JDfn Daily Digest - September 5, 2008
The Labor Department said 84,000 jobs were lost in August, significantly higher than the 75,000 that economists forecast. In addition, July's job losses were revised up to 60,000 and June's to 100,000 from a previously reported 51,000 in each month. The U.S. unemployment rate unexpectedly shot up to 6.1 percent in August, its highest in nearly five years and the average hours of work remained unchanged from July at 33.7.
A Mortgage Bankers Association survey said foreclosures increased in the second quarter to the fastest pace in almost three decades as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn't refinance or sell. New foreclosures increased to 1.19 percent, rising above 1 percent for the first time in the survey's 29 years.
Dell Inc (DELL) is trying to sell computer factories around the world in efforts to cut cost and improve profitability. The most likely buyers of Dell's factories will be big contract manufacturers, most of which are based in Asia.
Representatives from Boeing Co. (BA) and the machinists union met with a federal mediator as the clock ticked on an unusual two-day contract extension after union production workers soundly rejected a contract offer and voted to strike. The contract is now scheduled to expire Saturday morning.
Curtiss-Wright Corp. (CW) received a contract worth more than $18 million from Korea Aerospace Industries Ltd. to provide electronics to protect against ice buildup on a new helicopter.
Continental Airlines (CAL) will start charging $15 for the first checked bag for certain customers who buy economy-class tickets. The fee won't apply to EliteAccess customers, OnePass Elite and SkyTeam Elite members, customers traveling on full-fare economy class tickets or military personnel and their families traveling on official orders.
Scheduled U.S. Economic Reports (Next Week)
Pending Home Sales, Wholesale Inventories, Trade Balance, Import Price Index, Retail Sales, Producer Price Index, and Consumer Sentiment
In Earnings News
Investor Mario Gabelli told reporters that slower consumer spending may drag down profit at U.S. companies next year and overshadow growing demand from developing markets. Gabelli believes Congress may need to boost the economy with additional tax rebates after sending checks for $117 billion earlier this year.
Nokia Corp. (NOK) warned its third-quarter global market share will decline from second-quarter levels. Nokia gave no figures, but in July had predicted that "its mobile device market share in the third quarter of 2008 would be approximately at the same level sequentially" as the second quarter.
National Semiconductor Corp. (NSM), which makes chips that regulate power and perform other functions in gadgets, reported its first-quarter profit fell 7 percent from a year ago due to a higher tax rate. The company earned $79.6 million on sales of $466 million in its fiscal first quarter.
Drugstore.com Inc. (DSCM) said it will likely report third-quarter sales below Wall Street analysts' expectations due to a change in its partnership agreement with drugstore chain Rite Aid Corp (RAD).
Scheduled Earnings Reports (Next Week)
Korn Ferry International, Pep Boys, Rex Stores, ShuffleMaster, John Wiley & Sons, Hooker Furniture, Sunrise Senior Living, Campbell Soup, Krispy Kreme Doughnuts, Burlington Coat Factory
Stocks in the News
Merrill Lynch & Co. (MER) was downgraded by Goldman Sachs to sell from neutral.
ImClone Systems Inc. (IMCL) was downgraded by Goldman Sachs to "neutral" with a price target of $64 per share, near its current trading price.
Columbia Bancorp (CBBO), the holding company for Columbia River Bank, said it's shutting its mortgage banking unit.
AMR Corp (AMR) said traffic and capacity at both American Airlines and American Eagle carriers fell in August.
Epix Pharmaceuticals (EPIX) regained worldwide rights to a blood pool magnetic-resonance-angiography agent, from the Bayer Schering Pharma unit of Bayer.
Antisoma Plc (ATSMY) announced that it started a Phase II study, designed to treat kidney cancer.
Exelon (EXC) approved plans to buy back up to $1.5 billion of its stock.
A Mortgage Bankers Association survey said foreclosures increased in the second quarter to the fastest pace in almost three decades as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn't refinance or sell. New foreclosures increased to 1.19 percent, rising above 1 percent for the first time in the survey's 29 years.
Dell Inc (DELL) is trying to sell computer factories around the world in efforts to cut cost and improve profitability. The most likely buyers of Dell's factories will be big contract manufacturers, most of which are based in Asia.
Representatives from Boeing Co. (BA) and the machinists union met with a federal mediator as the clock ticked on an unusual two-day contract extension after union production workers soundly rejected a contract offer and voted to strike. The contract is now scheduled to expire Saturday morning.
Curtiss-Wright Corp. (CW) received a contract worth more than $18 million from Korea Aerospace Industries Ltd. to provide electronics to protect against ice buildup on a new helicopter.
Continental Airlines (CAL) will start charging $15 for the first checked bag for certain customers who buy economy-class tickets. The fee won't apply to EliteAccess customers, OnePass Elite and SkyTeam Elite members, customers traveling on full-fare economy class tickets or military personnel and their families traveling on official orders.
Scheduled U.S. Economic Reports (Next Week)
Pending Home Sales, Wholesale Inventories, Trade Balance, Import Price Index, Retail Sales, Producer Price Index, and Consumer Sentiment
In Earnings News
Investor Mario Gabelli told reporters that slower consumer spending may drag down profit at U.S. companies next year and overshadow growing demand from developing markets. Gabelli believes Congress may need to boost the economy with additional tax rebates after sending checks for $117 billion earlier this year.
Nokia Corp. (NOK) warned its third-quarter global market share will decline from second-quarter levels. Nokia gave no figures, but in July had predicted that "its mobile device market share in the third quarter of 2008 would be approximately at the same level sequentially" as the second quarter.
National Semiconductor Corp. (NSM), which makes chips that regulate power and perform other functions in gadgets, reported its first-quarter profit fell 7 percent from a year ago due to a higher tax rate. The company earned $79.6 million on sales of $466 million in its fiscal first quarter.
Drugstore.com Inc. (DSCM) said it will likely report third-quarter sales below Wall Street analysts' expectations due to a change in its partnership agreement with drugstore chain Rite Aid Corp (RAD).
Scheduled Earnings Reports (Next Week)
Korn Ferry International, Pep Boys, Rex Stores, ShuffleMaster, John Wiley & Sons, Hooker Furniture, Sunrise Senior Living, Campbell Soup, Krispy Kreme Doughnuts, Burlington Coat Factory
Stocks in the News
Merrill Lynch & Co. (MER) was downgraded by Goldman Sachs to sell from neutral.
ImClone Systems Inc. (IMCL) was downgraded by Goldman Sachs to "neutral" with a price target of $64 per share, near its current trading price.
Columbia Bancorp (CBBO), the holding company for Columbia River Bank, said it's shutting its mortgage banking unit.
AMR Corp (AMR) said traffic and capacity at both American Airlines and American Eagle carriers fell in August.
Epix Pharmaceuticals (EPIX) regained worldwide rights to a blood pool magnetic-resonance-angiography agent, from the Bayer Schering Pharma unit of Bayer.
Antisoma Plc (ATSMY) announced that it started a Phase II study, designed to treat kidney cancer.
Exelon (EXC) approved plans to buy back up to $1.5 billion of its stock.
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