| Market Summary |
The major U.S. market indexes all ended slightly up today, making strong gains for the week after last Friday's steep drop following lower-than-expected reports on the job market. Stocks had earlier fallen sharply this morning after the release of a Commerce Department report that consumers held off on retail spending in August, perhaps due to apprehension about recent market performance. Retail sales were only up a weak 0.3% in August, saved by a 2.8% spike in auto sales, without which would have meant an overall decline. All eyes continue to watch the Federal Reserve, which will meet Tuesday to decide if and when to cut interest rates. Market analysts are nearly unanimous that that the rate cut will surely happen, wondering only if the cut will be 25 or 50 basis points. Also, oil fell after a record-high of $80.36 earlier in the week.
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| Market News |
Retail sales posted a modest gain in August, helped by the biggest jump in auto sales in more than a year. But there are concerns that spending could falter as the steep slump in housing and financial market turbulence weigh on consumer confidence. The Commerce Department reported Friday that retail sales increased 0.3 percent in August, compared to July, when sales had been up by 0.5 percent. The strength last month was led by a 2.8 percent jump in auto sales, the biggest increase since July 2006. But retail sales recorded the biggest decline in almost a year when car sales are stripped out. (Source: MSNBC) Full Story
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Oil fell on Friday after supply concerns and tight inventories pushed prices to a record above $80 a barrel for the third consecutive day. Hurricane risks, falling oil and product stocks in consumer nations and a modest output increase from OPEC have fueled the recent hike in oil prices and encouraged speculators to increase long positions. (Source: Reuters) Full Story
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Shares of American Express Co. fell at the opening bell Friday after a Merrill Lynch analyst reportedly downgraded the credit card issuer. American Express (AMEX: Charts, News, Offers) (down $1.62 to $58.98) shares lost 3.8 percent. The stock closed Thursday at $60.60, flat for the year. A Merrill Lynch analyst downgraded American Express to "Neutral" from "Buy," according to various reports. (Source: CNN Money) Full Story
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| Market Analysis |
The weekly U.S. jobless claims report was in line with what Wall Street had expected, and that's just what it wanted to hear. On Thursday, the Labor Department announced that initial unemployment claims rose by 4,000, to 319,000 for the week ending on September 8. The increase fell short of Wall Street’s expected total of 325,000. The rise in claims contributed to hopes for an interest-rate cut next week, but were less than expected, indicating the dire monthly unemployment report issued last week might have overstated the weakness in the American economy. (Source: Forbes) Full Story
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Yahoo! (YHOO: Charts, News, Offers) is just a little misunderstood. A fresh wave of speculation again surrounded the beleaguered Internet giant this week. And as usual, commentators offered a black-or-white look at the company and its stock: It's either so outrageously undervalued that it's a must-buy (as Bear Stearns suggested last week) or it's doomed, with its high-profile turnaround bid all but lost. But the reality is much more complex. Rather than buying the stock on "it must be cheap" principles or dismissing the company outright, investors should instead watch the company closely for signs that a legitimate turnaround is materializing. (Source: TheStreet) Full Story
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Decoupling, the notion that the rest of the world can weather the effects of a slowing U.S. economy, had all the attributes of a successful advertising campaign. The message was simple, clear and succinct. One problem: It doesn't fly, or at least not yet. It might even be argued that the powerful forces of globalization make decoupling impossible. (Source: Bloomberg) Full Story
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| On This Date |
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September 14, 1998: A federal judge denies Microsoft's request to throw out the anti-competition lawsuit, but agrees to postpone the trial until October 15 of that year.
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| Notable Quotable |
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When managers want to get across the facts of a business to you, it can be done within the rules of accounting. Unfortunately, when they want to play games, at least in some industries, it can also be done within the rules of accounting. If you can't recognize the differences, you shouldn't be in the equity-picking business. - Warren Buffett
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| Previous Newsletters |
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| September 13, 2007 |
| September 12, 2007 |
| September 11, 2007 |
| September 10, 2007 |
| September 7, 2007 |
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