Posts Tagged ‘current news’
Thursday, May 7th, 2009
As you probably know, the unemployment rate in the United States has skyrocketed to 8.5%, a 25-year high. Since November, the nation has lost more than 3 million jobs. Given this recession, it seems pretty difficult to see any brightness in any of this. According to the Bureau of Labor Statistics, although 4.8 million workers were laid off or chose to leave their jobs in February, employers across the country also hired 4.3 million workers that same month. There were also 3 million job openings nationwide and there are still millions today.
Robert J. Barbera, chief economist at ITG, a research and trading firm said, “Ninety out of 100 people who know the number — 650,000 were lost in February — think that means no one was hired and 650,000 were fired.”
So who exactly is hiring? Hospitals, colleges, discount stores, restaurants and municipal public works departments are just some of the more popular ones. I.B.M is hiring more than 700 people for its new technical services center in Iowa. Construction companies, retailers, and many other industries are still hiring.
The downside? The only thing is there’s much more competition for every job that you apply for but do not neglect to realize that there are still a lot of hiring going around. Restaurants that expected only teenagers from high school to work there are now receiving applications for middle aged adults. So competition does not only affect the middle age working class, but teenagers who are looking for work to help out their family and to keep some money in their pockets, are also facing similiar challenges as well.
The recession has also encouraged people to stay at their current jobs. Only 1.5% of workers voluntarily quit their jobs in February, the lowest level since the Bureau of Labor Statistics began its data 8 years ago.
Tags: bureau of labor staistics, competition, current news, ibm, recesion, robert barbera, unemployment
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Sunday, May 3rd, 2009
As many of you probably heard, the stress test results of nation’s 19 largest banks will be announced next Thursday. So what exactly is the purpose of a stress test? Basically they are suppose to check each bank’s financial health. For example, techniques are used on a company’s asset and liability portfolios to determine their reactions to different financial situations, which are all hypothetical scenarios (changes can include interest rates, lending requirements, etc.). The test will then determine how the portfolio will fare during the situation and analyze the strengths and weaknesses of the institutions.
Results will ensure whether the company has enough cash on hand to undertake a continued economic crisis. Banks without sufficient capital could get more federal funds to meet their needs so that they can withstand this recession. The release date was actually suppose to be earlier this week but the Federal Reserve ordered banks to keep their test results a secret. Obviously, this had caused anger to investors because we all want to stay away from weak banks.
One side of the spectrum: (the bad)
William Black, a former senior bank regulator, is extremely critical of Timothy Geither, calling him a “failed regulator” who is “adding to failed policy” by not allowing “banks that really need desperately to be closed” to fail. Black also says that the stress test is viewed as part of Geithner’s toxic debt plan, which he calls “an enormous taxpayer subsidy for people who caused the problem.”
Another side of the spectrum: (the good)
“The purpose of this program is to prevent panics, not cause them,” an unnamed senior official told the Times. “And it’s becoming clearer that we and the banks are going to have to explain clearly where each bank falls in the spectrum.”
Tags: asset, current news, debt, economic crisis, federal reserve, financial, liability, obama administration, Secretary of Treasurer, stress tests, Timothy Geitner, toxic, william black
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Tuesday, April 28th, 2009
Recent popular stocks? Biotechnology stocks! With the news of the swine flu here in the U.S., the volume and stock price for biotech stocks have increased significantly. People are expecting a vaccine for this severe virus and have given some hope and confidence to a few of these companies listed below:
Let’s take a look at Novavax (NASDAQ:NVAX) for the last couple of days:
Date Open High Low Close Volume
28-Apr-09 3.11 3.25 2.71 3.18 30,522,230 (another 25% increase today)
27-Apr-09 3.53 3.88 2.33 2.55 53,133,435 (Yesterday, the stock more than doubled!)
24-Apr-09 0.81 1.49 0.81 1.42 1,644,561 (went up 75% last Friday)
23-Apr-09 0.84 0.87 0.80 0.81 112,207
22-Apr-09 0.87 0.88 0.84 0.85 127,287
21-Apr-09 0.84 0.87 0.84 0.87 109,338
“Novavax, Inc. is a clinical stage biotechnology company, creating novel vaccines to address a broad range of infectious diseases worldwide using advanced proprietary virus-like particle (VLP) technology. The Company produces these VLP based potent, recombinant vaccines utilizing a new and efficient manufacturing approach.”
And another stock: BioCryst Pharmaceuticals (NASDAQ:BCRX)
Date Open High Low Close Volume
28-Apr-09 4.46 4.73 3.85 4.18 5,956,936
27-Apr-09 3.72 4.89 3.29 3.88 10,438,194
24-Apr-09 1.75 2.28 1.73 2.21 461,612
23-Apr-09 1.77 1.82 1.75 1.75 61,336
And another one: Hemispherx BioPharma (AMEX:HEB) dropped 8.53% today. Nevertheless, you could still see a significant increase in its volume.
Date Open High Low Close Volume
28-Apr-09 0.87 0.90 0.62 0.74 3,620,189
27-Apr-09 0.83 0.97 0.70 0.81 6,281,833
24-Apr-09 0.49 0.58 0.46 0.58 814,960
23-Apr-09 0.47 0.50 0.46 0.48 266,670
However, traders should still be cautious about these stocks because there could be a pullback, causing a decline in its stock price. Obviously, as the market has shown that the best time to have probably gotten in for these stocks was last week.
Tags: biotech, biotechnology, current news, novavax, nvax, swine flu
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Sunday, April 26th, 2009
Four days left for Chrysler?! Could they be preparing for a bankruptcy even faster than General Motors? The Detroit automaker, Chrysler, faces a fast-approaching deadline of April 30 to able to show the federal government a new plan for financial viability. Experts say that the likelihood of bankruptcy is greater than 50%. If they do go bankrupt, the company will be split into 2 parts, one that will deal with bankruptcy, and the other that will merge with Fiat, Italian carmaker.
Over the four remaining days, offers and counteroffers will fly back and forth between the White House and banks in their last attempts to save Chrysler. The White House is determined to save jobs at Chrysler, along with auto supplier companies that could also fall into bankruptcy if Chrysler does not survive. Then, the failure for those suppliers could impact GM, as well as Ford, and other foreign automakers that manufacture in the U.S..
The United Automobile Workers union have reached an agreement with Chrysler, meeting the federal government’s requirements for Chrysler to receive more financing. The agreement also including reducing the amount of money Chrysler must pay for a new health care fund for retirees.
“My sense is that it’s not liquidation, that it would be a reorganization,” a Detroit-area Chrysler dealer, Carl Galeana, said Sunday. “I just think a shutdown of a corporation this size, in this economy, would be devastating.”
I guess we’ll just have to wait 4 more days to find out and see what happens. Good luck to Chrysler.
Tags: chapter 11 bankruptcy, Chrysler, current news, fiat, ford, general motors, GM, obama administration, President Obama, united automobile workers
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Friday, April 24th, 2009
Bad and good news from Microsoft Corp. (NASDAQ: MSFT) Bad news? Microsoft’s Q3 profits has fallen 32% to $3 billion. Microsoft’s stumble is not totally restricted to the recession and cautious consumer spending, but rather, it also includes a consumer shift to small computers. Microsoft said 10% of computer sales in their first quarter were for netbooks, which are these small laptops (very portable and convenient, which I am actually considering to get one myself- I have been looking at this Acer netbook for only $349 with 160 GB and 1GB memory. Pretty good deal!)
More bad news? In fact, this is the first time in its 23 year history as a public company to have fallen this much! Previously this year in January, Microsoft said that they needed to lay off workers, cutting 5,000 jobs.
Good news? Companies that want to test their applications for compatibility with Microsoft’s new operating system (OS), Windows 7, do not have to wait much longer! Microsoft has announced that it plans to make its Windows 7 available for trial in May. This needs to be a big hit because Windows Vista has failed to catch on with mainstream computer users. I, myself, still use Windows XP and I know many companies that are still using XP as well. Maybe the release of Windows 7 will be just in time for when students begin purchasing their back-to-school supplies.
Right now, MSFT is up 8.46%, trading at $20.52.
Tags: acer, current news, microsoft, netbooks, operating system, os, profits, quarter earnings, vista, windows 7
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Friday, April 17th, 2009
Fritz Henderson, the chief executive officer (CEO) of General Motors (NYSE:GM) said that “it is still feasible” for GM to meet the Obama administration’s June 1st deadline to come up with a new, acceptable plan and an effective form of management. Regardless, GM’s executives are still preparing to seek court protection if they are to file for bankruptcy, which Henderson considers as a “two-track plan.”
“It’s pretty simple,” Henderson said. “If we can’t accomplish it outside a bankruptcy, we would do it inside a bankruptcy.”
GM’s shares have dropped 5% so far from today’s open to $1.84. More info on GM’s bankruptcy can be found in my previous blog on April 23, 2009.
And what about Chrysler??
Chrysler could still be at a great risk if GM fails. However, Obama’s administration requires Chrysler to join an alliance with the Italian carmaker Fiat, which would then lead to management changes, for the better of course. This alliance would allow Chrysler to receive more government financing and decrease their chances of filing for bankruptcy. Once the alliance is completed, new management will take in effect as the U.S. government and Fiat will appoint a board of directors that are independent of the two companies. This means that the majority of the directors will not be employees of neither Fiat or Chrysler and then, the board will decide who to appoint as the new chairman and CEO in each other’s consent. Seems like some pretty good news right? Well..if it works out, that is, and considering that the new management will be effective.
Any news from Ford?
Good news! Standard & Poor’s raised its ratings for Ford Motors (NYSE:F) Reason why? Ford recently cut its debt by nearly $10 billion! But, keep in mind that there are still warnings that Ford might still be at risk for running short on cash.
Let’s hope that GM arrives soon with some good news!
Tags: chapter 11 bankruptcy, Chrysler, current news, fiat, ford, fritz henderson, general motors, GM, obama administration, poor's, President Obama, rick wagoner, standard, two track plan
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