Stocks waver amid eurozone caution
Traders weigh signs of weakness in the region's private sector as the ECB prepares to discuss a bond-buying program. FedEx cuts its guidance. Facebook climbs as Zuckerberg vows to hold his shares.
By Andrea Tse
Stocks traded in a narrow range Wednesday as investors weighed ongoing global worries and gloomy European economic data against hopes for stimulus ahead of the European Central Bank meeting on Thursday.
The Bureau of Labor Statistics provided a revised read on U.S. second-quarter nonfarm business productivity, up 2.2% versus the 1.8% gain expected by economists. Unit labor costs were revised to a 1.5% increase, as expected. The previous read showed a 1.7% gain.
The European Union's statistics office said retail trade in the region fell 0.2% in July from June as worsening economic conditions hurt consumer demand.
Also, Markit published data showing its August composite PMI index on manufacturing and services declined to a revised 46.3, down from the flash reading of 46.6 and the July level of 46.5.
On the corporate front, FedEx's (FDX) now expects earnings of $1.37 to $1.43 a share in its fiscal first quarter ended in August, well below its original forecast for a profit of $1.45 to $1.60 a share. FedEx said global weakness "constrained revenue growth at FedEx Express more than expected in the earlier guidance." Analysts were expecting earnings of $1.56 a share in the first quarter.
Facebook (FB) shares rose after CEO Mark Zuckerberg indicated he has no plans to sell any of his stock in the social network for at least 12 months.
Apple confirmed Tuesday it is holding a big event, which is widely expected to be the launch of the iPhone 5, on Sept. 12. The stock finished Tuesday's regular session at $674.97, up 1.5%. The shares are up more than 60% in 2012.
Nokia (NOK) and Microsoft (MSFT) are expected to unveil Nokia's new Lumia 920 smartphone in New York. The phone, Nokia's most powerful yet, will feature Windows Phone 8, the latest version of Microsoft's operating system. (Microsoft owns and publishes Top Stocks, an MSN Money site.)
Dollar General (DG) hiked its full-year earnings guidance after posting stronger fiscal-second-quarter profit as demand for basic goods and cheaper foods grew. The discount retailer also announced its board has approved the buyback of up to an additional $500 million of its common stock.
The parts of Castro's speech about American Exceptionalism were the antithesis of the modern day Dem Party, and some of his words would have received resounding boos from the same people who cheered had they been spoken by someone like Rubio or Santorum. It seems that many of the partisan hacks that attend these conventions are all about supporting the candidate and their eyes kinda gloss over when it comes to policy ideas or defining principles. The cult of personality is clearly alive in both parties.
Another point taken away from the speeches last night is how much the left equates charity with government. They somehow believe that paying taxes is the same as making a charitable contribution. They somehow believe that charitable programs and entitlement programs are the same thing. They aren't. When you give to charity, you do so voluntarily. Taxes aren't voluntary, they are taken by the gov via threat of force. If you aren't happy with the way the charity spends your donation, you are free to stop giving. God help you if you stop paying your taxes. Charities are able to accomplish a whole lot with very little. Gov always manages to accomplish very little, even when they tax and spend a whole lot. Generally, people who get help from charities don't abuse the system. There probably aren't many people "getting over on the man" by taking advantage of a free night in a homeless shelter or a free meal at a soup kitchen. I'm guessing most people aren't going to a food bank unless they need food. On the other hand, you have massive entitlement programs ripe with fraud and abuse. If the Salvation Army can feed someone for $1 day, it would probably cost the gov $4 a day for the same thing. And worse yet, they'd have to collect a total of $12 per day in tax revenue so they could spend $8 to operate the bureaucracy to be able to give someone $4 worth of food that they could buy anywhere for $1. We've spent tens of trillions of dollars fighting the war on poverty and we have more poor people than ever before. Hey lefties, many of us would be willing to pay more in taxes if you could show us that our tax dollars are being used wisely. But you can't, because they aren't. So until you figure out how properly manage the trillions of dollars you have flowing into the treasury every year, shut-up about raising taxes already.
One last thing - why is it that the vast majority of the women at the DNC are physically unattractive? I'm not talking about average looks, I'm talking about flat out ugly. It looked like a "pig in a poke" dance last night in Charlotte. Was there some contest going on about who could bring the fuggliest date to the speech? Wonder who won? Seriously, where do they find these chicks? Did they all attend Michelle's White House Boot Camp Workout where they ran the 100 yard dash in a 90 yard gym? Damn, Michelle Obama is no looker, but she looked like a supermodel compared to most of the dogs in the audience.
A 13-page marketing brochure obtained by NBC News shows how New American City, a nonprofit that is closely affiliated with the official Democratic convention host committee, offered package deals to corporate contributors — with different benefits starting at levels of $100,000 and escalating to the top “Tryon Street Level” of $1 million.
Got this from MSN homepage news. Seems if the reason is right, corporate money is OK with the democrats. Evil corporations!
Hey guys, this is where the REAL Problem is:
As of Friday, August 31, the official debt tally reached $16,015,769,788,215.80
No need to look outside the White House
speeches, speeches, speeches, excuses, excuses, excuses...
Mitt is a very rich man! He is a tough and focused (on his goal), and he doesn't fail. Few men have a life of as many acheivements as Mitt does.
Unfortunately, Americans elect a bunch of fools to public offices like Biden and Obama whose only focus is a lot of mumble jumbo social work crap!
What do people care about all over the globe? Easy making a dollar so they can survive. When people are making money and can get what they want/need, then they'll turn their attention to social issues.
We need a business man to lead our country. A man who'll invigorate the economy and create jobs. If the current clown stays in office, we'll be headed for economic disaster!
Go Mitt & Paul go. Biden & Obama blow!
Ok folks we are on a roll now.
The first trillion in national debt took about 200 years
Now it takes less than 1 year to get $1 trillion in debt.
OK OBAMA let's see if you can get to $1 trillion debt in 1 month
Come on Obama you can do it.
Come on Obama your our man
Come on Obama spending $1 trillion in 1 month is easy
Just give the Muslim Brotherhood of Egypt $1 trillion dollars it would just take like 2 seconds for you to sign the check.
Come on Obama you can do it.
"Hey guys, this is where the REAL Problem is:
As of Friday, August 31, the official debt tally reached $16,015,769,788,215.80"
Is THAT how much banks have us out on a limb for in Europe and Asia? WOW!!! The White House doesn't invest, banks do. Bankers slipped the Gramm Leach Bliley Act of Terrorism into another Bill in 1999 to legalize collusion. We lost America that day and then got 8 years of Bush to ensure we'll never see a day of Freedom ever again.
Close the banks. end the Federal Reserve. Get rid of Wall Street. If we aren't 100% invested in job recovery RIGHT NOW, we won't be here by the New Year.
Facebook () shares rose after CEO Mark Zuckerberg indicated he has no plans to sell any of his stock in the social network for at least 12 months.
I saw a press conference where Mark and his new wife were going to sell about 1 million of his shares so they could start a new life together
Those shares were sold a long time ago so I guess Mark is half way right
Brutus, some of your points are well taken, and in a perfect world I agree that the government does too much for too few usually, especially the entitled rich as well as the entitled poor. Still, we are the world's largest economy so far and still the world's strongest draw of most of the world's aspiring poor. So in spite of it all, with all our warts, we are the most attractive.
You know Brutus, rich people like having showy things around them. Whether it's expensive cars or expensive women. That's the draw of wealth.
TOG says - I guess you could just hold a gun to Grandpa's head; Tell Grandma to spend more money or else.
After Grandma gets back off the floor, she would probably tell you the funerals already paid for, or she might pull a Dirty Harry on you and...."Make my day, mufrkr..."
I could not have expressed it better myself.............
Free monies Europe is going to join the USA and JAPAN and prints monies to infinity and beyond
FREE MONIES EVERYONE
FREE MONIES EVERYONE
just show your super rich card at the Federal Reserve pick up window and they will give you tons of cash they printed last night.
Short $1 trillion dollars from being able to buy that Greek Island -- no worries Uncle Sam will just give you the monies as you are part of the golden ones the super rich.
Short $100 billion from being able to build a new apartment building in New York no worries just ask Unle Sam he will give it to you if you show your super rich card to him.
Yep tons of monies for the super rich and not a penney for laid off hard working Americans who must now live in the street on hand outs. Yep teach those bums that the government doesn't have time nor money to waste on those losers.
FREE MONIES TO THE SUPER RICH FOLKS
GET YOURS NOW
YOU AREN'T super rich ... ROFL losers
VL says - Here in the USA let's put some pressure on seniors living off what should be recovering us and hoarding the nest egg. That's just stupid thinking gone very wrong.
How do you recommend we pressure senior citizens V_L?
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[BRIEFING.COM] Commodities are mostly higher this morning, while the dollar index is modestly lower.
Energy is in the red, except for natural gas futures, which is adding to its 4% gain last week, largely driven by unfavorable weather conditions in the U.S. Front-month natural gas futures (Jan contract) rose as high as $1.7% to $4.18/MMBtu and is now +1.6% at $4.18/MMBtu.
Jan crude oil is currently -0.1% at $97.52/barrel.
Metals are higher this morning with gold and silver ... More
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