11/14 DailyFinance

Please add updates@feedmyinbox.com to your address book to make sure you receive these messages in the future. DailyFinance Guru Insight: Jim Stack's naked truth about the current bull market November 13, 2009 at 7:15 pm Filed under: Columns, Economy, Investing, Earnings Investing expert James Stack was one of the first on Wall Street to predict the stock market meltdown and recent bear market. In the late 1990s, the editor of the biweekly newsletter InvesTech Research warned of a high-tech bubble that would spread to other sectors and take down many small investors. More recently, he has left the bear behind and has been making the case that the economy is rebounding for real. Even in the face of dismal corporate earnings, Stack says we have truly turned the corner and that recent stock market gains will not be short lived. In fact, he says they will continue through 2010. We caught up with Stack to discuss why this is the case. He makes an important point: Investors would be wise not to look at corporate earnings to figure out where the stock market is headed. Read on to find out why. Continue reading Guru Insight: Jim Stack's naked truth about the current bull market Guru Insight: Jim Stack's naked truth about the current bull market originally appeared on DailyFinance on Fri, 13 Nov 2009 19:15:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Madoff computer programmers arrested; could face 30 years in $60B fraud November 13, 2009 at 6:15 pm Filed under: People Federal authorities arrested two computer programmers who worked for convicted Ponzi patriarch Bernie Madoff (pictured), charging them with several criminal counts for their alleged role in the massive $60 billion scam. George Perez and Jerome O'Hara appeared in federal court Friday and faced charges of conspiracy, falsifying books and records of a broker dealer, and falsifying books and records of an investment adviser. The pair worked in Madoff's secretive 17th floor office at the Lipstick building, where the fraud was orchestrated. "Jerome O'Hara and George Perez allegedly helped construct Bernie Madoff's house of cards," Preet Bharara, the United States attorney in Manhattan, said in a statement. "The computer codes and random algorithms they allegedly designed served to deceive investors and regulators and concealed Madoff's crimes." Continue reading Madoff computer programmers arrested; could face 30 years in $60B fraud Madoff computer programmers arrested; could face 30 years in $60B fraud originally appeared on DailyFinance on Fri, 13 Nov 2009 18:15:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Have stock prices raced ahead of reality? Maybe not November 13, 2009 at 5:20 pm Filed under: Economy, Investing, Earnings As the stock market powers ahead again, many nervous investors are asking themselves if shares are now overvalued. The Dow Jones and the broader S&P 500, after all, are now up more than 50% off their recent lows and picked up again this week. For many bears caught off-guard by the sharp upturn, like Gluskin Scheff analyst David Rosenberg, the answer is obvious: Stocks have again reached valuations not seen since the Internet bubble. But it's not that easy. Continue reading Have stock prices raced ahead of reality? Maybe not Have stock prices raced ahead of reality? Maybe not originally appeared on DailyFinance on Fri, 13 Nov 2009 17:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Jobs for Americans: Which states will take longest to rebound? November 13, 2009 at 4:40 pm Filed under: Economy, Electronic Arts, AMD Unemployment, which recently hit a 26-year high of 10.2% nationwide, won't begin to show signs of improvement until the second quarter of 2010. Even then, it will take until 2013 for half the states to regain their previous peak employment levels. That's according to analysis from economic forecasting firm IHS Global Insight. IHS argues that the U.S. economy is recovering, albeit at a glacial pace. It sees Texas, Virginia, Arkansas, Montana and North and South Dakota returning to their previous peak employment levels in 2010 to 2011. Montana and the Dakotas have benefited from strong commodity and agricultural prices. They also didn't have any housing bubble to speak of. Continue reading Jobs for Americans: Which states will take longest to rebound? Jobs for Americans: Which states will take longest to rebound? originally appeared on DailyFinance on Fri, 13 Nov 2009 16:40:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments Dow extends two-week winning streak on earnings November 13, 2009 at 4:20 pm Filed under: Company News, Investing, Earnings, JC Penney, Walt Disney The Dow Jones Industrial Average ($INDU) shrugged off some disappointing data to post solid gains Friday, helped by better-than-expected earnings from key consumer bellwhethers. The blue-chip barometer added 1% for the week, extending its winning ways to a second straight week. At the closing bell the Dow was up 73 points, or 0.7%, to 10,270. Equities shrugged off a disappointing report on consumer confidence, focusing instead on earnings reports. The broader S&P 500 ($INX) gained 6 points, or 0.6% to finish at 1,093, while the tech-heavy Nasdaq Composite ($COMPX) rose 19, or 0.9%, to 2,168. Continue reading Dow extends two-week winning streak on earnings Dow extends two-week winning streak on earnings originally appeared on DailyFinance on Fri, 13 Nov 2009 16:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Surge in mergers and acquisitions triggers boom in investigations November 13, 2009 at 4:00 pm Filed under: Economy, Investing, Hewlett-Packard, Pfizer, Berkshire Hathaway It's hard to ignore the fact that mergers-and-acquisitions activity has jumped dramatically recently. Although we're not even halfway through November, 214 deals have already been announced for a total deal value of $67.1 billion according to Thomson Reuters. By far the biggest one was Berkshire Hathaway's (BRK.A) $44 billion deal for railroad company Burlington Northern Santa Fe (BNI). Others include Hewlett-Packard's (HPQ) deal to buy 3Com (COMS) for $2.7 billion, which was announced late Wednesday, and the $5.2 billion deal by private-equity firms TPG Capital and the CPP Investment Board for IMS Health announced on Nov. 5. If the trend continues, deal flow could easily surpass January, when the $68 billion Pfizer/Wyeth (PFE) deal was announced, pushing deal activity to $86.6 billion. Continue reading Surge in mergers and acquisitions triggers boom in investigations Surge in mergers and acquisitions triggers boom in investigations originally appeared on DailyFinance on Fri, 13 Nov 2009 16:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Decision to try 9/11 detainees in New York provokes heated debate November 13, 2009 at 3:00 pm Filed under: People The decision by U.S. Attorney General Eric Holder (pictured) to prosecute self-proclaimed 9/11-mastermind Khalid Sheik Mohammed in New York set off a major debate Friday over whether the move makes legal and practical sense. Mohammed will face a jury trial in federal court in the Southern District of New York, only blocks away from the scene of the 2001 attack, where nearly 3,000 people lost their lives. "There were extraordinary crimes, and so we will seek maximum penalties," Holder said Friday in Washington, D.C. "I fully expect to direct prosecutors to seek the death penalty against each of the 9/11 co-conspirators." Continue reading Decision to try 9/11 detainees in New York provokes heated debate Decision to try 9/11 detainees in New York provokes heated debate originally appeared on DailyFinance on Fri, 13 Nov 2009 15:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments A George W. Bush fundraiser is now embroiled in an alleged $1 billion scam November 13, 2009 at 2:00 pm Filed under: People Not all the people who donate to presidential campaigns are good. This fact comes to mind as we find out more about one of George W. Bush's big campaign donors -- a pleasant fellow named Scott Rothstein. Of course, he had plenty of company in goosing Bush's campaign coffers -- recall subprime mortgage lender Ameriquest, which contributed a mere $7.8 million. But that's old news. Bloomberg News reports that Rothstein is a lawyer who persuaded investors to give him $1 billion, in exchange for which they allegedly got a chance to earn a share of what Rothstein promised would be big legal settlements just a few months after those investors' checks cleared. Apparently, it was a yet another Ponzi scheme -- the legal settlements didn't exist. Federal authorities have sued Rothstein, but he hasn't yet been charged with any crime. Continue reading A George W. Bush fundraiser is now embroiled in an alleged $1 billion scam A George W. Bush fundraiser is now embroiled in an alleged $1 billion scam originally appeared on DailyFinance on Fri, 13 Nov 2009 14:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments The Doctor Is In: Focus on prevention would help pay for health reform November 13, 2009 at 1:30 pm Filed under: Columns, Economy, Healthcare One of the chief complaints about the health care bill the House of Representatives passed on Saturday is that it's too expensive, with a staggering price tag of $1.1 trillion over ten years. While the House bill admirably extends coverage to an additional 36 million Americans, it's a lot to spend on a law that doesn't adequately address the spiraling costs of health care. Under the House plan, more Americans would have health insurance coverage, which would mean they'd have greater access to medical services and would likely seek care earlier. That would save money, as would other aspects of the House and Senate bills, such as reducing Medicare payments. But if we really want to contain costs over the long haul, we have to shift our efforts toward prevention. Continue reading The Doctor Is In: Focus on prevention would help pay for health reform The Doctor Is In: Focus on prevention would help pay for health reform originally appeared on DailyFinance on Fri, 13 Nov 2009 13:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments J.C. Penney falls short in third quarter, looks home for improvements in 2010 November 13, 2009 at 1:15 pm Filed under: Company News, Earnings, JC Penney Expect a Kohl's vs. Penney's remodeling face-off next year, and new additions in their home departments. While reporting their third-quarter results this week, the department store rivals both said they're planning to focus on remodeling stores in 2010, and will pay more attention to their housewares departments, which have not been as profitable during the housing downturn. After posting mildly disappointing results for the third quarter, J.C. Penney Co. (JCP) told analysts it plans to stick to its knitting by adding brands and remodeling stores, rather than opening news ones. Continue reading J.C. Penney falls short in third quarter, looks home for improvements in 2010 J.C. Penney falls short in third quarter, looks home for improvements in 2010 originally appeared on DailyFinance on Fri, 13 Nov 2009 13:15:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments Wall Street bonuses are Robin Hood in reverse -- but one Robin Hood approves November 13, 2009 at 1:00 pm Filed under: Economy We all know that Wall Street's bad bets nearly brought the financial system to its knees last year. Then U.S. taxpayers footed the bill to bail out Wall Street -- taking on obligations potentially as high as $23.7 trillion, leading to a $1.4 trillion federal deficit, and $12 trillion in national debt. To me that's a kind of reverse-Robin-Hood action. Ironically, a New York City charity called the Robin Hood Foundation, which says it supports 200 poverty-fighting programs, is celebrating Wall Street's expected $140 billion 2009 bonus windfall. The head of Robin Hood's response to the upcoming record Wall Street bonuses is "Hell yeah!" reports Bloomberg News. The reason for David Saltzman's enthusiasm is that Robin Hood claims it gets more than half of its annual $150 million in donations from the employees of investment banks, brokerage firms and hedge funds. Continue reading Wall Street bonuses are Robin Hood in reverse -- but one Robin Hood approves Wall Street bonuses are Robin Hood in reverse -- but one Robin Hood approves originally appeared on DailyFinance on Fri, 13 Nov 2009 13:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Viagra meets its match: Sex pills for the female libido are on their way November 13, 2009 at 12:20 pm Filed under: Company News, Healthcare, Pfizer The pharmaceutical industry has discovered the female libido. German biotech company Boehringer Ingelheim is "putting the finishing touches on a pill designed to reawaken desire by blunting female inhibitions," according to Bloomberg News, which scientists will discuss next week in Lyon, France. The drug has nothing to do with George Clooney, or getting male spouses to help more around the house. Turns out women's sex drives are centered in the brain. Who knew? (Not most guys, probably.) Continue reading Viagra meets its match: Sex pills for the female libido are on their way Viagra meets its match: Sex pills for the female libido are on their way originally appeared on DailyFinance on Fri, 13 Nov 2009 12:20:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments Consumer sentiment takes a tumble in November November 13, 2009 at 11:45 am Filed under: Economy Chalk up a mixed-bag week for the U.S. economy: Jobless claims continued to decline, the Dow made progress solidifying gains above 10,000 -- but consumer sentiment plunged. The Reuters/University of Michigan Surveys of Consumers says its consumer sentiment index for November (preliminary) decreased to 66 from 70.6 in October, Reuters reported Friday. Further, the index of consumer expectations declined to 63.7 from 68.6 in October, while the current conditions index fell to 69.6 from 73.7 in October. Continue reading Consumer sentiment takes a tumble in November Consumer sentiment takes a tumble in November originally appeared on DailyFinance on Fri, 13 Nov 2009 11:45:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Boeing's 787 Dreamliner faces another nightmare engineering delay November 13, 2009 at 11:30 am Filed under: Company News, Boeing Boeing (BA) is a big company with many different projects. But one of them, its 787 Dreamliner, has been delayed six times already. This 250- to 330-seat aircraft now has 840 orders (down from 850), which amounts to a $148 billion backlog. While I've reported on conversations with people who claim that the 787 has problems with its environmental control system and its electrical system, The Wall Street Journal on Friday offered another bombshell technical glitch. Before going into detail about this latest problem, it's worth thinking about how Boeing got here. As I wrote in my book about the company, You Can't Order Change, Boeing decided to do two new things with the 787. First, it outsourced 60% of the design and manufacturing. In the past, Boeing had done all its design work itself and only outsourced some of its manufacturing. Continue reading Boeing's 787 Dreamliner faces another nightmare engineering delay Boeing's 787 Dreamliner faces another nightmare engineering delay originally appeared on DailyFinance on Fri, 13 Nov 2009 11:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Costco opens in Manhattan: Big box retailer for shoe-box living November 13, 2009 at 10:50 am Filed under: Costco Wholesale Corp., Whole Foods Manhattan just got its first Costco (COST). The store on E. 116th Street opened on Thursday, making it the first discount club to open in the borough. The experience isn't entirely new, however, as many club members already live in the city. Now, they'll be able to enjoy a shorter jaunt to the nearest Costco. The store boasts more than 105,000 square feet of selling space and 3,500 products, according to the New York Post. There's an optical department (with doctor), pharmacy and enormous fresh foods area, along with a photo center and food court ... basically, the Manhattan Costco has everything, as the rest of the country already knows, and it comes in one size: huge. Continue reading Costco opens in Manhattan: Big box retailer for shoe-box living Costco opens in Manhattan: Big box retailer for shoe-box living originally appeared on DailyFinance on Fri, 13 Nov 2009 10:50:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Ex-bankers forming 'blind pools' to bid for failed banks November 13, 2009 at 10:10 am Filed under: Company News, Economy, Investing, Goldman Sachs In August, the FDIC reluctantly made it easier for private-equity groups to buy failed banks after the number of problem banks rose to 416 at the end of June. I say reluctantly because the FDIC prefers to sell failed banks to people with a track record in the banking industry. Now there are some new kids on the block creating stiff competition for the the private equity firms -- former bank executives working with Wall Street firms to form "blind pools" to buy failed banks. That's good news for everyone but the private-equity firms. Not only will former bankers be more attractive as buyers to the FDIC, the private-equity firms expect the blind pools to drive up prices, making the purchase of failed banks less attractive. Even when the FDIC agreed to make it easier for private-equity firms to buy failed banks, it added a caveat to prevent them from quickly flipping the banks: It required investors to maintain a bank's minimum capital levels for three years. Continue reading Ex-bankers forming 'blind pools' to bid for failed banks Ex-bankers forming 'blind pools' to bid for failed banks originally appeared on DailyFinance on Fri, 13 Nov 2009 10:10:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments September's U.S. trade deficit jumps to $36.5 billion, but exports also rise November 13, 2009 at 9:50 am Filed under: Economy In a setback on the U.S. trade front, the nation's trade deficit surged 18.2% to $36.5 billion in September, driven higher by an increase in imports, the U.S. Commerce Department announced Friday. A Bloomberg News survey had expected the gap to total $32 billion in September. The Commerce Department's revised numbers for August and July show deficits of $30.8 billion and $32 billion, respectively. In September, imports rose 5.8% to $168.4 billion, led by higher oil costs. However, exports also rose, by 2.9% to $132.0 billion, led by increased sales of civilian aircraft and industrial machines. Continue reading September's U.S. trade deficit jumps to $36.5 billion, but exports also rise September's U.S. trade deficit jumps to $36.5 billion, but exports also rise originally appeared on DailyFinance on Fri, 13 Nov 2009 09:50:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Google pumps up YouTube with better HD and recommendation tools November 13, 2009 at 9:30 am Filed under: Company News, Technology, Google With the video revolution online in full swing, Google (GOOG) kicked it up a notch Thursday with the introduction of 1080p high-definition streaming capability for its YouTube property. That's an increase of more than 30% in picture density from the previous 720p streams. Company product manager Hunter Walk announced the news at the NewTeeVee Live conference in San Francisco, an event that brought together a motley assortment of upstart players (Boxee, Clicker) and industry heavyweights, (CBS Interactive, Comcast, and Cisco Systems). The news signifies an even deeper commitment by Google, the search giant, to provide video content that rivals what the most sophisticated cable and over-the-air broadcast networks offer. Continue reading Google pumps up YouTube with better HD and recommendation tools Google pumps up YouTube with better HD and recommendation tools originally appeared on DailyFinance on Fri, 13 Nov 2009 09:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Stocks in the news: Walt Disney, J.C. Penney, Abercrombie & Fitch November 13, 2009 at 9:10 am Filed under: Company News, Investing, Dell, Google , JC Penney, Nordstrom, Boeing, Blockbuster, Walt Disney Walt Disney Co. (DIS) reported late Thursday its fourth-quarter earnings grew 18% on improved results at cable network ESPN and syndication sales of "Grey's Anatomy" and "Desperate Housewives." The results were above estimates and showed improvement at the company's operations. Shares were 2.4% higher in pre-market trading. J.C. Penney (JCP) reported Friday a lower quarterly profit of $27 million, or 11 cents a share, in line with estimates. Sales fell 3.2% to $4.18 billion in the third quarter. Same-store sales fell 4.6% during the quarter. But the retailer raised its forecast for the full year to a level that could top Wall Street expectations. Shares jumped nearly 5.5% ahead of the bell. Continue reading Stocks in the news: Walt Disney, J.C. Penney, Abercrombie & Fitch Stocks in the news: Walt Disney, J.C. Penney, Abercrombie & Fitch originally appeared on DailyFinance on Fri, 13 Nov 2009 09:10:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Daily Blogwatch: How to buy shares of Facebook November 13, 2009 at 8:30 am Filed under: Company News, Technology, Columns, People, Investing, Earnings, One Year Later Ten states facing budget disasters. ________________ I'm sort of jealous: The richest members of Congress. ________________ I review my favorite books on the financial crisis. ________________ Continue reading Daily Blogwatch: How to buy shares of Facebook Daily Blogwatch: How to buy shares of Facebook originally appeared on DailyFinance on Fri, 13 Nov 2009 08:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Stocks ready to rebound after Disney's earnings, ahead of data November 13, 2009 at 8:10 am Filed under: Economy, Investing U.S. stocks are ready to rebound Friday morning. Investor sentiment got a boost from better-than-expected results at Walt Disney (DIS) and news that the eurozone has emerged from the recession. Still, this morning's economic releases, including trade balance and consumer sentiment, could change the tone. More here: Before the bell: Stock futures higher ahead of consumer sentiment, trade gap data Stocks ready to rebound after Disney's earnings, ahead of data originally appeared on DailyFinance on Fri, 13 Nov 2009 08:10:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments In the market for new tires? Get ready to pay more at Goodyear November 13, 2009 at 7:55 am Filed under: Company News, Economy, Goodyear Goodyear (GT) is raising tire prices. Spokesman Jim Davis says Goodyear Tire & Rubber Co. will raise the price on all consumer replacement tires sold in North America by 6 percent starting Dec. 1. Davis says higher raw material costs are behind the move. The increase is the company's first since September 2008, when it raised prices more than 10 percent. Continue reading In the market for new tires? Get ready to pay more at Goodyear In the market for new tires? Get ready to pay more at Goodyear originally appeared on DailyFinance on Fri, 13 Nov 2009 07:55:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Shares in Hong Kong rise in fragile recovery November 13, 2009 at 7:00 am In Hong Kong Friday, the Hang Seng Index added 0.7% to close at 22,554, and the Shanghai Composite Index rose 0.5% to end the day at 3,188. Shares fell in Tokyo, sending the Nikkei Index down 0.4% to 9,770. According to the International Monetary Fund, Hong Kong's economic recovery is fragile. This was emphasized by figures showing a rise in GDP of only 0.4% -- lower than economists had forecast. Meanwhile, the Hang Seng continued its rise with banks registering gains today. Bank of China (BACHY) gained 3.2%, Industrial & Commercial Bank of China (IDBCY) rose 1.9% and Standard Chartered (SCBFF) added 2.9%. Continue reading Shares in Hong Kong rise in fragile recovery Shares in Hong Kong rise in fragile recovery originally appeared on DailyFinance on Fri, 13 Nov 2009 07:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Gold will stay above $1,000 an ounce forever, says Swiss Dr. Doom November 13, 2009 at 6:30 am Filed under: Economy, Investing Leave it to Switzerland's version of Dr. Doom to make the latest apocalyptic pronouncement on the future of the U.S. dollar -- and the outlook for gold prices. Marc Faber, investment advisor and fund manager to the uber-wealthy, says gold will forever stay above $1,000 an ounce. If you're unfamiliar with Faber's pitch-black outlook for the future of the Western economies and the developed world in general, well, he's probably best known as the author of the Gloom, Boom & Doom report. Continue reading Gold will stay above $1,000 an ounce forever, says Swiss Dr. Doom Gold will stay above $1,000 an ounce forever, says Swiss Dr. Doom originally appeared on DailyFinance on Fri, 13 Nov 2009 06:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments As Germany and France rebound, global recovery grows November 13, 2009 at 5:00 am Filed under: Economy Germany and France, the two largest economies in Europe posted modest third quarter GDP growth. Germany's economy grew 0.7% in the period that ended September 30 and France announced a 0.3% improvement. In the second quarter, both countries had also reported a tiny up-tick in GDP. These tiny advances were consistent with growth in other wealthy nations, particularly the U.S. They were also almost certainly caused by the stimulus packages that many E.U. nations have in place. That raises the question of how developed countries will fare once their governments stop pumping liquidity into the financial system. Continue reading As Germany and France rebound, global recovery grows As Germany and France rebound, global recovery grows originally appeared on DailyFinance on Fri, 13 Nov 2009 05:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments Google pays $30M for Gizmo5; Did the search giant just blow up the phone biz? November 12, 2009 at 9:10 pm Filed under: Google , Apple, AT&T Search giant Google (GOOG), which looks increasingly like a phone company, paid $30 million for Gizmo5, the Web-based calling startup, DailyFinance has confirmed with people familiar with the matter. The deal is done and the startup's staff has begun work integrating into the Google Voice team in Mountain View, Calif. Skype was also in negotiations to buy Gizmo5 before the VoIP (voice over Internet protocol) giant's founders reached a settlement to re-take an ownership stake in the company. TechCrunch first reported the news earlier this week. The deal is a crucial step for the search titan because Google Voice now gains the technology to connect inbound and outbound calls to standard land-lines and cell phones, something it had lacked. Continue reading Google pays $30M for Gizmo5; Did the search giant just blow up the phone biz? Google pays $30M for Gizmo5; Did the search giant just blow up the phone biz? originally appeared on DailyFinance on Thu, 12 Nov 2009 21:10:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments   This email was sent to gatdemit001@gmail.com.  Create Your Account Don't want to receive this feed any longer? Unsubscribe here.