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Archive for April, 2010

April 30 (Bloomberg) — Bloomberg’s Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks tumbled, capping the biggest weekly drop since January, as criminal investigators scrutinized Goldman Sachs Group Inc. Transocean Ltd. tumbled 7.9 percent as the White House banned new offshore drilling until the Gulf of Mexico oil spill is investigated. (Source: Bloomberg)

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April 30 (Bloomberg) — Michael Gartenberg, partner at research firm Altimeter Group LLC, talks with Bloomberg’s Julie Hyman and Mark Crumpton about the dispute between Apple Inc. and Adobe Systems Inc. Apple’s Steve Jobs wrote a rare, 29-paragraph open letter yesterday, panning Adobe’s Flash video software as having “major technical drawbacks” and deepening a rift between the companies. (Source: Bloomberg)

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Disappointment over two economic reports and worries about a criminal investigation of Goldman Sachs sent stocks falling sharply.

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Investors lost some of their optimism about the economy Friday after the government’s weaker-than-expected gross domestic product report and news of a drop in consumer sentiment. Concerns surrounding financial regulation contributed to the selling, which took the Dow Jones industrial average down more than 100 points.

“The market may just be a little bit tired,” said Michael Sheldon, chief market strategist at RDM Financial Group in Westport, Conn. “A lot of good news is priced into the market.”

Many analysts have said the stock market was poised for a pullback after it climbed steadily for nearly three months.

In the last trading session of April, the Dow is still set to post its third straight monthly gain. However it looks like it will snap an eight-week winning streak.

Friday’s pullback began after the Commerce Department said the GDP rose at a 3.2 percent annual pace in the January-March period. That was below the 3.4 percent rate economists polled by Thomson Reuters had forecast.

While the GDP was up for the third straight quarter, it was down from the fourth quarter’s 5.6 percent, a rate that was inflated by government stimulus spending and companies restocking their depleted inventories. For the economy to show healthy growth, it would have to grow at a faster pace than it did the first three months of the year. Growth would have to equal 5 percent for all of 2010 just to lower the average jobless rate for the year by 1 percentage point.

The Labor Department will release its April employment report next week. Economists predict the unemployment rate held steady at 9.7 percent.

Analysts were relatively upbeat that the first-quarter growth rate, though slow, probably was good enough to help avoid a “double-dip” recession.

“GDP was slightly lower than expectations, but shows the economic recovery is probably sustainable,” said Peter Cardillo, chief market economist at Avalon Partners Inc. in New York.

Investors were disappointed by a separate report from Reuters and the University of Michigan that showed consumer sentiment rose to 72.2 in April from a preliminary April reading of 69.5. However, it was still lower than March’s 73.6. Economists had forecast a reading of 71.

The consumer sentiment report shows the “consumer isn’t fully recovered,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

Investors want to see data that shows month-over-month improvement, Luschini added.

Financial stocks were pulled down by Goldman Sachs Group Inc., which is now facing a criminal investigation for its dealings in subprime mortgage securities. A Standard & Poor’s equity analyst downgraded Goldman Sachs’s stock to a “sell” rating Friday morning. Its shares dropped more than 9 percent.

In afternoon trading, the Dow fell 106.33, or 1 percent, to 11,060.99. The Standard & Poor’s 500 index fell 15.03, or 1.3 percent, to 1,191.75, while the Nasdaq composite index fell 37.11, or 1.5 percent, to 2,474.81.

The Chicago Purchasing Managers Index rose this month, further evidence of a recovery in the manufacturing sector. The index, which reflects economic activity in the Midwest, jumped to 63.8 in April, from 58.8 last month. Economists expected the index to rise to 60.

Investors were keeping an eye on the European debt problems. The biggest concerns are in Greece, where the country faces loan repayments in a couple of weeks. If it is unable to tap a joint European Union and International Monetary Fund bailout package before May 19, the country could default on its debt.

Analysts fear that debt problems will spread across the continent and stunt a global economic recovery.

Greece, Portugal and Spain all saw their debt ratings slashed by Standard & Poor’s earlier this week. Greece’s was cut to junk status. Lower ratings make it more expensive to borrow money, which would only add to debt burdens already facing some European nations.

European markets fell. Britain’s FTSE 100 dropped 1.2 percent, Germany’s DAX index fell 0.2 percent, and France’s CAC-40 fell 0.8 percent.

The euro rose against the dollar, but analysts remain cautious about its long-term future. Some have said that the debt problems could further drive down its value or lead to a split among the 16 countries that share the currency.

Meanwhile, Goldman Sachs is again contending with negative headlines. The big Wall Street bank — which is already facing civil fraud charges for misrepresenting details about subprime mortgage securities — is now also facing a criminal investigation.

“They’re really going after Goldman pretty hard,” said Ryan Detrick, senior technical analyst at Schaeffer’s Investment Research. “That’s got people on edge.”

The Justice Department has opened a criminal investigation against the bank over mortgage securities deals it arranged. Many blame the credit crisis on the collapse of similar securities which were traded by many banks around the world.

Detrick said that after all asset bubbles, regulators and politicians look for companies or executives to blame and Goldman is currently at the top of that list.

Goldman shares tumbled $15.31, or 9.5 percent, to $144.93. Other big banks with trading operations like Morgan Stanley and JPMorgan Chase & Co. fell more than 3 percent.

About two stocks fell for every one that rose on the New York Stock Exchange, where volume came to 1 billion shares.

Bond prices rose as stocks dipped. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.67 percent from 3.73 percent late Thursday.

Gold and oil prices both rose.

The Russell 2000 index of smaller companies fell 15.92, or 2.1 percent, to 721.82.

News and Information Provided by: Finance – Financial News USA

Coming into money suddenly is something that many people dream about. However, it is not that uncommon; from lottery wins, jackpot payouts, or simply through a bonus at work. Understanding what to do with it though is not always easy though.

Of course, the natural reaction is to head out and immediately treat yourself; whether it is a holiday home in the Dominican Republic, an iconic supercar, or the latest 50 inch plasma TV. It all really depends what your personal circumstances are of course.

Next on your list is likely to be treats for your loved ones. Whether this involves another major purchase, help with the rent, or simply a gift of a PS2 Transformers game. And whilst there is nothing wrong with this, it is advisable that some advice be sought before all the cash evaporates.

Of course, such advice depends greatly on the amount of money in discussion, but whether it is millions, hundreds of thousands or a few thousand it is always good to get it. A large amount of money suddenly arriving in your lap has been known to cause more trouble than good for many.

Whilst it is only natural to want to, ‘spend, spend, spend’, this is not the best way forward. The money will be there a month, three or twelve months later. And if placed into a high interest account, this will simply be an even greater amount for you to play with!

Taking time to make a list of those things that really are important will be necessary. Have a look at your debts of course, but also look to the future. You may well have already set up certain plans for your retirement, but why not make sure that your retiring income is something more than comfortable?

There will be problems to contend with too; that you really need to be aware of. Taxes will rise a great deal for example, people will ask for money (often not expecting to have to pay it back), and you should not underestimate the damage that guilt and a sense of responsibility can do.

The immediate sense of relief and joy when a windfall occurs is great, but these feelings will wear off and it is worth waiting for this to happen before any major decisions are made. We all plan what we would do with huge amounts of cash, but when it happens for real, it is vital that there is proper planning with responsible advice.

Anyone with a flair for writing may very well consider whether they can be successful at the business of copywriting. There are many times when it seems like just about anyone can get on board this financial train. Naturally, there are plenty of projects that seem very easy to come up with copy for. Yet, you have to remember that a big part of your job is finding ways to write copy for topics that are just downright mindboggling.

Anyone with any writing skill at all can write some decent copy for topics such as dog treats, relationships, or even the different versions of therapy. Yet try coming up with something more obscure when it comes to topics like used cameras or stemware. Many times you have to be able to pass the 300 word mark and delve into a topic for 500 to 700 words.

Online writing is part of copywriting. It does not matter if you are developing clients from offline venues. If you can not reasonably promote their material online then you are not going to be very successful. Keyword understanding is essential. Without it, you will end up causing problems for the client.

This means you need to know how to develop content rich keyword articles for things like a laptop messenger bag or a relatively ineffective hair loss treatment option. If you can’t write something that is spot on and interesting to read you will cost the client money. Costing a client money is one way to ensure that you do not receive more work. Your most inspired writing may come on you like a brick wall while other times you might find you’re pulling out your hair trying to get it right.

One of the greatest keys to your potential success is not taking on material that you don’t think you can possibly write well for. Your reputation can be everything in this business and if you make dramatic errors it will soil your ability to land more work. If the topic is lost on you, pass it over. Maybe a t a later date, once you’ve had more practice, you’ll be able to discover how to write for the more obscure topics.

Additionally, only take on what you can manage well when it comes to your time. Your time investment may very well be minimized on one project but maximized on another. Gauge your time wisely so that you don’t end up missing deadlines. Using deadlines as a ritualistic self imposed motivator is essential in order to deliver the work on time.

You may have writing skills but this doesn’t automatically mean that you are well suited for copywriting. Writing copy isn’t the same thing as creating stories. There are some methods of writing that are not just relevant, but impossible to get away from. If your style doesn’t work well then you may very well find that you are struggling to make a go of it.

If you have already taken out a mortgage loan that has become a burden to you, getting away from it can be a lifesaver. If you want to relax and enjoy the privilege of paying the loan quickly and also save up cash for additional things, then getting a refinance mortgage loan would be the best option. A refinance mortgage loan lets you have the luxury of paying off your mortgage loan quickly, at a much lower interest rate.

Getting a refinance mortgage loan means that your previous home loan will be replaced with a different deal, with different conditions and of course a different interest rate. With a refinance mortgage loan, the benefits are endless. The main advantage of a refinance mortgage loan is the decrease of the total payment on the mortgage value. Another benefit is that a refinance mortgage loan assists in getting some of the equity built in a lump sum payment or in instalments.

A refinance mortgage loan is an advantage for a person with a bad credit history. There are enough of lenders today who acknowledge the fact that you are a person who has had bad luck with credit and hence are ready to offer different solutions to assist you financially.

There are various types of refinance mortgage loans in the financial market. These loans can be any of the following;

Sometimes a refinance mortgage loan can come with a fixed rate which usually means that the interest on the base amount would be the same throughout the the duration the loan has to be paid. The rate generally wouldn’t change over time.

Another type of loan is the refinance mortgage loan with an adjustable rate. In this type of loan, the interest would usually change depending on the financial market conditions. Financial instutions give such loans by providing an introductory interest rate. This is a lower, but fixed rate which is used for around 3 or 5 years. Once the introductory stage has passed, the interest will keep fluctuating, depending wholly on the rates of the market.

Another type of refinance mortgage loan is the fully-amortizing loan. When this type of loan is obtained, the monthly payments tend to change with the interest rates. A balloon home loan type of refinance mortgage loan has an interest rate that is usually fixed for a particular duration and then move on to an adjustable interest rate.

Additionally, a home equity loan has a fixed rate allowing the person to use their equity and gives them a fund to spend. This type of loan is recommended for anyone who has enough equity in their home, including the ability to pay off their original mortgage loan.

April 30 (Bloomberg) — Scott Davis, industrial analyst for Morgan Stanley, talks with Bloomberg’s Scarlet Fu about investment in industrial stocks and some of his stock picks including Danaher Corp., 3M Co., and Honeywell International Inc. (Source: Bloomberg)

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April 30 (Bloomberg) — John Brynjolfsson, chief investment officer at Armored Wolf LLC, talks with Bloomberg’s Betty Liu about the bond market’s reaction to first-quarter gross domestic product, released today by the U.S. Commerce Department. The U.S. economy expanded at a 3.2 percent annual rate in the first quarter as consumer spending rose by the most in three years. (Source: Bloomberg)

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The U.S. economy expanded at a 3.2 percent annual rate in the first quarter as consumers stepped up spending, suggesting the recovery was growing more durable.

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While growth slowed from the fourth quarter’s rapid 5.6 percent pace and was a touch weaker than economists expected, the details of the report from the Commerce Department on Friday were fairly upbeat.

“We continue to see a nice bounce back in output. We believe the second quarter is likely to be equally robust,” said Mark Vitner, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.

Analysts polled by Reuters had forecast GDP, which measures total goods and services output within U.S. borders, growing at a 3.4 percent rate in the first three months of 2010.

U.S. stock index futures trimmed gains after the data, while prices for government debt were flat. The U.S. dollar was little changed at lower levels versus the euro.

The report showed consumer spending accelerating at a 3.6 percent rate in the January-March period, more than double the 1.6 percent pace in the fourth quarter and the biggest rise since the first quarter of 2007.

Consumer spending, which normally accounts for 70 percent of U.S. economic activity, added 2.55 percentage points to GDP last quarter, the biggest percentage contribution since the fourth quarter of 2006.

There have been worries the U.S. recovery, which has been led by the manufacturing sector as businesses begin to rebuild inventories, could sputter if consumers did not come on board. These concerns are beginning to take a back seat.

“We’re seeing the beginning of the process of a broad-based recovery,” said Michael Woolfolk, senior currency strategist at BNY Mellon in New York.

The U.S. Federal Reserve on Wednesday noted economic activity had continued to strengthen in recent weeks and the labor market was starting to improve.

However, saying it sill expects a modest recovery, it left benchmark overnight lending rates near zero and renewed its vow to keep them low for an extended period.

Business inventories increased $31.1 billion in the first quarter as businesses restocked to meet firming domestic demand, the first increase since the first quarter of 2008. Inventories contributed 1.57 percentage points to GDP, less than half the contribution in the last three months of 2009 when businesses became less aggressive in clearing their warehouses.

When businesses slow the rate at which they are liquidating inventories, manufacturers raise production and this boosts GDP. Inventories fell $19.7 billion in the last quarter of 2009.

Excluding inventories the economy expanded at a 1.6 percent rate in the first quarter following a 1.7 percent pace in the fourth quarter.

Businesses continued to spend on software and equipment, though a bit less vigorously than in the prior quarter. This still bodes well for the economic recovery. Business investment rose at a 4.1 percent rate after a 5.3 percent pace in the fourth quarter.

“If they are spending on equipment already, it shows a lot of confidence for the future hiring which supports consumer spending. If we continue to have employment growth, we will have a good year,” said Kurt Karl, head of economic research at Swiss Re in New York.

Last month the economy enjoyed the strongest jobs growth in three years as private employers stepped up hiring.

New home construction, which showed some hesitancy early this year, was a drag on growth in the first quarter — after two quarters of gains. Residential investment contracted at a 10.9 percent rate after growing at a 3.8 percent pace in the fourth quarter.

Spending on structures subtracted from GDP for a sixth straight quarter. Export growth slowed sharply to a 5.8 percent pace in the first quarter from a 22.8 percent rate in the prior period, while imports rose at an 8.9 percent rate. That left a trade deficit that chipped off 0.61 percentage point from first-quarter GDP.

News and Information Provided by: Finance – Financial News USA

April 30 (Bloomberg) — Robert Carnell, chief international economist at ING Financial Markets, talks about the outlook for the U.S. economy. He speaks with Bloomberg’s Andrea Catherwood in London.

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