STOCK MARKET WATCH, Tuesday April 10

[ozymandius]

Source: DU

Tuesday April 10, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 650 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2291 DAYS
WHERE'S OSAMA BIN-LADEN? 2001 DAYS
DAYS SINCE ENRON COLLAPSE = 1961
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 April 9, 2007

Dow... 12,569.14 +8.94 (+0.07%)
Nasdaq... 2,469.18 -2.16 (-0.09%)
S&P 500... 1,444.61 +0.85 (+0.06%)
Gold future... 676.90 -2.50 (-0.37%)
30-Year Bond 4.92% +0.05 (+0.99%)
10-Yr Bond... 4.75% +0.07 (+1.52%)






GOLD, EURO, YEN, Loonie and Silver

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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

Prospecting In Your Own Back Yard
BY ROB KIRBY

In conducting proprietary macro economic research to get to the unseen crux of the who’s, how’s and why’s of the economic landscape - I am guided by the maxim of ‘follow the money.’

I choose to follow this course because of my belief that the methodology is fundamentally non-partisan .

But biases do exist. Isn’t exercising of our ‘right to choose’ nothing more or less than the manifestation of our biases?

When one ‘sets out to explore’ – is there not an ingrained assumption in the very thought that ‘travel leads to discovery.’ Or perhaps we could view exploration instead as a quest for knowledge; in which case, perhaps, no steps are physically taken but great distances are traveled in mind.

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

[ozymandius]

2. Oil prices bounce back slightly in Asia

SINGAPORE - Oil prices bounced back slightly Tuesday as Asian traders reacted to a slide the day before that pulled prices down more nearly $3 a barrel.

Light, sweet crude for May delivery rose 30 cents to $61.81 in midmorning Asian electronic trading on the New York Mercantile Exchange. Trading was light as the market looked for fresh signals.

Tetsu Emori, chief commodities strategist with Mitsui Bussan Futures in Tokyo predicted prices would not fluctuate much Tuesday, staying in the $61-$63 range as traders eyed Iran's nuclear standoff with the West and awaited the weekly U.S. inventory report, due Wednesday.

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

[ozymandius]

3. Environmentalists cheer pipeline vote

OXNARD, Calif. - An energy company was dealt a serious blow to its efforts to build a floating liquefied natural gas terminal off the Southern California coast when a state panel refused to grant a lease for pipelines essential to the project.

The 2-1 decision by the State Lands Commission late Monday was met with loud cheers by an estimated 900 people who packed an auditorium for the hearing. Many had spent the day rallying against the proposal and wore blue T-shirts emblazoned with the words "Terminate the Terminal."

-cut-

Monday's hearing was perhaps the most important in a series that will decide the fate of the terminal that would be built in the ocean northwest of Los Angeles, about 14 miles off Malibu and about 20 miles off Oxnard.

Under the $800 million project, chilled gas brought overseas by tanker would be heated, then piped ashore through two 24-inch diameter lines. From there, Southern California Gas Co. would pump it out to consumers. In all, the facility would process about 800 million cubic feet of natural gas every day.

http://news.yahoo.com/s/ap/20070410/ap_on_bi_ge/california_terminal_10

[ozymandius]

4. Study: Price gouging gas bill costly

WASHINGTON - With Congress potentially moving forward on a law to penalize oil and gas companies for price gouging, a new study says doing so would cost the economy about $1.9 billion during a national emergency on the scale of hurricanes Katrina and Rita.

The study, to be released Tuesday by the American Council for Capital Formation, argues that such legislation would cause long lines at service stations and fuel shortages reminiscent of the 1970s energy crisis. Oil companies, worried about being penalized for gouging, would shy away from paying higher prices to bring in more supplies, the study said.

-cut-

The study's authors also warned that price gouging legislation would distort prices, causing energy giants some reluctance about exploring for new supplies.

-cut-

Rep. Bart Stupak (news, bio, voting record), D-Mich., along with 85 other House members, has introduced a bill that would establish the first federal law against price gouging by oil and gas companies, imposing criminal penalties and fines of up to $150 million for companies and $2 million on individuals, who could also face jail sentences.

http://news.yahoo.com/s/ap/20070410/ap_on_bi_ge/gasoline_price_gouging_1

[AnneD]

10. Sorry folks....

I couldn't let this slide without a check on the source of the study....


American Council for Capital Formation
From SourceWatch
American Council for Capital Formation (ACCF) is a think tank that prides itself on "economic growth through sound tax, regulatory, and environmental policies." ACCF is a very influential in Washington D.C. with ACCF's President Mark Bloomfield as being, "one of the most influential figures operating behind the scenes in the Congress," Robert Novak, 1997.

ACCF has a conservative perspective of economic policy and favors policies that favor big business. ACCF's Officers and Board of Directors included former high-ranking politicians in the U.S. government along with a who's-who in big business, including individuals from the American Petroleum Institute, Principal Financial Group, American Chemistry Council, American Farm Bureau Federation, American Business Conference, American Forest & Paper Association, Edison Electric Institute, the National Rural Electric Cooperative Association and other pro-industry trade associations and corporations. Individuals from the American Enterprise Institute, and the Hoover Institution are members of ACCF's Board of Scholars.

http://www.sourcewatch.org/index.php?title=American_Council_for_Capital_Formation

I'm shocked, shocked to find there is gambling going on here.:eyes:

[AnneD]

14. Judge: BP mailing 'stunt' triggers jury tampering concerns

The Galveston judge overseeing litigation stemming from the 2005 blast at BP's Texas City refinery has ordered a second deposition of a public affairs manager at the plant regarding possible jury tampering.

BP's Texas City-based manager for government and public affairs, Neal Geary, has already testified — both in court and in a deposition — about a mailing he sent out to 900 Texas City business leaders on the eve of a civil trial last October. The mailing highlighted the company's efforts to improve safety.

At the time, state District Judge Susan Criss called the mailing "a stunt" that could taint the jury pool for the case involving two of the 15 deaths caused by the explosion. Scores more were injured.

She demanded, and received, a list of recipients to compare to the list of potential jurors. The case was settled in November on the day jury selection was to take place.

However, BP lawyers last week informed Criss that they had recently unearthed a second mailing that went out around the same time as the first to a much wider audience of 7,000 Texas City residents.

http://www.chron.com/disp/story.mpl/business/4700617.html

They were negligent, folks died because of it and they will have to pony up. End of story. These shenanigans just piss folks off around here. We accept the dangers of the work and we expect higher wages and as safe a work environment as possible. BP failed to provide that work environment.

[Roland99]

19. U.S. retail gasoline expected to cost $2.81 this summer: DOE

Can't put anything past them!

:eyes:

[ozymandius]

5. U.S. stocks headed for flat open

NEW YORK - U.S. stocks appeared headed for a flat opening Tuesday as investors remain cautious ahead of first-quarter earnings season that kicks off when Alcoa Inc. reports after the closing bell.

The aluminum producer is expected to post a profit of 75 cents per share. Its results are used by Wall Street not only to gauge the pace of earnings for the quarter, but of the economy itself.

Stocks closed essentially flat on Monday as investors remained anxious about how companies fared during the first three months of the year. During the fourth quarter, Standard & Poor's 500 companies snapped an 18 quarter streak of double-digit profit gains.

Ahead of Tuesday's market opening, Dow Jones industrial average futures expiring in June were up 8.00, or 0.07 percent, at 12,647. Standard & Poor's 500 index futures were unchanged at 1,454.30, and Nasdaq 100 futures rose 3.00, or 0.16 percent, to 1,827.00.

http://news.yahoo.com/s/ap/20070410/ap_on_bi_st_ma_re/wall_street

[ozymandius]

6. Economists cut U.S. GDP forecast for 2007

WASHINGTON (Reuters) - A top panel of economists on Tuesday cut their forecast for U.S. economic growth this year, citing a lower outlook for capital spending, residential investment and business inventories.

The Blue Chip Economic Indicators panel of forecasters said they expect U.S. gross domestic product to expand at a rate of 2.3 percent in 2007, the slowest growth since 2002.

The group in March had predicted growth at a rate of 2.5 percent.

The panel also scaled back its expectations of how much inflation will slow, although inflation is expected to grow less rapidly in 2007 than any of the prior three years.

Also of concern to the forecasters were signs that growth in the massive service sector was slowing.

http://news.yahoo.com/s/nm/20070410/bs_nm/usa_economy_growth_dc

[AnneD]

11. For the economy to be so rosy....

they sure are doing a lot of pruning. :rofl:

[Roland99]

18. heh heh

Ever thought of a side career in standup?

:)

[AnneD]

22. And speaking of prunes...

Where's GreenSpin......

Actually, I have had a writer friend collect my travel e-mails. She says whenever I want she will help me spruce them up and make them into a book and try to get them published. My friends love them. One day when I have time....

Hey if I can keep a group of School Nurses in stitches talking about head lice, otoscopic (ear) exams, and contacting parent-I got a future in humour. :spray::rofl:

Consider the humour my gift to the thread.

[Roland99]

23. And for that we're all thankful to your wonderful talent!

:D

[AnneD]

24. Now you did it....

:blush: Thanks.

[ozymandius]

7. U.S. files piracy complaint against China

NEW YORK (CNNMoney.com) -- The United States filed two trade complaints against China on Tuesday at the World Trade Organization over piracy of American books, music, video and movies and limited market access for American products in China.

As expected, the Chinese government expressed "great regret" and "strong dissatisfaction" against the U.S. complaints at the WTO .

"Piracy and counterfeiting levels in China remain unacceptably high," U.S. Trade Representative Susan Schwab said in a statement. "Inadequate protection of intellectual property rights in China costs U.S. firms and workers billions of dollars each year, and in the case of many products, it also poses a serious risk of harm to consumers in China, the United States and around the world."

During a press conference Monday announcing the U.S. plans, Schwab said market access barriers for genuine American books, movies and music products in China was an equally serious issue.

http://money.cnn.com/2007/04/10/news/international/china_piracy/index.htm?postversion=2007041007

[UpInArms]

8. dollar watch

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

Last trade 82.693 Change -0.408 (-0.49%)

Yen: Drop in Consumer Prices Leaves BoJ No Choice But to be Reactive Instead of Proactive

http://www.dailyfx.com/story/dailyfx_reports/daily_fundamentals/Yen__Drop_in_Consumer_Prices_1176154377259.html

US Dollar - Even though US traders are back at their desks today, currency prices have barely moved withEurope still closed for Easter Monday. Today’s lack of volatility is a testament to how significant European volume is to day to day market activity. London is and has long been the financial center where the largest amount of FX volume is dealt. US traders have expressed their bias by taking the dollar slightly higher, but they could be holding back any aggressive positioning until their European counterparts return to their trading desks tomorrow. The biggest development in the markets today is the sharp drop in oil prices. Traders have shrugged off Iran’s announcement that they plan on starting “industrial-scale” enrichment of uranium to focus on surging supply. After hitting a year to date high of $68 two weeks ago, oil prices have trended lower, with the latest wave of weakness lasting for six consecutive trading days. Although this could ease some of the Federal Reserve’s concern about inflationary pressures, members of the central bank’s policy making committee will most likely stick to their hawkish bias as the stock market hovers around six week highs, the labor market continues to tighten, and the overall housing market holds steady despite the problems in the sub-prime lending sector. Only a few of the Fed Presidents are scheduled to speak directly about the economy and monetary policy this week. Fed Presidents Mishkin, Plosser and Fisher are scheduled to speak tomorrow. Mishkin will be talking about “Monetary Policy and the Dual Mandate” while Fisher and Plosser will be talking about the Fed’s “Credibility and Commitment.” Mishkin is the only one of the three that is on the Fed’s Board of Governors; both Fisher and Plosser are non-voters. Aside from the Fedspeak, there is no data of consequence on the US calendar. The minutes from the Federal Reserve meeting held in March is due on Wednesday and we will touch more on that in tomorrow’s Daily Fundamentals.

...more...

Euro Surges in Asia, Bank of Japan Forecast Unchanged

http://www.dailyfx.com/story/dailyfx_reports/daily_brief/Euro_Surges_in_Asia__Bank_1176197405996.html

After a very sedate Easter Monday session the currency market saw a wild night of trade in Asia with the EURUSD surging nearly 100 points off the lows set in New York. The greenback enjoying only a brief bounce from the stronger than expected employment results, came under selling pressure once again on fears that the sub-prime mortgage problem was beginning to spread throughout other credit sectors of the US economy. The dollar sell-off was precipitated by 15% plunge in shares of American Home Mortgage after the REIT announced that its earnings would be heavily impacted by the losses in Alt-A mortgages which are a grade higher than sub-prime but are nevertheless beginning to experience the same type of problems as the lower end of the market.

The question of just how much impact will the slowdown in housing have on the rest of the US economy remains open-ended. However, with US earnings season about to unfold, currency traders weren’t willing to grant the greenback the benefit of the doubt and continued to sell the unit in early London trade. The pair was also aided by a strong rebound in French Industrial Production which showed that the EZ manufacturing is unaffected by the high value of its currency and as its impressive expansion continues. The strong results in the French Industrial sector are only likely to bolster market expectations of an ECB rate hike in May. However, as our colleague Kathy Lien pointed out yesterday, Mr. Trichet’s language at this Thursday’s press conference will be key to gauging the intent of the European monetary policymakers. If the ECB chief does not use the words “extreme vigilance” in his assessment of future policy, traders could quickly sell the euro on the assumption that the hike may be delayed until June. For now the EURUSD continues to be contained in the 1.3300-1.3450 range as traders weigh the likelihood of a May ECB rate hike against any further evidence of a US economic slowdown.

Meanwhile in Japan, no rate hike was forthcoming as the BOJ kept overnight call rates at 0.50% The Japanese central bank did not change its forecast, suggesting that, "Japan's economy is expanding moderately, “ while maintaining that inflation will be flat at 0% on a year over year basis. With no immediate threat on the price front, the BOJ monetary authorities are likely to remain neutral through at least the first half of 2007. Thus, after a brief sojourn below 119.00 USDJPY was quickly bought as carry demand for the pair emerged once again. If US data is able to show any further upside surprises, demonstrating that the sub-prime fears are highly overblown, then USDJPY could challenge its yearly highs in the next few weeks as yield hunters return to the pair in droves.

...more...

[fasttense]

13. Wow, the dollar is down to 82.69

I remember the days it was up around 120 (about 2002). Since the US imports practically everything, we can expect prices to go up. Thanks bush for taking away about 30% of the value of my money. Is the dollar cheap enough now to make products and keep jobs in the US, or have we lost so much of our manufacturing infrastructure that it isn't worth it?

[citizen snips]

44. Dollar Down Against Major Currencies

NEW YORK (AP) -- The dollar fell against other major currencies Tuesday amid worries over trade troubles between the U.S. and China and persistent concern about the strength of the U.S. economy.

The 13-nation euro traded at $1.3424 in late New York trading, up from $1.3360 late Monday. The British pound rose to $1.9716 from $1.9610, while the dollar slipped to 119.12 Japanese yen from 119.30 yen.

The dollar had strengthened Monday, boosted by figures showing stronger-than-expected U.S. job growth in March -- tempering expectations for a cut in U.S. interest rates.

Lower interest rates, which can be used to boost economic growth, can depress a currency by making some assets denominated in it less attractive to investors.

more...
http://biz.yahoo.com/ap/070410/dollar.html?.v=1

[AnneD]

9. Morning Marketeers...

:donut: and lurkers. We are so screwed. I know you have heard it before but I'll say it again. We focus on gas prices but inflation has seeped everywhere now. Between corn and gas going up, consumers are taking a beating in the grocery store. I stooped at the Kroger's on the way home to pick up some cereal and milk, mainly for hubby. Because of his diabetes and cholesterol I usually get soy milk and organic cereal. Now Kroger's is not the cheapest price for organics I know, but a regular box of the brand of cereal we have gotten in the past has gone from 2.99 to 4.99 in a month and the soy milk was up from 1.23 to 1.99. I managed to find a cheaper cereal but I may start giving Hugby gas in the morning, at least it is only $2.53 at the cheap station.:eyes:


Happy hunting and watch out for the bears.

[Systematic Chaos]

20. I, too, buy soy milk and whole grain cereal.

One of my favorite organic cereals is made by a company called Barbara's, and the cereal itself is called Puffins (with pictures of actual birds on the box for cuteness). These come in several different varieties and they're great because they're not oversweetened. You should try and find them in your area if you can.

Anyway, my point is that at Trader Joe's, the last time I looked this awesome cereal was under $3 a box and worth every penny. I haven't been back to TJ's so I don't know if their price has gone up. What I DO know is that I shopped Albertson's online to get some groceries delivered. I happened to browse the cereals and noticed Barbara's in the brand list. They wanted $6.49 for a box of that stuff! Can you believe over $6 for ANY box of cereal that's not gold plated with a chance of a pair of airline tickets to Paris in every box? Jesus H. Christ on a crutch those people are crazy.

And potatoes, when ordered online, are $3.89 per 10 lb. bag. I remember when they were almost always $1.49 and under. :(

[AnneD]

21. This is what frightened me....

the costs are so high. Yeah, the cute Puffins cost about that much. I can see an increase in the number of those at the food banks and the number of those going hungry if this continues.

I cut corners. When I go to church on Sunday, which is some distance from the house-I go to the Farmer's Market (very close to the church). That way I can rationalize the trip. Costs are still very reasonable there because I buy in season. It is bread, milk (they don't have soy), and processed products that I go to the store to get. And OUCH have they gone up sharply -more so than gas. I can catch a bus and I can cut down a bit on the groceries, but we still have to eat. Cereal may soon be on the luxury list in our house. I gave them up a long time ago-and Hugby may soon have to. These prices are in Houston BTW.

[kineneb]

48. economic report from the bottom quintile

heard a report today that the local independent social service agency has been finding more people eating out of grocery store garbage cans. We are talking about couples and families, not the "traditional bum". The agency makes sure they get some real food.

Increasing costs are already hurting the poor.

[AnneD]

49. How I spot their kids....

they are on free and reduced lunch.....and they eat everything on their plate. We are lucky in that all our kids get a free breakfast and in the summer we feed all kids that show up in the cafeteria at lunchtime. We always have a full cafeteria. I worry about the 6 weeks we aren't open. That's when it is really hard on these little kids. I can miss a meal and it is good for me, but little kids can't. It is so bad for growing children.

[AnneD]

12. College study finds wealth of difference

U.S. college freshmen are wealthier than at any point in the past 35 years, and the income gap is widening between their families and the rest of the nation, a study indicates.

This academic year's entering class came from families with income 60 percent greater than the national median, as tuition increases shut out lower-income students, the Higher Education Research Institute at the University of California, Los Angeles, said in a report Monday. The gap was 46 percent in 1971, according to the study of more than 8 million students over 40 years.

The findings, based on the biggest and longest-running survey of college students, may buttress criticism from members of Congress over the increasing cost of a college education. Tuition and fees have risen 35 percent so far this decade at public four-year institutions and 11 percent at their private counterparts, the researchers said, citing College Board figures.

"Students from wealthier families can endure greater fluctuations in 'sticker price' than poorer students," José Luis Santos, a UCLA professor and co-author of the report, said in a statement. "As a result, more students entering college come from homes that are increasingly wealthier than the national median income."

While federal aid has helped broaden access to higher education since the 1970s, state cuts in appropriations for public universities and colleges have helped lead to tuition increases that affect lower-income students most, the researchers said.

<snip>


http://www.chron.com/disp/story.mpl/business/4700569.html

Is ANYONE surprised? I thought not.

[mojavekid]

15. The Daily Pfennig 4/10/07: Severely Damaging Trade Relations

http://www.kitcocasey.com/displayArticle.php?id=1323

Good day... So much for the love the dollar was receiving from the Jobs Jamboree, and the fact that Europe was on holiday... One day back, and the euro is back above the 1.34 handle, and the dollar is being sold on all corners of the earth.

There's news this morning that confirms the rumors I talked about yesterday with regard to China's Trade Surplus... And the rumors I talked about last week, regarding the U.S. filing a complaint vs. China on copyright violations. OK... First the trade surplus did indeedly do almost double in size vs. the same period last year, which already had Schumer and Graham's shorts in a bind... For those of you keeping score at home, at this point last year China's trade surplus had put $23.3 billion on the tote board... This year? Drum roll please... $46.4 billion!

Obviously, the U.S. consumer isn't finished buying flat-screen TV's from Wal-Mart! Not as long as the credit card companies keep sending out credit cards to every Tom, Dick and Harry that may or may not have the wherewithal to pay back what he borrows, without even a hint of a credit check!

But I'm not going there this morning... I messed up something in my hip over 10 days ago, and it's still hurting like the Dickens, so I don't need a pain in my side too talking about credit card companies, the borrowing habits of the U.S. consumer and China-West, a.k.a. Wal-Mart...

Oh... And this just in, as the U.S. heads to the World Trade Organization with their complaints... China's commerce ministry issued a statement that said the U.S. complaints will "severely damage" trade relations... Uh-Oh!

more at link...

[mojavekid]

16. Michael Panzner: CLIFF-RISK NATION

http://www.financialsense.com/editorials/panzner/2007/0409.html

In the credit derivatives market, certain instruments are exposed to what is known as “cliff risk.” This ominous sounding phrase describes a situation where the last in a series of adverse developments obliterates the value of what was only recently viewed as a triple-A-rated security. Up until that point, however, rating agencies, investors, and bankers assume that circumstances will eventually right themselves and that the principal will be paid in full, in spite of whatever bad news might have come along beforehand.

This latter way of thinking is not confined to the nether world of complex securities with tongue-twisting names like CDOs-squared. In many respects, it describes a point-of-view that permeates many aspects of modern financial life. Increasingly, Americans have taken it for granted that good times beget more of the same and they have acted accordingly. If bad news comes along, the damage is absorbed. Unlike with some toxic derivatives, however, many believe that if circumstances do manage to take a turn for the worse, something can always be done about it.

The massive build-up of public and private debts, unfunded pension promises, and other obligations underscores this perspective. Rather than coming to terms with untenable liabilities taken on because of past miscalculations, the mindset has been “don’t worry about it now.” If financial problems don’t disappear of their own accord, they can be restructured, rolled over, refinanced, or even renamed. One way or another, the thinking goes, the situation will be resolved, because there are any number of options that are readily available.

more at link...

[mojavekid]

17. WaPo: Your House Doesn't Add Up The Way You Think

http://www.washingtonpost.com/wp-dyn/content/article/2007/04/07/AR2007040700075.html?ref=patrick.net

In areas like metropolitan Washington, where real estate values have soared dramatically during the past decade, buying that house 20 or 30 years ago often seems like the smartest investment you ever made.

But was it? And -- if we view the roof over our heads as an investment, what role should it play in planning for retirement?

Coming off the recent housing boom, it's hard to think of investing in real estate as anything but a slam dunk. Even if you lived through a dip in prices in the early 1990s, and are watching prices settle now, the trend seems almost unrelentingly up.

But a recent study by Fidelity Research Institute offers a longer-term dose of reality, noting that inflation-adjusted returns on a dollar invested in residential real estate from 1963 to 2005 have been only slightly better than returns on low-risk Treasury securities over the same period. Stocks performed much better as an investment, averaging a return of 5.95 percent versus 1.35 percent for residential real estate. Even in the Northeast and the West Coast, where the growth in real estate values has been the highest, stocks and bonds beat real estate.

more at link...

[DemReadingDU]

25. Forbes - Table: Best Cities For Jobs

or, if reading from the bottom...the worst cities for jobs

http://www.forbes.com/careers/2007/02/15/best-cities-jobs-leadership-careers_cx_hc_0216cityjobs_table.html
:(

[mojavekid]

26. CNBC: Mortgage Deliquencies Hit Record High in First Quarter

http://www.cnbc.com/id/18036583

Mortgage delinquency rates hit an all-time high in the first quarter of 2007, according to data compiled by Equifax and analyzed by Moody’s Economy.com.

The percentage of mortgages in default rose to 2.87%, surpassing the worst levels following the 2001 recession.

“The news is unremittingly bad,” CNBC's Steve Liesman said Tuesday. “Delinquency rates were up in 44 of the 50 states.”

The only states where delinquencies didn’t increase were Kansas, Kentucky, Montana, North Dakota, South Carolina and Utah.

The states with the highest delinquency rates are:

Mississippi, 4.85%
Texas, 4.09%
Michigan, 4.06%
Georgia, 3.89%
West Virginia, 3.83%

Liesman said delinquencies rose in first mortgages, second mortgages and home equity loans. There also were increases in loans that are 30, 60 and 90 days past due.

more at link...

[AnneD]

50. No surprise

here in Texas.:eyes:

[mojavekid]

27. Bloomberg: Uranium Rises to Record $113 a Pound in U.S. Auction (Update3)

http://www.bloomberg.com/apps/news?pid=20601082&sid=aAkDn77AV0S0&refer=canada

April 9 (Bloomberg) -- Uranium prices rose 19 percent to a record $113 a pound at a U.S. auction because of increasing demand for the fuel used in nuclear power plants, industry consultant TradeTech LLC said.

Mestena Uranium LLC, a uranium producer based in Corpus Christi, Texas, offered 100,000 pounds of yellowcake at last week's auction, TradeTech said. Yellowcake is the concentrated oxide of uranium, formed in the milling of uranium ore.

``The competition between utilities, traders and funds has increased,'' Peter Wood, a TradeTech representative based in London, said in a telephone interview today. The percentage jump, from $95 a pound a week earlier, was the biggest since prices were first reported in 1968, Denver-based TradeTech said in its weekly Nuclear Market Review.

more at link...

[mojavekid]

28. Yahoo: China hits back at US piracy complaint

http://news.yahoo.com/s/afp/20070410/ts_afp/uschinawtotrade_070410095145

BEIJING (AFP) - China hit back Tuesday at a US decision to file a WTO complaint against it for copyright abuse, warning the move was ill-informed and would damage trade relations between the two countries.

"China feels regret and is strongly dissatisfied (with the US decision)," commerce ministry spokesman Wang Xinpei said in a statement.

"The move will seriously damage cooperation (on intellectual property rights protection) that the two parties have already built up and will have a negative impact on trade relations between the two sides."

The United States announced on Monday it would file a case at the World Trade Organisation (WTO) over widespread copyright piracy in China, a practice which US companies say deprives them of billions of dollars each year.

more at link...

[mojavekid]

29. Bloomberg: China's Trade Surplus Doubles, Adding U.S. Friction (Update5)

http://www.bloomberg.com/apps/news?pid=20601087&sid=anmuD.urzn8g&refer=worldwide

April 10 (Bloomberg) -- China's trade surplus almost doubled in the first quarter, adding to friction as the U.S. takes complaints against its second-largest trading partner to the World Trade Organization.

The surplus widened to $46.4 billion from $23.3 billion a year earlier, the customs bureau said on its Web site today. The March gap was $6.87 billion, smaller than economists expected.

The U.S. yesterday announced plans to file two cases at the WTO alleging failure to curb copyright violations, 10 days after imposing duties on imports of Chinese coated paper. U.S. lawmakers say China uses an undervalued currency and subsidies to help spur the nation's booming exports of textiles, electronics and toys.

``The bulging surplus will intensify trade friction and protectionist initiatives against Chinese exports, especially in the U.S. and Europe,'' said Wang Qian, an economist at JPMorgan Chase & Co. in Hong Kong. ``It will also strengthen the pressure for further appreciation of the yuan.''

more at link...

[mojavekid]

30. Financial Sense: CAN WE TRUST THE SILVER ETF?

http://www.financialsense.com/editorials/rubino/2007/0410.html

Unanswered Questions About the Silver ETF
by James Turk

Over the past few years I have carefully analyzed the gold exchange-traded fund (NYSE ticker symbol: GLD) and written extensively about it. My principal conclusion is that GLD is not a viable alternative to owning physical gold. My articles explaining this conclusion can be read at the following link: http://www.financialsense.com/editorials/turk/2007/0305.html

I have not looked at the silver ETF (Amex ticker symbol: SLV) – until now. I approached this task with an open mind. I did not expect any important or interesting revelations to come from reading SLV’s 10-K because I did not expect SLV to have the same loose custodial controls that plague GLD. These make GLD unsuitable for anything but trading, just like a futures contract is a trading vehicle and not an alternative to owning physical metal.

However, my preconceived view of SLV began to change with the very first page of its 10-K. Now, after many hours of reading and studying all of SLV’s disclosure documents, it is clear to me that SLV too is not an alternative to owning physical metal. There is too much uncertainty about its allocated (physical silver) and unallocated (silver IOUs) accounts. But I also reached a more disturbing conclusion. I came across a shocker, which I discuss below. I discovered it buried deeply within the documents that SLV’s managers have filed with the SEC. After reflecting upon everything I read, it seems to me that not only is SLV not an alternative to owning physical silver, but because of the shocker and what I consider to be numerous ruses in its disclosure documents, it appears that parts of SLV’s disclosure documents were purposefully crafted to mislead investors into thinking that SLV was backed by silver when in reality it is not. This conclusion may seem extreme, but I believe it to be reasonable based on the publicly available information that I have read I encourage everyone to read all of SLV’s documents filed with the SEC to see whether you agree with me. They are listed at the following link: http://www.secinfo.com/$/SEC/Filings.asp?D=14D5a.v2nFc

more at link...

[citizen snips]

31. D.R. Horton 2Q Orders Fall 37 Percent

FORT WORTH, Texas (AP) -- D.R. Horton Inc., the nation's largest homebuilder by deliveries, said Tuesday its second-quarter sales orders fell 37 percent, led by even steeper declines in California and the Southwest.

"We continue to sell more homes than any other builder, even though the spring selling season has not gotten off to its usual strong start," Chairman Donald R. Horton said in a statement.

Net sales orders for the quarter ended March 31 totaled 9,983 homes, down from 15,771 homes during the prior-year quarter. The value of the orders dropped to $2.6 billion from $4.4 billion in the previous year.

Net sales orders for the first six months fell to $4.9 billion, or 18,754 homes, from $7.5 billion, or 27,234 homes during the same period in fiscal 2006.

Cancellation rate for the second quarter was 32 percent.

more...
http://biz.yahoo.com/ap/070410/d_r_horton_orders.html?.v=4

[citizen snips]

32. Pixar Backdating Could Cost Disney

LOS ANGELES (AP) -- The Walt Disney Co. could have to pay as much as $33.5 million to rectify improper backdating of stock options valued at $323 million that were granted to employees of Pixar Animation Studios before Disney bought the company, a regulatory filing states.

The unexercised options were given to rank-and-file Pixar employees, not top executives, Disney said Monday in its filing with the Securities and Exchange Commission.

The disclosure came as federal prosecutors and the SEC are looking into backdated grants made to Pixar workers and executives several times since 1997 but before Disney bought the company in 2006.

Disney did not say how many Pixar employees received the backdated options that converted to the right to buy Disney stock after Disney bought Pixar for $7.4 billion in stock.

more...
http://biz.yahoo.com/ap/070410/pixar_stock_options.html?.v=2

[citizen snips]

33. Sector Snap: Copper Producers

NEW YORK (AP) -- Copper miners got a boost Tuesday from an analyst upgrade of BHP Billiton Ltd., while another analyst lifted his target price on Freeport-McMoRan Copper & Gold Inc., partly due to expectations of continued strong copper prices.

Lehman Brothers analyst Peter Ward in a client note reiterated an "Overweight" rating on Freeport-McMoRan and hiked his target price to $100 from $80, suggesting growth of 45 percent over its closing price Monday of $68.98 on the New York Stock Exchange.

Freeport recently closed on a $26 billion acquisition of Phelps Dodge to create the world's largest publicly traded copper company.

Ward expects the buy to boost Freeport's earnings significantly, while expanding its geographical and operational diversification. In addition, Phelps Dodge brings a strong copper growth pipeline to the combined entity, he added.

more...
http://biz.yahoo.com/ap/070410/copper_producers_sector_snap.html?.v=1

[citizen snips]

34. Sector Snap: Television Networks

NEW YORK (AP) -- While "American Idol" continued its streak as the most popular show on television last week, the strong numbers didn't keep CBS from beating News Corp.'s Fox on overall primetime viewership totals, according to data from Nielsen Media Research.

During the April 2 through April 8 period, CBS Corp.'s CBS was boosted by programs such as "CSI" and Florida's NCAA basketball championship over Ohio State. The network averaged 11.5 million viewers during each primetime period.

Fox, which has seen its season improve, thanks to the popularity of the singing showdown, averaged an audience of 9.7 million each night.

Walt Disney Corp.'s ABC averaged 9.3 million viewers. The network's most-viewed program last week was "Dancing With the Stars" on Monday.

more...
http://biz.yahoo.com/ap/070410/television_networks_sector_snap.html?.v=1

[citizen snips]

35. Chips Snap: Equipment Makers Mixed

NEW YORK (AP) -- Shares of semiconductor production equipment companies were mixed Tuesday after an analyst downgraded the entire sector, and said the outlook for equipment orders in the second quarter and second half of this year are likely tracking well below levels implied by Wall Street's estimates.

Thomas Weisel Partners analyst Douglas Reid cut his rating on the semiconductor capital equipment industry to "Neutral" from "Favorable."

Along with the industry downgrade, he also lowered his ratings on Varian Semiconductor Equipment Associates Inc. and Netherlands-based ASML Holding NV to "Market Weight" from "Overweight.

Varian's shares fell $1.46, or 2.6 percent, to $55.48 in afternoon trading on the Nasdaq Stock Market. The shares were still closer to the high end of their 52-week range of $25.88 to $57.64.

more...
http://biz.yahoo.com/ap/070410/semiconductors_sector_snap.html?.v=1

[citizen snips]

36. Sector Snap: Drug Makers Mixed

NEW YORK (AP) -- Shares of major drug makers were mixed Tuesday afternoon, as setbacks for the world's largest drug maker Pfizer Inc. helped push stock in Mylan Laboratories Inc. and Novo Nordisk AS higher.

Mylan Laboratories Inc. shares rose 59 cents, or 2.8 percent, to $21.79 in afternoon trading on the New York Stock Exchange on above-average volume. Shares have traded between $18.65 and $23.49 over the last 52 weeks.

On Tuesday, Mylan raised its earnings-per-share guidance for the fiscal year ended March 31 to a range of $1.60 to $1.63, from a previous range of $1.50 to $1.55.

Shares of Mylan began rallying in late March when a federal appeals judge ruled Pfizer's patent on the blood pressure drug Norvasc was not valid, allowing Mylan to launch its generic version of the drug.

more...
http://biz.yahoo.com/ap/070410/drug_makers_sector_snap.html?.v=1

[citizen snips]

37. Mylan Labs Among Wall Street's Movers

NEW YORK (AP) -- Stocks that were moving substantially or trading heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

Mosaic Co., down $1.15 at $27.95.

Fiscal third-quarter profits for the producer of crop-nutrient and animal-feed products fell short of Wall Street's expectations.

BHP Billiton Ltd., up $1.26 at $50.88.

A Prudential Equity Group LLC analyst raised his rating on the mining company, citing expectations for higher oil and uranium prices.

more...
http://biz.yahoo.com/ap/070410/wall_street_stocks.html?.v=2

[citizen snips]

38. Grains Rise, Soybeans Fall

CHICAGO (AP) -- Grain futures advanced while soybeans declined Tuesday on the Chicago Board of Trade.

Wheat for May delivery rose 10 1/4 cents to $4.57 3/4 a bushel; May corn rose 5 1/2 cents to $3.69 a bushel; May oats rose 1/2 cent to $2.78 1/2 a bushel; May soybeans fell 6 1/2 cents to $7.42 1/2 a bushel.

Beef futures fell and pork futures finished mixed on the Chicago Mercantile Exchange.

June live cattle fell .90 cent to 95.80 cents a pound; May feeder cattle fell .80 cent to $1.1195 a pound; May lean hogs were unchanged at 75.37 cents a pound; May pork bellies rose 1.88 cent to $1.0175 a pound.

http://biz.yahoo.com/ap/070410/board_of_trade.html?.v=3

[citizen snips]

39. AirTran Expects Small 1Q Profit

ORLANDO, Fla. (AP) -- AirTran Holdings Inc., parent of AirTran Airways, on Tuesday said its first-quarter revenue per available seat mile should beat previous estimates of a mild decline and help the company to earn a "small profit."

The company said sales per available seat mile will be "slightly better" than previous guidance of a 1 percent to 2 percent decline. The company also said non-fuel costs continued to improve.

"As a result of this improved performance, the company now expects to report a small profit for the first quarter," Stan Gadek, AirTran's senior vice president and chief financial officer, said in a release.

AirTran did not provide more specific sales or earnings estimates.

more...
http://biz.yahoo.com/ap/070410/airtran_outlook.html?.v=1

[citizen snips]

40. S&P Upgrades JP Morgan Chase

NEW YORK (AP) -- Standard & Poor's upgraded shares of JP Morgan Chase & Co. to "Buy" from "Hold" in anticipation of the company's first-quarter earnings report.

The financial services company will release first-quarter results on April 18.

S&P raised its 2007 profit expectations for the company to $4.15 per share from $4 per share, and lifted its 12-month stock price target to $55 from $52.

On average, analysts surveyed by Thomson Financial are forecasting full-year profit of $4.12 per share.

more...
http://biz.yahoo.com/ap/070410/jp_morgan_chase_rating.html?.v=1

[citizen snips]

41. Netflix Climbs on Analyst Comments

NEW YORK (AP) -- Shares of Netflix Inc. inched higher Tuesday after a Lehman Brothers analyst said he expects the online rental company to report stronger first-quarter earnings than expected by the market and raised his price target.

Shares of Netflix rose 59 cents, or 2.4 percent, to $24.93 on the Nasdaq Stock Market.

Lehman's Doug Anmuth raised his price target by $1 to $30, saying Netflix shares have climbed from recent lows over the past couple weeks. Shares of the company are up nearly 16 percent over the past month.

Anmuth attributed the higher share price to anticipation of a better operating environment following the departure of Blockbuster Chief Executive John Antioco later this year.

more...
http://biz.yahoo.com/ap/070410/netflix_mover.html?.v=1

[citizen snips]

42. Alcoa 1Q Profit Rises 9 Percent

PITTSBURGH (AP) -- Aluminum producer Alcoa Inc. said Tuesday its first-quarter profit rose nearly 9 percent as favorable metal prices and strong sales boosted results.

The Pittsburgh-based company earned $662 million, or 75 cents per share, during the first three months of the year compared with $608 million, or 69 cents per share, during the same period last year.

Revenue climbed 11 percent to $7.9 billion, from $7.1 billion a year earlier, due to higher metal prices and sales to the aerospace, industrial product, and building and construction markets, according to the company.

Analysts polled by Thomson Financial on average expected earnings of 76 cents per share on revenue of $7.65 billion.

more...
http://biz.yahoo.com/ap/070410/earns_alcoa.html?.v=2

[citizen snips]

43. DJIA Leaders & Laggards: Intel, H-P

NEW YORK (AP) -- Shares of semiconductor maker Intel Corp. rose to become the biggest gainer Tuesday on the Dow Jones industrial average.

Analysts said Intel will benefit from the woes facing rival Advanced Micro Devices, which lowered its first-quarter sales outlook Monday. Intel shares closed up 58 cents, or 2.9 percent, to $20.68 on the Nasdaq Stock Market.

Meanwhile, the 30-stock index rose 4.71, to 12,573.85.

Also rising were shares of Citigroup Inc., which picked up 82 cents, to $52.40 on the New York Stock Exchange. Media reports said the financial services company will reassign or eliminate 26,000 jobs when it presents its cost-savings plans on Wednesday.

more...
http://biz.yahoo.com/ap/070410/djia_laggards.html?.v=1

[citizen snips]

45. S&P 500 Leaders & Laggards: EP AMAT ROH

NEW YORK (AP) -- Shares of El Paso Corp. helped lead the Standard & Poor's 500 Index higher Tuesday.

Shares of the nation's largest natural gas pipeline company rose 63 cents, or 4.3 percent, to close at $15.31 on the New York Stock Exchange as crude prices rose.

The S&P 500 Index rose 3.78 to finish at 1,448.39.

Elsewhere, shares of Applied Materials Inc. rose after Banc of America Securities analyst Mark F. Fitzgerald upgraded the Santa Clara, Calif.-based semiconductor equipment maker to "Buy" from "Neutral."

more...
http://biz.yahoo.com/ap/070410/s_p_500_laggards_close.html?.v=1

[citizen snips]

46. Nasdaq 100 Leaders & Laggards: AMAT ADSK

NEW YORK (AP) -- Applied Materials Inc., which makes semiconductor manufacturing equipment, rose Tuesday, helping to boost the Nasdaq 100 after an analyst upgraded the stock to "Buy," citing growth potential from its developing solar power equipment business.

Shares rose 76 cents, or 4.1 percent, to end at $19.41.

The Nasdaq 100, which includes 100 of the largest nonfinancial securities traded on the Nasdaq Stock Market, rose 8.74 points to 1,816.93. The broader Nasdaq composite rose 8.43 points to close at 2,477.61.

Autodesk Inc. rose $1.49, or 3.8 percent, to close at $40.33, after Goldman Sachs analyst Sasa Zorovic upgraded the software maker on strong sales momentum.

more...
http://biz.yahoo.com/ap/070410/nasdaq_100_laggards.html?.v=1

[ozymandius]

47. the final word to a hum-drum day

Dow 12,573.85 Up 4.71 (0.04%)
Nasdaq 2,477.61 Up 8.43 (0.34%)
S&P 500 1,448.39 Up 3.78 (0.26%)
10-Yr Bond 4.724% Down 0.021
NYSE Volume 2,487,722,000
Nasdaq Volume 1,912,514,000

4:20 pm : Stocks closed higher Tuesday, but market gains were modest in scope given a lack of corporate news, no scheduled economic data, and a sense of caution that typically precedes the start of earnings season, especially one in which 14 consecutive quarters of double-digit profit growth for the S&P 500 are likely to come to an end. Alcoa (AA 34.90 +0.03), the best performing Dow component last quarter (+13.6%), was scheduled to officially kick things off with its Q1 report after the closing bell.

Speaking of the blue-chip index, it finished to the upside for an eighth consecutive day, recording its longest winning streak since March 2003. However, had it not been for respective gains of 1.6% and 1.0% in Citigroup (C 52.41 +0.83) and Exxon Mobil (XOM 77.59 +0.79), which rank as two of the most heavily-weighted constituents in the S&P 500, the Dow's streak would have been snapped.

Among the nine sectors finishing in positive territory, Energy was the only one posting a respectable gain; but its 1.4% advance was tied primarily to a rebound in oil prices, which is bearish for equities.

Crude for May delivery rose 0.6% to $61.89/bbl as yesterday's sharp 4.3% sell-off and the possibility that weekly gasoline inventories fell for a ninth week renewed buying interest. The remaining eight sectors trading higher averaged gains of only 0.15%; meanwhile, below average volume on the NYSE showed there was little conviction on the part of today's participants.

Technology was in focus following upgrades on a few notable sector components (e.g. ORCL +1.5%, AMAT +4.0%, and ADSK +3.8%), as well as upbeat analyst commentary on Intel (INTC 20.69 +0.59). However, Seagate Technology (STX 21.90 -1.56) warning that Q3 revenue will miss forecasts left investors questioning the sector's growth prospects. Tech is expected to be one of the S&P 500's biggest earnings drivers this year.

A market increasingly sensitive to weak data, especially from the housing sector, viewed a 37% drop in Q2 net sales orders at D.R. Horton (DHI 21.65 -0.39) as a reason to keep selling homebuilders (-1.2%), this year's worst performing S&P industry group (-20.1%). A report from Equifax/Moody's that showed the national mortgage delinquency rate hit an all-time high of 2.87% in Q1 also took some steam out the Consumer Discretionary sector's recent recovery efforts.

Separately, Fed Governor Mishkin saying the current rate of inflation remains too high and that policy makers will need to raise interest rates if price gains don't moderate also stalled momentum following last week's rally. BTK -0.7% DJ30 +4.71 DJTA -0.3% DJUA +0.3% DOT +0.4% NASDAQ +8.43 NQ100 +0.5% R2K +0.4% SOX 0.8% SP400 +0.3% SP500 +3.78 XOI +0.9% NASDAQ Dec/Adv/Vol 1358/1677/1.75 bln NYSE Dec/Adv/Vol 1265/2014/1.20 bln

[AnneD]

51. Hey

the vv&>>'s were fun, the highlight of the day;)