So far Six Failures this Year…

Feds Shut Down Three Small Banks…
Federal regulators have closed three banks — one each in Utah, Florida and Maryland — bringing to six the total number of failures this year.
The Federal Deposit Insurance Corp. was appointed receiver of the banks: MagnetBank of Salt Lake City, Ocala National Bank of Ocala, Fla., and Suburban Federal Savings [...]

The Politics are Dancing…

Former Maryland lieutenant governor — the first African-American elected to statewide (Republican) office there — also gives the overwhelmingly white party, one seeking to diversify, a decidedly new and historic face at a time when another history-making — and highly popular — Democrat occupies the White House.
https://www.npr.org/templates/story/story.php?storyId=100089642

Exxon Posts Record Annual Net Despite Steep Drop in Oil Prices

Even though oil has backed off they still had record annual net profit of $45.22 billion up 11% from 2007. Glad to see they are still making insane profits at the cost of other american industries.
Exxon Mobil Corp. said its fourth-quarter net income fell 33% to $7.82 billion, as oil prices tumbled in the final [...]

Morgan and Goldman

Morgan Stanley and Goldman Sachs are considering further staff cuts – MS is considering to lay off up to 5% of its 47,000 employees (2350) and GS is thinking on 10%. These cuts may start as early as next week. The cuts will be affecting areas of back-office and support functions (technology, infrastructure, and human [...]

Economic Calandar for 01/30/2009

8:30 GDP Q4 Advance
8:30 Employment Cost Index
9:45 NAPM Chicago Business Barometer
9:55 University of Michigan Consumer Sentiment
3:00 PM Farm Prices

RIM vs. Palm

RIM showed better than expected earnings which boosted the company’s shares. Palm on the other hand, under the shadow of Apple’s iPhone, came short by selling fewer smart-phones during this past quarter. RIM’s BlackBerry reported sales with increase by 14%… 2.6million new users added. Looking at the current economy – decreasing spending, we can only [...]

Amazon surprises ….

Despite the difficult times that retailers are facing, Amazon reported 4th Q earnings that surprised Wall Street. The shares rose 9%. This is surprising because the current recession has definitely impacted consumer spending. Many people were left without jobs in 2008 and even more disappointed in just January of 2009. More and more people restrain [...]

Trainees Go Home

Bad news for lots of trainees from Merrill Lynch. On 27th, Merrill Lynch’s training program took big hit with many of its trainees shown the door. With recent financial and economical issued related not only with U.S/World but also with banks and brokerage firms, such programs were never “extremely successful” but now, even more then [...]

More Coming….

There are many options available but there is no final decision as to how new financial bailout will look like but rumors are quoting that anywhere from $1 trillion to $2 trillion may be provided to help restore health to banks. The administration is looking into more effective way of pumping money into banks and [...]

Economic Calandar for 01/29/2009

8:30 Durable Goods Orders
8:30 Jobless Claims
10:00 New Home Sales
10:30 EIA Natural Gas Report
4:30 PM Money Supply

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