The "up-to-the-minute Market Data" thread

Originally posted by burntheships
Here we go...another big securities fraudster scammer being
"discovered" by the SEC. It only took them ten years to get around to Madoff!
www.reuters.com...

I think this is something completely different than Madoff or Stanford.

The US has been trying HARD to get access to "secret" swiss acct info on people. This lady claimed to have swiss acct holders as clients. US can't prove it true or false - so innocent until proven guilty is being played as guilty until proven innocent.

The "tell line"...

"Based on what we know, there is not any issue with client funds or securities being missing or misappropriated."

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Depression Dynamic Ensues as Markets Revisit 1930s

March 9 (Bloomberg) -- The U.S. economy’s vital signs may not confirm a diagnosis of depression. The symptoms increasingly point to one.

As in the Great Depression, world trade is collapsing, wealth is evaporating and the banking system is broken. Deflation is a growing threat as companies slash production, pay and prices. And leaders worldwide are having difficulty making headway in halting the self-perpetuating decline.

“We are tracking 1929-1930,” says Barry Eichengreen, a professor of economics and political science at the University of California, Berkeley.

Full Article

[edit on 3/9/09 by redhatty]

The pound is in all kinds of trouble. Significant slippage today:

Pound hits a 6-week low

The pound was down almost four cents at $1.3761...

...Against the euro, the pound was down two-and-a-half cents at 1.0885 euros...

..."What's going on in UK shares at the moment is putting pressure on sterling," said Geraldine Concagh at AIB Group Treasury.

She added that the Bank of England's programme of quantitative easing will put further downward pressure on sterling...

]Dow, Rohm & Haas shares halted; CEO Gupta says no deal

NEW YORK (MarketWatch) -- Shares of Dow Chemical Co. were halted Monday following conflicting reports on a settlement with Rohm & Haas Co. However, Rohm & Haas Chief Executive Raj Gupta told several media outlets a settlement has not been reached over a soured $13 billion merger deal. The two companies were scheduled to meet in court earlier Monday, but delayed the trial to continue negotiations for a settlement. Dow Chemical put the deal on hold in January following the financial crisis and the economic downturn, saying now wasn't the time to swallow such a large acquisition. Shares of Dow fell 11.3% to $6.31 before being halted. Shares of Rohm & Haas rose 7.7% to halt at $68.70 at last check.

reply to post by redhatty


So they halted the shares because they lost 11% or because they may have reached a settlement?( and not disclosed it?)

reply to post by redhatty


That Ticker you linked too is nuts. I don't necessarily with the S&P to hit 5-- but then again I'm not as well versed in these matters as you guys are.

It seems as though everything is trending down, again. Crazy stuff.

Originally posted by xoxo stacie
reply to post by redhatty

 

So they halted the shares because they lost 11% or because they may have reached a settlement?( and not disclosed it?)

Not really sure, CNN had reported earlier that a deal had been made

Dow Chemical and Rohm & Haas reached a settlement on Monday under which Rohm shareholders will receive $78 a share.

Dow now also has the option to issue $500 million in additional equity at the closing of the deal.

The Haas Family Trust and the Paulson Trust will take $2.5 billion worth of preferred equity as part of their consideration.

The $78-a-share offer was the original purchase price that was about to be litigated this week in Delaware Chancery Court.

The Dow Chemical and Rohm & Haas deal will close no later than April 1.

Gupta comes back and says no deal reached, court postponed.

Probably a safety measure to keep stock valued at current level rather than fall off a cliff with uncertain news

[edit on 3/9/09 by redhatty]

reply to post by Hastobemoretolife


I mentioned before the market opened that today would probably be a swing trader day, not a fundamentals trader day

At least no news has come out to really shake the market in either direction.

Volatility increases now would not be a good thing

Airline Stocks: Airline stocks pressured by higher oil prices

This has got to be an idea of a sick joke somewhere. Since when is 100$ a barrel cheaper PRESSURE?

reply to post by redhatty


I remember you said that, so really what seems like major news to me isn't major to investors. Because most of it is already previous relayed info, like Giethner not having a plan, etc.

So really unless something major happens between now and the London meeting it should be swing trader days until the news of what was discussed in that meeting comes to light, or lack there of.

[edit on 9-3-2009 by Hastobemoretolife]

reply to post by Hastobemoretolife


I won't put my neck out and predict anything

There is a lot of talk about the mark-to-market rule and possible suspension of that rule - that could cause some MAJOR activity - already financials (from what I see) have been reacting to the possibility.

Commerce Department report on wholesale inventories is due Tomorrow - that could affect things, retail sales for February and business inventories for January come out Thursday and international trade and consumer sentiment reports come out Friday.

Kroger and Staples have quarterly reports this week too.

those are just a few I can think of off hand.

on a good note, Ford (which is not taking .gov funding) has a contract agreement with UAW

reply to post by Hastobemoretolife



I agree. Unless something comes in out of left field (bank failures, disasters, middle-east tension, new technologies) we will be stuck with a lot of these day-trader swing days. I don't see anything which can lead the markets in either direction as the world once again sits and waits for the G20 (to meet and then say nothing afterward).

How's that for confidence builders? Nobody has a plan, nobody knows what to do, and nobody is going to do anything about it. What, we are all out of ideas?
Sure looks like it.

Any reports due out this week? I'm afraid that the more days we have like today (and last Friday), the more tension will build. MSM tried to spin things to look rosy this morning but that did not hold and people are not just flooding the sidelines waiting to invest anymore.

I guess what I am trying to say is that the more of these swing days we have, the more likely a real falling-out (-5% or more) we may end up with. Am I being too negative?

Originally posted by xoxo stacie
Airline Stocks: Airline stocks pressured by higher oil prices

This has got to be an idea of a sick joke somewhere. Since when is 100$ a barrel cheaper PRESSURE?

I think that most airlines bought oil far into the future as they were afraid of it only going up. Now they are stuck with that price even though the price has fallen drastically.

I think...

I remember reading that quite some time ago, will try and find something on it other than my word..

Just a reminder, Karl Denninger (market ticker/ Ticker guy) has a radio show - starts in about 15 minutes - link Talking about "The Bezzle"

Also - forgot in my last list of reports...

The Mark To Market hearing is on Thurs.

Grrr...

Citi spends $3.5M to reward Smith Barney brokers

Last surviving Icelandic bank fails

[edit on 3/9/09 by redhatty]

Airlines can't catch a break these days no matter how hard they try. Case in point -- United Airlines has announced it could lose as much as $544 million because of falling oil prices. Say what? United has fallen victim to its own efforts to manage what's been a devastating rise in fuel costs. The airline, like just about everyone else in the business, has been buying jet fuel using a tactic called hedging. Ben Brockwell of the Oil Price Information Service calls it "an insurance policy against prices rising." So long as prices are rising, it works. But if prices start falling, it can quickly become a fiscal disaster, as many airlines are discovering.

source

This is what I was talking about. It's called hedging I guess..
The airlines thought oil was going to skyrocket so they bought it at over 100.00 a barrel and are now stuck with it at that price.

reply to post by redhatty



Thanks a lot for that link to Karl Denningers radio show.
I didn't know it existed.
Listening and bookmarked..

More Government is the answer??? What was the question???

]Congress to create a Financial Products Safety Commission

WASHINGTON (MarketWatch) -- Lawmakers in the Senate and House on Monday announced plans to introduce legislation creating a Financial Products Safety Commission that would approve mortgage products and provide consumers with advice about credit cards and retirement accounts.
Sens. Charles Schumer, D-NY, and Richard Durbin, D-Ill., plan to discuss their legislation to create the commission at a press conference on Tuesday. Reps. Bill Delahunt, D-Mass., and Brad Miller, D-N.C., will discuss the creation of similar legislation they are introducing in the House, according to Delahunt spokesman Rory Sheehan.
Miller and Delahunt have the support of House Financial Services Committee Chairman Barney Frank, D-Mass., who has indicated that creation of such a panel is a top priority of the business committee.
The panel would provide independent advice to consumers on mortgage products. It would also be charged with approving new financial and home loan products before they can be marketed to consumers.

Fresh pessimism sweeps over credit sector

Credit market indicators – barometers of stress since the financial crisis began 18 months ago – are once more flashing red.

Heightened concern over the fate of US carmakers and worries about escalating losses at banks and financial institutions and at General Electric, the largest debt issuer in capital markets, are creating a grim mood.

“There has been a strong repricing of credit risk as there is a panic almost about the financial sector,” Brian Yelvington, strategist at Creditsights, says.

“So far, most of the pain of the problems at financial institutions is being taken by shareholders and taxpayers, but there are real concerns that the problems will be so large that the pain will shift to holders of bonds and other securities.”

Debt from financial institutions – including some of the biggest banks such as Citigroup and Bank of America – is widely held by investors ranging from pension funds to insurance companies.

Concerns about the value of these holdings have pushed risk premiums higher across the board.

“We are in another round of the credit crunch where the intensity is spreading,” Mary Miller, director of fixed income at T. Rowe Price, says.

Free registration required for full article at the link above

[edit on 3/9/09 by redhatty]

reply to post by redhatty


I wonder if they will teach us how to cheat on our taxes?

Geeze, exactly what we need government giving us advice with what to do with our lives. What is this congress thinking. They can't even fix the mess we are in, but they want to give advice on how people should spend their money.

Then another deepening credit crunch over in Europe not good, I guess that is what we have to expect coming around here each time the credit markets seize up the harder it will be to unfreeze and the effects will be felt to an even greater extent.

Wonderful!

Daily Finals:

Dow Jones Industrial Average 6,547.05 4:03pm ET -79.89 (-1.21%)
S&P 500 INDEX,RTH 676.53 4:52pm ET -6.85 (-1.00%)
NASDAQ Composite 1,268.64 4:52pm ET -25.21 (-1.95%)

FTSE 100 3,542.40 12:40PM ET 11.67 (0.33%)
CAC 40 2,519.29 1:13PM ET -15.1599 (-0.60%)
DAX 3,692.03 12:45PM ET 25.62 (0.70%)

Gold $921.92
Oil $47.15

New Highs 5 5 1 84
New Lows 742 133 503 631

S&P DEP RECEIPTS 68.11 4:00PM ET -0.81 (-1.18%) 364,925,565

First Bankshares, Inc. 1.57 2:56PM ET -1.24 (-44.13%)
Provident Community Bancshares, 1.50 3:07PM ET -1.02 (-40.48%)


[edit on 3/9/2009 by Hx3_1963]

Good News! No really..

Obama Farm Plan ‘Dead on Arrival,’ Agriculture Panel Chief Says


www.bloomberg.com...

...Now back to your regularly scheduled bad news...

Obama Wants Review Of Signing Statements
www.cbsnews.com...
President Wants To Know How Bush Used Notations For Officials On How To Implement Laws

:snip:

When signing legislation, Mr. Bush often would use such statements to direct officials to ignore parts of the law he thought were incorrect or restricted the administration's constitutional powers.

Gibbs said presidents have used such statements to note potential problems and Mr. Obama planned to continue that practice. But Gibbs said Mr. Obama would not use those signing statements to completely disregard Congress' intent.

...nice huh?
Just cross out anything you don't like...

FDIC: We've Got You Covered
www.cbsnews.com...
With 17 Federally-Insured Banks Failing So Far This Year, Chairman Says Agency Can Handle Losses

(CBS/AP) The head of the agency that insures bank deposits said Monday it has plenty of money to cover any failures this year.

Sheila Bair, chairwoman of the Federal Deposit Insurance Corp. (FDIC), said the agency has set aside $22 billion to cover any projected losses over the next year, leaving $19 billion.

Just 2½ months into the year, 17 federally insured banks have failed.

Appearing on CBS' The Early Show, Bair said the FDIC does not predict how many more banks might fail this year, but did admit that "the number will go up, and it will continue to go up. But we've been preparing for this for some time, so it's well within our capacity to handle."

Huh...thought Obama held the title on speaking out both sides of his mouth...guess he's giving lessons now...


[edit on 3/9/2009 by Hx3_1963]