Consumer’s are spending less, because their wages are flat, and that’s going to continue to hurt corporate sales and growth. Chevron’s earnings slide (but they still made nearly $4 billion) and the end looks near for CIT Group, one way or another.
US stocks slip in a fitful session, after the ISM-Chicago report derails a lot of recovery talk. Still, the major indexes posted their sharpest quarterly gains in about a decade.
DJIA loses 30 (0.3%) to 9712, after falling as much as 133 early; but the index gained about 15% for the quarter. S&P loses 4 (0.4%) to 1057, Nasdaq Comp drops 2 to 2122.
The numbers are pretty eye-opening. For the Dow, it was the best quarter overall since the 4Q of 1998. It was also the index’s best 3Q since 1939, when it rose 16.8%. It’s the index’s second straight rising quarter, after falling for the previous six. For those two quarters, the index is up about 28%, its best two-quarter string since the two quarters than ended in March 1987, when it rose 30%.
J.P. Morgan reported some strong earnings today. But what this bloggers eye were some of the sub-numbers in the earnings report. The bank booked $1.8 billion in investment banking fees. But don’t be fooled – that wasn’t from big M&A advising. But $429 million was in advisory fees. Instead, that $1.3 billion + remaining fees […]
David Oreck, founder of a well-known maker of vacuums and air purifiers, says he’s upset his namesake company is in bankruptcy. He says Nashville, Tenn.-based Oreck Corp. was a perfectly profitable company when he sold his stake in it to a private equity firm in 2004. He blames the firm, New York-based American Securities Capital […]