Archive for February 13th, 2008jcgam69 writes “Saturn’s orange moon Titan has hundreds of times more liquid hydrocarbons than all the known oil and natural gas reserves on Earth, according to new Cassini data. The hydrocarbons rain from the sky, collecting in vast deposits that form lakes and dunes.” Read more of this story at Slashdot.
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Democratic National Committee: McCain Myth Buster Day 1: John McCainPosted by: admin in Today NewsDemocratic National Committee: McCain Myth Buster Day 1: John McCain Celebs rally against human trafficking Germany’s IKB to Get Third Bailout for EU1.5 Billion (Update3) Tribune Co. papers eye job cuts Ala. mulls waiving tax on rebates Comcast founder to take $1 a year Credit crunch spares energy infrastructure deals Stimulus bill: Tax breaks for small biz Obama’s victories draw more voter groups as Democrats waver Comcast founder slashes pay McCain thinks about public financing Mexico president seeks more cooperation Judge: Exxon Mobil prone to win dispute Clinton defeats show margins with whites, women, older voters slipping Singapore May Spend Budget Surplus on Inflation-Hit Populace I Don’t Believe in Imaginary Property writes “Reps Ed Markey (D-MA) and Chip Pickering (R-MS) introduced the ‘Internet Freedom Preservation Act of 2008′ (HR 5353) this week. The proposed legislation [PDF] wouldn’t legislate what’s and isn’t ‘neutral’. Instead, it would add a section to the ‘Broadband Policy’ section of the Communications Act which spells out principles the FCC is expected to uphold, in addition to having them hold summits which would ‘assess competition, consumer protection, and consumer choice issues related to broadband World wide web access services’ and make it simple for citizens to submit comments or complaints on the internet.” Read more of this story at Slashdot. Filed under: Bad news, Economic data, Housing The metro Detroit area had the highest foreclosure rate among the 100 largest U.S. metropolitan areas in 2007, RealtyTrac announced Wednesday, in a press release. Stockton, California and Las Vegas, Nevada ranked second and third. RealtyTrac also released statistics indicating that U.S. foreclosures increased 79.2% in 2007 to 2,203,295, up from 1,774,778 in 2006. Detroit registered the highest foreclosure rate among the nation’s 100 largest metro areas, with close to 5% of its households entering some stage of foreclosure during the year — 4.8 times the national average and up about 3% from 2006. A total of 72,616 foreclosure filings on 41,273 properties were reported in the Detroit metro area in 2007, up 68% from 2006. The other Michigan metro area with a foreclosure rate in the top 20 was Warren-Farmington Hills-Troy, at No. 17. “As expected, the number of properties entering some stage of foreclosure in 2007 was up in the vast majority of the nation’s 100 largest metro areas, with 86 metros reporting increases from 2006,” James J. Saccacio, chief executive officer of RealtyTrac stated. “Most of the metro areas with the highest foreclosure rates were either cities like Stockton and Las Vegas, which experienced meteoric growth and unsustainable price appreciation over the past few years, or cities like Detroit, which are undergoing a more widespread economic downturn along with higher unemployment rates.” Fifteen of the metro areas with the top 20 metro foreclosure rates were located in four states: California with six, Ohio with four, Florida with three and Michigan with two. Worst housing slump in generation Economist Steve Affinito told BloggingStocks Wednesday the data confirms the worst housing conditions in the U.S.’s metropolitan areas in more than 20 years. “The data reinforces that the U.S. housing sector remains in a deep recession, particularly in those metro areas that have suffered job losses or sluggish economic growth in 2007,” Affinito stated. “Based on the data released this day, we’re prone to see home prices continue to fall through 2008 and well into 2009 in most regions of the country.” ReatlyTrac’s household numbers are based on the U.S. Census Bureau’s 2005 estimates of total housing units. Foreclosure filings include foreclosure-related documents in all three phases of foreclosure: default — notice of default and lis pendens; auction — notice of trustee sale and notice of foreclosure sale; and real estate owned, or r.e.o. properties (that have been foreclosed on and repurchased by a bank).
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Weekly mortgage applications decrease 3% on fewer buys, refinancingsPosted by: in HousingFiled under: Economic data, Housing
The Mortgage Bankers Association’s composite index decreased 2.1% last week to 1063.5 from 1086.6 a week earlier. The refinance index decreased 3% to 4901.5 from 5054.0 the previous week and the seasonally adjusted purchase index decreased 0.3% to 403.9 from 405.3 one week earlier. Meanwhile, the average rate for a 30-year fixed loan rose to 5.72% from 5.61% the prior week. The average rate for a 15-year fixed mortgage increased to 5.18% from 5.09%. “Rates remain attractive, but with tougher underwriting standards and with just fewer people in the market for homes, mortgage activity will reflect the sector’s doldrums through at least Q3 of this year,” Affinito said. “And I have to underscore it’s a borrower market that favors applicants with good credit histories.” Filed under: Good news, Products and services, Genentech Inc (DNA), Options, Technical Analysis
After hitting a one-year high of $87.74 last February, the stock hit a one-year low of $65.35 in December. DNA opened this morning at $71.70. So far this day the stock has hit a low of $70.60 and a high of $71.90. As of 12:40, DNA is trading at $70.81, up $0.89 (1.2%). The chart for DNA looks neutral and improving slightly, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating. For a bullish hedged play on this stock, I would consider a March bull-put credit spread below the $65 range. A bull-put credit spread is an options position that combines the buy and sale of put options to hedge risk in case the stock doesn’t do what you think but still leverage nice returns. For this particular trade, we will make a 5.3% return in just five weeks as long as DNA is above $65 at March expiration. Genentech would have to fall by more than 8% before we would begin to lose money. DNA hasn’t been below $65 at all in the past year and has shown support around $67 recently. This trade could be risky if one of the company’s treatments gets into trouble with the FDA, but even if that happens, this position could be protected by the support the stock might find between $65 and $67, where it bottomed over the past few months. Brent Archer is an options analyst and writer at Investors Observer. DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that might include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in DNA. Filed under: Before the bell, Earnings reports, Coca-Cola (KO), Exxon Mobil (XOM), Market matters, Economic data, Deere and Co (DE), Housing
On Tuesday, U.S. stocks climbed after billionaire investor Warren Buffett proposed a buyout of bond insurers’ municipal liabilities. The Dow industrials, which added as much as 220 points intraday, ended up 133 points, or 1.09%. The S&P 500 gained 9 points, or 0.73%, while the Nasdaq Composite finished flat. At 8:30 a.m. EST, the Commerce Department will report January retail sales. Sales are expected to have dropped 0.3% in January, while sales ex-autos might have increased 0.2%. Through the say of retailers, investors will learn how consumers are faring. Since consumer spending accounts for more than two-thirds of U.S. economic activity and has been key in driving the economic expansion of current years, the market could react to any surprises that would change the general pictures individual retailers have painted when reporting weak January sales figures earlier this month. At 10:00 a.m., December business inventories are due and after that weekly crude inventories. Gasoline stocks likely rose the past week and oil prices rebounded slightly Wednesday after earlier falling below $93 despite. Traders seemed to be reacting more to the expected rise in U.S. supplies and falling global demand rather than Venezuela’s halt of crude sales to Exxon Mobil (NYSE: XOM). Overseas, Asian market generally closed higher, but European stocks have fallen in morning trading. Coca Cola (NYSE: KO) reported that fourth-quarter profit rose 79% on a double-digit increase in sales. Earnings climbed to $1.21 billion, or 52 cents a share. Excluding items, earnings were 58 cents a share for the quarter, beating analysts forecast, on average, of 55 cents a share for the quarter. Net operating revenue grew 24% to $7.33 billion from $5.93 billion in the fourth quarter of 2006. Deere & Co. (NYSE: DE) posted a fiscal first-quarter profit rise of 54% on strong international sales. Profit rose to $369.1 million, or 83 cents per share, beating expectations of 78 cents per share. Revenue grew 18% to $5.1 billion, from $4.43 billion last year. Analysts expected $5.07 billion. Also in the news are: repapetilto writes “ISS Science Officer Don Pettit reports in his journal that outer space gives off a smell ideal described as “a rather pleasant sweet metallic sensation.” Kind of odd considering smell is supposed to be due to volatilized chemical compounds.” Read more of this story at Slashdot. vm writes “NOVA’s current documentary, “Astrospies,” was written and co-produced by journalist and NSA expert, James Bamford. It details the U.S. Air Force’s orbiting spy station program begun in the 1960s, the Manned Orbital Laboratory. Designed from a heavily altered Gemini 2 capsule and launched from a Titan III booster rocket, MOL was basically intended to be a Hubble telescope pointed at Earth with the sole intention of collecting pic intelligence on the Soviets using an impressive array of optics and gyro balanced cameras operated onboard by specially trained astronauts. The lab was never launched, however, due to the competing Corona unmanned spy satellite program funded by NASA and the National Reconnaissance Office. Partly spurred by the success of the Apollo missions, the Soviets, meanwhile, sent cosmonauts to its own succesfully launched spy platform, the Almaz. In addition to an onboard film lab and a space-to-ground image relay system, it included an alarming first in manned space exploration; a 23mm aircraft cannon — which is rather ironic in light of Russia and China’s current attempts to ban space weaponry. At a time when we’re still unearthing details about the post 9/11 domestic spying debacle, it’s a fascinating look at the history of technology used to look over our neighbors’ fences.” There’s more to the story but what these sorts of stories always make me wonder, is since this was the 60s, what are they doing NOW! Read more of this story at Slashdot.
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2008
The Grammy Awards as Revolution: a 50-year musical cyclePosted by: in Products and ServicesFiled under: Products and services, Consumer experience, Television, Rants and raves, Apple Inc (AAPL), Amazon.com (AMZN), Columns, Media World I normally don’t watch the Grammy Awards because they never feel very representative to me of creativity and innovation in the record industry. That’s a very narrow view, which is part of what made this year different. I did watch part of the ceremony, but I also enjoyed it and was happy with a number of the winners. Herbie Hancock’s win was the most satisfying for me. Even though I don’t listen to jazz, I have the ability to still appreciate his sentiment during his acceptance speech that the academy had finally broken the mold and awarded a jazz album the highest honors for the first time in 43 years is very telling. It’s breaking the mold that has me thinking about the record industry because it is on the verge of a major shift and reorganization. Searching for some insight into the awards, I came across this piece about the awards and the “revolution” that is occurring now in comparison to the “revolution” that was just starting in the music industry 50 years ago. What this piece illustrates expertly is how swiftly the record industry has declined. It is hard to believe that once there was optimism in the industry for technology and technological growth. It’s also hard to believe that album sales only peaked 8 years ago. Technology seems to have become quite the problem for the record industry, as they find themselves fighting against the internet community and consumers that illegally download music. But, illegal downloaders are not the only consumers that have caused the decline of the record industry; it is also those listeners that legally download music from digital store’s like Apple, Inc. (NASDAQ: AAPL)’s iTunes, or Amazon.com, Inc. (NASDAQ: AMZN)’s new MP3 store. In addition, the technology that was highly regarded in 1958, the LP (or its counterpart, the CD) has also contributed to the decline. The greatest innovations recently have come from outside the industry, with artists taking their music directly to fans in new and exciting methods. No matter how many times it is mentioned, Radiohead’s move to release In Rainbows on the internet first last October generated enough interest to send the eventual CD to number one. That same model may never be duplicated, but the future is with simple to access online retailing, not a subscription model. Consumers don’t want to rent music, they want to “own” it or at least access to it. In light of the Grammy’s 50th anniversary we should not overlook these facts, and the problems of the record industry. It might seem contradictory for the record industry to celebrate in light of massive decline, but as always the awards are not about the industry, they’re about the artists. If the academy can break the mold by awarding a jazz album the highest award then maybe there’s hope that the record industry can break the mold and effectively deal with the issues at hand. That might be too optimistic, but in the last six months more molds have been broken than the last six years. |
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Mortgage applications decreased for the first week in six on a decline in both purchase and refinance activity, the Mortgage Bankers Association 
U.S. stock futures were moderately higher this morning, indicating a similar open for U.S. stocks Wednesday. Before the opening bell, investors will turn their attention to earnings, including Coca Cola’s as well as to the government’s January retail sales report, which will likely show another drop.
