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Thursday, January 30, 2014

Claman On Call: Google 4Q earnings fall short of Wall Street expectations

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Daily Market Update with Liz Claman

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Google 4Q earnings fall short of Wall Street expectations

Claman on Call: FBN's Liz Claman with an after-hours web-exclusive on the markets, Google and Amazon earnings, what Lenovo has in store for Motorola and the Super Bowl.

On Our Radar: News We're Following

Google Logs Mixed 4Q Results as Revenue Jumps 17%
Amazon 4Q Results Well Below Views
Can Lenovo do what Google couldn't with Motorola?
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Well That Was Unexpected

When you start dating someone, a few fairly unexpected things start happening in your life.

that's not a bad thing, actually

21 Unexpected Side Effects Of Being In A Relationship

For instance: Now that you can't cheat and forget to brush your teeth, your dental hygiene improves considerably.

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Italian court overturns not guilty verdict of Amanda Knox, Raffaele Sollecito in murder of Meredith Kercher

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Italian court overturns not guilty verdict of Amanda Knox, Raffaele Sollecito in murder of Meredith Kercher
Italian court overturns not guilty verdict of Amanda Knox, Raffaele Sollecito in murder of Meredith Kercher

An appeals court in Florence on Thursday upheld the guilty verdict against U.S. student Amanda Knox and her ex-boyfriend for the 2007 murder of her Br...

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'Man'-hunt for 'Adam' 'Man'-hunt for 'Adam'
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miniRA

Details have finally emerged on myRA, the new retirement savings vehicle that President Obama introduced in this week’s State of the Union address. While MyRA is billed as a retirement account, it’s actually closer to a government-sponsored, high-yield savings account. An account can be opened for as little as $25, regular contributions can be as low as $5, and funds can be withdrawn at any time before retirement without penalty.

The basic idea is that people sign up through their employer to fund their myRA account through payroll deductions — a selling point since, as Lydia DePillis says, “about a decade ago, researchers started to figure out that when people are automatically enrolled in a savings plan, participation shot up by as much as 20 percent”. Like a Roth IRA, it’s funded with post-tax dollars. Once the account reaches a maximum of $15,000, it has to be automatically rolled into a private IRA.

The account holds Treasury securities that earn the same interest rate as federal employees get on their retirement savings. That’s a low rate, but it’s higher than the yield on treasury bonds. “The language about the myRA being offered ‘through a familiar Roth IRA Account’ suggests to me that they're not so much proposing a new type of account as a new type of bond”, writes Matt Yglesias.

“It behooves us to collectively recall just how much money the federal government is already devoting to subsidizing private retirement accounts”, says Matt Bruening. He notes that between 2013 and 2017, government spending on subsidies toward retirement accounts -- which are overwhelmingly held by the wealthy -- will reach $700 billion. Josh Barro estimates myRA will cost taxpayers $2.5 billion per year for every point of interest rate premium.

Like other IRAs, myRA will be self-funded. That’s likely to be a challenge because the American savings rates are very closely tied to income: the less you make, the less you’re likely to save. That said, myRA, with its simple only-one-choice structure, eliminates the problem that Americans find it hard to effectively invest the money they aren’t saving enough of.

Kevin Drum’s solution, which echoes that of Josh Barro: increase Social Security’s benefits to the poor, and cut benefits to the well off. Not only is Social Security incredibly efficient, it’s the best poverty reduction program in America. -- Shane Ferro and Ben Walsh

On to today’s links:

Cephalopods
Goldman Sachs' investment in Dong Energy almost brings down the Danish government - Bloomberg

Profiles in capital
"Preying on the few people who still answer a landline": the new Wall Street chop shops - Bloomberg

Health Care
Americans don’t know what’s in Obamacare, do know they don’t like it - Sarah Kliff

Wonks
Thinking about labor market churn, via econobloggers' career choices - Ryan Avent
Don't assume Nobel Laureates know everything, or even many things - Chris House

Charts
The wealthy, and not-so-wealthy, American suburbs - Bloomberg Businessweek

Poetry
"Buy sell, buy sell / Work, work, work until you’re dead" - FT

Oxpeckers
"Defend yourselves against the media. It's attacking you all the time" - Rusty Foster

It’s Academic
Ban profs from blogging? "At best, it's draconian... at worst, an infringement of academic freedom" - Guardian

Ugh
Food stamps cut by $9 billion after Republicans win the farm bill fight - Mother Jones

Data Points
US GDP grows at annual rate of 3.2% in the 4th quarter - Calculated Risk
America is 7% poorer now than it expected to be in 2007 - Brad DeLong

Easing Ain’t Easy
Why the Fed should shift focus from the unemployment rate to inflation - Cardiff Garcia

Follow Counterparties on Twitter. And, of course, there are many more links at Counterparties.

 

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Business Today: Wall Street rebounds with tech gains, signs of growth

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01/30/2014
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Wall Street rebounds with tech gains, signs of growth
NEW YORK (Reuters) - The S&P 500 scored its biggest gain in more than a month on Thursday as Facebook led a tech rally and data showed the U.S. economy was on solid footing in the fourth quarter.
Google fourth-quarter consolidated revenue tops Wall Street target
SAN FRANCISCO (Reuters) - Google Inc's consolidated revenue beat Wall Street's target in the fourth quarter even as pricing for its online ads weakened during the holiday season.
Amazon holiday sales in line, stock drops
SEATTLE (Reuters) - Amazon.com Inc reported close-to-expected sales for the crucial holiday quarter, with less growth than some had hoped for outside North America, pushing its shares down more than 9 percent after hours.
NY court lets lawsuit against Goldman over Timberwolf CDO proceed
NEW YORK (Reuters) - A New York state appeals court on Thursday refused to dismiss a $1.07 billion lawsuit accusing Goldman Sachs Group Inc of selling securities as the financial crisis began that it expected to lose value.
Jobless claims rise more than expected
WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits rose more than expected last week, but the underlying trend suggested the labor market continued to heal.
Households, trade keep U.S. economy humming in fourth quarter
WASHINGTON (Reuters) - Strong household spending and robust exports kept the U.S. economy on solid ground in the fourth quarter, but stagnant wages could chip away some of the momentum in early 2014.
UPS sees no rerun of glitch-marred December: CFO
(Reuters) - United Parcel Service Inc has vowed to avoid a repeat of last year's Christmas holiday season when unexpectedly high volume and huge delays frustrated customers who wanted their packages delivered on time.
Conoco beats expectations as bigger oil rivals struggle
HOUSTON (Reuters) - Oil producer ConocoPhillips outshone larger competitors on Thursday with a quarterly profit that beat expectations as it moved to overcome the problems of high costs and lack of fresh reserves that have nagged at Exxon Mobil Corp and Royal Dutch Shell .
Boeing to pay bonuses to aircraft workers for 2013 performance
NEW YORK (Reuters) - Boeing Co said on Thursday it would pay bonuses to engineers, machinists and other employees in response to the company's strong 2013 performance.
Facebook shares surge as mobile ads click
(Reuters) - Facebook Inc's shares rose as much as 17 percent to a life-high after the company's resounding revenue growth underscored CEO Mark Zuckerberg's success in selling ad space on the social network's mobile app.
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