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Bridgewater Is Sick And Tired Of Its Pearls Of Wisdom Getting Widely DisseminatedAnd here's what they're doing about it! HFA reports: For more than 30 years, Bridgewater Daily Observations has provided clients with "real-time thinking in the global financial markets," Ray Dalio said in a May 27 email to his investors. The problem, Dalio said, is that some of his readers are sharing the newsletter with others, including competitors and the media. This threatens the "tradition of open, quality communication," he added. Which is fine, we guess, if you're not interested in thinking outside the box. Since we always took RD to be an outside the B thinker, we're going to take this opportunity to a) note that this is the sort of pedestrian measure we'd expect from a lesser firm throwing a hissy fit over people circulating their "we're down 70 percent" updates and b) implore him to come up with something better. Some jumping of points include emailing the Daily Observations with an FYI that any attempts to forward or print will cause not only the email but the device it's being read on to self-destruct, sending it out one syllable at a time, or requiring investors to appear in person at Bridgewater to have the letter read aloud to them (by a rotating roster of enticing celebrity guests). Surely you can do better. 
Sponsored Topics: Ray Dalio - Business - Investing - Thinking outside the box - Financial market Source: Dealbreaker | 12 Jun 2009 | 3:38 pm JOLTing News For Job SeekersToday's fun chart shows the number of job openings and the number of hires, in the U.S since the end of 2006. As you'd expect, both numbers have gone down drastically. Note the growing gap between the reported number of hires and the reported number of job openings. This suggests companies are filling their openings either right away, without actually advertising that a job is open -- perhaps by calling back people who've been laid off . These numbers come from the monthly Job Openings and Labor Turnover Survey (or JOLTS) put out by the Bureau of Labor Statistics. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 12 Jun 2009 | 3:18 pm Russian oligarch makes rescue bid for SetantaLen Blavatnik, the Russian oligarch, has made an offer to take control of Setanta Sports, in a deal that it is hoped would buy time for the embattled broadcaster. Source: Latest Business News from Times Online | 12 Jun 2009 | 3:07 pm Goldman's Next Challenge
It is going to be a long road back to the point where regulators have some degree of trust in large firms to not blow up themselves or the banking system. Given all the GS favoritism conspiracy theories in DC, allowing them in particular to crank up the leverage again seems unlikely. Goldman could shed "commercial bank" charter [Reuters]
Sponsored Topics: Business - Troubled Asset Relief Program - Goldman Sachs - Bank - Financial services Source: Dealbreaker | 12 Jun 2009 | 3:02 pm Dow turns positive as BofA rises (Reuters)
Source: Yahoo! News: Stock Markets News | 12 Jun 2009 | 2:58 pm Offer made for stake in SetantaUS investor Len Blavatnik is offering £20m for a 51% stake in the troubled Irish pay-tv channel Setanta, the BBC learns.Source: BBC News | Business | World Edition | 12 Jun 2009 | 2:51 pm Stocks fall as commodity, tech stocks retreat (AP)
Source: Yahoo! News: Stock Markets News | 12 Jun 2009 | 2:47 pm BGI: facts about the asset managerBlackrock the US money manager has bought Barclays Global Investors BGI for 6.6n £4bn in cash and 37.8m shares on Thursday to create a global asset manager twice the size of its nearest rival. Here are some facts about BGI:Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Jun 2009 | 2:46 pm Stimulus fraud could hit $50 billionSwindlers, con men, and thieves could siphon off as much as $1 out of every $10 in stimulus money spent as billions of dollars begin flowing into all corners of the economy in coming months.
Source: MarketWatch.com - Top Stories | 12 Jun 2009 | 2:44 pm Biotech Stocks: Biotech stocks slide as Euro vaccine makers gainBiotech stocks slide in early action while shares of European vaccine makers gain in the wake of Thursday's declaration of a formal flu pandemic by the World Health Organization.
Source: MarketWatch.com - Top Stories | 12 Jun 2009 | 2:41 pm Stocks down after the rallyStocks tumbled Friday morning, with oil, tech and consumer stocks leading the retreat after the major gauges hit multi-month highs in the previous session.Source: Business and financial news - CNNMoney.com | 12 Jun 2009 | 2:40 pm Economic Report: Consumer sentiment rises slightly in JuneU.S. consumer sentiment rises slightly in June from the prior month though it remains at relatively low levels, according to a survey released by the University of Michigan and Reuters.
Source: MarketWatch.com - Top Stories | 12 Jun 2009 | 2:39 pm Currencies: Dollar gains against yen, euro ahead of G8 meetingThe dollar makes broad gains ahead of a two-day meeting of Group of Eight finance ministers.
Source: MarketWatch.com - Top Stories | 12 Jun 2009 | 2:37 pm Hot summer ahead for health care geeksAh, summer: Time to enjoy a quiet vacation. Kick back with a good book. Walk on the beach.Source: Business and financial news - CNNMoney.com | 12 Jun 2009 | 2:35 pm Airline Stocks: Falling oil fails to lift sectorUS Airway Group and Alaska Air Group manage to eke out gains in early activity, bucking a decline in the airline group as well as the broader market as oil prices reverse course.
Source: MarketWatch.com - Top Stories | 12 Jun 2009 | 2:33 pm Futures Movers: Oil retreats on firmer buck, recovery concernsCrude-oil futures head 2% lower in electronic trading, poised to end a winning streak that spanned three sessions and lifted prices by nearly 7%.
Source: MarketWatch.com - Top Stories | 12 Jun 2009 | 2:31 pm Stocks fall as commodity, tech stocks retreatNEW YORK -- Some of the market's star players are taking a break.
Source: L.A. Times - Business | 12 Jun 2009 | 2:29 pm What Makes You Think Clients Wouldn't Appreciate The Lei?
From: Corporate Communications
Sponsored Topics: Vikram Pandit - Citibank - Credit Suisse - Business - London Source: Dealbreaker | 12 Jun 2009 | 2:27 pm Bond Report: Treasurys gain on signs of overseas supportTreasury prices advance, pushing yields down, amid signals that overseas investors are still comfortable buying U.S. securities.
Source: MarketWatch.com - Top Stories | 12 Jun 2009 | 2:26 pm Retail Stocks: Retail stocks fall, but Saks gains on upgradeRetail stocks decline after a consumer sentiment index in June rises less than expected; Saks shares jump after the luxury retailer is upgraded to buy by Deutsche Bank.
Source: MarketWatch.com - Top Stories | 12 Jun 2009 | 2:26 pm BlackRock lands BGI, Barclays boosts capitalLONDON/BOSTON (Reuters) - BlackRock has agreed to buy Barclays Global Investors to create the world's biggest asset manager in a $13.5 billion deal that British bank Barclays hopes will put to rest concerns about its capital.Source: Reuters: Business News | 12 Jun 2009 | 2:24 pm Wall Street slides further after mixed dataNEW YORK (Reuters) - Stocks extended losses on Friday as a report showed a rise in inflation expectations and continuing job uncertainty even as the consumer mood improved in June.Source: Reuters: Business News | 12 Jun 2009 | 2:23 pm Wall Street slides further after mixed data (Reuters)
Source: Yahoo! News: Business | 12 Jun 2009 | 2:23 pm Three suitors emerge for Boston Globe: reportNEW YORK (Reuters) - Three Boston businessmen, including a member of the family that used to own The Boston Globe, have emerged as suitors for the 137-year-old daily newspaper that The New York Times Co is trying to sell, the Globe reported on Friday.Source: Reuters: Business News | 12 Jun 2009 | 2:21 pm Three suitors emerge for Boston Globe: reportNEW YORK (Reuters) - Three Boston businessmen, including a member of the family that used to own The Boston Globe, have emerged as suitors for the 137-year-old daily newspaper that The New...Source: RSS feed - channel BNewsBusiness | 12 Jun 2009 | 2:20 pm Stocks fall as commodity, tech stocks retreatSome of the market's star players are taking a break. Commodities and technology stocks led the market in a modest pullback early Friday, leaving investors questioning what might be ableSource: RSS feed - channel BNewsBusiness | 12 Jun 2009 | 2:18 pm Tupperware Brands Corporation Second Quarter 2009 Earnings CallORLANDO, Fla., June 12 /PRNewswire-FirstCall/ -- Tupperware Brands Corporation (NYSE: TUP) will hold its quarterly conference call to discuss Second Quarter 2009 Earnings on...Source: RSS feed - channel BNewsBusiness | 12 Jun 2009 | 2:17 pm OPEC production rises again in MayNEW YORK (MarketWatch) -- The Organization of Petroleum Exporting Countries said Friday its May production rose for a second month, as member countries pumped more oil following a sharp rally in oil prices.
Source: MarketWatch.com - Top Stories | 12 Jun 2009 | 2:14 pm BlackRock lands BGI, Barclays boosts capital (Reuters)
Source: Yahoo! News: Business | 12 Jun 2009 | 2:13 pm This Week’s Weird Jobs
1. Fairbanks: Experienced Concrete Boom Pump Operator Immediate opening for qualified Concrete Boom Pump Operator with mechanical background. Must have valid CDL, and working knowledge of Morgen booms. Salary DOE. I know a concrete boom pump is truck-mounted, but the job title still sounds incredibly cool, invoking images of men with strong pecs and bad hearing. “I run a concrete boom pump” could be an excellent bar pickup line…
Looking for a couple guys who can , or have, ereected a Miracle Steel building. Give me a quote to erect and install exterior metal. Once again, a lovely job title-cum-pickup line, though a bit more forward than boom pump. 3. Alaska: Food Expediter Theatrepub is looking for an experienced food expediter. This position is very fast paced and requires extreme organizational skills. Must have good attitude and work well with others. Part time/Full time. Food expediter? Now they’re even giving fast food cooks fancy titles. 4. National: Cat-Lover Television Host Needed If you’re 20′ish to 40′ish, know a bunch about cats, are open, outgoing, camera-friendly, charming and stand a solid chance at being the biggest cat lover in all of the feline universe - you could be just what we’re looking for! We are seeking the Anthony Bourdain of the feline world to be the backbone of our cat crazy travel show on a MAJOR CABLE NETWORK. Your skill set includes the following: Somehow, I can’t imagine racy coverage of the dark underbelly of the cat world, which Bourdain pulled off with cuisine. This show could be interesting.
National transportation company is looking for drivers for a part time postion in the area of Central Los Angeles, Long Beach, and West/East Los Angeles. Must drive at least 85 on most roads, compulsively cut people off, and have a strong middle finger. Happy Friday!
Source: Business Pundit | 12 Jun 2009 | 2:13 pm GM, Chrysler executives defend dealership closingsGeneral Motors and Chrysler executives are defending the closings of hundreds of dealerships at a House hearing. Auto dealers say the plans will do little to cut costs. A House panel wasSource: RSS feed - channel BNewsBusiness | 12 Jun 2009 | 2:12 pm U.S. consumers' mood strongest in 9 monthsNEW YORK (Reuters) - U.S. consumer confidence rose to a nine-month high in June but failed again to surpass its level of September 2008, when the spectacular failure of Lehman Brothers sent the world economy into a tailspin, a survey showed on Friday.Source: Reuters: Business News | 12 Jun 2009 | 2:12 pm Can Windows 7 save PCs?Windows 7 is coming soon. But having a PC sales rebound come with it seems unlikely.Source: Business and financial news - CNNMoney.com | 12 Jun 2009 | 2:10 pm U.S. consumers' mood strongest in 9 months (Reuters)Reuters - U.S. consumer confidence rose to a nine-month high in June but failed again to surpass its level of September 2008, when the spectacular failure of Lehman Brothers sent the world economy into a tailspin, a survey showed on Friday.Source: Yahoo! News: Business | 12 Jun 2009 | 2:09 pm Tech Stocks: Tech stocks slip; Nat Semi drops on resultsSAN FRANCISCO (MarketWatch) - Technology stocks slipped in early trading Friday on weakness in the chip sector after National Semiconductor swung to a large loss for the fourth fiscal quarter.
Source: MarketWatch.com - Top Stories | 12 Jun 2009 | 2:08 pm Three rules for brand-new CEOsThere's heavy turnover in the C-suite these days. The latest CEO transition came this week, when Robert McDonald was named the new CEO of $84 billion Procter & Gamble, the successor to nine-year chief A.G. Lafley, who will step down July 1.Source: Business and financial news - CNNMoney.com | 12 Jun 2009 | 2:07 pm Oil falls below $72 after three-day rallyLONDON (Reuters) - Oil fell below $72 a barrel on Friday, a day after reaching a near eight-month high, pressured by a firmer dollar and views that prices have risen too far despite improving economic sentiment.Source: Reuters: Business News | 12 Jun 2009 | 2:05 pm Yahoo CFO is GE veteranYahoo on Thursday announced it has appointed longtime General Electric veteran Tim Morse as its new chief financial officer.Source: Business and financial news - CNNMoney.com | 12 Jun 2009 | 2:02 pm Magnus Sees Years of Higher Taxes, Reduced Spending for U.S.Source: Bloomberg - All Podcasts | 12 Jun 2009 | 2:01 pm Pre-Paid Legal Services, Inc. Celebrates 10 Years in CanadaADA, Okla., June 12 /PRNewswire-FirstCall/ -- On Saturday, June 20, Pre-Paid Legal Services, Inc. (NYSE: PPD) will celebrate the 10th anniversary of the company's launch in...Source: RSS feed - channel BNewsBusiness | 12 Jun 2009 | 2:00 pm Foreclosure Auction of 233 Homes Blazes Through NortheastHomes Auctioned June 16th - 21st in New Jersey, New York, Connecticut, Boston, Delaware, Pennsylvania, Rhode Island and New Hampshire NEWARK, N.J., June 12...Source: RSS feed - channel BNewsBusiness | 12 Jun 2009 | 2:00 pm Growth Slows to 6.5 Percent This Year, but Asia-Pacific Network Security Market Remains Resilient Says Frost & SullivanSINGAPORE, June 12 /PRNewswire/ -- The Asia-Pacific network security market is expected to grow by 6.5 percent in 2009, dropping nearly two-thirds from the robust growth in 2008.Source: RSS feed - channel BNewsBusiness | 12 Jun 2009 | 2:00 pm Microsoft's Mississippi dealRead full story for latest details.Source: Business and financial news - CNNMoney.com | 12 Jun 2009 | 1:59 pm Real Estate: What happened in PhoenixDid you happen to see the latest home-price stats from S&P/Case-Shiller, or did you avert your eyes? Here's what struck me: As of March 2009, every metro area in Case-Shiller's 20-city index, without exception, has fallen double digits from its peak. Ten are down more than 30%. Eight have dropped more than 40%. Las Vegas is down 50%. Phoenix? It doesn't get any worse than Phoenix. According to Case-Shiller, between June 2006 and March 2009 the average house in Phoenix lost a staggering 53% of its value. Possibly during the Great Depression, but almost certainly at no time since then, have house prices in a major metropolitan area fallen by more than half. It's almost unbelievable. Brother, tell me you didn't buy a house during the boom in Phoenix!Source: Business and financial news - CNNMoney.com | 12 Jun 2009 | 1:59 pm Toymakers face a new world come Aug. 14For toymakers, the world changes on Aug. 14. That's the day a new regulation takes effect that small manufacturers say could force them out of business.Source: Business and financial news - CNNMoney.com | 12 Jun 2009 | 1:57 pm West Bromwich rescue: What is a PPDS and how does it work?Profit participating deferred shares or PPDSs give building societies a vital new way of replenishing their capital base - the money that underpins their financial strength.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Jun 2009 | 1:55 pm UPDATE 1-Lazard cuts Human Genome to sellJune 12 (Reuters) - Lazard Capital Markets downgraded Human Genome Sciences Inc to "sell" from "hold," saying that the probability of the lupus drug succeeding was extremely low.Source: RSS feed - channel BNewsBusiness | 12 Jun 2009 | 1:53 pm Euro zone industrial output in record fallIndustrial production in the 16 countries that use the euro slumped in the year to April, official figures showed Friday, more indication that the euro zone may emerge from recession later...Source: RSS feed - channel BNewsBusiness | 12 Jun 2009 | 1:52 pm Stocks slip as investors await signs on economyNEW YORK -- Stock are moderately lower as investors weigh recent signs of economic recovery and wonder what will be able to take the market higher.Source: RSS feed - channel BNPaperBusiness | 12 Jun 2009 | 1:52 pm Poor countries frontline of WHO pandemic flu battle* Developing countries lack antivirals, medical care weakSource: RSS feed - channel BNewsBusiness | 12 Jun 2009 | 1:51 pm OPEC says worst appears to be over for oil marketLONDON (Reuters) - OPEC cut its forecast for world oil demand in 2009 further on Friday but said the worst appeared to be over for the market, adding to signs of a turning point in the outlook for oil.Source: Reuters: Business News | 12 Jun 2009 | 1:50 pm Savient (SVNT) Rises 55% On Bad NewsShares in pharma firm Savient (SVNT) are up 55% to $9.13 on what would appear to be very bad news. The FDA issued a statement saying it has safety concerns about the company’s gout drug. According to the agency, side effects of the drug Krystexxa include sudden death from heart attack and allergic reactions. The silver lining is that the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Jun 2009 | 1:49 pm Len Blavatnik in £20m rescue talks for SetantaOligarch in talks that may offer a future to troubled Irish broadcaster.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Jun 2009 | 1:38 pm Hartford gets $3.4 billion in TARP fundsNEW YORK (Reuters) - Hartford Financial Services Group Inc said on Friday it will take $3.4 billion of federal bailout money and plans to sell as much as $750 million of common stock.Source: Reuters: Business News | 12 Jun 2009 | 1:34 pm Auto Industry Light At The End Of The Tunnel?There may be a tiny pin-hole of light at the end of the auto sales depression tunnel. VW said its global shiptments rose 1.5% last month. It is not much, but given the relentless drop-offs in car unit sales in most parts of the world over the last two years, it is a welcome break. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Jun 2009 | 1:31 pm Hartford says OK to $3.4B of bailout fundsSource: Business and financial news - CNNMoney.com | 12 Jun 2009 | 1:24 pm Hartford gets $3.4 billion in TARP funds (Reuters)
Source: Yahoo! News: Business | 12 Jun 2009 | 1:21 pm Today we all become digitalSource: Business and financial news - CNNMoney.com | 12 Jun 2009 | 1:19 pm West Bromwich Building Society: Blow for PIB investorsThe West Bromwich move should sound warning bells for remaining PIBS holders in other building societiesSource: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Jun 2009 | 1:19 pm GM sale of Saab looms as Koenigsegg steps upSTOCKHOLM (Reuters) - General Motors is close to selling loss-making Swedish unit Saab after tiny supercar maker Koenigsegg agreed to ride to the rescue, a source familiar with the talks told Reuters.Source: Reuters: Business News | 12 Jun 2009 | 1:18 pm Latvia's rotten peg needs pullingThe Latvian currency is hugely overvalued making the country unviable. Big loans can keep Latvia going. But a devaluation of the lat is as essential as pulling a rotten tooth that is poisoning the whole system.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Jun 2009 | 1:18 pm GM sale of Saab looms as Koenigsegg steps up (Reuters)
Source: Yahoo! News: Business | 12 Jun 2009 | 1:18 pm What recession?The Le Mans 24 hours race is as lavish as everSource: BBC News | Business | World Edition | 12 Jun 2009 | 1:08 pm Opening Bell: 06.12.09"Thanks For Not Running" (Bloomberg) Lewis Defends Merrill Deal (WSJ) AIG Balks At Claims From Hudson Crash (NYT) BlackRock To Acquire Stake In Barclays Unit (NYT) Paulson & Co. Goes Long Distressed Debt/Mortgage Securities (Bloomberg) Soros: Ban Credit Default Swaps (Guardian)
Sponsored Topics: Barclays Global Investors - BlackRock - Business - Barclays - Bank of America Source: Dealbreaker | 12 Jun 2009 | 1:00 pm Presented By:Source: Dealbreaker | 12 Jun 2009 | 1:00 pm Iceland defies downturn as sales rise 16%Iceland Foods announced record results today as the frozen food specialist defied the recession with sales up 16 per cent. Source: Latest Business News from Times Online | 12 Jun 2009 | 12:57 pm U.S. import prices rise on petroleumWASHINGTON (Reuters) - U.S. import prices rose 1.3 percent in May, the Labor Department said on Friday, but the gain was powered by petroleum prices and underlying import price pressures were more muted.Source: Reuters: Business News | 12 Jun 2009 | 12:52 pm B of A Cuts TARP Giants (BAC, JPM, GS, MS)Bank of America Merrill Lynch (BofA-Merrill), the new name for the brokerage arm of Bank of America Corporation (NYSE: BAC), has come out this morning with a cautious call on brokerage firms and bank holding company giants this morning. It has trimmed estimates on JPMorgan Chase & Co. (NYSE: JPM), and has cut estimates on [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Jun 2009 | 12:49 pm U.S. investors eye toxic debt buys: paper(Reuters) - Bond giant Pacific Investment Management Co, billionaire Gerald J. Ford and a unit of money manager Legg Mason Inc are eyeing ways to buy up banks' toxic loans, the New York Post said.Source: Reuters: Business News | 12 Jun 2009 | 12:46 pm Where's My Carbon Credit, Dude?We took a righteous stab this morning at explaining the basics of how a cap-and-trade program like the one being considered in congress might be used to limit global warming and carbon emissions. Or, say, limit the use of the word dude. Internally, there was much debate here about what movie clip to use. Our producer Jacob Ganz emailed : "Dude, you can totally tax a turtle." Our editor Uri Berliner remembered the Bud Light ads (video above, other ads here and here.) And let me point out, it's not just economists debating whether a carbon tax or a cap-and-trade approach would be better. I just got this press release from the dudes at the National Pork Producer's Council, titled "Cap And Trade Preferable To Carbon Tax." A quote: "We are already losing money today for every pig sold, and any additional costs will simply drive us deeper and more firmly into the hole." For more on the economic debate, here's a report by the Congressional Budget Office which hits the advantages of a tax, and a second analysis that favors cap-and-trade. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 12 Jun 2009 | 12:44 pm West Brom planning to remain independentBuilding society gives itself a fighting chance after using a new financial instrument to make it one of the most secure lenders.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Jun 2009 | 12:15 pm Boeing cuts global plane outlookThe US aircraft maker slashes its global outlook for new plane demand for the first time in a decade amid an industry slowdown.Source: BBC News | Business | World Edition | 12 Jun 2009 | 12:02 pm Lindsey oil row escalates as workers down toolsMore than a thousand workers at the Lindsey oil refinery are refusing to work this morning with hundreds staging a protest outside the plant after learning that a number of contractors would lose their jobs. Source: Latest Business News from Times Online | 12 Jun 2009 | 11:50 am Bad Advertising for McDonald’s
Source: Business Pundit | 12 Jun 2009 | 11:41 am Aer Lingus cuts some US flightsAer Lingus announces it is to suspend flights from Dublin to some of its US destinations over the winter.Source: BBC News | Business | World Edition | 12 Jun 2009 | 11:39 am Top Analyst Upgrades (ARMH, ASML, BSX, CLX, GR, IFX, LAZ, SKS, SNIC, VICL)These are some of the top pre-market analyst upgrades and positive research calls we have seen from Wall Street early this Friday morning with more than two hours until the market opens: ARM Holdings (ARMH) Started as Overweight at Barclays. ASML Holding (ASML) Started as Overweight at Barclays. Boston Scientific (BSX) Started as Outperform at Baird. Clorox (CLX) Raised [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Jun 2009 | 11:31 am Bank of England's Paul Fisher says road to recovery will be bumpyA senior British policymaker said on Friday that economic recovery was on its way but warned that "twists and turns" could lie ahead.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Jun 2009 | 11:29 am Korn/Ferry snaps up Whitehead MannWhitehead Mann, one of the UK’s best known headhunting companies, has been bought by a much larger American rival. Source: Latest Business News from Times Online | 12 Jun 2009 | 11:28 am BlackRock to buy BGI for $13.5bnBlackRock has agreed to pay $13.5bn in cash and shares to buy Barclays Global Investors in a deal that will make the US money manager the biggest in the world with more than $3,000bn in assets under management...Source: RSS feed - channel BNPaperBusiness | 12 Jun 2009 | 11:27 am Top Analyst Downgrades (ABB, AKS, CME, ERIC, HMC, NOK, SKH)These are the top pre-market analyst downgrades and cautious research calls we have seen from Wall Street early this Friday morning with more than two hours until the market opens: ABB (ABB) Started as Reduce at Nomura. AK Steel (AKS) Cut to Neutral at Goldman Sachs. CME (CME) Started as Sell at RBS. Ericsson (ERIC) Cut to Underweight at [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Jun 2009 | 11:27 am Indian factory output up in AprilIndia's industrial output rose unexpectedly in April, figures show, fuelling hopes that a recovery may be in sight.Source: BBC News | Business | World Edition | 12 Jun 2009 | 11:25 am George Soros urges governments to outlaw ''toxic' credit default swapsCredit default swaps are "instruments of destruction" that should be outlawed as the world looks to reregulate the global financial system in the wake of last year's credit crisis the billionaire investor and philanthropist George Soros said on Friday.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Jun 2009 | 11:19 am European stocks slip on eurozone data (AFP)
Source: Yahoo! News: Stock Markets News | 12 Jun 2009 | 11:11 am Eurozone production's record fallIndustrial production in eurozone countries was down a record 21.6% in April from a year ago, figures show.Source: BBC News | Business | World Edition | 12 Jun 2009 | 11:11 am Sweden's Koenigsegg to buy SaabKoenigsegg, the tiny Swedish supercar maker, is poised to buy Saab, General Motors’ (GM) Swedish premium brand. Source: Latest Business News from Times Online | 12 Jun 2009 | 11:04 am Bob Diamond: the moneyspinner at BarclaysBob Diamond the President of Barclays has emerged as one of the big winners from the sale of Barclays Global Investors BGI. The 26m £16m the Americanborn executive will reap burnishes his reputation as one of the City's biggest earners.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Jun 2009 | 11:04 am European stocks fall after grim industrial data (AP)
Source: Yahoo! News: Stock Markets News | 12 Jun 2009 | 11:03 am Tax cuts to aid Kenya broadbandTax cuts and incentives give a boost to Kenyan broadband and mobile phone users ahead of the launch of a fibre optic cable.Source: BBC News | Business | World Edition | 12 Jun 2009 | 11:01 am Setanta white knight is overseas investor with UK interestsSetanta's potential white knight doesn't own a foot ball club or come from Ireland sources said.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Jun 2009 | 10:39 am China output, sales up as stimulus takes effect (AFP)
Source: Yahoo! News: Business | 12 Jun 2009 | 10:33 am Australia dismisses mining spatAustralia dismisses threats of sanctions from China against its two largest mining firms Rio Tinto and BHP Billiton.Source: BBC News | Business | World Edition | 12 Jun 2009 | 10:33 am John Lewis sales suffer in warm weatherTrading at John Lewis continued to suffer in the wake of exceptionally warm weather last week, with sales at Britain’s biggest department store operator down 2.9 per cent in the seven days to June 6. Source: Latest Business News from Times Online | 12 Jun 2009 | 10:26 am At $70 Oil, Major Oil Stocks Still Look Cheap (COP, XOM, CVX, MUR, PBR, PTR, VLO)We keep getting asked a single question from readers and from our own industry and professional contacts: Are Oil Stocks Cheap? There is a very simple answer in today’s markets: Oil stocks look very cheap (if oil is going to stay anywhere near $70.00). Some of these are our top picks and some are [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Jun 2009 | 10:15 am Video Game Sales Still Bleeding, Xbox And PS3 Gain GroundVideo game and game console systems sales plunged in the US in May. According to industry research group NPD, software sales were down 17% to $449 million and sales of players dropped 30% to $303 million compared with the same month last year. While the Nintendo Wii is still the market leader, it is losing [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Jun 2009 | 9:57 am Chancellor says oil price could dampen recovery hopesThe Chancellor today sought to damp down hopes of an early end to the recession, arguing that high oil prices could hold back recovery. Source: Latest Business News from Times Online | 12 Jun 2009 | 9:52 am Blackrock in £8.2bn Barclays dealBarclays is to sell its Global Investors fund management division to money management firm Blackrock for £8.2bn.Source: BBC News | Business | World Edition | 12 Jun 2009 | 9:45 am BlackRock to buy BGI for $13.5bnBlackRock agreed to pay more than $13.5bn in cash and shares to buy Barclays Global Investors in a deal that will make the US money manager the biggest in the worldSource: Financial Times - US homepage | 12 Jun 2009 | 9:41 am One in ten homeowners fall into negative equityOne in ten homeowners fell into negative equity during the first three months of the year, the highest proportion for 15 years, the Bank of England said today. Source: Latest Business News from Times Online | 12 Jun 2009 | 9:38 am BlackRock (BLK) Buys Barclays (BCS) Unit: Money Still Available For Sterling DealsBlackRock (BLK), the top-tier money management firm, showed that large M&A transactions can be closed, even in a tight economy, if the buyer has a sterling reputation and long-term record of significant success. Barclays (BCS) put its investment unit up for sale, and Blackrock bought it for $13.5 billion. The deal is particularly impressive since the last [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Jun 2009 | 9:36 am Miners down as profit takers strikeThe mining sector paid the price for a week of gains on the back of strong oil prices as profit takers made them the biggest losers on a FTSE that didn't move much from its opening. Source: Latest Business News from Times Online | 12 Jun 2009 | 9:34 am Latvia is 'saved from bankruptcy'Latvia's prime minister says that budget cuts implemented in the country have saved it from bankruptcy.Source: BBC News | Business | World Edition | 12 Jun 2009 | 9:30 am Rambus offers to cap royalty ratesRambus, the US chip designer, is offering commitments to license some of its technology at capped royalty rates in an effort to end a long-running and high-profile dispute with European antitrust regulators...Source: RSS feed - channel BNPaperBusiness | 12 Jun 2009 | 9:28 am Asian markets gain on upbeat US, Chinese data (AP)
Source: Yahoo! News: Stock Markets News | 12 Jun 2009 | 9:26 am A Sign Of Bottom In Mortgage Delinquencies?Large credit rating agency Equifax believes that the rate at which mortgage delinquencies have been rising has moderated and may have found a bottom. According to Reuters, “While the year-over-year increase is dramatic, the pace of sequential increases has slowed, said Dann Adams, president of company’s U.S. Information Systems.” Mathematicians will never extrapolate from one point of [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Jun 2009 | 9:17 am The World Bank’s Dark VisionThe seers at the World Bank have broken with most other forecasters and believe that global GDP will contract violently this year and may not recover next year. According to Reuters, World Bank President Robert Zoellick said “I personally believe you might be able to see some aspects of recovery in 2009 and 2010, but from a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 12 Jun 2009 | 9:01 am Buffini to search fresh deals for PermiraDamon Buffini intends to step down as chairman of Permira, one of Europe's biggest and best known private equity groups, to work on its troubled portfolio of companies and to search for fresh deals.The...Source: RSS feed - channel BNPaperBusiness | 12 Jun 2009 | 8:53 am 3i gets 97% backing for rights issuePrivate equity group 3i said 96.5 per cent of shareholders had subscribed to its 732m right issue, easing market doubts about investor appetite for share offerings. The 7 for 9 fully underwritten issue...Source: RSS feed - channel BNPaperBusiness | 12 Jun 2009 | 8:49 am Summer weather fails to lift John LewisShoppers stocking up on sandals for trips to the beach were not enough to prevent sales from falling at John Lewis last week, as consumers continued to steer clear of homeware and electrical goods.Overall...Source: RSS feed - channel BNPaperBusiness | 12 Jun 2009 | 8:24 am London stocks down at the open (AFP)
Source: Yahoo! News: Stock Markets News | 12 Jun 2009 | 8:24 am Australian stocks: Market ends day 15 points higherSYDNEY- The Australian share market has posted its third successive daily rise to a fresh seven-month high, with financial stocks driving gains despite profit-taking in the resources sector. At 1615 AEST, the benchmark S&P/ASX200...Source: New Zealand Herald - Business | 12 Jun 2009 | 7:30 am West Bromwich saved from collapse in rescue dealWest Bromwich Building Society today stepped back from the brink of collapse after announcing a debt-for-equity swap deal with its bondholders. Source: Latest Business News from Times Online | 12 Jun 2009 | 7:20 am Senate approves FDA regulation of tobaccoThe bill, passed in a 79-17 vote, would give the agency control over ingredients in tobacco products and restrict ads. The House is expected to follow.Capping a half-century battle with the tobacco industry, the Senate overwhelmingly approved landmark legislation Thursday that would for the first time give the government far-reaching power to regulate the manufacturing and marketing of cigarettes and other tobacco products.
Source: L.A. Times - Business | 12 Jun 2009 | 7:00 am Mortgage interest rates are upHOUSINGSource: RSS feed - channel BNPaperBusiness | 12 Jun 2009 | 7:00 am BlackRock to buy Barclays Global InvestorsThe deal would include Barclays' iShares unit and create the world's biggest asset manager. Money management giant...Source: RSS feed - channel BNPaperBusiness | 12 Jun 2009 | 7:00 am Video game industry takes a sales hit in MayPurchases of consoles fall 30% from a year earlier, to $302.5 million. Game sales drop 17%.Consumers, daunted by the recession, hit the pause button on buying video games in May.
Source: L.A. Times - Business | 12 Jun 2009 | 7:00 am Major Hollywood prop shop to close20th Century Props supplied furniture used in 'Transformers,' 'The Golden Girls' and 'Titanic.' Feature film production in Los Angeles has fallen to its lowest level in more than a decade. ...Source: RSS feed - channel BNPaperBusiness | 12 Jun 2009 | 7:00 am BofA chief gets a rebuke while its stock gets a rewardCongress pummels CEO Kenneth Lewis over his decision to buy Merrill Lynch, but the bank's shares soar 8.3% after analysts boost their ratings.Thursday wasn't a total loss for Bank of America Corp. Chief Executive Kenneth Lewis. He got pummeled on Capitol Hill, but the company's stock enjoyed its biggest rally in nearly a month thanks to some bullish words from Wall Street.
Source: L.A. Times - Business | 12 Jun 2009 | 7:00 am Major Hollywood prop shop to close20th Century Props supplied furniture used in 'Transformers,' 'The Golden Girls' and 'Titanic.' Feature film production in Los Angeles has fallen to its lowest level in more than a decade.One of Hollywood's largest prop shops is closing, the latest sign that the falloff in local film and TV production is taking its toll on small businesses that serve the entertainment industry.
Source: L.A. Times - Business | 12 Jun 2009 | 7:00 am Terranea Resort opens atop ocean bluffs in Rancho Palos VerdesThe $480-million luxury hotel and spa, meant to compete with California's most upscale coastal inns, opens as resorts are taking a financial thrashing.More than 20 years after tourist destination Marineland of the Pacific shipped off its whales and closed its gates, a noticeably more refined attraction is about to open atop the same ocean bluffs in Rancho Palos Verdes.
Source: L.A. Times - Business | 12 Jun 2009 | 7:00 am Bank of America CEO denies government coercion in Merrill Lynch takeoverKenneth Lewis tells a House panel the pressure he received was but one of the influences in his decision to go ahead with the deal despite learning of huge new losses at the brokerage.Bank of America Corp. Chief Executive Kenneth Lewis told members of Congress on Thursday that he was not coerced by the government into going ahead with the acquisition of Merrill Lynch & Co. late last year after he learned of huge new losses at the brokerage giant.
Source: L.A. Times - Business | 12 Jun 2009 | 7:00 am Broadcom founder Henry Nicholas' ex-wife loses attempt to limit his control of fortuneA judge rules that probate court is not the proper venue for Stacey Nicholas to seek to have her former husband removed as co-trustee of the family's trust, worth an estimated $600 million.The former wife of beleaguered Broadcom Corp. co-founder Henry T. Nicholas III has lost an attempt to limit his control of the family's fortune.
Source: L.A. Times - Business | 12 Jun 2009 | 7:00 am Retail sales rise 0.5% in MayThe increase is the first in three months as consumers seek bargains on cars. Also, inventories at businesses fall in April. ...Source: RSS feed - channel BNPaperBusiness | 12 Jun 2009 | 7:00 am Mercedes-Benz E250 CDI: Fantastic but for one flawSeveral years ago, while on assignment for a magazine, I participated in an experiment with Mercedes-Benz that involved my being wired up like a lab monkey and driving across the Austrian Alps in an E500, some 10 hours of hellbent berggeblitzen (not officially a German word). These biometric readings were later plotted against the car's telemetry in an effort to measure the effects of fatigue on my driving. Given my superhuman talents and composure behind the wheel, naturally, the effects were negligible.
Source: L.A. Times - Business | 12 Jun 2009 | 7:00 am Lewis grilled over Merrill dealKen Lewis, chief executive of Bank of America, is challenged by a congressman about his assertion that Merrill Lynch's problems became a cause for concern only in mid-DecemberSource: Financial Times - US homepage | 12 Jun 2009 | 6:59 am NZ Stocks: Market mixed in moderate tradeThe sharemarket was mixed in moderate trading at the end of a week blighted by rises in both the New Zealand dollar and interest rates. The benchmark NZSX-50 index rose 13.282 points, or 0.475 per cent to 2809.825. Turnover was...Source: New Zealand Herald - Business | 12 Jun 2009 | 6:28 am Currency: Dollar consolidates over US64cThe New Zealand dollar traded in a relatively narrow range in its domestic session today. The currency climbed to its highest level in more than a week on Thursday night as the United States currency fell broadly, and in reaction...Source: New Zealand Herald - Business | 12 Jun 2009 | 5:45 am Smooth digital TV transition is expectedThanks to the four-month conversion delay and extra outreach efforts, today's digital TV switch should be a non-event for most viewers, federal officials, broadcasters and experts say.Federal officials and broadcasters are hoping that today's switch to all-digital broadcast television for stations in Los Angeles and around the country will run as smoothly as a scripted sitcom and not turn into the ultimate reality-TV mess.
Source: L.A. Times - Business | 12 Jun 2009 | 4:13 am Major Indexes Aimed for Flat Start (Market Update)News at a Glance
The LowdownWall Street is idling in the run-up to the last session of a volatile week. Stocks looked to open fairly flat Friday, as traders awaited the latest reading of the Consumer Sentiment Index. Shortly before 8 a.m., Dow, Nasdaq and S&P 500 futures were traded right around fair value. The June reading of the Consumer Sentiment Index is scheduled to be released just before 10 a.m. Economists are predicting an improvement in consumer mood, which would seem to follow logically as retail sales have made a comeback and the housing sector has shown signs of at least nearing a bottom. In finance, several firms will kick off the process of repaying loans taken out as part of the government's Troubled Asset Relief Program as soon as next Wednesday, The Wall Street Journal reported, citing anonymous sources. The banks are said to include JPMorgan Chase (JPM), Morgan Stanley (MS) and American Express (AXP). In Washington, the Federal Reserve is likely to slow its purchase of bonds in the near-term, as some Fed officials have grown uneasy about the potential inflationary affects of continuing to expand the bank's portfolio. World markets were mixed. In Asia, Japan's Nikkei picked up 1.6%, while Hong Kong's Hang Seng climbed 0.5%. In Europe, the U.K.'s FTSE dipped 0.5% in afternoon trading. On the Nymex, oil prices took a step back after a long rally. By 7:42 a.m., crude traded down $1.44 at $71.24 a barrel. Corporate News
The Economy
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Source: SmartMoney.com | 12 Jun 2009 | 4:00 am 3 Companies With Fast, Organic Growth (Screens)Activision-Blizzard (ATVI) and Thomson-Reuters (TRIN) posted huge sales increases last year, but only because of the mergers reflected in their hyphenated names. When one company buys another, it simply lumps the new sales in with its own for reporting purposes. Since no new business is created, the stock price is often unaffected by the “growth.” Organic growth is different. When a company’s sales surge, not because of a merger, but because of heated demand for its products and services, its stock price can march higher. Whether it does depends on how expensive the stock is to start, and whether the growth is faster or slower than investors are counting on. Rosetta Stone (RST), which makes language course software, reported May 11 after the market’s close that first-quarter sales had shot 41% higher than a year earlier. But investors clearly wanted more: Over the next two days, the stock lost 25%. In their most recent quarters, Netflix (NFLX), Green Mountain Coffee Roasters (GMCR) and SalesForce.com (CRM) grew sales by 21%, 60% and 23%, respectively. But you’ll pay dearly for a piece of that growth. Shares of the movie-rental outfit sell for 26 times this year’s earnings forecast, the office coffee specialist is 61 times earnings and the business-software firm is 69 times earnings. The broad market, for comparison, is 17 times forecast 2009 earnings. I recently went hunting for companies producing fast, organic sales growth, and which also have reasonable price/earnings ratios. Fluor (FLR) builds oil refineries, power plants and other complex structures. With financing tight, project cancellations earlier this year, including a $2.1 billion Kuwait refinery, rattled investors, but shares have now rallied 47% in three months. On May 11 the company announced first-quarter sales increased 21% and earnings jumped 50%. New project awards were about as strong as a year ago. Shares still seem reasonable priced at 14 times earnings. The company enjoys a giant cash surplus but pays only a meager dividend, yielding less than 1%. Unemployment hurts plenty of businesses, but not for-profit schools, which suddenly find themselves with a rush of jobless applicants. The trouble is, the trend isn’t lost on investors, and the likes of DeVry (DV) and Strayer (STRA) go for 20 and 28 times earnings, respectively. ITT Educational Services (ESI), which operates more than 100 technical schools in 37 states, sells for 13 times earnings and is growing fiercely. In its first quarter, student enrollment increased 37%, sales swelled 23% and earnings rose 47%. Finally, Buffalo Wild Wings (BWLD) managed to produce a saucy 35% sales gain in its first quarter, including a 6.4% improvement at longstanding stores. The latter figure would have been 2.5 percentage points higher if not for a shift of Easter into April this year, management figures. Shares are almost 20 times earnings, which is a bit pricier than what I set out to find. But if Wall Street’s growth projections are to be believed, the stock might be worth paying up for. Earnings are expected to climb 24% this year and 22% next year.
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According to the American Camp Association (ACA), there are currently about 7,000 overnight “sleepaway” programs to choose from in the U.S. And the number of day camps, where kids return home each evening, has increased 90 percent since the 1980s, to roughly 5,000 today—in large part because they’re now offering extended day sessions to meet parents’ needs and are accepting younger children. But picking the right camp for your kid can be daunting: Of the 12,000 or so options, only about 2,400 have ACA accreditation, a voluntary process in which the camp meets more than 300 different standards. (Visit the organization’s website, www .acacamps.org, for its “Find a Camp” database of accredited programs.)
While other, nonaccredited camps may be perfectly legitimate options, you’ll need to do a little more homework to be sure. First, check out the Web directory KidsCamps.com, where you can search a database of camps based on geography and interests. To get a better feel for how a camp operates, call its director and ask about staff screening procedures—whether the camp does background checks—and its staff return rates (anything over 50 percent is good). Then ask about the staff-to-camper ratio: Look for 1-to-4 for very young kids and 1-to-8 for older campers. And make sure the camp has a state permit or license that requires it to meet minimum safety requirements. Most important, get references from a prospective camp. “Ask for people in your hometown,” advises Christopher Thurber, a New Hampshire psychologist and coauthor of The Summer Camp Handbook. “That means they can’t handpick the people you talk to.”
Camp advisory services, which advertise online or in the yellow pages, can help streamline the process of choosing a camp by doing the legwork for you. They tend to be long-standing momand- pop operations, and they’re free. Jill Tipograph, founder and director of Everything Summer, says she keeps records on more than 2,000 camps and teen programs around the world. “Parents don’t know if these programs are safe or what their reputation is,” Tipograph says. “They prefer to work with programs we have been sending children to.”
These companies have to make money somehow, however, and guess who pays? The camps. That’s not to imply that all advisers recommend only camps that pay them. Tipograph, for one, says she has referred parents to nonclient programs. You should ask advisers how they charge: If they’re paid a set fee, regardless of how many referrals a camp gets, that’s good. If they’re paid based on how many kids they refer, that’s less reassuring. When you contact a camp, ask about its relationship with the adviser who sent you, just to double-check.
In an effort to attract business, some camps can be notorious about flipflopping on their supposed “philosophies,” says one East Coast camp official. “I’ve called up camp X and said, ‘My kid is Jewish. How religious are you? [Because] my kid hates services.’ And they say, ‘Oh, he’ll be perfect here.’ And then we call again and say, ‘How religious is the camp? My kid is very religious,’ and they say the same thing.”
Specialty camps, a fast-growing area, can be big culprits. Naoko Halloran realized she’d made a mistake in choosing the art day camp her then nearly fiveyear- old son went to in Maui. “He was the youngest one there and found the day too long,” she says. While her son came home with some “amazing” oil paintings, Halloran says he felt lost “hanging out with 10-year-olds.”
To avoid such misunderstandings, be honest in evaluating your child’s personality, and be sure to check the referrals a camp provides. Ask, “How would you describe the typical kid at this camp?” According to Stacy DeBroff, author of Sign Me Up! The Parents’ Complete Guide to Sports, Activities, Music Lessons, Dance Classes, and Other Extracurriculars, “Matching the culture of the camp to the personality of your child is the formula for success, period.”
Camp registration rates have been growing steadily for years: In 2005 a record 10 million children attended day or resident camp, according to the American Camp Association. As a result, it’s become increasingly difficult to get your kid into his camp of choice. “The entire period of time for signing up has shifted dramatically,” says Laurel Barrie, who owns camp advisory company the Camp Connection. Some camps fill up as early as August of the previous summer.
Philip Margolis, of Glastonbury, Conn., found that out the hard way a few years ago, when he and his wife decided to send their then eight-year-old son, Jacob, to an overnight camp affiliated with their temple. They registered one or two weeks before the camp’s March 1 deadline, but their son’s age-group was already full. “Jacob’s enthusiasm after hearing the camp’s presentation [less than two months earlier] made our first decision easy,” he says. “When he didn’t get in, we had to go back to the drawing board.”
Still, if you get stuck registering close to a deadline, don’t panic. “There are plenty of camps available,” says Nancy LaPook Diamond, president of KidsCamps.com, “but act quickly.” For best results, start researching camps by January 1 and make appointments to visit camps in early April, advises Barrie, before the more common deadline of late May. But what to do if your first-choice camp is already full? Ask that camp’s director what other programs he or she recommends; then, if need be, get on wait lists at your preferred camps. Registered kids often change their minds about attending.
The most popular alternatives to traditional camps these days are sports specialty camps. But for kids who don’t have NBA or Olympic dreams—and abilities to match—many may be too hard-core. Several summers ago Dayna Bergman, a stay-at-home mom in Bucks County, Pa., was a chaperone at the cheerleading camp her then 11-year-old daughter’s school squad attended. It turned out that the camp, chosen by the school coaches, was geared toward high school girls who were serious athletes. “They were getting up at 7 a.m. and working out until they couldn’t walk,” Bergman says. “The kids weren’t very happy.”
Before registering your child at a sports camp, ask the director to describe a typical day and the level of competition. “Say, ‘If my child is tired at 4 o’clock because he’s been playing lacrosse for five hours, can he sit down?’” suggests Rick Echlov, former summer programs director for Babson College in Wellesley, Mass., which runs 17 camp sessions of one to three weeks for soccer, basketball, baseball, and other sports. “The answer might be, ‘No, he’ll be in the middle of a game.’” Also, ask who’s going to be coaching your kids. Many sports camps feature a former college or pro athlete or a big-name coach. Stars attract a huge enrollment, which means your kid may get little face time with a featured athlete. Make sure that whoever works with your kid most of the time is more than an enthusiastic counselor and is a coach with solid experience and training.
The basic cost of camp can range from reasonable to resortlike. Tuition at an accredited day camp ranges from $100 to $300 per week, according to the ACA, and overnight camps run about $597 per week. The median rate for overnight camps in New England is the highest, costing $780 per week.
But more often than not, costs don’t end at tuition. Stacy DeBroff thought the $6,000 she paid to send her then nineyear- old son to a seven-week overnight camp would include everything, so she was shocked, to say the least, when she received a catalog of required clothing—including camp-logo T-shirts, sweatshirts, mesh shorts, and sports jerseys. “The required uniform included 17 things!” she says. “It added about $300.” Another unexpected extra: a $30 fee to have the camp print out the e-mails she sent her son.
KidsCamps.com’s Diamond advises parents to ask about extra fees before booking. Activities and extras often not included under tuition, she says, are swimming lessons, horseback riding, transportation, uniforms, and even food.
Struggling to afford camp for your kids this summer? Try asking for a discount. In a recent survey by the ACA, 49 percent of accredited camps reported offering campers some level of financial assistance. Called “camperships” in the industry, discounts often depend on income; some camps provide partial camperships because of a family medical crisis or if a parent is in the military. Ask about these as soon as you begin contacting camps.
Even if you don’t qualify for aid, many camps offer discounts of 5 to 10 percent for early registration, full-season enrollment, or enrollment of multiple family members. Marci Rose, an artist and mother of three in Churchville, Pa., saved $300 off a $6,800 tab by signing her daughter up for camp on visiting day during the previous summer. Because her other daughter was attending, too, Rose got an additional $400 “sibling” discount.
Poison ivy rashes, head lice, and sore throats are staples of camp infirmaries. Make sure your kid’s camp is equipped to handle such basics. The American Academy of Pediatrics recommends that overnight camps with more than 50 kids have an onsite registered nurse with access to a supervising M.D.
But whenever groups of kids get together, more serious ailments can become an issue. When Nancy Springer sent her then 14-year-old son, Nick, to an overnight camp in Massachusetts, he contracted meningococcal meningitis after sharing a water bottle with campmates, including one who was an uninfected carrier. “We sent a healthy child away to summer camp,” Springer says. “Two weeks later he was on life support.” In a move that probably saved the boy’s life, the camp’s doctor recognized the purple rash, started Nick on an IV of the right antibiotic, and called an ambulance. Other campers haven’t been so fortunate: In 2002, a 12-year-old Oklahoma girl who was diagnosed with bacterial meningitis after attending a Girl Scout camp in Joplin, Mo., died.
While cases of meningitis are rare, the conditions at camps—sharing close living quarters as well as food, water bottles, utensils, and even lip balm—put kids at greater risk for the disease. What can parents do? Tell your child not to share such personal items, and consider having him vaccinated. Menactra, manufactured by Sanofi Pasteur, protects against four of the most common strains of meningitis. For more information, visit the National Meningitis Association’s website at www.nmaus.org.
When one New York mom received a phone call from her daughter’s camp director saying they had a serious disciplinary problem, she was shocked—until she heard what the problem was. “She got in trouble for writing her name in toothpaste on the bathroom mirror, which I didn’t think was such a terrible thing to do,” the mom says. The camp disagreed, considering it harming public property. “She was really demonized by the authority figures,” the mom continues. “She was docked from evening activities and had it marked on her camp records. She was in tears.”
Rule breakers—no matter how silly the infractions may seem to parents—are often sent home, so make sure you know the rules ahead of time and that you feel comfortable with the repercussions. What happens, for instance, if your kid raids the girls’ cabin or gets caught using a cell phone? If the offense is bad enough for him to be sent home—hazing and drinking are two obvious ousters—parents can get punished too, at least financially. “If you bring certain things to our camp,” like fireworks, says David Phillips, president of Maryland’s Capital Camps & Retreat Center, “you’re going home, and you’re not getting your money back.”
A whopping 95 percent of kids who go to overnight camp feel some degree of homesickness, says New Hampshire psychologist Christopher Thurber. But chances are you won’t hear about that from directors. “Camps want to help kids adjust,” he says, “but they’re hesitant to bring [homesickness] up, because that doesn’t sell slots.”
Thurber recommends that families prepare for separation by having the child practice spending time away—at a sleepover, say—and honing coping skills. But also ask your prospective camps about parent-child communication policies before booking. Most resident camps allow few or no phone calls, “and that’s a good thing,” Thurber says. In case it’s needed, make sure the camp provides counseling you approve of should your kid end up with more than just a day or so of the blues. “Some camps provide [staffers with] specialized training in homesickness and adjustment, but others don’t,” Thurber says. Specifically, counselors should be able to recognize signs of distress and be trained in talking to kids about homesickness. Just don’t expect them to offer any consoling hugs. Fearing accusations of inappropriate behavior, Thurber says, “many camps are training their staff not to hug kids. Some think the only acceptable touch is a pat on the shoulder or a high five.”
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Television stations across the nation are switching their broadcast signals from analog to digital Friday, giving bargain hunters a great excuse to take advantage of deals on flat screens and other TVs.
Whether you're prepared for the digital conversion (cable and satellite subscribers, don't have to do a thing) or not (those still using rabbit ears either need a new TV or a conversion box), now's a good time to buy. Plenty of manufacturers and retailers are using the event to clear TVs off their shelves by offering price breaks of 30% or more, says David Berman, spokesman for the Home Theater Specialists of America, an industry group.
“Father’s Day is always a pop in sales, and this year it’s strengthened by the digital transition,” says Shawn Schwegman, marketing director for web retailer AllAmericanDirect.com.
Another reason to act now: The deals being offered may be the best ones television shoppers will see in 2009, says Paul Gagnon, director of research for DisplaySearch.com, an electronics consulting group. Prices for the raw materials used to make televisions have increased in recent months, which could mean fewer or less-generous promotions during the second half of the year, he says.
Some of the best deals are showing up on 42-inch displays. “That’s a sweet spot for pricing,” says Berman. At that size, you'll find both LCDs and plasmas (go larger or smaller, and it's one or the other), which has led to more price competition among manufacturers.
Another deal trend: Blu-ray bundles. “Manufacturers are trying to get people to accept the new technology,” says David Wexler, co-owner of Little Guys Home Electronics in Chicago. LG, for example, is currently offering a free Blu-ray player (regularly $300) with purchase of its 47-inch 1080p LCD ($1,400) television.
Here’s where some of the best deals can be had:
Retailer Sample Deal Savings
AllAmericanDirect.com On a 46-inch Sharp 1080p LCD, pay $1,300 instead of the regular retail price of $2,200. Sale ends June 22. You’ll save 41%.
Amazon.com Pay $1,829 for a 46-inch Mitsubishi 1080p LCD (regularly $2,499). Plus, get free shipping. (No sale end date specified.) You’ll save 27%.
Best Buy Best Buy's web site is offering a 52-inch Sony Bravia XBR9 1080p LCD for $2,675, including delivery and hookup. You’ll save $725, or 21%, off the regular $3,400 price tag. Sale ends June 13. You’ll save 21%.
Newegg.com During the site’s Father’s Day sale, get free shipping as well as discounts on select models. On a 58-inch Samsung 1080p plasma, pay $1,900 instead of the regular retail price of $4,000. (No sale end date specified.) You’ll save 52%.
Sears During Sears’ “Dad Sale” (ends June 13), save $300 on a 42-inch Panasonic 720p plasma which is on sale for $600. The set regularly sells for $900. You’ll save 33%.
Target Save $100 on a 47-inch Philips 1080p LCD (regularly $1,100; now $1,000) and get free shipping. Sale ends June 13. You’ll save 9%.
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Investors who missed the remarkable 40% market rally since early March might think they've been priced out of the action -- that there are no more bargains to be had. Indeed, the forward price/earnings multiple of the S&P 500 has shot up nearly 24% since March to 16 from just 13. And, alas, it's not difficult to find market watchers who say U.S. equities are overpriced.
Fortunately this hasn't been an equal-opportunity rally, market professionals say, leaving some marquee names trading at compelling valuations. "From the March bottom, in every single sector, lower quality is outperforming higher quality," says Hank Smith, chief investment officer of equity at Haverford Investments in Haverford, Penn.
That's typical market behavior when it is anticipating a recovery, Smith says, leaving lots of big names out there for the taking on the cheap. "There are tremendous bargains in high-quality, blue-chip growth companies," he says. "Investors have an opportunity to get great companies in which they can be confident of being long-term shareholders."
SmartMoney spoke with the pros to suss out opportunities among some of biggest and best-known names around. From technology to consumer staples to financials, here, then, is a look at five blue-chip bargains for the next three to five years.
Bandwidth, Bandwidth, Bandwidth
52-Week High: $26.70
52-Week Low: $13.61
Forward P/E: 16
At first the Internet was all about moving data. Then came voice. Now comes the truly bandwidth-intensive feat of delivering video around the globe. That spells good things for Cisco (CSCO), a newly minted component of the Dow Jones Industrial Average. As the world's largest maker of switches, routers and networking equipment, Cisco provides the backbone of the Internet, says Andy Goodwin, portfolio manager at Aston/Optimum Large Cap Opportunity fund (AOLCX). "The migration to video is a global event and it provides double-digit growth opportunities for Cisco," he says. "When the economy recovers we think these guys will be back to a 15% earnings growth rate. It's not a dirt-cheap value stock but it is a fairly priced growth stock."
Grabbing Share in Emerging Markets
52-Week High: $49.51
52-Week Low: $29.12
Forward P/E: 14
As the world's largest food company, Nestle's (NSRGY) brands range from Poland Spring water to Stouffer's frozen meals to Fancy Feast cat food. "They claim the No. 1 or No. 2 spot in almost every field in which they compete," says Steven Roge, portfolio manager at the Roge Partners fund (ROGEX). "And they've made a very strong push into emerging markets like Latin America, India and China." That's allowed the company to grab market share at a very rapid pace and convert customers for "what's probably going to be for life," Roge says. Back out certain assets and you're getting a "world-class company" for 12 times earnings, says Roge. And don't be scared off by the fact that Nestle trades on the Pink Sheets -- the ADR is plenty liquid, Roge says.
Growth and Dividends in Good Times and Bad
52-Week High: $73.57
52-Week Low: $43.93
Forward P/E: 14
Dow component Procter & Gamble (PG) isn't just the nation's biggest consumer products company; it has a 50-year history of raising its annual dividend. Throw in a "tremendous" management team (even as A.G. Lafley cedes the CEO role but stays as chairman), a strong balance sheet, "and the confidence that they are growing both earnings and dividends at the same time," and you've got to like this blue chip, says Smith of Haverford Investments. Furthermore, once it becomes clear that the next economic expansion is going to be subpar by historical standards, the market is going to come back to high-quality "Steady Eddies" like P&G, Smith says. "It is hard to see much downside risk if an investor has a three- to five-year time frame."
Best in Breed
52-Week High: $190.04
52-Week Low: $47.41
Forward P/E: 11
As one of the last independent Wall Street investment banks/broker-dealers, Goldman Sachs (GS) looks to be able to take advantage of the vastly different financial landscape, says Aston/Optimum's Goodwin. Not only is there less competition, but Goldman should be able to lure top talent away from the likes of Bear Stearns and Merrill Lynch now that they are but parts of banking giants JPMorgan Chase (JPM) and Bank of America (BAC), respectively. "They are the lead horse with a competitive advantage at attracting the best people," Goodwin says. Goldman should have a cyclical snap-back from an improving economy, at which point it should generate a double-digit long-term growth rate, says Goodwin. "And for all of that you can buy the company at 11 times earnings."
Once and Future Blue Chip
52-Week High: $6.75
52-Week Low: $1.01
Forward P/E: N/A
Now that bankrupt General Motors is majority owned by the federal government and Fiat was essentially stuffed with money to keep Chrysler alive, Ford (F) has garnered a reputation of being an "underdog, a fighter and a winner," says Bernie McGinn, chief investment officer of McGinn, McKean & O’Neill in Alexandria, Va. Not only does Ford have a stress-tested chief executive in Alan Mulally (he flew Boeing (BA) through the turbulence following Sept. 11), but the company was wise enough to borrow all the money it needs right before the credit markets seized up last fall. "Ford could pull back, but not past $5," McGinn says, "and in the short term it could easily double from here. In a couple years I can make the case that it will go to the low $20s."
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This interview with Kenneth Feinberg is worth a listen. Feinberg was just put in charge of overseeing pay for executives at some of the financial firms that got bailout money. He says he "recoils" when he reads his job described as executive compensation czar. (The proper title is "special master for executive pay compensation.")
Feinberg is building a resume of difficult jobs. Previously he oversaw payouts for 9-11 victims.
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$$$ The Macklowe Selloff: What Happened to Harry's Buildings [NYO]
$$$ Zipcar: no immediate plans to go public. [The Deal]
$$$ I want to take the time to acknowledge the work of guest @ 1:24PM. That was perfection-- funny, historical, relevant to the birthday. This is what I'm talking about. A level of commenting you should all be reaching for.
$$$ How the recession is affecting Hollywood [Glamour]
The demand for risk must really be back. Citigroup was able to sell $1 billion in notes today without the FDIC guarantee. A nice victory for Team Vik.
Citigroup Sells $1 Billion of Notes Without U.S. Guarantee [Bloomberg]
We couldn't agree more! Compensation Cop is much better. Or, if you're looking for something more palatable, Dispenser of the Sticky Fifties. (Also: do you not love the 'tude he took with Bartiromo?)
Hedge Fund Alert reports that Citadel has begun pitching a long/short equities vehicle to be launched next month. Here are the deets:
* 2.5% management fee
* 25% performance fee
* monthly liquidity
* no lock-up
* If the fund falls below the high watermark, "it will still charge a performance fee, albeit at a reduced rate of 12.5 percent," which will remain in effect until it has earned back 250 percent of the drawdown. (Kensington and Wellington do not charge performance fees if assets drop below the HWM, which sometimes happens.)
Earlier today we obtained a copy of the fund's marketing materials. We've determined them to be phony, but will pass them on at this time, as they seem to speak a bit of truth.
Seen in Lexington, Ky. Joe
Joe writes:
It has been so long since I've seen a sign like this that I actually stopped and took a photo.
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The rhetoric around the US Dollar losing its status as the world's premiere reserve currency is getting heated once again. Dr. Doom started to go down that path today and China and Russia added their two cents as well. But it should say something when Roubini will only tread lightly in these waters.
"We may see complementary reserve currencies," Roubini said at a conference today in Athens. While it's "not going to happen overnight," the development "will diminish the role of the dollar over time."
And China and Russia are banking on a currency that doesn't even exist.
If you took out a mortgage in 2007, there's an over 20 percent chance you'll default on it.
At least that's according to the number-crunchers at the the Federal Housing Administration. Their data comes from the Mutual Mortgage Insurance Fund -- the FHA fund that insures mortgages on homes for one to four families. Their report shows the percentage of mortgages that have defaulted over their loan lifetime, and how they expect the default rate to continue in the future, based on the year they were taken out.
(Thanks to Twitter pal @ananelson for the nudge.)
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Yesterday, I met three strangers for lunch. It was part of my local Chamber of Commerce’s “Connect 4 Lunch” program, which sets up four small business owners in non-competing industries for networking lunches. The idea is to meet people you otherwise wouldn’t run across, share tips, and send referrals.
I ended up with a lawyer, a costume maker, and an insurance agent. We went around the table and introduced our businesses. It was a classic elevator pitch scenario.
I thought my pitch would be easy: I’m a blogger, web content specialist, copywriter, and magazine article writer. Easy enough, right?
Unfortunately, when my turn came, I froze. To my own dismay, I blurted out: “I’m kind of a generalist, and it’s hard to explain my niche, so let me start at the very beginning…” I proceeded to ramble off half my life story, slowly losing my audience as I went.
So much for succinct. A good elevator pitch requires practice. And I hadn’t prepared at all.
The costume designer drove this point home when she asked: “What’s a blog?”
I reviewed the situation to see what I could have done better. I came up with three questions to ask before my next networking event. I hope they help you, too:
Who’s Your Audience?
Before I went to lunch, I knew that my audience weren’t fellow media industry folk. That meant that terms like blogging, content production, and even copywriting might not trigger instant recognition. So I would want to explain my business in a little more detail.
Before: “Now I blog, and also write content for people, with a broad range of topics.”
After: “I mainly work on the Internet. There, I write a blog. Are you familiar with blogs?” (Pause. If not, explain.) “I also write the content in websites for large and small businesses. That would include a description of services or products, staff biographies, press releases, event calendars, special emails, and anything else a person would want on their particular website.”
That second sentence would need rehearsing, because I tend not to speak in specific terms like that off the cuff. That’s why preparation is so important–because it takes time for certain descriptions to feel natural.
What’s the Purpose of Your Elevator Pitch?
The best-case scenario for my Connect 4 lunch would be a referral or two. Targeting my pitch to my audience would help me gain those referrals.
In order to do that, I have to think about what my peers—a lawyer, a costume designer, and an insurance agent—had in common.
The answer: Not much, but they were all small business owners. Why would small business owners be interested in my writing? Because they have a website they want written or updated. Perhaps they’re starting a marketing campaign involving email, letters, or flyers. Maybe they want to start a blog of their own–I could consult them on that.
I had at least three opportunities sitting in front of me. If I had listed those opportunities and prepped my pitch around them, I could have of clarified how I could help each business owner out.
For example, I could have added that “I have helped many small business owners write websites, emails for their clients, press releases, and marketing materials like flyers and brochures. I take a careful look at what they need, then I customize my writing to represent their businesses so that people want to know more.”
What’s the Most Fulfilling Part of Your Job?
Everyone at the table (yours truly excempted) expressed an emotional underpinning that made their work special or fulfilling. For example, the insurance agent said that the most fulfilling part of her work was helping young people buy life insurance.
“That’s unusual,” I remarked. “Don’t young people keep stuff like that off their radars until they have kids?”
She nodded. “That’s what a lot of young people think. But the truth is that buying life insurance when you’re young costs less. If you get sick later, life insurance can get really expensive, or you can’t get it at all.” She explained the other benefits of buying life insurance young. She said she felt fulfilled when she helped young people secure their futures.
By explaining where her passion lay, the agent also educated me. Every time I think of insurance, I visualize warrens of bespectacled actuaries calculating life expectancies in dank basements. Listening to the agent, I started to see insurance as a protector, a financial guardian, a sorely-needed check during hard times. Insurance could actually lead to fulfillment.
I didn’t run out and buy life insurance. But the agent, by sharing her passion, had planted a seed. She made life insurance more friendly. When I do buy it, I might just turn to her.
Next time, I’m going to review what I find most fulfilling about my own line of work. After verbalizing it a few times in private, I’ll be prepared to share my passion with other people, planting my own seeds.
*
I have another Connect 4 Lunch meeting next Tuesday. The next set of strangers will hear my business pitch, not my life story. I’m committed, no matter how much practice it takes. Onward, elevator pitch!
Lara Sirois heard our story about homeowners struggling to navigate their way through the federal Making Home Affordable program. She adds her name to the list of frustrated homeowners seeking help, and asks this question:
My husband and I found a loophole in this program (not the good kind): he's been laid off since last November. I got laid off in February but have had short-term contract work that's ending this week. We'll both be on unemployment and so are not eligible as Citibank does not consider unemployment benefits to be reliable income. If one of us were working -- and making less than we do on unemployment -- then we'd be eligible. Both of us out of work and needing help more than ever? Not eligible. We're not sure how this is supposed to be helpful. Isn't it better if we try to be proactive and get help BEFORE we're in dire straits?
I ran this by the Treasury Department point person on the Making Home Affordable program. She says unemployment IS counted as income under the plan:
As of now, unemployment must continue for nine months to be counted, but we are consistently reviewing requirements. People on unemployment are eligible, and people on unemployment have gotten loan modifications.
There are a number of different parameters for eligibility (can be found on MHA website), so I can't comment on why this couple in particular is having difficulty. The administration is committed to keeping families in their homes and we are exploring ways to reach as many in need of assistance as possible.
Julia Gordon, of the Center for Responsible Lending, says it may be true that Lara officially qualifies -- but that doesn't mean her lender will choose to refinance her loan (not news to Lara). Lenders are looking for strong likelihood that Lara has/will soon have a stable income. Many people on unemployment have no way of showing that.
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For your lunchtime diversion, check out this great bankruptcy graphic from the folks over at Good. The size of the boats represent each company's pre-bankruptcy assets in billions. (Thanks to Amanda for the link.)
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A group of academics are on the lookout for protectionism. The group led by the Centre for Economic Policy Research have started a new website, Global Trade Alert to provide "information in real time on state measures taken during the current global economic downturn that are likely to affect foreign commerce."
Right now the website is tracking two U.S. measures that may affect trading relations with Canada -- the Water Quality Improvement Act of 2009 and new EPA procedures on the construction or maintenance of water infrastructure.
BONUS: The World Trade Organization tracks similar data on their site.
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AFP - A strong performance by the banking sector helped the leading share index close in positive territory on Thursday.
On Saturday, an organization of Canada's mayors issued a resolution that would block U.S. bidders from municipal contracts. The resolution will take effect after 120 days unless the U.S. exempts Canada from the "Buy American" clauses in the American economic stimulus package.
Of all the countries that have problems with the "Buy American" limits on foreign suppliers, Canada has the most to lose. About $1.5 billion in goods move across the Canadian/U.S. border a day, and the U.S. buys 76 percent of Canada's exports. Much of that trade consists of three things Canada has a lot of: oil, water and lumber. The trade restrictions left Canadians a bit perplexed.
Canadian Industry Minister Tony Clement met with American politicians last month to warn them of a "Don't Buy American" backlash, but it looks like it's on the way.
"Don't Buy American" D-Day is coming, if this dispute isn't resolved. Mark it on your calendars: Oct. 5, 2009.
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Amherst Holdings, a small Austin-based brokerage house, executed a CDS trade that ended up losing big banks, including JP Morgan Chase and Bank of America, tens of millions of dollars. Now, the big banks are trying to cry foul. The Wall Street Journal has the story:
Believing the securities would become worthless, traders at J.P. Morgan bought credit-default swaps over the past year from Amherst, according to people familiar with the matter. Credit-default swaps act like insurance, paying off the buyer if securities are hit by losses. Other banks including RBS Securities, which is the U.S. investment-banking arm of Royal Bank of Scotland, and BofA also bought swaps on the securities from different trading partners.
The banks had to pay up for the protection, similar to a person buying insurance on a beach house just before a hurricane. They paid as much as 80 to 90 cents for every dollar of insurance, the going rate last fall according to dealer quotes, expecting to receive a dollar back when the securities became worthless over the coming months.
In late April, traders at some banks were shocked to find out from monthly remittance reports that the bonds they had bet against had been paid off in full. Normally an investor can’t pay off loans like that but if the amount of outstanding loans falls to less than 10% of the original pool, the servicer — or company that collects mortgage payments from homeowners and forwards them to investors who own the securities — can buy them and make bondholders whole.
That’s what happened in this case. In April, a servicer called Aurora Loan Services at the behest of Amherst purchased the remaining loans and paid off the bonds. When the bonds got paid off, the swaps became worthless, meaning the banks effectively forfeited what they had paid for the insurance. J.P. Morgan lost millions, while RBS and BofA suffered minimal losses, said people familiar with the matter.
The article says that the affected firms have alerted the SEC and the American Securitization Forum about the trade. Amherst said it simply “took advantage of an opportunity when it emerged,” according to the WSJ.
I would be very proud of the government if, for once, it doesn’t do anything to protect the big banks. From what I read in the article’s comments section, it sounds like the big banks will blackball Amherst anyway, as a kind of repayment for embarrassing them.
I’m crossing my fingers for more underdog stories like this one.
Photo: UK Guardian/AP/Smiths
At St. Louis family of four recently learned that their faces were plastered on a large advertising poster–in Prague. The Christmas family photo had made it much further than expected. The BBC has more:
Danielle and Jeff Smith used the photo as their Christmas card, and also posted it on an internet blog. A friend travelling in the Czech capital alerted them when he spotted the Smiths smiling at him, life-size, from a poster in a supermarket.
“It’s a life-size picture in a grocery store window in Prague - my Christmas card photo!” said a startled Ms Smith, 36, who lives in a suburb of St Louis.
Mario Bertuccio, whose Grazie shop specialises in Italian food imports, said that he thought the image had been computer-generated. He used it to advertise his shop’s grocery delivery service. When told that it showed a real family, he took steps to remove it.
“We’ll be happy to write an e-mail with our apology,” said Mr Bertuccio, adding that if the family had lived locally, he would have offered them a bottle of wine.
The Smiths…said they would add a watermark to any family photos they post in the future.
How we're doing. Source: Department of Labor
Some 24,000 fewer souls made initial claims for unemployment insurance last week, the Department of Labor reports. If you squint hard at the last two bars on our chart, you can see the averaged week-to-week difference. The difference from April, and certainly from this time last year, is easier to spot.
However small the change may be, when economists say that the downturn is moderating, this is the kind of number they mean. Of the states, Florida registered the biggest decrease in new claims, citing fewer layoffs in construction, manufacturing and agriculture among other industries. Michigan noted 4,385 fewer layoffs, a change it attributed to fewer cannings in the automobile industry.
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