Stephen Colbert: "You said ‘anyone who grew up on a farm
knows that evolution exists’. OK, are you saying a monkey can milk a cow?"
Peter Agre: "Well, if I can milk a cow I suspect a
monkey as smart as I am can milk a cow."
Stephen Colbert: "Are there monkeys as smart as you?"
Peter Agre: "I’m sure there are quite a few, quite a few.
Stephen Colbert: "Oh really? Mmhum. Do they give a Nobel prize for
throwing your own feces?"
Peter Agre: "……..That’s the Economics prize, I think."
Yesterday’s increase in New Home Sales caught some economists by surprise. I look at those sorts of numbers suspiciously. Any time I want some insight into any particular datapoint, I find it instructive to go to the actual government source’s website, and simply click around. If you do this with a skeptical eye, you may…Read More
Here’s a nice free feature courtesy of the online WSJ.com: They posted an updated look at more than 120 companies that have come under scrutiny for past stock-option grants. Note: This list contains companies that have disclosed government probes, misdated options, restatements and/or executive departures. Some companies that have undertaken or disclosed internal probes but…Read More
Another edition of our new series: Blog Spotlight.
We put together a short list of excellent but somewhat overlooked
blog that deserves a greater audience. Expect to see a post from a
different featured blogger here every Tuesday and Thursday evening,
Up next in our Blogger Spotlight: Michael Shedlock and Mish’s Global Economic Trend Analysis. Mike is one of the editors of The Survival Report, covering stocks and the economy. He also writes for the Daily Reckoning, and co-edits Whiskey & Gunpowder. He also runs stock boards on the Motley Fool, Silicon Investor, and TheMarketTraders. He is an avid photographer, when not writing about stocks or the economy, with over 80 magazine and book covers to his credit.
Earnings, Confidence, and Boxes
reported third-quarter profit rose 2
percent, less than analysts expected, as demand for home loans slumped. The
company’s shares surged higher on plans to lay off more than 2,500 employees
and buy back up to $2.5 billion of stock, and as higher profits in other units,
including Countrywide Bank, cushioned the mortgage decline.
It seems the street just can’t get enough bad news. CFC
rallied 5% as investors warmly welcomed news of more layoffs. CFC is already
talking about the 2008
recovery. It’s never too early to do that. “By 2008, surviving players will be positioned for ‘one hell of a year’”
said CEO Angelo Mozilo.
Ford lost $5.8 billion, or $3.08 per share, during the 3rd
quarter this year. Sales fell 10% to $36.7 billion. Excluding special charges,
Ford posted a loss from continuing operations of $1.2 billion or 62 cents per
share. Last year during the same period, Ford posted a net loss of $284
million, or 15 cents per share. Ford has now lost $7.2 billion for the year. 3Q
output was down 11% vs. 17% drop in overall North American sales and a 25% drop
in F-series pickups. The company plans
4Q North American output cuts of 21%.
Ford called those results “clearly
unacceptable”. Shares of Ford are also up since the announcement. Yes those
results are “unacceptable” but what is Ford doing about it? Ford’s “Way
Forward” plan, calls for eliminating 44,000 hourly and salaried jobs, closing 16 factories and making other
changes by 2012. Part of the “Way Forward” is to Kill Taurus and
along with it a lot of jobs at US assembly plants.
Category: Blog Spotlight