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Archive for the ‘Mid Term’ Category

Apple says it will close 30 more stores

I'm using Apple (AAPL) as one indicator for the state of the re-opening economy. Apple's decision today to re-close 30 more of its stores in seven states, including Alabama, California, Florida, Georgia, Idaho, Louisiana, Nevada, Oklahoma, Texas and Utah, is a sign that the re-opening economy is taking another step backward. Apple has now closed […]

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Fed announces names of its first direct corporate bond purchases

This strikes me as a bad idea. What could possibly go wrong? The U.S. central bank made $207 million in purchases on June 16, the first day of direct buying. The Federal Reserve bought bonds issued by, among other companies, AT&T (T), UnitedHealth Group (UNH), and Walmart (WMT). About 21% of corporate bond purchases were […]

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4th pick for Special Report 10 Stocks to Beat Amazon–SGEN

My fourth pick in my Special Report "10 Stocks to Beat Amazon" is a biotech, Seattle Genetics (SGEN). Biotech companies spend years developing their first successful drug. And then spend more years turning that first drug into a pipeline of drugs and expanded labels. The risk, of course, is that the drug development efforts won't […]

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Wall Street’s hope for the next big thing from the Fed: Yield curve control

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Stock patterns today show deep uncertainty about market direction in today’s buying and selling

It wasn't a day for big moves in U.S. stocks. The Standard & Poor's 500 closed ahead 0.06% and the Dow Jones Industrial Average finished off 0.15%, for example. Nobody wants to get every far ahead of the trend--whichever direction it's pointing to. So, for example, Kroger (KR) reported first quarter earnings and revenue way […]

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New claims for unemployment rise by 1.54 million for week ended June 6

Initial claims for state unemployment benefits continued to trend lower with 1.54 million workers applying in the week ended June 6. That's down from 1.9 million initial claims in the prior week. (Economists surveyed by Bloomberg had projected 1.55 million initial claims for the week.) But while the trend is pointing in the right direction, […]

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OECD projects global economy to shrink by 6% this year, worse than World Bank’s 5.2% forecast on Monday

The Organization for Economic Cooperation and Development, the developed world's economic think tank, today forecast that the global economy would shrink by 6% this year. (OECD members accounted for 62% of global GDP in 2017.) That conclusion is based on a scenario in which the coronavirus pandemic continues to receded. Under a scenario that includes […]

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Looking ahead to a very disappointing and very messy second quarter earnings season

It's not too early to look ahead--with some trepidation--to the second quarter earnings season that begins with the report from JP Morgan Chase (JPM) about a month from now on July 14. "Trepidation" because Wall Street analysts have been cutting their earnings estimates for companies in the Standard & Poor 500 for the quarter with […]

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It’s official: We’re in a recession

The National Bureau of Economic Research has declared that the United States is officially in a recession. The committee said that U.S. economic growth peaked in February and then entered its first downturn since the 2007-2009 recession. This recession ends the longest economic expansion in U.S. history, a record-setting 128 months of growth. The back […]

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Why today’s good news shock on jobs comes at a really unfortunate time

I'd argue the last thing we needed today was good news. In case you're been hiding under a rock, you know that the economy unexpectedly added 2.5 million jobs in May and the unemployment rate fell to 13.3%. (Read my immediately prior post for a run down of why these numbers are too good to […]

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