Federal Deficit Shrinks in January
The US Department of the Treasury reported today that the US budget deficit for the month of January totaled $27.4 billion, down dramatically from the deficit of $49.8 billion in January 2011. About half…
All Work
Paul Ausick
Paper Companies Merger Gets DoJ Approval (IP, TIN)
The $4.3 billion merger between paper and packaging giants International Paper Inc. (NYSE: IP) and Temple-Inland Inc. (NYSE: TIN) has won approval from the US Department of Justice. The DoJ did require that the…
Bernanke Pushes Idea to Rent Foreclosed Properties
In a speech to the National Association of Home Builders (NAHB) today, Federal Reserve chairman Ben Bernanke repeated his call for converting foreclosed properties in some parts of the US to rental units. In…
US Air Force Readies Proposal Tablets (APPL, RIMM, GOOG, UAL)
The US Air Force is preparing a Request for Proposal (RFP) to acquire up to 18,000 tablet computers. The Apple Inc. (NASDAQ: AAPL) iPad 2 is among the contenders, as is the PlayBook from…
Mid-day Movers (CIE, AMRS, IPSU, MOVE, LNKD)
At about noon, the three major equity indexes have all maintained the losses they started the morning with. The DJIA is down about 118 points at about 12,772, the Nasdaq is down about 20…
Petrobras Shares Volatile on $225 Billion Development Plan (PBR)
Petroleo Brasileiro SAThe world’s fifth largest oil company, Petroleo Brasileiro SA, or Petrobras, (NYSE: PBR) has its up days and its down days. Today is one of those downers. The Brazilian oil giant said…
Philly Fed Survey Sees Sharp Drop in Unemployment
The Federal Reserve Bank of Philadelphia’s latest survey of professional forecasters indicates that the US unemployment rate will drop to 8.1% by the fourth quarter of this year. That’s down sharply from the survey’s…
Consumer Sentiment Falls in February
The Reuters/University of Michigan consumer sentiment index fell to 72.5 in February, down from a revised reading of 75 in January. Economists had been expecting a rise to 75.5. The downturn likely reflects higher…
Delay on Federal Loan Thumps First Solar (FSLR, EXC)
Thin-film solar panel maker First Solar Inc. (NASDAQ: FSLR) has been unable to shake loose a payment from the US Department of Energy on the company’s $646 million loan guarantee for the construction of…
Morning Movers (CIE, ALU, LNKD, AMRS, XIDE)
The three major US equities indexes opened higher this morning as traders react to the failure of the proposed Greek debt swap deal. The DJIA is down about 103 points at about 12,787, the…
Gannett Offers Buyouts to 665 Employees (GCI, WPO)
Newspaper publisher Gannett Co. Inc. (NYSE: GCI) has offered an early retirement buyout package to 665 of its more than 32,000 employees. The offer comes one day after The Washington Post Co. (NYSE: WPO)…
Arch Coal Tumbles on Earnings, Forecast (ACI, ANR, PCX, BTU, CNX)
Arch Coal Inc. (NYSE: ACI) reported fourth quarter and full year earnings this morning, and, like most other coal miners, the fourth quarter was just okay, while the outlook for the year ahead is…
New Building, Remodeling Constrained by Credit
The National Association of Home Builders (NAHB) national convention will hear a speech from Fed chairman Ben Bernanke today on the US housing market. Bernanke is very likely to repeat his general comments that…
Mortgage Settlement Will Lead to More Foreclosures
Yesterday’s announcement of the $26 billion settlement among state and local governments and five large US banks offered some hope for US homeowners who have struggled with mortgage payments. The other side of that…
Morning Wire — US Stock-Index Futures Down Sharply
US index futures are lower this morning as markets continue to react to the never-ending Greek drama. Yesterday’s hope for debt swap deal has unraveled (our coverage here) and next week’s deadline gets closer…
Diamond Demand to Slow in 2012 (AAUKY)
The world’s largest supplier of rough diamonds, De Beers SA, has forecast slower growth for diamonds in 2012, citing the poor global economy. In 2011, diamond prices rose 29% and demand grew by more…
Barclays Joins Bonus-Cutting Banks (BCS, DB, MS, CS, C, BAC)
Following a poor fourth-quarter earnings report, Britain’s Barclays plc (NYSE: BCS) will join other big banks like Deutsche Bank AG (NYSE: DB), Morgan Stanley (NYSE: MS), Credit Suisse AG (NYSE: CS), Citigroup Inc. (NYSE:…
Greek Budget Cuts Not Enough, Deal is Dead
The hoped-for deal on the Greek debt swap has been rejected by Eurozone finance ministers, who demanded that Greece cut another €325 million. But that’s not all. The Eurozone also wants the Greek government…
Global Oil Demand Growth Falls
In its February Oil Market Report, the International Energy Agency (IEA) forecasts a drop in global demand from last month’s forecast of 90.2 million barrels/day to 89.9 million barrels/day. The IEA’s estimate of daily…
24/7 Wall St. Closing Bell (AONE, EXPE, RIMM, AMGN, MMM, AAPL, CSCO, AMSC, BG, DNKN, LO, PEP, PM, SIRI, TDC, IPSU, TSL, DMND, GRPN, TLEO, CZR)
The three major US stock indexes opened a bit higher this morning, and after some volatility have managed to get to the final half hour of trading with a modest gain. Some news is…