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Monthly Archives: August 2012
In Play and On the Wires
Durable Goods: Prior 1.3%, Market Expects 2.5%, Actual 4.2%
$MSG Pops 10% in Pre-market Trade as Profits Triple
“NEW YORK (MarketWatch) — Madison Square Garden Co. MSG +2.37% said Friday its fourth-quartet profit more than tripled to $28.6 million, or 37 cents a share, from $8.53 million, or 11 cents a share, in the year-ago period. The owner of the New York Knicks and the New York Rangers said its revenue increased to $332.9 million from $233.9 million. Wall Street analyst expected MSG to earn 24 cents a share on revenue of $267 million, according to a survey by FactSet. Among the company’s segments, MSG Sports saw the biggest jump in revenue to $131.2 million from $75.4 million.”
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Dole Recalls Bagged Salad on Possible Listeria Contamination
“Dole says it is voluntarily recalling 1,039 cases of bagged salad after a random sample tested positive for the Listeria bacteria.
Dole Fresh Vegetables, a division of Dole Food Company, which is based in Westlake Village, Calif., issued the statement Wednesday evening, saying no illnesses have been reported in association with the recall.
The specific product being recalled is 10 oz. Dole Italian Blend, with a “Use-By” date of Aug. 20, distributed in eight U.S. states: Florida, Alabama, North Carolina, South Carolina, Pennsylvania, Maryland, Mississippi and Virginia.”
Comments »Study: U.S. Trade Gap With China Has Cost us 2.1 Million Jobs
“WASHINGTON (Reuters) – The huge U.S. trade deficit with China, fueled by Beijing’s actions to depress the value of its currency, displaced or eliminated more than 2.7 million American jobs between 2001 and 2011, the labor-friendly Economic Policy Institute said on Thursday in its latest look at the issue.
The institute estimated that nearly 77 percent, or more than 2.1 million, of the lost jobs were in manufacturing.
The think tank receives about 30 percent of its funding from union groups, which have pressed both the administration and Congress for tougher steps to rein in the growing trade deficit with China, which hit a record $295 billion in 2011.”
Comments »U.K. GDP Shrinks Less Than Expected
“The U.K. economy shrank less than initially estimated in the second quarter after construction and production output were revised to show a smaller slump.
Gross domestic product fell 0.5 percent, compared with an initial estimate of a 0.7 percent decline on July 25, the Office for National Statistics said today in London. The report also showed the impact of cooling export demand, with net trade cutting 1 percentage point from GDP, the most since 1998.”
Comments »The Euro Weakens Overnight
“The euro snapped four days of gains against the dollar after the European Central Bank’s plan to buy government bonds was said to be held up until Germany’s ruling on Europe’s permanent bailout fund.
Chancellor Angela Merkel said Germany and France will keep pressure on Greece to overhaul its economy when she meets Prime Minister Antonis Samaras, who is seeking more time to fix his debt-ravaged country. ECB President Mario Draghi may wait until Germany’s Constitutional Court rules on the legality of Europe’s fund on Sept. 12 before unveiling full details of his plan to buy government bonds, two central bank officials said. The report undermined speculation that Draghi would announce new measures at his Sept. 6 press conference.”
Comments »A South Korean Court Halts the Sale of Apple and Samsung Products
A South Korean court found both Apple and Samsung guilty of patent infringement and halted the sale of their products until a fine is paid.
Comments »Oil Falls Over U.S. Growth Concerns and That the ECB is Dragging Their Feet
ECB Officials Suggest Drahgi May Wait for the German ESM Ruling Before Speaking on Bond Plan
European markets were upset that two ECB officials had suggested that Drahgi may wait for German ruling before announcing a bond buying plan.
Comments »European stocks Fall on Comments About Greece by Merkel
“European (SXXP) stocks declined, with the Stoxx Europe 600 Index heading for its first weekly fall since the beginning of June, as German Chancellor Angela Merkel said Greece must stick to its commitments to stay in the euro area.”
Comments »Asian Markets Fall on China Growth Concerns
“Asian stocks fell, with the region’s benchmark index retreating from the highest level since May, on signs of slower growth in the U.S. and China and amid concern Europe’s leaders aren’t making progress on the debt crisis.”
Comments »Global Markets Trade Lower While U.S. Futures are Off a Bit
Coward: NYC Cop Shoots Dog (VIDEO)
http://www.youtube.com/watch?v=AkVp94BFIug
Comments »Tropical Storm Isaac (Updated Forecast)
Armstrong Won’t Fight Charges, Expected to Be Stripped of 7 Tour de France Medals
Former professional cyclist Lance Armstrong said Thursday he won’t fight doping charges brought against him, a move expected to result in the stripping of Mr. Armstrong’s seven Tour de France titles.
Read the rest here.
Comments »The Five-Year Pattern For The CBOE Volatility Index (VIX)
VIX five-year pattern suggests a complacent equity market
See the chart and read more analysis here.
Comments »Ways to Recognize and Defeat Your Evil Trader
A great article on defeating your worst trading enemy: yourself.
I always seem to screw up the first day trading a new method. It’s a weird thing. It’s as though my whole internal being spontaneously rebels and shrieks and twist and turns and doesn’t want to go through with it.
It seems I have a freakishly noisy anti-trading persona residing in my head that makes itself heard at particularly inopportune moments. Either that, or I might be possessed by Satan.
Read the rest here.
Comments »Gawker and Bain Love the Caymans for Tax Avoidance
Is it just me, or does the Left hold all the patents on hypocrisy?
Gawker has an interesting headline up: “Inside Mitt Romney’s Tax-Dodging Cayman Schemes.” The gossip site also has released some 950 pages of material related to Mitt Romney’s investments, mostly having to do with Bain Capital. In Gawker’s own words: “Together, they reveal the mind-numbing, maze-like, and deeply opaque complexity with which Romney has handled his $250 million fortune.”
Most respectable publications maintain a fairly strict church/state division between the editorial side and the business side, and Gawker, a not very respectable publication, seems to do the same. Apparently, nobody thought to tell the boys on the Romney beat that Gawker Media is part of a shell company incorporated in the Cayman Islands. Gawker’s money lives in the same neighborhood as Romney’s money. Call it bipartisanship.
Read the rest here.
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