Media Digest 5/10/2010
Reuters: The US exchanges will testify before Congress about the market plunge. Reuters: The NYSE and NASDAQ said that they would cooperate with investigations of the market meltdown. Reuters: S&P futures rose as central…
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Douglas A. McIntyre
New Oil Threat Described By NOAA
“The experimental containment dome was successfully positioned over the leaking riser pipe last night, but then had to be removed after a large volume of ice-like methane hydrate crystals accumulated inside of the structure.…
Smartphone Sales Surge as Apple Picks Up Share
Apple Inc.’s (NASDAQ: AAPL) share of the smartphone market rose 60% in the first quarter of 2010 as sales for the entire industry grew 57%. The total handset market grew only 22% during the same period…
In A Surprise, Consumer Credit Rises
Consumer credit rose in March, a bit of unexpected new. According to the Federal Reserve, the figure “increased at an annual rate of 1 percent in March 2010.” The total of revolving and non-revolving…
Four More Banks Fail, Total Of 68 In 2010.
Another week, more bank closers. The FDIC and state authorities shuttered four more banks. Those closed along with details of the FDIC costs and sales of assets: 1st Pacific Bank of California, San Diego,…
ECB Can’t Buy Sovereign Bonds
After ECB President Trichet declined to get his agency involved in the liquidity crisis among the Eurozone region, fixed income of sovereigns in the area collapsed. Economists faulted Trichet and said that if he were to reverse…
“Birth/Death” Numbers Show Unemployment Is Not Improving As Assumed
Factor in the birth/death numbers and the count on people who were “unattached” to the work force who became attached last month and real job growth was less than 50,000. The government headline made…
Today’s Best Market Rumors (5/7/2010)
Updated throughout the day. The Goldman Sachs Group Inc (NYSE: GS) is in settlement talks with the SEC. (WSJ) American International Group, Inc (NYSE: AIG) fired Goldman as it primary adviser (NYTimes) Douglas A. McIntyre
The Twitter-24/7 Wall St. Stock Market Report 5.7 The Wisdom Of Crowds?
Twitter has, by most estimates, 100 million members, which makes it one of the largest social networks in the world. All major media companies are on Twitter and some have more than one million…
As Oil Spills Into Gulf, Drillers Seek Permission To Attack The Arctic
If nothing else, the big oil companies are audacious. Just as thousand of barrels of oil spill from the Deepwater Horizon blowout in the Gulf, Shell Oil is in the final stages of getting court…
The Germans Knuckle Under
Whether the Germans wanted to flaunt it or not, they have always been the economic linchpin of the Eurozone. They were, until last year when China pulled ahead, the world’s largest exporter. Their GDP,…
The Oil Spill: Where Are The Remedies When They Are Needed
It is one thing to make a mistake and another to be unprepared to fix it. That is particularly true with the means of correction are at hand. BP plc (NYSE: BP), Transocean (NYSE: RIG), and…
Apple Starts To Run Out Of iPads
Someone blundered. After Apple Inc. (NASDAQ: AAPL) ran low on iPads for its overseas launch and then had to delay shipments of the tablet sold on its website, its U.S. stores are running out of…
NASDAQ Cancels Trades On 296 Companies
Acknowledging that there may have been human error in the very sharp but temporary drop in stock prices yesterday, the NASDAQ has canceled trades on dozens of stocks that were made between 2:40 pm and…
Media Digest 5/7/2010
Reuters: Stocks fell in Asia and Europe as the pound and euro fell. Reuters: The GOP’s attempt to kill a consumer watchdog program was not successful. Reuters: The Goldman Sachs Group (NYSE: GS) is…
Nasdaq Will Cancel Trades, NYSE Arca May As Well.
Nasdaq Operations said it will cancel all trades executed between 2:40 p.m. to 3 p.m. showing a rise or fall of more than 60 percent from the last trade in that security at 2:40…
Why The DJIA Will Renew Its Assault On 12,000
The DJIA will once again begin its move toward 12,000 after the market collapse of the last several days. The quick drop of almost 1,000 points on May 6 seems to have been due to a trading or…
The Month’s Biggest Index Losers: Chinese Agriculture, Chinese Solar, and Semiconductor Fabricators
There were strong losses in three Tickerspy indexes over the most recent 30-day period. This month’s biggest fallers are in Chinese Agriculture, Chinese Solar, and Semiconductor Fabricators. Chinese agriculture stocks continue to decline, and are down 43.2% in the past…
Did a Software Glitch Cause The Market Crash?
Part of the drop that took the DJIA down almost 1,00o points to under 10,000 is being blamed on software glitches at the exchange. Procter & Gamble (NYSE: PG) dropped 21% in a few minutes and…
Oil Spill Causes NOAA To Close Regions In The Gulf
NOAA is restricting fishing for a minimum of 10 days in federal waters most affected by the BP oil spill, largely between Louisiana state waters at the mouth of the Mississippi River and waters…