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Blastoff
Elite |
08-Apr-2008 20:32
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Wall Street worries over earnings, jobsAlcoa reports 54% plunge in income, AMD laying off workers; 1% decline expected for pending home sales.NEW YORK (CNNMoney.com) -- Futures were down Tuesday morning, following dismal earnings from the aluminum giant Alcoa, and ahead of a report that's expected to show a decline in pending home sales. Futures for the Dow and Nasdaq were trading down at 7:30 a.m., and Asian and European stocks were also trading lower. Oil was holding steady at $109 a barrel in recent trading on Asian markets. Stumbling out of the gate. Earnings got off to a bad start Monday. Alcoa (AA, Fortune 500), the first company to report first-quarter earnings, announced a 54% plunge in net income to $303 million, or 37 cents a share. Also, semiconductor maker Advanced Micro Devices (AMD, Fortune 500) said on Monday that it is laying off 10% of its workforce, or about 1,680 employees. No major earnings announcements are expected for Tuesday. Instead, investors have an economic report to focus on, which could spell more bad news for the housing market. The February report for pending home sales comes at 10 a.m. ET, and a decline of 1% is expected. Adding to the economic gloom, Merrill Lynch (MER, Fortune 500) Chief Executive John Thain said in Tokyo on Tuesday that his bank does not plan to raise more capital and will keep shrinking its balance sheet because of the credit crunch, according to Reuters. Meanwhile, Washington Mutual (WM, Fortune 500) is working on a deal for an equity injection from by a group of investors led by the private equity firm TPG that could reach $7 billion, according to the Wall Street Journal. The Journal also reported that C. Michael Armstrong, former CEO of AT&T (ATT), is expected to step down as chair of Citigroup's audit and risk committee, because investors blame him for failing to oversee the bank's risk-management process. Investors are also awaiting the minutes from the most recent Federal Open Market Committee meeting, which are expected Tuesday afternoon. 
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Eldarchen
Member |
08-Apr-2008 08:53
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Hi, Anyone have the US earnings report time table available for this week or season ? Thanks |
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AK_Francis
Supreme |
08-Apr-2008 08:44
Yells: "Happy go lucky, cheers." |
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85 tks for the early posting!! Well, don't worry, local bourses got confident in our market. Trading today should be fine, my gut feel basing on yesterday performance despite last Fri DJ poor performance. Cheers. |
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cyjjerry85
Elite |
08-Apr-2008 07:39
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(just some points highlighted in summarizing...not the full story..too long) Stocks give up gainsWall Street cuts gains by the close as optimism about WaMu, mergers, gives way to concern about earnings.By Alexandra Twin, CNNMoney.com staff writer |
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AK_Francis
Supreme |
08-Apr-2008 02:09
Yells: "Happy go lucky, cheers." |
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x 0
x 0 Alert Admin |
Generally, state perceived that the worst is over. As FED needs to let the affected banks to recover soonest possible. Further reducing the interest is doing more harm than good for the financial sectors. AK view. | ||
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Naproxen
Veteran |
07-Apr-2008 20:07
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DOW looks set to open higher today. Jose liao!!! | ||
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pikachu
Veteran |
06-Apr-2008 21:49
Yells: "Holy Cow!" |
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The Fed's big dilemmaAfter a much weaker jobs report, will the Fed be forced to do another big rate cut later this month against its better judgment? Hopefully not.NEW YORK (CNNMoney.com) -- The job market is in sorry shape. And that's going to make the Federal Reserve's job a lot harder. The unemployment rate is rising and the nation suffered a third consecutive month of job losses, according to the latest figures released Friday. With that in mind, what is the Fed going to do at its next policy meeting at the end of April? Before the jobs numbers came out, futures on the Chicago Board of Trade were pricing in only a 20% chance that the Fed would cut its key federal funds rate by a half-percentage point. After the jobs numbers, that jumped to a 42% chance. (Investors are pricing in a 100% chance of at least a quarter-point cut.) These are trying times for the central bank. Fed chair Ben Bernanke reluctantly admitted in Congressional testimony Wednesday that a recession is "possible." And San Francisco Fed chief Janet Yellen said in a speech last night that the economy has "all but stalled." Yet, at the same time the Fed is fighting an economic slowdown, it also has to contend with rising inflation fears. Some Fed critics maintain that the huge rate cuts since September are fueling inflation by weakening the dollar. There is also growing dissension on the Fed itself. Two Fed members voted against the three-quarters of a point rate cut in March, saying they preferred less aggressive action. At the time, I pointed out that this could be a sign that the Fed's rate-cutting days may soon be coming to an end. I still think that might be the case. After all, with rates at 2.25%, the Fed doesn't have much more room to keep lowering them. If, for example, the Fed cut by another half-point at the meeting on April 30, the federal funds rate would then be only three-quarter of a points above the 1% low that rates wound up at following the last recession in 2001. Even though the jobs numbers were not good, the prudent thing for the Fed to do with oil still over $100 a barrel is to just cut rates by a quarter-point to 2%. There seems to be a growing sense that the economy is already in recession and that it may have started late last year. So it's no longer the time for the Fed to be aggressively easing. Instead, it should be a time to sit back and see if the existing rate cuts are starting to work their magic - which they soon should since the impact of rate cuts usually take six months to a year to filter their way through the economy. "The Fed should be in a wait and see mode," said Matt Kaufler, co-portfolio manager of the Touchstone Value Opportunities fund. "It acted in an unprecedented manner in the first quarter and now should stand back, observe how the markets function and measure its response from there." Keith Hembre, chief economist with First American Funds in Minneapolis agrees. He said the Fed should not overreact to the jobs report. Even though it painted an ugly picture of the economy, Hembre doesn't think it was shockingly bad. Instead, it simply confirms that we're probably already in a recession. "Clearly, this type of job report is recessionary. But I don't think there's any surprise here to suggest that the economy and labor markets are deteriorating at a more rapid pace than expected," Hembre said. Hembre added that barring another Wall Street meltdown a la Bear Stearns (BSC, Fortune 500), the Fed should err on the side of caution with further rate cuts. That's because the Fed has taken many steps already to restore faith in the economy and markets. In addition to the cuts, the Fed has injected hundreds of billions of dollars into the markets to help alleviate the credit crunch. There's also the Bear Stearns bailout (errr, "rescue.") In fact, Hembre thinks a rate cut on April 30 might be the last one for some time. "We've gotten some stability in the credit and stock markets now," he said. "Absent renewed panic within the markets, the Fed is done for a while after the April meeting." For all of you paying more at the gas pump and grocery store lately, we can only hope Hembre is right |
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DnApeh
Master |
06-Apr-2008 18:30
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Past 3 days look like flag formation. | ||
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wait4opp
Veteran |
05-Apr-2008 16:31
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Microsoft warns it could withdraw Yahoo bid By Yi-Wyn Yen Microsoft signaled Friday that it could rescind its offer to buy Yahoo at $31 a share. Microsoft (MSFT) and Yahoo (YHOO) executives met earlier this week but the talks ended in a standstill. Microsoft execs, who had earlier hinted that they would not raise their bid, refused to pay the $40 per share that Yahoo demanded, a source familiar with the matter told Fortune. A Yahoo spokeswoman declined to comment. The source said that Microsoft doesn?t plan to revoke its offer, but is merely using a tactical maneuver called ?market signaling? to put pressure on Yahoo?s board of directors. Microsoft is broadcasting to Wall Street that Yahoo?s stock would become vulnerable it if withdraws its bid. The software giant has said that it does not need to raise its offer because it doesn?t believe Yahoo has any alternative but to accept the deal. Yahoo has repeatedly stated that Microsoft?s offer significantly undervalues the company and formerly rejected the offer in February. After Reuters reported Friday that Microsoft was ?evaluating? its offer, Yahoo shares slipped 6% in after-hour trading. The software giant made its $44.6 billion offer on Jan. 31. The deal is now valued at about $42 billion. | ||
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AK_Francis
Supreme |
05-Apr-2008 13:22
Yells: "Happy go lucky, cheers." |
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Basically, still up to you, how much home work you hv done before you make a decision in the volatile stock market. Hear say can be a guide but they may not be right. Henceforth, think twice. Cheers. |
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max_lyl
Member |
05-Apr-2008 12:46
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Dear Cashiertan I like to seek your opinion whether the major wave 5 has been formed or about to be formed. If it has been formed, roughly how long will it last before the next wave? Have a niceday
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synnexo
Veteran |
05-Apr-2008 04:29
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Dow held up well with such a bad report. Investors seem to be more receptive with these -ve indicators.
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AK_Francis
Supreme |
05-Apr-2008 00:31
Yells: "Happy go lucky, cheers." |
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x 0
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B4 DJ opened, EU market didn't seem be affected by the imminet US job cut data, they remain green. US just announced that 80k job were cut instead of 50k predicted by analysts earlier. However, DJ only suffer a mere -4 drop, strange. Henceforth, if DJ remains low drop, next Mon on STI would be a cheong day leow. Watch out, brothers n sisters. |
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lookcc
Master |
05-Apr-2008 00:22
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Dow is fantastic. | ||
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AK_Francis
Supreme |
04-Apr-2008 23:41
Yells: "Happy go lucky, cheers." |
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x 0
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DJ now -17, no news on Job data yet. Crude oil dipped a dollar to 103.8. If there is less impact on US market tonite then Mon gonna be a good day for both Short and Buyin leow. Cheers. | ||
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winsontkl
Elite |
04-Apr-2008 23:32
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x 0
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Gaining strength now.. | ||
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teeth53
Supreme |
04-Apr-2008 22:15
Yells: "don't learn through life, learn to grow with life " |
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x 0
x 0 Alert Admin |
DOW. Look much like down......... |
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lookcc
Master |
04-Apr-2008 21:43
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x 0
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IF dow closes positive at 5 am tomorrow, then is it of any use to us? | ||
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wait4opp
Veteran |
04-Apr-2008 21:00
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U.S. economy sheds 80,000 jobs in March |
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singaporegal
Supreme |
04-Apr-2008 20:29
Yells: "Female TA nut" |
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x 0
x 0 Alert Admin |
Dow futures +50 now. Not too bad. | ||
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