Friday, October 1, 2010

DailyMarkets.com - Lady Godiva Was A Supply Sider

DailyMarkets.com - Lady Godiva Was A Supply Sider

Lady Godiva Was A Supply Sider

Posted: 01 Oct 2010 10:59 AM PDT

I've hesitated to say much about competitive depreciation or devaluation lately because my memory is foggy on whether the more acceptable term is "beggar my neighbor" or "beggar thy neighbor." Today's Wall Street Journal has a lead editorial today that deftly dodged that issue by just calling it what it is: "Beggar the World." No country wins a beggar contest; they all lose. Yet, here we go again.
The word "beggar" itself has its own pitfalls when used as a transitive verb … [visit site to read more]

Income, Spending And Savings All Rise

Posted: 01 Oct 2010 10:05 AM PDT

In August, Personal Income rose 0.5% — a nice improvement over the 0.2% rise in July, and after being unchanged in June. This was the biggest increase since April (also up 0.5%). It was also well above the consensus expectation of a 0.3% increase.

Meanwhile, Personal Consumption Expenditures (PCE) rose by 0.4%, slightly higher than the consensus expectation of a 0.3% rise. That matched the July rise, is a significant acceleration from the unchanged reading in June and well above the rise of … [visit site to read more]

MetroPCS Unveils Second LTE In U.S.

Posted: 01 Oct 2010 10:05 AM PDT

MetroPCS Communications Inc. (NYSE:PCS), the sixth-largest prepaid wireless service operator in the U.S. , launched its second 4G Long-Term Evolution (LTE) wireless broadband service in Dallas/Fort Worth Metroplex. This release follows the simultaneous launch of the first LTE service in Las Vegas and the launch of "Samsung Craft", the first commercially available LTE enabled handset, a week before.
 
MetroPCS operates as a leading unlimited prepaid wireless broadband service provider. … [visit site to read more]

Harris Wins International Contract

Posted: 01 Oct 2010 10:05 AM PDT

Harris Corp. (NYSE:HRS) has recently won a $69 million contract from an Asian country to support that country's next phase of command, control and intelligence systems. The key systems that will be supplied by Harris include Falcon Track Situational Awareness Software, Falcon Fighter and a full suite of software-defined tactical radios of Falcon III RF-7800 series.
 
Harris continues its expansion in various markets of South America, Africa, Europe and the South and Middle East . The … [visit site to read more]

Forex Trading: USD/CAD Breaks From The Bottom Of Long Term Formation

Posted: 01 Oct 2010 09:58 AM PDT

USD/CAD breaks from the bottom of long term formation as seen here on the hourly chart. The break level is 1.0235. The next potential targets on the downside will be 1.0205, 1.0119 and par. If the pair fails to move lower, a bounce may push the pair back up to 1.0269. 1.0290-93 (200H, 100H moving averages) and 1.0348 levels of … [visit site to read more]

Viacom Opting For Headcount Cut

Posted: 01 Oct 2010 09:35 AM PDT

Viacom Inc. (VIA.B) continues to struggle with its Filmed Entertainment businesses. Recently, management has decided to reduce headcount by 53 (2% of total workforce) in its Paramount Pictures division. The slumping U.S. movie box-office has taken a huge toll on Viacom. Paramount Pictures continues to face sales decline primarily due to a massive drop in DVD sales.
 
As a restructuring initiative, Licensing and consumer products will merge into the Motion Picture Promotions unit. The … [visit site to read more]

Exxon To Divest Fuel Units In Japan

Posted: 01 Oct 2010 09:35 AM PDT

ExxonMobil Corporation (NYSE:XOM) intends to divest its retail fuel business in Japan to cope with the lackluster demand condition prevailing in the country, according to a report of the Yomiuri newspaper. The financial details of the deal were not disclosed and the company denied commenting on the news.
 
The report says Exxon plans to sell the network of more than 4,000 gas stations on a regional basis. However, two industry sources highlighted that any potential sale would involve … [visit site to read more]

Booming Bull Market Rally In Emerging Markets; MSCI Index Reaches 27-Month High Today

Posted: 01 Oct 2010 09:28 AM PDT

BLOOMBERG — “Emerging-market stocks rose, sending the benchmark index to the highest level in 27 months (see chart above), and currencies strengthened as reports showed China's manufacturing grew and developing-nation fund inflows hit an 11-month high.

The MSCI Emerging Markets Index climbed 0.7 percent to 1,082.92 at 11:07 a.m. New York time, poised for a fifth straight weekly advance.  China's manufacturing expanded at the fastest pace in four months in September, adding to signs … [visit site to read more]

ABB Wins Italian Solar Contract

Posted: 01 Oct 2010 09:05 AM PDT

ABB Ltd. (NYSE:ABB) has been awarded a $27 million contract by Gestamp Solar, the solar photovoltaic subsidiary of Gestamp Renewables, to deliver four solar power plants in Sicily, Italy. The project includes design, engineering, supply and commissioning of the power plants and also of the medium-voltage distribution link between the plants and the grid. The motive of the project is to develop a source of clean energy in Sicily.
 
Total planned capacity of the plants is above 17 … [visit site to read more]

Aimco Amends Credit Facility

Posted: 01 Oct 2010 09:05 AM PDT

Apartment Investment and Management Company, or Aimco (NYSE:AIV), as the real estate investment trust (REIT) is popularly known, has recently amended its revolving credit facility to strengthen its liquidity. The new facility increases its borrowing capacity from $180 million to $300 million, and extends the maturity of the same from May 2012 to May 2014 (including a one-year extension option).
 
The borrowings under the new credit facility will bear an interest rate of LIBOR +1.5%, … [visit site to read more]

Ultimate Bull Versus Bear Debate: Dow 1,000 Or 38,820??!!

Posted: 01 Oct 2010 08:59 AM PDT

H/T to http://pragcap.com for this find.
On CNBC recently two market "experts" recently were interviewed and predicted what the market will return in the upcoming years.
Jeff Hirsch of the Stock Trader's Almanac says the stockmarket is headed to Dow 38,820.  On the other end of the spectrum is Robert Prechter who says the Dow is headed to 1,000.
Both predictions are ludicrious. I already dissected Prechter's Dow 1,000 prediction in a post here. I noted the absurdity … [visit site to read more]

Interest Rates May Impact MetLife

Posted: 01 Oct 2010 08:35 AM PDT

In response to the concerns related to low interest rates, MetLife Inc. (NYSE:MET) expects its profits to decline in 2011, though MetLife does not expect the impact to be adverse.
 
According to MetLife's estimates, if the interest rate on the 10-year Treasury Note remains 2.5% through 2011, MetLife's earnings might reduce by about 20 cents per share in 2011.
 
Though MetLife has not yet issued any guidance for its full year 2010 or 2011, these estimates are considered as … [visit site to read more]

Rio Tinto-BHP Billion JV Delayed

Posted: 01 Oct 2010 08:35 AM PDT

According to The Wall Street Journal, Rio Tinto's (NYSE:RTP) much-awaited $116 billion joint venture with BHP Billiton Ltd. (NYSE:BHP) to produce iron ore in Australia is expected to be postponed. The joint venture is hanging on the approval of the Australian regulators, which was earlier expected to give its approval by the second half of fiscal 2010.
 
However, now the Australian government needs some time to set up the terms of the mineral tax in the country and hence the venture will be … [visit site to read more]

Target Targets 10 Stores

Posted: 01 Oct 2010 08:10 AM PDT

Target Corporation (NYSE:TGT), the operator of general merchandise and food discount stores in the United States, recently notified that it will open 10 new stores across the country on October 10, 2010, which will help generate more than 2,400 jobs.
 
The stores will be opened in Sacramento, Simi Valley, Bakersfield, San Jose and Azusa – all in California; Salt Lake City, Utah; Little Rock, Arkansas; Christiana, Delaware; Flushing, New York; and Braintree, Massachusetts.
 
Target … [visit site to read more]

Newsweek Changes Hands

Posted: 01 Oct 2010 08:10 AM PDT

The Washington Post Company (NYSE:WPO), the diversified education and media conglomerate, recently announced that it has completed the sale of Newsweek to Dr. Sidney Harman, who founded the audio equipment maker company, Harman International Industries Inc. The terms of the deal announced on August 2, 2010, were not disclosed.
 
In May 2010, Washington Post had hired Allen & Company, an investment bank, to explore the possible sale of Newsweek. Apart from Dr. Sidney Harman, other … [visit site to read more]

Forex Trading: USD/JPY Tests The 83.15 Floor As Europe Prepares To Go Home

Posted: 01 Oct 2010 08:00 AM PDT

The USD/JPY is currently testing the 83.15 floor as Europe prepares to go home for the weekend. The pair has been repeatly testing 83.15 for the past two days and it appears that the markets are looking to see if the floor will hold. With the pair testing all time lows, the next level down will be seen around 82.87. On the topside the USD/JPY has been confined by a somewhat predictable channel near 83.45, 83.55 and 83.73 (200H moving average) in the near … [visit site to read more]

Walmart Prepares To Win Over South Africa Through Massmart

Posted: 01 Oct 2010 07:50 AM PDT

Walmart Prepares to Win Over South Africa Through Massmart
by Tony D'Altorio, Investment U Research
Friday, October 1, 2010
Walmart (NYSE:WMT), the world's biggest retailer, is on the move again. This time, it has its sights set on Massmart ADR (PINK: MMRTY), South Africa's third-largest retailer with 290 stores.
Massmart goes by a range of names on the continent and 13 other sub-Saharan countries. It focuses on general merchandise, including electronics, but also has a growing food sales … [visit site to read more]
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