“(AP) LEXINGTON, Ky. – Lexmark (LXK) is cutting 1,700 jobs, or almost 13 percent of its workforce, and says it will stop making inkjet printers as part of a drive to cut costs as it deals with shrinking sales of inkjets.
The printer and software company said Tuesday that it will close its inkjet supply plant in the Philippines by the end of 2015. It is also putting its inkjet technology up for sale.”
Comments »“A closely-watched index that measures market volatility is on the rise, suggesting fear is gripping markets and a selloff is brewing, said Steven Brice, chief investment strategist at Standard Chartered Wealth Management Group.
The Chicago Board Options Exchange’s Volatility Index (VIX) has risen more than 20 percent from Aug. 17, closing on Tuesday at 16.35.
“Historically, when you get the VIX at these levels there is usually a pull-back of around 10 to 15 percent (in stock markets),” Brice told CNBC, adding the selloff may not be as intense as in the past.”
Comments »“MasterCard is once more extending its reach into mobile money services in Europe in partnership with a carrier — this time in the mobile-savvy UK market. The payment processing giant has cut a five-year deal with Everything Everywhere, the JV between France Telecom’s Orange and T-Mobile, to develop mobile payment solutions, with a “co-branded, prepaid solution for mobile devices” enabling contactless NFC payments one of the first planned out of the gate. Later, the two want to include money transfers, loyalty rewards and more. Everything Everywhere is the UK’s largest carrier and the deal will cover 27 million subscribers.”
Comments »“Foreclosure fell in July, but only by a very modest amount compared to the previous month and July 2011, according to research firm CoreLogic.
In its National Foreclosure Report, it issued these statistics:
Comments »According to the report, there were 58,000 completed foreclosures in the U.S. in July 2012 down from 69,000 in July 2011 and 62,000* in June 2012. Since the financial crisis began in September 2008, there have been approximately 3.8 million completed foreclosures across the country. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.”
Gapping up
DEPO +7.6%, MCP +6.9%, PVH +5.4%, MOV +3.1%, SBH +2.4%, AIXG +1.1%,
KCG +2.5%, SBH +1%, CVGI+3.9%, SQNM +7.3%, AONE +6.3%, FCEL +3.2%,
MPET +78.6% , ELTK +8.8% , BWS +7.1%, PVH +5.4%, BMO +3.1%,
Gapping down
PWRD -8.7%, NOK -3.4%, ASML -2.3%, REFR -1.8%, GSK -1.4% ,
KLAC -2.2%, CPRX -7.4%, SDRL -1.2%, SLB -0.8%, RIG -0.7%, BP -0.6%,
Comments »AKS, APH, MT, AN, CHK, GSK, GMED, IACI, KNXA, MTB, PCYC, VMW, NOK, AAPL, F, GM, DELL, HPQ,
Comments »“New York’s attorney general is investigating whether the multibillion-dollar energy-drink industry is deceiving consumers with misstatements about the ingredients and health value of its products.
Eric T. Schneiderman issued subpoenas in July to PepsiCo Inc., PEP +0.15% maker of AMP, Monster Beverage Corp., MNST +0.47% and Living Essentials LLC, maker of 5-hour Energy drink, according to a person familiar with the matter. The subpoenas asked for information on the companies’ marketing and advertising practices.”
Comments »“TAMPA, Fla.—Mitt Romney was never the first choice for conservative Republicans such as Jason Zier, a 43-year-old resident here who jumped on the Herman Cain bandwagon last summer before voting in the primary for Newt Gingrich.
But that hasn’t diminished his enthusiasm for supporting Mr. Romney in November. “This is the guy, so let’s go,” Mr. Zier said.
Self-described conservatives have rallied around Mr. Romney to oust the target of their disdain, President Barack Obama, a turnabout of sorts from the Republican primary campaign, when Mr. Romney struggled to generate enthusiasm from evangelicals and tea-party activists.”
Comments »“European Central Bank President Mario Draghi will not attend the annual Jackson Hole meeting of central bankers at the end of this week due to a heavy workload, the ECB said on Tuesday as its policymakers gear up for a critical meeting on Sept. 6.”
Comments »“A trader in Greece gives Business Insider a grim assessment of the mood in the country right now.
Right now, I am afraid there is very little visibility regarding the political developments in the next few months. You might as well toss a coin.
At some point, however, I believe we shall reach some kind of
‘social tipping point’ ”
“MANILA/PARIS (Reuters) – Airbus won a $7 billion order to help more than triple Philippine Airlines Inc’s fleet , beating Boeing Coto a deal despite U.S. support for Manila in a diplomatic dispute with China.
The flag carrier plans to buy up to 100 new jets in total within the next five to seven years, its biggest ever fleet expansion in its 71-year history, as it restructures operations to become a low-cost carrier and regain dominance of the local market from arch-rival Cebu Air Inc .”
Comments »“The Arctic Ocean’s ice cover has shrunk to the smallest size ever observed in the three decades NASA has monitored it, according to the U.S. agency.
The area of ocean covered by ice shrank to 1.58 million square miles (4.1 million square kilometers), or 27,000 square mile less than the 2007 previous record, the National Aeronautics and Space Administration and the U.S. National Snow and Ice Data Center in Boulder, Colorado, said today in a statement.”
Comments »“Credit Agricole SA, France’s third- largest bank by market value, posted a 67 percent decline in second-quarter profit on losses in Greece and a writedown of its stake in Intesa Sanpaolo SpA. (ISP)
Net income fell to 111 million euros ($138.6 million) from 339 million euros a year earlier, the bank, based near Paris, said in a statement today. The company booked 370 million euros of losses in Greece, as well as a 427 million-euro charge on its holding in Milan-based Intesa,Italy’s second-largest bank.”
Comments »Spain managed to sell more bills than expected as yields fell. This helped the euro to remain buoyant as short cover into the September 6th ECB detail release of their bond buying plans.
Comments »“Spain’s recession worsened in the second quarter as the government’s austerity push to reduce the euro area’s third-biggest budget deficit and a slump in consumer spending offset growth in exports.
Gross domestic product fell 0.4 percent from the previous quarter, when it declined 0.3 percent, the Madrid-based National Statistics Institute said today. That’s in line with an estimate published July 30. Separately, Spain’s borrowing costs fell to the lowest in three months at an auction today after the nation’s bonds rallied this month on optimism the European Central Bankwill agree on a plan to help peripheral nations.”
Comments »“Australia’s dollar touched the lowest level in a month after commodities slid amid concern global economic growth will weaken.
The so-called Aussie declined for a fifth day against the yen after a private report showed the South Pacific nation’s new home sales dropped for the first time in four months. Data this week may show Chinese manufacturing stagnated. New Zealand’s dollar weakened after Asian stocks retreated and dairy exporter Fonterra Cooperative Group Ltd. cut its forecast for payments to farmers.”
Comments »“Apple Inc. (AAPL) is seeking a U.S. sales ban on eight models of Samsung Electronics Co. (005930) smartphones and the extension of a preliminary ban on a tablet computer after winning a patent trial against the South Korean company.
Apple, which won more than $1 billion Aug. 24 after a jury found Samsung infringed six of seven patents at stake in the trial, named the phones it wants barred in a filing yesterday with U.S. District Judge Lucy Koh in San Jose, California. The list includes several devices in the bestselling Galaxy lineup.”
Comments »“Japan stocks slid, with the Topix (TPX) Index falling the most in more than three weeks, after the government downgraded its assessment of the economy amid slowing growth in China, and on speculation Federal Reserve Chairman Ben S. Bernanke will refrain from announcing stimulus this week.”
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