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Adams shuts down 111 of its shopsAdams Childrenswear closes 111 of its 271 stores in the UK, five days after calling in the administrators.Source: BBC News | Business | World Edition | 5 Jan 2009 | 12:36 pm Top 10 Pre-Market Analyst Upgrades & Downgrades (ALTR, AMZN, BCE, BIIB, LEAP, PDLI, CLUB, VAR, AUY)
Jon C. Ogg Source: 24/7 Wall St. | 5 Jan 2009 | 12:36 pm Vegas gadget show gets smallerSAN FRANCISCO (Reuters) - Even amid the flash and sizzle of the world's premier showcase for consumer electronics, the reality of the economic recession will be hard to ignore.Source: Reuters: Business News | 5 Jan 2009 | 12:24 pm Obama readies push on recovery planPresident-elect Barack Obama was set Monday to begin the push for a massive package of tax cuts and spending proposals aimed at reviving an economy mired in recession.Source: Business and financial news - CNNMoney.com | 5 Jan 2009 | 12:24 pm FTSE-100 index up 10.28 points at 4,572.07 (AP)AP - Share prices on the London Stock Exchange were higher at midday Monday.Source: Yahoo! News: Stock Markets News | 5 Jan 2009 | 12:20 pm Dream homes: Who's buying?From California to D.C., falling home prices and cheaper mortgage rates are making dream homes possible.Source: Business and financial news - CNNMoney.com | 5 Jan 2009 | 12:18 pm Is Pfizer About To Be On Acquisition Path? (PFE, AMGN, WYE, GILD, BMY, LLY, SGP, CELG, GENZ, BIIB)
Our own belief is that Pfizer would not try to attempt a merger of "almost equals" as the integration would take forever, and the overlaps would be too many. Here is a list of companies 247WallSt.com has looked at in the past that are in the drug and biotech sectors which would be large enough of acquisitions to make a dent to the Pfizer portfolio (and even in rival drug giants):
Stock (Ticker) MktCap First and foremost, being "willing to" should only be considered a "corporate test of the waters" to see how the market will react if it chooses to do this. There were also many caveats such as long-term goals and shareholder interests. Despite Pfizer's problems and despite its fall from a prior grace, it still boasts a market cap of more than $120 billion. As a reminder, this may just be the first attempt for the company to see how the market will receive this. So far there are no real indications that any deal is imminent. There is also the issue that the cost to borrow funds now would require that deals be made either with existing cash (and credit lines already on the books), is stock, or in a combination of cash and stock.
Jon C. Ogg Source: 24/7 Wall St. | 5 Jan 2009 | 12:15 pm HK toy makers urge Li & Fung to pay up for failed US retailer (AFP)
Source: Yahoo! News: Business | 5 Jan 2009 | 12:12 pm Europe Markets: Shares in Europe rise; telecoms, utilities and oils move higherEuropean shares advance, with defensive plays -- telecoms and utilities -- among the strongest performers. Swiss shares stand out, catching up after having been closed for much of last week.Source: MarketWatch.com - Top Stories | 5 Jan 2009 | 12:12 pm Wedgwood goes into administrationA number of firms owned by Waterford Wedgwood enter administration, as the parent firm appoints a receiver.Source: BBC News | Business | World Edition | 5 Jan 2009 | 12:11 pm Stocks set for a lower startA busy first full week of 2009 for Wall Street was set to start on a lower note Monday, as investors prepared for December auto sales and began reacting to the Obama stimulus plan.Source: Business and financial news - CNNMoney.com | 5 Jan 2009 | 12:06 pm Stock futures mixed ahead of auto sales data (AP)
Source: Yahoo! News: Stock Markets News | 5 Jan 2009 | 12:00 pm UK construction activity slumps to record lowActivity in the construction sector during December shrank at its fastest pace since records began, giving further weight to expectations that the Bank of England will cut the interest rate on Thursday.Source: Latest Business News from Times Online | 5 Jan 2009 | 11:55 am Japanese vehicle sales plunge 22%Vehicle sales in Japan fell 22% in December compared with the same month in 2007, making it the worst December on record.Source: BBC News | Business | World Edition | 5 Jan 2009 | 11:54 am UPDATE 1-Nigeria's Oando buys stake in Akepo offshore fieldLAGOS, Jan 5 (Reuters) - Nigerian energy firm Oando Plc said on Monday it had acquired a stake in the Akepo offshore oilfield as it diversifies from fuel distribution and retail into oil refining and...Source: RSS feed - channel BNewsBusiness | 5 Jan 2009 | 11:54 am China cracks down on 'vulgar' internet contentChina has launched a crackdown against major websites that officials accused of threatening morals by spreading pornography and vulgarity, including the dominant search engines Google and Baidu.comSource: Financial Times - US homepage | 5 Jan 2009 | 11:45 am World stocks climb on US revival hopes (AFP)
Source: Yahoo! News: Stock Markets News | 5 Jan 2009 | 11:43 am Drowning, Detroit Faces More Competition
With Toyota (TM), Honda (HMC), and Nissan struggling, US car companies have at least a chance of holding their piece of the US pie. Detroit's plans face a new threat. Two of the strongest car brands in the world, VW and BMW, want a bigger share of the American market. They come to the table with excellent balance sheets and good products. They already have a strong presence in Europe and do well outside their home markets. VW is the largest car company in Europe, but has less than 1% of the market in the US. This has to be painful for the firm. Before the Japanese entered the US market, its Beetle was the small car of choice. BMW has done well in America and is now producing less expensive cars and SUVs to attack the high end of the product line-ups of domestic firms. Congress and the administration are going to have to ask themselves whether the entire car market in the US is going to be transformed by competition from companies which can more into the market and afford to stay in the market through the recession. Douglas A. McIntyre Source: 24/7 Wall St. | 5 Jan 2009 | 11:27 am Obama weighs major tax moveLONDON (Reuters) - Cautious New Year optimism rippled through Asian and European stock markets on Monday as investors waited for news of tax-cutting plans in Germany and the United States.Source: Reuters: Business News | 5 Jan 2009 | 11:24 am Obama weighs major tax move (Reuters)
Source: Yahoo! News: Stock Markets News | 5 Jan 2009 | 11:24 am Obama weighs major tax move (Reuters)
Source: Yahoo! News: Business | 5 Jan 2009 | 11:24 am DRAM maker Powerchip seeks to cut costs, sell assetsTAIPEI, Jan 5 (Reuters) - Loss-making Powerchip Semiconductor Corp , Taiwan's biggest DRAM maker, said on Monday it will look to trim costs further and sell off non-core assets in a bid to survive the...Source: RSS feed - channel BNewsBusiness | 5 Jan 2009 | 11:24 am StatoilHydro surplus gas sold to liquid EU marketsOSLO, Jan 5 (Reuters) - Norwegian oil and gas producer StatoilHydro said on Monday it would sell its surplus natural gas, not contracted in long-term supply deals, to "liquid markets" in Britain and elsewhere...Source: RSS feed - channel BNewsBusiness | 5 Jan 2009 | 11:22 am Rethinking Old Tech Stocks As New Utilities (CSCO, DELL, INTC, MSFT, ORCL)It seems that no matter what the market does, investors still want to see which old tech stock is the one to own for the year ahead. Everyone still remembers the massive growth of the late 1990's despite what happened in 2000 to 2002 and the market malaise of 2008. We are going to still pass on a thought to you which many will consider heresy. Cisco Systems Inc. (NASDAQ: CSCO), Dell Inc. (NASDAQ: DELL), Intel Corp. (NASDAQ: INTC), Microsoft Corp. (NASDAQ: MSFT), and Oracle Corp. (NASDAQ: ORCL) have all evolved to the point that they may soon become no different than Grandma Furgeson's old fashioned utility stock she used to invest in. We have made this argument many many times. But for 2009 we want you to embrace the notion that many of your old technology leadership companies have now become utilities or appliances. While there are still many outlying factors that are different, this is how these old leaders are evolving. That evolution is not the death of the companies. Not at all. But it will require a rethinking of how they need to be analyzed for the years ahead. Utilities generally thrive from population growth and likely enjoy either monopolies or highly dominant positions. They have recurring clients who have to use their services whether they want to or not. Living without modern day technology via computing and communications would be no different than calling your electric & gas company and telling them you are going back to fire wood and candles. They'd laugh and tell you they will be there next week or next year when come back to your senses. The only difference is that many of these tech stocks as the "new utilities" have refused to pay steady Eddie dividends that Ma Furgeson would want. For now.... The NASDAQ 100 fell a whopping 41.9% in 2008, which means that it gave back all of the gains of 2004 to 2007. We are not going to make any market calls just yet for 2009. Technology spending is going to be capped by the recession, and new spending trends are migrating to what seems to be either for the budget-oriented or those looking for long-lasting computers and software. Cisco Systems (NASDAQ: CSCO) is the utility that dominates the data and communications equipment market. If it is digital data or audio data traveling anywhere from your phone or your PC, chances are that Cisco switches, hubs, and routers are involved. The former promise of growth has now been scuttled because of our great recession. CEO John Chambers now even refers to its as the toughest environment he's seen. There will be growth here again. Its corporate telecommunications products and its Telepresence will win more business as replacements to business travel. But again, the growth is currently scuttled. The company even tells you this right up front. Cisco and other backbone tech companies have said that corporations, governments, and communications providers are demanding that the new technology spending is something that will not be obsolete in a few years now. The only difference between this utility and Ma Furgeson's utility is that there is no dividend. The company at some point will have to decide what to do with its cash. It cannot make a $20 billion acquisition unless it goes in a new direction. At roughly 12-times earnings and with almost $30 billion on its books, there are lots of opportunities for the utility to send cash out. And when that dividend (if it comes), then Ma Furgeson will tell you it is the utility stock she wants to own. Dell Inc. (NASDAQ: DELL) went in an entirely different direction than its arch rival of H-P and former rival IBM. It stayed in the PC business rather than diversified into services. Unfortunately, the PC business as an entire business sector has matured and is now just an appliance business. Who do you know in business that no longer has a work PC? Who do you know that either does not have a home computer or a notebook PC? And now comes the netbook for the travelers who need slightly better access than a smartphone. Throw in a recession. Now either go to Best Buy or log on to Dell.com. You will notice a bifurcated PC market. It is either high-end computing, or it is the sub-$500 PC. And now the sub-$500 PC is becoming mainstream. Even Apple has gone well into the sub-$1,000 market, and is going to have go far deeper than that. Growth is elusive. The company has also spent too much on buybacks despite its cost cutting. It is making new management changes by getting rid of two outsiders and promoting from within, which many believe is a signal that Michael Dell is reconsidering his old turnaround (again). Analysts are no longer looking for earnings growth in the year ahead, but with nearly $10 billion in cash and at under 10-times earnings this year and next it will be able to fund dividends if it chooses to go the route of a utility. If Dell starts paying out a serious dividend that it says will be a steady and high one, then Ma Furgeson will tell you she'd own it. Intel Corp. (NASDAQ: INTC) is in the same boat that Dell is in as far as the PC market is concerned, although it at least enjoys a massive market leadership position. Sure there is AMD, but Intel is just like Beck's song... "Where it's at!". All AMD does is insure that Intel will have to sell better and better processors for lower and lower prices. As goes the PC market, so goes Intel. The processor power that is available for even the sub-$500 PC is now more power than 90% of the user market's most basic needs. Intel is the brain behind your PC that is probably allowing you to read this and do other tasks right now. Ma Furgeson would tell you it is a great utility. At almost 14-times earnings and with declining earnings now expected, the focus now may be more on the $15+ billion cash arsenal. Its dividend is already north of 3% today, and it is a DJIA component. Microsoft Corp. (NASDAQ: MSFT) at least has many other businesses besides providing operating systems for PC's. But guess where its mainstay still reside? It sells variations of Windows and Office, and that is where that massive cash arsenal that keeps accruing comes from. This move into cheaper and cheaper computing may actually be playing itself into Microsoft's favor. Apple is a premium product no doubt and it has brand loyalists who feel far safer with its O/S variations. But guess what? With the virtualization program by Parallels Mac users can still run Windows. We will go ahead and take the hit from the Linux crowd with this statement: Linux just hasn't made the huge dent many expected. If you go buy a Linux PC from any retailer the first thing the salesperson (assuming they are one that can speak) will warn you about is that many functions or programs you currently use may not be compatible. It is almost as if Microsoft has factored in a subliminal tip to everyone for selling and buying a Windows program for the PC. And as far as the Office suites, well again this is the other component that keeps the monster rolling. Can variations of Office be replaced in time? Sure. Sun, Google, Corel, and others are working on that now. And they have been working on that forever. Microsoft still retains the lead here. But the market has matured. Its P/E is close to 10, it yields nearly 3%, and it holds nearly $25 billion in cash. Ma Furgeson would tell you it is a great utility and she'd own this DJIA component for that. What about Oracle Corp. (NASDAQ: ORCL)? Larry Ellison probably feels a lot like Alexander the Great after conquering the last bastion of the known world. You rule and dominate, you still have some far reaching competition and know of many foreign lands that are not really on your own maps. But as far as what is known, it is mostly controlled. Oracle has acquired just about every small rival that it wants or needs, and SAP has never regained its lost ground. Enterprise computing is dominated by Oracle. But how many new businesses are there that are massive? How many new governments are there? OK, shoot me. The answer is many, but the budgets are now being constrained globally. Is that going to change in 2009? Oracle's enterprise dominance will likely stay, but the recession will likely keep this one feeling like a utility stock. Ellison did say he would try to use the weak market to make acquisitions. But again, these are now bolt-on deals or enhancement deals. The enterprise is now established. At about 13-times forward earnings and with its $10+ billion cash arsenal it could be a major dividend payer if it wants to. Ma Furgeson would tell you Larry Ellison runs a great utility after that. This is not the demise of Tech Stocks. This is merely the evolution of tech and computing. It is certainly no insult to these companies, at least not in most cases. The markets have matured and for the near-future the old great growth stories have been interrupted. If the recession goes for more than another year then these companies will have little choice but to start deploying their cash via dividends. Go ask these dominant companies how well their share buybacks have helped. We all eventually invest like Ma Furgeson. The only difference is that we no longer clip dividend coupons off of share certificates and we no longer receive the dividend checks in the mail. We did not include any DRAM companies in here for a host of reasons. But in that case we argue that DRAM (and in most current cases, Flash) is just a commodity business. The only difference between DRAM as a commodity and grain or gold is that DRAM prices seem to only go lower and lower. Maybe the market will even eventually start using GAAP accounting for earnings rather than the pro forma numbers. The difference between GAAP earnings and non-GAAP earnings at most utilities is not that great. The difference in the two at tech "utilities" is still rather large due to stock options and other "one-time" expenses. If and when that changes, maybe even Warren Buffett or his eventual replacement will start to embrace these new utilities. At least no one uses EBITDA when referring to these anymore.
Jon C. Ogg Source: 24/7 Wall St. | 5 Jan 2009 | 11:21 am Don't blame the SEC for MadoffYes, there really are times when life imitates art. A case in point: the Bernie Madoff scandal, in which the disgraced investor bears a startling resemblance to Zero Mostel's sleazy theater promoter in one of my favorite flicks, "The Producers."Source: Business and financial news - CNNMoney.com | 5 Jan 2009 | 11:18 am UPDATE 1-San Miguel takes option to buy 50.1 pct of PetronMANILA, Jan 5 (Reuters) - San Miguel Corp , Southeast Asia's biggest food and drinks group, said on Monday it had an option to buy 50.1 percent of Philippine oil refiner Petron Corp from a unit of Ashmore...Source: RSS feed - channel BNewsBusiness | 5 Jan 2009 | 11:15 am Currencies: Returning risk appetite lifts dollar to three-week yen highThe U.S. dollar jumped to a three-week high versus the Japanese yen and gained ground against other major currencies, boosted by a revival in risk appetite, analysts said.Source: MarketWatch.com - Top Stories | 5 Jan 2009 | 11:14 am Tech, One Of The Last Hopes For Consumer Spending, Hits The Exits (DELL)(SNE)(AAPL)(RIMM)(PALM)(SIRI)
Now, those categories have joined almost every other in a period of rapid sales contraction. According to The Wall Street Journal, new data from Forrester Research shows that people are much less likely to buy GPS and smartphones than they were a year ago. Several other categories of products will also be hit hard. The news has serious consequences for a large number of public companies. It is no coincidence that The Times of London reported that Sony (SNE) is preparing for unprecedented cost cuts. The stock market has anticipated the news. Shares in Apple (AAPL) and RIM (RIMM) are near 52-week lows. So are the shares of Dell (DELL) The data could also foreshadow the death of some of the weaker companies in the broader tech category, especially Sirius XM (SIRI) and Palm (PALM). With strong tech companies being crippled, these two don't have the sales or balance sheets to make it through the year. Douglas A. McIntyre Source: 24/7 Wall St. | 5 Jan 2009 | 11:12 am Exxon: Waiting for the tiger to pounceExxon Mobil is sitting on a massive pile of money.Source: Business and financial news - CNNMoney.com | 5 Jan 2009 | 11:12 am UPDATE 1-Formosa shuts 700,000tpy naphtha unit on demand fearsSINGAPORE, Jan 5 (Reuters) - Taiwan's Formosa Petrochemical Corp is shutting its 700,000 tonnes per year (tpy) No. 1 naphtha cracker in phases on Jan. 5, and the unit will be completely offline on Tuesday,...Source: RSS feed - channel BNewsBusiness | 5 Jan 2009 | 11:12 am Banks reportedly may face action of Italian bondsSeveral major banks, including J.P. Morgan, UBS and Deutsche Bank, could be facing legal action from Italian authorities over deals they struck to manage bond investments, according to a published report Monday.Source: MarketWatch.com - Top Stories | 5 Jan 2009 | 11:11 am EU to meet as gas supplies fallEuropean Union envoys are to discuss their response as several countries report falling Russian gas supplies.Source: BBC News | Business | World Edition | 5 Jan 2009 | 11:08 am Oil above $47 on Gaza, Russia gas rowLONDON (Reuters) - Oil jumped to a three week high on Monday after an Iranian military commander called for an oil boycott over Israel's offensive in the Gaza Strip, and as the Russian gas export row stoked fears for European energy supplies.Source: Reuters: Business News | 5 Jan 2009 | 11:07 am Iran says OPEC plans emergency meeting in FebruaryIran's state television says OPEC countries have decided to hold an extraordinary meeting on falling oil prices in Kuwait in February. The Monday report quotes Iran's OPEC governor,...Source: RSS feed - channel BNewsBusiness | 5 Jan 2009 | 11:05 am Citic Pacific shares jump despite Hong Kong probe into boardShares in investment firm Citic Pacific on Monday outperformed the Hong Kong stock market despite news that its entire board of directors was being probed over a costly trading scandal.Source: RSS feed - channel BNewsBusiness | 5 Jan 2009 | 11:04 am European markets mixed despite hefty Asia gainsEuropean stock markets were mixed Monday despite hefty gains earlier in Asia as traders took profits on gains built up over the Christmas and New Year's holidays. The FTSE 100 index of...Source: RSS feed - channel BNewsBusiness | 5 Jan 2009 | 11:04 am European markets mixed despite hefty Asia gains (AP)
Source: Yahoo! News: Stock Markets News | 5 Jan 2009 | 11:04 am World markets rallyRead full story for latest details.Source: Business and financial news - CNNMoney.com | 5 Jan 2009 | 11:02 am Oil prices flat as OPEC 'eyes' special meetingOil prices were virtually unchanged in Monday trade after recent strong rises fuelled by the Israeli-Palestinian conflict and as major crude producer Iran said OPEC would hold a special...Source: RSS feed - channel BNewsBusiness | 5 Jan 2009 | 11:02 am Israel presses on with ground offensiveAs France's president headed to the region to press for a ceasefire, Israeli forces pressed on with their ground operation in the Gaza Strip, clashing with Hamas fighters and once again destroying a mosque which the army said had been used as a weapons depotSource: Financial Times - US homepage | 5 Jan 2009 | 11:01 am Dollar lifted as risk appetite resurfacesThe dollar hit a three-week high against the yen and the euro on Monday as rising stock markets boosted investor risk appetite.Source: Financial Times - US homepage | 5 Jan 2009 | 10:58 am Craig Stephen's This Week in China: China may go protectionist with cell-phone vendor contractsWill international telecom vendors will get a piece of the $40 billion in China's third-generation mobile phone contracts up for grabs? A new front in trade protectionism may be opening up.Source: MarketWatch.com - Top Stories | 5 Jan 2009 | 10:57 am Indications: U.S. stock futures slip ahead of auto sales dataU.S. stock futures pointed to an opening dip on Monday after last week’s strong gains, ahead of data that could show another month of slumping car sales and amid central bank fears of sliding asset prices.Source: MarketWatch.com - Top Stories | 5 Jan 2009 | 10:57 am US dollar mostly higher in EuropeThe U.S. dollar was mostly higher against other major currencies in European trading Monday morning. Gold fell. The euro traded at $1.3694, down from $1.3854 late Friday in New York. ...Source: RSS feed - channel BNewsBusiness | 5 Jan 2009 | 10:55 am Sarkozy to Mideast as Israel and Hamas battle into 10th dayTEL AVIV (MarketWatch) -- Israel continued its push to disable the Hamas movement into a 10th day, with the army saying that it had killed dozens of combatants and Israeli newspapers reporting that a number of Palestinian civilians were killed as the two sides' forces fought in very close quarters.Source: MarketWatch.com - Top Stories | 5 Jan 2009 | 10:52 am Oil price rises on Gaza conflictOil rises briefly above $48 a barrel on fears of heightened Middle East tension after Israel's offensive in the Gaza Strip.Source: BBC News | Business | World Edition | 5 Jan 2009 | 10:50 am China to cool, not crash, and emerge a winner in 2009: CitiChina’s economy is likely to manage a soft landing this year, with the currency and share prices among winners, although the reappearance of deflation will hurt corporate earnings, making for a tricky ride, according to research published Monday.Source: MarketWatch.com - Top Stories | 5 Jan 2009 | 10:46 am Madoff: Fortune Favors The Bold
The question comes up over and over again. How could a massive fraud, which probably went on for well over thirty years, have gone undetected by federal regulators? The answer up until now was that the funds run by Bernie Madoff were rarely looked at carefully by the SEC or other financial regulatory bodies. It turns out that the reality was worse than that. According to The Wall Street Journal, "Bernard L. Madoff Investment Securities LLC was examined at least eight times in 16 years by the Securities and Exchange Commission and other regulators, who often came armed with suspicions." A lot of what kept the Feds from seeing what was going on was simple misdirection by Madoff. He said he was in the hedge fund business. As long as investigators believed that he was subject to only the most modest regulation. But, the answer that he used a series of small feints is not enough to explain his extraordinary capacity to avoid detection. The correct and more fundamental explanation is that he was the most bold liar in the recent history of Wall St. He was willing to commit fraud and the compound that with a fearless perjury. He exhibited a perverse bravery that no investigator could have expected. Madoff flummoxed regulators because of his audacious ability to lie. Unlike police detectives, federal government officials expect that most targets, when faced with accusations and suspicions from competitors and clients, will give in to the inevitability that they will be caught. Madoff was never willing to make that admission, at least to himself. That gave him the ability to persist in deceit at a level which no one could have expected. When the stakes were highest, he bluffed with a pair of twos. Douglas A. McIntyre Source: 24/7 Wall St. | 5 Jan 2009 | 10:44 am E.U. officials to discuss Russia-Ukraine gas disputeLONDON (MarketWatch) -- European Union officials will meet in Brussels Monday afternoon to discuss the implications of Russia's decision last week to cut off natural-gas supplies to Ukraine.Source: MarketWatch.com - Top Stories | 5 Jan 2009 | 10:36 am Regulators probed Madoff eight times over 16 years: report (Reuters)
Source: Yahoo! News: Business | 5 Jan 2009 | 10:33 am Regulators probed Madoff eight times over 16 years: report (Reuters)
Source: Yahoo! News: Stock Markets News | 5 Jan 2009 | 10:33 am Regulators probed Madoff eight times over 16 years: report(Reuters) - Bernard L. Madoff Investment Securities LLC was examined at least eight times in 16 years by the U.S. Securities and Exchange Commission (SEC) and other regulators, who often came armed with suspicions, the Wall Street Journal said.Source: Reuters: Business News | 5 Jan 2009 | 10:33 am Weekend shoppers offer small hope to retailersRetailers received a much-needed boost this morning after new figures revealed that more shoppers hit the high street this weekend as investors geared up for an expected run of poor Christmas trading updates from British stores.Source: Latest Business News from Times Online | 5 Jan 2009 | 10:27 am Stock futures point to lower open ahead of auto sales (Reuters)
Source: Yahoo! News: Stock Markets News | 5 Jan 2009 | 10:26 am Stock futures point to lower open ahead of auto sales(Reuters) -- Stock futures pointed to a slightly lower open on Wall Street on Monday, as gloomy comments by U.S. and European policymakers overshadowed hopes that U.S. President-elect Barack Obama's plan for massive tax cuts will help revive economic growth.Source: Reuters: Business News | 5 Jan 2009 | 10:26 am Stock futures point to lower open ahead of auto sales (Reuters)
Source: Yahoo! News: Business | 5 Jan 2009 | 10:26 am Obama sells stimulus to CongressUS President-elect Barack Obama is due to meet Congressional leaders on Monday to sell them his multi-billion dollar stimulus package.Source: BBC News | Business | World Edition | 5 Jan 2009 | 10:21 am SEC watchdog to be questioned about Madoff scandal (AP)
Source: Yahoo! News: Stock Markets News | 5 Jan 2009 | 10:07 am Hong Kong's main stock index rises 3.5 percent (AP)AP - Hong Kong's key stock index rose 3.5 percent Monday, lifted by Wall Street's strong finish and hopes for more government measures to boost China's economy.Source: Yahoo! News: Business | 5 Jan 2009 | 10:05 am Hong Kong's main stock index rises 3.5 percent (AP)AP - Hong Kong's key stock index rose 3.5 percent Monday, lifted by Wall Street's strong finish and hopes for more government measures to boost China's economy.Source: Yahoo! News: Stock Markets News | 5 Jan 2009 | 10:05 am London Markets: U.K. shares modestly higher, but banks declineLosses in the banking sector kept the lid on gains for London market on Monday at the start of the first full trading week of 2009.Source: MarketWatch.com - Top Stories | 5 Jan 2009 | 10:05 am Samsung says no decision yet on chip investment plan (Reuters)Reuters - Samsung Electronics, the world's largest maker of memory chips, denied a report saying it may cut its 2009 investment in semiconductors by more than half from last year amid a lingering downturn.Source: Yahoo! News: Business | 5 Jan 2009 | 10:00 am Samsung says no decision yet on chip investment planSEOUL (Reuters) - Samsung Electronics, the world's largest maker of memory chips, denied a report saying it may cut its 2009 investment in semiconductors by more than half from last year amid a lingering downturn.Source: Reuters: Business News | 5 Jan 2009 | 10:00 am Credit Suisse, UBS rally as Swiss market reopensLONDON (MarketWatch) -- Shares in Credit Suisse and UBS rally in Switzerland’s first trading session of the year Monday after both banks sold off assets at the end of a troubled 2008.Source: MarketWatch.com - Top Stories | 5 Jan 2009 | 9:57 am London market up (AFP)
Source: Yahoo! News: Stock Markets News | 5 Jan 2009 | 9:56 am Bob Iger rocks DisneyBob Iger is inside the Royal Festival Hall in London on a September afternoon, geeking out with some young guys about two of his favorite things: tunes and technology. The CEO of Walt Disney Co. pulls out his iPhone and thumbs through his playlists, looking for a particular live U2 track from an Italian concert. Briefly the conversation is drowned out by the squeals of teen girls standing behind a nearby barricade of security guards and velvet ropes. "They're screaming for me," Iger says, glancing up.Source: Business and financial news - CNNMoney.com | 5 Jan 2009 | 9:42 am Final Woolworths' closures loomThe final closure of the remaining 200 Woolworth stores will take place on Tuesday, the retailer's administrator says.Source: BBC News | Business | World Edition | 5 Jan 2009 | 9:35 am Asian shares start 2009 stronglyStock markets in Tokyo, Shanghai and Hong Kong have a strong start to 2009 on hopes of fresh stimulus packages.Source: BBC News | Business | World Edition | 5 Jan 2009 | 9:27 am Asia stocks kick off 2009 with broad rallyAsia Pacific stock markets started the first full trading week of 2009 with a broad rally that pushed the FTSE Asia Pacific index to its highest levels in two monthsSource: Financial Times - US homepage | 5 Jan 2009 | 9:10 am Media Digest 1/5/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters reports that the SEC examined Madoff eight times over 16 years. Reuters reports that the Fed and European Central Bank plan to attack deflation. Reuters reports that Sony (SNE) may announce large cost cuts. Reuters reports that an analyst said China's type of capitalism faces "monumental" odds. Reuters reports that a critic says that the Fed has abandoned its role to set monetary policy. The Wall Street Journal reports that companies are working on 3D TV. The Wall Street Journal reports that VW and BMW plan to sharply increase their market shares in the US. The Wall Street Journal reports that the Fed faces investors who may move to more risky assets than Treasuries moving money out of government bonds. There is also concern that the money the Fed is putting into the economy could cause inflation. The Wall Street Journal reports that IPO fees are drying up. The Wall Street Journal reports that both China and the US are increasing their oil reserves which could move the price of crude up. The Wall Street Journal writes that a new poll shows half of consumers plan to cut tech spending. The Wall Street Journal reports that the internet and TV are finally beginning to move together on one platform. The Wall Street Journal reports that concessions will cause a tough year for unions. The Wall Street Journal reports that bank stock may not rally this year. The Wall Street Journal reports that Microsoft's (MSFT) browser is losing share. The New York Times reports that the Blu-ray HD format is still facing challenges. The New York Times reports that Google's (GOOG) book search may help little know writers. The New York Times reports that venture capitalists are turning short term. The New York Times reports that Conde Nast magazines had huge page losses in their January issues. The New York Times reports that it will start to sell ads on its front page. The FT reports that the credit squeeze may be hurting large companies more than small ones. The FT reports that Pfizer (PFE) may be seeking a large merger. The FT writes that Japanese companies are doing more share buy-backs. Bloomberg reports that company profits will slide in 2009 and bankruptcies will increase. Bloomberg reports that Fed officials are calling for even more aggressive policies to revive the economy. Douglas A. McIntyre. Source: 24/7 Wall St. | 5 Jan 2009 | 9:05 am Asia Markets And Europe Open 1/5/2009
The Nikkei rose 2.1% to 9,043. The Hang Seng was up 3.1% to 18,516. THe Shanghai Composite rose 3.3% to 1,881. At the open in Europe, the FTSE was up .9% to 4,601. The Daxx moved up 1% to 5,023. The CAC 40 was higher by .7% to 3,372. Data from Reuters. Douglas A. McIntyre Source: 24/7 Wall St. | 5 Jan 2009 | 8:24 am Taking 3-D to a new dimension: the TVElectronics makers and film studios are seeking a way to bring the technology from the theater to the home. For...Source: RSS feed - channel BNPaperBusiness | 5 Jan 2009 | 8:00 am Los Angeles-area small-business lender receives cash infusionValley Economic Development Center gets $15 million from the city of Los Angeles and $1 million from Merrill Lynch to bolster nearly drained loan funds. ...Source: RSS feed - channel BNPaperBusiness | 5 Jan 2009 | 8:00 am Cash is ready when the market's mood improvesWall Street will open for trading today at a two-month high, with investors more optimistic that the worst of the market's rout might be over. But, analysts contend, the real test is still to come.Source: RSS feed - channel BNPaperBusiness | 5 Jan 2009 | 8:00 am Apple's condition linked to Steve Jobs' healthThe CEO won't deliver the keynote at Macworld this week, renewing worry about a succession plan. Some important...Source: RSS feed - channel BNPaperBusiness | 5 Jan 2009 | 8:00 am Arranging retail space to match Planet Florist's designsTwo experts help the shop reflect the upscale creations of its green- and budget-minded owner. A glance through...Source: RSS feed - channel BNPaperBusiness | 5 Jan 2009 | 8:00 am 'Marley & Me' stays No. 1 at box officeThe film fetches $24.1 million for a total of $106.5 million. In second is Adam Sandler's 'Bedtime Stories.' Twentieth...Source: RSS feed - channel BNPaperBusiness | 5 Jan 2009 | 8:00 am Financing for retail doesn't just walk in the doorProspective owner of a dive shop may garner funds from family, angel investors, public agencies and others. Dear Karen: I'm seeking investments...Source: RSS feed - channel BNPaperBusiness | 5 Jan 2009 | 8:00 am Hoteliers see too much room at the innThe industry's prospects for 2009 look grim as anxious leisure and business travelers cut spending. On New Year's...Source: RSS feed - channel BNPaperBusiness | 5 Jan 2009 | 8:00 am Sempra solar energy project makes advances in costsAn analyst says a Sempra Generation project powering California homes beats conventional sources on cost-effectiveness. ...Source: RSS feed - channel BNPaperBusiness | 5 Jan 2009 | 8:00 am Waterford Wedgwood collapses over debt pileUp to 1,900 UK jobs were under threat today after Waterford Wedgwood, the 250-year-old fine china and glassware maker, collapsed into receivership.Source: Latest Business News from Times Online | 5 Jan 2009 | 7:54 am Currency: Dollar up against Aussie, USThe New Zealand dollar climbed to a 2-1/2-week high against the greenback today, as the kiwi and Australian currencies received a boost from improving local sharemarkets. At 5pm today the NZ dollar was buying US58.98c, after peaking...Source: New Zealand Herald - Business | 5 Jan 2009 | 7:01 am NZ stocks: Market starts positive on thin tradingThe New Zealand sharemarket started 2009 in positive fashion though trading was thin today. The benchmark NZSX-50 index closed 29.18 points, or 1.07 per cent higher, at 2744.89 on light turnover of 17.8 million shares worth $35.7m. Market...Source: New Zealand Herald - Business | 5 Jan 2009 | 6:37 am Sony may announce drastic cost cuts: mediaTOKYO (Reuters) - Japan's Sony Corp is likely to announce closures of Japanese factories and major divisions early next month, the Times of London said on Monday, but the company denied any such plan existed.Source: Reuters: Business News | 5 Jan 2009 | 6:25 am Vintage vinylThe 7 inch single is still making music after 60 yearsSource: BBC News | Business | World Edition | 5 Jan 2009 | 6:23 am A Victim's TaleThe victims of Bernard L. Madoff's fraud includes no small number of boldface names and institutional investors.In 1992, when I was 67 years old, I unexpectedly found myself with some extra cash on hand. During the preceding half century, I had served in three wars, earned a master's degree, married, bought and paid off a house, and put three daughters through college. |
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Unrelated and often random comments from the incoming Congress and administration are beginning to create a tapestry of remarkable pessimism and diminished hope. No one believes now that the economy can be fixed fairly quickly even with a new $750 billion bailout package. 