Stock losses deepen on global economic concerns
Japan reports weak growth, and Greece logs yet another quarter of contraction. Motorola Mobility will lay off 4,000 workers. Groupon posts earnings after the close.
Updated at 12:30 p.m. ETStocks slipped Monday after a report showed economic weakness in Japan, renewing concerns about global growth.
The Dow Jones Industrial Average ($INDU) was down 91 points at 13,117. The S&P 500 ($INX) was down 7 points at 1,399. The Nasdaq Composite ($COMPX) was down 16 points at 3,00.
Japan said its economy grew at an annualized pace of 1.4% in the second quarter, slowing from 5.5% in the first quarter and missing growth projections for 2.7% growth.
With fewer corporate earnings out these days, investors are focusing on economies. Japan's figures add to last week's disappointing Chinese trade figures and data out of Europe showing factory output in its strongest economy had fallen by more than expected in June, raising concerns about a further slowdown in global growth.
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Monday's pull-back comes on the heels of a five-week win streak for stocks, partly fueled by hopes that central banks will intervene with further easing measures as well as by expectations that the ECB is ready to act soon to ease funding pressures on certain eurozone nations.
Groupon (GRPN) will report earnings after the close. MarketWatch reports that analysts currently expect revenues for the second quarter to jump 46% from the same period last year to $573.1 million, according to FactSet. Earnings are expected to be 3 cents per share.
Independent refiner Tesoro (TSO) said it will buy BP Plc's (BP) refinery in Carson, Calif., and related assets for about $2.5 billion.
Motorola Mobility, which was bought by Google (GOOG) in a $12.5 billion acquisition in May, told employees Sunday that it will lay off 20% of its workforce and close a third of its 94 offices worldwide. A third of the 4,000 jobs lost will be in the U.S.
Google (GOOG) is also buying Frommer's travel publishing business from John Wiley & Sons.
Shares of Sears Holdings (SHLD), the retail empire controlled by billionaire Edward Lampert, are surging in early trading after the company announced plans to spin off some of its stores not connected to its flagship brand.
Pfizer (PFE) filed the initial public offering plan of about $100 million in shares for its animal health business. The pharmaceutical will use the proceeds to pay off debt.
Elan (ELN) also said Monday directors have approved the spin off of its discovery science and neotope biosciences businesses. It expects the new company, Neotope Biosciences, to be listed on a U.S. exchange by the end of the year. Elan shares took a beating last week after the Irish drug company's partners abandoned a development program for treatment for Alzheimer's disease.
FedEx (FDX) will offer voluntary buyout incentives to certain employees based in the U.S. as part of its efforts to improve efficiency and reduce costs.
Barnes & Noble (BKS) cut prices on three models of its Nook e-reader and tablet devices Sunday ahead of back-to-school shopping and amid speculation that rival Amazon.com (AMZN) is preparing to introduce a new version of its Kindle Fire tablet.
Goldman Sachs upgraded Campbell Soup (CPB) to "conviction buy" from "sell," saying the risk-reward ratio is now favorable. The firm also upgraded J.M. Smucker (SJM) to "buy" from "neutral," saying the food producer will benefit from an improved cost profile.
Yahoo (YHOO) was downgraded to a "hold" by Stifel Nicolaus due to the raised possibility that the Internet company might keep some of the cash it gets through the sale of its Alibaba stake to invest in the business.
- More analyst calls here.
General Motors (GM) is recalling more than 38,000 Chevrolet Impala police cars in North America because the lower front control arms could fracture, increasing the risk of crash.
>>>HOW MANY PEOPLE HAVE BEEN HIRED IN THE PAST THREE YEARS BY POOR PEOPLE...???<<<
On the otherhand, how many cars are purchased by people that have no job? What you're missing is that there's a symbiotic relationship between us all. Rich, and those who want to be rich, will neither stay or become rich unless there's a market for their goods and services. If consumers have neither jobs nor money, there will be no wealth creation.
He voted for the Patriot Act initially, and has since voted several times to extend it. He also voted in favor of the creation of the Dept of Homeland Security. He voted for No Child Left Behind and also for the expansion of WIC and the Head Start Program. He voted in favor of the Prescription Drug Bill. He also voted to increase the debt ceiling. Ryan also voted for TARP and for the extension of UE benefits. In addition, Ryan has voted to expand the Temporary Aid to Needy Families program and he voted for the Energy Policy Act of 2005, costing billions.
Forget about the same ol' tired, "My side is better than your side" banter - all you establishment, big government partisan hacks should be absolutely, positively giddy this morning - you're in a "Win-Win/Can't Lose" situation. On the one hand, you have Obama/Biden, who have a strong record of expanding the size and power of government. On the other hand, you have Romney/Ryan, who also have a strong record of expanding the size and power of government. To gripe about the differences in these candidates is like an alcoholic standing in front of a fully stocked bar and griping because they don't stock a particular brand of tequila. So, instead of pi$$ing and moaning about mostly small and irrelevant differences between the candidates, relax and celebrate and have no fear; regardless of who wins, you'll see more government - not less, we'll continue to run massive deficits, our debt will continue to rise and our individual freedoms will continue to disappear.
For those of you who are truly interested in less government and more liberty, I suggest you stop feeding the donkeys and elephants.
Well I find it refreshing that Romney and Ryan are trying to come up with a solution to a problem that could potentially bankrupt us.The left want things to go on just the way they are,they think that little bit of tax increase on the rich will solve things,we're beyond that right now I think.If we have to take less in benefits in 10 or 20 years I'm willing to save our kids from a life like my grandparents had to go through in the 20's and 30's.
The global economy is going through an intense deleveraging cycle (getting rid of debt) that is resulting in deflation (falling prices). The central banks can pump reserves for eternity into the banking system and keep rates low, but it won't do any good. There just isn't any DEMAND.
In exactly the same way Obama can pump all the stimulus he wants, and it won't do any good either except to put the country further into debt. Again there isn't any DEMAND to make spending money effective.
You'll notice that investors are still fleeing stocks and moving into bonds bringing down rates further while there are stocks that have a better dividend yield than bonds. Again no DEMAND to push economic growth.
America is a basket case and needs to be turned around. Only one man can pull it off - Mitt a turn around specialist - and turning America around will be his greatest acheivement!
WOW !! Some here think that you have to be rich to employ people or own a business ? I guess from the point of view of you folks who have been living off the government for weeks on end (are you at 99 yet?), that might make sense to you-again from your point of view-you do nothing- so you have nothing !
let's put it another way; "To much is given, much is expected". only those who create, build, active in community, building networks of people, problem solvers (not creators) can employ those who need jobs and improve the communities where they live, and promote a sustainable lifestyle. Nothing in that previous statement says you have to be rich. No one is going to give you anything as long as you sit behind that keyboard just to trash talk everyone.
Now it time to go to work, get off your blessed assurances and do something !
Paid shills by the likes of such great bastions of political correctness as
ACLU
ACORN
Black Panthers (the NEW Black Panthers , excuse me)
Tumbleweed posts EVERY single minute , a post a minute!
A post a minute?
He repeated a post below verbatim, exactly the same post , word for word , last week.
The same exact , asinine post .
Hmmm --
You know , the silver spoon in mouth rant , below. "I refuse to vote for blah , blah , blah"
Does he have the posts committed to memory , perhaps?
Is he Mr. memory ?
Mr. Total Recall ( at age 75, too !) ?
OR , much more likely, would he have these rants copied on his hard drive for ease of use , pasting?
It sure sounds like it, doesn't it?
WHY would anyone save a political post on a blog?
Why? Well, if you're a made up person , created by the Commie machine to "feel the pain"
you can keep posting and posting and posting and it looks like there is no agenda!
Endeavor /DO DO - exactly the same cretin, person
Duffy - Formally known as Stuck In Kansas - This cretin posts a wedding picture exactly as "Stuck in Kansas" once did.
both have wedding pictures with ugly azz wives, hmm.
Pete= Deklin
Longbeach- Well, he REALLY is a step n fetch it cretin. He REALLY does believe in the commie , i mean Dem party.
Can you say extremely low IQ, barely functional ?
The gist is , these lefty cretins are not real people in the sense of a "voter" they are in fact , made up characters, working for MSN, ACORN, ACLU, some other commie organization and their opinions should be taken wiith a grain of SALT, AS THEY ARE PAID HACKS !
The RICH here, the RICH there
NOW
HOW MANY PEOPLE HAVE BEEN HIRED IN THE PAST THREE YEARS BY POOR PEOPLE...???
IF THE TAXPAYERS (THE RICH) DON'T MAKE MONEY AND DON'T PAY TAXES AS A RESULT, WHERE IS THE MONEY THE FED WILL GIVE YOU COMES FROM????
NOW IF ALL THE RICH WOULD GIVE THEIR MONEY TO ALL THE "CRYING POOR PEOPLE" WHAT DO YOU THINK THEY WILL DO WITH IT..............they don't even have a clue ! ! ! ! !
Ole Bumbleweedbut is a great negotiator the kind that hides in the bushes and surprises you with a baseball bat. Yup in the Navy he was called the biggest horse's (you know).
And he blabbers on and on. So what if Mitt is rich? Can a poor man really run a campaign for prez? And who would want too? Can you imagine the stress of it?
Yes Mitt is the great white economic hope. Without him America is going down the toilet!
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