The Troika has rejected as much as €2B in budget cuts and tax reforms proposed by the Greek government, according to a finance ministry official. "The creditors are fed up with empty promises," says an official close to the Troika. "This time around the cost-cutting must be solid and proven." [View news story]
"This time around the cost-cutting must be solid and proven." Lol. So before it didn't.
Sep ISM Manufacturing Index:51.5 vs. 49.7 consensus and 49.6 prior. Prices index 58.0 vs. 54.0 prior. Employment 54.7 vs. 51.6. Inventories 50.5 vs. 53.0. New orders 52.3 vs. 47.1. [View news story]
Strong and surging? You're delusional. The economic data is pointing to a weakening U.S. economy heading into year end. And the U.S. economy is already very weak at this point. You must be looking at U.S. economic data from the mid 1990's because if you were looking at the recent economic data and you were reasonably intelligent you wouldn't be saying "strong and surging".
Chicago PMI:49.7 vs. 53.0 expected, 53.0 prior. Employment 52.0 vs. 57.1 prior. New orders 47.4 vs. 54.8 prior. Prices paid 63.2 vs. 57.0 prior. [View news story]
Of course the S&P will be higher in 100+ years. That is completely irrelevant to the conversation here. Nobody is talking about what the S&P will be in 100+ years. There have, however, been extended periods of time in which the Dow Jones has remained flat or even negative. I'm not arguing that equities are going to decline significantly and stay at a depressed level, but there may be better investment choices at this point in time. Recessions can certainly occur when the corporate sector is flush with money. Many would argue we're in a recession. If we're not currently in a recession, we're close to one. There is a laundry list of reasons for our current economic stalemate. You're talking about a credit crunch/crisis, which is what occurred in late 2008 and intensified the recession but was not the initial cause. By the way, it's not just one number showing negative trends!
Chicago PMI:49.7 vs. 53.0 expected, 53.0 prior. Employment 52.0 vs. 57.1 prior. New orders 47.4 vs. 54.8 prior. Prices paid 63.2 vs. 57.0 prior. [View news story]
Chicago PMI:49.7 vs. 53.0 expected, 53.0 prior. Employment 52.0 vs. 57.1 prior. New orders 47.4 vs. 54.8 prior. Prices paid 63.2 vs. 57.0 prior. [View news story]
@ mickmars: I disagree with you. The Fed has been very active with monetary policy actions and yet we are still scraping the bottom with a downward trend. Monetary policy can only go so far. Reducing interest rates will not spur any growth at this point and the velocity of money has been in a downtrend since the beginning of 2008 (all that dead money the Fed pumped into the system). Fed policy has limits and people should recognize that, even if the Fed can't. The looming fiscal cliff will also negatively impact business activity since Congress doesn't seem to care about it. Businesses will be proactive to be on the safe side.
Netflix (NFLX) CEO Reed Hastings says Europe will be a major focus of the company over the next two to three years as he sees the company's streaming service eventually landing in nearly every nation on the planet with the possible exception of the always-problematic China. He takes on the threat of Amazon head on, noting that Netflix spends 3X what Amazon does on content to the benefit of customers and calling Amazon Prime a "confusing mess" with an algorithm that isn't as clever as that of Netflix. [View news story]
Spanish austerity measures coming Thursday will include restrictions on early retirement, PM Mariano Rajoy tells the WSJ, and a new tax authority - including taxes on stock transactions? - as well as job-training programs. They'll still resist a bailout, but if debt interest rates were "too high for too long" the chances of a bailout rise to "100%." [View news story]
I have to hand it to you Terry330. No one likes you or your asinine comments on this site and yet you still post something almost every day.
Netflix (NFLX) CEO Reed Hastings says Europe will be a major focus of the company over the next two to three years as he sees the company's streaming service eventually landing in nearly every nation on the planet with the possible exception of the always-problematic China. He takes on the threat of Amazon head on, noting that Netflix spends 3X what Amazon does on content to the benefit of customers and calling Amazon Prime a "confusing mess" with an algorithm that isn't as clever as that of Netflix. [View news story]
Tough words from Reed. Anybody correct me if I'm wrong or chime in, but isn't Amazon Prime cheaper and doesn't it have a better/larger selection?
General Motors (GM -1.7%) appears set to launch a $10B revolving credit facility, according to Thomson Reuters. If the company draws down on the reported $5B revolvers at 3-years and 5-years, pricing is anticipated to be at 250 bps over Libor. [View news story]
Pricing is above market considering GM is a well-established, publicly traded company.
The phone is not much different than the 4s. I'd still buy the 4s over the 5. A lot of people buying the 5 are the people that need the newest tech gadget and like to show off. Not worth the extra money in my opinion.
Market preview:Chinese PMI, eurozone PMI and U.S. weekly jobless claims - they all tell a depressing story and they're all weighing on EU shares and U.S. futures, with the S&P benchmark -0.25%. Back in the corporate world, early earnings results are starting to dribble in, sending ConAgra +6% but Bed Bath -5.7%. Later: Consumer Comfort, Fed Speak, Oracle earnings. [View news story]
@ American in Paris: The first round of fiscal and monetary stimulus was helpful because there was a lack of confidence in financial markets. In other words, there was an actual NEED for the stimulus. Now that companies are making money and the financial markets and companies are flush with cash, the effectiveness of further stimulus (whether fiscal or monetary) is significantly diminished and the costs significantly outweigh the benefits. A lot of companies are operating lean and do not want to hire more workers. They can just squeeze additional productivity from current employees. Also, companies don't know what the current administration will do next in terms of fiscal policy/regulation which is quelling investment in capital (both human and otherwise). The current monetary policy actions will eventually have negative consequences on the inflation front and the fiscal policy actions over the last few years have had negative consequences in relation to the labor market (ie: food stamps, rising number of people dropping out of the labor force, inhibitors to hiring, etc). You'd be blind not to see it.
And this guy is a hawk? Minneapolis Fed President Kocherlakota suggests last week's FOMC statement didn't go far enough. What's needed is a liftoff plan where the FOMC promises ZIRP until unemployment falls below 5.5%. Prices? They may become pesky, but the FOMC can just raise its inflation target to perhaps 2.25%. [View news story]
These morons don't get that the Fed has a dual mandate; STABLE prices and maximum employment. Since they can't fix the current employment situation (which is blatantly obvious), why not go 0 for 2 and cause serious inflation (or dramatically inflate inflation expectations) in the meantime. I'm glad I'm currently working hard to earn money that will be seriously devalued in the future. The talk emanating from the Fed Presidents is really becoming scary in my opinion. Someone needs to put a hardness on these lunatics.
Some Facebook (FB -1.7%) news: 1) Facebook says it will start charging businesses for its Offers product, which allows businesses to publish promotions in their fans' news feeds, while expanding its availability to include online-only businesses. Offers is a form of indirect competition for Groupon (GRPN). 2) Facebook has hired Netflix (NFLX) engineering VP John Ciancutti to be its Director of Engineering. Ciancutti's hiring follows a string of executive departures. [View news story]
The Troika has rejected as much as €2B in budget cuts and tax reforms proposed by the Greek government, according to a finance ministry official. "The creditors are fed up with empty promises," says an official close to the Troika. "This time around the cost-cutting must be solid and proven." [View news story]
Sep ISM Manufacturing Index: 51.5 vs. 49.7 consensus and 49.6 prior. Prices index 58.0 vs. 54.0 prior. Employment 54.7 vs. 51.6. Inventories 50.5 vs. 53.0. New orders 52.3 vs. 47.1. [View news story]
Chicago PMI: 49.7 vs. 53.0 expected, 53.0 prior. Employment 52.0 vs. 57.1 prior. New orders 47.4 vs. 54.8 prior. Prices paid 63.2 vs. 57.0 prior. [View news story]
Chicago PMI: 49.7 vs. 53.0 expected, 53.0 prior. Employment 52.0 vs. 57.1 prior. New orders 47.4 vs. 54.8 prior. Prices paid 63.2 vs. 57.0 prior. [View news story]
Chicago PMI: 49.7 vs. 53.0 expected, 53.0 prior. Employment 52.0 vs. 57.1 prior. New orders 47.4 vs. 54.8 prior. Prices paid 63.2 vs. 57.0 prior. [View news story]
August Durable Goods: -13.2% vs. -5.0% expected, +3.3% prior (revised). Ex-transport -1.6% vs. +0.2% expected, -1.3% prior (revised). [View news story]
August Durable Goods: -13.2% vs. -5.0% expected, +3.3% prior (revised). Ex-transport -1.6% vs. +0.2% expected, -1.3% prior (revised). [View news story]
Netflix (NFLX) CEO Reed Hastings says Europe will be a major focus of the company over the next two to three years as he sees the company's streaming service eventually landing in nearly every nation on the planet with the possible exception of the always-problematic China. He takes on the threat of Amazon head on, noting that Netflix spends 3X what Amazon does on content to the benefit of customers and calling Amazon Prime a "confusing mess" with an algorithm that isn't as clever as that of Netflix. [View news story]
Spanish austerity measures coming Thursday will include restrictions on early retirement, PM Mariano Rajoy tells the WSJ, and a new tax authority - including taxes on stock transactions? - as well as job-training programs. They'll still resist a bailout, but if debt interest rates were "too high for too long" the chances of a bailout rise to "100%." [View news story]
Netflix (NFLX) CEO Reed Hastings says Europe will be a major focus of the company over the next two to three years as he sees the company's streaming service eventually landing in nearly every nation on the planet with the possible exception of the always-problematic China. He takes on the threat of Amazon head on, noting that Netflix spends 3X what Amazon does on content to the benefit of customers and calling Amazon Prime a "confusing mess" with an algorithm that isn't as clever as that of Netflix. [View news story]
General Motors (GM -1.7%) appears set to launch a $10B revolving credit facility, according to Thomson Reuters. If the company draws down on the reported $5B revolvers at 3-years and 5-years, pricing is anticipated to be at 250 bps over Libor. [View news story]
IPhone 5 (AAPL) sales come in at "over 5M," well below expectations. (PR) AAPL -2.3% premarket. [View news story]
Market preview: Chinese PMI, eurozone PMI and U.S. weekly jobless claims - they all tell a depressing story and they're all weighing on EU shares and U.S. futures, with the S&P benchmark -0.25%. Back in the corporate world, early earnings results are starting to dribble in, sending ConAgra +6% but Bed Bath -5.7%. Later: Consumer Comfort, Fed Speak, Oracle earnings. [View news story]
And this guy is a hawk? Minneapolis Fed President Kocherlakota suggests last week's FOMC statement didn't go far enough. What's needed is a liftoff plan where the FOMC promises ZIRP until unemployment falls below 5.5%. Prices? They may become pesky, but the FOMC can just raise its inflation target to perhaps 2.25%. [View news story]
Some Facebook (FB -1.7%) news: 1) Facebook says it will start charging businesses for its Offers product, which allows businesses to publish promotions in their fans' news feeds, while expanding its availability to include online-only businesses. Offers is a form of indirect competition for Groupon (GRPN). 2) Facebook has hired Netflix (NFLX) engineering VP John Ciancutti to be its Director of Engineering. Ciancutti's hiring follows a string of executive departures. [View news story]