feedoct02




			Thursday October 31 3Q02 GDP up 3.1% (+3.6% expected) BEA Chicago PMI fell more than expected Reuters Who's been playing stupid pension tricks? MSN More than three dozen stocks that could get hit Uncle Sam’s crooked accounting MSN The official numbers show a $159 billion deficit this year, the first since 1997. But official figures don’t mean much. If a private company used this accounting, its CEO would be headed for jail. NJ Pension Fund Loses $6 Billion in Worst-Ever Quarter Bloomberg Vanguard warns on bond fund risks Boston Globe 'Irrational exuberance'' on the part of investors seeking safe havens in a chaotic year for stocks. 3 words: 'bear' 'market' 'rally' CNNfn Homes in foreclosure rise 21% in Bay Area Mecury News The Great Refinancing Wave is receding AJC Dollar Under Pressure on U.S. Data Nerves Reuters US$ downtrend to resume shortly Gold-Eagle New Fed lending plan troubles bankers IHT (Bloomberg) ABA October Auto Numbers May Be Ghoulish for Industry Bloomberg Worker morale has suffered with economy Mecury News EDS to Cut 5,500 Jobs, Profits Fall AP DuPont to cut 650 coatings positions P Inquirer SEC probes Lucent's accounting USA Today Audit Overseer Previously Cited Problems NYT (R) Mr. Pitt chose not to tell the other four commissioners who voted that Mr. Webster had until recently headed the auditing committee of a company that was facing fraud accusations, according to S.E.C. officials. SEC seeks probe of himself CBS MarketWatch Biggs says lobbyists to blame Reuters Mutual-fund industry needn't salute itself P Inquirer Trends In Mutual Fund Investing (September) ICI NYSE Disciplinary Report NYSE Sam’s Slick Deal New York Post Korean 'stock riggers' arrested BBC Japan Unveils Bank Reform Proposal Washington Post Too weak to work? Plan Falls Short of Tough Pledge, Analysts Say Europe's most powerful banking sector is on red alert Guardian Bank woes strike Europe down CNN Deutsche Bank posts shock loss Hays warning sends shares plunging BBC This was certainly unexpected and shows weaknesses in areas where we weren't expecting any. China's First Gold Exchange Opens for Trade People’s Daily Wednesday October 30 The Importance Of Consumer Confidence Comstock Every drop in the index to 80 or below since 1967 was associated with a sharp decline in retail sales. Bear Rages Past Wall St. to Tax Coffers NY Times (R) As deflation fears grow, a look at how it would affect us Philly SEC May Make Companies Disclose Off-the-Books Debts Bloomberg The rule change would require companies with an estimated $3 trillion of debts to list the off-balance-sheet liabilities that mature in the next five years in a table as part of their annual filings. SEC proposes more reform rules CBS MarketWatch SEC Open Meeting Agenda ~ Real Player ~ Windows Media Auto sales could be economic 'time bomb' USA Today Bear market eats away at pension holdings CBS MarketWatch Shaky crutches for the elderly CBS MarketWatch Use of credit cards growing among seniors 22nd Decline for S&P 500 in Oct NY Post Some said they believed Fidelity, whose fiscal year ends tomorrow, was trying to spark a rally before the end of the month. Retailers' Hopes For Holiday Sales Collapsing Bloomberg Biotech firms face funding crisis Boston Globe Citi Severs Research, Banking CBS MarketWatch GE sees investment securities at risk Reuters Corning to Cut About 2,200 Bloomberg For-profit U.S. schools sell off their textbooks Globe & Mail What if your school becomes a victim of the stock market meltdown? School kids tutored on how to play stock market Cincinnati Enquirer Rolling dice gives insights on risky investments All the cool companies are expensing their options Entrepreneur Evans on The Economy - The Sick Man of Europe Industry Week Germany's politics spell doom for its economy Fed may force ECB's hand on rates IHT IMF trims Euro growth forecast BBC Japan bad loan programme puts banks on notice Reuters Japan's central bank further eases super-loose monetary policy AP Grim Figures Cast a Shadow on Japan's Bank-Debt Plan NY Times (R) Tuesday October 29 Consumer Confidence at lowest level since Nov 1993 CB Markets See Rate Cut After Consumer Data Reuters Morgan Stanley COO warns of double-dip Reuters The Bear's Lair: Tottering market theory UPI The existence of bubbles of the size of the Internet bubble of 1996-2000 is not just a minor anomaly in the (EMH) theory. Because of its size, the bubble invalidates the theory altogether. Business As Usual? Tocqueville Major Financial Firms Are Just Too Big To Prosecute NY Post The Oracle of Everything Fortune Buffett has been right about the stock market, rotten accounting, CEO greed, and corporate governance. Cost-cutting doesn't equal growth Globe & Mail The cult of 1974 CNNfn There's no way in hell cash is about to come roaring back into the market Drop in Chain Store Sales Bad Omen Reuters Holiday season may be the worst in a decade - Merrill Bloomberg Why James Grant Will Never Be Louis Rukeyser Bloomberg Layoffs deliver storm of emotional troubles USA Today Report: Venture Capitalists Cautious AP This year's third quarter represented a 48 percent decrease from the same time last year. Productivity Growth Will Continue, But Economic Growth May Have to Slow, Warns Jorgenson CB ~ The Promise of Growth in the Information Age (PDF) Expensive-home market cools swiftly CNBC Do slowing sales for big houses mean the bubble will burst? Welch seeks to bolster legal team WSJ Suit Points Finger At CA’s Top Executives Newsday Warburg lowers revenue estimate on Cisco CBS MarketWatch Cigna's Buyback Plan Has Created a Cash Crunch NYT (R) The company seems to have fallen victim to the prevailing Wall Street wisdom of the late 1990's that companies should repurchase their shares, whatever the price or value. Qwest's $41 billion wipeout Rocky Mountain News IBM Offers New Financing to Push Sales Reuters Swiss bank Credit Suisse cuts travel, flowers Reuters Doing overtime in the workshop of the world Financial Times This year China is expected to overtake the US as the world's leading destination for foreign direct investment. China could face deflation backlash - economist Reuters Japan's 'Zombie' Businesses Live On NY Times (R) Japan Sept. Jobless Rate Near Record; Production Down Bloomberg Concern over bad debts as German economy groans Times Online Graphic UK consumers build up record debt BBC S&P cuts Philippines outlook to negative UPI Argentina risks defaulting IMF debt Business Day Markets on watch after Brazil poll Telegraph (R) The US treasury secretary Paul O'Neill said yesterday he was pleased with Brazil's election of a left-wing president but warned that financial markets would watch his first statements closely to "assure them he is not a crazy person" Monday October 28 Beating the final consensus estimates during the earnings reporting season means nothing. THE ACTUAL EARNINGS ALWAYS BEAT THE FINAL ESTIMATES! ALWAYS!...” Chuck Hill The Painful Truth about Profits Business Week Corporate America must slash more costs before earnings rise very far A Collision of Forces Morgan Stanley (Roach) The world economy is at a critical juncture -- possibly at its most perilous point in 70 years. Don't Count Too Much on Central Banks AEI Confidence in the Fed's ability to avoid all but a mild recession--remember last spring's taunt "what recession?"--may actually prolong this recession and could help turn it into a depression. U.S. Sees Net Borrowing of $76 Billion for Oct.-Dec. Quarter Bloomberg Faceless money managers put all of us at risk MSN (Fleck) Is deflation heading America's way? CS Monitor Strong dollar sustains the imbalances in the world IHT (NYT) Consumers’ Last Hurrah? NewsWeek Wall Street could be on the hook for $2 billion WSJ The investigations into stock-research conflicts on Wall Street, now reaching a head, are likely to trigger the largest settlement cost ever for the securities industry. Stock market bubbles not due to fools Business Times They arise because of investors' subtle weaknesses or partial blindness to reality; even experts aren't immune Tight U.S. Monetary and Credit Conditions Gold-Eagle (DB) Warn of possible downturn in 2003 Consumer Gloom May Cause Recession-Report Reuters Lipnick Hegde More Prickly Than Planned NY Post Pension fund rejects order to share data Boston Globe US asset managers to unveil more grim results Financial Times Workers At Hotels Face More Layoffs Washington Post Receipts key in gift return game Reuters Retailers, scrambling to cut costs as they contend with an anxiety-ridden U.S. economy and ebbing consumer confidence, are making it tougher for shoppers to return goods by slapping on fees, time limits and reams of fine print. Lights, Camera, But No Action NewsWeek Despite all the calls for corporate reform, star power rules over substance. CSFB Bankers Used Hollywood Style Financing to Hide Enron Debt Bloomberg From Class Acts to Penny Stocks Bloomberg Buyers still have an appetite for gold Business Day Weekend (Oct 26-27) Webster To Lead Auditing Oversight Washington Post Sarbanes: Pitt should quit AJC Cash Flow Numbers Scarce Despite Scandals Reuters Is Deflation In The Wind? CTNow The U.S. and U.S.-centric world are in the throes of the most disinflationary pricing cycle ever experienced in services (Roach) Ticking Sound May Be Your Pension Fund Reuters Fed Seems Headed For Interest Rate Cut Washington Post Investment banking hit hard by deep downturn Mecury News Making the losses disappear Miami Herald For every four mutual funds that still exist, one has disappeared since the bear market began in March of 2000. US pensions train risks running out of gravy Financial Times REITs May Not Remain a Haven Washington Post Bear tramples on art budgets Tallahassee In fine arts organizations across America, the bear can be heard. 4 accused of flipping must pay purchasers SunSpot Merrill Lynch 'faces new pensions case' BBC No fat cat is safe as Wall St watchdogs prowl Observer Another Asian Nation Battling a Crisis (China) NY Times (R) 'Lula' poised to win Brazil elections Don't turn your back on Brazil CNNfn Japanese bank chiefs assail government's plan to clean up bad loans AP Japan's 7 Biggest Banks want to ‘manage’ bad loans Bloomberg ‘It's outrageous if they can force us out of our positions’ US bear market turns to a lateral drift SMH What a difference 73 years makes on Wall Street. Friday October 25 Durable goods orders dive CNNfn Census Consumer Sentiment at Nine-Year Low Reuters Spectre of recession haunts US economy BBC SEC Likely To Split on Accounting Panel Chief WP The outcome seemed likely to be determined by the SEC's three Republican members, each of whom has past ties to the accounting industry. As accounting woes spread, so do concerns about SEC CSM If Biggs is not appointed, it will likely be seen as a signal that the Bush administration and powerful members of Congress want to defang the new regulatory board. Feds: Street Should Fund I-Research NYP Reform for analysts outlined USAT Industry sources with knowledge of the tense gathering say the Spitzer reforms are so costly they could trigger layoffs for thousands of research analysts. More Blood on The Street Business Week Chances are good that big securities firms and investment banks still have lots of job-cutting to do. Earnings Are Even Lower Than You Think! Comstock Greed takes the lead over fear CBS MarketWatch It's almost as though, despite it being the most severe in 70 years, the 2000-2002 bear market never happened. Wall Street's wild bear market is the most volatile on record SF Gate Option contract benefits from 'Q' drop CBS MarketWatch (Calandra) Growing consumer debt brings out the collectors Arizona Replublic Pessimism on economy growing Boston Globe The Undead Forbes David Guzman buys software for a living. He likes the stuff, but even he can't stand how many makers are trying to sell it to him these days. White House: 2002 Deficit Hits $159B Guardian Mortgage Deals Abound USA Today Home equity loans may be too popular M Journal Sentinel Analysts say housing can't sustain pace indefinitely Dallas Morning News Corporate Bonds Lag Stock Rally; Investors Skeptical Bloomberg Signs of a crunch in America's markets for credit Economist Ford Motor Debt Rating Cut to BBB by Standard & Poor's Bloomberg Fannie Mae accounting change eyed WSJ Without the accounting boost, Fannie Mae’s shareholder equity would have been roughly $11 billion -- only a little more than half its level six months ago. Not even Warren Buffet can save Level Red Herring Buffett to leave Gillette Citigroup Plans to Cut 1,000 Jobs NY Times (R) Boeing cutting 1,200 jobs CNBC Asia cuts 40 jobs Reuters The Corner of Restate and Main CFO More earnings restatements on way USAT Earnings restatements, which have already cost investors at least $100 billion since 1997 in lost stock value, are likely to get worse. Trader Takes Plea Bargain Washington Post Double dip in Sir Martin's bath Times Online Although economists can conjure relatively bullish pictures of recovery, business people are less sanguine. Japan's Recovery Could Be 5 to 10 Years Away Bloomberg Thursday October 24 Adams predicts double-dip Daily Camera My concern now is that we are heading for another downturn, this time led by consumers. Citigroup Hurt by Worries That Inquiry Could Widen NY Times (R) Egg in their portfolio Business Times “If you consider all the money invested in stock funds over the past 12 years, the combined return amounts to a big fat goose egg.” (Baron’s) WPP warns of double-dip ad recession On Business Pimco Total Return rises to the top CBS MarketWatch Exodus from stock funds continues unabated Foreign direct investment seen down 27% UPI World foreign direct investment will decline in 2002 by 27 percen, with China possibly overtaking the United States to become the largest FDI host country. Optimism over stocks highest in a month Investor Intelligence Many Depressed by Retirement Accounts AP Pensions costs hit core earnings: S&P CBS MarketWatch S&P Report Looking Glass on Earnings Just Got Darker NY Times (R) The Standard & Poor's Corporation will release today its calculations of "core earnings," as it defines them. That definition, which is subject to dispute, will make most companies look far worse than they have appeared... US accounting change may dim convertible bond glow Reuters Commentary: Shills of US productivity myth UPI Official figures for 2001 will be published by the BLS only in March 2003 Restatements Cost Billions, GAO Says Washington Post Tyco seen restating 3 qtrs of results CBS MarketWatch (WSJ) Newmont must restate earnings Rocky Mountain News Williams postpones Q3 results to Nov. CBS MarketWatch It would be premature to release earnings until we can ascertain the definitive terms of these potential sales Bristol-Myers sees $2 bln restatement CBS MarketWatch Duke Understated Profits CFO Duke Cuts Nearly 2,000 Jobs Reuters Kodak plans job cuts CBS MarketWatch Is Sears the next Lucent? CNNfn Q&A: Sun's Tolliver: "It's Brutally Competitive" Business Week Pumpkin-Carving Kit Co. Sues Stewart AP Lawyers can live off fat of the land & shake up food biz NY Post Immaterial World ABCNews Economic Woes Prompt Some to Re-evaluate Their Attitude Toward Materialism Japan PM stands firm as reform anxiety deepens Reuters Factories face the future with fatalism as orders dry up Guardian CBI The Great Mutual Funds Trap Amazon By Gregory Arthur Baer, Gary Gensler Inside The Great Mutual Fund Trap Business Week Mutual-fund managers who are able to beat the market temporarily and then boast of their latest picks on TV are nothing more than "coin-flippers of the month" Excert: Actively Managed Funds: A Loser's Game? BW Wednesday October 23 Sandy Weill dismisses 'outrageous speculation' FT The Memo Sanford Weill Will Testify in Salomon Probe DJ Fed's Beige Book FDRB ‘Retail sales were weak across the nation’ Speech - Alan Greenspan (Productivity) FDRB Pension Funds' New Realities Drag Profits Down WP They aren't breaking the rules, but the rules need to be changed. Pension Bomb Time A handy rule is to avoid shares of companies with pension shortfalls equal to 10% or more of their market value Morgan Stanley: Deflation Risk High Reuters A Bear Market Can Strangle An Economy In Various Ways NT Stock Market Delusions Gold-Eagle What are the markets telling us? CBS MarketWatch (Erdman) Beacon Hill Disaster: The First of Many? TheStreet Critics contend Fannie and Morgan have become leveraged bets on interest rates, and thus subject to the vagaries of that market. Webster Interviewed for Oversight Job Washington Post “I think he'd (Pitt) make a dreadful mistake to accept this. He's had no experience with accounting issues.” Former SEC chairman Arthur Levitt Jr. Banks and regulators set to meet over reform Financial Times Nasdaq Climax Indicator Cross Currents Stewart facing ban from public companies Financial Post AOL-TW Restates Two Years of Results Reuters CSFB Lays Off Analysts, Strategist Galvin Reuters Bankrupt WorldCom says financial woes persisting AP ‘Could be Worthless’ Prechter Predicts Crash CBS MarketWatch (Video) October 22, 1929 - Stock Market Invincible The Onion U.S. home loan demand slips CNNfn MBAA.org BIS consolidated banking statistics (ended June 02) BIS Preemptive Selling of Gold: The Bigger Picture GoldenSextant Goldman Forecasts Gold Supply to Fall 200 Tons in 2003 Bloomberg (FT) Interim bad-loan report postponed Japan Times Pressure Mounts... BBC Consumer sentiment in September shows signs of downturn Japan Times Old Japanese Debt in New Packages Business Week Japan is likely to do some $31 billion in securitization deals this year, a 75% increase from 2001. Germany's Heidelberger to cut 2,200 jobs Financial Times Funds flee equities as 1990s gains are wiped out Guardian Russell/Mellon Caps Tuesday October 22 Is This House Worth $1.2 Million? Fortune No, we don't have a housing bubble yet. But if the frenzy doesn't end soon, we will. Then, watch out. Through the Past, Darkly Barron’s Who’s ready for a terrible bear market lasting a decade or more? Not the general public... Business as Usual NY Times (R) (Krugman) Don't Let Mr. Market's Good Cheer Fool You MorningStar Although no doubt many investors and analysts are giddy over this year's consumer-spending miracle, it scares the heck out of me... Keep an eye on the U.S. Housing Market Bubble NY Post Even Alan Greenspan chimed in: No surprise, he doesn't think there's a bubble. Companies unload real estate WSJ Companies such as AT&T Corp., Citigroup Inc. and MetLife Inc. are cashing out of some of their real-estate holdings, looking to bolster balance sheets... Bear Market Fails to Expunge Bubble Mentality Hoovers (SB) The Bulls May Get Trampled Business Week Optimism in stocks is growing, but the numbers remain sobering Rally is a ‘Bull-Trap’ Comstock Chips Are Down for Dollar/Gold GoldenBar New era of fiscal realism Boston Globe The Stupid Loan Bubble NewsWeek The story of how Motorola and Nokia lost nearly $3 billion in Turkey opens a window on excesses that still threaten big telecoms Short Interest Hits Record (ended Oct 9) NYSE Changes in market functioning and central bank policy BIS (PDF File) SEC Funds Get Snarled In Dispute Washington Post Sarbanes wrote a letter Friday to Bush expressing doubt that the SEC can do its job for even a few weeks at last year's funding level. CIBC to cut branches, 710 jobs Toronto Star They're taking some pretty heavy cuts and it would suggest there's no happiness coming down the pipe. GM, Ford sputter in uncertain economy AP JDS considering massive job cuts: sources Financial Post 75% of workforce may go Bankrupt gambler sues casino WSJ Delayed Japan reform report stokes uncertainty Reuters (-3.22%) Still To Come: What's Lula Really Up To? InfoBrazil Is there reason to worry about what might happen in Brazil after October 27? Texas Instruments Trims Guidance TheStreet If you listen carefully, you can hear the sound of yet another bubble bursting Monday October 21 When will the market ever learn? Beating the final consensus estimates during the earnings reporting season means nothing. Chuck Hill Texas Instruments' 4th-Qtr Profit to Miss Estimate Bloomberg U.S. Leading Index Declines for Fourth Straight Month CB Weak U.S. business investment should make investors wary The real story in the U.S. economy isn't growth in gross domestic product, but business investment, or more precisely the lack of it. Do U.S. businesses know something that economists do not? The Next Japan? Morgan Stanley (Roach) Juggle the numbers and drop a bundle MSN (Fleck) The so-called experts get so busy juggling the numbers that they overlook the worsening prospects for those businesses. Profiting from the NASDAQ mania Nationalist Weekly I have been insisting that all the fine talk about a deflationary collapse of debt was dangerous speculation (if your purpose is making money) until M3 actually begins to decline. Well, this week M3 declined... One in three tech firms are doomed Financial Post 'There is going to be a lot more blood in water before this is over’ SEC to Seek Fraud Charges Against Stewart Reuters Mass. Accuses CSFB of Deceiving Investors Reuters Earnings reports offer scant evidence of a recovery Boston Globe States Talk Tough. Wall Street Sweats. NY Times (R) New fiscal crisis nears NY Daily Two banks key to city 'Surf City' may go plastic to bulk up local treasury CS Monitor This beachside community of 200,000 is planning a citywide credit card... Dollar Slips from Highs After Moody's Reuters Bear Market Takes Toll On Traders AP The Bipolar Stock Market NewsWeek For Richer NY Times (R) (Krugman) The Parade to Refinance CSM Energy industry's dirty little details about to see light SF Gate ‘Just-in-time’ retailing proves vulnerablee WSJ Stashing gold coins in house has merits Post-Gazette In a collapse ... your safe deposit box may be sealed by governmental order, which means your gold and silver will be inaccessible. Your deposits, if they were worth anything, may suffer the same fate as in 1929, and/or you might have to wait months or years to be able to withdraw the funds. Lights Out for Lucent NY Post (Byron) Fresh blow for Swiss Life as losses widen Financial Times Surprise spectres of recession, war expose European fault lines AP Can Germans feel Brussels' fiscal squeeze Financial Times Germany's deficit problems put a further spotlight on the EU's stability pact, which Romano Prodi, president of the European Commission, has described as "stupid". U.K. Pension Funds Post Their Biggest Loss Since 1987 Bloomberg British workers 'fear recession' BBC HK bankruptcies at record levels BBC Weekend (Oct 19-20) Great Depression bears looking at now Journal News Microsoft's Ballmer: Surge Is Anomaly Reuters An Analyst Lowers a Rating, and a Company Clams Up NYT (R) Shareholders Rise Up (In Wild West Fashion) NYT (R) Hawking 'Financial Peace of Mind' and Other Gross Financial Excess Prudent Bear (Noland) Long Valuation Waves Zeal Don't expect fairy-tale ending to bear market Reuters Bear market has sparked new interest in dividends AJC A dollar invested in a large Standard & Poor's 500 company in 1925 would have been worth $90 at the end of 2001 based on appreciation alone. With dividends, that dollar would have been worth $2,279. Strong Dollar Runs Into Renewed Resistance NY Times (R) Bush Seeks to Cut Back on Raise for S.E.C.'s Corporate Cleanup NYT (R) President to highlight pension protection Miami Herald Many voters will go to the polls shortly after receiving grim news in their third-quarter 401(k) stock statements. A Pause in the Chip Recovery Business Week (S&P) Halloween Sales Losing Momentum - Survey Reuters NRF It is the second-biggest shopping holiday behind Christmas. Small investors should be wary of funds' increasing service fees Boston Globe Investor Sharon Matheson put $2,500 into two Van Wagoner funds beginning in 2000. Today, her investment is down to $271... Van Wagoner sent her a letter saying her accounts were too small. If she doesn't pump them up, they'll start nicking her for $6 per quarter... Argentina gets no love from the IMF, but Brazil gets a record rescue. Why the difference? Maimi Herald Brokerage admits to faulty analysis on Bombardier TheStar Steve Laciak said he had "no idea" how his colleague arrived at his conclusions. Options expensing to be forced Globe & Mail (Canada) Details of the new accounting rule are slated to be released in January. Borrowers' binge goes on Times Online Pensions are becoming too hot to handle Guardian New economic package due next week Japan Times Friday October 18 What a Difference a Week Makes! Morgan Stanley (Roach) Last week I could do no wrong. This week I am a bum. Spin Cycle Financial Sense Wall Street bears may yet be stirred Financial Times The bears may be hibernating, but they can be easily stirred. ECRI Oct 11 week US economy index 116.5 vs 118.1 Reuters ECRI There is the risk of a self-fulfilling prophecy where businesses pull back because they fear a recession Economy Melting Away--Market At Great Risk Comstock Bear market chews up careers AP Trade Gap Widens 10 Pct. to Record Level Reuters Firms acknowledge pension loses Bloomberg Consumers: the next bubble waiting to burst IHT Black Tuesday - October 29, 1929 - Revisted? Depression.tv Market for high-end homes falters USA Today Health-insurance premiums' 30 percent surge is largest in decade ST Unhealthy economy Financial Times Merger mania in reverse MSN (Jubak) Insiders aren't any better at market timing CBS MarketWatch (Kellner) Pitt’s Workload for AOL Includes Caseload NY Post Pitt originally denied having done legal work for AOL on previous accounting cases... Pitt later admitted representing AOL. IBM's Earnings Were Down; IBM's Earnings Per Share Were Up NT Where will IBM get the cash to keep buying back its shares? Goldman, Merrill, Morgan Stanley Ratings Cut by S&P Bloomberg “first credit ratings downgrade for the three firms in almost a decade” NYP Intel's Real Problem: It Spends Too Much NY Times (R) Delta To Cut Up to 8,000 Jobs Washington Post Airlines Could Lose $9 Billion This Year Sun Loses $111M; to Cut 4,400 Jobs AP U-Haul in talks with bondholders Financial Times Disney downgraded by Moody's CBS MarketWatch Desperate Times for Brazil's Central Bank Bloomberg Business leader rips into Takenaka Japan Times Almost every upside earnings surprise in technology has been achieved through either cost cutting or creative accounting, and revenues are in a rut. Comstock Thursday October 17 Industrial Production down 0.1% in Sept FDRB Interview: U.S. likely to enter `double-dip' recession Asahi Reports say the Fed has considered buying equities, Treasury securities and even gold. You cannot entirely rule out the possibility of the Fed embracing such unconventional policy. As stocks rally, Dow 4,000 is imminent CBS MarketWatch (Calandra) Would you believe mortgages at 5%? CBS MarketWatch Housing Starts Soar PDF File Mortgage Applications Dip MBAA Will consumers play Grinch? CNNFn Consumer spending has helped keep the economy afloat. But it may not save the holiday season. FDIC Chief: Overhaul Banking Rules AP Powell Speech Bond Rally Over, Says Debt Guru Gross NY Post "Dr Doom" says embattled stocks still overvalued Reuters Sage of the market sees mother of all crashes Times Online (Prechter) Short sellers aren't only market villain Freelancestar Pension fund returns drop along with stocks LSJ Pension Blues Buzz the Bells TheStreet Typically, companies must contribute cash to their pension plans if the funds end up being more than 10% underfunded over a three-year period. But sudden steep drops in pension-fund values can trigger earlier contributions. IBM pension plan to hurt earnings next year-CFO Reuters We will start contributing as much as $1.5 billion (annually) to the pension plan. General Motors downgrade hits auto bonds Reuters Auto Bonds Will Extend Declines, Investors Say Bloomberg The End of The Road? (Fiat) Economist Are U.S. utilities borrowing their way to collapse? Reuters S&P estimates that U.S. utilities sector faces refinancing of between $30 billion and $50 billion between 2003 and 2006. More Boeing layoffs likely; reductions would be 'across the board' ST Sears Earnings Tumble, Outlook Cut Reuters Rough Cut at J.P. Morgan? Newday Reuters' future looks ugly Guardian High global prices, poor demand hit gold imports Times of India Profits of public companies may suffer hit over pensions Irish Examiner Latin America: Is Lula's Third Way Doomed? Business Week No map, no compass Time Online A confusing, divisive time ahead for the European Union Royal Mint posts record loss BBC The spending watchdog also revealed that it took eight months before the Mint noticed someone had stolen $£25,000 from one its safes. Officials say former Enron energy trader to plead guilty Seattle Times A former top Enron energy trader will plead guilty in federal court today to a charge he manipulated California's energy market to drive up power prices $500,000 fine, probation for Andersen AP Congress has more questions for former Qwest chairman Bloomberg Icahn: “It wasn’t me” NY Post Wednesday October 16 Intel Misses Estimates, Slips at the Margins, Too TheStreet J.P. Morgan Profit Falls; Job Cuts Ahead Reuters Coca-Cola warns on full-year results Financial Times False hopes behind this rally Globe & Mail Relief because the market has finally made it through the preannouncement season is perfectly natural -- but don't let it turn into unjustified euphoria just because a few companies have managed to clear a bar that has been lowered repeatedly over the past year. Odds favor stocks' rally going poof CBS MarketWatch (Calandra) Let's face it, some major banks could be under stress. We are in a deflationary environment, interest rates are going down. In '94, '95 and '96, Wall Street was hopping and the place to be. I went there the other day and it was dead New York Fed Oct business conditions down sharply Reuters California Jobless numbers out of line SF Gate Investment guru sees US bear market deepening Reuters (Prechter) There will not be any value at Dow 5000 Tice Versus Buckingham - Part II CBS MarketWatch Dow rallies, but bear lurks Orlando Sentinel Credit crunch grips U.S. energy firms WSJ The U.S. electric power industry is experiencing its worst credit crunch since the Great Depression and it is only likely to get worse, as billions of dollars of debt will need to be refinanced in coming months. Companies to replace utilities funds Washington Times A zero interest loan ... from a bank East Bay Times Meet S&P's Corporate-Disclosure Rankings Business Week Reuters crashes on sales woe This is London Honeywell to Cut 3,000 to 5,000 Jobs Reuters Whirlpool Warns on Pension Reuters ARM cuts jobs as chip sales fail to rise Guardian Calpers to Trim Bonds, Challenge GE Reuters Goldman Wanted Grubman - Knew he ignored Chinese Walls NY Post Brazil Draws on Reserves to Pay Debt as Banks Balk Bloomberg German Funds Pour Money Into U.S. Real Estate NY Times (R) Booming credit card markets emerge Asia Times Dystopian depths of markets psychology Guardian Is Buffett buying? CNNfn Rumors abounded Tuesday that the Oracle of Omaha was getting out of bonds, and getting into stocks. Soros Accumulating United Chicago Tribune Tuesday October 15 How Wall Street Is Like Wrestling NY Post Everyone knows wrestling is fixed. With Wall Street you only suspect it. Report says financial corruption widespead FT (PDF File) Americans afraid of stocks, poll finds AP Almost two-thirds of Americans, including a majority of investors, say it's a bad idea to make a substantial investment in the market Ignore the ghost of deflation past Business Day (FT) What arms do central banks have against double-dip recession? U.S. chain store sales fall in Oct 12 week-BTM/UBSW Reuters Venture funds' slide continues Boston Globe (PDF File) Dividends Make a Better Pain-Reliever Than a Cure Bloomberg In the first nine months of 2002 dividend-paying stocks fell 16.9 percent, less than half the 39.4 percent loss suffered by those that paid no dividends. Enron CEO: Rock-Star CEOs Led to Scandals Reuters Health Care Cost Increases to Continue Double-Digit Pace in 2003 Hewitt Deflation Now Being Recognized Comstock Fannie Mae 3Q Net Income Declines 19% on Derivatives Charges Bloomberg Intel's Barrett Losing Confidence in PC Rebound, Investors Say Bloomberg Cut rates or risk deflation - Julius Guardian Japanese Wary of Reforms Washington Post Public Unsure Officials Have Answers Brazil raises rates to stem financial crisis Financial Times Call it boldness or despair, it shows how critical the situation is. German finance houses show signs of strain Times Online (Oct 13) Waksal to Plead Guilty Reuters Analyst Dropped Enron, but Her Firm Loaded Up NY Times (R) Citigroup Defends Loans to Ebbers Firm Washington Post Four members of firm Kahn Brothers short-sold stocks in 1929 and are still around today, actively managing money... Business Times (Baron’s) “Fasten your seatbelts, it’s takeoff time for 3Q02 earnings. The final estimate stands at 5.4% earnings growth for the S&P500 earnings over those of 3Q01... Significant further negative pre-announcements and estimate reductions for 4Q02 will be very likely...” Chuck Hill Monday October 14 Prices Just Keep Plunging Business Week In far too many industries, too much supply chasing too little demand means weak pricing, and an almost inevitable shakeout ahead... Watch out for deflation quicksand Times Online Deflation is probably a more potent and profoundly damaging threat to prosperity than all but the worst outbreaks of inflation. Deflation is a bigger threat than Saddam Guardian Services can no longer hold up prices Financial Times (Roach) When the bubble's over, the pain really begins MSN (Fleck) How Low Can It Go? Fortune Forget Dow 36,000. Try Dow 3600. It's not pretty, but that's what the perma-bears predict. Companies still cutting costs Seattle PI (Watson Wyatt Study) U.S. companies continue to slash costs, as 82 percent of companies cut pay, benefits and other human-resource costs this year. Stop asking: 'are we there yet?' CBS MarketWatch Worst Still Isn’t Over For Telecom Giants CBS MarketWatch Beware bear market traps Sunday Telegraph Tech Companies Lead Rush To Reprice Options USA Today S&P's 'core earnings' more realistic Rocky Mountain News The five companies with the biggest negative difference between their 2001 reported net earnings and their core earnings: Dupont, IBM, Microsoft, General Electric, Verizon. When jobless rate is high, corporate tech spending is often low BG (CIO Poll) Cash-out refinancings costly in long run Knight ridder JP Morgan Axes Jobs as New Cull Begins Reuters Wall St. dials out on perks NY Daily News Workers at Salomon Smith Barney can't call 411 for information any more, at Merrill Lynch execs now have to pay for cafeteria coffee that had been free, at JPM and Lehman execs can't make internal presentations using color slides (they can only use color with clients), and at Goldman Sachs execs long ago stopped getting their daily allotment of free fruit. It's Time For Him to Go Fortune The Securities and Exchange Commission is desperate for strong leadership -- and Harvey Pitt isn't providing it. Volcker Backs Biggs Financial Times Instability Looms For Debt-Heavy Magellan Health WP TXU cuts dividend, lets unit go Reuters Morgan Stanley Cuts IBM Estimates CBS Merrill downgrades autos CNNfn Allegheny Energy Tries to Survive Its Adventure in Big-Time Trading WP Good-Faith Investments Gone Bad Washington Post Brazil's Central Bank hikes key interest rate to 21 percent AP Rescue expert warns of company turmoil BBC Accounting errors, trade slowdowns and the collapse in pension fund values could prompt a spate of "major crises" among UK firms, a leading company troubleshooter has warned. The China Factor Morgan Stanley (Roach) Anatomy of a Crackdown Business Week Call it the Takenaka Typhoon. Since economist Heizo Takenaka became Japan's top bank regulator on Sept. 30, nearly $200 billion worth of market value has vaporized. Will Japan challenge the high tide or get washed away in the flood? Japan Times Brazi’s New Global Fears NewsWeek Indonesia Drops on Bomb Blasts Bloomberg Nasdaq listing rule review draws fire Financial Times Allowing companies to trade below $1 skews the market, creates volatility and shows Nasdaq doesn't have the cojones to do anything but let the problem fester This was the clincher, the myth that justified all of the other excesses of the dot-com era Wall Street Journal Weekend (Oct 12-13) Forcing The Fed’s Hand Zeal Credit Bubble Bulletin Prudent Bear (Noland) Bonds telling a tale of gloom The Australian Wall Street's brief bursts of optimism can't hide the ominous developments on world financial markets. Pimco bond fund tops stocks Bloomberg With Few Jobs Being Created, Pain Is Felt Far and Wide NY Times Hello black bag, goodbye bonus Independent Steeped in debt: Good times end, spending doesn't Seattle Times New Mortgage Concept Lets Borrower Skip Payments CTNow Courtesy of Fannie Mae: “The contractual right to skip up to two monthly payments a year, at any time, or up to 10 payments during the life of the loan” An Audit Could Tip the Scales on Tyco NY Times (R) They’ll Be Back NY Post The Class B Ripoff NY Post Wall Street Ready to Scrap Ratings for an End to Probes WP Nasdaq considers lowering $1 minimum PalmBeachPost Options put stock holdings at risk Globe & Mail Shareholders of major Canadian companies are facing huge potential dilution from outstanding stock options Morgan Stanley executive arrested for allegedly seeking bribe Reuters So much for Wall Street cleaning up its act SF Gate Is Germany deflating? Telegraph German banks teeter on the precipice Telegraph Factory closures soar in Japan BBC Analysts Sharply Divided on Outlook for Brazil NY Times (R) Ahead of runoff elections scheduled for Oct. 27, some Wall Street analysts are imagining catastrophic situations involving the quickening of capital flight, a drastic weakening of Brazil's currency, the real, and the introduction of strict controls on foreign capital. Burying the Competition Far Eastern Economic Review Rather than enriching foreigners blinded by its market size, China is proving victorious in the manufacturing war. Its power is adding to global deflation and changing the way industries supply the world UK life insurers 'vulnerable' BBC Oct 11: Wall Street puts lipstick on a pig Reuters Way too many players are placing extreme faith in the seasonal bullish aspects of November to April “A dissection of GE's Q3 EPS results shows that the company's underlying earnings power is not nearly as strong as it would appear” Robert Friedman Friday October 11 Another record low Bankrate Lousy stock market performance has continued to erode household wealth, and recent manufacturing data point toward weak factory orders and continued plant overcapacity. Thus, fourth quarter economic growth is likely to be weaker. Frank Nothaft, Freddie Mac Trickling down to another Great Depression? AJC "If the fundamentals of our economy are sound, why does this drumbeat of bread-and-butter financial news leave so many of us with an awful feeling in our stomachs?" Consumer sentiment falls to 9-year low CBS Marketwatch September Retail Sales Down 1.2% Census A Warning from the Nobel Prize Morgan Stanley (Roach) The carnage of a popped equity bubble spells a major adjustment for the saving-short American consumer. Two Cheers for the 2002 Nobel Laureates Mises Of debt, deflation and denial Economist The risk of falling prices is greater than at any time since the 1930s Delete Bubble, Insert Deflation CornerStoni Don't Be Fooled Again Comstock Venture Capital: High-tech meltdown could last 2 more years Seattle PI Shoppers Take a Holiday NY Times (R) One reason for the weak showing at shopping malls is that many consumers may be tapped out from buying big items like cars and houses. Natural-gas prices stay high WSJ Winter spike seen as possible, despite inventories Public concern grows despite assurances of a ‘bumpy recovery’ Newsday Recession, Part II? CNNfn There's an assumption that the recovery will continue and get stronger next year, when in fact it's possible the economy's tipping over again. In bear market, investors tuning out media Reuters United bankruptcy fears rise; stock hits 40-year low AP Dow Jones to cut jobs as profit sinks Reuters Fitch Cuts DJ Debt Ratings More Pain, Much More (Lucent) CBS MarketWatch Maytag to Close Plant, Cut 1600 Jobs Reuters Companies may have fixed prices for asphalt-making materials WSJ Scandals grow out of CEOs' warped mind-set USA Today Gore Quotes AP But the president's plan is not working. It's an economic catastrophe... How Germany paid for the boom Guardian The Dax's 50% fall shattered the dream of a share-owning democracy Europe's banks and cars ring economic alarm bells Reuters This is round two of a recession that started with investment and excess capacity and is now coming for consumers Spectre of double dip in Europe Financial Post Doyle and Caygill consider that it could take until the end of 2003 and even into 2004 before there are any tangible signs of improvement in European economic activity Brazil cenbank unveils moves to prop up currency Reuters Fitch fears insolvency among banks Japan Times BOJ to Buy 2 Tln Yen of Stock From Banks, Offer Loans Bloomberg BOJ leaves policy steady, bad-loan report awaited Reuters Takenaka has repeated that the Japanese banking system is severely hobbled and may require another taxpayer-funded bailout. A renewed recession would mean dark times for Singapore BBC Is S.Korea falling in recession? UPI U.S. state governments are seeking voter approval next month for a record amount of bond sales as officials try to close budget deficits as the economy slumps. Bloomberg The GM deals and a marketing campaign that launches Friday called "Zero, Zero, Zero," come amid sluggish sales in the first 10 days of this month. Street Thursday October 10 Sharp declines will wrack stocks CBS (Calandra) Where's the bottom? USA Today Many traders now say they would actually welcome a scary one-day massacre to put an end to the selling once and for all Traders root for dramatic drop CNBC ‘We are teetering on the verge of a national energy crisis’ Global slowdown persists, says UN BBC The global economy is going to stay in the doldrums until mid-2003, the United Nations has warned. US dollar to undergo adjustment phase TheStar Major currencies in the world are expected to strengthen against the US dollar next year as the American economy undergoes an adjustment phase to correct excesses and weaknesses Market Could Be in For Case of the Big Blues NY Post The next really dangerous event for the market: IBM's earnings report next Wednesday. Big retailers had disappointing month CNNfn Sales at many chains show little improvement over year ago when Sept. 11 attack curbed growth. Bush’s economic policies made recession worse than necessary LA Times Local investor sues Merrill Lynch PalmBeachPost Goldman Seeks Protection Ford Motor's Legs Are Wobbly Under Finance Unit's Debt Load NY Times The IMF as Bankruptcy Court for Countries? CATO ImClone Insiders Cashed Out $244 Million NY Post Solly Weilds Ax Across Grubman’s Scandal-Ridden Office NY Post Morgan Woes Widen NY Post IMF chief tells central bank to take off the gloves Japan Times Nikkei down 3.1%, below 8,300 CBS MarketWatch outh Korea falls 5%; global gloom worsens Bank of Japan Plans `Drastic Step,' Takenaka Says Bloomberg The Federal Energy Regulatory Commission voted 4-0 Wednesday to require electric utilities, natural gas companies and oil pipelines to provide an annual assessment of their trading and hedging activities. Houston Chronicle Wednesday October 9 J.P. Morgan Chase Credit Cut to A1 by Moody's Bloomberg Banks Sink ’Stay Away From German Banks’ Reuters Sharp declines will wrack stocks CBS (Calandra) Where's the bottom? USA Today Many traders now say they would actually welcome a scary one-day massacre to put an end to the selling once and for all Traders root for dramatic drop CNBC ‘We are teetering on the verge of a national energy crisis’ Global slowdown persists, says UN BBC The global economy is going to stay in the doldrums until mid-2003, the United Nations has warned. US dollar to undergo adjustment phase TheStar Major currencies in the world are expected to strengthen against the US dollar next year as the American economy undergoes an adjustment phase to correct excesses and weaknesses Market Could Be in For Case of the Big Blues NY Post The next really dangerous event for the market: IBM's earnings report next Wednesday. Big retailers had disappointing month CNNfn Sales at many chains show little improvement over year ago when Sept. 11 attack curbed growth. Bush’s economic policies made recession worse than necessary LA Times Local investor sues Merrill Lynch PalmBeachPost Goldman Seeks Protection Ford Motor's Legs Are Wobbly Under Finance Unit's Debt Load NY Times The IMF as Bankruptcy Court for Countries? CATO ImClone Insiders Cashed Out $244 Million NY Post Solly Weilds Ax Across Grubman’s Scandal-Ridden Office NY Post Morgan Woes Widen NY Post IMF chief tells central bank to take off the gloves Japan Times Nikkei down 3.1%, below 8,300 CBS MarketWatch outh Korea falls 5%; global gloom worsens Bank of Japan Plans `Drastic Step,' Takenaka Says Bloomberg The Federal Energy Regulatory Commission voted 4-0 Wednesday to require electric utilities, natural gas companies and oil pipelines to provide an annual assessment of their trading and hedging activities. Houston Chronicle Wednesday October 9 J.P. Morgan Chase Credit Cut to A1 by Moody's Bloomberg Banks Sink ’Stay Away From German Banks’ Reuters Strategist maps out Dow drop to 6,300, then rebound CBS I am definitely watching 7,500 on the Dow 30. If we break there and get another good leg down, coupled with dumb money chasing bonds via mutual fund flows into bond funds, I think we can set a good, long lasting low Plenty of ammo for short-sellers CBS MarketWatch (Calandra) The likelihood of the Dow Jones Industrial Average losing 1,000 points or more in a single day is growing by the hour. Corporate Bond Yields Rise as Earnings Lag Bloomberg Corporate bond yields have been pushed to record premiums over those of Treasury securities Top Democrats Demand SEC's Pitt Resign Reuters Gross' fund now largest Financial Post Preparing for a depression Montreal Gazette (Prechter) Rally in bond market won't last forever, analysts predict AP A Car Shipper Sold Shares; S.E.C. Implies It Sold Illusions NY Times (R) Foul Play Among the UAL Shorts? Business Week Investors who are buying the shorts' shares say the stocks aren't being delivered on time, and the NYSE may look into it Debt Woes Don’t Discriminate WSJ How Much Is Media to Blame for Market Bubble? Bloomberg Hedge funds are well on the road to posting their first full year of losses since the year of the stock market crash of 1987 CBS MarketWatch Indexes will need record gain to avoid 3d losing year Bloomberg Industrial giant (GE) downgraded ahead of earnings report CBS MarketWatch Energy firm in default with creditors Charleston Gazette We chose not to (post additional collateral) in order to maintain financial flexibility and preserve cash Abby Lowers Targets -- Still Sees 40+% rally within next 12-18 Months CBS Fiat Looks to Cut 6,000 WSJ Abbott Labs to Cut 2,000 Bloomberg GE To Cut Diesel Engine Maker Cummins to Cut Jobs Reuters Goldman Lowers IBM Estimates TheStreet Corning Says Results Remain Weak Reuters Tokyo's Nikkei ends down 1.95% at new 19-year low Reuters Mizuho, UFJ Plunge on Bad Loan, Bailout Concerns Bloomberg Japan's Economy Chokes On a Distaste for Failure WP Japan Warns of 'More Severe' Economic Climate, Increasing Risks Dow Jones Tales from Japan's 'golden recession' BBC Withdraw support for the banks and the STI drops Business Times The theory that the Straits Times Index was artificially supported for reasons unknown over the previous three sessions was vindicated this morning... Perhaps the next Fed head should be Korean Joong Ang Ilbo Brazil's losing candidates back Lula BBC Experts: Main St. May Not Save Wall AP Nearly one-third of American homeowners who refinanced their mortgages in the last two years or plan to do so in the next year expect use the extra money to increase their savings Cambridge Consumer Credit Index. Tuesday October 8 HSBC fear on banking stability Times Online Douglas Flint, HSBC’s finance director, told a conference of leading bankers in London that he was increasingly worried about ballooning bad debts at some banks, and the threat they pose to the system as a whole Consumers shying away from debt CNNfn Why J.P. Morgan Chase has the market panicked MSN Could a failure at J.P. Morgan Chase crash the entire financial system? That’s a scenario with credibility on Wall Street, which helps explain the recent trouncing of financial stocks. Troubled Large Loans Rise at Banks Reuters FDIC Fool Me Once NY Times (R) (Krugman) Economy Weak Prior To Port Stoppage Comstock Market carnage hits $8.4 trillion USA Today Banks' Rising Loan Losses Depress Shares, Spur Economic Concern Bloom The bigger companies whose credit everybody thought was golden years ago are going to have a harder time Prices in debt markets indicate fears on outlook Financial Times Spreads in debt and credit derivatives have widened sharply for many banks P/E Ratios: Why the Differences? Comstock And pigs will fly U.S. News Government spending has gotten so bad that we have had to dip into Social Security and Medicare tax revenues to finance it ABC/Money consumer confidence fell sharply on week Reuters Retail Sales Drop as Consumers Waver Reuters Jobless Rate Likely to Rise, Economists Say Bloomberg The drop in the unemployment rate doesn't make any sense to me Will Manage for Food Time Although the Labor Department announced last week that overall unemployment fell slightly to 5.6% in September, the number of white-collar workers who are jobless has doubled from two years ago Wall Street Braces for Deepest Job Cuts Yet as Market Remains Depressed DJ Heating Bills Expected to Rise Sharply Washington Post 'It’s about the economy...and it stinks CNNfn Dividends attractive again Philly Inquirer Through Sept. 30, prices of dividend-paying stocks on the S&P 500 stock index were down 16.9 percent this year, while those of non-dividend-paying stocks were off 39.4 percent. $25 Million, 1 Question: Why Not More? Washington Post Evidence Credit Suisse Linked Banking and Stock Ratings NY Times (R) Credit Suisse First Boston to Cut Up to 1,750 Jobs Bloomberg The cuts follow more than 54,000 jobs eliminated by Wall Street firms in the U.S. in the past year and a half Merrill trims Nasdaq trading CNNfn Time Inc. Shuts Down ‘Mutual Funds’ AdAge SEC probes Schering-Plough AFX RIM named in securities probe Toronto Star Venezuela and Zimbabwe: Democracy on the brink CSM Brazil Ballot Batters Banks NY Post No bank too big to fail, Takenaka says Japan Times Japan Aug core machinery orders worst in 15 years Reuters Bush Talks, But Networks Speechless Washington Post Monday October 7 Growth in Consumer Credit Slowed in Aug. Reuters FDRB Stocks indexes take another hit CBS ‘Hopefully we're testing the bottom’ Bloomberg Fed Set To Meet Today -- ‘Closed Meeting’ FDRB Investment banks set to write off $130bn FT Investment banks in Europe and North America are set to write off more than $130bn in loan losses this year, the highest level ever recorded. Revenue up 2.2%! Hype up 500%! MSN (Fleck) It's bad enough that Dell and hundreds of other companies spend as much time promoting their stock as they do running their business. What's worse is that investors still fall for it. Services -- The Next Leg of Deflation Morgan Stanley (Roach) Overall GDP-based inflation is now running at just 1%, a 48-year low. Asset models require radical surgery CBS MarketWatch (Calandra) Bush faces crucial week in forging unity on Iraq CSM This Bear Says We're Not Out of the Woods Newsday Company Pension Funds Facing Drastic Deficits NY Post Attention investors heaving a sigh of relief that the corporate earnings recession appears to have ended. A new twister is about to be unleashed. Public Says Bush Needs to Pay Heed to Weak Economy NYT The majority of Americans say that the nation's economy is in its worst shape in nearly a decade... The Coming Crash in Health Care Fortune Medical insurers' stocks are sky-high. But the party can't last. New Report Faults SEC In Fight On Fraud Washington Post Wall Street braces for grim reports Business Day (FT) Worst may be to come, says leading investment banker Royal Gazette Investors urged to control portfolios Irish Examiner Most of us will research the market before making a major household purchase such as a washing machine or a car, so why then do we expect to make money on stocks and shares if we do not know what we are spending our money on? Bush's guru snubs call to split banks Times Online Blame it on The Street Boston Globe Looking for the bottom CSM Oil Passes $30, Tanker Burns Off Yemen Reuters Merrill left holding unsold chip issue Financial Times Sears Shares Slammed by Warning Reuters A Senator, Two Crooks, Lots of Questions Business Week WorldCom's Yates Pleads Guilty to 2 Felonies TheStreet U.S. West Coast Port Talks Break Off Reuters U.S. Ports Shutdown Threatens to Sink Asian Economies Tehran Times Nikkei sinks 3.8% to renew 19-year low CBS Brazil Presidential Vote to Go to Second Round Reuters Oct 4: The Commerzbank Email FT Commerzbank denies liquidity problems Weekend (October 5-6) Losing My Religion? Contrary Investor Falling Shares as a Symptom of Something Bleaker NYT (R) Pick just about any measure of economic activity, and it looks uglier than it did before Labor Day... Chartists: Stocks to Drop Further in Fall Reuters Global crash fears as German bank sinks Guardian Stockbrokers around the world are braced for a potentially calamitous week as alarm mounts over a looming, Thirties-style global financial crisis. Bear market exceeds expectations National Post Even veterans shocked by depth of slump How do you get a mutual fund manager down from a tree? Cut the rope WP Fewer than 1 percent of all mutual funds were in the black for the three-month period ended Sept 30 There's no rush - this sale will run and run Observer A bargain basement for those prepared to take a risk, or an overpriced boutique that should be avoided for the next decade US hangover as party turned to orgy Observer Bear market water torture Financial Post Dressing Up a Bear NY Post More job cuts expected from Merrill, JP Morgan Reuters On Reform, It's Time to Walk the Walk NY Times (R) It is remarkable how deep the resistance to change is in the upper echelons of business and on Wall Street, even after trillions of dollars have been lost by investors. Payrolls Drop as Economy Seems to Be at Standstill NYT (R) Economists generally put more stock in the payroll numbers because the survey that produces them covers 300,000 factories and offices and about 37 million of the nation's 131 million jobs. The unemployment rate comes from a survey of 60,000 households, and its drop of 0.1 percent contradicted other recent signs of more layoffs, like a rise in jobless-benefit claims and a decline in help-wanted ads Merrill e-mail sparks European bank fears Financial Times Again the market is flooded with rumours that Commerzbank, amongst all its other problems, has sustained large trading losses in credit derivatives Yields Nearing Zero Put Money Funds in Tight Spot Bloomberg JP Morgan Chase to eliminate more bankers Financial Times To let: two million sq ft of unwanted office space Times (London) October doomfest off and running TheAge Dow: lowest close since Nov. 14, 1997 Nas: 6 Year Low IRS Targets 3 Types of Tax Shelter Washington Post Brazil Vote Heads for Runoff as Lula Gets 47% So Far Brazil chooses its future course BBC Elections Could Rattle World Markets CBS Bank stocks fall before Brazil vote CBS There's an awful lot riding on Brazil Guardian Life in the Pitts Oct 5 Pitt Criticized for Meeting Washington Post The meeting appears to have contradicted Pitt's past pledge "to avoid even the appearance of impropriety in instances where such meetings could be misconstrued Oct 4 Lawmakers Query SEC's Pitt on Meeting Reuters Markey and Dingell said they wrote to Pitt "to express their alarm about Mr. Pitt's decision to, once again, hold private meetings with the heads of firms that are the target of inquiries while excluding the enforcement staff Oct 3 Pitt backtracks on board choice NYT Industry executives and at least one prominent Republican lawmaker complained that John Biggs, the top choice, was too tough on the industry. Following those complaints, Pitt, SEC chairman, told Biggs this week that he was no longer certain he could support his candidacy... Oct 3 Pitt Met With Goldman Sachs Chairman Washington Post Jun 28 Xerox:What Did Pitt Know and When? Daily Enron Remember that Xerox's accountants were the folks at KPMG. During this time KPMG's lawyer was current SEC chairman Harvey Pitt. (Pitt's other audit client was Enron's auditor, Arthur Andersen.) Two months ago Pitt faced searing criticism after meeting privately with KPMG's CEO. Career SEC officials and others said it was a violation of SEC ethics policy for the chairman to meet privately with the subject of an ongoing investigation. Pitt described it as a social call. May 10 Common Cause Calls for The Resignation of Chairman Harvey Pitt CC According to Mr. Kelly, he raised the subject of potential SEC enforcement actions against the firm. Mr. Pitt denies that this happened. He says belatedly that he will avoid such meetings in the future. May 10 SEC's Pitt Calls Spitzer's Stock-Analyst Plan `Very Drastic' May 7 Pitt Defends Meeting With KPMG Chairman Washington Post Mar 24 The Pitt Bull With No Bite FallStreet Investors need a war hero. Instead they have Pitt Jan 21 POB Votes to Terminate Its Existance POB Letter to Harvey Pitt: “It was obvious from your remarks at the press conference on January 17th that the proposals for changing the system of self-regulation of the accounting profession do not include a place for the POB. An oral outline of the proposed changes was provided to us, shortly before your announcement, by the President of the AICPA and the Chair of the SEC Practice Section Executive Committee. They, along with Big 5 representatives, apparently had been in talks with you on this matter for some time. It is significant that there was no consultation with the POB, which is charged with representing the public interest, before these proposed changes were announced.“ Friday October 4 "This makes no sense (the large gain in household employment). But it gets the Fed off the hook; no intermeeting ease." Ian Shepherdson, chief economist of High Frequency Economics Unemployment drops to 5.6% - Payrolls Down BLS New derivatives bet U.S. payrolls down 18,000 Reuters Sinking Morgan Stanley (Roach) Pitt Backs Away From Oversight Candidate Washington Post Amid opposition to Biggs from within the accounting industry and its allies on Capitol Hill, Pitt told Biggs that he may not support him for the job. CEOs still sour on economy's prospects CNBC The industrial side is, in certain markets, a depression and in others just a recession Flood warning Economist Fannie Mae furor? CBS MarketWatch Another cheerful thought for the market: how about another Long Term Capital Management-type financial derivatives meltdown? Market vet: Plenty of time to bottom fish Post-Gazette Trading Volatility Ratios Zeal Port closures could slow Boeing work Seattle Times Firms slap investors with low-balance fees USA Today Looking for the rebound? Think 2005 CNNfn Turnaround in Gold Prices Could Occur as Investors Grow Wary of Stocks CNN Credit Suisse Shares Slump on Concern About Losses Bloomberg Credit Suisse moves to calm investor fears Financial Times Philip Morris Must Pay Smoker $28 Billion, Jury Says Bloomberg 'Flipping' Goldman fingered Guardian SGP - Devry- DPMI - BA - EMC - DIS Things can get worse, and they did Faz Finance Minister Says Japan Must Let Firms Fail Washington Post Debt: This Hot Potato Just Gets Hotter Business Week As the Third World's burden rises, so do hurdles to forgiving it Bank stocks fall before Brazil vote CBS MarketWatch Elections Could Rattle World Markets CBS (Calandra) Economic woes cloud Brazil poll CNNfn There's an awful lot riding on Brazil Guardian Thursday October 3 Pitt Met With Goldman Sachs Chairman WP CEOs hit back over reforms Financial Times U.S. Initial Jobless Claims Rose to 417,000 Last Week Feds May Crack Down on Banks Holding Bad Loans NY Post Knock, Knock, Knockin' on Heaven's Door Pimco (Gross) This George Bushian battle between good and evil, with the deflationary Devil cast as the economic world's primary villain, and renewed pricing power as it's hoped for Angel of Mercy, is now seemingly up for grabs. The markets hear the knockin', and many say that this particular Devil won't come in, but they, like PIMCO, are a lot less sure of that than they were six months ago. The Fed on the Horns of a Dilemma Ludwig Von Mises Stock Valuations Are Outrageous Newsweek Robert Prechter’s bearish views could be considered contrarian, but his book is a best seller Panel's Report Offers Details on 'Spinning' of New Stocks NY Times (R) Mortgage Rates at Record lows - Applications Record Highs MBBA Banking's Not-So-Secret Weapon Fortune Big banks are supposed to lend money without pressuring their corporate borrowers for high-fee business. But just try to stop them. Cheap dot-coms getting cheaper Dow Jones Mutual funds find a place in the mall USA Today (IndyStar) It's one of the most extreme examples yet of mainstreaming the mutual fund on Main Street. CEOs See Slower Economic Growth Ahead Reuters It's all about the earnings Globe & Mail We are probably going to have to relive another ugly confession season when Q4 rolls around because the consensus for Q4 is still wildly optimistic "At least it's not an earnings decline," the wide-eyed optimists might say... CNN Stock market's path of least resistance is downward UPS Verizon to Slash NY Staff by 3,800 NY Post Directors Warned Ex-Qwest CEO About Accounting Bloomberg HIH lawyer: 'I wasn't asked if it was illegal' Sydney Morning Herald Martha Stewart resigns from New York Stock Exchange board AP Nikkei trades below 9K - Fresh 19-year low Chart Fear grips Japan's banks BBC Financiers fear the rise of new Latin economics Financial Times Europe's future is threatened by it's own central banks Smithers The ECB should try hard to stop Germany suffering from deflation German bankers in denial UPI Judging by the German (US as well?) press, the country is in a state of denial regarding the waning health of its economy and the dwindling fortunes of its financial system. AMD tumbles on third-quarter miss CBS MarketWatch Analyst Ratings on SOXX Stocks Need To Be Socked FallStreet (Sept 13) Those analysts that rate AMD a buy probably do so because they are paid off or they think they are clairvoyant. Bank of New York Warns on Loan Losses TheStreet Economists: Sept. Jobs Picture to Be Grim Reuters As a result of a clerical error at approximately 3:40 p.m. today, Bear Stearns entered orders to sell $4 billion worth of S&P securities. The orders should have been entered as $4 million. All but $622 million of the orders were cancelled prior to execution. The firm has advised the NYSE that the risk from the executed orders has been substantially hedged. NYSE Wednesday October 2 AMD to report ‘substantial loss’ CBS Grin and bear it when the bubble bursts NZH The only sensible comparisons are the declines and recoveries after other manias or burst bubbles. Diagrams to help you make sense of it all Poyser Market Valuation Too High For Faltering Economy Comstock Japan and U.S.: Bubble, Bubble, Toil and Trouble NY Times (R) I don't know at what point welcome disinflation might morph into unwelcome deflation. I don't think we're there yet (McTeer) Why it's taking so long to slay the bear MSN Humbled Bears in 1999. Market Sages Today NY Times (R) Fear Plays Part in Market Madness AP Public Turns on Business Ludwig Von Mises Productivity growth seen as last bastion Financial Times Looking for a culprit? Blame George Bush Financial Post Stubborn bullishness a danger sign CBS MarketWatch On Monday, when the Dow dropped to a new four-year low, the average investment adviser actually became more bullish. Achtung!! September Blues Depression.tv How Did We Get Here CFO Longshoremen urged to 'get back to work' Washington Times Export industry fears disaster SF Gate Janus, Putnam Investments each top $10b in fund outflows over 8 months Bloo Survey Finds Health-Care Costs Will Rise Average of 15% in 2003 Dow Jones Spitzer Raises the Heat on Citigroup Business Week Europe's risky insurers CBS MarketWatch Global Crossing Head Offers Workers $25 Million NY Times (R) SEC probes earnings warning at EDS Financial Times Comerica to Restate 2nd-Qtr, Cut 3rd-Qtr Earnings Bloomberg Hutchison Cancels $1.45 Bln of European Bond Sales Bloomberg NYSE serves notice to Nortel Globe & Mail Dow Chemical Warns CNNfn Northwest Ends Temp Jobs, To Ax 350 More Reuters DoCoMo writes down $4.7bn in investments Financial Times Nikkei hits 19-year low on banking worries Financial Times Tighten up, banks warned Sunday Times (Australia) Enron's top finance man surrenders BBC SEC director of enforcement, Stephen Cutler, said “No matter how sophisticated or complex their schemes might be, we will figure it out and make them answer for their wrongdoing.” Translation: “Yes, shareholders will lose everything, and we won’t actually change any of the accounting regulations when we do figure out the schemes. However, rest assured that someone else may make the criminals answer for their wrongdoing.” Assistant to Stewart Broker Set for Deal Reuters Tuesday October 1 For Dow and S&P, Worst Quarter Since '87 WP 3-year losing streak not seen since '40s Bloomberg New month, same story CBS MarketWatch (Kellner) ISM Manufacturing Index slips below 50 ISM Auto Sales Slow Sharply in September Reuters Beware! October is a Very Bad Month For Stocks NY Post October has historically been crash month - even when times are better than these. Dealing With W NT Yimes (R) (Krugman) Indifference Spells Opportunity Safe Haven How many investors would you guess cared that the market bottomed in 1933, after falling nearly 90% over four miserable years from its peak in 1929? US credit quality down near-record 18th qtr-Moody's Reuters FASB Resolves to Reform Rules on Off-Books Deals WP FASB Rountable The nasty little spoiler in every market fantasy MSN (Fleck) It's easy to go ratio-shopping for proof that stocks have turned a corner -- and easier still to simply invent numbers. But debt that's whopping by any measure is a recovery-killer. Business as usual, as if nothing else mattered Business Times Last weekend's IMF-World Bank annual meetings focussed unduly on 'technical' issues - largely ignoring the many threats to the global economy West Coast Ports Remain Closed AP Dispute may cost $1 billion a day Chain Store Sales Down Reuters Slowdown raises X-mas season worries WSJ Slump In Financial Markets Gives Mutuals Woeful Quarter AP Convertible Bond Returns Plunge in 3rd Quarter Bloomberg A Bad Quarter for U.S. Markets Was Worse in Other Countries NY Times (R) Sun Microsystems warns of $2.2bn charge Financial Times Big Three brace for turbulent economy CBS MarketWatch GE Banks for Itself CFO Special Report: The Storage Surplus Business Week Fidelity to Axe 5% of staff FT Debt Watchers Stay Glued to the Comcast Screen TheStreet Congress Eyes Qwest, Global Crossing Reuters Fannie Mae duration gap narrows Reuters Secret Payment By Tyco Probed WSJ Crisis In Brazil Comstock Brazil's $335 Bln of Debt Menaces U.S. Banks, Markets Bloomberg Japan banks' $29 billion tab CBS MarketWatch Koizumi keeps 11 in new Cabinet; Yanagisawa ousted over bank plan JT Recovery or Recession? Newsweek



		All data and information within these pages is thought to be taken from reliable sources but there is no guarantee as such. All opinions expressed on this site are opinions and should not be regarded as investment advice. Copyright © 2000, 2001, 2002 FallStreet.com