This was the headline from Marketwatch. Bloomberg says since 1974. Alstry says whoever is right, it was fantastic since it was only a 3 and 1/2 day week. Now the question is where are we going. [more]
If you think I was negative before......just wait until you start reading what is going to be in newspapers in coming weeks and months. [more]
LONDON (MarketWatch) -- Steel maker ArcelorMittal said Thursday that it is targeting up to 9,000 voluntary redundancies as part of its plan to cut expenditure by $1 billion. The firm said it is meeting with its European Works Council to present the plans Thursday. The focus is mainly on non-production employees and represents around 3% of the total workforce, the group said. "The global economic reality means that it is only sensible to adopt such measures," said Bernard Fontana, the executive vice president in charge of human resources. [more]
CHICAGO – President-elect Barack Obama sought to reassure the nation and nervous holiday shoppers about the ailing economy Wednesday as beleaguered stores braced for their most important month of the year. [more]
New Jersey's pension fund has lost more than $23 billion this year, dropping to its lowest level since 2003 as a collapsing financial market battered its investments, a new state report shows.
The latest losses -- nearly $9 billion in October, and another $3 billion so far this month -- mean the fund is now worth $57.8 billion, or less than half the $118 billion in benefits it is due to pay out over time.
Sen. Bill Baroni (R-Mercer), whose district includes many state workers covered by the fund, called the drop in value "a historic breakdown," and demanded a legislative review and criminal investigation of the state's investment policies. [more]
If the Inland Empire is one of the birthplaces of the current recession, it is also at the forefront of the nation's growing pain over joblessness -- with the highest unemployment rate of any large metropolitan area in the country.
State numbers released Friday show the Riverside, San Bernardino and Ontario area is now suffering from its highest unemployment rate in 13 years at 9.5% in October -- 3 percentage points higher than the national rate and 1.3 points higher than the state's rate of 8.2%.
Ignited by the collapse of the local housing market, which decimated the construction and lending industries, the wave of unemployment has trickled into almost every area, including retail, manufacturing and local government. [more]
SACRAMENTO (AP) -- California's unemployment rate jumped to 8.2 percent in October, the highest rate in 14 years, just as a state fund that pays unemployment benefits was about to run out of money.
State officials are preparing to ask the federal government to step in with a loan on Dec. 1 so they can continue paying jobless benefits to California's now more than 1.5 million unemployed, nearly a third of whom have lost their jobs in the last year. [more]
SAN FRANCISCO (MarketWatch) -- Bank of New York Mellon Corp. said late Thursday it is cutting 1,800 jobs, or about 4% of its worldwide workforce. [more]
NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) is cutting 10 percent of its investment banking staff -- about 3,000 jobs -- as the economic slowdown starts to bite into its earnings, people familiar with the situation said on Thursday. [more]
Nov. 20 (Bloomberg) -- Isuzu Motors Ltd. and Hino Motors Ltd. will cut truck production in Japan and Isuzu will slash jobs as demand falls. [more]
Nov. 18 (Bloomberg) -- GE Capital, the lending arm of General Electric Co., will cut $2 billion in costs next year as it pares jobs, forms regional units and marks assets such as overseas home mortgages for possible sale amid a global financial crisis. [more]
Las Vegas Sands to fire up to 11,000 Macau workers- AP BT to cut 10,000 jobs, 2Q net profit rises- AP
People come up to me and say, he Alstry in real life....you were right on your call about what was coming.....and things now look real bad and getting worse.......do you think we should move to China like Jimmy Rogers, or this place or that........????? [more]
Intel slashes sales outlook [more]
Even the Debt Collectors Running Dry [more]
From Toll's report today: [more]
RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.
The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism.. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration. [more]
Security Pacific Bank, Los Angeles, California, was closed today by the Commissioner of the California Department of Financial Institutions.......The FDIC estimates that the cost to the Deposit Insurance Fund will be $210 million. [more]
(MarketWatch) -- Dana Holding Corp., the Toledo, Ohio, vehicle-parts supplier, reported a wider third-quarter net loss on 9.4% lower sales and increased a planned 2008 job cut to 5,000 from 3,000. [more]
First, I doubt that there is another CAPs player who loves Costco's business and business model as much as I do. I dub myself a Costcologist. Due to the tightening economy, more and more people are stepping up, paying their membership fee, and moving their staple purchases to Costco. It is amazing how many grocery only carts you see exiting the stores these days. [more]
From the WSJ this evening: [more]
In the spirit of showing my cards at all times.....I will provide a few upcoming posts providing some detailed analysis on my red thumb candidate MHK...Mohawk Industries. [more]
SAN FRANCISCO (MarketWatch) -- General Motors Corp. will announce "important changes" to its operation when it releases third-quarter results on Friday, The Detroit News reported Wednesday on its Web site, citing an internal company email. According to the email to company executives, Chief Executive Rick Wagoner and President and Chief Operating Officer Fritz Henderson will outline changes to address challenges "brought on by the volatile global economic situation," the newspaper reported. The email does not address specific changes, The Detroit News said, but GM has recently talked about job cuts, suspending matching 401(k) contributions, and other benefit cuts. [more]
in just two weeks off its lows......and just 25 days left in November. What do you think...coincidence or conspiracy????? [more]
Alstry is the first legitmate news source to call the election in favor of Obama. [more]
Alstry's challenge to CAPs players vs. MHK [more]
Yesterday before it reported earnings....I indicated that Mohawk Industries, one of the world's largest flooring manufacturers was one of my favorite short candidates....analysts were expecting a profit of $1.12 per share vs. actual losses of $20. Not only that they pulled earnings for next quarter as well. [more]
Simply focusing on the truth and nothing but the truth. Exposing ninnies for who they really are. Standing in great company with players like Ares, DWOT, DinoD and others. It is just that the news sucks and getting worse....and the policy directives are only going to make things worse. [more]
News of a GM-Chrysler merger has chilled automotive workers throughout the country. Such a partnership would result in the closing of seven of Chrysler's 14 U.S. factories and ... As many as 200,000 jobs could be cut ... [more]
JOBS BEING CUT BY THE MILLIONS [more]