STOCK MARKET WATCH, Friday 4 November

[ozymandius]

Friday November 4, 2005

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 3 YEARS, 79 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 1779 DAYS
WHERE'S OSAMA BIN-LADEN? 1478 DAYS
DAYS SINCE ENRON COLLAPSE = 1440
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 November 3, 2005

Dow... 10,522.59 +49.86 (+0.48%)
Nasdaq... 2,160.22 +15.91 (+0.74%)
S&P 500... 1,219.94 +5.18 (+0.43%)
10-Yr Bond... 4.64% +0.03 (+0.74%)
Gold future... 461.90 -2.70 (-0.58%)






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 Martin Goldberg

Not a Market for Investors and a Tough Market for Traders

To those of you are enjoying this short term rally, congratulations. With an appropriate level of risk to my wealth, so am I. Yes, in some instances I held my nose and bought. The logical turn of events would be for the rally to carry the indices to new 52-week highs. This would be sufficient to put the stock market in positive newspaper headlines and TV news one more time this year. This will serve to keep John Q. Public’s monthly allocation flowing into his 401K stock market mutual fund account blindly, while corporate executives continue to sell out equity stakes in their companies. This is all occurring in the backdrop of all-time trading volumes resulting in a multitude of hedge funds all trying (mostly in vain) to squeeze a few pennies out of stocks moving from hand to hand like a shell game on a New York City sidewalk. In the mean time, many of the public continue to fancy themselves as modern day Rockefellers or Buffetts – savvy investors, all as their hard earned savings plow blindly into their 401K plan and E-Trade accounts. Bou-ya, Jim! Yet the stock market has gone virtually nowhere in almost 2 years.

While my long-term gold and silver and corresponding mining shares are acting well, I’m not mistaking the fact that they are all underperforming Google. I don’t buy the premise for which the market is valuing this internet company at well over $100 billion; but make no mistake, if I felt it could go to $450, with a minimum of risk, I’d be in and cheering like seemingly everyone else.

-cut-

This trading range stock market is making me weary. With rallies and swoons that have been quick and tradable, no directional trend has developed. Most market technicians seem to believe that the market will drop to significantly lower levels, but the time in which this will happen is too far out to be relevant in any practical sense. That is to say, it will be at least three weeks or more into the future. In the same manner, if the market were to rally to new bull market territory, first it would have to move into new high ground, and this seems unlikely. Yet given the action in the Dow Jones Transportation Index, anything is possible. The people who are bidding up the transports are not doing it for the 0.6% dividend.

-cut-

The bond market sits at a critical juncture as shown in the 3-year weekly chart below. While a downtrend has been broken, it is just below where you could call it a decisive break. If the 10-year note rate goes above 4.85%, that would be a multi-year high, and if it reaches 5.0%, this would be a number that would make the news and wake up the average citizen as to the upward trend in interest rates. In previous instances such as April of '04, and early Spring of '05, upward trending rates produced a stock market swoon. This time around, interest rates are heading higher while the stock market rallies. If interest rates head higher still, it will eventually hurt stocks; that is, if history is any indicator. It is notable that 10-year interest rates have continued a trend of higher lows since June of '03, almost 30-months which is the longest duration since the secular bull market in bond prices began.

more...

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

[ozymandius]

2. Stocks Set to Open Lower on Apple Downgrade

LONDON - U.S. stock futures were down slightly Friday ahead of the release of October non-farm payrolls data, and after a broker downgraded its rating on Apple Computer Inc. citing recent stock appreciation.

Dow Jones futures were recently off 4 points, S&P 500 futures were down 1.5 point, and Nasdaq 100 futures eased 2 points.

-cut-

But all eyes were focused on the release of non-farm payrolls data, with economists polled by Dow Jones seeing a 102,000 rise in October after 35,000 jobs were shed in September.

more

[UpInArms]

30. Stocks to open higher after jobs data

http://www.marketwatch.com/news/story.asp?guid=%7BB22AE4FF%2D64B8%2D4C52%2D9B9D%2D1D865AB07DAF%7D&siteid=mktw

NEW YORK (MarketWatch) - U.S. stock futures are pointing to a slightly higher open Friday after a weaker-than-expected October employment report raised hopes among some investors that the Federal Reserve could end its cycle of interest-rate hikes sooner than expected.

Dow futures were up 19 points at 10,557, Nasdaq 100 futures rose 0.5 point at 1,629.5 while S&P 500 futures were up 1.50 points at 1,225.10.

"The market has had very good money flows coming in," said Paul Mendelsohn, chief investment strategist at Windham Financial Services. "People want to be long this market because of the seasonal history coming into the end of the year and that this seems to be overriding the data."

In the last four years, the S&P 500 Index has risen sharply in the fourth quarter, and many investors are hoping 2005 will be no different and help salvage what has been a lackluster year for equities.

On Thursday, stocks ended higher on a number of strong economic reports and solid sales performance from retailers in October, but a spike in oil prices served as a reminder that inflation and higher interest rates remain a threat.

...more...

[loudsue]

54. Sure enough, they opened higher, then lower. Go figure!

Everybody was right this morning!! :rofl:

:kick:

[ozymandius]

3. Crude Futures Pull Back After $2 Jump

VIENNA, Austria - Oil prices pulled back Friday after jumping more than $2 a barrel on buying that reflected expectations of higher fuel demand ahead of the Northern Hemisphere winter.

Analysts said oil would likely trade in a narrow band over the coming weeks, pulled between diminishing belief that demand was low and mild weather both in Europe and the United States.

Light, sweet crude for December delivery on the New York Mercantile Exchange was down 58 cents in electronic trading at $61.20.

-cut-

"It's moving up and down," said Kevin Norrish, head of commodities research at Barclays Capital in London. "We've got an erosion of the idea that there has been massive demand destruction while ... at the same time you have got some pretty mild weather on both sides of the Atlantic."

more

[UpInArms]

18. Noble Energy 3Q earns $177M vs $83.7M

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38660.3409474768-848876982&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

NEW YORK (MarketWatch) -- Noble Energy Inc. (NBL) Friday reported third-quarter earings of $177 million, or 99 cents a share, up from a year-ago profit of $83.7 million, or 70 cents a share. The Houston-based oil and gas company attributed the improved earnings to higher daily production and realized prices. The average estimate of analysts polled by Thomson First Call was for earnings of $1.18 a share in the September period. The stock closed Thursday at $40.98, up 10 cents.

[UpInArms]

41. Dec Crude @ $61.20 bbl - Dec NatGas @ $11.25 mln btus

10:07am 11/04/05 DEC CRUDE FALLS 58C TO $61.20/BRL IN EARLY NY TRADE

10:07am 11/04/05 DEC NATURAL GAS DOWN 44.9C, OR 3.8%, AT $11.25/MLN BTUS

[ozymandius]

4. US retailers weather hard climate

Several large US retailers have reported better-than-expected sales figures despite high gasoline prices making consumers more cautious.

Wal-Mart, Costco and JC Penney all saw a healthy rise in like-for-like sales in October and are forecasting similar results this month.

Retail experts thought the rise in gasoline prices and damage from the hurricane season would dampen trade.

-cut-

"Consumers are hanging in there, despite facing significant pressure on their discretionary income," Ken Perkins, president of retail analysts Retail Metrics, told Reuters.

more

[ozymandius]

5. Today's Reports

8:30 AM Average Workweek for Oct
Briefing Forecast 33.7
Market Expects 33.7
Prior 33.7

8:30 AM Hourly Earnings Oct
Briefing Forecast 0.3%
Market Expects 0.2%
Prior 0.2%

8:30 AM Nonfarm Payrolls for Oct
Briefing Forecast 80K
Market Expects 100K
Prior -35K

8:30 AM Unemployment Rate for Oct
Briefing Forecast 5.2%
Market Expects 5.1%
Prior 5.1%

[UpInArms]

20. Reports in: (NFP up 56,000)

8:30am 11/04/05 U.S. OCT. RETAIL SECTOR LOSES 5,000 JOBS

8:30am 11/04/05 U.S. AVERAGE HOURLY WAGES UP 2.9% Y-O-Y, MOST IN 2 YEARS

8:30am 11/04/05 U.S. OCT. PRIVATE-SECTOR SERVICES SHED 3,000 JOBS

8:30am 11/04/05 U.S. OCT. MANUFACTURING JOBS UP BY 12,000

8:30am 11/04/05 U.S. OCT. AVERAGE WORKWEEK STEADY AT 33.8 HOURS

8:30am 11/04/05 U.S. OCT. AVERAGE HOURLY EARNINGS UP 0.5%

8:30am 11/04/05 U.S. OCT. EX-KATRINA JOB GROWTH BELOW TREND: BLS

8:30am 11/04/05 U.S. OCT. JOBLESS RATE FALLS TO 5.0% VS. 5.1% EXPECTED

8:30am 11/04/05 U.S. OCT. NONFARM PAYROLLS UP 56,000 VS.102,000 EXPECTED

[UpInArms]

21. U.S. Oct. job growth below trend excluding hurricanes

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38660.3543677083-848880262&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) - U.S. job growth slowed in October even excluding the direct impact of two monstrous hurricanes, the Bureau of Labor Statistics said Friday. U.S. nonfarm payrolls rose by 56,000 in October after a revised 8,000 loss in September, the agency said. The unemployment rate fell to 5% in October from 5.1% in September. Economists surveyed by MarketWatch were expecting payroll gains of about 102,000 in October. "Job growth in the remainder of the country appeared to be below trend in October," said Kathleen Utgoff, commissioner of the Bureau of Labor Statistics.

[UpInArms]

22. U.S. nonfarm payrolls up 56,000 (102,000 expected)

Do you think these surprised economists need to go to some gamblers anonymous meetings?

http://www.marketwatch.com/news/story.asp?guid=%7BC9E2595D%2D1C3B%2D41A6%2D89B1%2DCF730A5E0C62%7D&siteid=mktw

WASHINGTON (MarketWatch) - U.S. job growth slowed in October even excluding the direct impact of two monstrous hurricanes, the Bureau of Labor Statistics said Friday.

U.S. nonfarm payrolls rose by 56,000 in October after a revised 8,000 loss in September, the agency said. The unemployment rate fell to 5% in October from 5.1% in September.

Economists surveyed by MarketWatch were expecting payroll gains of about 102,000 in October. The predictions were based on assumptions that storm-related losses would be more than offset by strong job growth in the rest of the country.

However, "job growth in the remainder of the country appeared to be below trend in October," said Kathleen Utgoff, commissioner of the Bureau of Labor Statistics.

The below-trend growth could be the result of indirect impacts from the storms, she said, such as higher energy costs and choked supply lines.

Most economists believe the impact of the storm will be temporary, with rebuilding efforts actually adding to growth and hiring late this year and into 2006.

...more...

[Nickster]

33. 56 thousand jobs? WTF? Will this guy create even one net new job??

[AnneD]

38. Translation.....

Here in Houston, a new WalMart opened close to my apartment complex. The opening made the news-don't know why-unless some palms were greased cause I don't consider that news. They had 5,000 apply for jobs. I think it was around 200 slots-but remember-most of those are part-time. We still have many Katrina evacuees here and the Fed money is running out-deadline cut offs. I am sure it will become very 'interesting' around here. I think here in Houston we will soon discover that no good deed goes unpunished.

[54anickel]

53. HA! "The impact of the storm will be temporary". Someone buy these

economists a clue! Things were already slowing down and starting to look bleak before the damned hurricanes. If we're lucky the rebuilding efforts MIGHT help things break even so we muddle along a bit longer before sliding into recession.

[AnneD]

57. How about buying theses guys ....

a bowel :evilgrin: 'cause they'll need a new after they crap their pants when they lose it all in a sudden downturn. SURPRISE SURPRISE SURPRISE

[UpInArms]

25. Kool-Aid Drinking Economists attempt to spin NFPs

9:01am 11/04/05 ECONOMISTS SEE NO CHANGE IN FED HIKE PATH FROM OCT. JOB DATA

9:00am 11/04/05 ECONOMISTS SAY OCT. JOB MARKET WEAKNESS IS TEMPORARY

(edited to add link and blurb)

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38660.39222-848889430&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) -- Economists said the October nonfarm payroll report was modestly weaker than expected, but attributed the sluggishness to the hurricanes and are likely temporary. "In the absence of the hurricanes, we would probably be talking about a job market that is doing pretty well," said David Berson, chief economist at Fannie Mae. "I suspect in the next couple months we will go back to 150,000-200,000 job-a-month gains we were seeing prior to hurricane season," said Carl Steidtmann, chief economist of Deloitte Research. There was no sense that the report would alter expecations for continued Fed rate hikes, at least at the next two meetings. "I see nothing that would derail them from their current tactic at the present time," said Joe Bitner, chief economist at Eastern Bank in Boston.

[UpInArms]

32. U.S. October Payrolls Rise 56,000; Jobless Rate Falls to 5%

http://quote.bloomberg.com/apps/news?pid=10000006&sid=avqBujwL5UMU&refer=home

Nov. 4 (Bloomberg) -- The U.S. economy added 56,000 jobs in October, about half the number economists expected, as hiring lagged even in regions not directly hurt by Hurricanes Katrina and Rita.

The payrolls figure follows a decline of 8,000 jobs in September that was smaller than first reported, the Labor Department said today in Washington. The median economist forecast was for a 120,000 gain. The jobless rate, determined by a separate survey, fell to 5 percent from 5.1 percent.

The Federal Reserve this week said disruptions to labor and output from the storms would be temporary and signaled it will keep raising interest rates to ward off faster inflation. The Bureau of Labor Statistics said today that Hurricane Rita had a ``minimal'' direct effect on the October figure.

``Job growth in the remainder of the country appeared to be below trend in October,'' said Kathleen Utgoff, commissioner of the BLS, in a statement. ``It is possible, of course, that employment growth for the nation could have been held down by indirect effects of hurricanes Katrina and Rita, for example, because of their impact on gas prices.''

Economists who expected a weak number said before the report that the storms still may have distorted October's number.

...more...

[UpInArms]

48. filling in blanks (note: there was a drop in NPF last month (w/revision)

Oct 31	8:30 AM		Personal Income		Sep	1.7%	0.3%	0.4%	-0.9%	-0.1%	
Oct 31	8:30 AM		Personal Spending	Sep	0.5%	0.4%	0.5%	-0.5%	-	
Oct 31	10:00 AM	Chicago PMI		Oct	62.9	58.0	57.4	60.5	-	
Nov 1	12:00 AM	Auto Sales		Oct	-	5.3M	5.4M	5.7M	-	
Nov 1	12:00 AM	Truck Sales		Oct	-	7.0M	7.1M	7.3M	-	
Nov 1	10:00 AM	Construction Spending	Sep	-	0.5%	0.5%	0.4%	-	
Nov 1	10:00 AM	ISM Index		Oct	59.1	57.5	57.0	59.4	-	
Nov 1	2:15 PM		FOMC policy announce	-	-	-	-	-	-	
Nov 2	10:30 AM	Crude Inventories	10/28	-	-	-	4414K	-	
Nov 3	8:30 AM		Initial Claims		10/29	323K	320K	330K	331K	328K	
Nov 3	8:30 AM		Productivity-Prel	Q3	4.1%	2.7%	2.6%	2.1%	1.8%	
Nov 3	10:00 AM	Factory Orders		Sep	-1.7%	-1.0%	-1.0%	2.9%	2.5%	
Nov 3	10:00 AM	ISM Services		Oct	60.0	57.0	57.0	53.3	-	
Nov 4	8:30 AM		Average Workweek	Oct	-	33.7	33.7	33.7	-	
Nov 4	8:30 AM		Hourly Earnings		Oct	0.5%	0.3%	0.2%	0.1%	0.2%	
Nov 4	8:30 AM		Nonfarm Payrolls	Oct	56K	80K	100K	-8K	-35K	
Nov 4	8:30 AM		Unemployment Rate	Oct	5.0%	5.2%	5.1%	5.1%	-

[UpInArms]

6. daily dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DXY0

Last trade 90.52 Change +0.08 (+0.09%)

Wide Range of Payroll Estimates Could Cause Significant Volatility in Dollar

http://www.dailyfx.com/index.php?option=com_content&task=view&id=4640&Itemid=39

US Dollar
The dollar has strengthened once in anticipation of tomorrow’s non-farm payrolls report. Right now, the consensus is for 120k jobs to have been created in the month of October. Of the 70 analysts surveyed, the estimates ranged from -25k to +300k. Such a wide range suggests that the market as a whole really does not know what payrolls could be reported at. For us, this means that there could be a great deal of volatility regardless of whether the number comes out inline or not. For the most part, the forecasts seem to be biased to the upside, which means that a disappointment could result in a larger move in the dollar than an upward surprise, but of course the size of a disappointment or surprise plays a big role in determining how large the move would be as well. Bulls clearly have control of the dollar at this point and payrolls tomorrow could shed some more light on whether they will be able to hold onto their control. The market will be keen to see how deep Hurricane Katrina’s impact is to the labor market. Last month, 35k jobs were lost as a result of the hurricane. Meanwhile, every positive event today had some sort of dark cloud hanging over it. Service sector ISM rose to 60.0 from 53.3 and surprisingly, the prices paid component actually dropped. However even though all of the components were in expansionary territory, only three out of the nine components actually experienced accelerated growth. September factory orders fell by 1.7%, which was weaker than the market’s -1.0% forecast. Greenspan was optimistic on the current state of the economy and cautioned about growing inflation, both of which were positive for the dollar. However, he also warned that higher winter heating bills could pose a big risk to consumer spending and that consumers in general might be "quite surprised" when they receive their statements this winter.

...more...

Will October NFPs Confirm September's Optimism?

http://www.dailyfx.com/index.php?option=com_content&task=view&id=4644&Itemid=39

U.S. Non-Farm Payrolls (MoM) (OCT) (13:30 GMT, 8:30 EST)
Consensus: 120K
Previous: -35K

Outlook: After September’s drop, nonfarm payrolls are expected to recover in October with a 120,000 gain. As shops in the affected region reopen for business, retail payrolls should recover from the 88,000 drop seen in September. This may lead the service-industry payrolls figure to make a gain in the month after experiencing the first drop since March 2003. However, the risk in this assessment is the October non-manufacturing PMI’s third drop in the employment index in the past four months. On the manufacturing side, PMI reported a second consecutive rise in its employment index. Jobless claims have also subsided slightly from September’s highs, which further supports a slight rebound in the headline payrolls number. While October’s number will be closely examined, keep in mind that the revision to previous data carries much heavier significance this time around. September’s decline was tamer than most had hoped, but the uncertainty in the data left room for a sizeable revision, which may alter the rosy picture painted by the initially report figure.

Previous: The much anticipated post-Katrina September payrolls data revealed that only 35,000 jobs were lost in the month compared to expectations for a drop up to ten times that size. This pushed the nation’s unemployment rate to 5.1%, up from the recent 4.9% low seen in August. The markets took this news very well since it indicated that the storm disruptions didn’t put a significant damper on recent labor market strength and that the economy will bounce back quickly. However, from the comments made by BLS Deputy Commissioner Philip Rones, it seems that there are some worrisome underlying trends. For instance, the 30,000 decline in food and beverage store payrolls was due mainly to industry restructuring and was unrelated to the hurricane. Also, of the 32,000 jobs added by temporary help services, much of them were created to assist in emergency recovery efforts and these positions will probably be phased out shortly. Lastly, although extra care was taken in contacting respondents in the hurricane-affected areas, there could still be large revisions to the headline number in the next release. Although the news was good, this release alone was not enough to imply that the economy is back on track.

...more...

[UpInArms]

24. Dollar nicked by U.S. payrolls tally short of forecasts

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38660.3707473264-848884354&siteID=mktw&scid=0&doctype=806&

CHICAGO (MarketWatch) -- The dollar declined against the euro and trimmed its gain against the yen following a U.S. payrolls report that fell short of expectations. The dollar was last down 0.3% against the euro; the euro was changing hands at $1.1974 compared to $1.1930 just before the report and $1.1939 late Thursday. The greenback stood at 117.44 yen, up a slim 0.1% on the day after trading at 117.27 yen late Thursday. The dollar was at 117.79 before the report, continuing to carve out fresh 25-month highs.

[UpInArms]

7. Refco unit sale may be a transfer of accounts -WSJ

http://today.reuters.com/investing/financeArticle.aspx?type=fundsNews2&storyID=URI:urn:newsml:reuters.com:20051104:MTFH14391_2005-11-04_07-15-06_N04358857:1

NEW YORK, Nov 4 (Reuters) - The sale of Refco's brokerage unit is likely to entail a bulk transfer of customer accounts rather than an outright shift of the entity, because of regulatory concerns, the Wall Street Journal reported Friday.

Such an approach would be a late twist, as bids for Refco's (RFXCQ.PK: Quote, Profile, Research) regulated commodities and futures arm are due by Friday at 4 p.m. Eastern time (2100 GMT).

That is not expected to keep suitors away because it would achieve the same result for the buyer as an acquisition, said the paper, which cited a person familiar with the matter.

Refco, once the largest U.S. independent futures and commodities brokerage, plunged into bankruptcy last month after its chief executive, Phillip Bennett, was charged with securities fraud.

A transfer of accounts would leave the unit, Refco LLC, intact on paper and open to potential penalties for past wrongdoing. Regulators this week had objected to auction rules they believe could protect the company from such actions.

...more...

[UpInArms]

14. Refco Loses Tradelink Bid on Liability Concern as Auction Nears

http://www.bloomberg.com/apps/news?pid=10000103&sid=acFWZ1hZdUjU&refer=us

Nov. 4 (Bloomberg) -- Refco Inc., the bankrupt broker that's auctioning its assets, lost a potential bidder when smaller rival Tradelink LLC pulled out over concerns that buying part of the company would leave it on the hook for lawsuits.

Tradelink, which is closely held and based in Chicago, was considering an offer together with former Chicago Board of Trade Chairman Nickolas Neubauer and others.

``I can't ask all these folks to be investors alongside of us and not be 100 percent sure that that the investment is not at risk because of creditors, or people that have claims, or think they have claims,'' Tradelink co-founder Walt Weissman said in phone interview from Carmel, California. As a result, Tradelink is ``bowing out of the bidding process,'' he said.

Tradelink's withdrawal and the threat of litigation may reduce Refco's chances of fetching high prices for its assets. At least seven prospective buyers, including the newest, Alaron Trading Corp., have indicated that they plan to submit bids for by the 4 p.m. New York time deadline for offers today.

<snip>

Refco was the eighth-biggest U.S. futures broker as of Aug 31. Clients assets at Refco's futures units dropped to $3.4 billion in the days before the bankruptcy filing from $7.5 billion.

...more...

[UpInArms]

15. French Refco traders seek compensation - report

http://www.banking-business-review.com/article_news.asp?guid=F70E0903-E019-4279-A771-AF096C7D4852

3 Nov 2005, 17:57 GMT - The two traders told the Financial Times that they started work as proprietary traders at Refco SA in 2003, but resigned in the summer of 2004 without having been paid or given French employment contracts.

Instead Refco gave the men 'trading agreements' subject to UK law under its international operation, Refco Overseas Ltd. These agreements promised the men 40% of any profits they made through trading activities, but also apparently compelled them to pay commission back to Refco, the newspaper reported.

The traders have taken Refco to a French employment tribunal claiming several thousand euros in lost salaries. Refco risks finding that its employment practices ran contrary to French employment law that guarantees minimum salaries and expects employees to be registered with the state and given formal contacts.

The case comes as a further blow to Refco, which collapsed following the revelation that former CEO Phillip Bennett hid a $430 million debt in a holding company.

...short blurb...

[UpInArms]

8. Broyhill Announces More Layoffs

http://www.wfmynews2.com/news/article.aspx?storyid=51238

Yet another furniture company is paring down operations. Changes over the past four months at Broyhill will cost more than a thousand people their jobs.

Lenoir, NC -- Hundreds of furniture workers found out on Wednesday they're losing their jobs.

Broyhill Furniture will close two plants in Lenoir, putting 421 people out of work.

Less than four months ago company leaders announced they were closing two other plants in Lenoir and changing one plant into a distribution center.

Between the two moves the company is laying off more than a thousand employees.

...short blurb...

[UpInArms]

39. BofA job cuts in Charlotte

http://www.miami.com/mld/miamiherald/business/industries/banking/13077846.htm

Charlotte's loss is New England's gain. As Bank of America Corp. is cutting 130 loan processing jobs in Charlotte, the bank is adding 250 similar positions in Massachusetts and Connecticut.

The Charlotte bank said Wednesday that it is eliminating the jobs in its business credit services unit over the next six months. Employees who don't find other positions in the bank will receive severance.

Bank of America earlier this month announced the new jobs in Waltham, Mass., and Farmington, Conn. The locations already were handling work in business credit services, which processes loans in the division that serves corporate clients.

"The thought behind this was to maximize efficiency in this business line," bank spokesman Ernesto Anguilla said. "The most efficient way to do that is to consolidate in core facilities."

...more...

[UpInArms]

9. IRS: Audits of individual taxpayers rose 20% this year

http://www.marketwatch.com/news/story.asp?guid=%7B2C279071%2D7981%2D449E%2DA340%2D19FCCB2C35C0%7D&siteid=mktw

SAN FRANCISCO (MarketWatch) -- Individual taxpayers and businesses got slammed this year with the highest audit activity in years, the Internal Revenue Service announced Thursday.

The number of individual taxpayers hit by audits jumped 20% to 1.2 million in fiscal year 2005 vs. a year earlier, the highest number of such audits in seven years, but still less than 1% of all filers.

"The vast majority of Americans pay taxes honestly and accurately. They have every reason to expect that when they do so the government will make sure that those who are out of compliance will be brought into compliance. If they're not, everyone shoulders a heavier burden," IRS Commissioner Mark Everson said in a telephone interview.

More than 221,000 people earning more than $100,000 faced audits, about 1.58% of high-earner filers and the highest number of such audits in 10 years.

...more...

[UpInArms]

10. US junk bond funds report $132 mln weekly outflow

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-03T230833Z_01_N03143649_RTRIDST_0_FINANCIAL-JUNK-AMG-UPDATE-2.XML

NEW YORK, Nov 3 (Reuters) - Investors pulled a net $132 million out of U.S. junk bond mutual funds in the week ended Wednesday, pushing this year's already record outflows to $10.65 billion, AMG Data Services reported on Thursday.

It was the eighth straight week of net outflows from the funds and was up from a $90.5 million outflow the prior week. The previous high annual outflow was $10.08 billion in 2000.

Junk bonds are issued by companies with poor credit ratings and carry high yields to compensate for their risks. Rising interest rates, a recent spate of bankruptcies and lackluster performance of junk bonds have caused this year's heavy outflows, strategists said.

"Retail investors are smart in assessing risks versus potential rewards," said Marilyn Cohen, president of Los Angeles money management firm Envision Capital Management. "I think they're speaking with their money that we've got too much risk with too little return."

Individual or retail investors poured a record $26.7 billion into junk bond funds in 2003, taking advantage of a massive rally and double-digit gains on the average fund. The funds began reporting outflows in 2004, however, as investors worried that junk bonds had little upside left.

...more...

[UpInArms]

11. Arizona Public Service to seek 20 pct rate hike

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-04T111925Z_01_N04371724_RTRIDST_0_UTILITIES-APS-UPDATE-1.XML

NEW YORK, Nov 4 (Reuters) - Public utility Arizona Public Service on Friday said it would request a 20 percent rate increase for customers, mostly to cover the higher costs of fuel and purchased power.

APS, a unit of Pinnacle West Capital Corp. (PNW.N: Quote, Profile, Research), said its proposed rate increase would take effect no later than Dec. 31, 2006.

The company said the new rate case was on top of an existing proposal for a 24-month surcharge of 1.7 percent.

Besides the 20 percent rate hike for residential customers, bills for industrial customers would rise about 21.5 percent.

...more...

[UpInArms]

12. Survey Says U.S. Patients Pay More, Get Less Than Those in Other Western N

http://www.washingtonpost.com/wp-dyn/content/article/2005/11/03/AR2005110301143.html

Americans pay more when they get sick than people in other Western nations and get more confused, error-prone treatment, according to the largest survey to compare U.S. health care with other nations.

The survey of nearly 7,000 sick adults in the United States, Australia, Canada, New Zealand, Britain and Germany found Americans were the most likely to pay at least $1,000 in out-of-pocket expenses. More than half went without needed care because of cost and more than one-third endured mistakes and disorganized care when they did get treated.

Although patients in every nation sometimes run into obstacles to getting care and deficiencies when they do get treated, the United States stood out for having the highest error rates, most disorganized care and highest costs, the survey found.

"What's striking is that we are clearly a world leader in how much we spend on health care," said Cathy Schoen, senior vice president for the Commonwealth Fund, a private, nonpartisan, nonprofit foundation that commissioned the survey. "We should be expecting to be the best. Clearly, we should be doing better."

<snip>

Americans were also much more likely to report forgoing needed treatment because of cost, with about half saying they had decided not to fill a prescription, to see a doctor when they were sick or opted against getting recommended follow-up tests. About 38 percent of patients in New Zealand reported going without care; the numbers were 34 percent in Australia, 28 percent in Germany, 26 percent in Canada and 13 percent in Britain.

...more...

[AnneD]

43. I have ranted and raved til I am blue in the face

:rant: Our health care is in a shambles thanks to the introduction of the profit margin in health care. Ins Co and Health Care CEO's siphon off huge amounts of money that should be reinvested to provide for better care. In my 12 yrs as a nurse, I have seen my profession dumbed down and everyone that isn't qualified as a nurse, tell me how to do my practice (this is to the detriment of the patient).
Out of the 24 nurses that graduated less than 10 are still functioning as nurses. We are educating a fraction of the nurses we will need in the future and of those we educate one in four leave the profession within the 1-2 years of practice.
I have always likened nurses as canaries in the mine shaft. From the looks of things, we have a warning. One hit to the system-say a true epidemic or a pandemic, will cause the system to crash.

[UpInArms]

13. Whyte sues Hollinger over stock option deal

http://www.theglobeandmail.com/servlet/ArticleNews/TPStory/LAC/20051104/RHOLLINGER04/TPBusiness/Canadian

Kenneth Whyte, once a rising star within Conrad Black's newspaper empire, is now suing Hollinger International Inc. for more than $680,000 (U.S.) over allegations it blocked him from exercising 100,000 stock options last year.

The lawsuit "is a matter of fundamental fairness," said Mr. Whyte, who helped launch the National Post for the company in 1998 and is currently editor-in-chief of Maclean's magazine. "I received many assurances from different officers in the company, starting at the top, that had been extended. Now for reasons that escape us, they have chosen not to honour the options. We were driven to this."

The suit was filed last June in New York but surfaced publicly yesterday in a securities filing by Hollinger. Lawyers for the company were not available for comment, but in the filing Hollinger said it has moved to have the suit dismissed.

Mr. Whyte received the options between 1999 and 2001, when he was the Post's editor-in-chief, according to the lawsuit. The average exercise price on the options was $13.10 a share.

...more...

[UpInArms]

16. Wal-Mart Conference on Wal-Mart Draws Critics of Pay, Benefits

http://www.bloomberg.com/apps/news?pid=10000103&sid=aFfX5fJN_6bI&refer=us

Nov. 4 (Bloomberg) -- Wal-Mart Stores Inc., the world's largest employer, asked nine economists to assess its effect on the economy. Today, at a conference organized by the company, they'll tell Wal-Mart that it's far from an exemplary employer.

Wal-Mart causes wages to fall for workers in towns where it operates, depresses pay for unskilled laborers and increases Medicaid costs, according to economists who will present their findings at today's meeting in Washington.

``Residents of a local labor market do indeed earn less following the opening of Wal-Mart stores,'' said David Neumark, an economist with the Public Policy Institute of California, who will speak at the forum.

The conference, billed as ``An In-Depth Look at Wal-Mart and Society,'' is part of the company's campaign to address criticism of the wages, health care benefits, and workplace policies for its 1.2 million employees. The Bentonville, Arkansas-based company is sponsoring the forum to examine its effect on jobs, inflation and income growth.

<snip>

Wal-Mart, which recently hired several former political strategists to help the company improve its image, will hear some unflattering remarks at the conference, according to several participants' papers, which will be posted on Global Insight's Web site.

...more...

Putting lipstick on a pig?

[UpInArms]

17. Economists see a less aggressive Fed

http://money.cnn.com/2005/11/03/news/economy/inflation_outlook/

NEW YORK (CNN/Money) - The big jump in business productivity is clearly good news for Wall Street, pointing to less inflationary pressures in the world's largest economy and propping up the outlook for corporate profits.

It's also likely to take some pressure off the Federal Reserve, which has been raising interest rates in its efforts to ward off inflation, economists said.

But at the same time, the report contained some troubling news for most American workers. Wage growth, which is supposed to rise in the long run as the economy grows and workers become more productive -- isn't.

Productivity, a key measure of worker output, rose at a 4.1 percent annual rate in the third quarter, the best showing in more than a year and nearly double the rate of the prior quarter, the Labor Department reported.

The increase allows companies to produce more while keeping costs under control -- a good sign for corporate executives and investors worried about slowing profit growth.

...more...

[UpInArms]

31. 5 reasons the Fed will fumble in 2006

http://moneycentral.msn.com/content/P131828.asp#msnhp

The odds are now better than 60/40 that the Federal Reserve will overshoot in 2006. It now looks, to me at least, like new Fed chairman Ben Bernanke will finish the inflation battle that Alan Greenspan started by raising interest rates so high that the economy starts to stall sometime next year.

The Fed will then be forced to reverse course and start to cut short-term interest rates at the same measured pace that it used to raise them from the June 2004 low.

Here are the five reasons I believe the Federal Reserve will give investors a painful demonstration of its all-too-human fallibility in 2006.

1) The Federal Reserve is fighting the wrong kind of inflation. The classic monetary remedy for inflation is higher interest rates -- that slows the economy, reducing demand. That, in turn, breaks the spiral of higher wages leading to higher prices leading to higher wages, etc. But the current problem isn't classic wage-price inflation. Wages are going nowhere fast; something else is driving inflation. Take a look at the numbers for the quarter completed in September. The economy, as measured by gross domestic product, grew at a 3.8% rate in the quarter. Consumer prices, measured by the Consumer Price Index, climbed at an annual rate of 4.7%, the highest rate of increase since June 1991. Where did that inflation come from? Certainly not from wage increases. According to the Bureau of Labor Statistics, employers' wage costs grew just 2.3% in the last 12 months. That's the slowest growth rate on record, beating out the 2.4% annualized growth rate in wages reported in August. Instead, current inflation is almost all a result of higher energy prices. While inflation including energy is 4.7%; inflation excluding energy is just 1.3%, the lowest quarterly annual rate in two years. (For those readers who think the CPI is so statistically corrupt to be useless -- a valid belief, in my opinion -- the Personal Consumption Expenditures Index, Alan Greenspan's preferred inflation measure, gives much the same result: a general annualized increase of 3.9% in September and a core increase without energy of 1.2%.) This wouldn't matter except . . .

2) Higher energy prices -- like higher interest rates -- slow the economy. So, in effect, the Fed by raising interest rates is stepping on the economy's brakes at the same time higher energy prices are working to lower economic growth. You can see the effect in a drop in consumer spending in September. Adjusted for inflation, consumer spending dropped 0.4% in September, following a similar drop in August. And it's not hard to understand why: With energy prices up and wages down, consumers are digging deeper into already empty pockets to keep spending. In the September quarter, that led to a negative rate of personal savings in the U.S. (savings fell at a 1.1% annualized rate). There are certainly big problems with the way that this number counts savings, so it's just about certain that the real savings rate isn't negative. But savings rates are dropping, and we're already in historically low territory: The personal savings rate hasn't been negative since the Bureau of Economic Analysis began keeping quarterly savings numbers in 1947. At a time when consumers can keep spending levels up only by borrowing (whether on credit cards or by refinancing a home or taking out a home-equity loan), higher interest rates from the Fed are Strike 2 against the economy. And the currency markets are set to deliver Strike 3. . .

...more...

[AnneD]

44. I pray this prayer every night

Dear God, please let the Depression hit on Dubya watch.Amen O8)

[UpInArms]

19. Derivative traders see upside US payrolls surprise

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-04T131816Z_01_N04296204_RTRIDST_0_ECONOMY-PAYROLLS-DERIVATIVES.XML

NEW YORK, Nov 3 (Reuters) - Investors in a derivatives auction on Friday increasingly bet the U.S. nonfarm payrolls report will contain a significant upside surprise.

In the fourth and final leg of the payrolls auction, traders were betting payrolls grew by a seasonally adjusted 153,000 jobs in October, up from 129,000 in the previous auction on Thursday afternoon.

Nonfarm payrolls dipped by 35,000 in September as Hurricanes Katrina and Rita depressed economic activity, but traders are betting the economy has been resilient enough to generate far more jobs than economists had been predicting.

A Reuters poll of 45 economists conducted on Oct. 28 resulted in a median forecast of a seasonally adjusted 100,000 increase in payrolls in October.

...more...

[UpInArms]

23. a bunch of chips just got scraped off the table

these people are fools.

[UpInArms]

26. Treasuries move higher on downside jobs surprise

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-04T134553Z_01_NYG000089_RTRIDST_0_MARKETS-BONDS-PAYROLLS-URGENT.XML

NEW YORK, Nov 4 (Reuters) - U.S. Treasury debt prices moved higher on Friday morning on a weaker-than-expected payrolls number that traders said gave the Fed leeway in carrying out its policy of measured rate hikes.

The government reported that October non-farm payrolls rose by 56,000 jobs, below economists' expectations for a 100,000 result. But September's declines, related to Hurricanes Katrina and Rita, were trimmed to only 8,000 jobs from 35,000 previously.

Still, traders said a rise in average hourly earnings dovetailed with inflation concerns in the market, keeping a check on buying.

Benchmark 10-year Treasury notes were 5/32 for a yield of 4.63 percent, compared with 4.65 percent on Thursday.

...more...

[UpInArms]

36. Printing Press Report: Fed adds temporary reserves via six-day system RPs

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-04T143401Z_01_N04343626_RTRIDST_0_MARKETS-FED-OPERATIONS.XML

NEW YORK, Nov 4 (Reuters) - The Federal Reserve said on Friday it was adding temporary reserves to the U.S. banking system through six-day system repurchase agreements.

The benchmark federal funds rate last traded at 4.00 percent, the Fed's target for the overnight lending rate.

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

[UpInArms]

49. Printing Press Report: Fed says adds (permanent) reserves via coupon pass

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-04T154148Z_01_N04391510_RTRIDST_0_MARKETS-FED-COUPONPASS.XML

NEW YORK, Nov 4 (Reuters) - The Federal Reserve said on Friday it added permanent bank reserves through purchases of U.S. Treasury coupons maturing between Mar. 15, 2010 and Aug. 15, 2013.

Callable and inflation-linked issues were excluded from the purchase, as well as several other issues. Details of the coupon pass are available on the New York Fed's Web site: http://www.newyorkfed.org/markets/permanent.html

Federal funds were trading at 4.00 percent, matching the central bank's target for the rate.

[UpInArms]

60. Printing Press Report: US to sell $4 billion 1-day cash management bills

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-04T162407Z_01_WBT004198_RTRIDST_0_ECONOMY-BILLS-URGENT.XML

WASHINGTON, Nov 4 (Reuters) - The U.S. Treasury Department said on Friday it will sell $4 billion of 1-day cash management bills on Monday.

The bills will be issued on Wednesday Nov. 9 and mature on Thursday Nov. 10.

The maximum recognized bid at a single rate is $1.4 billion. The net long reporting threshold for the bills is $1.4 billion.

Noncompetitive bids must be received by 11:00 a.m. EST (1600 GMT) and competitive bids by 11:30 a.m. EST (1630 GMT).

...more...

What in the hell is going on???

"Cash Management" Problems????


The estimated population of the United States is 297,616,934
so each citizen's share of this debt is $27,064.37.

The National Debt has continued to increase an average of
$3.48 billion per day since September 30, 2005!

[UpInArms]

61. National Debt increasing $3.48 billion per day!

It was $1.6 billion per day until Sept 30, 2005 - now our fiscal needs are $3.48 BILLION PER DAY!

Holy Mother of God!

What are these idiots doing to our country!!!!

I think my head is going to explode now

[UpInArms]

63. Bush mismanagement worsens deficit

http://www.madison.com/tct/opinion/index.php?ntid=56572&ntpid=1

A few days ago when I checked the national debt clock, Sandy and I each owed $26,702 as our pieces of the national debt.

So did our two grown children, their spouses and each of our three grandkids. The immediate family, therefore, is in hock on behalf of our government to the tune of $240,318. That's about five times more than the mortgage on the house we bought back in 1975.

Of course, each of us 297,288,861 American citizens owes that $26,702 for a total now of just slightly less than $8 trillion. And since the debt is increasing by $1.54 billion each day - that's right, each day - we'll be over the $8 trillion mark in no time.

Those are sobering facts considering that someday, somehow, Americans are going to have to pay off all that debt.

A lot of people in this country - both Republicans and Democrats - tried to warn George Bush and his economic advisers early on in his administration that the tax cuts they were proposing could endanger the budget surplus that the Clinton administration had handed them.

<snip>

Unfortunately, if American families took care of their household budgets like Bush and company have done, we'd all be bankrupt.

...more at link...

Check out the date on this link: October 5, 2005

He used the figure $1.54 Billion per day -
Now it is $3.48 billion per day -

We are in so much trouble - there is no way in hell that this country can finance $3.48 billion per day in debt

That is $24.36 billion per week
or $1.27 Trillion per year!

Now I am just going to :puke: my guts up for a while

:puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke:

[AnneD]

67. OMG, move over UIA, can we take turns holding each others hair...

:wow: $3.48 billion per day. The fiscal conservative in me is heading for the loo. :puke:

[ret5hd]

64. hey, gold's down to $456 and change...

might need to consider a little asset reallocation.

[UpInArms]

65. I need some to hold my hair

whilst I continue puking

:puke::puke::puke::puke::puke::puke::puke::puke::puke::puke::puke:

[AnneD]

68. looks like

we had a head bump over the toilet...I couldn't see a shiny penny.

[UpInArms]

69. no shiny pennies anywhere - only wooden nickels

[AnneD]

75. Wooden nickles,

much like Rove, float when they hitz the water.

[UpInArms]

47. US rate futures rise, weighing jobs vs wage growth

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-04T152151Z_01_N0428836_RTRIDST_0_MARKETS-FEDFUNDS-JOBS-UPDATE-1.XML

CHICAGO, Nov 4 (Reuters) - U.S. short-term interest rate futures rose on Friday as a weak October payrolls report stirred fresh doubts about the Federal Reserve policy outlook.

Dealers had been leaning toward monthly jobs growth above the Wall Street consensus of 100,000 but instead, Labor Department data showed only 56,000 jobs were added to non-farm payrolls during October.

September and August payrolls showed a net 36,000 downward revision as well.

Worries that the jobs market could be stagnating suggested that the Fed, the U.S. central bank, might pause its program of monetary policy tightening sooner than expected.

Futures price Fed rate increases in December and January but chances of another increase in March, which h

...more...

[UpInArms]

27. The Washington Post Company net income falls on Katrina loss (wtf?)

http://www.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&guid=%7BC734AF99-D89C-4636-91B6-8B5D989BF02E%7D&

NEW YORK (MarketWatch) -- The Washington Post Company (WPO) on Friday reported third-quarter net income of $66.6 million or $6.89 a share, down from net income of $82.5 million or $8.57 per share in the year-ago period. The latest period includes $1.17 a share for Hurricane Katrina losses. Revenue rose 7% to $874 million. A survey of analysts by Thomson First Call forecast earnings of $8.01 a share and revenue of $889 million. Shares rose $18 to $770 on Thursday.

Okay. I give up. What does the WashPost loss have to do with Katrina?

[ozymandius]

28. pre-open blather

9:02AM: S&P futures vs fair value: +0.4. Nasdaq futures vs fair value: +1.0. The equity market remains poised for a flat open. While the October employment data has not had much of an impact on stock futures trade, the bond market has improved in its initial aftermath. The 10-year note is currently up four ticks and yielding 4.63%. A downgrade of Apple Computer (AAPL) shares has perhaps helped keep early buying interest in check, but a reversal in crude (-$0.58 $61.20/bbl) has added some optimism.

8:34AM: S&P futures vs fair value: -1.3. Nasdaq futures vs fair value: +1.0. Non-farm payrolls rose 56K, below the 100K rise economists had expected but up from the revised 8K drop last month. Hourly earnings increased 0.5%, up from the 0.2% consensus estimate and September rate. The unemployment rate checked in at 5.0% (consensus 5.1%), and the average work was 33.8 hours (consensus 33.7 hours). In the report's immmediate wake, futures trade has held relatively steady and continues to point towards a flattish open.

[UpInArms]

29. Pilots union to appeal Delta pension ruling

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-04T140749Z_01_N04377405_RTRIDST_0_AIRLINES-DELTA.XML

NEW YORK, Nov 4 (Reuters) - The union representing Delta Air Lines Inc.'s (DALRQ.PK: Quote, Profile, Research) pilots is appealing a bankruptcy court's decision to allow the airline to stop funding the pilots' $1.9 billion retirement plan, according to a court document filed on Thursday.

The Air Line Pilots Association notified the bankruptcy court that it planned to appeal to a federal district court after Judge Prudence Beatty denied the pilots' bid to compel the airline to keep funding the plans.

Another group, the Delta Pilots' Pension Preservation Organization, has said it too plans to appeal the ruling, which freed Delta from having to pay $160 million that was due to its main pilots' pension plan on Oct. 15, as well as additional monthly contributions.

The move to appeal comes as the No. 3 U.S. airline, which filed for bankruptcy protection in September, is trying to also get the bankruptcy court to void the pilots' contract, saying the move is necessary if the pilots won't agree to pay cuts that would reduce the airline's annual costs by $325 million.

[UpInArms]

34. 9:35 EST Markets Cheer amid the lack of jobs!

Dow 10,548.37 +25.78 (+0.24%)
Nasdaq 2,168.73 +8.51 (+0.39%)
S&P 500 1,222.34 +2.40 (+0.20%)
10-Yr Bond 4.628 -0.16 (-0.34%)

NYSE Volume 76,990,000
Nasdaq Volume 83,134,000

[AnneD]

35. Morning Marketeers,

:donut: The market wrap up is on the mark today. Yesterday I was ranting about the stock market and why I am out of it for the time being. I woke up at my usual odd hour and picked up one of my book that I had set aside to read. It was about Warren Buffet. Now I know a wee bit about him but not more than the average American. I skipped to the chapter that discussed his beliefs, lifestyle, etc. I was amazed at his views. It went on and on about integrity. He had told his managers that loss of money was not as serious as loss of integrity in a business. All the things I was railing about: CEO's outrageous pay and perk, duplicitious book keeping etc were addressed. Talk about timely reading. I am looking foreward to reading more. What a phenominal human being. Wish I could afford a share of Berkshire Hathaway. Well, Happy hunting and watch out for the bears.

[UpInArms]

37. Dec Gold at $463.20 oz

9:38am 11/04/05 DEC GOLD CLIMBS $1.30 TO $463.20/OZ IN MORNING NY TRADE

9:38am 11/04/05 DEC COPPER UP 1.7C AT $1.844/LB AFTER RECORD $1.847

[UpInArms]

51. Dec Gold @ $456.50 oz

10:47am 11/04/05 DEC GOLD DROPS TO LOWEST LEVEL SINCE MID-SEPTEMBER

10:47am 11/04/05 DEC GOLD DOWN $5.40 AT $456.50/OZ AFTER $456.10 LOW

[UpInArms]

72. Dec Gold closes $ $457.90 oz

1:47pm 11/04/05 DEC COPPER UP 1.9C TO CLOSE AT A RECORD $1.846/LB

1:47pm 11/04/05 DEC COPPER UP 1.4% FOR THE WEEK

1:47pm 11/04/05 DEC GOLD FALLS $4 TO CLOSE AT 7-WK LOW OF $457.90/OZ

1:47pm 11/04/05 DEC GOLD DOWN $16.90/OZ, OR 3.6%, FOR THE WEEK

[UpInArms]

40. SnowJob blows WH spittle

Snow: China committed to more currency flexiblity

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38660.4112245139-848893862&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) -- China is committed to allowing more flexibility in the value of its currency, Treasury Secretary John Snow said in a televised interview Friday. "I think they know it's in their own interest to continue on this path and even accelerate it," Snow said on CNBC-TV. China will be a key focus of a Treasury report about foreign currencies expected this month. China could be subject to sanctions if the U.S. finds Beijing is manipulating the value of the yuan.

[UpInArms]

45. more phlegm

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-04T151433Z_01_WAT004318_RTRIDST_0_ECONOMY-SNOW-CHINA-URGENT.XML

WASHINGTON, Nov 4 (Reuters) - U.S. Treasury Secretary John Snow on Friday said that U.S. legislation threatening China with trade sanctions would probably not push Beijing toward more open markets or greater currency flexibility.

"There is strong feeling running in the Congress that China needs to move on the trade issues, on intellectual property rights, on counterfeiting, and on the currency, and that legislation certainly has some momentum to it. I don't think it's particularly good legislation, I think it points the wrong way," Snow said on Bloomberg Television.

Senators Charles Schumer, a New York Democrat, and Lindsey Graham, a South Carolina Republican, have introduced a bill that would threaten China with a 27.5 percent tariff on its exports to the United States unless Beijing takes further steps to revalue its currency.

...more...

[UpInArms]

52. getting deeper and thicker

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-04T154613Z_01_N04384024_RTRIDST_0_ECONOMY-SNOW-UPDATE-1.XML

WASHINGTON, Nov 4 (Reuters) - U.S. Treasury Secretary John Snow on Friday said China was in a position where it could move more swiftly toward greater currency flexibility.

"I think that China remains committed to greater flexibility in their currency and opening of their financial markets," Snow said in an interview with CNBC. "It's an irreversible course and we think they're now in a position to move even faster."

"We're urging them to move faster" toward greater currency flexibility, Snow added. "I think they know it's in their own interest to continue on this path and even accelerate it."

U.S. manufacturers and many lawmakers have long complained an undervalued yuan currency was giving China an unfair trade advantage in global markets.

In July, China dropped a long-standing policy of pegging the yuan to the dollar, revalued it by 2.1 percent, and adopted a managed float with reference to a basket of currencies. Since that move, however, the yuan has appreciated only a further 0.3 percent, disappointing U.S. lawmakers.

...more...

[UpInArms]

42. 10:14 EST numbers and blather

Dow 10,530.92 +8.33 (+0.08%)
Nasdaq 2,167.89 +7.67 (+0.36%)
S&P 500 1,220.03 +0.09 (+0.01%)
10-Yr Bond 4.628 -0.16 (-0.34%)

NYSE Volume 362,757,000
Nasdaq Volume 365,906,000

10:00AM: Gains in nine of the ten economic sectors help the major averages trend higher. Crude's 1.0% decline has taken the same from the Energy sector, within which refiners currently fare worst. Spirited leadership is currently lacking, with a 0.4% rise in Healthcare presently placing first. Extended buying interest in Amgen (AMGN 79.09 +1.58) shares, following positive results in its cancer drug study yesterday, has helped biotechs gain 1.0% - which pairs with HMOs in offsetting Merck's (MRK 29.20 -0.28) continued slide.NYSE Adv/Dec 1396/1164, Nasdaq Adv/Dec 1263/1061

9:40AM: Opening on the upside, each of the major indices have started the session on positive turf. Although the recently released October jobs report was slightly disappointing, the stock market's tame reaction reflects improved underlying views of the economy. The corporate front is relatively quieter today, offering a handful of earnings reports but none of broad significance. Edison (EIX) and Ralph Lauren (RL) are amongst companies that exceeded estimates, and Fortune Brands (FO) and Nisource (NI) met expectations. Prudential's downgrade of Apple (AAPL) shares has spurred a 2.7% decline in the stock, but has not prevented the Nasdaq or the Tech sector from gaining in the early going. Separately, crude ($61.15/bbl) is if off about 1% this morning.

[UpInArms]

46. 10:32 EST You've Lost that Lovin' Feelin' playing in the background

Dow 10,510.99 -11.60 (-0.11%)
Nasdaq 2,164.96 +4.74 (+0.22%)
S&P 500 1,218.35 -1.59 (-0.13%)
10-Yr Bond 4.643 -0.01 (-0.02%)

NYSE Volume 482,635,000
Nasdaq Volume 464,631,000

(adding blather on edit)

10:30AM: The indices heads lower, with the S&P and Dow slipping below the flat line but the Nasdaq still above it. The Energy sector's 2.0% plunge weighs heaviest upon the broader market, and Exxon Mobil's (XOM 57.86 -0.71) decline is a particular sore spot for both the S&P and Dow. The 0.4% gain in Healthcare and Tech's (+0.2%) modest rise serve as the only real support. Semiconductors, which are up nearly 6.0% on the week, help support the latter sector as well as the Nasdaq. A 2.3% gain in Oracle (ORCL 12.48 +0.28) shares, after the company announced a management change and following Goldman Sachs' positive comments, lends further upside. NYSE Adv/Dec 1421/1383, Nasdaq Adv/Dec 1350/1210

[UpInArms]

50. 10:51 EST winnings disappearing down the rabbit hole

Dow 10,481.13 -41.46 (-0.39%)
Nasdaq 2,156.60 -3.62 (-0.17%)
S&P 500 1,214.45 -5.49 (-0.45%)
10-Yr Bond 4.645 +0.01 (+0.02%)

NYSE Volume 596,407,000
Nasdaq Volume 565,897,000

[UpInArms]

55. Tossing More $$ into a Rathole: GM sweetens cash rebates on 2005 models

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-04T155851Z_01_N04122455_RTRIDST_0_AUTOS-GM.XML

DETROIT, Nov 4 (Reuters) - General Motors Corp. (GM.N: Quote, Profile, Research) is offering additional cash rebates on all 2005 vehicles sold on the U.S. market except the Hummer H1, in an effort to rid itself of year-end inventory, the company said on Friday.

The world's largest automaker said the $1,000 bonus cash offers will run through Nov. 13.

Both Ford Motor Co. (F.N: Quote, Profile, Research) and DaimlerChrysler AG's (DCXGn.DE: Quote, Profile, Research) (DCX.N: Quote, Profile, Research) Chrysler arm are also offering additional rebates. The new offers follow significant drops in October sales amid falling consumer confidence and high gas prices.

Both GM and Ford reported 23 percent declines in monthly sales on Tuesday and industrywide sales slumped to their slowest pace in seven years.

"The reason for the bonus cash offer is a continuing sell-down of 2005 inventory," GM spokeswoman Deborah Silverman said. Some of GM's 2005 cars and trucks already offer discounts of up to $6,000. The new rebates would add to those offers.

...more...

[UpInArms]

56. PIEHOLE ALERT: *Co refuses to talk on Rove Status

11:06am 11/04/05 BUSH REFUSES TO COMMENT ON STATUS OF ADVISOR KARL ROVE

[ozymandius]

58. 11:49 update and bye

It's pretty crazy busy around here. Have a great weekend folks!

Dow 10,504.68 -17.91 (-0.17%)
Nasdaq 2,161.52 +1.30 (+0.06%)
S&P 500 1,217.57 -2.37 (-0.19%)
10-Yr Bond 46.65 +0.21 (+0.45%)

NYSE Volume 870,027,000
Nasdaq Volume 794,908,000

[UpInArms]

59. Have a great weekend Ozy!

:hi:

[UpInArms]

62. Auction determines price on some Delphi derivatives

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-11-04T165607Z_01_N04212374_RTRIDST_0_AUTOS-DELPHI-DERIVATIVES.XML

NEW YORK, Nov 4 (Reuters) - Some derivatives contracts insuring against a debt default by bankrupt auto supplier Delphi Corp. (DPHIQ.PK: Quote, Profile, Research) will be settled with a fixed cash payment of 63.375 percent of the amount insured, according to the results of an auction on Friday.

Fifteen of the largest derivatives dealers participated in the auction to determine a value at which the contracts could be settled with a cash payment, instead of requiring the transfer of Delphi's bonds.

"The auction ran very, very smoothly," said Kevin Gould, head of North America at Markit Group Ltd., which conducted the auction with Creditex, Inc. "It is another step in the increasing maturity of the credit derivatives market."

Some investors had been concerned that Delphi's bankruptcy would pose challenges in the credit derivatives market, because the amount of protection sold on Delphi is thought to dwarf the amount of its debt.

When a borrower defaults on its debt, buyers of protection in the credit derivatives market usually turn over bonds or loans to the seller of protection and receive the par amount in cash. In many cases, protection buyers do now own the debt and have to purchase it, which can create a bond squeeze.

...more...

[UpInArms]

66. 12:31 EST numbers and blather

Dow 10,504.91 -17.68 (-0.17%)
Nasdaq 2,161.35 +1.13 (+0.05%)
S&P 500 1,217.45 -2.49 (-0.20%)
10-Yr Bond 4.649 +0.05 (+0.11%)

NYSE Volume 1,020,062,000
Nasdaq Volume 921,155,000

12:00PM : Despite starting higher, the Dow and S&P have spent most of the morning in the red. The Nasdaq, meanwhile, struggles to maintain positive footing and vacillates around the flat line. A lower than expected 56K rise in October non-farm payrolls (consensus +100K) did not initially appear to bother stock traders, but digestion of the somewhat disappointing data has perhaps catalyzed the bearish tone. Although wage costs are still not of great inflationary consequence and productivity gains are outpacing wages, a 0.5% rise in hourly earnings (consensus +0.2%) has further disconcerted an inflation-wary market. Leadership is altogether lacking today, with nine of ten sectors trending lower and the lone gain a mere 0.2%. The 0.9% drop in crude's price, to $61.18 per barrel, has sparked a 2.6% plunge in the Energy sector while doing little to help other areas of the market. Energy's decline weighs heavily, with Exxon Mobil's loss a particular sore spot for both the S&P and Dow. Materials places second on the laggard list, extending a 0.8% loss that similarly comes upon broad-based selling efforts. Weakness in the Treasury market serves as a bearish backdrop for the equity market, and leaves the rate-sensitive Financials sector (-0.1%) in the red. Yesterday, the benchmark 10-year note's yield broke through a 16-month high of 4.65%; presently, the bond yields 4.66%. The lower than expected jobs number spurred some short-lived improvement within that market. However, gains could not be sustained - perhaps upon the realization that, with the upward September revision considered, the number was not that bad. The Technology sector has hovered around the unchanged mark this morning, dipping on account of semiconductors reversal and hardware's weakness. In addition, Apple's (AAPL 60.64 -1.21) downgrade-induced decline counters the upside that Cisco (CSCO 17.76 +0.25) and Oracle (ORCL 12.57 +0.37) offer. The latter issue has gained 3.0% after announcing a management change and following Goldman Sachs' positive comments regarding the news. Up 0.2%, Healthcare is supported by relative strength in biotechs, especially Amgen (AMGN 79.15 +1.64), and Pfizer's (PFE 22.12 +0.25) performance. For its part, the drug giant has jumped after receiving European approval for its drug Revatio.NYSE Adv/Dec 1039/2003, Nasdaq Adv/Dec 1173/1642

[UpInArms]

70. 1:33 EST numbers and blather

Dow 10,499.61 -22.98 (-0.22%)
Nasdaq 2,161.39 +1.17 (+0.05%)
S&P 500 1,217.16 -2.78 (-0.23%)
10-Yr Bond 4.657 +0.13 (+0.28%)

NYSE Volume 1,229,734,000
Nasdaq Volume 1,084,908,000

1:00PM: The Dow and S&P make some progress towards positive ground, but have been unable to breach their red range. Lingering at a 4.66% yield, the 10-year serves as a heavy overhang and buying deterrent. Despite focus upon the bond market, the Financial sector has recently recovered as banks extend a 0.4% gain. Ultimately, though, the sector's 0.1% rise is not enough to spark the overall market's advance. In addition, the Energy sector has bounced from its lows of the day, but its 2.0% loss continues to cap upward efforts. NYSE Adv/Dec 1228/1893, Nasdaq Adv/Dec 1334/1518

12:30PM: Mixed footing amid the market's majors persisits - leaving the Dow and and S&P still negative and the Nasdaq just above the flat line... Although the October employment report has not helped either the stock or bond markets, it's fostered the dollar's 26 month high against the yen and pushed the buck to its best level versus the euro since May 2004. While the U.S. currency took an initial bearish cue from the data that reflected lower than expected job growth last month, currency traders are focused upon the 10-year's 4.64% yield and anticipating further rate hikes from the Fed.NYSE Adv/Dec 1114/1969, Nasdaq Adv/Dec 1251/1605

[RawMaterials]

71. Zero? Less than zero?

An analyst at a prominent bank is forecasting no corporate profit growth next year. Could it happen?

Granted, a boatload of bulls and bears alike are concerned about the outlook for stocks, and the economy, in 2006, particularly in the first half. And "slowing earnings growth" has become something of a mantra for many on Wall Street.

But none? Zero? Zip? It would be the first time in four years Wall Street's had to weather that.

snip..

Profit growth was essentially flat as recently as 2002, when earnings for the S&P 500 grew a scant 0.1 percent from 2001, according to earnings tracker Thomson Financial. (see chart)

But for that to happen in 2006"you'd need some kind of doomsday scenario," said David Dropsey, a Thomson Financial research analyst. "You'd need an environment where you have rampant inflation, increased unemployment and surging interest rates. I just can't see zero earnings growth next year."

snip..

But some market watchers question whether the economy, and the stock market, will hold up as well next year.

"I see the whole business cycle slowing down," said Ken Tower, chief market strategist at CyberTrader, adding he expects a bear market in 2006, something he says tends to happen every four years or so. The current bull market has stretched for nearly three years.

http://money.cnn.com/2005/11/04/markets/2006earnings/index.htm

[AnneD]

76. you mean.....

we don't have rampant inflation, increased unemployment and surging interest rates??????

:wtf: Maybe I need to get my eyes checked, cause where I stand on the ground-I am already see much of this. The numbers are not sky high, but they are definantly up.

[RawMaterials]

77. Thats why i liked the article

Now they cant say we didn't warn you... we posted the article about inflation unemployment and surging interest rates and no growth in earnings you just didn't listen now did you. :tinfoilhat:

[AnneD]

78. Well wrap me in duct tape

and colour me orange. You're right.

[RawMaterials]

73. Aluminium and zinc hit new highs

Base metal prices climbed in London morning trade with aluminium and zinc hitting new highs supported by speculative investment fund buying.

Aluminium broke its one day old 10-year high by climbing to $2,027.5 a tonne this morning supported by funds shifting into the metal after recent strong rallies. The prices were also pushed upwards by high fuel prices beginning to decrease production in Europe and China and by expectations of falling aluminium exports from China. At noon in London the metal had however eased to $2,025.5 a tonne.

Three month zinc climbed to a new eight-year high of $1,578, supported by fears of a supply shortage next year. At noon zinc had eased to $1,571.5 a tonne.Copper was traded at $3,965.5 a tonne, up about $24 from Thursday's open floor trade closing price of $3,941, after London Metal Exchange inventories dropped 475 tonnes. Earlier, Shanghai had reported that its copper stocks rose 17,490 tonnes this week.




http://biz.yahoo.com/ft/051104/fto110420050717165725.html?.v=1

[RawMaterials]

74. 3:18 EST Market Update and Blather

Dow 10510.20 -12.39 (-0.12%)
Nasdaq 2161.69 +1.47 (+0.07%)
S&P 500 1217.35 -2.59 (-0.21%)
10-Yr Bond 4.657% +0.13
NYSE Volume 1,647,524,000
Nasdaq Volume 1,413,972,000


3:00PM : More of the same for the equity market...

Heathcare continues to lead the session with its 0.2% gain. Pfizer (PFE 22.20 +0.33) can be largely credited for the rise; at the same time, the drug giant stands as the blue chip average's best performer. This morning, the Pfizer announced that it has received European approval for its drug Revatio, which treats pulmonary arterial hypertension. Amgen's (AMGN 78.85 +1.34) outperformance, a result of yesterday's announced results regarding studies of its colorectal cancer drug, also lends weighty support to the sector. Mixed footing amid healthcare bellwethers and relative weakness in healthcare distributors, however, stunt the sector's advance. NYSE Adv/Dec 1194/1991, Nasdaq Adv/Dec 1227/1718

2:30PM : Crude has broken down to session lows, yet its 2.0% decline on the day - to $60.50 per barrel - has not attracted enough buying interest to bump the Dow and Nasdaq out of the red. Crude's action continues to plague the Energy sector, which has now lost 2.3%. Prior to today's opening bell, oil stocks had risen 5.6% on the week; today, three of the S&P's six energy subgroups occupy the bottom three, of the market's 139, seats. In terms of specific stocks, Sunoco (SUN 72.57 -4.42) - following yesterday's disappointing earnings report - fares worst, with Valero (VLO 105.17 -4.98) closely trailing.NYSE Adv/Dec 1170/1995, Nasdaq Adv/Dec 1287/1641

1:55PM : Narrow range-bound trading persists... Here's a look at the best and worst performing industry groups within the S&P today. Leading the market is construction and engineering (FLR), followed by electronic manufacturing services (SANM), insurance brokers (AOC), and IT consulting and services (UIS). At the bottom of the market today are refiners (KMI, SUN, VLO, WMB), accompanied by oil and gas services (SLB, HAL, BHI, BJS), oil & gas explorers (APC, DVN, EOG, KMG, XTO), and commercial paper (RRD). NYSE Adv/Dec 1210/1955, Nasdaq Adv/Dec 1266/1636

1:30PM : Little has changed over the past half hour... Within the Dow, 12 of 30 components extend gains. As General Motors' (GM 26.79 +0.18) 0.7% rise is the best of them, though, the advancers do little to counter the declines of the majority. With respect to the 18 laggards, Alcoa (AA 24.79 -0.34), Hewlett-Packard (HPQ 28.42 -0.32), and Merck (MRK 29.17 -0.31) lead the way lower - levying respective losses of 1.4%, 1.1%, and 1.1%.NYSE Adv/Dec 1241/1890, Nasdaq Adv/Dec 1315/1575

1:00PM : The Dow and S&P make some progress towards positive ground, but have been unable to breach their red range. Lingering at a 4.66% yield, the 10-year serves as a heavy overhang and buying deterrent. Despite focus upon the bond market, the Financial sector has recently recovered as banks extend a 0.4% gain. Ultimately, though, the sector's 0.1% rise is not enough to spark the overall market's advance. In addition, the Energy sector has bounced from its lows of the day, but its 2.0% loss continues to cap upward efforts. NYSE Adv/Dec 1228/1893, Nasdaq Adv/Dec 1334/1518

[ozymandius]

79. back to close up shop (finals)

Dow 10,530.76 +8.17 (+0.08%)
Nasdaq 2,169.43 +9.21 (+0.43%)
S&P 500 1,220.14 +0.20 (+0.02%)
10-Yr Bond 46.57 +0.13 (+0.28%)

NYSE Volume 2,050,508,000
Nasdaq Volume 1,748,469,000

Breaching the tight range within which they had been confined throughout most of the session, each of the indices headed into the weekend with modest gains. While the Nasdaq clung to such all day, the Dow and S&P spent almost the entire session in the red. While a lower than anticipated 56K rise in October non-farm payrolls (consensus +100K) did not initially stir selling, digestion of the somewhat disappointing data injected a bearish air that left the market on the defensive. Although wage costs are still not of considerable inflationary concern and productivity gains are outpacing wages, the 0.5% increase in hourly earnings (consensus +0.2%) further perturbed inflation-flustered investors. With little else on either the corporate or economic fronts to share the spotlight or to serve as a catalyst, the economic sectors' stances were static until moments before the close. Leadership did not emerge, and the market was left leaning on modest gains in Healthcare and Technology as sole sources of support throughout most of the day. A 2.0% drop in the price of crude sent the Energy sector to a market-dragging 2.6% loss while doing little to help other areas of the market. Even transportation issues did not benefit, and sent the Dow Jones Transportation Average to a 1.1% loss. Within Energy, refiners fared worst, but Exxon Mobil's (XOM 57.90 -0.67) decline was a particular pocket of weakness within the S&P and Dow. Materials, Consumer Staples, Utilities, and Industrials also traded on negative turf all day and helped further stall upward efforts. Weakness within the Treasury market served as a bearish cloud over the equity market; after breaking through a 16-month high yesterday, the 10-year note's 4.67% yield surpassed that today. The disappointing jobs data sparked some transitory improvement, but bond buying was perhaps halted upon the recognition that - with last month's upward revision considered - the number was not that bad. Despite sharp focus upon that market, the Financial sector (+0.4%) managed to recover mid-day - lending 0.4% upon banks' similar rise and a reversal in brokers. The sector's rise paired with Technology's and Healthcare's performances in pushing the averages to their late-day gains. Semiconductors and software teamed with especial strength in Oracle (ORCL 12.58 +0.38) shares to offset Apple's (AAPL 61.09 -0.76) downgrade-induced decline. For its part, ORCL jumped over 3.0% after announcing a management change and following Goldman Sachs' positive comments. On account of a pair of gainers, Healthcare (+0.4%) was the only sector to stand solid from open to close. Amgen (AMGN 79.18 +1.67) enjoyed follow-through buying interest after disclosing positive results on studies of its cancer drug yesterday, and Pfizer (PFE 22.28 +0.41) rose after announcing European approval of its hypertension drug Revatio. NYSE Adv/Dec 1506/1724, Nasdaq Adv/Dec 1529/1465

[Roland99]

80. Jim Dandy to the rescue!