well ibm what they rah rahing this morning supposedly
obviously ibm a weak dollar story mainly, those that do alot of international business obviously will hold up better with dollar in the gutter
International Business Machines Corp. said revenue grew 10 percent from the year-ago period, with 6 points of that growth related to the weaker dollar.
-------------------------------------------------------------------------------------------------------
as for the american consumer goodbye
Sears Lowers 4Q Outlook, Shares Fall
Monday January 14, 9:48 am ET
By Ashley M. Heher, AP Business Writer
Sears Stock Tumbles in Premarket Trading After Retailer Lowers 4th-Quarter Profit Estimates
CHICAGO (AP) -- Shares of Sears Holdings Corp. tumbled Monday after the retailer warned falling sales would force it to post fourth-quarter and full-year earnings well below analyst estimates.
The retailer, led by hedge fund manager Edward Lampert, said it anticipates earning between $350 million and $470 million, or $2.59 to $3.48 per share for the quarter ending Feb. 2. For the year, the company forecast earnings of $744 million to $864 million, or $5.13 per share to $5.96 per share.
Analysts polled by Thomson Financial had hoped for fourth-quarter earnings of $4.43 per share and a full-year profit of $6.64 per share
obviously ibm a weak dollar story mainly, those that do alot of international business obviously will hold up better with dollar in the gutter
International Business Machines Corp. said revenue grew 10 percent from the year-ago period, with 6 points of that growth related to the weaker dollar.
-------------------------------------------------------------------------------------------------------
as for the american consumer goodbye
Sears Lowers 4Q Outlook, Shares Fall
Monday January 14, 9:48 am ET
By Ashley M. Heher, AP Business Writer
Sears Stock Tumbles in Premarket Trading After Retailer Lowers 4th-Quarter Profit Estimates
CHICAGO (AP) -- Shares of Sears Holdings Corp. tumbled Monday after the retailer warned falling sales would force it to post fourth-quarter and full-year earnings well below analyst estimates.
The retailer, led by hedge fund manager Edward Lampert, said it anticipates earning between $350 million and $470 million, or $2.59 to $3.48 per share for the quarter ending Feb. 2. For the year, the company forecast earnings of $744 million to $864 million, or $5.13 per share to $5.96 per share.
Analysts polled by Thomson Financial had hoped for fourth-quarter earnings of $4.43 per share and a full-year profit of $6.64 per share
We shouldnt expect any cheerleading and other rah rah from MSM about gold.
What I have heard several times recently is what hitman mentioned.
They did the same thing with oil until it surpassed the inflation adjusted all time high of $80 something.
What I want to know is when is MSM going to start quoting the dow jones, s&p, and nasdaq in terms of us pesos and/or gold?
A complete con game is going on and only a small minority of us actually have a clue whats really going on.
Bottom line is that gold and other commodities are in a bull market and major uptrend.
The US is a declining empire, but its still acting and alot of people still believe we are the worlds sole superpower. Economically speaking, they are soon going to find out thats a big fat lie.
btw what the hell is up with this ibm "preliminary earnings" crap do they normally do this?
just seems a bit weird to announce you earnings before the earnings and right at the time the markets could use some good news
----------------------------------------------------------------
more good news
Harman Int'l Lowers Full-Year Outlook
Monday January 14, 9:54 am ET
Harman International Lowers Full-Year Outlook, Citing Pricing Pressure for Navigation Devices
WASHINGTON (AP) -- Harman International Industries Inc. lowered its full-year outlook on Monday, just months after a buyout of the company broke up over concerns about its business.
The audio and electronics product maker expects a per-share profit of $3 to $3.10, excluding after-tax costs related to that deal but including its buyback program. Stocks fell $22.30, or 32.3 percent, to $46.67 in early Monday trading.
-----------------------------------
yahoo finance poll
what the sheep are expecting on rate cut front
Fed Chairman Ben Bernanke said Thursday the central bank was prepared to cut interest rates as needed. What will the Fed do when it meets on Jan. 29-30?
Cut rates by 0.75% or more 11%
Cut rates by 0.50% 55%
Cut rates by 0.25% 28%
Hold or raise rates 6%
114008 Votes to date
just seems a bit weird to announce you earnings before the earnings and right at the time the markets could use some good news
----------------------------------------------------------------
more good news
Harman Int'l Lowers Full-Year Outlook
Monday January 14, 9:54 am ET
Harman International Lowers Full-Year Outlook, Citing Pricing Pressure for Navigation Devices
WASHINGTON (AP) -- Harman International Industries Inc. lowered its full-year outlook on Monday, just months after a buyout of the company broke up over concerns about its business.
The audio and electronics product maker expects a per-share profit of $3 to $3.10, excluding after-tax costs related to that deal but including its buyback program. Stocks fell $22.30, or 32.3 percent, to $46.67 in early Monday trading.
-----------------------------------
yahoo finance poll
what the sheep are expecting on rate cut front
Fed Chairman Ben Bernanke said Thursday the central bank was prepared to cut interest rates as needed. What will the Fed do when it meets on Jan. 29-30?
Cut rates by 0.75% or more 11%
Cut rates by 0.50% 55%
Cut rates by 0.25% 28%
Hold or raise rates 6%
114008 Votes to date
Looks to me like oil and the industrial commodities are looking wobbly.
Long term Im bullish regarding oil and just about all commodities, but forget about the if, WHEN the us economy falls off the cliff, oil will have a correction and another great buying opportunity.
Oil isnt going to collapse for reasons that have already been posted here, but nothing goes up for multiple years with multi fold price increases, without eventually having large corrections.
That ibm morning story is exactly the type of news and fake rally that should be shorted during bear markets. Just another attempt by wall st to get this donkey to run.
Too late boys, the genie is out of the bottle and the economy is toast. The only way they are going to get the indexes to move higher for any length of time and % is to print alot of money and eventually that also will have diminishing returns.
china starting to get cold feet on the bailout front too
:nopityA:
-----------------------------------------------------
Report: China May Block Citigroup Sale
Monday January 14, 8:27 am ET
Report: Chinese Government May Block China Bank's Investment in Citigroup
HONG KONG (AP) -- Opposition from the Chinese government may stop Citigroup Inc.'s plan to raise capital by selling a stake worth $2 billion (1.3 billion euros) to a Chinese bank, the Wall Street Journal reported on its Web site Monday.
The cash-strapped Citigroup, hurt by the mortgage crisis that boiled up last year, has been seeking foreign investors, including China Development Bank, to boost its balance sheet in the face of mounting write-offs.
The Journal reported that opposition from the Chinese government seems to have surfaced over the weekend, citing an unnamed person familiar with the situation. It is not clear whether the deal has been abandoned, the newspaper said.
:nopityA:
-----------------------------------------------------
Report: China May Block Citigroup Sale
Monday January 14, 8:27 am ET
Report: Chinese Government May Block China Bank's Investment in Citigroup
HONG KONG (AP) -- Opposition from the Chinese government may stop Citigroup Inc.'s plan to raise capital by selling a stake worth $2 billion (1.3 billion euros) to a Chinese bank, the Wall Street Journal reported on its Web site Monday.
The cash-strapped Citigroup, hurt by the mortgage crisis that boiled up last year, has been seeking foreign investors, including China Development Bank, to boost its balance sheet in the face of mounting write-offs.
The Journal reported that opposition from the Chinese government seems to have surfaced over the weekend, citing an unnamed person familiar with the situation. It is not clear whether the deal has been abandoned, the newspaper said.
govt' and msm are two of the same.....both corporate owned
a lot of people talk about gold as if they are not really making money but just preserving what they have
in theory that is correct. however, as manipulated as gold was during the 90's it has a lot of catching up to do, and is acting like a coiled spring
USD down 15% in 2007 and gold up 30% - double the rate of devaluation.
Been a nice ride for gold but the financials have been slaughtered, this could reverse itself very shortly.
I'm not convinced we will be in a recession, in fact, it could be a ploy, a decoy, a sympathy generator.
We American are a hated bunch lately and for no good reason. When the world gets wind of the fact that we are headed to a recession that's when you may see 15000 on the DOW and 1650 in the SP.
Tiz,
You live in Iowa so certainly you must notice the farmers buying new combines, pickups, snowmobiles etc...
If worse comes to worse as I'm reading here, Iowa and the Dakotas may have more land value than Manhattan shortly!
I'm not convinced we will be in a recession, in fact, it could be a ploy, a decoy, a sympathy generator.
We American are a hated bunch lately and for no good reason. When the world gets wind of the fact that we are headed to a recession that's when you may see 15000 on the DOW and 1650 in the SP.
Tiz,
You live in Iowa so certainly you must notice the farmers buying new combines, pickups, snowmobiles etc...
If worse comes to worse as I'm reading here, Iowa and the Dakotas may have more land value than Manhattan shortly!
What will C bring tomorrow? MER on thursday
looking like this 24 billion CNBC number started to fizzle the bear shake
-------------------------------------------
Citigroup May Write Down As Much As $24 Billion
Monday January 14, 8:19 am ET
Citigroup could write down as much as $24 billion due to subprime and credit-related losses, CNBC has learned. In addition, the company could lay off as many as 20,000 workers as part of a comprehensive plan to slash costs and raise capital.
The plans will be unveiled Tuesday, when the banking giant reports fourth-quarter earnings. At the same time, Citigroup could also announce that it is cutting its dividend payment.|
Citigroup (NYSE: c) also intends to raise as much as $15 billion from various foreign and domestic entities including Saudi Arabian Prince Alwaleed bin Talal, Citigroup's largest individual shareholder, as America's biggest bank grapples with heavy mortgage market losses.
Alwaleed has owned his Citi stake since the early 1990s and helped engineer a previous rescue plan for the bank more than a dozen years ago. According to a report on the Wall Street Journal's Web site, he is likely to keep his total stake in the bank below 5 percent to avoid regulatory scrutiny.
By raising so much captial, Citigroup CEO Vikram S. Pandit is hoping layoffs can be kept to a minimum.
Merrill Lynch (NYSE: mer) is seeking about $4 billion in a second capital raising. According to Financial Times, the Kuwait Investment Authority is expected to be a significant investor in the deal. A deal could be announced as soon as midweek, the FT reports.
Merrill has already begun laying off people, but layoffs will be minimal. Eight hundred people are expected to leave, with a number of employees already heading for the exits because of diappointment at the size of bonuses. Merrill's writedown is expected to be in the neighborhood of $12 billion to $15 billion as newly appointed CEO John Thain raises funds from around the world. (Merrill Losses Could Hit $15 Billion).
China In Or Out?
The Wall Street Journal reported earlier Saturday that China Development Bank (CDB) is among a few other investors to join Alwaleed for the rescue of Citigroup. But Vice Finance Minister Li Yong, who serves as a nonexecutive director of the China Investment Corp., said on Sunday that he was not aware of such a deal but that the CIC would not intervene in business decisions by the CDB, in which it owns a stake.|
In November, Citi accepted $7.5 billion in new capital from the The Abu Dhabi Investment Authority only weeks after its former chief executive officer, Charles Prince, was forced out amid news of the heavy losses related to bad bets on mortgage securities and an ailing housing markets.
looking like this 24 billion CNBC number started to fizzle the bear shake
-------------------------------------------
Citigroup May Write Down As Much As $24 Billion
Monday January 14, 8:19 am ET
Citigroup could write down as much as $24 billion due to subprime and credit-related losses, CNBC has learned. In addition, the company could lay off as many as 20,000 workers as part of a comprehensive plan to slash costs and raise capital.
The plans will be unveiled Tuesday, when the banking giant reports fourth-quarter earnings. At the same time, Citigroup could also announce that it is cutting its dividend payment.|
Citigroup (NYSE: c) also intends to raise as much as $15 billion from various foreign and domestic entities including Saudi Arabian Prince Alwaleed bin Talal, Citigroup's largest individual shareholder, as America's biggest bank grapples with heavy mortgage market losses.
Alwaleed has owned his Citi stake since the early 1990s and helped engineer a previous rescue plan for the bank more than a dozen years ago. According to a report on the Wall Street Journal's Web site, he is likely to keep his total stake in the bank below 5 percent to avoid regulatory scrutiny.
By raising so much captial, Citigroup CEO Vikram S. Pandit is hoping layoffs can be kept to a minimum.
Merrill Lynch (NYSE: mer) is seeking about $4 billion in a second capital raising. According to Financial Times, the Kuwait Investment Authority is expected to be a significant investor in the deal. A deal could be announced as soon as midweek, the FT reports.
Merrill has already begun laying off people, but layoffs will be minimal. Eight hundred people are expected to leave, with a number of employees already heading for the exits because of diappointment at the size of bonuses. Merrill's writedown is expected to be in the neighborhood of $12 billion to $15 billion as newly appointed CEO John Thain raises funds from around the world. (Merrill Losses Could Hit $15 Billion).
China In Or Out?
The Wall Street Journal reported earlier Saturday that China Development Bank (CDB) is among a few other investors to join Alwaleed for the rescue of Citigroup. But Vice Finance Minister Li Yong, who serves as a nonexecutive director of the China Investment Corp., said on Sunday that he was not aware of such a deal but that the CIC would not intervene in business decisions by the CDB, in which it owns a stake.|
In November, Citi accepted $7.5 billion in new capital from the The Abu Dhabi Investment Authority only weeks after its former chief executive officer, Charles Prince, was forced out amid news of the heavy losses related to bad bets on mortgage securities and an ailing housing markets.
the consumer related warnings starting to fly in
sears earlier today
CWTR 12% haircut in AH (specialty retailer)
DKS 6% haircut in AH (dick's sporting goods)
consumer down for the count finally?
i question it because they have been so damn resilent the past few years
sears earlier today
CWTR 12% haircut in AH (specialty retailer)
DKS 6% haircut in AH (dick's sporting goods)
consumer down for the count finally?
i question it because they have been so damn resilent the past few years
might start posting a quote of the day
this is my pick for today
http://biz.yahoo.com/ap/080114/outlook_retail_sales.html
"I don't care whether the economy is in a recession, the consumer is in a recession," said Patricia Edwards, a retail analyst with Wentworth, Hauser and Violich. "When you are not buying name-brand cough syrup, something is going on."
this is my pick for today
http://biz.yahoo.com/ap/080114/outlook_retail_sales.html
"I don't care whether the economy is in a recession, the consumer is in a recession," said Patricia Edwards, a retail analyst with Wentworth, Hauser and Violich. "When you are not buying name-brand cough syrup, something is going on."
divy cut coming from C tomorrow too
along with the obvious job cuts, big write downs, and cash infusions from abroad
---------------------------------------
Citi plans 'sizable' dividend cut, Journal reports
Bank to get cash infusion of at least $10 billion after $20 billion write-down
SAN FRANCISCO (MarketWatch) -- Citigroup Inc. will cut its dividend as part of a plan to stabilize the banking giant's finances, The Wall Street Journal reported late Monday, citing unidentified people familiar with the plans.
At a board meeting on Monday, Citigroup directors were poised to sign off on a "sizable" dividend cut, the newspaper said. The bank is also getting a cash infusion of at least $10 billion and will write down as much as $20 billion in mortgage-related investments as part of its fourth-quarter earnings report, due on Tuesday, the Journal added.
Vikram Pandit, Citgroup;'s new chief executive, also is expected to unveil Tuesday a cost-cutting plan that will likely include substantial job reductions, the newspaper said.
Shannon Bell, a Citigroup spokeswoman, declined to comment.
The moves are part of Citigroup's efforts to bolster capital levels after taking big losses on mortgage-related securities such as collateralized debt obligations. Citi and other banks are also expected to set aside more money to cover the cost of rising delinquencies on other types of loans as economic growth slows.
The size of Citi's dividend cut wasn't clear, The Wall Street Journal said. However, some analysts have been expecting it to be slashed by half, saving the bank more than $5 billion a year.
Citigroup has also lined up several investors to inject money into the company, the Journal reported. The investors include the Government Investment Corp. of Singapore; the Kuwait Investment Authority; and Saudi Prince Alwaleed bin Talal, a longtime Citigroup shareholder. At least one U.S. money-management fund also is likely to participate in the infusion
along with the obvious job cuts, big write downs, and cash infusions from abroad
---------------------------------------
Citi plans 'sizable' dividend cut, Journal reports
Bank to get cash infusion of at least $10 billion after $20 billion write-down
SAN FRANCISCO (MarketWatch) -- Citigroup Inc. will cut its dividend as part of a plan to stabilize the banking giant's finances, The Wall Street Journal reported late Monday, citing unidentified people familiar with the plans.
At a board meeting on Monday, Citigroup directors were poised to sign off on a "sizable" dividend cut, the newspaper said. The bank is also getting a cash infusion of at least $10 billion and will write down as much as $20 billion in mortgage-related investments as part of its fourth-quarter earnings report, due on Tuesday, the Journal added.
Vikram Pandit, Citgroup;'s new chief executive, also is expected to unveil Tuesday a cost-cutting plan that will likely include substantial job reductions, the newspaper said.
Shannon Bell, a Citigroup spokeswoman, declined to comment.
The moves are part of Citigroup's efforts to bolster capital levels after taking big losses on mortgage-related securities such as collateralized debt obligations. Citi and other banks are also expected to set aside more money to cover the cost of rising delinquencies on other types of loans as economic growth slows.
The size of Citi's dividend cut wasn't clear, The Wall Street Journal said. However, some analysts have been expecting it to be slashed by half, saving the bank more than $5 billion a year.
Citigroup has also lined up several investors to inject money into the company, the Journal reported. The investors include the Government Investment Corp. of Singapore; the Kuwait Investment Authority; and Saudi Prince Alwaleed bin Talal, a longtime Citigroup shareholder. At least one U.S. money-management fund also is likely to participate in the infusion
Anybody know any furniture store companies that trade on the stock market? Probably already in the gutter anyway.
:smoker2:
hmm...looking at PIR pier 1 imports looks like a bear shake lately on that one and a gap to fill to downside interesting :think2:
http://stockcharts.com/h-sc/ui?s=pir
man HD really has fallen off el cliffo yikes
-----------------------------------------------------------------------
Slow home sales hit furniture market
<!--subtitle-->RETAIL: Chains such as Levitz and Bombay Co. are closing stores.
<!--byline-->By Patricia Farrell Aidem
Staff Writer
<!--date-->Article Launched: 01/13/2008 08:35:59 PM PST
<script language="JavaScript"> var requestedWidth = 0; </script>
<script language="JavaScript"> if(requestedWidth > 0){ document.getElementById('articleViewerGroup').style.width = requestedWidth + "px"; document.getElementById('articleViewerGroup').style.margin = "0px 0px 10px 10px"; } </script> Furniture stores are falling victim to the mortgage meltdown as mounting foreclosures, growing credit woes and shaky consumer confidence have reduced the demand for home furnishings.
Hit hard by sluggish housing sales, chains such as Levitz Furniture Inc. and Bombay Co. are staging going-out-of-business sales, and others are feeling the pinch as homeowners cut back on discretionary spending.
"Furniture and homes go hand-in-hand," said George Oku, manager of Wickes Furniture in Palmdale. "When people had a lot of equity in their homes, they were sprucing them up. The way the market is now, as flat as it is, people are being very particular with how they are spending their money."
Nationwide, furniture stores are seeing declines. Like Levitz, two other chains with outlets in Southern California - Mattress Gallery and Sofa Express - are liquidating.
John Vuong has owned the successful Maxim's Furniture Inc. in North Hollywood for two decades. Last year, business fell about 25percent, he said. And he's not encouraged about 2008.
"Some people said they've seen worse," Vuong said, "but I never have."
The furniture business was down about 8percent last year nationwide, the steepest decline since 1982.
Hardest hit were California, Florida, Ohio and Michigan.
The first big furniture chain to fall when housing cooled was Levitz, now in the process of closing all 76 stores, about 30 of them in California.
Liquidators are selling more than $165million worth of furniture and accessories.
Levitz has declared bankruptcy three times since 1992, but this time it
couldn't come up with a plan to stay in business.
Bombay, which specializes in accent furniture imported from India, is closing its stores, most of them in malls.
The industry now has its eye on chains such as Pier One Imports and Cost Plus World Market, which competed with Bombay, and is watching home decor departments at giants such as Target, Home Depot and Lowe's.
With about 1,500 manufacturing and retail businesses that employ more than 32,000, Los Angeles County's furniture industry is No.1 in the nation, said Jack Kyser, chief economist with the Los Angeles Economic Development Corp., a nonprofit business advocacy group.
"We have a surprisingly large furniture industry in Southern California and a significant amount of people working," Kyser said. "It's definitely the largest furniture employee base in the nation."
That's unsettling when the industry is in decline.
"It's all related to what's going in the housing industry," he said. "You have the slowdown in home sales - new and resale - for a whole variety of reasons. People can't get mortgages even if they have good credit, there's more strict overview on appraisals, and people have that fear if they buy now the price might still go down some more."
:smoker2:
hmm...looking at PIR pier 1 imports looks like a bear shake lately on that one and a gap to fill to downside interesting :think2:
http://stockcharts.com/h-sc/ui?s=pir
man HD really has fallen off el cliffo yikes
-----------------------------------------------------------------------
Slow home sales hit furniture market
<!--subtitle-->RETAIL: Chains such as Levitz and Bombay Co. are closing stores.
<!--byline-->By Patricia Farrell Aidem
Staff Writer
<!--date-->Article Launched: 01/13/2008 08:35:59 PM PST
<script language="JavaScript"> var requestedWidth = 0; </script>
<script language="JavaScript"> if(requestedWidth > 0){ document.getElementById('articleViewerGroup').style.width = requestedWidth + "px"; document.getElementById('articleViewerGroup').style.margin = "0px 0px 10px 10px"; } </script> Furniture stores are falling victim to the mortgage meltdown as mounting foreclosures, growing credit woes and shaky consumer confidence have reduced the demand for home furnishings.
Hit hard by sluggish housing sales, chains such as Levitz Furniture Inc. and Bombay Co. are staging going-out-of-business sales, and others are feeling the pinch as homeowners cut back on discretionary spending.
"Furniture and homes go hand-in-hand," said George Oku, manager of Wickes Furniture in Palmdale. "When people had a lot of equity in their homes, they were sprucing them up. The way the market is now, as flat as it is, people are being very particular with how they are spending their money."
Nationwide, furniture stores are seeing declines. Like Levitz, two other chains with outlets in Southern California - Mattress Gallery and Sofa Express - are liquidating.
John Vuong has owned the successful Maxim's Furniture Inc. in North Hollywood for two decades. Last year, business fell about 25percent, he said. And he's not encouraged about 2008.
"Some people said they've seen worse," Vuong said, "but I never have."
The furniture business was down about 8percent last year nationwide, the steepest decline since 1982.
Hardest hit were California, Florida, Ohio and Michigan.
The first big furniture chain to fall when housing cooled was Levitz, now in the process of closing all 76 stores, about 30 of them in California.
Liquidators are selling more than $165million worth of furniture and accessories.
Levitz has declared bankruptcy three times since 1992, but this time it
couldn't come up with a plan to stay in business.
Bombay, which specializes in accent furniture imported from India, is closing its stores, most of them in malls.
The industry now has its eye on chains such as Pier One Imports and Cost Plus World Market, which competed with Bombay, and is watching home decor departments at giants such as Target, Home Depot and Lowe's.
With about 1,500 manufacturing and retail businesses that employ more than 32,000, Los Angeles County's furniture industry is No.1 in the nation, said Jack Kyser, chief economist with the Los Angeles Economic Development Corp., a nonprofit business advocacy group.
"We have a surprisingly large furniture industry in Southern California and a significant amount of people working," Kyser said. "It's definitely the largest furniture employee base in the nation."
That's unsettling when the industry is in decline.
"It's all related to what's going in the housing industry," he said. "You have the slowdown in home sales - new and resale - for a whole variety of reasons. People can't get mortgages even if they have good credit, there's more strict overview on appraisals, and people have that fear if they buy now the price might still go down some more."
