Career News 24/7: 05/24/12

Thursday, May 24, 2012

Don’t Hate On 8 - From FrugalDad.com

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Don’t Hate On 8 - From FrugalDad.com

STOCKS GO NOWHERE ON DAY WHEN NOTHING HAPPENS: Here's What You Need To Know, May 24, 2012

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Thursday, May 24, 2012

Quiet day.

First the scoreboard:

Dow: 12,529, +33.6, +0.2%
S&P 500: 1,320, +1.8, +0.1%
NASDAQ: 2,839, -10.7, +0.3%

And now the top stories:

China, the second largest economy and arguably the most important global growth driver in the world, reported another weak economic number. The HSBC Flash China Manufacturing PMI number dipped to 48.7, down from 49.3 in April. A reading below 50 indicates contraction in the sector.
Citing unnamed officials, Bloomberg reported that China's banks would miss their lending targets for the first time in seven years. This only added to concerns that China's economy would slow to what would eventually be a hard economic landing. "There is enormous denial over the Chinese economy," wrote Sean Darby, Jefferies' global equity strategist. Darby is particularly concerned about evidence pointing to evaporating working capital in the country. "On many 'on-the ground' measures of economic growth, GDP is trending well below 7 percent," he wrote.
The world continues to worry about the Greek debt crisis. In particular, people are watching for clues as to how the upcoming Greek elections will unfold. Should the left-wing SYRIZA party gain ground, the odds of a Greek exit from the eurozone increase. In the event of a disorderly exit, oil price could plunge, writes Bank of America's Francisco Blanch.
Today was the release of the first Markit US Flash PMI number, and it wasn't bad. The metric came in at 53.9, which suggests expansion in the industry.
Last night, Hewlett-Packard announced fiscal Q2 earnings that beat Wall Street's expectations. However, the big headline was that management announced plans to cut 27,000 jobs or 8 percent of the total headcount.
HP's unexpected job cut announcement came in contrast to the relatively benign jobless claims number. Last week, initial claims were flat at 370k, which was exactly in line with economists' expectations.
Durable goods orders excluding transportation unexpectedly fell 0.6 percent. Economists were looking for a 0.8 percent gain. EXCLUSIVE: Gary Shilling Says Everyone Raving About The US Manufacturing Renaissance Is Overlooking One Key Detail >
Meanwhile, the Facebook IPO fail saga continues. The Wall Street Journal revealed that Capital Research & Management and Fidelity Investment among the big investors who benefited from selectively disclosed information. Facebook's lead underwriter Morgan Stanley is reportedly blaming Business Insider editor Henry Blodget of playing a role in the IPO scandal. Here Are The 25 Biggest IPOs In American History >
Don't Miss: THE GLOBAL 20: The Big Trends That Are Changing The World >




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Business Today: Tech pressures Nasdaq in volatile trading

Reuters » Business Today

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05/24/2012

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

Tech pressures Nasdaq in volatile trading

NEW YORK (Reuters) - Stocks ended slightly higher in a third session marked by late-day swings, but the Nasdaq fell after NetApp gave a weak revenue forecast, casting doubt on the outlook for tech spending.

Economy trudges along despite Europe turbulence

WASHINGTON (Reuters) - The number of Americans filing new claims for jobless benefits dipped last week and factory activity grew but at a slower pace in May, indicating the economy was plodding along despite growing headwinds from Europe.

Morgan Stanley still has Facebook issues: source

NEW YORK (Reuters) - Morgan Stanley continues to work through trade orders placed on Friday by brokerage customers in Facebook Inc during the social networking company's IPO, two people familiar with the situation said on Thursday.

Chesapeake plans to sell wells in Wyoming, Colorado

HOUSTON/NEW YORK (Reuters) - Chesapeake Energy Corp has put a half-million acres in Wyoming and Colorado up for sale, as the second-largest U.S. natural gas producer scrambles to raise cash to close a $9 billion to $10 billion funding shortfall.

Analysts back Hewlett Packard's layoff plans

(Reuters) - Analysts said Hewlett Packard Co's plan to cut jobs was a step in the right direction but the PC maker will have to do more to regain investors' confidence.

Volkswagen labor to outline UAW stance to U.S. plant workers

WOLFSBURG, Germany (Reuters) - A top German union official will explain to hourly employees at Volkswagen's U.S. plant in early June that his group will not pressure them to join the United Auto Workers union, the automaker's top labor representative said on Thursday.

CFTC sues ex-Chicago broker, alleging Ponzi scheme

(Reuters) - The Commodity Futures Trading Commission (CFTC) has sued a former Chicago floor broker, claiming he ran a four-year Ponzi scheme and fraudulently solicited at least $7.8 million to trade commodity futures contracts.

Warren Buffett eyes more newspapers: report

(Reuters) - Warren Buffett's Berkshire Hathaway Inc is eyeing more newspapers, according to a memo posted on Jim Romenesko's media website. http://tinyurl.com/7odreje

Fidelity, Knight problems add to Nasdaq's Facebook woes

(Reuters) - The repercussions from Facebook's botched initial public offering deepened on Thursday as Fidelity Investments found itself dealing with "thousands" of customers with order problems and at least two firms reported tens of millions of dollars in trading-related losses to Nasdaq.

Eurozone governments ponder Greek exit contingency

ROME/HELSINKI (Reuters) - At least half of euro zone governments as well as banks and large companies are making contingency plans in case Greece decides to leave the single currency area, even though the preferred option is still for Athens to keep the euro.