By Jason Simpkins Staff Writer Oil prices touched another record high Friday, hitting $84.05 per barrel on the New York Mercantile Exchange. The price was spurred on by Thursday's lackluster inventory report, and the prospect of more violence in Northern Iraq. The U.S. Energy Department reported Thursday that U.S. crude oil inventories declined by 1.67 […]
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U.S. Economy
Aluminum Giant Alcoa Awarded Major Parts Contract for New Stealth Jet
By William Patalon III Managing Editor Money Morning/The Money Map Report Defense contractor Lockheed Martin Corp., (LMT) has awarded aluminum giant Alcoa Inc.(AA) a $360 million contract to supply special castings for the special new stealth fighter jet known as the ‘Joint Strike Fighter.' The U.S. military will use the Lockheed Martin F-35 Lightning II […]
Retail Sales Skyrocket and Inflationary Pressures Remain Dormant
Untitled Document From Staff Reports The U.S. Commerce Department reported a big jump in September retail sales Thursday, according the Associated Press. The 0.6% increase outpaced projections and doubled the rise in sales seen in August. The positive news warded off much of the recession talk looming over the credit crunch and housing market. Weak […]
U.S. Market Update: Earnings Start, Deals Continue, Fed Minutes Upbeat...
The almighty consumer accounts for two-thirds of the economy's growth (or, at least, that's what the "experts" always claim). Well, last week, they received some pretty mixed signals about consumer activity: past, present, and future. While the world's top retailer, Wal-Mart Stores Inc. (WMT), surprisingly increased its earnings forecast for the third quarter, few others […]
Pepsi's Stellar 3Q Gains Fueled By International Growth and Falling Dollar
By Mike Caggeso Staff Writer PepsiCo Inc. (PEP) ended its third quarter with big numbers – a 17% gain in net income, a 19% increase in earnings per share, and an 11% gain in revenue – largely because of its continually growing international presence. The global beverage-and-food company has been ramping up operations in China, […]
Bank of Japan Holds Its Lending Rate Steady
From Staff Reports Bank of Japan policymakers yesterday (Thursday) voted 8-1 to leave the key overnight lending rate unchanged at 0.5%. Japan's central bank last raised interest rates in February, when it lifted the overnight rate by a quarter of a percentage point. The announcement was published on the Bank of Japan's website yesterday afternoon. […]
Housing Hits the Semiconductor Market; Synaptics Named the Profit Play to Make Now
By William Patalon III and Mike Caggeso Money Morning There's a surprising new addition to the long list of industries stung by the U.S. housing slump and the accompanying mortgage crisis: The semiconductor sector. The housing sector's ills were alleged to have spread to the semiconductor market this week when Microchip Technology Inc. (MCHP) was […]
Eleven Ways to Profit From the Falling U.S. Dollar
By Keith Fitz-Gerald Contributing Editor Every year I talk with thousands of investors around the world and invariably the Number One question I'm getting lately is: "What's up with the dollar?" That's completely understandable. But it's actually what's "down" with the dollar that matters when it comes to setting the stage for your own global […]
Strike of 31,000 Chrysler Union Workers Ends After Six Hours With a New Agreement; GM Workers Ratify Their Union Deal
By Mike Caggeso Staff Writer It took a six-hour strike to get it done – with more than 31,000 members of the United Auto Workers walking out on their jobs at the newly private automaker, Chrysler LLC, at 11 a.m. yesterday (Wednesday) – but the company and the union reached agreement on a tentative four-year […]
Beware of This Fed-Led Stock Market Rally
By Keith Fitz-Gerald Contributing Editor Money Morning/The Money Map Report As a professional trader, I’m never far from my trading screens. But I find that I’ve been watching them even more intently than usual over the past few days. When I take a step back and attempt to assess just why I seem to be […]