A wide variety of earnings sucked balls this morning, as the ill effects of the economy kick in. However, on a brighter note, M&A is back, with BRCM ripping out ELX for a song.
If news is what you need, my man CRONKITE will hook you up.
Bottom line: RFMD caught an Oppy upgrade this morning and TXN beat earnings. The idiots from Texas NEVER beat on earnings. Expect to see better than expected earnings coming from the chips and more of the same criminality from the banks.
God speed.
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Back by popular demand, Bloomberg is trotting out the comedy team of Roubini & Whitney.
quick update from Maw: Amazon is going to miss on Thursday big. In fact, the market will likely shit the bed because of it. Kindle is as bullshit as Global Growth. Frank the UPS guy told Maw Amazon boxes are dropping with the rest of the orders.
Watching SMH for a go (buy) after the market is open a minute or two.
Everything appears to be lining up (except BRCM which is a small %).
$FAZ up $1.60 overnight $$$$
Cool Cronkite! News I can use.
FAZ, thanks to Hal’s 3rd tier blog escaping SEC’s Mr. Polese(Police- Funny)is over $13.31 as of this post in PMT.
Seems though that an earnings beat by a bank now doesn’t mean anything as C and BAC beat handily and and their prices legged downward.
All eyes now firmly on the stress tests as the bears retake their ground in financials.
IMO all of the associated sectors will get their faces ripped off- life insurers, reits, casinos, and anyone else that needs financing.
IMF says banks need 875 bill in equity.
Where is Obama’s check book?
TXN profits were down 93%??? how the fuck they beat …..all they had to do is say they are not going out of business this shit is depressing
Doug Kass said a 6% correction here – It looks like that will be complete today, no?
That’s a world wide figure, Fly and the freaking UK would probably account for 95% of that capital requirement 🙂
Godspeed, one word. Thanks, I’ll need it this morning.
in case you’re wondering how this shit happened? Check out the pay scale of the average American worker, take Home Depot for example, and then throw in the fact that most jobs offer only partial health coverage at best. 11 bucks an hour? Sound pretty good? 1500 per month. Ever try to live off that while working full time and keep up with your mortgage? I think not. You want to fix the fuckers who lent out the money, skimmed billions off the top while doing it and bought themselves private jets or the folks who busted their ass and didn’t get paid enough because there are no unions anymore and no decency at the oorporate level? http://www.payscale.com/research/US/Employer=Home_Depot_Inc/Hourly_Rate
two words is acceptable
Obama’s checkbook was pickpocketed by Chavez when they were doing the ’70s lefty Marxist “right on” handshake.
SMH is a go.
Doug Kass hangs out in Palm Beach. He also had a great call to buy BAC just under 30. When the Dow’s around 5k next year he’s going to call the bottom again and everybody’s going to think he’s brilliant.
Prof:
If you want to see higher wages at the bottom of the pay scale then throw the 11 million illegals. That’s the only reason the bottom quintile never participated in the solid wages increases over the past 20 years.
Listen to me closely, buy DXO here. I know you think oil is going to zero and if you do fine hedge it but again start the riverboat gambling position again. I am initiating new buys again at this level since I sold my previous position north of 3.20. My target time line is July-August on the position.
Out of SMH for a quick 1%.
Not looking as good as hoped.
Watching homies,RIMM for daytrade op.
Don’t believe a fucking word the IMF says as they’re too fucking dishonest to be believed at this point in time. I’m not suggesting things are rosy, but the IMF has less than zero credibility on anything in these matters.
Those pieces of shit are looking at the pot of money they were promised ($200 billion) and figure out that if they say anything rosy there would be next to no chance they get the pledges from the G20 bullshit confab.
If you want to read a supranational that has cred then you can’t go past the BIS (bank of international settlements). Those fuckers were warning of this clusterfuck back in 2004-05
The IMF knows full well that they wouldn’t see a cent if things turn around in hurry.
Fly what are doing with ODP and ALU ? ALU seems to have good earnings and not a ton of debt
The site definitely looks cleaner with the modifications, but it also seems like it reduces the importance of the tabbed bloggers (including you).
On the plus side, you’re going to get more community participation with the Peanut Gallery getting its own tab, and a King of the PG tab to boot.
Just some thoughts.
J–if that were the bottom of the pay scale then you might have a point. It’s not. It’s around the median wage for the entire country. The system now has to correct via deflation. No other way out of it since the wages are not coming up. Unfortunately, bailing out the banksters so that they can continue to extend credit to people who don’t make enough to live off is simply fostering the imbalance. Simplistic solutions such as yours have a grain of truth to them but if you threw 11 million workers out of the country, median wage will barely move, an extra scoop at Friendly’s, that’s about it.
I’m not suggesting that the US throw out those people, Prof. I’m highlighting the influence the group has on the wage structure in the US.
They form around 10% of the workforce. The effect carries right up to the lower middle class.
I stand corrected.
Erin from CNBC looks alot like the wench being chased around by the pirates at The Pirates of the Caribbean ride at WDW.
It’s around the median wage for the entire country.
$11 an hour is the median wage??
C’mon Professor Karl, let’s not get too “revolutionary” in our stat babbling.
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Gapping, with you on DXO here. Also I took a small position in MOS this morning near its 100 dma. A bounce in oil here should send MOS higher with DXO.