One rule that's held consistently in the recent market is that reaching for yield has cost investors in performance. I took a look at the FINRA data and the numbers were eye-opening. Here are the advance/decline numbers this past week for bonds in their investment grade index and bonds in their high-yield index (in parentheses):Tuesday, Nov. 18th: 1611/1232 (347/639)Monday, Nov. 17th: 1374/1422...
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Closing Bell: Dow closes below 8,000; C, ETFC, FNM, GM, LVLT, YHOO all got hammered
Wed, Nov 19, 4:21 PM ET
Filed under: After the bell, Major movement, Earnings reports, Analyst upgrades and downgrades, Yahoo! (YHOO), General Motors (GM), Market matters, Citigroup Inc. (C), Federal Natl Mtge (FNM), Level 3 Communications (LVLT), S and P 500, DJIAHow many days, months, quarters, etc. will this ugly bear market continue? It is just as bad as buying dips on Internet stocks in 2000. The FOMC minutes gav...
The FOMC Minutes from the late October 2008 meeting are out, and as you can imagine it is far more somber than any minutes in recent years. The worse thing is that the projections look pretty bad, and we do not even think they are being objective enough. If you don't think this is a recession or a depression just read through the full minutes. You will see a recession and you might get depress...
Filed under: Money and Finance Today, Economic data, Housing, Financial CrisisWhen you read the stories today about home construction hitting its lowest level since 1959, you probably think it's just more bad news -- but it's actually good news. The only way we're going to even get near the bottom of the housing price drop is for the backlog of available homes to be sold. We'll only see prices ...
US consumer prices dropped 1 percent last month, taking the annualized pace of growth to 3.7 percent, which is the lowest level since October 2007. Falling oil prices takes the credit for lower inflationary pressures with gasoline prices tracking the 50 percent decline in crude. Gas station receipts fell a whopping 14 percent and commodity prices have fallen in general, which has helped to push...
ReneSola: Credit Suisse Downgrades; Cites Uncertain Outlook; Some Customers Not Fulfilling Contracts
Wed, Nov 19, 10:45 AM ET
ReneSola (SOL) shares are down sharply this morning, after Credit Suisse analyst Angello Chan cut his rating on the stock to Neutral from Outperform. Chan’s call on the stock follows the company’s release yesterday of Q3 financial results. While the Q3 numbers were fine, with revenue of $215.8 million and profits of 48 cents per ADS, the company also gave stark evidence of the curre...
BJ's Wholesale Club Inc. (NYSE: BJ) appears to be one of the few standouts in retail right now. How many companies are in retail are beating already-raised guidance and still raising forecasts ahead? The big box retailer posted earnings gains of about 24% with $0.48 EPS, and that is after a $0.01 Charge. The company had previously offered guidance of $0.45 to $0.49, and that was raised to $0.3...
Goldman Sachs this morning added Research In Motion (RIMM) to the firm’s Conviction Buy list, replacing Cisco Systems (CSCO), which still remains Buy rated. The company also removed Riverbed (RVBD) from its Conviction Sell list, while maintaining its Sell rating. “For RIMM, we want to take advantage of the stock’s very compelling valuation and upcoming catalysts, including to ...
Great news on inflation (if you have money), but ominous sign for the economy
Wed, Nov 19, 9:50 AM ET
Filed under: Economic data, RecessionI sure am tired of writing about bad news. That's why I was happy to read this morning that the consumer price index (CPI) tumbled by a record 1% in October. In the last 61 years, there has never been a bigger monthly decline in the CPI. The cause? You guessed it -- a huge drop in gasoline prices. But wait, there's more. Core inflation -- the Fed's favorite ...
Broadband Penetration: 7 Ways to Profit From Our Biggest Infrastructure Need
Wed, Nov 19, 8:59 AM ET
As is usually the case, I’m sitting here writing from my comfortable home office in rural northeast Pennsylvania. I often marvel at the fact that even from my remote location, I’m able to do research and submit copy over a broadband connection. Of course, 20 years ago we never would have thought of broadband penetration as a necessary component to our nation’s infrastructure. ...