainable_development/progress/

[AnneD]

32. Thanks for the link..

I bookmarked it to read later!

[Ghost Dog]

10. Asian Stocks Fall on U.S. Economy Concern; Toyota, Samsung Drop

http://www.bloomberg.com/apps/news?pid=20601080&sid=aEfm2gZYzIIk&refer=asia

March 28 (Bloomberg) -- Asian stocks dropped for a second day, led by companies that sell to the U.S. after consumer confidence and home prices declined in the region's largest export market.

Toyota Motor Corp., which made about a third of fiscal 2006 revenue in the U.S. and Canada, and Samsung Electronics Co. fell.

``Automakers and technology companies rely on sales in North America so the current uncertainty over the U.S. economy is pushing the shares lower,'' said Junichi Misawa, who oversees $655 million at STB Asset Management Co. in Tokyo.

Inpex Holdings Inc. and Cnooc Ltd. led energy producers higher after the oil price rose to a six-month high. Orient Corp. jumped the most in more than four years after shareholder Mizuho Financial Group Inc. prepared to announce a financial aid plan.

The Morgan Stanley Capital International Asia-Pacific Index lost 0.6 percent to 144.43 as of 5:43 p.m. in Tokyo, following a 0.6 percent drop yesterday.

In Japan, the Nikkei 225 Stock Average fell 0.6 percent, erasing gains of as much as 0.5 percent, while the broader Topix index slid 0.7 percent. Tokyo Electric Power Co. led declines in utilities after a document showed it will delay the completion of two nuclear reactors at a plant where it had an accident.

All other markets fell, apart from in China. India's Sensitive Index slid 1.6 percent, the most in the region.

U.S. stocks posted their steepest losses in two weeks as economic reports added to concern a housing crisis will dent growth. The Standard & Poor's 500 Index slid 0.6 percent.

/...

[Ghost Dog]

11. HK shares fall as US economy worries weigh

http://investing.reuters.co.uk/news/articleinvesting.aspx?type=hongKongMktRpt&storyID=2007-03-28T084223Z_01_HKG152258_RTRIDST_0_MARKETS-HONGKONG-STOCKS-UPDATE-4.XML

HONG KONG, March 28 (Reuters) - Hong Kong blue chips fell 0.8 percent on Wednesday and China issues halted their nine-session winning streak as worries about the health of the U.S. economy led investors to sell large-caps like HSBC Holdings (0005.HK: Quote, Profile , Research).

Investors also abandoned heavyweight China Mobile (0941.HK: Quote, Profile , Research) in favour of China Telecom (0728.HK: Quote, Profile , Research) on renewed speculation that the fixed-line provider could buy the CDMA network of China Unicom (0762.HK: Quote, Profile , Research) as it gets set to enter the wireless market.

"We're cautious," said Alex Wong, director at Ample Finance Group. "U.S. data remains weak and there's quite a bit of downside ahead for China Mobile and HSBC, so we'll edge down further to 19,000 later on."

The benchmark Hang Seng Index <.HSI> closed down 152.92 points at 19,553.87 on turnover of HK$49.6 billion (US$6.4 billion), up from Tuesday's HK$40.4 billion.

The China Enterprises index of H shares <.HSCE>, or Hong Kong-listed shares in mainland companies, fell 0.9 percent to 9,483.13.

/...

[Ghost Dog]

13. Tokyo stocks end lower on dollar's fall vs. yen

http://asia.news.yahoo.com/070328/kyodo/d8o519n80.html

(Kyodo) Tokyo stocks ended lower Wednesday as automakers and other export-related issues met selling in late trading in response to the U.S. dollar's decline against the yen.

The 225-issue Nikkei Stock Average shed 110.32 points, or 0.64 percent, to finish at 17,254.73 after losing more than 200 points at one point. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 12.80 points, or 0.74 percent, to 1,711.06.

Amid a wait-and-see mood ahead of key economic events in the United States later in the day, the Nikkei opened almost flat and moved in and out of positive territory before ending the morning session marginally higher.

Brokers said the market was directionless in the morning as many investors moved to the sidelines ahead of U.S. Federal Reserve Board Chairman Ben Bernanke's testimony before Congress.

"With the testimony, investors want to make sure that the Fed intends to conduct rate cuts in the near future after the Fed dropped its reference to credit tightening and used a more neutral phrase," said Yutaka Shiraki, senior equity strategist at Mitsubishi UFJ Securities Co.

/...

[ozymandius]

12. Beazer Homes' Shares May Decline on FBI Investigation (Update1)

March 28 (Bloomberg) -- Shares of Beazer Homes USA Inc. may drop for a third day after the FBI said yesterday it is investigating the U.S. homebuilder for ``potential fraud.''

The stock fell 91 cents to $31.41 in New York Stock Exchange composite trading yesterday, and slumped 17 percent after the close of official trading. The shares have lost 5.3 percent of their value this week, reducing the Atlanta-based company's market value to $1.2 billion.

``There have been no allegations of any wrongdoing,'' Beazer said today in a statement. The company has been asked by the U.S. Attorney's office for documents ``generally relating to its mortgage business,'' according to the statement.

The Charlotte Observer newspaper reported March 25 that Beazer aggressively sold homes to low-income buyers who couldn't afford them, and the U.S. Department of Housing and Urban Development said it would investigate.

http://www.bloomberg.com/apps/news?pid=20601170&sid=aJxT4kcopL.g&refer=home

[Lucky Luciano]

14. Beazer Homes under investigation from DOJ (BZH)

Check it out - they are in a world of shit. Their stock was down 5 bucks in after hours yesterday. It is a major contagion to thte other homebuilders. Stocks to watch are:

TOL, SPF, BZH, KBH, HOV, etc - the CDS for these names have blown out big time...big time. BZH was 300 yesterday because of LEN - without LEN, it would have been 250 or so. Now it is 510 bid 530 offer in the market...the other names are more than 100 bps wider. This is explosive....It is a big influence on the markets right now.

[UpInArms]

15. dollar watch

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

Last trade 82.94 Change -0.01 (-0.01%)

US Dollar Down on Mounting Consumer Pessimism

http://www.dailyfx.com/story/dailyfx_reports/daily_fundamentals/US_Dollar_Down_on_Mounting_1175030387666.html

US Dollar – The US dollar was widely lower following a rather lackluster consumer confidence number released in theNew York morning. According to the Conference Board’s index, consumer confidence dipped to 107.2 from a five year high of 112.5. Leading consumer pessimism were concerns about the recent housing sector weakness, equity benchmark declines and higher energy costs. However, one component that lent a silver lining was the labor market component. Rising to 30.5 percent, the share of consumers stating that jobs were plentiful advanced the highest since August 2001. Although this fact should have lifted the dollar, the overall tone remained bearish as the headline index will likely keep the Federal Reserve considering a near term rate cut rather than a rate hike. Subsequently helping the dollar lower in the New York session were comments made by Federal Reserve Bank of Chicago President Michael Moskow. In a speech to the Central Party School No. 100 in Beijing, China, Moskow remarked just a week after the central bank’s decision that further economic data would be widely considered by central bankers. This fact alone would dictate the Fed’s next monetary action as the central bank has now officially dropped the “additional firming” clause in interest rates. “Whether policy will need to be adjusted and the degree of any adjustment will depend on the data we see in the months to come and how that data influences our forecast of the economy”. However, the Chicago Fed chief did profess that inflationary pressures have been “stubbornly high” and continues to exceed 2 percent for the near term as labor markets remain tight. The proof was in the pudding as the Fed’s preferred measure, the personal consumption expenditure figure, rose 2.3 percent annually in recent postings. Ultimately, traders concentrated on the absence of a clear monetary bias, siding with the negative confidence report in taking dollar weakness.

...more...

US Dollar, Equities And Yields Traders Position For Strong Durable Orders

http://www.dailyfx.com/story/dailyfx_reports/cross_markets_data_reaction/US_Dollar__Equities_And_Yields_1175034962308.html

How Will The Markets React?



After a disappointingly timid reaction to the Conference Board’s cooler-than-expected consumer confidence survey Tuesday morning, volatility traders in the US markets turned their attention to the economic anchor of the week – durable goods orders. Economists expect bookings for products with a life of three or more years rose 3.5 percent in February. For the less volatile measurement, excluding orders for transport related goods, the outlook is just as promising with a 1.6 percent consensus. Many analysts expect February’s report will offer a natural rebound from January’s poor showing. In the opening month of the year, headline orders dropped 8.7 percent while the core number slipped 4.0 percent, the biggest contractions since July 2000 and June 2002 respectively. However, beyond the rebound argument, the related data offers little guidance for a consistent move either way. Supporting the official outlook are the national industrial production and Empire Manufacturing activity reports for February. Production across the US surged 1.0 percent, the most in 15 months. On the other hand, both indicators have their caveats. The Empire improvement was isolated to the New York area and the factory gauge was heavily influenced by a jump in utilities that followed a turn in the weather. Contradicting expectations of an improvement in durable orders, retail sales in February rose a meager 0.1 percent while the Philly and Chicago Fed released disappointing manufacturing numbers of their own. Perhaps most telling though was the nationwide ISM report. According to the component data, new orders throughout the US hit their lowest levels in six months. However the data hits the wires, the market will have its unofficial forecasts. Specifically, the deterioration in housing data has already left bulls with a bad taste in their mouths. If the data comes in line or prints only modest changes, traders may simply overlook the report for the more timely ISM gauge on Monday.
...more...

[Ghost Dog]

16. Eurozone money supply growth points to rate rise

http://mwprices.ft.com/custom/ft2-com/html-story.asp?pulse=true&siteid=ft&dist=ft&guid=%7Bf5c55d9a%2D29f0%2D433c%2Db713%2D65ffb9ece801%7D

Eurozone money supply and credit figures have strengthened the case for further interest rate increases, with housing markets in the 13-country region showing only modest signs of cooling. Annual growth in M3, the broad money supply indicator, reached a fresh high in February, according to European Central Bank figures. At 10.0 per cent, compared with an upwardly-revised 9.9 per cent in January, the rate of expansion was fastest since the launch of the euro in 1999. Unlike other central banks, ECB watches closely indictors such as M3, which it argues acts as an inflation early warning signal, and has signalled that a further rise in eurozone borrowing costs is likely – even if the US Federal Reserve moves towards a possible cut. In practice, the weight the ECB attaches to money supply data when taking interest rates decisions is unclear. But other recent indicators have also pointed to robust economic growth continuing in the 13-country eurozone and possible inflation dangers ahead.

/...

[Ghost Dog]

19. Gold at 4-week high on oil, Mideast tensions

http://investing.reuters.co.uk/news/articleinvesting.aspx?type=goldMktRpt&storyID=2007-03-28T100136Z_01_L28605862_RTRIDST_0_MARKETS-PRECIOUS-UPDATE-3.XML

LONDON, March 28 (Reuters) - Gold climbed to a 4-week high on Wednesday as geopolitical jitters in the Middle East prompted investors to seek hedges in safer assets while rising oil prices and a weak dollar lent support.

Spot gold <XAU=> rose to $668.80 an ounce in early trade, the highest in almost four weeks. By 1044 GMT it was quoted at $665.20/666.20, higher than $662.90/663.90 late in New York on Tuesday.

"The eyes are on the Middle East now, on Iran and what that is going to do to the energy complex," said analyst Tom Kendall at Mitsubishi.

Oil prices surged to $68.09 a barrel, their highest since September 6, on a rumor of conflict between the United States and Iran, which was quickly dismissed by Washington.

Prices held over $64 a barrel with traders still rattled by the surge overnight.

/...

[Ghost Dog]

18. European shares down at midday; Iran weighs

http://investing.reuters.co.uk/news/articleinvesting.aspx?type=eurMktRpt&storyID=2007-03-28T105715Z_01_L2825698_RTRIDST_0_MARKETS-EUROPE-STOCKS-UPDATE-2.XML

LONDON, March 28 (Reuters) - European shares slipped by midday, as investors worried about escalating tensions over Iran that sent oil above $64 a barrel and falling mining shares, which offset the impact of acquisition talk.

At 1130 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 1,504.48 points, with oil stocks the only sector to rise.

/...

[ozymandius]

25. Stocks take it in the jaw today.

10:46
Dow 12,261.82 Down 135.47 (1.09%)
Nasdaq 2,413.48 Down 23.95 (0.98%)
S&P 500 1,414.85 Down 14.76 (1.03%)
10-Yr Bond 4.589% Down 0.023
NYSE Volume 839,483,000
Nasdaq Volume 469,190,000

10:25 am : The stock market continues to languish near its lows for the session (which aren't that low in a session that isn't that old).

After the initial dip that was driven largely by the concerns about the uptick in crude prices (+1.76 at $64.69) and a relatively weak durable orders report, participants have gone into wait-and-see mode.

They are waiting for the Dept. of Energy's weekly inventory statistics and Fed Chairman Bernanke's testimony on the economic outlook. Headlines on both will start crossing the wires beginning at 10:30 ET. DJ30 -61.12 NASDAQ -8.67 SP500 -5.75 NASDAQ Dec/Adv/Vol 1703/896/270 mln NYSE Dec/Adv/Vol 1971/971/198 mln

[burf]

27. My bet is on

Fed Chairman Bernanke's testimony on the economic outlook: The economy is strong, inflation is under control, job growth is hunky-dory. Just pull the string and the chairman will tell you one of fifty neat sayings on how great the economic status of the country is.

[AnneD]

31. Like I said earlier...

the music will be stopping soon so find your chair. Eventually Bernanke will loose ALL creditability, and like Baghdad Bob, his pronouncements will be met with gales of laughter and disbelief...even by WS.

[WannaJumpMyScooter]

29. The PIEHOLE strikes again!

how long, Lord?
how long?

[AnneD]

30. He is suppose to address cattlemen ...

he'll probably whine about Iraq. Now most cattlemen and ranchers I know are 1)highly pissed that government foreign policy handicapps them and favours agribusiness, but their biggest gripe, 2)the USDA doesn't allow them to test ALL cattle for mad cow (only the agribusiness are opposed to testing). These small farmers will be wiped out if the public stops eating beef and they know it. Agribusiness have enough funds to ride it out.

Folks, I recommend getting to know nearby farmers. Many are willing to sell directly to you and can get the meat processed for you. Of course you have to buy in bulk, but I would rather let the farmer see the fruits of his labour and know my food source that put one more penny into agribusiness. It is a win win situation.

[Theres-a]

33. And it's genuine beef

No cloneburgers for me!

[kineneb]

34. or the local bison ranch, in our case

our small county has two farms that raise bison for meat. Great stuff, but requires moisture, since bison is very low fat.

Support your local Buffalo!

[AnneD]

35. A good marinade can take care of that...

being a Nurse and all-I prefer to inject broth and spices. I have an endless supply of syringes from work.:spray:

[burf]

36. That's the plan here

We are putting land into pasture and not doing any tillage. We will be fencing it off for an intensively managed rotational grazing operation. They will be almost purely grass fed. It's only 43 acres but will support 22 cow calf pairs. Last year on the hay we baled after expenses we worked for about nothing. Let the cows the haying!

[AnneD]

38. The land was so dry last year that...

my younger brother just did subsistance grazing. I am so lucky to have some farmer brothers-just like they are lucky to have a Nurse sister. We take care of each other and our extended family and friends.

I go visit families with out spices (cheap for me) and my med kit and I never come back without a cooler full of meat and bags of produce.

[Hugin]

39. "Ben Bernanke says risky-mortgage woes not spreading to economy overall"

http://www.msnbc.msn.com/id/17831069/

:eyes:

We're on our own, kids. Lock your doors.

[AnneD]

42. "There are no....

US Troops in Baghdad. I have not seen them with my own eyes." :rofl:

[ozymandius]

40. numbers and blather

1:09
Dow 12,328.80 Down 68.49 (0.55%)
Nasdaq 2,429.19 Down 8.24 (0.34%)
S&P 500 1,422.29 Down 7.32 (0.51%)
10-Yr Bond 4.591% Down 0.021
NYSE Volume 1,750,492,000
Nasdaq Volume 1,037,434,000

12:55 pm : Buying efforts have cooled off, but the indices have managed to recoup a large portion of earlier losses.

The technology sector has played an influential role in driving the recovery effort with big-cap technology issues catching a bid. The Nasdaq 100, which was down 1.0% at its low today, is now down just 0.1%.

All sectors have pared their losses, but there is a defensive-orientation evident in the market with the utilities (+0.40%) and consumer staples (+0.20%) sectors joining energy (+0.20%) as the only sectors on positive ground.DJ30 -66.65 NASDAQ -6.30 SP500 -6.03 NASDAQ Dec/Adv/Vol 1785/1086/961 mln NYSE Dec/Adv/Vol 1806/1344/806 mln

12:25 pm : The last half hour has seen a noticeable increase in buyig interest that has cut today's losses by a significant amount.

The uptick gained newfound momentum after Fed Chairman Bernanke ended his testimony on the economy before the Joint Economic Committee. The quick and broad-based nature of the recovery try suggests there might be some program trading influences.

Either way, the market is much improved from its worst levels which equated to declines of approximately 139, 24 and 14 points for the Dow, Nasdaq and S&P 500, respectively.DJ30 -54.47 NASDAQ -4.94 SP500 -4.11 NASDAQ Dec/Adv/Vol 1952/908/823 mln NYSE Dec/Adv/Vol 2132/1002/682 mln

[Hugin]

41. 12:00 CT (or so) Update...

• DJIA 12331.68 -65.61 -0.53%
• NASDAQ 2429.40 -8.03 -0.33%
• S&P 500 1422.58 -6.03 -0.42%

[mojavekid]

44. Mogombo Guru: "Stop the Presses"

http://www.kitco.com/ind/Daughty/mar282007.html

As a guy who is always screaming about the Federal Reserve creating all that excess money and credit, and how that monetary inflation turns into price inflation as the money permeates and diffuses throughout the goods/services market, you would think that I would be happy that Total Fed Credit was actually down by $470 million last week, as looks like it is not growing as per its usual highly-inflationary wont of the last freaking decade.

snip..

The astonishing decision by the Fed to leave interest rates unchanged, in light of their own tortured inflationary statistics rising so ominously, has me sardonically laughing in Undisguised Mogambo Contempt (UMC). MoneyandMarkets.com newsletter has always taken a strict hands-off approach with respect to UMC, and they predictably ignore me again this time, but instead sums up the situation with their headline "All Indicators Point to Higher Inflation, Yet Bernanke Is Caving Anyway!"

They write that, theoretically, "The Fed’s primary mission is to fight inflation tooth and nail." In reality, they say, "the latest inflation stats have been anything but tame: The Producer Price Index, which measures inflation at the wholesale level, surged 1.3% in February, more than twice the market forecast. The 'core' PPI, which excludes the impact of food and energy prices, jumped 0.4%. Core intermediate goods and core crude goods prices, which indicate inflation at earlier stages of production, rose at the fastest pace in several months. The Consumer Price Index climbed 0.4% in February, pushing the year-over-year inflation rate up to 2.4%. And the year-over-year core inflation rate rose to 2.7%."

more...

[mojavekid]

45. Prudent Squirrel: CHINA TO TAKE DOWN WORLD MARKETS

http://www.financialsense.com/fsu/editorials/laird/2007/0327.html

Guys

We are looking right now at the following situation. China is about to drop the world markets in stemming their bubbles – stocks and real estate and manufacturing. I notified PS subscribers that China is going to prick the world stock bubbles – as the emerging manufacturing giant, just like the USA did in the 1929/30’s.

China has indicated – their Premier no less – that they intend to take matters into hand in 07 and that means, as we have already seen, that another China market crash is in the cards.

wrote an article several years ago about the bubble number. IT is 18%. When markets reach a speed of 18% growth it is all over.


a little more at link...

[AnneD]

72. So much for the

Year of the Golden Pig.

[mojavekid]

74. Indeed, perhaps we shall see, and when...?

Mr. Laird is predicting a global market meltdown, while others (Schiff, Puplava, Martin Goldberg) are saying the place to be is in Foreign Markets, Gold and Energy. With Iran uncertain...

-mojavekid

[Eugene]

46. SEC charges 2 ex-Enron lawyers with fraud

Source: Reuters

SEC charges 2 ex-Enron lawyers with fraud
Wed Mar 28, 2007 12:48PM EDT

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission has
charged two former in-house lawyers at Enron Corp. with securities fraud.

Jordan Mintz, former general counsel of Enron's global finance group, and
Rex Rogers, former associate general counsel, were charged in connection
with a fraudulent scheme to make material misrepresentations or omissions
in Enron's public filings, the SEC said on Wednesday.

Attorneys for Mintz and Rogers could not immediately be reached for comment.

The case involves Enron's 1999 sale of an interest in a troubled power
project in Cuiaba, Brazil to LJM1, a partnership controlled by former Enron
Chief Financial Officer Andrew Fastow, the SEC said.

-snip-

http://www.reuters.com/article/ousiv/idUSN2830749720070328

[Amonester]

48. Two more "Republics" (I have no doubt...) down, how many more to

go?

[citizen snips]

49. Circuit City to Cut More Than 3,500 Jobs

RICHMOND, Va. (AP) -- Circuit City Stores Inc. said Wednesday it plans to cut costs by laying off about 3,400 retail workers, or 8.5 percent of its in-store staff, and hiring lower-paid employees to replace them. It is also trimming about 130 corporate information-technology jobs.

Its shares rose nearly 2 percent in afternoon trading.

Circuit City, the nation's No. 2 consumer electronics retailer behind Best Buy Co. Inc., said the store workers being laid off effective Wednesday were earning "well above the market-based salary range for their role." They will be replaced as soon as possible with employees who will be paid at the current market range, the company said in a news release.

"We are taking a number of aggressive actions to improve our cost and expense structure, which will better position us for improved and sustainable returns in today's marketplace," Philip J. Schoonover, Circuit City's chief executive, said in a statement.

more...
http://biz.yahoo.com/ap/070328/circuit_city_layoffs.html?.v=3

[citizen snips]

50. Net Snap: A.G. Edwards Starts Sector

NEW YORK (AP) -- An analyst at A.G. Edwards began coverage of eight Internet companies Wednesday, saying it expects search leader Google to develop innovative business models and increase market share and revenue, while rival Yahoo Inc. is shaping up to have "transformational" 2007.

A.G. Edwards analyst Denise Garcia also initiated coverage of IAC/InterActive Corp., The Knot Inc., aQuantive Inc., Bankrate Inc., Monster Worldwide Inc. and ValueClick Inc.

Garcia gave Google a "Buy" rating and $550 price target, writing in a client note that the company has a good record of increasing revenue and earnings by making Internet search more efficient.

She also said the Mountain View, Calif., search engine is continually innovating with search technology and entries into areas like video search and offline ads, which should help it increase its market share and revenue.

more...
http://biz.yahoo.com/ap/070328/internet_sector_snap.html?.v=1

[citizen snips]

51. Shares of Brazilian Carrier Gol Jump

NEW YORK (AP) -- Brazilian airline Gol Linhas Aereas Inteligentes SA saw its U.S.-listed shares jump Wednesday amid a report the carrier is in advanced talks to acquire troubled rival Varig.

Gol's U.S.-listed shares rose $1.05, or 4.1 percent, to $26.83 in afternoon trading on the New York Stock Exchange. It was one of the industry's few gainers, as airline stocks overall declined due to spiking crude oil prices. Since hitting a year-high of $41.25 in May 2006, Gol's U.S.-listed shares have slid to recently reach a 52-week low of $25.31.

Gol is negotiating the possible deal with investors who took control of Varig after the company nearly collapsed last year in bankruptcy proceedings and re-emerged as a much smaller airline, Brazil's Agencia Estado news agency reported.

Prudential analyst Bob McAdoo wrote in a report that "any deal that removes Varig from the market should be a short-term positive for GOL," as it would remove some competing capacity.

more...
http://biz.yahoo.com/ap/070328/gol_mover.html?.v=1

[citizen snips]

52. Amp'd Mobile Faces $100,000 Fine

WASHINGTON (AP) -- The Federal Communications Commission is proposing a $100,000 fine against Amp'd Mobile Inc., the wireless phone company aimed at the youth market, for failing to protect consumers' personal calling records from thieves.

The proposed fine is at least the fourth such action since January by the FCC against U.S. companies for failing to comply with rules requiring that consumer phone records be protected by internal safeguards. The FCC promised "aggressive, substantial steps" to crack down on phone companies that fail to protect such records.

Amp'd Mobile assured the FCC in a letter in February that its internal procedures protect customer phone records but did not specify those procedures. The company did not return telephone messages and e-mails The Associated Press left Wednesday at its Los Angeles headquarters, its Washington lawyer's office and its public relations firm.

The proposed fine, announced Tuesday, comes in the wake of disclosures that detectives hired by Hewlett-Packard Co. -- and a myriad of other so-called "data brokers" -- routinely acquire personal phone records by impersonating customers targeted in private investigations and billing collection cases.

more...
http://biz.yahoo.com/ap/070328/amp_d_phone_fine.html?.v=8

[citizen snips]

53. Chips Snap: Semi Stocks Edge Down

NEW YORK (AP) -- Semiconductor stocks slipped slightly in Wednesday's trading, as NetLogic Microsystems Inc. shares dived on concerns that Cisco Systems Inc.'s acquisition of SpansLogic could pose a threat to the company.

The Philadelphia Semiconductor Sector Index slipped 3.07 points to 472.47 in afternoon trading.

Shares of NetLogic, which have traded between $17.55 and $45.03 over the last 52 weeks, fell $1.14, or 4 percent, to $27.44 on the Nasdaq Stock Market.

On Wednesday, Cisco Systems said it agreed to buy SpansLogic, a privately held processor maker, for an undisclosed sum.

more...
http://biz.yahoo.com/ap/070328/semiconductors_sector_snap.html?.v=1

[citizen snips]

54. Wal-Mart May Never Enter Manhattan

NEW YORK (AP) -- Wal-Mart, embattled by failed attempts to open stores in Queens and Staten Island, may be giving up on New York, or at the very least Manhattan.

In an interview with The New York Times, published Wednesday, Lee Scott, Wal-Mart, chief executive and chairman, said that trying to conduct business in New York was so expensive that "I don't think it is worth the effort. I don't care if we are ever here," he told The New York Times at a meeting with editors and reporters on Tuesday.

But Wal-Mart officials quickly clarified that Scott, who in the interview made repeated references to "New York," was referring to Manhattan, and not the entire city.

"We have never tried to get into Manhattan and aren't sure we ever will unless the economics of the specific deal make sense for us. We would like to be in other boroughs if we can find the right arrangement, because we know we could serve those communities very well," said Kevin Thornton, in an e-mail response to The Associated Press Wednesday.

more...
http://biz.yahoo.com/ap/070328/wal_mart_new_york.html?.v=1

[citizen snips]

55. Business Investment Sinks

WASHINGTON (AP) -- Orders to factories for big-ticket manufactured goods posted a disappointing increase in February that raised new worries about the strength of the economy.

Demand for durable goods increased by 2.5 percent in February, the Commerce Department reported Wednesday. It was a weaker-than-expected rebound from a huge 9.3 percent drop in orders that occurred in January.

That January decline jolted financial markets around the world and contributed to a 416-point drop in the Dow Jones industrial average on Feb. 27 as investors grew more worried about a possible recession this year.

In the new reports, analysts were especially concerned about continued weakness in business investment, which fell by 1.2 percent in February, the fourth decline in the past five months.

more...
http://biz.yahoo.com/ap/070328/economy.html?.v=10

[citizen snips]

56. UAW May Not Give Health Concessions

DETROIT (AP) -- The head of the United Auto Workers said the union already has made health care concessions to General Motors Corp. and Ford Motor Co., and he suggested that it won't give any more.

At the close of the union's two-day bargaining convention in downtown Detroit, President Ron Gettelfinger said the UAW made major concessions in 2005 that saved Ford and General Motors billions of dollars in long-term retiree health care obligations.

"We addressed health care in '05. You don't get two bites of the apple, do you?" he said.

"We've stepped up to the plate," Gettelfinger said when asked if the union would consider further concessions or taking on the health care obligations in a deal similar to one reached between the Goodyear Tire & Rubber Co. and the United Steelworkers.

more...
http://biz.yahoo.com/ap/070328/uaw_contract_talks.html?.v=3

[citizen snips]

57. Sector Snap: Airlines Stocks Down

NEW YORK (AP) -- Airline stocks fell in mixed trading Wednesday, weighed by spiking crude oil prices.

Among the industry's few gainers was Brazilian airline Gol Linhas Aereas Inteligentes SA, whose shares surged on a report that it's in advanced talks to acquire troubled rival Varig.

The Amex Airline Index fell 1 percent, with eight of its 11 component stocks declining.

Hurting shares was a barrel of oil surging $1.33 to $64.26 on the New York Mercantile Exchange. Crude prices leaped as high as $68 in electronic trading, amid rumors about a military confrontation with Iran. Jet fuel is one of an airline's top costs, and industry shares are highly sensitive to crude price swings.

more...
http://biz.yahoo.com/ap/070328/airlines_sector_snap.html?.v=1

[citizen snips]

58. Treasuries Decline After Bernanke Says the Economy Is Growing

March 28 (Bloomberg) -- U.S. Treasuries pared gains and declined after Federal Reserve Chairman Ben S. Bernanke told Congress' Joint Economic Committee that the economy ``appears likely to continue to expand at a moderate pace over coming quarters.''

Bernanke commented for the first time publicly on the economy since the Federal Open Market Committee last week surprised investors by removing its bias toward higher interest rates.

The yield on the 10-year note rose 2 basis points, or 0.02 percentage point, to 4.62 percent at 2:14 p.m. in New York, according to bond broker Cantor Fitzgerald LP. The price of the 4 5/8 percent security due in February 2017 fell 1/8, or $1.25 per $1,000 face amount, to 100 1/32.

Treasuries gained earlier after a government report showed orders for goods made to last several years gained 2.5 percent last month, following a revised 9.3 percent drop in January. The median of 72 estimates in a Bloomberg News survey of economists was for an increase of 3.5 percent. Excluding transportation equipment such as Boeing Co. aircraft, orders fell 0.1 percent after a revised 4 percent decline in January.

more...
http://www.bloomberg.com/apps/news?pid=20601009&sid=ab52Rxr9a1SM&refer=bond

[citizen snips]

59. Nortel Completes $1.15B Notes Offer

NEW YORK (AP) -- Toronto-based Nortel Networks Corp., which makes networking equipment, said Wednesday it completed an already announced offer of $1.15 billion in senior unsecured convertible notes.

The company said it expects to net $1.13 billion from the sale of the notes, which it will use to redeem a corresponding portion of its $1.8 billion in convertible notes with 4.25 percent interest due 2008.

The notes included in the offer are $575 million in senior convertible notes with 1.75 percent interest due 2012 and $575 million in senior convertible notes with 2.125 percent interest due 2014.

The notes can be converted to Nortel shares at a conversion rate of 31.25 shares per $1,000 principal amount of notes, though sometimes subject to adjustment.

Nortel shares lost 29 cents to $24.43 in afternoon trading on the New York Stock Exchange.

http://biz.yahoo.com/ap/070328/nortel_offering.html?.v=1

[ozymandius]

60. Witching Hour update

3:08
Dow 12,304.68 Down 92.61 (0.75%)
Nasdaq 2,420.59 Down 16.84 (0.69%)
S&P 500 1,418.44 Down 11.17 (0.78%)
10-Yr Bond 4.622% Up 0.01
NYSE Volume 2,430,606,000
Nasdaq Volume 1,483,905,000

3:00 pm : Stocks are floundering in late-afternoon trade amid a lack of leadership that has deterred buying interest.

The major indices have spent the entirety of today's session in negative territory held down by concerns about the jump in oil prices, a relatively weak durable orders report, and the understanding that a rate cut isn't likely to happen anytime soon given the declaration from Fed Chairman Bernanke that policy is still oriented toward inflation control.

Altria Group (MO 86.14, +1.06) is the lone Dow component in positive territory; however, Boeing (BA 89.20, -1.32) is the only one of the remaining 29 components to show a loss greater than one point. DJ30 -97.65 NASDAQ -17.10 SP500 -10.70

[citizen snips]

61. Polycom Shares Slip

NEW YORK (AP) -- Shares of Polycom Inc. slipped Wednesday following the networking and video conferencing equipment company's acquisition of SpectraLink Corp., which makes wireless on-site phone systems for offices, hospitals and factories.

Investors sent the Pleasanton, Calif., company's shares down $1.15, or 3.2 percent, to $34.98 in afternoon trading on the Nasdaq Stock Market. The stock is still close to the top of its 52-week range of $19.77 to $36.61, which it reached on Monday.

"While we are encouraged by the longer-term increase in cash flows, we believe the positive impact is partially offset by the lower interest income due to the reduced cash balance," wrote Wedbush Morgan analyst Scott Sutherland in a note to investors.

Polycom bought SpectraLink for about $220 million in cash. This payment, the analyst said, lowers the company's cash by $2.30 per share, to $3.97. And Sutherland estimates that the lost interest at an assumed 5.5 percent rate could hurt the company's earnings by 13 cents per share in 2007.

more...
http://biz.yahoo.com/ap/070328/polycom_mover.html?.v=1

[Eugene]

62. New Century cuts Freddie Mac tie

Source: Reuters

New Century cuts Freddie Mac tie

By Jonathan Stempel
48 minutes ago

NEW YORK (Reuters) - New Century Financial Corp. (Other OTC:NEWC -
news), the troubled subprime mortgage lender, said on Wednesday it
ended its relationship with mortgage financier Freddie Mac (NYSE:FRE
- news), and that "several" of its own lenders plan to sell loans that
had backed $17.4 billion of credit lines.

The Irvine, California-based company also said it entered agreements
with regulators in Idaho, Iowa, Michigan and Wyoming to stop lending.
These follow similar agreements with or orders from several other states,
including California and New York, arising from New Century's failure
to fund loans.

New Century said it decided voluntarily on Monday to stop selling or
being the main servicer of loans for Freddie Mac, the second-largest
U.S. home loan financier. Fannie Mae (NYSE:FNM - news), the largest
financier, cut off its own ties with New Century earlier this month,
saying the company breached some contracts.

Wednesday's developments may move New Century closer to bankruptcy.
Many analysts expect it to seek protection from creditors, and perhaps
sell assets as part of a reorganization.

-snip-

http://news.yahoo.com/s/nm/20070328/bs_nm/usa_subprime_newcentury_dc

[Roland99]

64. That's a wrap! (A cold smelly one)

DJIA 12,300.36 -96.93 -0.78%
Nasdaq 2,417.10 -20.33 -0.83%
S&P 500 1,417.23 -11.38 -0.80%
Dow Util 501.46 -0.17 -0.03%
NYSE 9,218.53 -70.26 -0.76%
AMEX 2,151.25 -3.52 -0.16%
Russell 2000 797.40 -4.96 -0.62%
Semcond 469.14 -6.40 -1.35%
Gold future 672.90 +4.10 +0.61%
30-Year Bond 4.83% +0.02 +0.46%
10-Year Bond 4.62% +0.01 +0.17%

[ozymandius]

73. and the closing blather

Word from the Fed: We're not done keeping up appearances.

4:20 pm : As far as today's participants were concerned, there wasn't much to get excited about when it came to buying stocks. Their disinterest was understandable, too.

Oil prices pushed above $64 per barrel, the February durable orders report was relatively weak, and Fed Chairman Bernanke reminded listeners in his testimony on the economy before the Joint Economic Committee that Fed policy remains oriented toward inflation control.

The translation there is that participants shouldn't expect a rate cut from the Fed anytime soon. That realization was effective at taking the wind out of the market's already wet sails and left the indices languishing in negative territory from bell to bell.

At their worst levels of the day, the Dow, Nasdaq and S&P were down approximately 139, 24 and 14 points, respectively. They managed a decent recovery try in early-afternoon trading, but ultimately, that effort was met with resistance when the influential financial sector didn't show any lasting support.

The weak showing by the financials (-1.22%) was linked to an assortment of concerns - subprime mortgage problems, housing market weakness, stock market volatility, the economic slowdown, and lackluster earnings growth - that clipped just about every industry group.

The financial sector had plenty of company, though, as there wasn't a single economic sector that ended the day with a gain.

Telecom services (-1.22%) joined with financials to lead the list of losers, but the technology (-0.92%), industrial (-0.99%), and consumer discretionary (-1.04%) sectors were among the more influential loss leaders.

Underpinned by the spike in crude prices that was linked to concerns about the growing tension in the Persian Gulf over Iran's capture of 15 British sailors, energy (-0.20%) exhibited some relative strength along with some other traditionally defensive-oriented sectors such as consumer staples (-0.18%) and utilities (-0.09%).

Although durable orders for February rose 2.5%, the focal point for economists was the 1.2% drop in nondefense capital goods orders, excluding transportation, which is a proxy for business investment. That decline followed on the heels of a 7.4% decline for January.

There weren't a lot of individual stock stories of note. However, Beazer Homes (BZH 28.77, -2.64) is one company that couldn't escape the spotlight as it was reported by Business Week that the home builder is under investigation by several federal agencies for various fraud issues. The company denied the allegations made in the report, but investors were inclined to believe the worst today.DJ30 -96.93 NASDAQ -20.33 SP500 -11.39 NASDAQ Dec/Adv/Vol 2057/957/1.85 bln NYSE Dec/Adv/Vol 2190/1103/1.40 bln

[54anickel]

75. Dang! Just have enough time to check the closing numbers this week -

Getting pretty ugly again for both stocks and bonds. But hey, lookie at gold - nice little rebound going on. B-)

My plate is full these days Marketeers...hope to have some free time again on Friday. Thanks for all the posts and keeping us informed. :hi:

[citizen snips]

66. Nasdaq 100 Leaders & Laggards: ALTR ATVI

NEW YORK (AP) -- The Nasdaq 100 followed the broader markets down Wednesday, a movement that was highlighted by falls for shares of Altera Corp. and Network Appliance Inc.

The Nasdaq 100, which includes 100 of the biggest nonfinancial securities traded on the Nasdaq Stock Market, sank 19.39 points to 1,770.54. The broader Nasdaq composite gave up 20.33 points to 2,417.10. Federal Reserve Chairman Ben Bernanke worried investors earlier in the day, commenting that they might have looked past long-standing concerns about inflation following remarks last week from the central bank.

Programmable chip maker Altera was among the day's biggest decliners, losing 89 cents, or 4.3 percent, to $20.05 after a Bear Stearns analyst lowered his 2007 earnings estimates for the company, partly based on weak business in Asia.

Network Appliance, a provider of network-attached storage systems, shed $1.60, or 4.2 percent, to $36.42.

more...
http://biz.yahoo.com/ap/070328/nasdaq_100_leaders_laggards.html?.v=1

[citizen snips]

67. DJIA Leaders & Laggards: GM Down

NEW YORK (AP) -- A positive Goldman Sachs note pushed up Altria Group Inc. as the sole riser on a down day for the 30-stock Dow Jones Industrial Average index Wednesday.

The blue chip index slumped 96.93 points to close at 12,300.36, posting a third straight day of declines.

General Motors Corp. lost 94 cents, or 2.9 percent, to $31.24 on the New York Stock Exchange on reports of stalled negotiations between the United Auto Workers union and Delphi Corp., which was formerly part of GM. In addition, the Times of London reported that GM will not bid for Chrysler AG.

Wal-Mart Stores Inc. sank 85 cents to $46.64 on the NYSE, after the world's largest retailer said it might give up on opening a store in New York City, or at least Manhattan.

more...
http://biz.yahoo.com/ap/070328/djia_leaders_laggards.html?.v=1

[citizen snips]

68. Activision, GameStop Shares Jump

NEW YORK (AP) -- Shares of video game publisher Activision Inc. jumped to a 52-week high Wednesday on the heels of a solid fourth-quarter and full-year report from No. 1 game retailer GameStop Inc., whose stock hit a record high for the second day in a row.

Activision, whose games include the "Guitar Hero" and "Tony Hawk" series, is receiving positive early buzz from its third "Spider-Man" title, said Lazard Capital Markets analyst Colin Sebastian in a note to investors.

"Spider-Man 3," the game, is slated to launch in May, simultaneously with the movie.

Activision also continues to reap the benefits of its catalog titles, most notably "Guitar Hero II," which lets players pretend they are rock stars, and the World War II game "Call of Duty."

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http://biz.yahoo.com/ap/070328/activision_mover.html?.v=2

[citizen snips]

69. Grains Mixed, Soybeans Rise

CHICAGO (AP) -- Grains were mixed and soybean futures ended higher Wednesday on the Chicago Board of Trade.

Wheat for May delivery rose 2 cents to $4.56 a bushel; May corn fell 4 1/4 cents to $3.88 1/4 a bushel; May oats fell 2 1/2 cents to $2.87 a bushel; May soybeans rose 13 1/2 cents to $7.70 1/2 a bushel.

Beef and pork futures ended mixed on the Chicago Mercantile Exchange.

Wheat for May delivery rose 2 cents to $4.56 a bushel; May corn fell 4 1/4 cents to $3.88 1/4 a bushel; May oats fell 2 1/2 cents to $2.87 a bushel; May soybeans rose 13 1/2 cents to $7.70 1/2 a bushel.

http://biz.yahoo.com/ap/070328/board_of_trade.html?.v=3