STOCK MARKET WATCH, Monday April 2

[ozymandius]

Source: DU

Monday April 2, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 658 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2289 DAYS
WHERE'S OSAMA BIN-LADEN? 1993 DAYS
DAYS SINCE ENRON COLLAPSE = 1953
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 9
Enron execs conveniently deceased = 3
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 March 30, 2007

Dow... 12,354.35 +5.60 (+0.05%)
Nasdaq... 2,421.64 +3.76 (+0.16%)
S&P 500... 1,420.86 -1.67 (-0.12%)
Gold future... 669.00 +1.40 (+0.21%)
30-Year Bond 4.85% +0.02 (+0.39%)
10-Yr Bond... 4.65% +0.02 (+0.35%)






GOLD, EURO, YEN, Loonie and Silver

---

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

---

Read more: DU

[ozymandius]

1. Today's Market WrapUp

It's Delightful, It's Delovely, It's Deleverage!
BY BRIAN PRETTI

Asset Inflation Nation

For any of you living the in SF Bay Area or familiar with NFL football in general, we're quite sure you've heard the term "Raider Nation" as it applies to the silver and black of the Oakland Raiders. For those quite enamored with political satire at its finest, you are certainly more than familiar with the Colbert Nation. But probably the most important "nation" character description of the moment applies directly to the broad US economy itself, otherwise known as the Asset Inflation Nation! Don't believe me, Nation? Well, just have a little glimpse at the chart directly below. As is described in the chart, we're looking at the annual increase in household real estate and equity holdings as a percentage of the annual change in household net worth. Clearly, real estate and equity price inflation has driven two thirds of the increase in household net worth in the current decade. The largest number we've seen in six decades at least. Move over Steven Colbert. Move over Raiders fans everywhere. People, we are the Asset Inflation Nation! And at this point, clearly in numbers too big to ignore.

-see chart-

Without belaboring the point, this change in character of household net worth creation over the last three decades has indeed influenced household consumer behavior as is clearly depicted in the chart below. Quite simplistically, have the drivers of household asset inflation beginning in the early 1980's influenced consumption patterns and the character of the US economy since that time? If the following graphical view of life doesn't answer that question, then what does?

-see another chart-

Overextension of credit in the mortgage markets has now come home to roost. Deterioration in sub prime is self-obvious. The spillover is already being seen on the edges of the Alt-A paper world. And although so many talking heads have put forth the premise recently that the "worst is already behind us" or that "sub prime credit deterioration is contained," events in the mortgage credit markets as of late are EXACTLY how broad credit contractions begin. They always begin at the margin. Initial problems are always contained, until they spill into other areas, of course. Moreover, in our current circumstances, what absolutely lies ahead are credit rating downgrades for CDO vehicles (credit default optons). With so many sub prime blow-ups and with surely more to come, the downgrades in CDO ratings may indeed come fast and furious in the months ahead. Expect this to commence after 1Q period end. Moody's already has a black eye for its recent ratings changes involving the large global banks. Many investors have already commented that their credibility has been seriously wounded as of late. To maintain some semblance of integrity, they are going to have to hustle to get ahead of the credit erosion in the CDO markets. And, as you know, many an institutional investor is precluded from holding below investment grade paper. So to suggest that the worst is already behind us in sub prime and other questionable mortgage credits is lunacy.

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

[ozymandius]

2. Today's Report

10:00 AM ISM Index Mar
Briefing Forecast 52.5
Market Expects 51.0
Prior 52.3

http://biz.yahoo.com/c/e.html

[Roland99]

24. U.S. March ISM 50.9% vs. 51.8% expected

Any "surprised" economists today?

[ozymandius]

3. Oil prices fall, but tensions stay high

SINGAPORE - Oil prices slipped on profit-taking Monday but remained supported by anxiety over the tensions between Iran and Britain and news of another oil worker kidnapped in Nigeria.

The British government said Sunday it was in direct contact with Iran and examining options for new dialogue over the crew of 15 sailors and marines seized by Iran over a week ago.

"Nigeria coupled with the ongoing tensions in Iran have provided quite a bit of market-moving news on top of the relatively tight fundamentals," said Victor Shum an energy analyst with Purvin & Gertz in Singapore.

http://news.yahoo.com/s/ap/oil_prices

[Roland99]

25. May crude fell 27 cents to $65.60 a barrel Monday morning

[AnneD]

52. Morning Marketeers...

:donut: and lurkers. Our server was out because of some storm damage this weekend.

I am shell shocked. I filled up my tank-first time since St. Patrick's day. I was on Spring Break, sick and very frugal. It was $2.35 but at the cheapest station (Citco) here it was $2.45-49 but all the other stations $2.59-$2.69 on average. I have been using the on line comparison sites. Luckily I found the $2.45 at one of the stations that I usually go to. I will be carpooling for my daughter on the weekends I have her. So far we have are routes planned and all is working for us. My heart felt sympathies to those of you that commute. We found a bus stop near us and it goes straight to the Med Center so hubby may start commuting by bus. I tend to shop on the way home so it may be a bit before I give it up (I would also be taking several buses to get here). I don't travel much when school is out so I save during the peak times. There wasn't much club activities this weekend. We may be returning to what it was like last year. Hurricane season starts June 1, BTW.

Happy hunting and watch out for the bears.

[Roland99]

53. I would take the bus each day but I'd have to transfer twice and...

one of the spots is in a not-so-nice part of west downtown.

[citizen snips]

58. Oil Prices Rebound

NEW YORK (AP) -- Oil prices rose above $66 a barrel Monday, after reports of a U.S. citizen missing in Iran added to fears that the standoff between Iran and the West could escalate into a conflict that would disrupt crude supplies.

On Monday, the U.S. State Department said it is seeking information from Iran about a private American citizen reported missing while on a business trip to the Islamic republic several weeks ago. The disclosure came as Iran, a major oil producer, continues to hold 15 British sailors and marines captive after more than a week.

Iranian state radio reported that all of the 15 British sailors and marines have confessed to illegally entering Iranian waters but said their statements would not air because of "positive changes" from Britain. In London, an official, who spoke on condition of anonymity because of the sensitivity of the crisis, said Britain has agreed to consider discussing with Iran how to avoid future disputes over contested waters in the Persian Gulf. But Britain still contends the sailors were in Iraqi waters and has said it would not apologize.

Iran is located along the Strait of Hormuz, through which tankers ship about 17 million barrels of crude oil a day, according to the U.S. Energy Information Administration. That accounts for two-fifths of the world's crude oil traded by tanker, and about one-fifth of total oil production.

more...
http://biz.yahoo.com/ap/070402/oil_prices.html?.v=9

[ozymandius]

4. Mortgage woes seen holding U.S. growth "below trend"

SAN FRANCISCO (Reuters) - A credit crunch stemming from turmoil in the subprime mortgage market will trigger further weakness in housing and keep U.S. economic growth "below trend" most of this year, a UCLA Anderson Forecast unit said in a report on Monday.

The sluggish growth will help clear the way for the Federal Reserve to ease monetary policy at the end of the second quarter despite a historically low 4.5 percent unemployment rate, the economic forecasting unit said in its report.

Citing Fed Chairman Ben Bernanke's recent comments about the link between inflation and employment levels appearing "looser" than in past decades, the unit projected three cuts to the Fed Funds rate by the end of the year, taking it to 4.5 percent from 5.25 percent currently.

"Given the level of unemployment such a move would be unprecedented, but we believe that the Fed is rethinking the role of unemployment in the inflation process," the report said. "Thus we suspect that once the Fed accepts the notion that inflationary pressure has peaked and the housing market has started another leg down, policy will be eased."

http://news.yahoo.com/s/nm/20070402/bs_nm/economy_usa_forecast_dc_2

[ozymandius]

5. Report: Subprime woes to drag '07 market

LOS ANGELES - The subprime mortgage implosion will take even more steam out of the already slowing real estate market this year and beyond, according to a new economic report.

More than two dozen subprime lenders have shut down in recent months and others are scrambling to stay in business as a spike in defaults caused by borrowers unable to make payments has rocked the mortgage industry.

-cut-

"We suspect the problem in the subprime area is just the tip of the iceberg for the mortgage market as a whole," Shulman wrote. "For all practical purposes, the subprime market is in the process of shutting down."

A tougher credit environment will limit the number of first-time home buyers entering the market and make it tougher for others to refinance their subprime loans before they face a default or foreclosure.

http://news.yahoo.com/s/ap/20070402/ap_on_bi_ge/economic_forecast

[AnneD]

59. I watched WSJ with Marie this weekend....

She was asking this eCONomist about the rates and the market. I swear, that guy was such a cheerleader it was painful to watch at first:eyes: Talk about peeing on your leg and swear it was raining.....He was working that smoke machine. I have to say though, it did give me a good laugh in the end though.

[Roland99]

54. New Century files for bankruptcy; selling units

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2790756

[ozymandius]

6. The Ford family's $581 million loss

(Fortune Magazine) -- What would you do if $581 million of your family's fortune had been vaporized in just 52 years? That's a question that Bill Ford and the other 46 fourth- and fifth-generation members of the Ford auto dynasty are grappling with these days.

The family's class B stock was valued at $1.14 billion when Bill took over as CEO of Ford Motor (Charts) in 2001. Today the shares are worth less than half that. To make matters worse, the clan's once-lucrative dividend stream has dried up: Payouts that amounted to more than $28 million annually as recently as 2005 have been slashed to zero this year.

-cut-

Will the family, which has controlled the automaker for its entire 103-year history, continue to hold enough special class B stock to maintain its 40 percent control of the company's shareholder votes? And could the family's interests be diverging from those of the company's other shareholders?

http://money.cnn.com/magazines/fortune/fortune_archive/2007/04/16/8404294/index.htm?postversion=2007040205

[ozymandius]

7. Scarecrows' delight

NEW YORK (CNNMoney.com) -- Fueled by surging ethanol production, U.S. farmers are set to plant more corn in 2007 than in the last 63 years.

U.S. farmers plan to grow corn on 90.5 million acres, up 15 percent from 2006, according to an Agriculture Department report issued Friday. That's the most acreage planted with corn since 1944, the last full year of World War II, when 95.5 million acres of corn were planted.

"This really points to a record corn crop," said Cristoph Berg, a commodities analyst with F.O. Litch, a commodity research firm.

The news sent corn prices plummeting. The December contract, the first contract that will trade after the fall harvest, fell 20 cents to $3.83 a bushel on the Chicago Board of Trade before trading loss-limiting rules kicked in and prevented prices from falling any lower, a rare occurrence.

http://money.cnn.com/2007/03/30/news/economy/corn_plantings/index.htm?postversion=2007033014

[Ghost Dog]

21. REFLECTIONS OF PRESIDENT FIDEL CASTRO

http://www.granma.cu/ingles/2007/marzo/juev29/14reflex.html

More than three billion people in the world condemned to premature death from hunger and thirst

THAT is not an exaggerated figure, but rather a cautious one. I have meditated a lot on that in the wake of President Bush’s meeting with U.S. automobile manufacturers.

The sinister idea of converting food into fuel was definitively established as an economic line in U.S. foreign policy last Monday, March 26.

A cable from the AP, the U.S. news agency that reaches all corners of the world, states verbatim:

“WASHINGTON, March 26 (AP). President Bush touted the benefits of ‘flexible fuel’ vehicles running on ethanol and biodiesel on Monday, meeting with automakers to boost support for his energy plans.

“Bush said a commitment by the leaders of the domestic auto industry to double their production of flex-fuel vehicles could help motorists shift away from gasoline and reduce the nation's reliance on imported oil.

‘“That's a major technological breakthrough for the country,’ Bush said after inspecting three alternative vehicles. If the nation wants to reduce gasoline use, he said “the consumer has got to be in a position to make a rational choice.”

“The president urged Congress to ‘move expeditiously’ on legislation the administration recently proposed to require the use of 35 billion gallons of alternative fuels by 2017 and seek higher fuel economy standards for automobiles.

“Bush met with General Motors Corp. chairman and chief executive Rick Wagoner, Ford Motor Co. chief executive Alan Mulally and DaimlerChrysler AG's Chrysler Group chief executive Tom LaSorda.

“They discussed support for flex-fuel vehicles, attempts to develop ethanol from alternative sources like switchgrass and wood chips and the administration's proposal to reduce gas consumption by 20 percent in 10 years.

“The discussions came amid rising gasoline prices. The latest Lundberg Survey found the nationwide average for gasoline has risen 6 cents per gallon in the past two weeks to $2.61.”

I believe that reducing and moreover recycling all motors that run on electricity and fuel is an elemental and urgent need for all humanity. The tragedy does not lie in reducing those energy costs but in the idea of converting food into fuel.

It is known very precisely today that one ton of corn can only produce 413 liters of ethanol on average, according to densities. That is equivalent to 109 gallons.

The average price of corn in U.S. ports has risen to $167 per ton. Thus, 320 million tons of corn would be required to produce 35 billion gallons of ethanol.

According to FAO figures, the U.S. corn harvest rose to 280.2 million tons in the year 2005.

Although the president is talking of producing fuel derived from grass or wood shavings, anyone can understand that these are phrases totally lacking in realism. Let’s be clear: 35 billion gallons translates into 35 followed by nine zeros!

Afterwards will come beautiful examples of what experienced and well-organized U.S. farmers can achieve in terms of human productivity by hectare: corn converted into ethanol; the chaff from that corn converted into animal feed containing 26% protein; cattle dung used as raw material for gas production. Of course, this is after voluminous investments only within the reach of the most powerful enterprises, in which everything has to be moved on the basis of electricity and fuel consumption. Apply that recipe to the countries of the Third World and you will see that people among the hungry masses of the Earth will no longer eat corn. Or something worse: lend funding to poor countries to produce corn ethanol based on corn or any other food and not a single tree will be left to defend humanity from climate change.

...

As can be observed, I am not using adjectives to qualify the system and the lords of the earth. That task can be excellently undertaken by news experts and honest social, economic and political scientists abounding in the world who are constantly delving into to the present and future of our species. A computer and the growing number of Internet networks are sufficient for that.

Today, we are seeing for the first time a really globalized economy and a dominant power in the economic, political and military terrain that in no way resembles that of Imperial Rome.

/plenty more...

[cosmicdot]

74. by 'farmers', do they mean Archer Daniels Midland?

and, other agrigultural industrialists?


Welfare King: Dwayne & Inez Andreas

As head of food giant Archer Daniels Midland, Andreas is the U.S.'s number one recipient of corporate welfare. He gives to any politician who will help butter his bread.

Dwayne & Inez Andreas, Decatur, Ill. Donated $348,950 since 1993. Party: Both. They gave $254,500 in soft money to the Democrats, and $30,000 to the GOP. They also gave $22,950 to 25 candidates, nearly all Republican.

http://www.motherjones.com/news/special_reports/coinop_congress/96mojo_400/andreas.html

~snip~
Andreas gives money to any politician in a position to butter his bread. In 1992, George Bush proposed gasoline volatility standards that favored ethanol; he received a series of ADM payments culminating in a $400,000 check for a single fundraising dinner. Days after Bill Clinton received a June 1994 check for $100,000, his administration produced an ethanol-friendly mandate (later overturned by a federal court).

But Andreas' closest political ties are to Bob Dole, a longtime ethanol champion. In addition to his donations, Andreas frequently vacations with Dole and helped him acquire a condo in the Andreas-run Sea View Hotel in Florida. (Other past and present tenants include Howard Baker, Tip O'Neill, David Brinkley, and Robert Strauss.) ~snip~


`````````````````````````

Archer Daniels Midland

Top Recipients Among Federal Candidates, 1990-2006
Total Contributions

Dick Durbin (D-IL)
$57,350

Richard A. Gephardt (D-MO)
$43,000

Robert H. Michel (R-IL)
$42,800

Tom Harkin (D-IA)
$42,000

Dennis Hastert (R-IL)
$38,500

Ben Nelson (D-NE)
$32,000

Kent Conrad (D-ND)
$31,000

Robert G. Torricelli (D-NJ)
$29,000

Bob Dole (R-KS)
$28,900

Larry Pressler (R-SD)
$28,000

Elizabeth Dole (R)
$26,000

Chuck Grassley (R-IA)
$25,000

Richard G. Lugar (R-IN)
$24,000

Ray LaHood (R-IL)
$23,250

Pat Roberts (R-KS)
$22,900

Alan J. Dixon (D-IL)
$21,300

Tom Daschle (D-SD)
$20,000

Bob Kerrey (D-NE)
$20,000

Tim Johnson (D-SD)
$19,500

Max Baucus (D-MT)
$19,000

http://www.opensecrets.org/orgs/toprecips.asp?ID=D000000132&Type=P&Cycle=A

[Ghost Dog]

8. Japanese business confidence falls for first time in year

http://asia.news.yahoo.com/070402/afp/070402040354business.html

TOKYO (AFP) - Japan's biggest manufacturers grew less upbeat for the first time in one year, reflecting fears that slower US economic growth will hit their exports, a central bank survey showed Monday.

But companies will continue to increase their capital spending at a faster pace than expected, helping to underpin Japan's economic recovery after more than a decade in the deflation doldrums.

Confidence among Japan's largest manufacturers dropped to a reading of 23 in March from a two-year high of 25 in December, the central bank's quarterly Tankan survey showed, missing market expectations for a figure of 24.

A positive reading means confident firms outweigh the pessimistic ones.

Corporate worries about the US economy, financial market volatility and a stronger yen may hamper the Bank of Japan's goal of raising its super-low interest rates to a more normal level, analysts said.

...

The big manufacturers' index is still well up from a low of minus 38 seen just five years ago as the economy recovers from its long slump, even if it is now further below a 13-year high of 26 reached in September 2004.

The survey also showed that major companies plan to continue ramping up spending on new plant and equipment, which has been one of the key drivers in Japan's economic recovery.

/...

[Ghost Dog]

9. Asian Stocks Drop, Led by Steelmakers on Tankan; India Tumbles

http://www.bloomberg.com/apps/news?pid=20601080&sid=a4VMerPqetjI&refer=asia

April 2 (Bloomberg) -- Asian stocks dropped after the Bank of Japan's Tankan survey of business confidence showed a worsening outlook among steelmakers and as India's central bank unexpectedly lifted borrowing costs.

Nippon Steel Corp. slid after the quarterly survey showed confidence among steelmakers dropped the most among all the groups included in the survey. The Nikkei 225 Stock Average and the Topix index had their biggest losses for almost three weeks.

``Steelmakers were sold off on speculation they will not make bullish projections,'' said Takeshi Yamaguchi, who looks after $674 million at Sumitomo Mitsui Asset Management Co. in Tokyo.

ICICI Bank Ltd. led Indian shares lower on speculation higher interest rates will curb loan demand. Australia's Woolworths Ltd. and Westpac Banking Corp. declined as a surge in retail sales and home-building approvals fueled expectations the central bank may raise borrowing costs this week.

The Morgan Stanley Capital International Asia-Pacific Index slipped 0.8 percent to 143.51 as of 3:41 p.m. in Tokyo. Japan's Nikkei 225 lost 1.5 percent to 17,028.41, while the broader Topix declined 1.8 percent, the most since March 14. Benchmarks elsewhere in the region rose, except in India, Hong Kong, Australia and Pakistan.

Hyundai Motor Co. led South Korea's Kospi index higher after the nation reached a free-trade accord with the U.S. China's CSI 300 Index gained, set for a record close. Chinese steelmakers rose after Baoshan Iron & Steel Co. reported a 77 percent increase in fourth-quarter profit.

Confidence Outlook Drops

Nippon Steel, the world's No. 2 maker of the metal, slid 4.5 percent to 791 yen, its biggest drop since March 5. JFE Holdings Inc., Japan's second-largest steelmaker, tumbled 5.2 percent to 6,610 yen. Sumitomo Metal Industries Ltd., the nation's third largest, lost 3.1 percent to 590 yen.

Steelmakers' drop to 31 from 46 was the largest points decline among all of the industry groups included in the Tankan. The survey showed manufacturer confidence fell to 23 points in March from a two-year high of 25 in December. The median forecast of 30 economists was for 24. A positive number means optimists outnumber pessimists.

``The message that investors are taking from the Tankan is that the outlook is uncertain for manufacturers,'' said Naoki Fujiwara, who oversees $720 million at Shinkin Asset Management Co. in Tokyo.

ICICI Bank, India's largest lender by market value, slumped 4.5 percent to 814.50 rupees. Unitech Ltd., the No. 1 property developer, slid 5 percent to 368 rupees.

Higher Interest Rates

The Reserve Bank of India on March 30 lifted its overnight lending rates to a 4 1/2 year high of 7.75 percent and raised the reserve requirement of banks to 6.5 percent from 6 percent. It was the central bank's third rate increase since December, aimed at stemming loan growth and inflation.

/...

[Ghost Dog]

10. Tokyo stocks fall sharply on weak Tankan

http://www.ft.com/cms/s/0eff16da-e0ca-11db-8b48-000b5df10621.html

Japanese stocks reversed early gains to end sharply lower on Monday, as investors digested the softer-than-expected results from the Tankan survey of business confidence.

The Nikkei 225 fell 1.5 per cent to 17,028.41, after falling below 17,000 for the first time since March 19. The broader Topix index was down 1.8 per cent at 1,682.49.

Stocks had risen slightly in morning trading, spurred by upbeat projections for capital spending contained in the Bank of Japan’s Tankan survey.

But figures showing worsening business confidence among Japanese companies dominated investors sentiment in the afternoon.

The decline was also partly due to the fact that Monday was the first trading day of the new fiscal year, allowing the release of pent-up energy. In the final days of the fiscal year, companies are often reluctant to make aggressive adjustments to their portfolios.

/...

[Ghost Dog]

11. Indian Shares Plunge 3 Percent

http://www.forbes.com/feeds/ap/2007/04/02/ap3572133.html

Indian shares fell sharply as trading opened Monday amid fears of slower growth after several banks increased lending rates over the weekend in response to fresh moves by the central bank to tighten monetary policy.

The 30-share Sensex of the Bombay Stock Exchange plunged 394 points, 3 percent, to 12,678 points in early trading. On the broader National Stock Exchange, the 50-company S&P Nifty index fell 3.2 percent to 3,700 points.

Banking stocks fell the most as investors worry that the central bank's latest measures, announced Friday after close of trading, would impact slow credit growth and banks' profitability.

Automobile stocks also fell because of fears that higher lending rates would adversely impact car sales.

State Bank of India and the ICICI Bank, the country's top two, fell 5.8 percent and 5.1 percent respectively. Maruti Udyog Ltd., India's largest carmaker, fell 6 percent in early trade.

On Friday, the Reserve Bank of India increased the cash reserve ratio - the proportion deposits that commercial banks must hold in cash - to 6.5 percent from 6 percent, a move that is estimated to suck out 155 billion rupees from the banking system. The RBI also raised the repurchase rate, the rate it charges commercial banks on short term loans, by a quarter percentage point.

/...

[Ghost Dog]

13. US and S Korea reach landmark trade deal

http://www.ft.com/cms/s/32a94dec-e0d1-11db-8b48-000b5df10621.html

The US and South Korea on Monday said they had agreed on the terms of a landmark free trade deal that will become Washington’s biggest pact in more than a decade, boosting trade by as much as $20bn a year.

The accord was reached just minutes before the final deadline at 1pm on Monday Seoul time, underlining the difficulties of forging consensus over sensitive sectors such as rice, beef, autos and pharmaceuticals.

The terms of the deal were not immediately available on Monday afternoon but Kim Hyun-chong, Korea’s trade minister, called it “the most important event between the two nations since the signing of the military alliance in 1953,” according to Yonhap news agency.

The deal represents a significant economic opportunity for both sides, but for Korea in particular.

“Korea will not only have increased access to their second most important market but there will be increased momentum for market-based reform,” said Choi Byung-il, a trade expert at Ewha Women’s University in Seoul.

As Korea’s military alliance with the US begins to weaken, the deal will also give them a new economic relationship, Prof Choi said. “The number of US troops might being getting smaller but US investment and technology will increase. This will be a new era for the US-Korea alliance,” he said.

The successful conclusion of the deal will give Korea increased leverage when it starts negotiating with other major economies such as the European Union and China, analysts said. Seoul is due to start FTA talks with Brussels next month.

For the US, it represents the US’s largest deal since the North America Free Trade Agreement accord was signed with Canada and Mexico more than a decade ago and will give Washington an economic bridgehead in the region, perhaps triggering trade talks with Tokyo.

/...

[Ghost Dog]

14. South Korea's Exports Increase More-Than-Expected 14%

http://www.bloomberg.com/apps/news?pid=20601013&sid=axAP.jaaPRaw&refer=emergingmarkets

April 2 (Bloomberg) -- South Korea's exports growth accelerated more than expected in March, led by sales of ships and chips used in computers, cameras and mobile phones. The nation's currency and shares rose.

Exports climbed 14 percent from a year ago after rising 10.5 percent in February, the Commerce Ministry said in Gwacheon, South Korea today. The median estimate in a Bloomberg News survey of eight economists was 13.1 percent. A separate report showed manufacturers' sentiment jumped to a five-month high.

Increased sales to China and the U.K. and stronger business confidence suggest the economy may rebound after growing at the slowest annual pace in 18 months in the fourth quarter. An agreement for a free-trade accord with the U.S., South Korea's second-largest market, was reached today, a U.S. spokesman said, which could boost exports this year.

``I'm pretty positive on the outlook for the South Korean economy this year,'' said Oh Suktae, an economist at Citibank Korea Inc. in Seoul. ``Exports are doing well and domestic demand isn't as bad as some people say.''

The Kospi gained 0.6 percent to 1461.4 at 2:21 p.m. The won rose 0.2 percent to 939.25 against the dollar. The yield on the three-year government bonds climbed 2 basis points to 4.78 percent, according to Korea BondWeb.

The U.S. and South Korea reached a free-trade accord today. ``We have a deal,'' Stephen Norton, a spokesman for the Office of the U.S. Trade Representative, said in a phone interview.

South Korea stands to get a $10 billion jump in exports to the U.S. under a proposed accord, according to the U.S. International Trade Commission. The agreement has to be ratified by U.S. Congress.

/...

[Ghost Dog]

15. China said to buy $12.5B in U.S. goods

http://www.businessweek.com/ap/financialnews/D8O89V200.htm

China has drafted a plan to buy US$12.5 billion (euro9.4 billion) worth of U.S. goods including electronics and soybeans, a news report said Monday, in a possible effort to ease tensions ahead of a high-level meeting on trade disputes.

The purchases would be made in May, Dow Jones Newswires said, citing an unidentified person familiar with the plan. That would coincide with the next round of a U.S.-Chinese dialogue on economic disputes due to be held in Washington.

Tensions flared Friday when the United States announced duties on Chinese paper imports, accusing Beijing of improperly subsidizing its producers. China criticized the tariffs and demanded that Washington reverse the decision.

The economic dialogue is led by U.S. Treasury Secretary Henry Paulson and Chinese Vice Premier Wu Yi. Paulson has warned that it must produce short-term results to mollify American critics of Beijing's ballooning trade surplus, which last year soared to a record US$232.5 billion with the U.S.

Under the proposed plan, China would buy US$10 billion (euro7.5 billion) worth of mechanical and electronic goods, US$2 billion (euro1.5 billion) worth of soybeans and US$500 million (euro375 million) worth of cotton, Dow Jones reported.

/...

[Ghost Dog]

12. European bourses lifted by bid news

http://www.ft.com/cms/s/8c104e50-e0f2-11db-bd73-000b5df10621.html

European equity markets were higher on Monday as merger-related gains offset losses for heavily-weighted financial stocks.

By midday, the FTSE Eurofirst 300 was up 0.3 per cent to 1,519.84, Frankfurt’s Xetra Dax was 0.3 per cent higher at 6,936.98, the CAC 40 in Paris added 0.1 per cent to 5,641.31 and London’s FTSE 100 gained 0.2 per cent to 6,323.7.

/...

[Ghost Dog]

16. Rumour mill probe by French regulators

http://www.ft.com/cms/s/8da3cd54-e085-11db-8b48-000b5df10621.html

French stock market regulators are investigating unusual share price movements in France Telecom and other CAC-40 blue chips, amid concerns that unknown market players could be profiteering on a wave of rumour and speculation.

The move comes as regulators in other countries voice concerns over the potential for market abuse in buoyant takeover markets. A study by the Financial Services Authority, the UK watchdog, estimated that questionable share price movements ahead of bids were as prevalent as in 2000.

France Telecom asked the AMF, France’s stock market regulator, to investigate a sudden 3 per cent drop in its share price last Tuesday after false rumours circulated that it would abandon performance objectives set only three weeks earlier.

The shares recovered to end the day barely changed after the group reconfirmed its dividend and margin targets at a long-planned conference of investors in London. A company spokesman, who refused to confirm the AMF request, said France Telecom “reconfirmed the objectives because of the false rumours”.

France Telecom’s concerns are echoed at other companies that have seen their shares buffeted by unexplained rumours. The AMF is understood to have launched preliminary investigations on dealing in Carrefour, Vinci, Eiffage, Valeo and Atos Origin shares.

Construction group Eiffage, saw its shares rise more than 40 per cent in just five days the week before last, amid rumours of a bid from Sacyr of Spain. Valeo shares jumped sharply after an anonymous fax was sent to French newspapers giving details – many false – of an approach by Apollo Investments, the US fund.

“The markets are very nervous, but I cannot exclude the possibility that people may have tried to diffuse information in an effort to exploit it,” Gérard Rameix, general secretary of the AMF, told the FT. “For the last two to three months we have been investigating more cases than normal.”

The volatility of global markets has fuelled an unusual number of rumours, as has the high level of global merger activity. In the first three months of this year, global M&A exceeded $1,000bn - making it the busiest first quarter on record. Market participants say it is no surprise rumours are proliferating, but several suggest they have seen a higher-than-expected level of unusual share movements.

“The rumours have been a bit surprising...we have seen shares shoot up without reason. This has strongly accelerated since the beginning of the year,” said one fund manager. ”People are asking a lot of questions but no one has the answers.”

The situation has led to frustration with the AMF and other European regulators, widely seen as lacking the power and determination of their US counterpart, the SEC. “If this was in the US, the SEC would come down on such situations like a ton of bricks,” said one banker. “Everyone is afraid of the SEC, but no one is afraid of the AMF. Continental European regulators are still not up to scratch.”

/...

[Ghost Dog]

17. Sarkozy hits out at hedge funds

http://www.ft.com/cms/s/7aa62784-e09d-11db-8b48-000b5df10621.html

Nicolas Sarkozy, the rightwing candidate in the French presidential race, said on Sunday night he would ask eurozone politicians to play a greater role in European exchange rate policy if he won the election and lashed out at “speculation” by hedge funds.

Speaking during a television debate he argued that a weaker euro should be a tool to help European industry: “We’ve built the second currency in the world and we’re the only region in the world that obstinately refuses to put our currency to the service of jobs and growth. It can’t last,” he said.

“Ten centimes of appreciation on the euro is a €1bn deficit for Airbus. We didn’t create the euro in order not to make a single plane in Europe. It’s an absurdity.”

Mr Sarkozy also said that a second topic for European debate would be “moralising” the region’s model of financial capitalism. Taking hedge funds as an example of undesirable speculation, he attacked “these aggressive funds ... that buy up a company, sell it off in pieces, sack 25 per cent of the staff in the meantime, collect 25 per cent profit and create zero wealth.” He added: “I don't want a speculative capitalism. I want a capitalism that creates riches.”

/uh, more...

[UpInArms]

18. dollar watch

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

Last trade 82.91 Change -0.02 (-0.02%)

Dollar Tarred By Tariffs But Will NFP Be Its Savior?

http://www.dailyfx.com/story/strategy_pieces/trade_or_fade/Dollar_Tarred_by_Tariffs_But_1175494322247.html

It was hardly a banner week for US economic data, as the calendar bled red until Friday. New Home Sales plunged to an 848K annual run rate – well below the 1M necessary to allay fears of a housing recession. Durable Goods also printed lower than forecast bouncing back a paltry 2.5% from the 7...6% contraction the month prior. On the other hand, as the week moved to a close the economy registered a few positive surprises. GDP was revised upward to 2.5% from 2.2% excepted and Chicago PMI skyrocketed to 61.7 from 49...4 forecast. However, the GDP numbers ware backward looking and the market took the Chicago PMI readings with a barrel of salt. Although the headline number was very strong, the internals were decidedly less positive. The employment component actually dropped to 45 from 50.6 and prices paid were lower too, falling to 59.1 from 63.2. New Orders were responsible for the vast majority of the increase jumping to 72 from 48. The news may suggest that the US economy remains far healthier than the bleak scenarios of dollar bears, but a careful look at past Chicago PMI readings shows at least two instances where it flashed a false positive versus the national ISM report.

However, all of the weeks data receded into the background after US announced Friday afternoon that it is imposing tariffs on Chinese products for the first time in 23 years. The actual impact of the tariffs is miniscule, affecting just some paper products, but the market instantly thought “Smoot-Hawley” – the notorious tariff legislation of the 1920’s which many economists believe led to a contraction of world trade and exacerbation of the Great Depression. The dollar was quickly sold briefly touching the 1.3400 level before some profit taking brought it back by the close of trade.

Next week, traders will be able to see rather quickly if the optimistic readings from Chicago will be confirmed by the national data of the ISM Manufacturing. For the time being the national report continues to hover above the 50 boom/bust level, although it did dip twice below 50 in the last 6 months. However, the true driver of currency movements next week is likely to be the US NFP report due next Friday. The market remains optimistic about the US job picture looking for a 120K print versus 97K last month. Indeed, continued job growth has been the principal argument of greenback bulls, who’ve noted that it serves as a powerful antidote to the recent problems of the housing sector. If job growth does keep pace, the bears will have a hard time convincing the market that a US recession is just around the corner but with geo-political tensions swirling about there is no guarantee that even good news will translate into dollar strength.– BS



...more...

Bush Administration Shocks Markets; Protectionist Beginnings

http://www.dailyfx.com/story/strategy_pieces/weekly_option_strategy/Bush_Administration_Shocks_Markets__Protectionist_1175275485810.html

The US Commerce Department shocked the markets on Friday, announcing that the much hyped about trade tariffs would be applied to glossy paper imports from China. Breaking 23 years of trade relations with the world’s fourth largest economy, the US is effectively attempting nascent protectionist policy in order to secure domestic manufacturing as the administration comes under heavy pressure from the US manufacturing and export sectors. Subsequently, the new policy emerges as a long awaited reply to Chinese government subsidies that are being provided for domestic companies, increasing their competitiveness in the global market. The policy, incidentally, will place a 10.9 to 20.4 percent tariff on all glossy paper imports into the US. Although small, as it stands on just one product, speculation is completely bent on the plausible extension in to other products including metals, machinery and furniture imports. The decision supported bidding in the Asian proxy currencies, notably the Japanese yen as traders are siding with the likelihood that Chinese officials will consider further flexibility in the current currency regime, replying to the symbolic threat. However, the notion will be shortlived considered the staunch conservatism of the current administration.



Sarkozy Versus Greenberg

In joining other G7 finance ministers, politicians and policy makers, French presidential candidate Nicolas Sarkozy stated that pressure must be applied to Chinese officials in creating a more flexible currency. Speaking at a campaign rally in France, Sarkozy urged European nations, “we have to pressure them to start talks on the realignment of exchange rates because this undervaluation is unlawful for European workers.” The same sentiment has been the battle cry of US Congressmen who have been under increasing pressure from domestic manufacturing sector groups. Most recently, the sentiment was reiterated in comments made by US Undersecretary of Commerce Franklin Lavin. In Beijing, the undersecretary spoke at a press conference later in the week, noting that China needs to open up barriers and ease restrictions so that foreign investment money can be filtered into the economy. This way, domestic companies can find their competitive place in the global market. “China needs 100 Carlyle Groups to come in and buy 100 Xugongs”, Lavin stated in reference to the buyout offer by Carlyle Group of state owned Xugong. Surprisingly, however, the sentiment was countered by earlier comments from ousted AIG ex- CEO Hank Greenberg. Speaking at a luncheon in Hong Kong, Greenberg countered recent protectionist banter saying that “a rapid revaluation of renminbi would be disastrous or the China and probably globally. And so it should not happen.” Ultimately, traders widely disregarded the individual comments as speculation continues to lean towards increased near term political pressure.

...more...

[Ghost Dog]

19. Aussie Generally Higher Amid Australian Data; Late Sunday

http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20070402\ACQRTT200704020138RTTRADERUSEQUITY_0070.htm&selected=9999&selecteddisplaysymbol=9999&StoryTargetFrame=_top
&mkt=WORLD&chk=unchecked&lang=&link=&headlinereturnpage=http://www.international.nasd

(RTTNews) - Ahead of the Australian February retail sales and the Building approvals data, the Australian currency weakened slightly versus the Buck but moved sideways against the rest of majors during late Sunday in New York. However, amid the releases, the major Aussie pairs spiked higher. Shortly after, the Aussie moved sideways against most of its major counterparts but slid briefly versus the Loonie. Around mid night, the Aussie gained momentum further again versus the Loonie. The Australian AiG Performance of manufacturing index and the TD securities inflation data for March which were also released during the session, is likely to have an effect on trading in the major Aussie pairs.

In the late hours on Sunday, the Australian currency traded slightly lower versus the Buck. However, at about 9:30 pm ET, the Aussie made a sharp spike higher and collected as much as 0.8131 within a few minutes. This came following the release of the Australian February retail sales and the Building approvals data. The pair then showed choppy trading and continued the same trend into the overnight deals on Monday. As of 1:36 am Eastern Time, an Aussie traded at 0.8129 against the Buck.

/...

;-)

[citizen snips]

34. U.S. Dollar Slips

FRANKFURT, Germany (AP) -- The dollar slipped against the euro and other major currencies Monday after new data showed that both the U.S. and European manufacturing sectors expanded at a slightly slower-than-expected pace in March.

The 13-nation euro bought $1.3373 in afternoon European trading, up from $1.3335 in New York late Friday.

The British pound was up to $1.9775 from $1.9676, while the dollar slipped to 117.57 Japanese yen from 117.81.

In the United States, the Institute for Supply Management said its manufacturing index registered 50.9 in March, below the February reading of 52.3 and Wall Street's expectation of 51.

more...
http://biz.yahoo.com/ap/070402/dollar.html?.v=1

[UpInArms]

20. Homeowners on the brink: Subprime borrowers face foreclosure, ruin

http://www.contracostatimes.com/mld/cctimes/news/17010266.htm

Last year, James and Barbara Morgan refinanced their mortgage into a subprime loan in hopes of lowering their house payments. Now the couple worry that the high-risk loan could force them to sell the East Oakland home they have lived in for more than 30 years.

First-time homeowner Carmen Rodriguez likes everything about the three-bedroom house in San Pablo she bought in September and shares with her brother. Except for the loan.

Rodriguez, speaking through a Spanish translator, said the payments on her loan, which has an interest rate that changes every month, have increased by a third, rising $500 to $2,000 a month.

"I am very frustrated. I am very upset," said Rodriguez, a 44-year-old candy packer whose monthly take-home pay is about $1,700. "I have not been able to pay other bills."

The Morgans and Rodriguez are caught in a financial bind that more and more Bay Area homeowners are finding themselves in: the confusing world of subprime loans. Last year, almost one of four loans taken out in California was subprime.

...more...

[DemReadingDU]

22. Foreclosures have moved to suburbs in Ohio

Report: 73% of subprime loans made in middle, upper income areas in '05.

COLUMBUS — Ohio's home foreclosure crisis, already a near epidemic in some urban neighborhoods, has moved to the suburbs.

A new report released Thursday showed that 73 percent of the subprime loans that have ignited the crisis were made in middle and upper income areas — often suburbs — in 2005, while just 27 percent were made in low and moderate income areas.

"Foreclosures are no longer (just) an urban problem," said Paul Bellamy, who worked on the report for the Coalition on Homelessness and Housing in Ohio. "They've moved to the suburbs."

Typically, subprime loans are made to borrowers with blemished credit and sometimes are made without considering the borrower's ability to pay, the report said.

Overall, subprime loans account for just 18 percent of all outstanding Ohio mortgages but 63 percent of the foreclosure filings, the report said.

http://www.daytondailynews.com/search/content/oh/story/news/local/2007/03/29/DDN033007housing.html


Edit to add snippet from this article...
Nationally, Ohio has the second highest rate of loans in "serious delinquency" — either in foreclosure or more than 90 days late. Ohio's 5.12 percent rate is behind only Mississippi, 5.3 percent, and just ahead of third place Louisiana, 4.98 percent, two states devastated by Hurricane Katrina.

http://www.daytondailynews.com/search/content/oh/story/news/state/2007/03/29/ddn032907housingweb.html

free registration might be required for the newspaper articles


Edit to add the report, 14 pages,
lots of interesting charts and graphs
http://www.cohhio.org/pdf/dimensionsforeclosure.pdf

[Ghost Dog]

29. Xeeezus. $1,700 a month for packing candy?

(+ $2000 mortgage? - for what kind of home?) Clearly the dollar is, err, let's say, extremely fungible.

Sure, mainland Europe and most of the rest of the world, we're crazy. :silly:

[happyslug]

33. Remember she lives with her brother, the $1700 is her income alone

If we assume her brother earns the Same $1700, then you can see how see was making the payments, but the increase of $500 per month would kill them (i.e. $2000 out of a possible $3400 per month) just for the mortgage. That leaves $1400 for utilities, food, car payment, insurance etc.

[Ghost Dog]

60. Yeah, I think uinderstand::

She (and He)'d better get into bed with someone (preferably on the right side of you'all know which Mafia)

Or die, (aka, lose funding).

C'est la vie, cherie.

[Roland99]

23. 10:01am - Looking for a direction

DJIA 12,354.02 -0.33 -0.00%
Nasdaq 2,420.30 -1.34 -0.06%
S&P 500 1,419.60 -1.26 -0.09%
Dow Util 501.90 +1.72 +0.34%
NYSE 9,268.23 +6.41 +0.07%
AMEX 2,170.22 -4.68 -0.22%
Russell 2000 800.63 -0.08 -0.01%
Semcond 466.44 +0.87 +0.19%
Gold future 665.80 -3.20 -0.48%
30-Year Bond 4.83% -0.02 -0.37%
10-Year Bond 4.64% -0.01 -0.26%

[citizen snips]

26. First Data agrees to be sold to KKR for $29 bln

NEW YORK (Reuters) - Credit-card and payment processor First Data Corp. (NYSE:FDC - News) said on Monday it has agreed to be acquired by private equity firm Kohlberg Kravis Roberts & Co. (KKR.UL) for about $29 billion in the second-largest buyout ever.

The deal is the latest in a string of high-profile leveraged buyouts of U.S. corporations in an era of easily accessible financing, ranking only behind KKR's and Texas Pacific Group's ongoing takeover of TXU Corp. (NYSE:TXU - News) in terms of size.

Under the agreement, First Data shareholders would be paid $34 for each share of the company they own, a 26 percent premium to where the shares closed on March 30. Based on the 775.1 million shares outstanding the company had in February, the deal has an equity value of $26.4 billion.

Neither company was available for immediate comment.

more...
http://biz.yahoo.com/rb/070402/firstdata_kkr.html?.v=5

[citizen snips]

27. DaimlerChrysler Shareholders Set to Meet

FRANKFURT, Germany (AP) -- Only one theme is expected to dominate DaimlerChrysler AG's annual shareholder meeting this week: How soon can the U.S. Chrysler unit be sold off and when can the company go back to being Daimler-Benz AG?

But despite boisterous calls by shareholder groups that want to see the German-American automaker carve off its U.S. counterpart and become completely German again, those looking for the answers are likely to go away disappointed.

Though the company has not even confirmed it is in talks to sell off Chrysler, for which it paid some US$36 billion in 1998, speculation has run rampant that a deal is in the offing. Most analysts, however, do not believe any announcement will come at Wednesday's meeting where some 8,000 shareholders will fill the Berlin Messe and pepper the board with questions and comments.

"This is an unlikely venue for such an announcement," said Stephen B. Cheetham, a research analyst for European autos with Sanford C. Bernstein Ltd. in London. "They will not normally be tied to the timetable. It's highly unlikely that we will get an announcement for this meeting."

more...
http://biz.yahoo.com/ap/070402/germany_daimlerchrysler_meeting.html?.v=1

[citizen snips]

28. Stocks Drop on Weak Manufacturing Data

NEW YORK (AP) -- Wall Street fell Monday after data showed U.S. manufacturing was more sluggish than expected, a further sign that the economy continues to grow at a slower pace.

Stocks briefly had opened higher but turned lower after the Institute for Supply Management said its manufacturing index slipped more than economists projected in March. The index moved to a reading of 50.9 last month, compared to an expected reading of 52.0.

The market got some support from a number of big acquisitions that were announced before trading began. Among them was private equity firm Kohlberg Kravis Roberts & Co.'s deal to take credit card transaction processor First Data Corp. private for about $29 billion.

Wall Street has traded nervously the past few weeks on concerns about rising inflation and the overall health of the economy. On Friday, the major indexes finished the first quarter lower -- with the Dow Jones industrials down 108 points in their feeblest performance since the second quarter of 2005

more...
http://biz.yahoo.com/ap/070402/wall_street.html?.v=16

[citizen snips]

30. Tribune Accepts $8.2B Offer From Zell

CHICAGO (AP) -- Tribune Co. has accepted a buyout offer from real estate investor Sam Zell in a deal valued at about $8.2 billion, the owner of the Chicago Tribune, Los Angeles Times, TV stations and the Chicago Cubs said Monday.

Tribune said it plans to sell the Cubs baseball team at the end of this season.

After spending six months soliciting bids and reviewing offers, Tribune had set a self-imposed March 31 deadline to announce a spin-off, buyout or reorganization.

The company had been under pressure from key shareholders to boost its stock price and along with others in the newspaper industry has been losing readers and advertisers to the Internet. Tribune is the nation's second biggest newspaper publisher after Gannett Co.

more...
http://biz.yahoo.com/ap/070402/tribune_sale.html?.v=20

[citizen snips]

31. New Century Files for Bankruptcy Following Subprime Defaults

April 2 (Bloomberg) -- New Century Financial Corp. filed for bankruptcy in Delaware today, becoming the biggest mortgage lender for people with bad credit to seek court protection over the past year after delinquencies hit a four-year high.

New Century, based in Irvine, California, was the biggest independent U.S. provider of mortgages to borrowers with low credit ratings in 2006, second only to London-based HSBC Holdings Plc in total U.S. ``subprime'' loans granted. The company employed about 7,200 people at the end of 2005.

Late payments on subprime mortgages reached a four-year high in the fourth quarter, the Mortgage Bankers Association reported. At least 30 home lenders have halted operations or sought buyers in the past 12 months, including four that have gone bankrupt since last November, according to data compiled by Bloomberg.

Ownit Mortgage Solutions Inc. of Agoura Hills, California; Mortgage Lenders Network USA Inc. of Middletown, Connecticut; ResMae Mortgage Corp. of Brea, California; and People's Choice Financial Corp. of Irvine are among companies that have filed for Chapter 11 protection.

more...
http://www.bloomberg.com/apps/news?pid=20601087&sid=aXHDSbOcAChc&refer=home

[citizen snips]

32. Sector Snap: First Data Competitors

NEW YORK (AP) -- First Data Corp. lifted its peers Monday on U.S. stock markets, after the credit card transaction processor accepted a $29 billion takeover offer from an affiliate of private equity firm Kohlberg Kravis Roberts & Co.

JPMorgan Securities Inc. analyst Tien-tsin Huang in a client note anticipated the boost and named issues most likely to benefit.

"We see the greatest potential upside in CheckFree and Global Payments, both of which are at low valuations with strong franchises, as well as Wright Express," wrote Huang.

In early trading, CheckFree Corp. added 3 cents to $37.12 on the Nasdaq Stock Market. On the New York Stock Exchange, Global Payments Inc. jumped $1.41, or 4.1 percent, to $35.46, while Wright Express Corp. picked up 21 cents to $30.54.

more...
http://biz.yahoo.com/ap/070402/sector_snap_first_data_competitors.html?.v=1

[citizen snips]

35. Air Tran Raises Bid for Midwest

MILWAUKEE (AP) -- AirTran Holdings Inc. raised its hostile bid Monday for rival Midwest Air Group Inc. by almost 13 percent to $389 million in cash and stock.

The parent company of Midwest Airlines has rebuffed previous offers in AirTran's attempt to acquire the regional airline by saying that Midwest would be stronger remaining on its own.

Orlando, Fla.-based AirTran owns the discount carrier AirTran Airways.

The newest bid by AirTran is valued at $15 per Midwest share, based on the closing price of AirTran common stock on Friday. The offer consists of $9 in cash and 0.5842 shares of AirTran common stock for each Midwest share.

more...
http://biz.yahoo.com/ap/070402/midwest_airtran.html?.v=4

[citizen snips]

36. Sun Micro Shares Fall After Downgrade

NEW YORK (AP) -- Shares of server and software maker Sun Microsystems Inc. fell Monday after an analyst downgraded stock and suggested the company's fiscal third-quarter results may disappoint investors.

Bernstein analyst Toni Sacconaghi Jr. cut his rating on the stock to "Underperform" from "Market Perform" and said the company's third-quarter sales may have been hurt by promotional discounts.

"(We heard) of higher-than-normal channel incentives/promotional activity, and that Sun Microsystems suspended its channel inventory reduction efforts," Sacconaghi wrote in a note to investors. "We believe that revenue in the quarter could miss consensus expectations or show signs of strain (we forecast backlog will decline about $50 million, consistent with historical third-quarter levels.)"

Sacconaghi Jr. cut his 2007 earnings estimate to 12 cents per share, from a previous estimate of 13 cents per share. On average, analysts expect 2007 earnings of 10 cents per share, according to a Thomson Financial survey.

more...
http://biz.yahoo.com/ap/070402/sun_microsystems_mover.html?.v=1

[citizen snips]

37. Treasury Bond Prices Higher

NEW YORK (AP) -- Treasury bond prices were higher in longer maturities Monday morning following a key manufacturing report that came in lower than expected.

At 11 a.m. EDT, the 10-year Treasury note was up 63 cents per $1,000 in face value, or 2/32 point, from its level at 5 p.m. Friday. Its yield, which moves in the opposite direction, fell to 4.64 percent from 4.65 percent.

The 30-year bond rose 7/32 point. Its yield fell to 4.83 percent from 4.84 percent.

The 2-year note was unchanged, with its yield holding at 4.58 percent.

more...
http://biz.yahoo.com/ap/070402/bonds.html?.v=3

[citizen snips]

38. Italians Concerned About Telecom Sale

MILAN, Italy (AP) -- Italian officials defended their desire to keep Telecom Italia in Italian hands Monday after the controlling shareholder announced it was in talks to sell a majority stake to U.S. telecom giant AT&T and its Mexican affiliate.

Tire-to-telecom group Pirelli & C. said it is in exclusive talks with AT&T Inc. and its Mexican affiliate America Movil S.A.B. de C.V. to sell two-thirds of the holding company, which controls Telecom Italia SpA. The proposal expires April 30.

Italian government officials expressed alarm over the possible deal involving the former telecommunications state monopoly, which is considered a strategic asset. The proposed deal could prompt the Italian government to intervene following a public spat last year that led to the resignation of former Telecom Chairman Marco Tronchetti Provera. Provera is also Pirelli's chairman.

"If the large telecommunications network will not be under the control of Italian market forces it will be a serious blow to the country," Paolo Gentiloni, Italy's communications minister, told SKY TG24 TV news channel. He said that does not necessarily mean the government will intervene.

more...
http://biz.yahoo.com/ap/070402/at_t_telecom_italia.html?.v=1

[citizen snips]

39. Aquila Closes Deal

KANSAS CITY, Mo. (AP) -- Aquila Inc. announced Monday that it closed the sale of its Kansas electric utilities for $292 million, completing the last of four asset sales announced in 2005.

The Mid-Kansas Electric Co., a coalition of six rural electric cooperatives, bought the Kansas utilities for $235.3 million plus additional adjustments and working capital. Aquila also sold its 8 percent lease in the Jeffrey Energy Center near Topeka, as well as obligations to buy power for the center from Mid-Kansas Electric, to Westar Energy Inc. for $17.9 million.

The utilities being sold serve 68,972 customers in 32 central Kansas counties.

In September 2005, Aquila said it would sell the Kansas electric utilities as well as the company's natural gas utilities in Michigan, Minnesota and Missouri for $896.7 million in a bid to streamline the company's operations and reduce debt.

more...
http://biz.yahoo.com/ap/070402/aquila_sale.html?.v=1

[citizen snips]

40. Books-A-Million Shares Up on 4Q Results

NEW YORK (AP) -- Shares of Books-A-Million rose sharply Monday after the book retailer reported fourth-quarter profit rose 35 percent, despite a drop in sales at established stores.

After Friday's market close, the Birmingham, Ala.-based company said net income grew 35 percent to $15.1 million a year ago. Sales rose 8 percent to $174.6 million, but same-store sales, or sales in stores open at least one year, a key measure of retail industry performance, fell 2.4 percent.

In a conference call with analysts on Friday, Chief Financial Officer Douglas Markham said the same-store sales decline was due to the lack of a major book-related movie tie-in and an absence of strong nonfiction best-sellers.

Looking forward, Terry Finley, president of Books-A-Million's merchandising group, said a strong summer movie lineup will lift upcoming results.

more...
http://biz.yahoo.com/ap/070402/books_a_million_mover.html?.v=1

[loudsue]

75. Aren't Books-A-Million folks extreme right wingers?

Every time I go into one, all I see are books by wingnuts (Coulter, Limpballs, etc.).

I wish all wingnut companies would go out of business.

:kick::kick:

[mojavekid]

41. The Daily Pfennig 4/2/07: Protectionism Hurts the US$

http://www.kitcocasey.com/displayArticle.php?id=1311

Protectionism Hurts the US$...

Good day... Friday started out pretty much as a repeat of Thursday, with much of Friday's data positive for the U.S. economy and giving the US$ some strength. The dollar rose against the euro and yen after the PCE numbers (the most closely watched inflation measure) gained in February. The dollar extended its gains when the National Association of Purchasing Management - Chicago's business barometer -- rose more than economists forecast. After these numbers, it looked as though we were going to see the dollar move up slightly, just as it did the day before. But at around 10 CST, a bombshell hit the markets: the U.S. Commerce Dept. decided to begin to levy new duties on imports from China to compensate for Chinese subsidies to exporters, reversing more than two decades of its practices.

The Bush administration, which debated the change internally for months, faced pressure to expand the tariffs from steel companies, textile producers and other manufacturers and their advocates in Congress. Secretary of Commerce Carlos Gutierrez announced the change at a press conference in Washington. This change is one of the biggest alterations of U.S. trade laws in decades and could open the way for a flood of new trade complaints by U.S. manufacturers hurt by surging imports from China. The Chinese government lost a U.S. court case Thursday aimed at preventing this decision.

Currency markets sell the currencies of nations engaged in protectionism and the U.S. dollar got sold as soon as the announcement was made. As an email sent to me on Friday pointed out, the recent peak of the U.S. dollar occurred in February of 2002. And what was the event that started the dollar on its 5-year slide to where we are today? The U.S. administration's decision to slap tariffs on steel. That decision, though reversed by the WTO more than a year later, helped trigger the massive selloff in the dollar over the last five years.

more at link...

[mojavekid]

42. The Daily Reckoning: Alpha Dogs

http://www.321gold.com/editorials/bonner/bonner040207.html

God must love typical investors; he created so many of them. But he cursed the poor yahoos to mediocrity. They can't get 'alpha' (above market performance), say the theorists, because they can never know as much as the market itself.

For the average investor, it is true; he can do no better than average. Match his little wits against 'the market'? Don't make us laugh.

You can hear a lot of laughing in the City and on Wall Street lately. And this week, the cynical cackles came from the Blackstone Group, which offered to sell common investors 10% of the company for $4 billion.

Here we back-track for a moment with an observation: The major decision that any stock market investor has to make is which line of guff to fall for. Any of them will ruin you - but some faster and more thoroughly than others.

One of the finest pieces of guff ever - the Efficient Market Hypothesis - is probably one of the least harmful. EMH tells us that market prices incorporate all the information available at any given moment - infinitely more information than any individual investor could hope to assimilate. Logically (if idiotically) any extra value an investor sees in a share is thus incorrect, compared to the price actually set by the all-seeing market.

more at link...

[citizen snips]

43. Sector Snap: Mortgage Lenders Slide

NEW YORK (AP) -- The deterioration of the market for "subprime" mortgage debt may be climbing up to the next rung on the credit ladder.

In a Securities and Exchange Commission filing late Friday, M&T Bank Corp., a Buffalo, N.Y.-based regional bank, said it is having trouble selling some of its loans.

It's not unusual to hear a subprime mortgage lender -- or a mortgage bank that caters to borrowers with bad credit -- complain that investors don't want to buy its loans. What's unusual is that M&T Bank is not a subprime mortgage lender.

M&T Bank said it recently held an auction for some of its Alt-A loans, which carry better credit than subprime loans, but don't require borrowers to provide as much documentation as prime loans. That puts the credit quality of Alt-A loans somewhere above subprime and shy of prime.

more...
http://biz.yahoo.com/ap/070402/mortgage_lenders_sector_snap.html?.v=1

[citizen snips]

44. Sector Snap: Film Companies

NEW YORK (AP) -- Will Ferrell and Jon Heder skated their way to the top of the box office charts this weekend, with Paramount Pictures' "Blades of Glory."

The comedy raked in $33 million for Viacom Inc. during its debut weekend, while the Mark Wahlberg action film "Shooter" pulled in $8 million.

Meanwhile, the animated sci-fi film "Meet the Robinsons" debuted in second place, garnering $25.1 million in box office sales for Walt Disney Co.'s film studios. Disney's biker comedy "Wild Hogs" generated another $8.4 million.

Warner Bros. pulled in $11.2 million with its battle epic "300," and another $9.2 million from last weekend's top flick, "TMNT," an update on the "Teenage Mutant Ninja Turtles" franchise. "TMNT" slipped to No. 4 this weekend.

more...
http://biz.yahoo.com/ap/070402/film_companies_sector_snap.html?.v=1

[mojavekid]

45. Peter Schiff: HOW BLIND CAN THEY BE?

http://www.financialsense.com/fsu/editorials/schiff/2007/0331.html

As our phony economy begins to unravel before our eyes, it is amazing how few people can actually see it. The collective wisdom of stock market pundits, economists, and Federal Reserve officials gives the impression that everything is just fine. Although some acknowledge that housing is slowing down a bit, that there are isolated problems with subprime mortgages, and that inflation is not moderating as quickly as they hoped it would (let’s ignore surging oil prices), few can see any grave threats to continued economic expansion, or the bull market in stocks, bonds or real estate.

Earlier this week a CNBC anchor asked a guest if the "economic baton" might now pass from housing to the consumer, much the same way it previously passed from the stock market to housing. I'm not exactly sure where the anchor believes that consumers will now be getting the money to lead us out of the economic morass. With adjustable rate mortgages now re-setting higher, home equity disappearing, credit card debt mounting, personal savings at record lows, and the cost of basic necessities continuing to rise, the consumer is all tapped out. In fact, consumer spending is not just going to slow down; it is going to fall off the edge of a cliff.

With more traditional mortgage lending standards beginning to return, traditional home prices can not be too far off. And for those who may not have noticed, median home prices are still way above traditional levels as determined by yardsticks such as affordability and rent vs. own analysis. In many markets, normal levels may only be half of their current "appraised" values. However, due to the glut of homes that will ultimately hit the market, and the absence of qualified or willing buyers, home prices, at least in the short term, may fall well below normal levels.

more at link...

[AnneD]

61. Hubby and I were talking about the Economy ...

yesterday afternoon. He had come back from teaching some music lessons and he was going to take a nap before going to work.

Even though we are having a hard time-we are doing so much better than many. Our beat up old cars are paid for. Our RV is almost paid for. We have food to eat, gas in our tanks. We paid off 2 creditors this week. Now, we have to get our savings back up, but that is easy enough to do in the next 3 months as we work on another debt. Things are starting to turn so badly. We consider ourselves so blessed. There are many that stand to lose everything they worked for. It will only accelerate from here.

[citizen snips]

46. Sector Snap: Newspaper Publishers

NEW YORK (AP) -- Shares of newspaper publishers traded mostly lower Monday after Tribune Co., which owns the Chicago Tribune and Los Angeles Times, as well as other dailies, accepted an offer from real estate investor Sam Zell in an $8.2 billion deal.

The Chicago-based media conglomerate had performed a six-month strategic review, and late last week received a sweetened offer from Los Angeles billionaires Eli Broad and Ron Burkle -- before accepting Zell's bid.

Zell plans to invest $315 million in the deal and will eventually become chairman of the company's board when the deal is complete sometime in the fourth quarter.

Tribune, which said it plans to sell the Chicago Cubs baseball team at the end of this season, is the nation's second-largest newspaper publisher by circulation, with titles including the Chicago Tribune and Los Angeles Times. It also owns nine other daily newspapers and 23 TV stations.

more...
http://biz.yahoo.com/ap/070402/apfn_newspapers_sector_snap.html?.v=1

[citizen snips]

47. Novartis Shares Fall on Zelnorm Sales

ZURICH, Switzerland (AP) -- Novartis AG dropped sharply Monday as markets reacted to last week's news that the Swiss pharmaceutical has stopped sales of its constipation drug Zelnorm in the United States.

Stocks closed down 3.44 percent in Zurich at 67.30 Swiss francs ($55.44).

Zelnorm, also called tegaserod maleate, was pulled off the U.S. market at the request of the Food and Drug Administration after being linked to increased chances of heart attack, stroke and chest pain.

The drug had been approved by the FDA as a prescription medication for short-term treatment of female irritable bowel syndrome patients with constipation and for patients younger than 65 with chronic constipation.

more...
http://biz.yahoo.com/ap/070402/switzerland_novartis.html?.v=3

[citizen snips]

48. Avis Shares Up on Enterprise Deal

NEW YORK (AP) -- Shares of car rental companies posted mixed results Monday on news that Enterprise Rent-A-Car plans to buy Vanguard Car Rental Group Inc., which operates the Alamo and National chains.

Shares of Avis Budget Group Inc. posted the largest gains, rising $1.38, or 5.1 percent, to $28.70 in afternoon trading on the New York Stock Exchange, after peaking at a new 52-week high of $28.81 earlier in the session.

Dollar Thrifty Automotive Group Inc. dropped $2.77, or 5.4 percent, to $48.27 on the NYSE, after tumbling as low as $47.74 earlier in the day. Over the past 52 weeks, the stock has traded between $38.69 and $55.30.

And shares of Hertz Global Holdings Inc. edged down 7 cents to $23.63 on the NYSE.

more...
http://biz.yahoo.com/ap/070402/sector_snap_rental_cars.html?.v=1

[citizen snips]

49. Kraft Foods Shares Drop After Spinoff

NEW YORK (AP) -- Shares of Kraft Foods Inc. slid Monday on the food maker's first day of trading as an independent company, as investors sold their new shares and a Citigroup analyst questioned the company's fundamentals.

Tobacco company Altria Group Inc. completed a spinoff of the company Friday and distributed the 88.9 percent of Kraft shares it owned to Altria's shareholders.

Analyst David Driscoll said those Altria shareholders may sell their new shares to distance themselves from the "weak operating fundamentals" of Kraft. The stock's trading volume soared Monday at nearly five times its average.

Driscoll recommended buying the stock only if shares fell to $27, saying the company's fundamentals are not strong enough to entice investors otherwise.

more...
http://biz.yahoo.com/ap/070402/kraft_foods_mover.html?.v=1

[citizen snips]

50. United States Steel Rises on Upgrade

NEW YORK (AP) -- Shares of United States Steel Corp. rose Monday, after a Prudential Equity Group LLC analyst upgraded the company, pointing to expected benefits from an acquisition and higher scrap prices.

John C. Tumazos in a Sunday client note lifted his rating on U.S. Steel to "Neutral" from "Underweight" and raised his target price to $95 from $65.

The analyst expects U.S. Steel to realize about $150 million in cost-savings from its $2.1 billion cash buy of Lone Star Technologies Inc., a maker of welded pipe used in oil fields. Tumazos predicted that about 500 to 600 employees would be made redundant by the acquisition.

The deal creates North America's largest producer of tubular steel.

more...
http://biz.yahoo.com/ap/070402/united_states_steel_mover.html?.v=1

[mojavekid]

51. Nick Barisheff: PLATINUM - DARK HORSE, BRIGHT FUTURE

http://www.financialsense.com/fsu/editorials/bms/2007/0330.html

As president of The Millennium BullionFund, I am often asked, “Why does the Fund hold platinum? Why not just gold and silver?”

Platinum provides a number of benefits to investment portfolios. Including all three precious metals means portfolios can achieve full diversification within the precious metal group and experience reduced volatility, thereby improving overall performance. Although there are other precious metals such as palladium, rodium and iridium, only gold, silver and platinum have dual roles as monetary assets as well as industrial commodities.

While many investors think of precious metals as merely commodities, their monetary roles can at times be the driving force for price increases. While gold and silver have been used as money for over 3000 years, platinum is a relative newcomer. The first platinum coins were issued in Russia in 1828. Over the next 18 years, the Russian government minted over 500,000 ounces of platinum and introduced to the notion that platinum was not just a commodity but, like gold, also a store of value. Today most mints offer gold, silver and platinum coins. All three metals have the necessary attributes to function as money.


more at link...

[citizen snips]

55. Jones Soda Shares Soar on Launch, Hire

NEW YORK (AP) -- Jones Soda Co. shares soared Monday after the premium soft drink company announced a new hire and the official launch its pure cane sugar soda in bottles.

Jones Soda previously said it would change over all its soda to be sweetened with pure cane sugar instead of high-fructose corn syrup, the sweetener Coca-Cola Co. and PepsiCo Inc. use in their carbonated soft drinks.

The company also recently announced it had received commitments from major retailers like Wal-Mart and Safeway to sell its new 12-ounce cans of sugar-sweetened soda. The commitments were part of a new distribution deal with National Beverage Corp.

The commitments from the retailers have helped the stock to surge about 48 percent since the retailers' names were announced March 8.

more...
http://biz.yahoo.com/ap/070402/jones_soda_mover.html?.v=1

[citizen snips]

56. Market Spotlight: Copper on the Rebound

NEW YORK (AP) -- The rising price of copper has picked up momentum over the past two months after a sluggish start to the year as investors shrugged off signs of economic weakness in the U.S.

Thank China, analysts say.

Economic data in this country keeps pointing to a slowdown. A U.S. housing market on the decline has been compounded by troubles among subprime mortgage lenders, which have seen foreclosures on their loans to people with poor credit skyrocket in recent months. The latest reading on manufacturing declined more than analysts expected.

Yet the market for base metals -- demand for which depends on global economic growth -- has largely ignored the bearish signs. A sharp rise in Chinese imports of copper, combined with shrinking copper inventories, have given market bulls a reason to run prices higher.

more...
http://biz.yahoo.com/ap/070402/copper_market_spotlight.html?.v=1

[citizen snips]

57. Sector Snap: Avian Flu Vaccines

NEW YORK (AP) -- Positive preclinical results from a bird flu vaccine helped boost several companies working to develop similar technology as fears over a possible pandemic linger.

Rockville, Md.-based Novavax Inc. said Monday its virus-like particle vaccine, which mimics a virus, was effective in evoking an immune response in ferrets and protecting against the H9N2 strain. The vaccine has previously been tested in mice with the H9N2 strain of avian influenza, or bird flu.

Novavax shares rose 59 cents, or 22.8 percent, to $3.18 in afternoon trading.

On Sunday, the Egyptian health ministry reported that three children contracted bird flu, bringing the number of Egyptians who have contracted the disease to 33 since first reports last year of the disease, of which 13 have died. The H5N1 strain of the virus has killed 166 people worldwide since 2003.

more...
http://biz.yahoo.com/ap/070402/sector_snap_bird_flu.html?.v=1

[citizen snips]

62. Sector Snap: Airline Stocks Slip

NEW YORK (AP) -- Airline stocks slipped in mixed trading on Monday, but shares of Midwest Air Group Inc. surged to a 52-week high after rival AirTran Holdings Inc. sweetened its hostile takeover bid.

The Amex Airline Index fell nearly two-thirds of 1 percent, with nine of its 11 component stocks declining. Hurting shares was a barrel of oil gaining 27 cents to $66.14 on the New York Mercantile Exchange.

Jet fuel is among an airline's top costs, and their stocks tend to trade against crude price swings.

Among the bigger decliners in the index, American Airlines' parent, AMR Corp. slipped 55 cents to $29.89, and Continental Airlines Inc. fell 66 cents to $35.73, both on the New York stock Exchange.

more...
http://biz.yahoo.com/ap/070402/airlines_sector_snap.html?.v=1

[citizen snips]

63. Chips Snap: Semiconductor Stocks Dip

NEW YORK (AP) -- Semiconductor stocks traded in the red in Monday's session after a trade group reported a sequential decline in February sales.

The Semiconductor Industry Association said Monday chip sales in February fell 6.5 percent to $20.09 billion from $21.48 billion in January, as a result of typical seasonal weakness, as well as lower average selling prices and declining unit shipments.

Still, sales for the month were up 4.2 percent from $19.28 billion in February 2006.

Credit Suisse analyst Michael Masdea said he expects flat to seasonal growth in the second quarter, and said that although he believes an inventory correction may be nearing an end, the SIA sales data could indicate a slower-than-expected rebound.

more...
http://biz.yahoo.com/ap/070402/sector_snap_semiconductors.html?.v=1

[citizen snips]

64. Sector Snap: Internet Stocks Mixed

NEW YORK (AP) -- Shares of large e-commerce companies traded mixed Monday, as Blue Nile Inc. shares rose after a William Blair & Co. analyst upgraded the stock.

Shares of Blue Nile, which runs diamond retail site Bluenile.com, rose 32 cents to $40.98 in afternoon trading on the Nasdaq Stock Market.

Analyst Jack Murphy upgraded his rating of the stock to "Outperform" from "Market Perform" Monday, saying he thinks the company has good potential for growth and increasing its long-term cash flow.

In a client note, Murphy wrote he believes the company will keep growing its site traffic and sales, and that he thinks Blue Nile is seeing gains from an invigorated jewelry industry. In the long term, the company could hold 15 percent of the U.S. diamond engagement market, he wrote.

more...
http://biz.yahoo.com/ap/070402/internet_sector_snap.html?.v=1

[Roland99]

65. 3:46pm - Heading into the close feeling good. Advancers trouncing Decliners

DJIA 12,383.36 +29.01 +0.23%
Nasdaq 2,420.20 -1.44 -0.06%
S&P 500 1,424.23 +3.37 +0.24%
Dow Util 510.01 +9.83 +1.97%
NYSE 9,301.74 +39.92 +0.43%
AMEX 2,178.14 +3.24 +0.15%
Russell 2000 802.35 +1.64 +0.20%
Semcond 464.80 -0.77 -0.17%
Gold future 671.50 +2.50 +0.37%
30-Year Bond 4.84% -0.01 -0.25%
10-Year Bond 4.64% -0.01 -0.13%

[citizen snips]

66. Ethan Allen Falls on Goldman Downgrade

NEW YORK (AP) -- Shares of furniture maker Ethan Allen Interiors Inc. declined Monday, after a Goldman Sachs analyst cut her rating on the home furnishings retailer, citing ongoing troubles in the housing industry.

Shares shed 78 cents, or 2.2 percent, to close at $34.56 on the New York Stock Exchange, after trading down as much as 3.8 percent during the session. The stock has traded between $33 and $45.43 and is down about 16 percent in the same period.

Goldman analyst Adrianne Shapira in a client note cut her rating on Ethan Allen to "Sell" from "Neutral" and dropped her target price to $34 from $38, citing a choppy macroeconomic environment that is hurting the company.

She said a seeming stabilization in the housing market has turned more mixed, leading to worries that the housing market slowdown could last longer than previously expected.

more...
http://biz.yahoo.com/ap/070402/ethan_allen_mover.html?.v=1

[Roland99]

69. The store near me is going out of business.

[OrangeCountyDemocrat]

70. How Do These Fuckers Get Their Jobs?

How much money does Goldman Sachs pay this IDIOT to make her predictions?

"She said a seeming stabilization in the housing market has turned more mixed, leading to worries that the housing market slowdown could last longer than previously expected."

What stabilization? UNEXPECTED???????

What BS is she going to come up with next month?

I'm not even a stock analyst, and I knew there was no "stabilization." Yet she gets paid 6 figures to pick her nose I imagine.

[citizen snips]

67. Grains Fall, Soybeans Rise

CHICAGO (AP) -- Grain futures retreated Monday while soybeans advanced on the Chicago Board of Trade.

Wheat for May delivery fell 10 cents to $4.28 a bushel; May corn fell 19 3/4 cents to $3.54 3/4 a bushel; May oats finished unchanged at $2.76 1/2 a bushel; May soybeans rose 17 3/4 cents to $7.79 a bushel.

Beef futures increased and pork futures ended mixed on the Chicago Mercantile Exchange.

June live cattle rose 1.53 cent to 96.40 cents a pound; May feeder cattle rose 1.25 cent to $1.1122 a pound; May lean hogs fell .90 cent to 75 cents a pound; May pork bellies rose .95 cent to $1.0135 a pound.

http://biz.yahoo.com/ap/070402/board_of_trade.html?.v=4

[wordpix]

71. soybeans good for the soil and you can make soy diesel out of it

[citizen snips]

68. DJIA Leaders & Laggards: Altria Group

NEW YORK (AP) -- Shares of Altria Group Inc. posted the biggest gain Monday on the Dow Jones industrial average after the cigarette maker completed its spin-off of Kraft Foods Inc.

The 30-stock index rose 27.95 to 12,382.30.

Shares of Altria rose $2.33, or 3.5 percent, to finish at $68.22 on the New York Stock Exchange.

Shares of Merck & Co. Inc. added 84 cents, or 2 percent, to $45.01 on the NYSE in the first trading day after the Food and Drug Administration approved the drug maker's diabetes drug Janumet.

more...
http://biz.yahoo.com/ap/070402/djia_laggards.html?.v=1

[citizen snips]

72. S&P Leaders & Laggards: First Data

NEW YORK (AP) -- A $27 billion private equity buyout of First Data Corp. helped lift the Standard & Poor's 500 Index Monday.

The S&P 500 index finished up 3.69 at 1424.55.

Shares of First Data, Greenwood Village, Colo.-based credit card transaction processor, closed up $5.55, or 20.6 percent, at $32.45 on the New York Stock Exchange, after hitting an all-time high of $32.90 during the session. First Data accepted a takeover offer from an affiliate of private equity firm Kohlberg Kravis Roberts & Co. before the bell Monday, but also said it would consider other offers.

Automatic Data Processing Inc. rose $2.10, or 4.8 percent, to finish at $45.57 on the NYSE after the company spun off its Broadridge Financial Solutions Inc. unit, which began trading on the NYSE on Monday. ADP share hit a 52-week high of $46.26 during the session.

Also among the leaders was Starwood Hotels & Resorts Worldwide, which said its chief executive resigned and reaffirmed its guidance, generating several positive comments and upgrades, including speculation that the company might be bought.

more...
http://biz.yahoo.com/ap/070402/s_p_leaders_and_laggards.html?.v=2

[citizen snips]

73. Nasdaq Leaders & Laggards: NII Holdings

NEW YORK (AP) -- The Nasdaq 100 rose Monday, boosted by shares of NII Holdings Inc., which provides cell phone service in Latin America under the Nextel brand.

The Nasdaq 100, which includes 100 of the largest nonfinancial securities traded on the Nasdaq Stock Market, gained 97 points to 1,773.33. The broader Nasdaq composite rose 0.62 points to 2,422.26.

Reston, Va.-based NII Holdings rose $2.32, or 3.1 percent, to finish at $76.50. Shares of several other telecom companies that operate outside the U.S. gained following news that Telecom Italia's controlling shareholder was in talks to sell its stake to AT&T and its Mexican affiliate, America Movil S.A.B. de C.V.

Biotechnology company Celgene Corp. rose $1.34, or 2.6 percent, to close at $53.80, sharing in gains for the biotech sector overall.

more...
http://biz.yahoo.com/ap/070402/nasdaq_100_laggards.html?.v=1