i'm out at 56.40. slight loss today. i'm doing it all wrong this week. ordering a bunch of new trading books on amazon, and reading some of my old ones. something's wrong with what i'm doing.
Wells Fargo to sell $6 billion in common stock Wells Fargo said late Thursday that it plans to sell $6 billion in new common stock to help the bank raise capital to meet requirements from the government's so-called stress test. -------------- Murdoch: "The worst is over" May 6, 2009 CHICAGO (MarketWatch) -- News Corp. Chairman Rupert Murdoch, commenting on the most severe worldwide economic downturn in decades, said Wednesday that "it is increasingly clear that the worst is over." Speaking to analysts on a conference call, Murdoch said: "There are emerging signs in some of our businesses that the days of precipitous declines are done and that revenues are beginning to look healthier." ----------------
Asia stocks up after US bank test; job report eyed - Friday May 8, 2009, 2:54 am EDT ------------ Asian stock markets mostly higher after US stress test results, investors eye jobs report HONG KONG (AP) -- Asian stock markets were modestly higher Friday as investors braced for a key U.S. jobs report that could bolster -- or undercut -- a growing belief that recession in the world's largest economy is starting to ease. Trade was back-and-forth early in the session, though, as many investors used the U.S. government's long-awaited "stress test" report on leading banks as an excuse to take profits amid worries the recently rally may be overdone. Crude oil prices continued their march higher, while the dollar strengthened against the yen. "The result of the stress test had been leaked out by the press several days in advance already, so it came at no surprise at all whatsoever," said Francis Lun, general manager of Fulbright Securities Ltd. in Hong Kong. "But the market continued to go up for five days beforehand, so now it's really time to consolidate." After opening lower, a number of markets regained their footing, helped by gains in the U.S. futures. In Japan, the Nikkei 225 stock average rose 76.49 points, or 0.8 percent, to 9,462.19, lifted by banks such as Mitsubishi UFJ Financial Group., which surged more than 6 percent as the stress test results lifted uncertainty about U.S. lenders.
Formal results from stress tests on U.S. lenders were released late Thursday. "The stress tests found that the 19 could suffer losses of up to $600 billion under the adverse economic scenario and initially concluded that they would need $185 billion in additional capital, but strong first-quarter results and capital management reduced that total to $75 billion," noted Emer Lang, analyst at Davy Stockbrokers.
Note: this was old story , I am posting here for reference Last update: 10:47 a.m. EDT May 7, 2009 ----------- Initial jobless claims fall; record ongoing claims WASHINGTON (MarketWatch) -- First-time claims for state unemployment benefits fell to the lowest level since late January, the Labor Department reported Thursday, in what may be a sign that a peak for pink slips has passed. The number of initial claims in the week ended May 2 fell 34,000 to stand at 601,000. The four-week average for first-time claims also fell, down 14,750 to 623,500. The four-week average is considered a better gauge of labor market conditions than the volatile weekly figures because it smoothes out one-time distortions caused by holidays, bad weather or strikes. "The evidence is growing that the recession may be bottoming out in the second quarter," wrote analysts at RDQ Economics in a research note. "Companies may have begun to slow the rate of layoffs, but there is no evidence here that the pace of hiring has picked up." Reported weekly, claims are one of the best tools for spotting turning points in the economy. A moderation in claims could mean that the pace of deterioration in the labor market is slowing. However, the Labor Department also reported Thursday that the level of ongoing claims for jobless benefits continues to tally record highs, with a gain of 56,000 to reach 6.35 million in the week ended April 25. The four-week moving average of continuing claims also hit yet another record high, rising 125,250 to 6.21 million. The U.S. insured unemployment rate, which represents the portion of all workers covered by unemployment insurance who are collecting benefits, rose to 4.8% -- the highest level since December 1982 -- from 4.7%. Initial claims represent job destruction, while the level of continuing claims indicates how hard or easy it is for displaced workers to find new jobs. The latest claims report shows that finding a replacement job remains difficult. On Friday, the government will report nonfarm payrolls for April, and economists are looking for a drop of 580,000, compared with March's contraction of 663,000. On Wednesday, the ADP employment index showed that private-sector employment fell by an estimated 491,000 jobs in April, signaling that the economic downturn is moderating
note: see the attached chart , this is critical chart for oil trades to see the picture of study decline of job losses .. - one risk I see for oil rebound on friday is govt. number is way off than ADP number .. ------------ On Friday, the government will report nonfarm payrolls for April, and economists are looking for a drop of 580,000, compared with March's contraction of 663,000. On Wednesday, the ADP employment index showed that private-sector employment fell by an estimated 491,000 jobs in April, signaling that the economic downturn is moderating.
http://finance.yahoo.com/news/Layof...78381.html?sec=topStories&pos=1&asset=&ccode= Layoffs may be easing but employers in no mood to hire as they cope with recession * On Friday May 8, 2009, 4:15 am EDT WASHINGTON (AP) -- Employers are letting up a bit on the mass layoffs they resorted to earlier this year to cope with the recession, but the unemployment rate is climbing because many businesses remain wary of hiring given all the economic and financial uncertainties. The Labor Department on Friday is slated to release a report expected to show that a net total of 620,000 jobs were lost in April. If analysts are correct, the figure -- while still big -- would be an improvement from March's 663,000 job losses and mark the fewest reductions since November. The deepest job cuts of the recession, which started in December 2007 and is now the longest since World War II, came in January: 741,000 jobs vanished then, the most since the fall of 1949. "I think the worst has passed in terms of losses," said John Silvia, economist at Wachovia. "But the jobs situation will remain tough." With few places for the out-of-work to land, the unemployment rate is expected to jump to 8.9 percent, from 8.5 percent in March. If that happens, it would mark the highest jobless rate since the fall of 1983, when the country was recovering from a severe recession that drove unemployment past 10 percent. As the recession eats into sales and profits, companies have turned to layoffs and other cost-cutting measures to survive the storm. Those including holding down workers' hours, and freezing or cutting pay. Looking ahead, economists expect monthly job losses continuing for most -- if not all -- of this year. However, they are hoping the reductions won't be as deep. Federal Reserve Chairman Ben Bernanke earlier this week gave his most optimistic prediction yet about the end of the recession, saying he expects the economy to start growing again this year -- although the comeback could be weak and more jobs will disappear even after a recovery takes hold. Companies will have little appetite to ramp up hiring until they feel the economy is truly out of the woods and a recovery is firmly rooted. Against that backdrop, many economists predict the unemployment rate will hit 10 percent by the end of this year. Bernanke stopped short of that figure, saying it will be somewhere in the 9 percent range. Regardless, both private economists and Bernanke agree the unemployment rate will keep climbing into next year. The Fed says unemployment will remain elevated into 2011. Economists say the job market may not get back to normal -- meaning a 5 percent unemployment rate -- until 2013. More than 5 million jobs have vanished in the recession, and Bernanke predicted "further sizable job losses" in the coming months. Fallout from housing, credit and financial crises -- the worst since the 1930s -- has hurt America's workers and companies, and the pain will continue. The jobs market traditionally doesn't rebound until well after an economic recovery starts. More companies recently announced job cuts. General Motors Corp. laid out a restructuring plan that includes cutting 21,000 U.S. factory jobs by next year. Microsoft Corp. said it was starting thousands of the 5,000 job cuts it announced in earlier this year and left the door open to even more layoffs. However, glimmers of hope have emerged that the recession may be losing its grip on the country. The Labor Department on Thursday said the number of newly laid-off workers filing applications for jobless benefits plunged to the lowest level in 14 weeks, a possible sign that the massive wave of layoffs has peaked. Still, the number of unemployed workers drawing benefits climbed to a new record -- 6.35 million. Other reports showed sales at many retailers fared better in April, with Wal-Mart Stores Inc. leading the way. In the U.S., the economy shrank at faster than a 6 percent annual rate late last year and early this year, the worst six-month performance since the late 1950s. Analysts think it is still shrinking now -- but probably at about half that pace. Many predict the economy could start growing in the third or fourth quarter as tax cuts and government spending on big public works projects included in President Barack Obama's $787 billion stimulus package make their way through the economy. Information for the monthly employment report is collected around the middle of the month. A copy of the report is given to the White House's Council of Economic Advisers on Thursday afternoon. Bernanke gets employment information Thursday night.
http://finance.yahoo.com/news/Banks...78368.html?sec=topStories&pos=1&asset=&ccode= The banks will have until June 8 to develop a plan and have it approved by their regulators. If they can't raise the money on their own, the government said it's prepared to dip further into its bailout fund. The stress tests are a big part of the Obama administration's plan to fortify the financial system. As home prices fell and foreclosures increased, banks took huge hits on mortgages and mortgage-related securities they were holding. The government hopes the stress tests will restore investors' confidence that not all banks are weak, and that even those that are can be strengthened. They have said none of the banks will be allowed to fail.