Bill Gates is one of the richest men in the world and the founder of one of the most successful companies ever created. That means that the media hangs on every word he utters whether he has any background for his opinions or not.
Yesterday, Gates said Wall St. management pay is too high, and then said that it isn’t. Read More
The International Energy Agency not only raised its forecast for oil demand this year but also said that rising oil prices could cut off the global economic recovery.
According to the AP, rising oil prices could imperil modestly increasing demand for oil and the recovery of the global economy.
That makes sense. When gasoline prices topped $4 last summer, it accelerated the US economy’s collapse into recession.
Douglas A. McIntyre
Applied Materials (NASDAQ:AMAT) can be added to the long list of American companies that made a profit in the last quarter and then fired a significant part of their workforces. It is a disturbing trend that will make it harder for the US economy to recover.
Applied Materials said it expected its fiscal year sales to be 30% higher. It then let go nearly 1,500 people. Read More
Foreclosure rates may have leveled off, but it would be a mistake to count on that being a long-term trend.
New data from RealtyTrac shows foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — were reported on 332,292 U.S. properties during the month, a decrease of 3% from the previous month but still up nearly 19% from October 2008. That may be a bottom of sorts, but not a very convincing one. Nevada, California, and Florida continued to be the hardest hit states. Read More
Toyota (NYSE:TM) did not keep its top spot as the world’s largest car company for very long. It held the crown for about a year. Industry statistics show the new VW-Porsche combination has produced 4.4 million cars this year compared to only 4 million by Toyota.
According to The Guardian, Toyota’s cut in production helped VW take the top spot. Toyota could ramp up manufacturing again as the recession ends and move into the No.1 spot once more.
VW may be helped by the fact that it sells almost no cars in America. Read More
Reuters: China is the key stop on Obama’s tour of Asia.
Reuters: South Korea’s businesses may start to feel more pressure from China competitors..
Reuters: Hewlett-Packard (NYSE:HPQ) bought 3Com (NYSE:COM) for $3.1 billion.
Reuters: Lou Dobbs left CNN (NYSE:TWX) Read More
Markets in Asia were moderately lower.
The Nikkei fell .7% to 9,804. Honda (NYSE:HMC) rose.
The Hang Seng fell 1% to 22,402. HSBC (NYSE:HBC) dropped.
The Shanghai Composite fell .1% to 3,173.
At the open in Europe, the FTSE lost .1% to 5,263. The Dax dropped .2% to 5,656. The CAC 40 fell .2% to 3,806.
Data from MarketWatch and Reuters.
Douglas A. McIntyre
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