Daily Archives: December 5, 2008

The Long Knives Come Out As Apple (AAPL) Estimates Cut

Applelogo1According to Barron’s, one of the Wall St. analysts who follows Apple (AAPL) most closely has sharply cut his forecasts.

"For the September 2009 fiscal year, Munster cuts his revenue estimate to $38.86 billion from $40.45 billion; EPS goes to $5.46 from $5.67. For FY 2010, his revenue outlook drops to $50.08 billion, from $51.76 billion; his profit estimate is now $7.73, down from $7.98. Munster knocked his legendary $250 price target down to $235."

What does Gene Munster blame? The recession.

Douglas A. McIntyre

Posted on: December 5, 2008 – 6:35 am in Consumer Electronics,

California Moves To Confederate Dollars For Monetary System

AngrybearPeople still keep Confederate Dollars. They have not been worth anything since 1864, but they are a nice collectors item and evoke memories of brother killing brother.

Now, the State of California is collecting that old paper and moving it into its treasury. It has run out of US dollars and hopes that its vendors won’t notice. It looks like real money, so who will know?

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Posted on: December 5, 2008 – 6:25 am in Economy

An Irony In Low Oil Prices

Tx00338coilwellgusherodessatexasposWhen oil got over $140 a barrel, there were grave concerns that huge numbers of people could be put out of work. Airlines and auto companies could not afford high gas prices. People were faced with choosing between paying their mortgages or using their cars and trucks. Farmers and many businesses could not afford to put equipments into the field.

Now the economy has modest relief as oil moves under $50 and gas down below $2 a gallon. There can be nothing but good in that. High oil prices coupled with a slowing economy made for a poison stew.

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Posted on: December 5, 2008 – 6:15 am in Oil & Gas

A Good Time To Dump Boeing (BA) Management

R218533_855025Boeing (BA) is moving up the list of worst managed US companies at lightning speed. It went through a nice long strike with its machinists, which it settled after two months. Then it began to have labor trouble with other groups of its employees. All this worker trouble is extraordinary because Boeing has a huge backlog of aircraft orders. It might have given a little more to the union to avoid delaying the delivery of those planes and the customer discontent which accompanies it.

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Posted on: December 5, 2008 – 5:55 am in Aerospace,

Media Digest 12/5/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

NewspaperAccording to Reuters, car company executives went before Congress and pleaded for billions of dollars.

Reuters reports that governments are bracing for a long crisis ahead.

Reuters reports that Paulson says the financial bailout still faces hurdles.

Reuters writes that oil is steady below $44.

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Posted on: December 5, 2008 – 3:47 am in Press Digest, , , , , , , , , , , , ,

Asia Markets And Europe Open 12/5/2008

BritMarkets in Asia were mixed.

The Nikkei fell .1% to 7,918.

The Hang Seng was up 2.1% to 13,790.

The Shanghai Composite was up .7% to 2,019.

At the open, the FTSE was off 1.1% to 4,119. The Dax was down 1% to 4,519. The CAC 40 dropped 1% to 3,128.

Data from Reuters

Douglas A. McIntyre

Posted on: December 5, 2008 – 3:16 am in International Markets