STOCK MARKET WATCH, Thursday 22 December

[ozymandius]

Thursday December 22, 2005

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 3 YEARS, 31 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 1827 DAYS
WHERE'S OSAMA BIN-LADEN? 1526 DAYS
DAYS SINCE ENRON COLLAPSE = 1488
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54


U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES




AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON December 21, 2005

Dow... 10,833.73 +28.18 (+0.26%)
Nasdaq... 2,231.66 +9.24 (+0.42%)
S&P 500... 1,262.79 +3.17 (+0.25%)
10-Yr Bond... 4.49% +0.02 (+0.45%)
Gold future... 495.30 -1.70 (-0.34%)






GOLD, EURO, YEN, Dollars and Loonie


PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

[ozymandius]

1. WrapUp by Chris Puplava

ECONOMIC REPORTS

Several economic reports came out today, with the final revision of the third quarter GDP being revised downward from 4.3% to 4.1%, mainly reflecting a downward revision in auto spending.

-cut-

A third quarter GDP growth rate of 4.1% suggests that the economy is still going strong as supported by the release of corporate profits by the Bureau of Economic Analysis (BEA). After-tax profits for the third quarter rose 35.9% relative to third quarter 2004. The Commerce Department said hurricane damage reduced corporate profits by $165.3 billion in the third quarter, reflecting benefits paid by domestic insurance companies and uninsured losses on corporate property.

-cut-

In other news, crude oil inventories were released today with crude oil stocks rising 1.3 million to 322.5 million barrels while stocks of gasoline and distillates fell as refinery production dipped back down. Gasoline stocks were down 0.3 million to 204.1 million with distillates down 2.8 million to 127.7 million. Refinery capacity was down this week at 88.0% of capacity.

more - mainly charts to illustrate the above points...

http://www.financialsense.com/Market/wrapup.htm

[fasttense]

4. All US middle class workers should be seeing a raise.

"as supported by the release of corporate profits by the Bureau of Economic Analysis (BEA). After-tax profits for the third quarter rose 35.9% relative to third quarter 2004."

So, with almost a 34% increase in after tax profits by corporations, all us corporate working stiffs will be seeing all that hard work pay off with a raise from these corporations. Right.......

[AnneD]

44. All I want...

is a room some where, far away from the cold night air, with one enormous chair... oh wouldn't it be loverly.
Lot's of chocolates for me to eat, lot's of coal making lots of 'eat..warm face, warm hands, warm feet...oh wouldn't it be loverly.
By those Victorian standards, I'm living large in Texas.
:hi: Y'all

[ozymandius]

2. Today's Reports

Dec 22 8:30 AM Initial Claims 12/17
Briefing Forecast 325K
Market Expects 325K
Prior 329K

Dec 22 8:30 AM Personal Income Nov
Briefing Forecast 0.4%
Market Expects 0.3%
Prior 0.4%

Dec 22 8:30 AM Personal Spending Nov
Briefing Forecast 0.5%
Market Expects 0.4%
Prior 0.2%

Dec 22 10:00 AM Leading Indicators Nov -
Briefing Forecast 0.5%
Market Expects 0.4%
Prior 0.9%

[UpInArms]

15. 8:30 reports tumbling in:

8:30am 12/22/05 PRIOR WEEK JOBLESS CLAIMS REVISED UP TO 331,000

8:30am 12/22/05 U.S. CONTINUING JOBLESS CLAIMS RISE BY 41,000 TO 2.6 MLN

8:30am 12/22/05 U.S. 4-WEEK JOBLESS CLAIMS FALLS TO 324,000

8:30am 12/22/05 INSURED UNEMPLOYMENT RATE RISES TO 2.1%

8:30am 12/22/05 HURRICANE-RELATED CLAIMS NOW TOTAL 571,200

8:30am 12/22/05 U.S. JOBLESS CLAIMS FALL BY 13,000 TO 318,000

8:30am 12/22/05 U.S. NOV. DISPOSABLE INCOME UP 0.3%

8:30am 12/22/05 U.S. NOV. WAGES, SALARIES UP 0.2%

8:30am 12/22/05 U.S. NOV. SAVINGS RATE AT -0.2%, SAME AS OCT.

8:30am 12/22/05 U.S. NOV. CORE INFLATION UP 1.8% YR-ON-YR, VS 1.9% OCT.

8:30am 12/22/05 U.S. NOV. CORE INFLATION RATE UP 0.1%

8:30am 12/22/05 U.S. NOV. PERSONAL INCOME UP 0.3% VS 0.4% EXPECTED

8:30am 12/22/05 U.S. NOV. CONSUMER SPENDING UP 0.3%, IN LINE WITH FORECASTS

[UpInArms]

16. Initial Claims at 318,000

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38708.3543542824-855320721&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) -- First-time applications for state unemployment benefits fell by 13,000 to a seasonally adjusted 318,000 in the week ending Dec. 17, the Labor Department said Thursday. Initial claims filed in the previous week were revised higher by 2,000 to 331,000. Economists were expecting jobless claims to dip to 326,000. The four-week moving average of new claims fell by 4,750 to reach 324,500. Hurricanes Katrina and Rita accounted for 700 claims, bringing the cumulative total for those storms to 571,200.

[UpInArms]

17. U.S. Nov. consumer spending up 0.3%, incomes up 0.3% -Savings Rate @ -0.2%

http://www.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&guid=%7B870059CB-EDC8-4079-88ED-51BA6792AE7D%7D&

WASHINGTON (MarketWatch) - U.S. consumer spending grew 0.3% in November, matching a 0.3% gain in incomes, the Commerce Department said Thursday. The personal savings rate remained steady at -0.2% from October. The October level was revised up from the initial estimate of -0.7%. Meanwhile, headline inflation fell by a record amount and core inflation measures rose slightly in the month. Core inflation is up 1.8% in the past 12 months, the smallest gain since March 2004. Economists were expecting incomes to rise 0.4% in November, with spending up 0.3%, according to a MarketWatch survey.

Still spending more than they have :(

[UpInArms]

19. There is no inflation - so stop saying that!

http://www.marketwatch.com/news/story.asp?guid={1F2014C1-8D03-4822-99ED-BFFB8A5A0B90}&siteid=mktw

WASHINGTON (MarketWatch) - U.S. consumer spending grew 0.3% in November, matching a 0.3% gain in incomes, the Commerce Department said Thursday.

Meanwhile, headline inflation fell by a record amount and core inflation measures rose slightly in the month. Read full government release.

Core inflation is up 1.8% in the past 12 months, the smallest gain since March 2004.

Economists were expecting incomes to rise 0.4% in November, with spending up 0.3%, according to a MarketWatch survey.See Full Story...

The personal savings rate remained steady at -0.2% from October. The October level was revised up from the initial estimate of -0.7%.

The headline personal consumption expenditure price index decreased a record 0.4% in November, bringing its year-over-year increase down to 2.7%, the lowest since July.

...more...

[UpInArms]

34. Leading Indicators at 0.5% (meets concensus)

10:00am 12/22/05 7 OUT OF 10 U.S. LEADING INDICATORS RISE IN NOV.

10:00am 12/22/05 U.S. NOV. LEADING ECONOMIC INDICATORS UP 0.5%

[UpInArms]

37. more info (rising money supply?)

http://www.marketwatch.com/news/story.asp?guid=%7B80446EF3%2D3D05%2D4410%2D82E6%2DDDDBE28C86B5%7D&symbol=&siteid=mktw

WASHINGTON (MarketWatch) - A guage of future U.S. economic activity gained momentum in November, the Conference Board said Monday.

The index of leading economic indicators rose 0.5% last month, the business group said. This is the second straight strong monthly gain. Read full report.

<snip>

Seven of the 10 indicators increased in November, led by a drop in weekly jobless claims, rising money supply, improving consumer expectations, higher stock prices, an increase in building permits, a narrower interest rate spread and higher new orders for consumer goods.

The negative contributors were worsening vendor performance, a drop in factory hours, and a drop in orders for nondefense capital goods.

...more...

[ozymandius]

3. Oil Prices Stay Under $60 Per Barrel

SINGAPORE - Crude oil futures gained in Asian trading Thursday following the release of a U.S. government weekly report which showed a larger-than-expected drop in distillate stocks.

The market was largely unaffected by Royal Dutch Shell PLC's Thursday announcement it would declare a force majeure on its light, sweet crude exports from Nigeria after attackers set off dynamite at a pipeline two days ago. That means Shell will be exempt from not fulfilling its contract obligations due to conditions out of its control.

Light, sweet crude for February delivery on the New York Mercantile Exchange rose 14 cents to $58.93 a barrel in mid-afternoon electronic trading. The contract settled Wednesday at $58.56 a barrel, up 47 cents.

more...

[UpInArms]

25. Oil strides past $59 on Nigerian supply delays

http://today.reuters.com/News/newsArticle.aspx?type=businessNews&storyID=2005-12-22T121523Z_01_ROB244082_RTRUKOC_0_US-MARKETS-OIL.xml

LONDON (Reuters) - Oil rose beyond $59 on Thursday after Shell was forced to delay some exports of its Nigerian crude following a pipeline attack in the southern Delta.

Shell's declaration of force majeure, a technical release from honoring contracts, has delayed delivery of more than 300,000 barrels per day (bpd) of some of the world's finest quality crude.

U.S. crude was up 64 cents at $59.20 a barrel by 7:00 a.m. EST, building on Wednesday's gain of 47 cents in New York. London Brent crude was 93 cents higher at $57.65.

Shell was forced to close a pipeline, which pumps 180,000 bpd, after unidentified gunmen on Tuesday attacked it. Oil dealers said the hold-up could last around six days.

...more...

[UpInArms]

31. At least eight dead in Nigerian pipeline blast

http://www.mg.co.za/articlePage.aspx?articleid=259771&area=/breaking_news/breaking_news__africa/

At least eight people were reported on Thursday to have died in an explosion that set ablaze a pipeline in the oilfields of southern Nigeria, as the Shell oil company said it is unable to make deliveries to customers.

The oil giant declared a state of force majeure on Wednesday night, a legal term allowing a party to a contract to breach its terms legally. The disruption has resulted in a loss of 180 000 barrels of oil per day, a Shell spokesperson in London said on Thursday.

The blast has pushed up world crude prices in its repercussions on the oil markets. On the New York Mercantile Exchange, a barrel of "light sweet crude" for February delivery rose by 48 cents to $59,04 at about 11am GMT.

<snip>

"We've declared force majeure last night, certainly force majeure on some cargoes coming out of Bonny . The production deferred remains 180 000 barrels per day. We understand also that the gas supplies locally have been affected," Andy Corrigan in London said.

"A 28-inch supply pipeline .... has been ruptured, and potentially other pipes. There is a team on site now which has boomed off the oil spill; a firefighting crew has been mobilised as well to put out the fire.

...more...

[UpInArms]

32. OPEC likely to cut oil output in 2Q of '06

http://www.businessweek.com/ap/financialnews/D8EL8I680.htm?campaign_id=apn_home_down&chan=db

DEC. 22 6:08 A.M. ET The Organization of Petroleum Exporting Countries is likely to reduce its crude oil production after the high-demand Northern Hemisphere winter, the group's president said Thursday.

"I expect OPEC to decrease output for the second quarter," Sheikh Ahmad Fahad Al-Ahmad Al-Sabah said, adding that the group isn't expected to change its production policy for the first quarter.

His remarks, made during a one-day visit to Beijing to meet with top Chinese policy makers, are the latest hint from OPEC of its concerns that oil demand will fall after winter, bringing prices down.

<snip>

On Dec. 12, OPEC agreed to keep current production unchanged, although ministers have indicated they stand ready to cut back if needed at a meeting scheduled for Jan. 31 in Vienna.

The group's official quota stands at 28 million barrels a day, the highest in its history, and applies to the 10 active members, excluding Iraq.

...more...

[amandabeech]

61. If they cut back, it may be in heavy, sour grades that most refineries

cannot handle. The Saudis have a lot of this stuff around that they can't sell.

It may also mean that keeping up 28 mpbd for any length of time is difficult for the group. It may put strains on equipment and manpower, and damage reservoirs if kept up too long.

Meanwhile, TWIP shows a 600,000 bpd drop in imports last week, perhaps as a result of the trailing off of emergency shipments from Europe. It will be interesting to see if that drop off continues, and whether further drops will ensue when the Japanese stop their shipments.

It is also possible that the drop in distillates reflects the decline in emergency shipments. Some of that product was in distilled products, and Europe, facing a cold winter, needs the distillates for heating.

[UpInArms]

5. daily dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX

Last trade 91.07 Change +0.08 (+0.09%)

Dollar Stalls As Lack Of Liquidity Sets In

http://www.dailyfx.com/story/dailyfx_reports/daily_technicals/5677_dollar_stalls_as_lack_of_liquidity_sets.html

EUR/USD – Euro bulls once again felt the brunt of the greenback offers as the pair tumbled toward the 1.1800 figure thus working its way through the support created by the combination of the 20-day, 50-day SMA’s and the 23.6 Fib of the 1.2588-1.1639 USD rally. A further move to the downside will most likely see the pair head below the 1.1800 figure and target the single currency bids around 1.1776, a level established by December 12 daily low. A sustained downside momentum will most likely see the EUR/USD head lower and target 1.1639, a level marked by the 2005 Low, breaking of which will most likely see the dollar traders set their sights on the psychologically important 1.1500 handle, a level defended by the single currency bids around 1.1546, an October 17 2003 daily low. Indicators are favoring the euro longs with both positive momentum indicator and MACD treading above the zero line, while neutral oscillators give either side enough room to maneuver.

<snip>

USD/JPY – Japanese Yen bulls continued to keep a tight lid on the price action after the pair failed to break above the active offers around 117.37, a level established by the 23.6 Fib of the 104.16-141.46 USD rally, and is further reinforced by the 50-day SMA at 117.83. As dollar longs continue to bid up the pair, the next move to the upside will most likely see the greenback traders extend their gains above the 118.00 figure and take out the yen defenses around 118.21, a level established by the November 23 daily low. A sustained upside momentum on the part of the greenback longs will most likely see the USD/JPY head higher and aim for the offers above the psychologically important 120.00 handle at 120.46, a level marked by the December 13 daily high. Indicators are diverging with negative momentum indicator below the zero line while positive MACD is sloping downward toward the zero line, with ADX above 25 at 35.38, signaling an existence of a maturing trend, not a direction of one, while neutral oscillators give either side enough room to maneuver.

...more...

[UpInArms]

38. Dollar loses steam as U.S. trading progresses

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38708.4250968982-855332753&siteID=mktw&scid=0&doctype=806&

CHICAGO (MarketWatch) -- The dollar turned lower in a delayed reaction to mild inflation stats that could limit the scope of higher U.S. interest rates. The dollar also lost some favor as Treasury yields fell, cutting demand for U.S. bonds from abroad. The greenback was worth 116.70 yen, down 0.5% compared to 117.45 yen late Wednesday. The euro was last up 0.3% at $1.1867 compared to $1.1816 late Wednesday.

[UpInArms]

6. Fed's Lacker says U.S. on track for soft landing

http://today.reuters.com/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2005-12-21T205241Z_01_N21215760_RTRIDST_0_ECONOMY-FED-LACKER-UPDATE-2.XML

CHARLOTTE, N.C., Dec 21 (Reuters) - The U.S. economy appears set for a soft economic landing in which growth is solid, inflation low, and workers and businesses fully employed, a top Federal Reserve official said on Wednesday.

"The economic outlook is fairly encouraging," Richmond Federal Reserve Bank President Jeffrey Lacker told a luncheon sponsored by the Charlotte Chamber of Commerce. "Growth is on a solid footing, despite this year's run-up in energy prices and the disruptions of a devastating hurricane season."

"Granted, housing activity seems to be softening, and at least some potential price level pressures remain, so it may be too soon to break out the eggnog," he added. "But inflation expectations remained contained, and we at the Fed are well-positioned to resist inflation pressures, should they emerge."

Speaking to reporters after the luncheon, Lacker was asked whether the Fed was set to achieve the elusive central banker's goal of a soft economic landing.

"I think we've been on a trajectory to approach a path on which we're growing in a sustained and balanced way with relative full utilization of resources. And I think that's what people mean by soft landing, so I guess my answer is yes."

...more...

[UpInArms]

7. Richmond Fed's Lacker-US close to full employment

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-21T190405Z_01_WBT004415_RTRIDST_0_ECONOMY-FED-LACKER-URGENT.XML

CHARLOTTE, N.C., Dec 21 (Reuters) - The current low U.S. jobless rate is not likely to go substantially lower because the country is close to full employment, Richmond Federal Reserve Bank President Jeffrey Lacker said on Wednesday.

"I don't see a major movement in the unemployment rate -- it could drift down a little if anything, but not substantially, over the next year," Lacker said in response to a question at a speech to the Charlotte Chamber of Commerce.

"I think five percent (jobless rate) is consistent with a reasonably full utilization of resources right now," he said.

Lacker also said that due to low inflation expectations, markets are not paying premiums to investors willing to buy longer-denominated debt.

...more...

[AnneD]

46. SO.....

the over 2.6 million newly unemployed are slackers? Ok I can see calling all those that have lost hope of finding a job (due to age discrimination, permanent disability) being classed as slackers, but the newly unemployed ?

[UpInArms]

40. Fed's Lacker-Don't expect long-term steady rates

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-22T174121Z_01_WBT004437_RTRIDST_0_ECONOMY-FED-LACKER-URGENT.XML

WASHINGTON, Dec 22 (Reuters) - Richmond Federal Reserve Bank President Jeffrey Lacker said on Thursday the economic outlook next year was bright, but he warned that the Fed might need to keep adjusting interest rates even if inflation stays low and growth on track.

"Whenever the current sequence of tightening moves reaches completion, short-term interest rates should not be expected to remain constant for an extended period of time," Lacker told the National Economists Club.

A copy of his speech was made available to media prior to release.

"Instead, they will likely move from time to time during the expansion ahead," he said.

...more...

[UpInArms]

8. Pet food sold in N.H. and 22 other states recalled

http://www.boston.com/news/local/new_hampshire/articles/2005/12/21/pet_food_sold_in_nh_and_22_other_states_recalled/

CONCORD, N.H. --Diamond Pet Foods on Wednesday recalled dog and cat food manufactured in South Carolina and sold in New Hampshire and 22 other states.

The company, based in Gaston, S.C., discovered in their products, aflatoxin, a byproduct from the growth of fungus on corn and other crops that can make pets sick. Aflatoxin poisoning can be fatal.

The company is recalling Diamond, Country Value and Professional brand dog, puppy and cat foods with date codes of "Best By 01-March-07" through "Best By 11-June-07."

Products with later date codes are not affected.

<snip>

Other affected states include Alabama, Connecticut, Delaware, Florida, Georgia, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia and West Virginia.

...more at link...

[UpInArms]

9. Dogs dying of toxin in locally sold pet food

http://www.democratandchronicle.com/apps/pbcs.dll/article?AID=/20051221/NEWS01/512220330/1032/LIVING

(December 21, 2005) — A brand of dog food that apparently is tainted with a deadly toxin is being sold in the Rochester area.

Professional Pet Food yesterday released a statement indicating that the deadly toxin aflatoxin had been found in a product manufactured at their Gaston, S.C., facility.

<snip>

New York state receives dog food from the Gaston facility, as do 21 other states. Symptoms of poisoning include lethargy combined with a reluctance to eat; a yellowish tint to the eyes and/or gums; and severe or bloody diarrhea.

<snip>

Herman said his Diamond distributor had called Friday and informed him that a particular lot number of one food might have a problem. Late yesterday, Herman learned that the problem was more serious and that dogs were probably dying from mold that had grown in the food.

Herman said he also had had a customer come into his store yesterday, whose dog had most likely died of aflatoxin.

"It's just an awful thing," he said. "We always recommend food that doesn't contain corn, because it is used as filler."

...more...

[AnneD]

48. OMG

how horrible. They seem to be dying of liver failure.

[UpInArms]

10. Calpine's Woes May Hit Ratepayers

http://www.latimes.com/business/la-fi-calpine22dec22,0,6604193.story?coll=la-home-business

SACRAMENTO — The bankruptcy filing by the state's largest independent electricity generator, Calpine Corp., could lead to higher monthly bills for many ratepayers but is unlikely to result in blackouts next summer, energy regulators and analysts said Wednesday.

As the San Jose-based company seeks protection from creditors and considers selling assets, it is unlikely to shut down the bulk of its 41 generating plants in California, which contribute a steady flow of about 3,000 to 5,000 megawatts of electricity to the state grid, analysts said.

<snip>

A Lockyer spokesman said Wednesday that he "intends to fight hard to preserve" contracts so that customers are protected from the higher costs that would arise if the state had to buy power on the spot market.

In its Chapter 11 filing in U.S. Bankruptcy Court in New York, Calpine said it sought to renegotiate certain contracts.

In particular, the company has said it is eager to unload or renegotiate a now unprofitable contract it signed with the water resources agency in 2001, when natural gas prices were less than half current levels. The deal provides 1,000 megawatts around the clock to Pacific Gas & Electric Co., or enough electricity for 650,000 typical homes in its service area.

...more...

[UpInArms]

18. Calpine asks court to void 8 power contracts

http://www.marketwatch.com/news/story.asp?guid=%7B1FF08B02%2D1055%2D4170%2DBD19%2D64F4CAF202E7%7D&symbol=

NEW YORK (MarketWatch) -- Calpine Corp. (CPNL) asked a federal judge late Wednesday to void eight power supply agreements as part of the company's bankruptcy proceedings, including a massive, politically sensitive contract that serves the California utility Pacific Gas & Electric Co.

Calpine would lose $1.2 billion if forced to supply power through the expiration of all eight contracts, the merchant generator said in its court filing with the U.S. Bankruptcy Court of the Southern District of New York.

The Calpine customers with threatened contracts are Edison International (EIX) unit Southern California Edison, Acadia Power Partners, PG&E (PCG) unit Pacific Gas & Electric Co., Reliant Energy Electrical Solutions, the Northern California Power Agency and Strategic Energy, which is the retail supply subsidiary of Great Plains Energy (GXP).

Calpine signed all of these contracts between 2001 and 2003, when natural gas, the main fuel for Calpine's power plants, was much cheaper than it is today.

"With rapidly escalating costs to produce electricity, and generally fixed historical prices for the sale of electricity, the debtors have suffered substantial losses on the unprofitable contracts," Calpine said in its filing.

The largest contract was negotiated by the California Department of Water Resources on behalf of Pacific Gas & Electric during the state's energy crisis of 2001. Voiding it could be a tough, politically charged fight for Calpine, as California Attorney General Bill Lockyer petitioned the Federal Energy Regulatory Commission on Monday to prevent the move, which would expose PG&E and its customers to California's spot electricity market.

...more...

[UpInArms]

11. Wait-till-next-year SUVs carry heavy load of GM hope

http://www.chicagotribune.com/business/chi-0512220155dec22,1,3545506.story?coll=chi-business-hed

If billionaire investor Kirk Kerkorian is unloading General Motors Corp. stock, sending the shares to a 23-year low, is it safe for anyone to stick with the beleaguered automaker?

At least one analyst thinks so and sees potential at GM to raise sales and revenue in 2006 with the introduction of new full-size sport-utility vehicles and pickup trucks.

<snip>

The new truck-based SUVs are arriving as consumers increasingly shift to car-based "crossover" models.

"GM continues to be behind the curve in navigating these changes. They keep making cuts, but you've got to sell more cars," DuBord said.

<snip>

GM has lost $3.8 billion this year, due largely to declining SUV sales; had its debt downgraded to "junk" level; and has seen its U.S. sales slip nearly 4 percent while industry sales have grown nearly 4 percent.

...more...

[UpInArms]

43. Court grants preliminary OK to GM healthcare deal

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-22T180436Z_01_WEN6812_RTRIDST_0_AUTOS-GM-URGENT.XML

DETROIT, Dec 22 (Reuters) - General Motors Corp. (GM.N: Quote, Profile, Research) on Thursday said a U.S. District court preliminarily approved a healthcare settlement deal between the automaker, its union and retirees.

Information about the settlement and the next step in the legal process will be sent to GM hourly retirees and families, GM said.

The healthcare deal would save the world's largest automaker $1 billion a year in healthcare costs.

[UpInArms]

12. American Greetings net tumbles 79%

http://www.marketwatch.com/news/story.asp?guid=%7BB485272A%2D718B%2D4703%2DAD73%2D04BF002955DF%7D&symbol=&siteid=mktw

NEW YORK (MarketWatch ) -- American Greetings Corp. said Thursday that third-quarter profit plunged because of continued weakness in its U.K. business and disappointing Christmas shipments of domestic promotional gift wrap.

American Greetings (AM), the nation's largest publicly held greeting cards and gift-wrap company, said net income fell 79% to $12.9 million, or 19 cents a share, from $62.8 million, or 78 cents, a year ago.

Earnings from continuing operations came to 16 cents a share, which was within the company's own recently revised outlook. Excluding a charge for goodwill impairment, earnings from continuing operations would have been 58 cents, matching the average estimate of four analysts polled by Thomson First Call.

On Dec. 8 American Greetings slashed its outlook for earnings from continuing operations to 15 cents to 18 cents a share, down from its prior view for 70 to 75 cents. Analysts at that time were looking for earnings of 71 cents a share.

...more...

[UpInArms]

13. Tuesday Morning lowers 4Q, FY forecast

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38708.3426951505-855318753&siteID=mktw&scid=0&doctype=806&

NEW YORK (MarketWatch) -- Gift and home decor retailer Tuesday Morning Corp (TUES) on Thursday cut its full year and fourth quarter forecast, citing lower traffic levels. Total sales for the fourth quarter are expected to be in the range of $330 million to $335 million, with sales for the year in a range of $927 million to $932 million. Sales at stores open at least one year are expected to be down 4% to 5%. Earnings are forecast at 81 cents to 84 cents a share for the fourth quarter, and about $1.42 to $1.45 a share for the year, including a 6 cents lease accounting charge. Analysts polled by Thomson First Call were expecting 96 cents a share for the fourth quarter and $1.63 a share for the year. Shares closed Wednesday at $24.34.

[UpInArms]

14. Gold resumes upward move toward $500-an-ounce level

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38708.3523209954-855320419&siteID=mktw&scid=0&doctype=806&

NEW YORK (MarketWatch) -- Gold futures rose early Thursday and came within 60 cents of the $500-an-ounce level as investors continued to adjust portfolios in readiness for the year end. Gold for February delivery was last trading up $3.30 at $498.60 an ounce. Silver added 4 cents to $8.475 an ounce, platinum was up 40 cents at $957 an ounce and sister metal palladium added $2.80 to $253. Copper was down 0.15 cent at $2.016 a pound.

[legin]

33. A vague rumour I heard recently

is that the u.s. will devalue it's currency sometime in the next 5 years, mainly to do with China.

China has about 750 bn in the u.s. apparently, so they would be trying to move that money into something that is 'devalueation proof' which I would assume would be gold ( a guess).

[UpInArms]

35. there's supposed to be another yuan shift on Jan 1

so that devaluation is currently in effect - and likely to continue under the "piss on me theory" of economics.

[cosmicdot]

55. Barrick Gold to Buy Placer Dome for $10.4B

Poppy's buddies


NEW YORK - Toronto-based Barrick Gold Corp., the world's No. 3 gold producer, agreed on friendly terms to acquire Placer Dome Inc. after raising its offer for the Vancouver gold producer to $10.4 billion, the companies said Thursday. That deal prompted Vancouver-based gold producer Goldcorp Inc. to buy certain mining assets from Barrick for just under $1.49 billion in cash.

~snip~

The new $10.4 billion offer replaces Barrick's last offer of about $9.4 billion that had been rejected by the board of Placer Dome, the world's sixth-largest gold mining company. Under the agreed to terms, Placer shareholders will get either $22.50 in cash or 0.8269 of a Barrick common share plus 5 cents cash per share. Barrick, Canada's biggest gold miner, has limited its cash for the offer at $1.34 billion and shares to be issued at 333 million.

Placer's board unanimously backed the new offer.

~snip~

http://news.yahoo.com/s/ap/20051222/ap_on_bi_ge/barrick_placer_dome_9

Known knowns on Barrick's International Advisory Board:
The Right Honourable Brian Mulroney, P.C., LL.D.
William Cohen, Clinton's Defense Secty
Vernon E. Jordan - Clinton's DC insider friend
Andrew Young
http://www.barrick.com/files/docs_annual/2004_Shareholder%20Information.pdf

[UpInArms]

20. ConAgra's quarterly profit fall 30%, sales fall

http://www.marketwatch.com/news/story.asp?guid=%7B1E410B35%2DF253%2D4600%2D928D%2D04EA3C6CCBF6%7D&symbol=&siteid=mktw

NEW YORK (MarketWatch ) -- ConAgra Inc.'s second-quarter profit tumbled more than 30%, hurt partly by lower sales of Banquet, Healthy Choice and Hunt's brand foods, the company said Thursday.

ConAgra (CAG), the Omaha, Neb.-based packaged-foods giant, reported net income of $163.1 million, or 31 cents a share, down from $239.6 million, or 47 cents, earned in the second quarter of fiscal 2005.

Excluding charges for asset impairment and other items, earnings for the latest quarter would have been 38 cents, matching analysts' average estimate as compiled by Thomson First Call.

Sales for the three months ended Nov. 27 slid 5% to $3.81 billion from $4.01 billion a year ago.

...more...

[UpInArms]

21. US Treasuries up on subdued Nov inflation measure

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-22T134415Z_01_NAT001928_RTRIDST_0_MARKETS-BONDS-PCE-URGENT.XML

NEW YORK, Dec 22 (Reuters) - U.S. Treasury debt prices ticked higher on Thursday morning on a lower-than-expected core inflation reading in November, which suggested the Federal Reserve has kept inflationary pressures well contained.

The core personal consumption expenditures index, the Fed's preferred inflation measure, ticked up 0.1 percent in November, below economists' expectations of a 0.2 percent increase and matching October's 0.1 percent rise.

Benchmark 10-year notes, adding to earlier gains, were up 7/32 to yield 4.466 percent compared with 4.494 percent on Wednesday.

Two-year notes were up 1/32 for a yield of 4.427 percent, versus 4.444 percent on Wednesday.

...more...

[UpInArms]

28. US Treasuries up on mild inflation, curve flattens

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-22T141613Z_01_N22328724_RTRIDST_0_MARKETS-BONDS.XML

NEW YORK, Dec 22 (Reuters) - U.S. Treasury debt prices ticked higher on Thursday morning on a lower-than-expected core inflation reading in November, which suggested the Federal Reserve has kept inflationary pressures well contained.

With longer-dated debt outperforming shorter-dated securities, the closely watched spread between two- and 10-year notes narrowed to 4.4 basis points from 5.0 basis points at the end of trade on Wednesday.

The core personal consumption expenditures index, the Fed's preferred inflation measure, ticked up 0.1 percent, below economists' expectations of a 0.2 percent increase and matching October's rise.

"There is a mildly positive response in bonds, mostly on the core PCE being up only a tenth, which was less than expected. After yesterday's GDP revisions, people were focusing on it, and it's given us a bit of a boost here," said Rick Klingman, head of government bond trading at ABN-AMRO.

<snip>

"If we go up, the curve inverts," he added, noting that two-year notes are more or less stuck at their current levels. "We went down for three days, and the curve kept flattening, so that's not good news for the curve-steepening crowd."

...more...

[UpInArms]

30. Printing Press Report:Fed adds reserves via overnight system repurchases

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-22T143647Z_01_N22344658_RTRIDST_0_MARKETS-FED-OPERATIONS.XML

NEW YORK, Dec 22 (Reuters) - The Federal Reserve said on Thursday that it added temporary reserves to the U.S. banking system through overnight repurchase agreements.

Earlier, the Fed added $13.0 billion in temporary reserves through 14-day system repurchase agreements.

The benchmark fed funds rate last traded at 4.25 percent, the Fed's current target for the overnight lending rate.

Further details of the operation are available at: http://www.ny.frb.org/markets/omo/dmm/temp.cfm

[UpInArms]

41. Printing Press Report: U.S. Treasury to sell $32 bln bills on Tuesday

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-22T161159Z_01_N22331318_RTRIDST_0_ECONOMY-BILLS-URGENT.XML

WASHINGTON, Dec 22 (Reuters) - The U.S. Treasury Department said on Thursday it will sell $17 billion of three-month bills and $15 billion of six-month bills on Tuesday, Dec. 27.

The bills will be issued on Thursday, Dec. 29.

Proceeds from the sale will be used to refund an estimated $30.88 billion of publicly held 13- and 26-week bills maturing Dec. 29 and to raise about $1.12 billion of new cash.

The three-month bills mature on March 30, while the six-month bills mature on June 29.

The Treasury said $5.30 billion of the three-month bills can be excluded when bidders calculate their net long positions. The net long reporting threshold for the three-month bills is $5.95 billion and for the six-month bills it is $5.25 billion.

...more...

[UpInArms]

22. Spitzer smeared for doing his job

http://www.marketwatch.com/news/story.asp?guid=%7B0DE44B92%2D3B50%2D4015%2D96B4%2D090E76ADED7B%7D&symbol=&siteid=mktw

SAN DIEGO (MarketWatch) -- I'm watching the latest twist in the saga of deposed American International chief Hank (no relation) Greenberg unfold, and all I can think is: Can't everybody see what this guy and his pals are trying to do?

Under one siege too many by New York Attorney General (and governor wannabe) Eliot Spitzer, they're resorting to classic Crisis PR 101, which means they're trying to turn a struggling defense, or problem, into an aggressive offense, or opportunity. Heck, they're even planting "exclusive" interviews with favorite journalists. (I have no qualms with journalists being used for publicity purposes. I've been on the receiving end of that, and, hey, an exclusive is an exclusive.)

What's fascinating and at the same time troubling is that Greenberg & Co. are trying to use PR to sway the public into thinking the bad guy is Spitzer - not the other way around.

Time out!

<snip>

But Spitzer isn't the one who presided over an accounting scandal at American International (AIG) that led to the restatement of nearly $4 billion (with a "b") of income over a five year period. Spitzer isn't the one who was paid the windfall of all windfalls, as was another one of his targets: former New York Stock Exchange chief Dick Grasso. And Spitzer didn't concoct the schemes, prompting his probe of the insurance industry, to help public companies avoid posting losses.

His mistake was that he was doing his job, and doing it on Wall Street and in corporate New York, which are really more like big small towns. And like any small town, these are places where nobody dares asks too many questions or points too many fingers.

...more...

[AnneD]

47. The DeLay PR machine...

has been running a series of attack ads on Ronnie Earle. I happened to be watching Fox (don't worry, I showered afterwards) and saw them for the first time. They are particularly nasty (and I think they will backfire in the end). Now I remember correctly, in order to have an unbiased jury pool-isn't this damaging. I am surprised a gag order is not in effect. If the try to change the venue to Houston, Ronnie could make a case that the pool would be prejudiced. I hope Abramof rolls over on DeLay (and he will I am sure-as will DeLay's aids-I have believed that all along). Ronnie Earle learned many lessons going after Kay Bailey Hutchinson.
I think wall street wants Spitzer as Gov. to get him of their back as AG.

[UpInArms]

23. Chrysler parent to pay $94M in (failed to disclose) defect case

http://www.usatoday.com/money/autos/2005-12-21-chrysler-usat_x.htm

DaimlerChrysler will pay $94 million to repair defective anti-pollution equipment on 1.5 million Dodge and Jeep vehicles and to settle Justice Department charges that it failed to disclose the defects.

The settlement is the largest ever involving the failure to report an emissions-related defect to the Environmental Protection Agency.

The deal affects 1996-2001 Jeep Cherokees, Grand Cherokees, Wranglers, Dodge Dakota trucks and Dodge Ram vans, wagons and pickups.

<snip>

The investigation also found that the engine diagnostic system on some of the 1996, 1997 and 1998 model vehicles might be flawed, failing to illuminate the "check engine" light and leaving owners unaware of the problem.

<snip>

• Recall about 500,000 of the vehicles to fix a defect in their diagnostic systems and to check the catalytic converters.

...more...

[UpInArms]

24. Eli Lilly agrees to misdemeanor charge in Evista case

http://www.marketwatch.com/news/story.asp?guid=%7B94694BC7-5F13-4528-B4DF-E2866B9014C0%7D&siteid=google&dist=

INDIANAPOLIS (MarketWatch) -- Eli Lilly & Co. (LLY) agreed to plead guilty to a misdemeanor in connection with a federal investigation into off-label promotion of its Evista drug during 1998.

In a press release Wednesday, the drug company said the penalty would include a $36 million fine, for which it has already taken a charge, and a civil consent decree to continue its compliance program with regard to Evista for five years.

Lilly said the government hasn't charged it with "unlawful intent" and Lilly doesn't acknowledge any.

The deal is subject to approval by the federal court in Indianapolis. Lilly expects a hearing in the next few weeks.

Lilly said the investigation revolved around allegations its employees improperly promoted Evista for breast cancer and cardiovascular problems. Evista is approved to treat osteoporosis.

Lilly said that, as part of the deal which led to the misdemeanor charge, the government also dropped other Evista-related allegations.

...more...

[UpInArms]

26. Lucent to record $300M charge related to Winstar litigation

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38708.3866805093-855326337&siteID=mktw&scid=0&doctype=806&

NEW YORK (MarketWatch) - Lucent Technologies (LU) said Thursday that a U.S. Bankruptcy Court has ruled against it in a breach of contract and bankruptcy preference action originally brought by the trustee for Winstar Communications (WCIIQ) . The decision results in a judgment against Lucent of roughly $244 million, plus statutory interest and other costs. Lucent expects the verdict to result in a charge of about $300 million in its first quarter ending Dec. 31. It plans to vigorously appeal the decision. Lucent shares closed Wednesday at $2.79, up 3 cents.

[UpInArms]

27. 9:35 EST markets are open and pre-opening blather

Dow 10,863.42 +29.69 (+0.27%)
Nasdaq 2,237.83 +6.17 (+0.28%)
S&P 500 1,265.38 +2.59 (+0.21%)
10-Yr Bond 4.456 -0.30 (-0.67%)

NYSE Volume 48,724,000
Nasdaq Volume 53,662,000

9:26AM: S&P futures vs fair value: +2.9. Nasdaq futures vs fair value: +1.5. Correction: We reported earlier that the Santa Claus rally begins today. In fact it begins tomorrow Dec. 23 and we have corrected the prior entry to reflect that.

9:16AM: S&P futures vs fair value: +3.0. Nasdaq futures vs fair value: +2.5. Futures indications continue to strengthen heading into the opening bell which could in fact translate into a higher open for the indices. Initial reports that a resolution to the N.Y. transit strike was imminent provided somewhat of a lift to sentiment, but now it remains uncertain if such a settlement will be reached as early as previously anticipated.

9:00AM: S&P futures vs fair value: +2.1. Nasdaq futures vs fair value: +1.0. Futures indications are at their best levels of the morning amid tame inflation data but still provide little conviction as to whether stocks will open higher or lower. Meanwhile, the traditional year-end Santa Claus rally officially begins today and does have an enviable record of success; however, since its track record isn't perfect, more portfolio rebalancing amid an anticipated light volume day may do more harm than good.

8:34AM : S&P futures vs fair value: +1.0. Nasdaq futures vs fair value: -0.5. Futures trade improves slightly heading into economic data but reaction is somewhat subdued, still indicating a mixed open for the indices. Nov. personal income rose 0.3%, matching forecasts, while personal spending rose 0.3%, near expectations of 0.4%. More notably, the core PCE deflator came in at 0.1%, matching last month's 0.1% read to leave a 1.8% year-over-year rate, suggesting inflation remains under control; initial claims fell 13K to 318K (consensus 325K). Bonds have held onto early gains as the 10-yr note is up 6 ticks to yield 4.46%.

8:00AM : S&P futures vs fair value: +0.3. Nasdaq futures vs fair value: -2.0. Futures market versus fair value suggesting a mixed open for the cash market as rising oil prices and reports of Albertsons (ABS) unexpectedly rejecting a $9.6 bln takeover bid offset an otherwise upbeat batch of earnings reports and stall yesterday's recovery efforts. Perhaps setting a more positive tone to trading will be the upcoming release of Nov. personal income and spending, with particular attention being paid on the core-PCE reading as a telling inflation gauge.

[UpInArms]

29. WTF?? Santa Claus Rally to begin tomorrow?

We reported earlier that the Santa Claus rally begins today. In fact it begins tomorrow Dec. 23 and we have corrected the prior entry to reflect that.

How in the world can they "predict" that crap?????

:banghead:

[AnneD]

50. And they say.....

insider trading is illegal.... :wtf:
:spray:

[UpInArms]

36. Chicago Fed national activity index down in Nov

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-22T150047Z_01_CHB000124_RTRIDST_0_ECONOMY-FED-CHICAGO-URGENT.XML

CHICAGO, Dec 22 (Reuters) - The Federal Reserve Bank of
Chicago on Thursday said its gauge of the national economy
slipped in November but that growth stayed slightly above trend
and the inflation outlook was neutral.

The Chicago Fed said its National Activity Index fell to
+0.35 in November from an upwardly revised +1.02 in October,
initially reported at +0.73.

The three-month moving average of the index was higher at
+0.14 in November after being at +0.06 in October.

Any reading above zero for the three-month average shows
economic growth is above trend.

Three of the broad categories of indicators that make up
the index made positive contributions in November, while the
fourth category, employment, was neutral.

...more...

[UpInArms]

39. Moody's cuts Dana Corp's debt rating two notches

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-22T152729Z_01_WNA7329_RTRIDST_0_AUTOS-DANA-MOODYS-URGENT.XML

NEW YORK, Dec 22 (Reuters) - Moody's Investors Service on Thursday cut its ratings on Dana Corp. (DCN.N: Quote, Profile, Research) deeper into junk status, citing the challenging environment for the auto parts business and prospects for continued weakness.

A restructuring plan announced by the company will help stem recent losses but will not be adequate to support the previous rating, Moody's said.

Moody's cut Dana's corporate family rating by two notches to "B1," the fourth-highest junk rating, from "Ba2." The outlook is negative, meaning another rating downgrade is likely over the next 12 to 18 months, which can raise borrowing costs.

[UpInArms]

42. 12:55 EST numbers and blather

Dow 10,849.58 +15.85 (+0.15%)
Nasdaq 2,237.03 +5.37 (+0.24%)
S&P 500 1,264.91 +2.12 (+0.17%)
10-Yr Bond 4.437 -0.49 (-1.09%)

NYSE Volume 977,468,000
Nasdaq Volume 840,375,000

12:30PM : No change to the prevailing trend as the afternoon session gets underway. Perhaps adding to today's lackluster attempts of more aggressively pushing stocks higher has been the absence of leadership in Energy. Of the sector's 29 components, only four have lost ground; however, further consolidation in ExxonMobil (XOM 57.24 -0.36) -- the S&P 500's most influential component -- has acted as the biggest restraint.NYSE Adv/Dec 1787/1345, Nasdaq Adv/Dec 1611/1307

12:00PM : Market opens slightly higher but struggles to gain much footing midday as investors weigh upbeat economic data against mixed news on the corporate front. Earlier, the core PCE deflator rose just 0.1% for the second straight month, easing previous worries that inflationary pressures were building and providing a lift to Treasuries. The 10-yr note is up 14 ticks to yield 4.43%. Also helping to underpin a modestly positive bias has been a decline in jobless claims, which suggests payroll growth will return to its pre-Katrina trend of about 185,000 per month. Nonetheless, limited participation, due in largely to the NYC transit strike ahead of the holiday weekend, has provided little conviction behind the market's attempt to resume the Q4 rally. With regard to industry leadership, eight of ten economic sectors have posted gains, paced by the S&P 500's least influential sector. Materials, which has been in focus after Barrick Gold's (ABX 26.63 -0.59) sweetened $10.4 bln bid for Placer Dome (PDG 22.00 -0.65) -- neither of which are S&P 500 components -- has turned in the day's best performance, led by strength in chemicals, paper and other gold stocks. While a disappointing Q1 (Nov) report from Micron Technology (MU 13.85 -0.29) threatened to pressure Technology early on, a rotation into other chip stocks and bargain hunting in underperforming groups like software, hardware and networking have been sources of sector support. Other influential sectors trading higher include Health Care, led by strength in HMOs, drug and biotech; Financial, benefiting from falling bond yields; and Industrials, led by General Electric (GE 35.28 +0.21), which is buying Arden Realty for $3.2 bln, and a 2.5% surge in Caterpillar (CAT 58.48 +1.40). Energy, benefiting from an analyst upgrade on Transocean (RIG 70.32 +1.07) -- a suggested holding in Briefing.com's portfolio for active investors -- has also posted a gain. Consumer Staples, though, has lost ground as reports that a proposed $0.6 bln deal for Albertsons (ABS 22.49 -1.61) won't get done has underpinned a profound sense of disappointment. Consumer Discretionary is also under pressure as weakness in retail, following disappointing guidance from Bed Bath & Beyond (BBBY 36.23 -5.01), and continued deterioration in autos. DJTA +0.6, DJUA +0.4, DOT +0.6, Nasdaq 100 +0.3, Russell 2000 +0.4, SOX +0.7, S&P Midcap 400 +0.3, XOI +0.2, NYSE Adv/Dec 1813/1273, Nasdaq Adv/Dec 1595/1257

11:30AM : Market now trading near session highs but limited participation should not give investors too much to get excited about. New reports within the last 30 minutes that the N.Y.C. transit union has agreed to end its strike has perhaps given the market a bit of a lift; however, part of the reason total volumes are lighter than normal has been tied directly to the transit's three-day walk-out. NYSE Adv/Dec 1625/1392, Nasdaq Adv/Dec 1531/1277

[Name removed]

45. Deleted message

Message removed by moderator. Click here to review the message board rules.

[imported_dem]

49. Which kool-aid jug have you been drinking from

The economy is going downhill is a big fucking hurry.

[AnneD]

51. He didn't say...

which way it was turning.....By the way, why am I sitting in this hand basket and why is so warm in here?

[Name removed]

53. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Name removed]

54. Deleted message

Message removed by moderator. Click here to review the message board rules.

[trogdor]

57. Subtract deficit spending, and how much is left?

Not a whole lot, and you can only run in the red so long before something bad happens. Imagine Germany, 1923.

[Guy Whitey Corngood]

52. Somebody has been spending too much time on their favorite hobby. n/y

[UpInArms]

59. I really don't care about the "problems" to which you seem to be

referring.

I don't see where the average person is benefitting in the current scenario.

I hope that employment improves and that our society will cease to suffer the economic consequences of horrible fiscal policies.

BTW welcome to DU pfcpittman.

:hi:

[MARALE]

56. Whee look at those faries go!

Me thinks they got into the holiday wine a little early. This wasn't suppose to happen until tomorrow!

Dow 3:30 pm is +52.58

[feminazi]

58. SMW has me hysterically laughing today.

first, with the great cartoon.

second, with this bit from fasttense....."So, with almost a 34% increase in after tax profits by corporations, all us corporate working stiffs will be seeing all that hard work pay off with a raise from these corporations. Right......."

third, the savings rate is still negative.

fourth, lacker's soft landing/full employment spiel.

fifth, the GM news...."At least one analyst thinks so and sees potential at GM to raise sales and revenue in 2006 with the introduction of new full-size sport-utility vehicles and pickup trucks."

and the markets are open for another 10 minutes. i may have to add to my list.

i just find this all hysterically funny today. must be some pre-holiday dementia or something.

:rofl:

thanks to all of you who maintain SMW each day. i usually read, but don't post.

[UpInArms]

60. thanks feminazi!

Long live Irony! Irony is Dead!

:toast:

[ozymandius]

62. time to go home

Dow 10,889.44 +55.71 (+0.51%)
Nasdaq 2,246.49 +14.83 (+0.66%)
S&P 500 1,268.12 +5.33 (+0.42%)
10-Yr Bond 44.33 -0.53 (-1.18%)
NYSE Volume 1,856,656,000
Nasdaq Volume 1,529,656,000

Unlike the last few sessions, which succumbed to late-afternoon selling pressures, the major averages found renewed buying interest heading into the finish. Acting as sources of support that helped closed nine out of ten economic sectors higher and offset some negative news on the corporate front were encouraging economic data, falling bond yields and a decline in crude. Before the bell, Nov. personal income and spending both rose 0.3%, which were about what economists expected and consistent with current Q4 real GDP expectations of about 3% growth. More notably, though, the core PCE deflator was up just 0.1% for the second straight month, easing previous concerns that inflationary pressures were building. While stock investors seemed a bit lethargic in their attempts to fully embrace low-level inflation, as the market traded in a narrow range throughout most of the day, they eventually took notice from the bullish bond traders that helped knock the yield on the 10-yr note (+14/32) down to 4.43% ahead of tomorrow's holiday-shortened session for the Treasury market. It would be remiss, however, to say that there was much conviction behind today's upswing in stocks and bonds, as limited participation, due largely to the NYC transit strike, only served to exacerbate today's run-up in both markets. With regard to sector leadership, Materials turned in the day's best performance, led by strength in chemicals, paper and other gold stocks, with the latter in focus after Barrick Gold (ABX 27.14 -0.08) sweetened its bid for Placer Dome (PDG 22.35 -0.30). Industrials posted the next biggest gain. The sector got a lift from General Electric (GE 35.39 +0.32), which is buying Arden Realty for $3.2 bln, Caterpillar (CAT 58.42 +1.34), which CSFB named as their top large-cap machinery stock for 2006, and Burlington Northern Sante Fe (BNI 70.50 +1.49), a suggested holding in Briefing.com's portfolio for active investors which hit a historic high. Health Care was strong across the board but an extra shot in the arm from continued appreciation for HMOs, in particular, Humana (HUM 55.30 +6.98). Humana hit an all-time reaffirmed its FY06 EPS outlook and said it expects enrollment in its Medicare plans to more than triple by January 1st has provided the biggest boost. While a disappointing Q1 (Nov) report from Micron Technology (MU 13.67 -0.47) threatened to pressure Technology early on, a rotation into other chip stocks and bargain hunting in underperforming groups like software, hardware and networking have been sources of sector support. Financial was another influential sector to post a healthy gain, as falling bond yields helped rate-sensitive banks and mortgage lenders while brokerage got a boost following better than expected Q3 (Nov) earnings from A.G. Edwards (AGE 46.04 +0.74). Even Consumer Staples, which was weak most of the day as reports that a proposed $9.6 bln deal for Albertsons (ABS 23.28 -0.82) won't get done underpinned a profound sense of disappointment, eked out a small gain. So did Consumer Discretionary, which found just enough strength from media companies and homebuilders to counter weakness in retail spurred by disappointing guidance from Bed Bath & Beyond (BBBY 36.27 -4.97). Energy, however, closed lower as an analyst upgrade on Transocean (RIG 70.16 +0.91) -- a suggested holding in Briefing.com's portfolio for active investors, was not enough to offset declines across the energy complex. CRB +0.8, DJTA +1.2, DJUA +0.7, DOT +1.1, Nasdaq 100 +0.6, SOX +1.2, S&P Midcap 400 +0.6, XOI -0.03, NYSE Adv/Dec 2028/1285, Nasdaq Adv/Dec 1906/1164

[54anickel]

63. We are all gonna be rich! Filthy rich I tell ya!!! 11K all the way!!!!