The major indices remained relatively flat to end the week after a huge swing to the upside Friday morning, with news that General Motors (GM) and Chrysler will receive more than $17 billion from the government.
The major indices remained relatively flat to end the week after a huge swing to the upside Friday morning, with news that General Motors (GM) and Chrysler will receive more than $17 billion from the government.
One feature that defines a deflationary downturn is the expanding array of sellers. You don't just have the usual crowd who are looking to make a profit or to get rid of something they already own so they can buy something else. You also see more and more individuals and firms who have to sell because they don't have enough cash on hand to meet their needs; lenders who end up with something they don't want because borrowers have defaulted on their obligations; people who are worried about their job prospects or other concerns who want to be more liquid; and others who simply get caught up in the spirit of the times. In "Rising Retailer Threat: Liquidations," the Wall Street Journal shines the light on one group whose ranks are destined to swell dramatically in the months and years[More...]
With job losses skyrocketing to unseen levels and economic outlook as dour as ever, this year's Christmas may not turn out be as joyful for many of the Americans.[More...]
The number of Americans filing new claims for jobless benefits rocketed to a 26-year high last week, surpassing already gloomy forecasts, as the U.S. economy sinks deeper into recession.
Initial applications for jobless benefits climbed by 58,000 to 573,000 in the…
The number of Americans filing new claims for jobless benefits rocketed to a 26-year high last week, surpassing already gloomy forecasts, as the U.S. economy sinks deeper into recession.
Initial applications for jobless benefits climbed by 58,000 to 573,000 in the week ended Dec. 6, upwardly revised from 515,000 the previous week, the ...
By Don Miller Contributing Writer Money Morning The number of Americans filing new claims for jobless benefits rocketed to a 26-year high last week, surpassing already gloomy forecasts, as the U.S.... Money Morning is here to help investors profit handsomely on this seismic shift in the global economy. Money moves markets. But Money Morning lets you move first. <img src="http://feeds.feedburner.com/~f/USMoneyMorning?i=aTSnO"[More...]
Thirty five Office Depot locations were polled last week after analysts reported the office store was continuing to be troubled. We asked what kinds of items are purchased the most, how is business from a year ago and do you anticipate seeing sale items soon? We learned that computer accessories are most commonly purchased, according to 31% of those polled. Notebook PCs were cited by 11% of respondents and the same figure cited printers and photo printers. Most people, 80% specifically, said business was the same from a year ago. Four people or 11% said that sales were busier and most were expecting sales. Twenty nine % said they would see office furniture discounted soon, 11% cited Flat Panel TVs, 11% cited Desktops and 9% said cell phones were about to go on sale.
Wow, Office Depot (NYSE:ODP) down 32% at $7 a share and VMWare (NYSE:VMW) falling 25% recovering to $39 a share today. Good luck fishing for a bounce with these guys.
VMWare is hurting, 2008 revenue growth will fall short of expectations and their CEO is gone.
Office Depot, the world's largest seller of office products, was surveyed by Tickermine this month and in good time too. The company's stock has been tumbling all year, and yet our survey was not quite as grim as the media reflects. We interviewed 32 respondents at 32 separate locations and asked which kind of item was selling best, whether business was up or down from this time last year, and whether any excess inventory would be discounted soon? Computer accessories were selling best according to nine respondents or 28% of those polled. Notebook PCs, photo printers and printers, along with cell phones are also selling well, according to four people or 13% of those interviewed. Another three respondents or 9% said their desktop PCs sold best. Most of the people interviewed specifically 14 respondents or 44% said that their store was just as busy as this time last year, so no change at all. Another eight respondents or 25% weren't sure whether business had changed either way. Five respondents or 16% said that the weather was not detracting from their clientele , while another five respondents said that business was definitely up from a year ago. As for excess inventory, eight respondents for 25% said that office furniture was in excess and would need to be discounted soon. Five respondents or 16% said this for Desktop PCs, as well as for Printers/photo printers. Computer Accessories were cited by four people or 13% of those interviewed. Phones were cited three times (9%). Cell phones and notebook PCs were cited twice (6%), while the following were each cited once each or by 3% of respondents: Flat Panel TVs, GPS systems and MP3 players.