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3 Ways Investors Can Navigate This Market (On the Street)This week the heart of the first quarter earnings season starts to report its numbers. While the results during the next few weeks are widely expected to be dismal — at the conclusion it should be the seventh consecutive quarter of negative earnings growth — many investors are looking for signs in the corporate releases that show this 12-week period represents the low point in the economic downturn. The thinking goes that once it’s in the rear view mirror, the stock market will hopefully resume an upward trajectory. Investors have already seen glimpses of that. The Dow Jones Industrial Average gained 22% during a four week period that started at the March 9 bottom of 6547 and cooled off shortly before Alcoa (AA) announced its results last week, traditionally the start of earnings reporting. Along the way there have been streaks of triple-digit trading days that made headlines but not a lot of money for most long-term investors. The end result of that volatility adds up to little in a stock market that seems like it can’t sustain a rally — at least for now. For long-term investors, big swings don’t equal big gains, especially when fast-money hedge funds drive the action, profiting from moves on volatile stocks with prices that bear no relationship to their earnings fundamentals. Nevertheless, fund managers are making changes to their portfolios in this tricky environment, whether it’s to play certain broad trends, profit a little on the margins of a long-term strategy or because they are setting themselves up for what they believe will be a rebound later this year and in 2010. These are three different approaches, and you can easily follow them, too, even if your investment horizon is ten years out not ten minutes. The day-to-day volatility will certainly continue this week as the banking sector releases its results. Even a change in mark-to-market accounting rules won’t prevent these firms from posting miserable results. The inevitable knee jerk reaction will be to sell. Indeed, J.P. Morgan (JPM) equity strategist Thomas Lee believes trading activity without solid fundamentals will keep the benchmark S&P 500 stock index between 750 and 1100 until the housing and financial sectors bottom out and stabilize. “We still think a final low is ahead of us,” he wrote recently. Charlie Mercer, manager of the Aston/Veredus Select Growth Fund (AVSGX), points out that throughout 2008, the market has endured 28 one-day swings of 4% or more. Between 1945 and 2007, he says, the S&P had 49. That’s “the type of volatility we see in frontier and emerging markets,” he says. “Not the biggest, most developed market in the world.” “That creates a different environment, and what you do depends on your appetite not so much for risk taking, but more about your desire to trade in a trader’s market,” he says. That’s not for everyone, particularly small investors who can’t be as nimble as professional traders. “The volatility bubble won’t last forever, and being long in it at this stage of the game is a very risky bet.” We asked Mercer and two other managers with long term perspectives how they were playing this market. Of course, we got three different answers. Mercer remains cautious about earnings, but he does see positive signs in how some sectors are performing. “Earnings are not good,” he says, adding that conventional wisdom predicts nine consecutive quarters of negative growth will come to an end in the third quarter of 2009. “But there are some sectors where estimates have simply been too low.” Technology has traditionally done well coming out of downturns as investors flock to stocks that have big growth potentials. That trend is playing out in a big way in 2009. Through last week, Lipper says the average technology fund returned 9.2% in 2009 vs. a 7% loss for S&P 500 index funds. Mercer says semiconductor stocks like Qualcomm (QCOM), Broadcom (BRCM) and Intel (INTC) have been oversold. He’s also looking at low-end dining chains like Darden Restaurants (DRI), Chipotle Mexican Grill (CMGB) and Panera Bread (PNRA) as a way to play the cash-strapped consumer angle. These stocks have outperformed this year albeit against extremely low expectations. “The market is priced for near Armageddon,” he says. “People simply got too negative with those industries.” One option for long-term investors is to develop a keen short game, says David James, portfolio manager and senior vice president at James Advantage Funds, a mutual fund company based outside of Dayton, Ohio. James says investors should lower their overall stock allocation but shoulder a bit more risk with small sums of cash. “It’s more of a counterpuncher situation,” he says. “Remember not to fall in love with your stocks – you’re looking to buy them and hold them for a period of time, and enjoy a portion of the rally.” James Balanced: Golden Rainbow (GLRBX), the firm’s $533 million flagship fund, currently splits its assets between bonds (42%), stocks (33%) and a large cash position. Top equity holdings as of its last filing date include Hess (HES), IBM (IBM) and Western Digital (WDC). The fund holds the top spot in its Morningstar peer group over the last decade and only lost 5.5% last year. Or, investors could look at these short-term blips as just that — temporary fluctuations that shouldn’t influence a long-term strategy. That’s an idea Adriana Posada recommends. Posada, who manages the American Beacon Large Cap fund (AADEX), says it’s better to think years ahead, not get caught up in the moment. Her fund, whose major holdings include IBM, Verizon Communications (VZ) and Wyeth (WYE) (which proved to be a wise name to stay with – the pharmaceuctical company was bought out by rival Pfizer (PFE) at a 32% premium at the end of March), has very little turnover despite current market turmoil. “If you have to take a beating, that’s what you do,” she says. “We think that a lot of the retrenchment is not permanent, not due to fundamentals. These companies are not broken. As long as they can have internal or alternative sources of short-term funding they can survive.” SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved. Source: SmartMoney.com | 13 Apr 2009 | 4:00 am News Shorts From Silicon Valley (AAPL)(MSFT)(YHOO)From The Wall Street Journal, Steve Jobs is working from home and is still involved in critical decisions at Apple (AAPL). From AllThingsDigital and to no ones surprise, Microsoft (MSFT) and Yahoo! (YHOO) have begun talks about potential ventures in the search and advertising business. Carol Bartz of Yahoo! and Steve Ballmer have met in person. Douglas A. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 11 Apr 2009 | 10:54 am Thai protesters force Asean summit cancellationAnti-government protesters derailed Asia's most important multi-lateral summit on Saturday, invading the conference venue in the Thai resort town of Pattaya and forcing the cancellation of the bulk of the three-day meetingSource: Financial Times - US homepage | 11 Apr 2009 | 10:39 am Auto Review: 2009 Mazda MX-5 Miata: More fun than the federal budgetWhere else are you going to go on a sunny day with a Miata hardtop convertible than a town named after one of the things that make this legendary sports car something special?Source: MarketWatch.com - Top Stories | 11 Apr 2009 | 10:05 am Disused cinema is home to one of Britain's richest religious institutionsA disused cinema in northeast London has emerged as the home of one of Britain's richest religious institutions.Source: Telegraph Finance | 11 Apr 2009 | 8:41 am At Magic Mountain, the rides will go onExecutives say the delisting of troubled parent Six Flags isn't going to affect improvements at the Valencia park. ...Source: RSS feed - channel BNPaperBusiness | 11 Apr 2009 | 7:00 am Review site Yelp will let businesses talk backIn a first for the 5-year-old company, businesses will be able to publicly respond to posts by customers. Undercooked...Source: RSS feed - channel BNPaperBusiness | 11 Apr 2009 | 7:00 am Bank stress test results should be kept quiet, U.S. officials sayRegulators fear that early announcements of positive results by some banks could jeopardize the stocks of others. The Obama administration wants to announce all the results at the end of the month. ...Source: RSS feed - channel BNPaperBusiness | 11 Apr 2009 | 7:00 am Multinationals take a longer view of VietnamCompanies scale back as they confront limitations in Vietnam's workforce and other issues. Just a couple of years...Source: RSS feed - channel BNPaperBusiness | 11 Apr 2009 | 7:00 am Review site Yelp will let businesses talk backIn a first for the 5-year-old company, businesses will be able to publicly respond to posts by customers.Undercooked chicken. Poor customer service. A bug in the guacamole. Source: L.A. Times - Business | 11 Apr 2009 | 7:00 am At Magic Mountain, the rides will go onExecutives say the delisting of troubled parent Six Flags isn't going to affect improvements at the Valencia park.Pounding hammers and whining saws at Magic Mountain in Valencia signal a new roller coaster dubbed Terminator Salvation and other changes in the works for the summer tourist season. Source: L.A. Times - Business | 11 Apr 2009 | 7:00 am Multinationals take a longer view of VietnamCompanies scale back as they confront limitations in Vietnam's workforce and other issues.Just a couple of years ago, this city was among the hottest investment zones in Asia. Source: L.A. Times - Business | 11 Apr 2009 | 7:00 am Bernanke transforms Fed with quiet determinationEvery six weeks or so, around a giant mahogany table in an ornate room overlooking the National Mall, the 16 leaders of the Federal Reserve, one after another, give their take on how the U.S. economy is doing and what they want to do about it.Source: L.A. Times - Business | 11 Apr 2009 | 7:00 am Mortgage modifications may not stem foreclosures, Fed economists sayThey say the government should consider more direct aid to homeowners, such as loans to bridge the loss of income.Policies aimed at easing home loan terms for troubled borrowers may not be as effective in preventing foreclosures as more direct aid to homeowners, Federal Reserve economists have found. Source: L.A. Times - Business | 11 Apr 2009 | 7:00 am Steve Jobs maintains grip at Apple: WSJWASHINGTON (Reuters) - More than three months into a medical leave from Apple Inc, Chief Executive Steve Jobs remains closely involved in key aspects of running the company, the Wall Street Journal reported Saturday, citing people familiar with the matter.Source: Reuters: Business News | 11 Apr 2009 | 7:00 am Resort campgrounds appeal to thrifty travelersParks provide amenities such as swimming pools, free Wi-Fi and laundry service, and budget-conscious vacationers are rolling in.As a former limousine driver in San Diego, Louis Tejeda knows the oceanfront hotels in Coronado, the hot restaurants in La Jolla and the hip clubs in the Gaslamp Quarter downtown. Source: L.A. Times - Business | 11 Apr 2009 | 7:00 am High-end retailers finding more customers at outlet mallsFaced with sales declines at their full-price stores, Neiman Marcus, Saks Fifth Avenue and Nordstrom are lavishing more dollars and devotion on their outlets.Luxury retailers are looking for new customers, and they've found them at the outlet mall. Source: L.A. Times - Business | 11 Apr 2009 | 7:00 am Tribune discloses U.S. probe into employee stock ownership planThe owner of the L.A. Times provides no details other than that it 'substantially complied' with a Labor Department subpoena for documents that was issued in March.Tribune Co. has disclosed that the U.S. Department of Labor has opened an investigation into the company's employee stock ownership plan, or ESOP. Source: L.A. Times - Business | 11 Apr 2009 | 7:00 am Bank stress test results should be kept quiet, U.S. officials sayRegulators fear that early announcements of positive results by some banks could jeopardize the stocks of others. The Obama administration wants to announce all the results at the end of the month.Federal regulators have told the nation's largest banks to keep quiet about their performance on government stress tests. They fear that investors could punish companies with nothing to brag about. Source: L.A. Times - Business | 11 Apr 2009 | 7:00 am Obama sees 'glimmers of hope'Still, experts agree that another round of major government aid will be necessary.President Obama, walking a fine line between optimism and caution, said Friday that there were "glimmers of hope" for the economy but warned that substantial, potentially difficult government action was still necessary to ensure a healthy recovery. Source: L.A. Times - Business | 11 Apr 2009 | 7:00 am Tribune discloses U.S. probe into employee stock ownership planThe owner of the L.A. Times provides no details other than that it 'substantially complied' with a Labor Department subpoena for documents that was issued in March. ...Source: RSS feed - channel BNPaperBusiness | 11 Apr 2009 | 7:00 am Mortgage modifications may not stem foreclosures, Fed economists sayThey say the government should consider more direct aid to homeowners, such as loans to bridge the loss of income. ...Source: RSS feed - channel BNPaperBusiness | 11 Apr 2009 | 7:00 am Bernanke transforms Fed with quiet determinationEvery six weeks or so, around a giant mahogany table in an ornate room overlooking the National Mall, the 16 leaders of the Federal Reserve, one after another, give their take on how the U.S. economy is...Source: RSS feed - channel BNPaperBusiness | 11 Apr 2009 | 7:00 am High-end retailers finding more customers at outlet mallsFaced with sales declines at their full-price stores, Neiman Marcus, Saks Fifth Avenue and Nordstrom are lavishing more dollars and devotion on their outlets. ...Source: RSS feed - channel BNPaperBusiness | 11 Apr 2009 | 7:00 am Obama sees 'glimmers of hope'Still, experts agree that another round of major government aid will be necessary. President Obama, walking a...Source: RSS feed - channel BNPaperBusiness | 11 Apr 2009 | 7:00 am Resort campgrounds appeal to thrifty travelersParks provide amenities such as swimming pools, free Wi-Fi and laundry service, and budget-conscious vacationers are rolling in. ...Source: RSS feed - channel BNPaperBusiness | 11 Apr 2009 | 7:00 am Japan to give Pakistan $1 bln in aid: Nikkei (Reuters)Reuters - Japan's government is finalizing plans to provide Pakistan with up to $1 billion in economic aid over the next two years, the Nikkei business daily reported Saturday.Source: Yahoo! News: Stock Markets News | 11 Apr 2009 | 6:01 am Steve Jobs maintains grip at Apple: WSJ (Reuters)
Source: Yahoo! News: Business | 11 Apr 2009 | 5:14 am Steve Jobs maintains grip at Apple: WSJWASHINGTON (Reuters) - More than three months into a medical leave from Apple Inc, Chief Executive Steve Jobs remains closely involved in key aspects of running the company, the Wall StreetSource: RSS feed - channel BNewsBusiness | 11 Apr 2009 | 5:14 am China foreign exchange reserves at $1.954 trillionChina's central bank said Saturday that its foreign exchange reserves rose 16 percent year-on-year to $1.9537 trillion by the end of March. China's reserves, already the world's largest,Source: RSS feed - channel BNewsBusiness | 11 Apr 2009 | 4:20 am Market Snapshot: Stocks to bank earnings: No disappointments, pleaseHopes raised by a five-week rally in stocks will be challenged next week as big banks such as J.P. Morgan Chase and Citigroup report quarterly earnings results that may have benefited from recent accounting changes.Source: MarketWatch.com - Top Stories | 11 Apr 2009 | 4:01 am China forex reserves fall in FebruaryChina's forex reserves, the largest in the world, fell to 1.9121 trillion dollars at the end of February, from 1.9135 trillion a month earlier, the central bank announced Saturday. At...Source: RSS feed - channel BNewsBusiness | 11 Apr 2009 | 2:59 am Department of Labor subpoenas Tribune Co.The Department of Labor has begun an investigation into Tribune Co.'s employee stock ownership plan, a major piece of Sam Zell's plan to take his media company private, the company said in...Source: RSS feed - channel BNewsBusiness | 11 Apr 2009 | 2:45 am Skype founders said to be eyeing eBay company: reportSAN FRANCISCO (Reuters) - The founders of Web telephone service Skype, currently owned by eBay Inc, are interested in bidding for the company they sold some four years ago, according to a media report.Source: Reuters: Business News | 11 Apr 2009 | 2:38 am Skype founders said to be eyeing eBay company: report (Reuters)Reuters - The founders of Web telephone service Skype, currently owned by eBay Inc, are interested in bidding for the company they sold some four years ago, according to a media report.Source: Yahoo! News: Business | 11 Apr 2009 | 2:38 am Skype founders said to be eyeing eBay company: reportSAN FRANCISCO (Reuters) - The founders of Web telephone service Skype, currently owned by eBay Inc, are interested in bidding for the company they sold some four years ago, according to a...Source: RSS feed - channel BNewsBusiness | 11 Apr 2009 | 2:38 am Colorado bank biggest US bank failure of 2009New Frontier Bank, one of Colorado state's biggest banks, was closed down by state regulators, the Federal Deposit Insurance Corporation said in a statement. Based in Greeley, Colorado,...Source: RSS feed - channel BNewsBusiness | 11 Apr 2009 | 2:37 am Obama sees "glimmers of hope" in economyWASHINGTON (Reuters) - President Barack Obama said on Friday the recession-hit U.S. economy was showing "glimmers of hope" despite remaining under strain and promised further steps in coming weeks to tackle the financial crisis.Source: Reuters: Business News | 11 Apr 2009 | 2:32 am FDIC sets up bank to resolve failed New FrontierWASHINGTON (Reuters) - U.S. regulators on Friday closed New Frontier Bank of Greeley, Colorado, and set up a temporary bank so depositors can open accounts at other insured institutions.Source: Reuters: Business News | 11 Apr 2009 | 2:08 am FDIC sets up bank to resolve failed New FrontierWASHINGTON (Reuters) - U.S. regulators on Friday closed New Frontier Bank of Greeley, Colorado, and set up a temporary bank so depositors can open accounts at other insured institutions.Source: RSS feed - channel BNewsBusiness | 11 Apr 2009 | 2:08 am Bank failures: '09 tally reaches 23Two banks failed Friday, bringing the 2009 tally to 23, according to the government.Source: Business and financial news - CNNMoney.com | 11 Apr 2009 | 1:55 am 2 more banks fail, lifting this year's tally to 23Federal regulators shut down two more banks Friday, raising the number of bank failures so far this year to 23. The first bank was Cape Fear Bank in Wilmington, N.C., the first North...Source: RSS feed - channel BNewsBusiness | 11 Apr 2009 | 1:54 am Rally's fate turns on bank results (Reuters)
Source: Yahoo! News: Business | 11 Apr 2009 | 1:32 am Rally's fate turns on bank resultsNEW YORK (Reuters) - If Wells Fargo's upbeat first-quarter performance is any sign, Wall Street could rally further next week on any reassuring news from three other big banks due to post quarterly results.Source: Reuters: Business News | 11 Apr 2009 | 1:32 am Rally's fate turns on bank resultsNEW YORK (Reuters) - If Wells Fargo's upbeat first-quarter performance is any sign, Wall Street could rally further next week on any reassuring news from three other big banks due to post...Source: RSS feed - channel BNewsBusiness | 11 Apr 2009 | 1:32 am Rally's fate turns on bank results (Reuters)
Source: Yahoo! News: Stock Markets News | 11 Apr 2009 | 1:32 am Malls shedding stores at record paceStrip malls, neighborhood centers and regional malls are losing stores at the fastest pace in at least a decade, as a spending slump forces retailers to trim down to stay afloat, according to a real estate industry report.Source: Business and financial news - CNNMoney.com | 11 Apr 2009 | 1:02 am Citi investors urged to oust directorsTwo leading shareholder advisory groups have recommended voting against re-electing a significant number of Citigroup directors, with one coming out against the bank's new chairman, Richard ParsonsSource: Financial Times - US homepage | 11 Apr 2009 | 12:48 am Alaska forecasts oil-output drop, more oil spendingANCHORAGE, Alaska, April 10 (Reuters) - Alaska North Slope oil output is expected to drop 5 percent in the coming fiscal year as its oilfields age, and average prices of its crude oil are expected to fall,...Source: RSS feed - channel BNewsBusiness | 11 Apr 2009 | 12:25 am Madoff case trustee widens hunt for cashThe court-appointed trustee leading the effort to reimburse Bernard Madoff's victims has started reaching beyond the disgraced broker to his former investors in the search for cashSource: Financial Times - US homepage | 10 Apr 2009 | 11:39 pm Banks aim to rebuild investor confidenceAs the regulatory 'stress tests' of US banks draw to a close, Goldman Sachs is finalising a plan to raise billions of dollars in the capital markets to satisfy what has become an unofficial condition of being allowed to repay government loansSource: Financial Times - US homepage | 10 Apr 2009 | 11:29 pm Tribune gets federal subpoena on stock planNEW YORK (Reuters) - The U.S. Department of Labor subpoenaed Tribune Co over an employee stock plan crucial to real estate mogul Sam Zell's buyout of the media company, Tribune said in a bankruptcy court filing on Thursday.Source: Reuters: Business News | 10 Apr 2009 | 11:17 pm Shrinking demand for oil hits hopes of recovery within the yearThe International Energy Agency (IEA) wrote off any chance of an economic recovery this year as it slashed its forecasts for global oil demand. The IEA, which represents 28 member countries, said yesterday that the recession that was gripping developed economies meant oil demand would fall this year by 2.4 million barrels a day.Source: Latest Business News from Times Online | 10 Apr 2009 | 11:00 pm Universal and YouTube in tune over plan for music video websiteGoogle’s YouTube and Universal Music, the world’s largest recording company, will launch a stand-alone music video website this year.Source: Latest Business News from Times Online | 10 Apr 2009 | 11:00 pm Debt recovery agency 1st Credit loses clients after OFT rebukeHBOS and Citi Financial, part of Citigroup, have dropped 1st Credit, the debt recovery company that was reprimanded by the Office of Fair Trading (OFT), after criticism over its approach to debt collecting.Source: Latest Business News from Times Online | 10 Apr 2009 | 11:00 pm With their heads in the cloud, the old dogs of technology are bent on learning some new tricksHalf a dozen big names have long dominated the American technology sphere, but the rise of web-based companies threatens to recast the pecking order and is forcing the old guard to rethink their business models.Source: Latest Business News from Times Online | 10 Apr 2009 | 11:00 pm Housebuyers may have to wait a year for better market conditions, say economistsHomeowners hoping for a revival in the housing market could have to wait at least another year, economists have warned, as rising unemployment, a squeeze on household finances and problems in the mortgage market continue to exert pressure on prices.Source: Latest Business News from Times Online | 10 Apr 2009 | 11:00 pm Need to know: Renault cuts output ... Safran investigation ... Cains winsView video and Need to Know interactive heatmapSource: Latest Business News from Times Online | 10 Apr 2009 | 11:00 pm ITV faces bill for £20m if Setanta passes it the England ballITV faces a bill for at least £20 million if Setanta Sports, its rival, fails to keep up payments due to the Football Association for showing England football matches.Source: Latest Business News from Times Online | 10 Apr 2009 | 11:00 pm British car industry pleads for help to escape the slow laneThe British car industry is desperately pressing for assistance in the Budget on April 22.Source: Latest Business News from Times Online | 10 Apr 2009 | 11:00 pm Private sector workers excluded from government jobs by lack of security clearanceUnemployed private sector workers are missing out on government jobs in a development that ministers admit is discriminatory, The Times has learnt.Source: Latest Business News from Times Online | 10 Apr 2009 | 11:00 pm Green energy feels the chill in harsh economic climateBritain’s wind energy industry increased its call for state aid yesterday, after new figures showed that investment in the sector has collapsed by nearly 80 per cent.Source: Latest Business News from Times Online | 10 Apr 2009 | 11:00 pm SEC's tough new cop seen helping agency's imageWASHINGTON (Reuters) - The new top cop at the U.S. Securities and Exchange Commission is viewed as the best hope in years to root out financial fraud and convince fuming investors that the regulator that missed Bernard Madoff's massive fraud is up to the job.Source: Reuters: Business News | 10 Apr 2009 | 10:54 pm Microsoft and Yahoo renew partnership talksMicrosoft and Yahoo have restarted talks about forging an internet partnership, raising the possibility of a new alliance to counter Google's growing influence over the online worldSource: Financial Times - US homepage | 10 Apr 2009 | 10:41 pm Taxing Times: Changes in tax law and life could prompt you to amend returnThe thing about taxes is, the rules change. They change early and often (and they even change late sometimes, thanks to Congress).Source: MarketWatch.com - Top Stories | 10 Apr 2009 | 10:33 pm Personal Finance Daily: With tax refunds, spending it all in one place may make senseIf you’re like most taxpayers, you’re expecting to get a tax refund. You know what they say about not spending it all in one place.Source: MarketWatch.com - Top Stories | 10 Apr 2009 | 10:25 pm US forces close in on Somali piratesThe Pentagon sent reinforcements to the Indian Ocean on Friday as four Somali pirates holding an US hostage in a lifeboat in the Indian Ocean continued their high-stakes stand-off with the world's most powerful navySource: Financial Times - US homepage | 10 Apr 2009 | 10:24 pm Obama sees economic 'glimmers of hope'President Barack Obama sees 'glimmers of hope' in the US economy, citing a pick-up in lending to small businesses and lower mortgage rates as signs that the country is weathering the financial crisisSource: Financial Times - US homepage | 10 Apr 2009 | 9:54 pm North Carolina's Cape Fear is 22nd bank to fail in '09SAN FRANCISCO (MarketWatch) - Wilmington, N.C.-based Cape Fear Bank was closed by regulators Friday, marking the 22nd bank failure of the year as the effects of the financial crisis spread throughout the economy.Source: MarketWatch.com - Top Stories | 10 Apr 2009 | 9:53 pm Weekend Investor: Caught in a squeeze, short sellers have eyes peeled for reversalShort sellers are being ambushed from all sides -- from tighter regulations to double-digit stock rallies. But there are ways to get out of the jungle alive.Source: MarketWatch.com - Top Stories | 10 Apr 2009 | 9:25 pm NewsWatch: U.S. budget deficit triples to $957 billion for yearThe U.S. federal budget deficit rises to a record $956.8 billion in the first six months of the fiscal year after the government steps up spending to cope with recession.Source: MarketWatch.com - Top Stories | 10 Apr 2009 | 9:00 pm SEC's tough new cop seen helping agency's image (Reuters)Reuters - The new top cop at the U.S. Securities and Exchange Commission is viewed as the best hope in years to root out financial fraud and convince fuming investors that the regulator that missed Bernard Madoff's massive fraud is up to the job.Source: Yahoo! News: Stock Markets News | 10 Apr 2009 | 8:56 pm U.S. retail sales to fall 2.4 pct in Q2: ShopperTrak (Reuters)Reuters - U.S. retailers will continue to face difficulties in the second quarter as both traffic and sales levels are expected to post steady declines versus the same period last year, according to retail research and information company ShopperTrak.Source: Yahoo! News: Business | 10 Apr 2009 | 8:48 pm $1 trillion public-private fund evolving, with delaysThe Treasury Department's program to clear out $1 trillion in so-called toxic assets from the financial sector is experiencing delays as agency officials seek to diversify the number and types of private participants they will accept, according to securities attorneys.Source: MarketWatch.com - Top Stories | 10 Apr 2009 | 8:42 pm Georgian president defies calls to resignMikheil Saakashvili, the embattled president of Georgia, vowed to serve out the rest of his term in office defying tens of thousands of anti-government protesters who thronged the streets of Tbilisi demanding his removalSource: Financial Times - US homepage | 10 Apr 2009 | 8:17 pm TaxWatch: Your last-minute tax tips, including oft-forgotten deductionsWe’re getting down to the wire, and millions of people are scrambling to put the finishing touches on their tax return.Source: MarketWatch.com - Top Stories | 10 Apr 2009 | 8:14 pm Top Ten: MarketWatch's top stories the week of April 6-10U.S. stocks have now risen five weeks in a row. For many people who have been led to believe the Dow Jones Industrial Average is a proxy for the economy's health, that's been cause for relief.Source: MarketWatch.com - Top Stories | 10 Apr 2009 | 8:12 pm 'Tax Freedom Day' comes earlyThanks to the recession, "Tax Freedom Day" arrives a little early this year.Source: Business and financial news - CNNMoney.com | 10 Apr 2009 | 7:54 pm Look, Ma! Television!Folks, we're not podcasting today. We'll be back Monday, hopefully with the most amazing conversation ever about mark-to-market accounting (word to everyone who asked about Enron: yes!). This weekend, our own Alex Blumberg and Adam Davidson will be zooming around the screens of America. They're slated for Rachel Maddow Friday night and Meet the Press on Sunday. Meet the Press has a handy Web form for sending questions for Adam and Alex. I don't know whether Rachel Maddow would use a question from Twitter, but you could always try through @maddow. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Apr 2009 | 7:49 pm Advisory firm urges shareholders vote "no" on CitigroupNEW YORK (Reuters) - Shareholders advisory company RiskMetrics Group Inc recommended Citigroup Inc shareholders vote against electing some current and former leaders of the company's audit committee, citing poor risk oversight.Source: Reuters: Business News | 10 Apr 2009 | 7:43 pm Monopoly's hidden lessonsWhat does the classic game Monopoly teach us about the real world of mortgages, investing and taxes? Tess Vigeland finds out by playing the game with Brian Boles, a competitor in the 2009 National Monopoly Championships in Washington, D.C.Source: Marketplace Money | 10 Apr 2009 | 7:31 pm Technology and music sectors call a truceAfter a decade of discord between the music and technology industries, this week brought some rare notes of harmonySource: Financial Times - US homepage | 10 Apr 2009 | 7:25 pm Obama sees "glimmers of hope" in economy (Reuters)
Source: Yahoo! News: Business | 10 Apr 2009 | 7:15 pm Financial honesty crucial for couplesFor six years, Wall Street Journal columnist Jeff Opdyke wrote a column about he and his wife's financial life. Now he's turned the experience into a book, "Financially Ever After." Tess Vigeland talks to the author about what couples can do to be open about money.Source: Marketplace Money | 10 Apr 2009 | 7:13 pm Day in the Work Life: Taxpayer advocateBelieve it or not, the IRS actually employs someone to watch out for the best interests of the taxpayer. On this week's "Day in the Work Life," we meet Nina Olson, a national taxpayer advocate.Source: Marketplace Money | 10 Apr 2009 | 6:59 pm Getting PersonalTess Vigeland and economics editor Chris Farrell answer questions from listeners about assessing the job market in a new city, how to recognize questionable fees when refinancing your home and when you should start teaching kids about managing money.Source: Marketplace Money | 10 Apr 2009 | 6:57 pm U.S. budget gap grows to $957 billionThe government said Friday the federal budget deficit for the first half of fiscal 2009 jumped to $956.8 billion, more than $500 billion above the gap for all of the prior fiscal year.Source: Business and financial news - CNNMoney.com | 10 Apr 2009 | 6:53 pm Obama heralds glimmers of hopePresident Barack Obama has given the clearest indication yet that the economy is about to recover. "If we stick with it and don't flinch in the face of difficulties then I am absolutely convinced that we are going to get this economy back on track" he said.Source: Telegraph Finance | 10 Apr 2009 | 6:45 pm A layoff isn't so bad for someMost stories about the newly unemployed are all about doom and gloom. But some people are riding out unemployment on severance packages and savings. Reporter Julie Rose finds that this new-found freedom can't last forever.Source: Marketplace Money | 10 Apr 2009 | 6:43 pm Hospitals consider paper-free recordsThese days you can do just about anything online. But what if you could also get access to your confidential medical records? New York-Presbyterian Hospital just implemented an online system. Sally Herships reports.Source: Marketplace Money | 10 Apr 2009 | 6:39 pm Confirmed: First-Half Budget Deficit $1 TrillionAs 24/7 Wall St. mentioned in an earlier post, the Federal budget deficit was nearly $1 trillion. The Treasury department issued its numbers today. CBO came out with its figures three days ago. 24/7: “The Congressional Budget Office issued its estimate for the deficit created in the federal government’s fiscal first half, which ended on March [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 10 Apr 2009 | 6:35 pm Obama sees 'glimmers of hope'The struggling U.S. economy may be starting to turn the corner, President Obama said Friday, citing several key indicators during a meeting with top economic advisers.Source: Business and financial news - CNNMoney.com | 10 Apr 2009 | 6:20 pm Recession drains UK offshore oil explorationOffshore oil exploration on the UK's continental shelf has fallen 78pc year on year in the first quarter of 2009 according to Deloitte.Source: Telegraph Finance | 10 Apr 2009 | 6:16 pm LSC funding fiasco calls halt to Flybe's training centre plansRegional airline Flybe has unwittingly become caught in the crossfire over the funding shambles at the Learning and Skills Council.Source: Telegraph Finance | 10 Apr 2009 | 6:13 pm Straight StoryThe media have been reporting that the market seems to be leveling out. Tess Vigeland talks to economics editor Chris Farrell about how to react to this news and how to adjust your finances accordingly.Source: Marketplace Money | 10 Apr 2009 | 6:09 pm Northern Rock makes it harder to 'borrow back' on flexible mortgagesThousands of Northern Rock customers are being warned that they may no longer be able to use the "flexible features" of their mortgage.Source: Telegraph Finance | 10 Apr 2009 | 6:09 pm Weekly AAPL Headline Roundup: April 9In addition to today’s Credit Suisse price target upgrade, there’s lots of interesting news for Apple in this pre-earnings (coming April 22) period. Here are the week’s top stories, aggregated from 24/7 Wall St. partner Apple Investor News:• Apple has placed an order for 100 million NAND Flash chips according to Asia’s Digitimes, normally a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 10 Apr 2009 | 6:08 pm Gold remains subdued as its appeal as a safehaven easesGold falls as investors' risk appetite returns and stock rally.Source: Telegraph Finance | 10 Apr 2009 | 6:06 pm Tech tools for your bottom lineIt used to be that only a few CEOs were known for their obsessive love of cost-cutting -- guys like Mark Hurd at Hewlett-Packard and Jamie Dimon at JPMorgan Chase. But these days, with revenues everywhere grinding to a halt, everyone's getting into the act. Not surprisingly, a new breed of enterprise software has emerged to help the bean counters.Source: Business and financial news - CNNMoney.com | 10 Apr 2009 | 6:06 pm ABI poised to announce leap in insurance fraud to fiveyear highFigures due to be unveiled next week are expected to show a 30pc leap in the cost of fraud.Source: Telegraph Finance | 10 Apr 2009 | 6:05 pm Oh! It Exists!We were wondering last month why the Treasury Department's central website for its efforts to fix the economy still read, "This Site Coming Soon." Sometime since then it got spruced up. FinancialStability.gov makes a stab at answering the question "Is this working?" -- though the charts don't seem current. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Apr 2009 | 6:02 pm Chrysler's bad quality attack dogIf you've ever worked in customer service, you know what the wrath of a dissatisfied client feels like. Now just think what Doug Betts, Chrysler's Chief Customer Officer, has to face every day in his job.Source: Business and financial news - CNNMoney.com | 10 Apr 2009 | 5:59 pm So you want to buy a foreclosure?Foreclosures continue to climb, but there are a few people out there ready to jump at the chance to buy a deeply discounted home. Adam Allington researches the do's and don'ts of buying a foreclosed home.Source: Marketplace Money | 10 Apr 2009 | 5:59 pm Cost of care home places could be 'clawed back from estates people leave top their children'The cost of care home places for elderly middle class people could be clawed back from the estates they leave to their children after they die under plans being drawn up by ministers.Source: Telegraph Finance | 10 Apr 2009 | 5:55 pm Treasury tells US investors to buy AmericanUS private investors are to be encouraged to "Buy American" as a number of financial houses prepare to launch investment bonds.Source: Telegraph Finance | 10 Apr 2009 | 5:54 pm 'A Crazy Madhouse'Today's indicator: 10,000 people in two hours. Mark V. shares the story of a New Hampshire job fair that drew so many applicants it paralyzed most of the main thoroughfares. The Nashua Telegraph reports: "It was a crazy madhouse in there," said 28-year-old Amy Girard, of Weare, referring to the gymnasium where 140 employers had gathered to offer 1,000 positions. Back at the mall, job seekers waited for up to two hours to board buses. Organizers had booked 12, each holding about 50 people. When it became apparent that shipping 600 people per hour was not going to cut it, organizers called in five more buses -- including two to operate in the downtown Manchester area. "We called every (local) school bus driver to see if they can take a shift," said Evan Rosset, assistant executive director of the Manchester Transit Authority. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 10 Apr 2009 | 5:45 pm 'Lipstick index' smeared by recessionThe 'Foundation Index' appears ready to overtake Leonard Lauder's 'Lipstick Index' as a barometer of economic activity this year as women plump for a layer of foundation as a pick-me-up in gloomy times, rather than a dash of lipstickSource: Financial Times - US homepage | 10 Apr 2009 | 5:39 pm Goldman Sachs hires law firm to shut blogger's siteGoldman Sachs is attempting to shut down a blogger critical of the investment bank its board members and its practices.Source: Telegraph Finance | 10 Apr 2009 | 5:26 pm Microsoft, Yahoo talking on search deal: reportSEATTLE (Reuters) - The chief executives of Microsoft Corp and Yahoo Inc met last week to discuss potential partnerships between the companies' Internet search and advertising operations, the technology blog All Things Digital reported on Friday.Source: Reuters: Business News | 10 Apr 2009 | 5:18 pm Microsoft, Yahoo talking on search deal: report (Reuters)Reuters - The chief executives of Microsoft Corp and Yahoo Inc met last week to discuss potential partnerships between the companies' Internet search and advertising operations, the technology blog All Things Digital reported on Friday.Source: Yahoo! News: Business | 10 Apr 2009 | 5:18 pm Who wins in a cash-for-keys deal?Some banks are paying homeowners to voluntarily leave their foreclosed homes. The new method is cheaper than an eviction, but real estate broker Richard Allen says neither side comes out on top. Eve Troeh reports.Source: Marketplace Money | 10 Apr 2009 | 5:14 pm Obama sees 'hope' for US economyPresident Barack Obama says he sees "glimmers of hope" in the US economy, but warns there is a lot more work to do.Source: BBC News | Business | World Edition | 10 Apr 2009 | 5:05 pm Small Talk: Bff home, trapezes, lawsuitsMarketplace's Brendan Newnam and Rico Gagliano chat with fellow staffers Jeremy Hobson, Betsy Streisand and Stacey Vanek-Smith about their favorite under-the-radar business stories from this week: Paris Hilton's bff house, a Reebok-Cirque du Soleil workout and lawsuits.Source: Marketplace | 10 Apr 2009 | 4:42 pm Homebuyers get a better price in springSpringtime is typically the busiest home buying season. And with banks rolling out programs to make it easier to refinance, there could be signs of life in the housing market. Alex Cohen reports.Source: Marketplace | 10 Apr 2009 | 4:41 pm Baseball for peanuts: Ballpark dealsGlory to those $2,625-per-game seats at the new Yankee Stadium! Huzzahs to the spiffy bathrooms and Shake Shack in the food court at Citi Field, new home of the New York Mets! (In the old days at the predecessor ballpark, Shea Stadium, overbeered patrons in overcrowded men's rooms just used the sink.) Both Taj Mahals, opening next week, are the toast of the major leagues and what the fiscal overlords of the game hope you'll be noticing.Source: Business and financial news - CNNMoney.com | 10 Apr 2009 | 4:36 pm The price of piracy on shippingSomali pirates hijacked a U.S. ship this week off the horn of Africa. Just how much do shipping companies need to spend to prevent these attacks? Ashley Milne-Tyte reports.Source: Marketplace | 10 Apr 2009 | 4:32 pm Lessons learned from last Asian crisisLeaders of Asian nations will gather in Thailand to discuss restoring financial stability to the region more than a decade after Southeast Asia was the epicenter of another economic crisis. What has changed? Jeremy Hobson reports.Source: Marketplace | 10 Apr 2009 | 4:32 pm Weekly Wrap: A recovery like U, V, or WThere's been optimism about the economy the past few weeks. Kai Ryssdal speaks with Businessweek's Mike Mandel and Fortune's Katie Benner about what to look for to see if we've really recovered, and what shape it will take.Source: Marketplace | 10 Apr 2009 | 4:32 pm Yelp lets businesses respond to reviewsThe review Web site Yelp is unveiling a new feature that will allow businesses to publicly respond to user reviews. Jennifer Collins reports on what happens when everybody's a critic.Source: Marketplace | 10 Apr 2009 | 4:32 pm Microsoft really wants you to use VistaMicrosoft will soon end support for XP in an effort to push its Vista operating system. But with many computers still running on XP and a lot of resistance to the newer system is this a good idea? Tamara Keith reports.Source: Marketplace | 10 Apr 2009 | 4:32 pm Signs of an economic turnaroundAfter meeting with his economic team, President Obama said there are "glimmers of hope" in the U.S. economy. As John Dimsdsale reports, the president also remains cautious.Source: Marketplace | 10 Apr 2009 | 4:31 pm Dealbreaker Seeks A New Writer (or Writers)Back in October, we mentioned we were looking for an additional writer (or writers). In case you were wondering, we've not yet filled the position. Because Bess and Equity Private have been doing such an excellent job, we haven't felt much pressure on this front. If it ain't broke, don't fix it. But we are once again thinking of hiring more talent, given how the site is thriving (and how many Wall Streeters might be looking for new jobs right now). Would you be interested (or would you know anyone who might be)? This is a full-time position, with standard benefits -- health insurance, a 401(k), abuse from anonymous commenters. If you're looking to transition from Wall Street to writing, this is an excellent opportunity. If you'd like to apply for this position, please email us at jobs at dealbreaker dot com (subject line: "DealBreaker Writer Application"). Please describe yourself and your background, what you have to offer DealBreaker, and your vision for the site. Feel free to include a résumé, a writing sample, a link to your own blog (if you have one), or any other information relevant to evaluation of your application. Thanks for your interest. We look forward to hearing from you. 
Source: Dealbreaker | 10 Apr 2009 | 4:25 pm Excited In OregonRheanna writes: I just wanted to say that there are some good things about the recession. I'm 26 and live in Bend, Oregon. During the real estate boom, home prices were incredibly high here. Average working class people in Bend could not afford to buy a home. My husband and I thought we would never be able to buy a house. Last month, we closed on our first home! It is a little sad, because it was a foreclosure and a family lost their home, but were thrilled to have a home of our own to raise our 10 1/2 month little girl in! A lot of younger couples that I know have been taking advantage of the lower prices and buying. While the state of the economy is horrible, there has been a silver lining for some of us that waited to buy and still are lucky enough to have good reliable jobs. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Apr 2009 | 4:16 pm GM: The good, the bad and the uglyIf General Motors goes into bankruptcy, many of its most iconic brands, such as Buick and Pontiac, might not survive.Source: Business and financial news - CNNMoney.com | 10 Apr 2009 | 4:16 pm Presented By: Your Online Broadband Fact Resource
Source: Dealbreaker | 10 Apr 2009 | 4:00 pm Opening/Closing/Holiday Bell: 04.10.09Re: the optimized site. We removed auto detection of mobile devices (which was taking those of you viewing on a Blackberry or iPhone directly to the new version and not letting you go to the regular one), so if you want to view standard DB on your iPhone, going to www.dealbreaker.com will still take you there. If you'd like to view the optimized site, which looks better (loads easier, etc) on the Blackberry, go to http://m.dealbreaker.com/. Goldman To Raise Capital Through Offering (WSJ) "The move, which could be announced as early as next week, comes as the firm prepares to report solid first-quarter earnings Tuesday. Goldman executives haven't determined the exact size of the offering, but it is expected to be at least several billion dollars, these people say. They caution a final decision isn't made, and will be based partly on market conditions. In October, the Treasury Department forced the nation's largest banks, including those that didn't need additional capital, to take government funds. Goldman received $10 billion. The view was that infusing all banks with capital would help shore up the financial sector more quickly and avoid tarring some banks as weak" An Ideological Perspective On Short Selling (FR) "The tendency to demonize short sellers is part and parcel of a larger sickness in the market: the "ever up" philosophy that is linked at the hip with the misnomer that the retail investor is, de facto, entitled by right to 8% returns year after year. Notice, also, that no one seems in a hurry to ban the unpatriotic and evil "put option." This, of course, is merely a matter of practicality, as the complexities of short selling and the specter of borrowing shares to accomplish it lends itself to criticism and anti-insider class warfare. Naked short selling is, of course, an issue, but not one that is even remotely managed by wholesale bans on the practice of short-selling." Barclays Dumps iShares, Picks Up $4.4B (NYT) "The iShares business, based in San Francisco, has long been a jewel in the crown of Barclays Global Investors, the company's asset management unit. The bank is financing the sale with a loan of about $3.1 billion and getting about $1 billion of equity in return. It is also banking on about $500 million in profit from the future earnings of the business, "if certain performance-related hurdles are met." It said it expected a net gain of about £1.5 billion, or $2.2 billion, which would lift its Tier 1 capital ratio, a measure of financial strength, to 7.2 percent, adding 0.54 percentage to the end-2008 level had the sale been applied last year. It will be required to book only a small fraction of the loans against its reserves. Is Greed Overcoming Fear In The Stock Market? (Reuters) Reinforcements Sent To Pirates! (Bloomberg) A U.S. destroyer is continuing to watch over the pirates, who had briefly hijacked the U.S.-flagged Maersk Alabama about 250 miles off the Somali coast." Why Dylan Ratigan Left CNBC (Clusterstock)
Source: Dealbreaker | 10 Apr 2009 | 4:00 pm CEOs feel the freeze as bonuses criticisedThe growth in the pay packets of New Zealand's top executives has slowed dramatically in the wake of the global economic crisis as performance bonuses come under fire. A Herald investigation into 49 NZX-50, state-owned and private...Source: New Zealand Herald - Business | 10 Apr 2009 | 4:00 pm Airport chief shuns holding patternA year ago the dust was settling at Auckland International Airport after two years of intense takeover activity that ultimately ended in the thwarted bid by a Canadian pension fund to buy a chunk of it. The company was nearing...Source: New Zealand Herald - Business | 10 Apr 2009 | 4:00 pm Japan's PM boosts stimulus packageJapan's ailing economy has had a double dose of promising news with Prime Minister Taro Aso pledging a cutting-edge makeover and government data hinting that the suffocating recession may be easing. Unveiling an ambitious long-term...Source: New Zealand Herald - Business | 10 Apr 2009 | 4:00 pm TV policy benefits Sky - expertThe communications academic behind a redraft of the TVNZ charter says the Government may be pursuing a broadcasting policy agenda strategically aligned to the business interests of Sky Television. Unitec senior lecturer in communications...Source: New Zealand Herald - Business | 10 Apr 2009 | 4:00 pm Brian Gaynor: Placements popular in latest share issuesThe recent round of equity raisings by NZX listed companies has generated a large amount of discussion and controversy. This is due to a number of factors including poor communication, confusion regarding share issue procedures and...Source: New Zealand Herald - Business | 10 Apr 2009 | 4:00 pm Brent Sheather : Report will turn tables on stock theoryIt seems every so often an article, academic paper or book is published that captures the nature and mood of the current investment scene and serves as a guide to investment strategy from that point on. We have had Triumph of the...Source: New Zealand Herald - Business | 10 Apr 2009 | 4:00 pm Equal opportunity ... for survivalImagine being a disabled person in a wheelchair working in or visiting the 20th floor of a city office block. Suddenly the fire alarm sounds, the lifts automatically drop to the ground floor as a safety measure and everyone files...Source: New Zealand Herald - Business | 10 Apr 2009 | 4:00 pm NZ recession: Down - but not outMark McDonough, Andrew Hunt and David Jack are small-to-medium business owners who between them know the good, the bad and the ugly of the recession. Paul Roberts and his wife Lisa both work to make ends meet and Roberts admits...Source: New Zealand Herald - Business | 10 Apr 2009 | 4:00 pm 'Real' Australian jobless rate near 12pcThe Australian jobless rate is far greater than the 5.7 per cent recorded in March, a think-tank says. March data released on Thursday showed unemployment jumped from 5.2 per cent in February, the biggest monthly jump since July...Source: New Zealand Herald - Business | 10 Apr 2009 | 4:00 pm Next must-have is online video playerYouTube and Universal Music Group are collaborating on an online music video venture that will launch later this year with Universal's entire catalogue of nearly 10,000 music videos. The companies will share ad revenue on the Vevo.com...Source: New Zealand Herald - Business | 10 Apr 2009 | 4:00 pm Death a la CarteIt’s not Google that’s killing the media. By Mark Gimein of The Big Money What you are reading now is an article, published by a Web site, The Big Money. One way you could have gotten to it is by going to TBM’s home page. But there’s a good chance you didn’t get to it that way. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall Street | 10 Apr 2009 | 3:18 pm Economics for pessimist dummiesSource: Business and financial news - CNNMoney.com | 10 Apr 2009 | 2:59 pm Bad Art BubbleIf you find plunges in our stock market dizzying, check out what happened to the Chinese contemporary art market. NPR story and photo's here. Today Gady Epstein at Forbes has another autopsy: "By a year ago, both signature and lesser-known works were selling for 10 times higher than two or three years earlier, which was another 10 times higher than two or three years before that." Here's an earlier story explaining the bubble. Reminds me of some other art. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Apr 2009 | 2:40 pm Goldman Sachs mulls stock sale to repay TARP money: report(Reuters) - Goldman Sachs Group Inc is considering making a multibillion dollar share offering to investors as part of its efforts to repay a $10 billion government loan, the Wall Street Journal reported citing people familiar with the matter.Source: Reuters: Business News | 10 Apr 2009 | 2:34 pm A Better Bellwether?A research paper in the Journal of Monetary economics argues that long-term corporate bonds have been a terrific predictor of changes in the economy. The economists tracked the yields of low- and moderate-risk corporate bonds against the performance of U.S. Treasury bills. When the spread widens between the corporate bonds and the Treasuries, look out world. The Wall Street Journal (subscription requ'd.) takes a fairly plain-language view of the study: With the massive widening in corporate-bond spreads last fall, the economists' model predicts industrial production will fall another 17% by the end of the year, and the economy will lose another 7.8 million jobs on top of the 5.1 million it has shed since the recession began. Calculated Risk sounds less than convinced, posting a chart of bond spreads that should have predicted "a few extra recessions." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Apr 2009 | 2:14 pm Asian markets rise, most others closed for holiday (AP)
Source: Yahoo! News: Stock Markets News | 10 Apr 2009 | 1:54 pm
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