As the North American International Auto Show gets rolling in Detroit, Ford (F) will announce plans to hire 7,000 workers in the U.S. over the next two years, on the heels of what should end up as one of its most profitable years. The automaker reported $6.3B in net income for the first three quarters of 2010. [View news story]
Next 2 years LOL. Don't worry more jobs than that will be sure to get shipped overseas by then.
Stocks put a stop to what looked like an accelerating slide, with the big indexes now off intraday lows, at -0.4%. Financials led the downdraft, especially big banks: BAC -1.9%, JPM -2.7%, WFC -2.8%, C -0.7%. Commodities had gotten a lift from a brief dollar sell-off, but crude's now +0.3% to $88.60. [View news story]
Hey spanky the day is not over with yet! Once people realize that screwball lower unemployment number they threw out (tricky desperate bastid move) has no relenvence in the fact that many unemployed people are not even counted anymore, the true fact of horrible nonfarm employment numbers is what will drive the sell off. Sit tight and watch.
Have you ever noticed they don’t say a word about when they lost all the $50.00 and hour jobs that the meager ones they replace the $50.00 jobs with are the $9.00 jobs. How is that a gain? Answer: It’s not. When will they acknowledge and realize that those 1000’s of jobs will never come back? It will be years before the fricken unemployment rate even gets back to normal like the 5.0% rate.
The loonie surges nearly 1% following the strong Canadian employment report. Reaction in interest rate futures was more muted, with little change to the expectation of 75 basis points in hikes over the coming year. Stocks are flat in Toronto. [View news story]
Once people realize that screwball lower unemployment number they threw out (tricky desperate bastid move) has no relenvence in the fact that many unemployed people are not even counted anymore, the true fact of horrible nonfarm employment numbers is what will drive the sell off. Sit tight and watch.
Dec. Nonfarm Payrolls:+103K vs. +160K consensus, +71K in Nov. (revised from +39K). Unemployment 9.4% vs. 9.7% expected, 9.8% prior. Private payrolls were +113K; gov't payrolls were -10K. [View news story]
AND THE WINNER IS=====> BAD NUMBERS =======> WE ARE GOING DOWN==>BATTEN ALL HATCHES!
Market Preview: Futures point to a positive open, continuing yesterday's upside momentum. Benchmark S&P +0.15%. Initial jobless claims came in largely as expected, while retailers have seen mixed results for same-store sales (I, II, III, IV). Later: EIA natgas. [View news story]
Initial jobless claims came in largely as expected? Who is this fool? Yesterday with the inaccurate ADP report we thought everybody had jobs and today with jobless claims we find out the 18,000 more people lost their job.
Both Goldman Sachs (GS) and Pimco tell clients to chill out about the recovery. Goldman views yesterday's ADP report showing a surge in hiring "with skepticism... Markets may be overly optimistic about the extent to which this will show up in Friday’s [jobs] report.” Pimco concurs: "Many, many months of strong payroll gains” are needed before the Fed raises rates. [View news story]
wOW job claims are up an additional 18,000. When is the bleeding going to stop?
That ADP Report is inaccurate and useless not to mention manipulated.
Dec. same-store sales (actual vs. Briefing.com estimate), update #3: JCP +3.7% vs. +3.9%. KSS +3.9% vs. +4.3%. JWN +8.4% vs. +3.9%. SKS +11.8% vs. +5%. SMRT -1.9% vs. +0.7%. 3 misses, 2 beats.[View news story]
December is the biggest month for retail sales. This year December was very weak, imagine how soft the months to come are going to be =======> VERY BAD..
Dec. same-store sales (actual vs. Briefing.com estimate), update #2: ANF +15% vs. +10.1%. ARO -5% vs. -3.1%. AEO -11% vs. -1.8%. BONT +0.1% vs. +2.3%. DDS +7% vs. +2.4%. FRED +0.2% vs. +1.4%. GPS -8% vs. +2.4%. M +3.9% vs. +4.6%. 6 misses, 2 beats.[View news story]
December is supposed to be the biggest month for retail sales. This year December was very weak, imagine how soft the months to come are going to be =======> VERY BAD..
Dec. Challenger Job-Cut Report:32,004, down from 48,711 prior and the lowest tally of the year. Downsizing activity in 2010 was at its lowest level since 1997, with 529,973 positions eliminated. [View news story]
Dec. Challenger Job-Cut Report:32,004, down from 48,711 prior and the lowest tally of the year. Downsizing activity in 2010 was at its lowest level since 1997, with 529,973 positions eliminated. [View news story]
woW still losing jobs big time!
The FOMC said in its Dec. 14 statement that “the economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment.”
OMG all their Quantitative Easing Spending and still haven’t created 1 job!
A Bank of America (BAC) employee raises further doubts about the bank's handling of crucial mortgage paperwork. The employee says her company often held onto mortgage notes, even as it sold those mortgages to be repackaged into securities. By proving the absence of a note, a homeowner could block a foreclosure, or an investor could pressure a bank to buy back a security. [View news story]
OMG this funny stuff. Mortgage promise note tells the conditions of the loan and mortgage most people whos house got foreclosed was behind 4-6 months of payments. Do you really think this note is going to affect the outcome of them losing their house?
It all comes down too, They didn't pay so they lost their house..end of story.
Top U.S. banks could face $31B in additional losses if they're forced to buy back soured mortgages that they packaged and sold to investors, S&P said in a study yesterday. Bank of America (BAC) and JPMorgan (JPM) have the most exposure, followed by Wells Fargo (WFC), U.S. Bancorp (USB), and PNC Financial (PNC). [View news story]
In order to force major banks to buy back mortgages, you will have to prove without a doubt they are guilty of unethical practices and they clearly broke the law.
As the North American International Auto Show gets rolling in Detroit, Ford (F) will announce plans to hire 7,000 workers in the U.S. over the next two years, on the heels of what should end up as one of its most profitable years. The automaker reported $6.3B in net income for the first three quarters of 2010. [View news story]
Stocks put a stop to what looked like an accelerating slide, with the big indexes now off intraday lows, at -0.4%. Financials led the downdraft, especially big banks: BAC -1.9%, JPM -2.7%, WFC -2.8%, C -0.7%. Commodities had gotten a lift from a brief dollar sell-off, but crude's now +0.3% to $88.60. [View news story]
A drop in the unemployment rate may not be as good as it seems, Felix Salmon says, joining a school that notes that long-term unemployed are still increasing in number, and discouraged worker numbers are rising pretty quickly. [View news story]
The loonie surges nearly 1% following the strong Canadian employment report. Reaction in interest rate futures was more muted, with little change to the expectation of 75 basis points in hikes over the coming year. Stocks are flat in Toronto. [View news story]
Dec. Nonfarm Payrolls: +103K vs. +160K consensus, +71K in Nov. (revised from +39K). Unemployment 9.4% vs. 9.7% expected, 9.8% prior. Private payrolls were +113K; gov't payrolls were -10K. [View news story]
Market Preview: Futures point to a positive open, continuing yesterday's upside momentum. Benchmark S&P +0.15%. Initial jobless claims came in largely as expected, while retailers have seen mixed results for same-store sales (I, II, III, IV). Later: EIA natgas. [View news story]
Yesterday with the inaccurate ADP report we thought everybody had jobs and today with jobless claims we find out the 18,000 more people lost their job.
Both Goldman Sachs (GS) and Pimco tell clients to chill out about the recovery. Goldman views yesterday's ADP report showing a surge in hiring "with skepticism... Markets may be overly optimistic about the extent to which this will show up in Friday’s [jobs] report.” Pimco concurs: "Many, many months of strong payroll gains” are needed before the Fed raises rates. [View news story]
That ADP Report is inaccurate and useless not to mention manipulated.
Initial Jobless Claims: +18K to 409K vs. 410K consensus. Continuing claims -47K to 4,103,000. [View news story]
Dec. same-store sales (actual vs. Briefing.com estimate), update #3:
JCP +3.7% vs. +3.9%.
KSS +3.9% vs. +4.3%.
JWN +8.4% vs. +3.9%.
SKS +11.8% vs. +5%.
SMRT -1.9% vs. +0.7%.
3 misses, 2 beats. [View news story]
Dec. same-store sales (actual vs. Briefing.com estimate), update #2:
ANF +15% vs. +10.1%.
ARO -5% vs. -3.1%.
AEO -11% vs. -1.8%.
BONT +0.1% vs. +2.3%.
DDS +7% vs. +2.4%.
FRED +0.2% vs. +1.4%.
GPS -8% vs. +2.4%.
M +3.9% vs. +4.6%.
6 misses, 2 beats. [View news story]
Dec. Challenger Job-Cut Report: 32,004, down from 48,711 prior and the lowest tally of the year. Downsizing activity in 2010 was at its lowest level since 1997, with 529,973 positions eliminated. [View news story]
Futures pare losses after ADP posts the highest number in the history of its jobs report. Benchmark S&P -0.55% [View news story]
Dec. Challenger Job-Cut Report: 32,004, down from 48,711 prior and the lowest tally of the year. Downsizing activity in 2010 was at its lowest level since 1997, with 529,973 positions eliminated. [View news story]
The FOMC said in its Dec. 14 statement that “the economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment.”
OMG all their Quantitative Easing Spending and still haven’t created 1 job!
A Bank of America (BAC) employee raises further doubts about the bank's handling of crucial mortgage paperwork. The employee says her company often held onto mortgage notes, even as it sold those mortgages to be repackaged into securities. By proving the absence of a note, a homeowner could block a foreclosure, or an investor could pressure a bank to buy back a security. [View news story]
It all comes down too, They didn't pay so they lost their house..end of story.
Top U.S. banks could face $31B in additional losses if they're forced to buy back soured mortgages that they packaged and sold to investors, S&P said in a study yesterday. Bank of America (BAC) and JPMorgan (JPM) have the most exposure, followed by Wells Fargo (WFC), U.S. Bancorp (USB), and PNC Financial (PNC). [View news story]
Good Luck With That!
BAC, WFC, JPM will all be left without a scratch.