Market News
J.P. Morgan (JPM)
JPMorgan Chase & Co. (NYSE: JPM) joined Intel today in boosting market morale when it reported third-quarter 2009 net income of $3.6 billion, compared with net income of $527 million in the third quarter of 2008. Earnings per share were $0.82, compared with $0.09 in the prior year. The results easily beat market expectations and helped move the stock market higher during Wednesday morning.
JPMorganChase CEO Jamie Dimon continues to show he's is one of -- or is the top -- banking CEOs in world.
Oct 14 · 10:40:00 AM · Source: BusinessWire · Related: BANK OF AMERICA
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by Larry Etter
Intel (INTC)
Intel boosted the confidence of the markets when it reported better than expected results. The company Tuesday afternoon reported third-quarter revenue of $9.4 billion. The company reported operating income of $2.6 billion, net income of $1.9 billion and earnings per share (EPS) of 33 cents.
Analysts feel this points to better economic feelings in market for at least the short-term.
Oct 14 · 10:22:00 AM · Source: Business Wire · Related: Dell
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by Larry Etter
Housing
An estimated 25 million homeowners, or 48% of those with mortgages, will owe more on the loan than the house is worth by the first quarter of 2011, according to an analysis by Deutsche Bank released this week.
Why is Wall Street ignoring an analysis like this and instead is putting its faith in "green shoots"?
Aug 6 · 12:34:00 PM · Source: Marketwatch.com
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by Rich Pike
Treasuries
The U.S. Treasury plans to sell a record $75 billion in its quarterly auctions of debt next week and also indicated plans to expand inflation-indexed securities next year as it finances unprecedented budget deficits.
The Treasury plans to auction $37 billion in three-year notes on Aug. 11, $23 billion in 10-year notes Aug. 12 and $15 billion in 30-year bonds Aug. 13.
Aug 5 · 10:33:00 AM · Source: Bloomberg.com
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Munis
New Jersey had the credit-rating outlook on $31 billion in debt reduced to negative from stable by Moody’s Investors Service, which said the recession hurt tax revenue and led the state to deplete its reserves.
New Jersey has Moody’s ratings of Aa3, the fourth-highest investment grade, on $2.5 billion in general-obligation bonds and A1, one level lower, on $28.5 billion in appropriation- backed securities. Its net tax-supported debt load is the third highest among U.S. states after California and New York.
The outlook change, disclosed late yesterday in a news release by the New York-based credit-rating company, raises the possibility that those ratings will be reduced.
Aug 4 · 10:41:00 AM · Source: Bloomberg.com
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by Rich Pike
Gold
Gold gained in New York and London as the dollar traded near a 10-month low, increasing demand for the precious metal as an alternative investment.
“If gold does break through $960 an ounce, the next resistance will be $981,” brokerage firm GoldCore Ltd. in Dublin said today in a note. “Failing that, we will revert to the current range of $905 to $960 an ounce.”
Aug 4 · 10:30:00 AM · Source: Bloomberg.com
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by Rich Pike
U.S. Dollar
The dollar erased its gain versus the euro after an industry report showed pending resales of U.S. homes rose in June more than forecast, reducing demand for the safety of the greenback.
The dollar was little changed at $1.4414 per euro at 10:06 a.m. in New York, after earlier gaining as much as 0.3 percent.
Aug 4 · 10:28:00 AM · Source: Bloomberg.com
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by Rich Pike
Treasuries
U.S. Treasury debt prices shed gains on Tuesday after data from the National Association of Realtors showed pending sales of previously owned U.S. homes rose at a faster-than-expected pace in June.
The data was seen as further evidence that the struggling U.S. housing market may be reaching a bottom.
Aug 4 · 10:26:00 AM · Source: Reuters.com
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by Rich Pike
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