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May
18th
Initial Claims Stay at Healthy Level
By Frank Galvano
Initial Claims Stay at Healthy Level
The US Commerce Department reported Thursday that initial claims for jobless assistance went unchanged at 370,000 last week, prompting a handful of analysts to adopt confidence that a solid recovery is taking hold in the US labor market, which, for the better part of five years, has held back a broader based economic recovery in the wake of the worst downturn in the world's most powerful economy since the 1930s.
The US Commerce Department reported Thursday that initial claims for jobless assistance went unchanged at 370,000 last week, prompting a handful of analysts to adopt confidence that a solid recovery is taking hold in the US labor market, which, for the better part of five years, has held back a broader based economic recovery in the wake of the worst downturn in the world's most powerful economy since the 1930s.
May
17th
U.S. Stock Market Summary – May 17, 2012
By Kelly Curtis
U.S. Stock Market Summary – May 17, 2012
US stocks moved sharply lower Thursday as investors fled to the relative safety of bonds over concerns about the uncertain political future in Greece. The rush to treasuries sent the yield on the 10-year note to its lowest close ever, at 1.706 percent. Thursday was the fifth straight losing day for both the Dow and S&P 500, while the Nasdaq suffered its fourth consecutive losing session. Greece's ongoing political situation, in which the major political parties are having difficulty in creating a coalition government, is threatening the future of the nation's austerity measures. If Greece fails to follow through with spending cuts agreed to as a condition of bailout assistance, the European Union would likely be inclined to evict it from the eurozone, a development that would have far-reaching global economic impact.
US stocks moved sharply lower Thursday as investors fled to the relative safety of bonds over concerns about the uncertain political future in Greece. The rush to treasuries sent the yield on the 10-year note to its lowest close ever, at 1.706 percent. Thursday was the fifth straight losing day for both the Dow and S&P 500, while the Nasdaq suffered its fourth consecutive losing session. Greece's ongoing political situation, in which the major political parties are having difficulty in creating a coalition government, is threatening the future of the nation's austerity measures. If Greece fails to follow through with spending cuts agreed to as a condition of bailout assistance, the European Union would likely be inclined to evict it from the eurozone, a development that would have far-reaching global economic impact.
May
17th
Mortgage Rates Hit New Record Low - 30 yr @ 3.79%
By Geno
For the third consecutive week, average rates for 30/15yr fixed
mortgages fell. 30-year rates hit a new low, falling
to 3.79%, down from last week's record low of 3.83%.
15-year rates dropped to 3.04%, down from last week's
record of 3.05%.
The current rates are the lowest on record since long-term mortgages began in the '50s.
May
17th
Foreclosures Hit Five Year Low
By Dave Simmons
Foreclosures Hit Five Year Low
Foreclosure tracker RealtyTrac reported on Thursday that US home seizures fell to their lowest level in nearly five years in April, prompting optimism about the recovery of the long-struggling housing sector. Total foreclosure activity last month, which includes notices of default, scheduled foreclosure auctions and bank repossessions, fell 5 percent from March, fueled by stout dropoffs in several of the states that were hardest hit by the foreclosure crisis like Nevada and Arizona.
Foreclosure tracker RealtyTrac reported on Thursday that US home seizures fell to their lowest level in nearly five years in April, prompting optimism about the recovery of the long-struggling housing sector. Total foreclosure activity last month, which includes notices of default, scheduled foreclosure auctions and bank repossessions, fell 5 percent from March, fueled by stout dropoffs in several of the states that were hardest hit by the foreclosure crisis like Nevada and Arizona.
May
17th
Verizon Reveals Plan to Shift Customers Away from Unlimited Data Plans
By Mike Goldman
Verizon Reveals Plan to Shift Customers Away from
Unlimited Data Plans
Verizon Wireless announced late Wednesday that it is gradually doing away with unlimited data plans, even for existing customers who have been on the plans for years. The company stopped offering the unlimited plans to new customers about a year ago, but existing customers were allowed to continue with their same unlimited plans, even when they upgraded to new phones and signed new contracts. But starting this summer, those customers will be shifted into one of Verizon's tiered data plans upon renewal or upgrade.
Verizon Wireless announced late Wednesday that it is gradually doing away with unlimited data plans, even for existing customers who have been on the plans for years. The company stopped offering the unlimited plans to new customers about a year ago, but existing customers were allowed to continue with their same unlimited plans, even when they upgraded to new phones and signed new contracts. But starting this summer, those customers will be shifted into one of Verizon's tiered data plans upon renewal or upgrade.
May
17th
Wall Street Fired Up Over Facebook IPO
By Frank Galvano
Wall Street Fired Up Over Facebook IPO
There is a palpable buzz on Wall Street today as investors and analysts alike prepare for one of the most anticipated IPOs in years. Social networking giant Facebook will launch its initial public offering on Friday, and investors will be waiting patiently for the final pricing for the shares, which are slated to be announced Thursday. In its most recent filing for the IPO, Facebook said the stock would trade at $34 to $38 a share, but that range is not binding in any way and could be increased based on preliminary demand.
There is a palpable buzz on Wall Street today as investors and analysts alike prepare for one of the most anticipated IPOs in years. Social networking giant Facebook will launch its initial public offering on Friday, and investors will be waiting patiently for the final pricing for the shares, which are slated to be announced Thursday. In its most recent filing for the IPO, Facebook said the stock would trade at $34 to $38 a share, but that range is not binding in any way and could be increased based on preliminary demand.
May
16th
Remembering Ronnie James Dio 2 Yrs. After Passing
By dallaseste
Two years ago today, the heavy metal community and the world in general lost a once-in-a-lifetime vocal talent when Black Sabbath/Rainbow and Dio frontman Ronald James Padavona, more commonly known as Ronnie James Dio, passed away after a six-month battle with stomach cancer. To pay tribute, and remember the loss, here are a handful of video clips from the career of this metal legend. Though Dio may have passed, he left us with a catalog of dozens of timeless metal anthems that will live on forever.
May
16th
U.S. Stock Market Summary – May 16, 2012
By Kelly Curtis
U.S. Stock Market Summary – May 16, 2012
US stocks moved lower for a fourth straight session on Wednesday, unable to maintain the momentum of a string start as the ongoing political uncertainty in Greece outweighed a series of mostly positive US economic reports and corporate earnings. All three indexes opened higher on reports of surging US home starts, growth in industrial production and and a series of better-than-expected quarterly results. The momentum faded later in the day, however, as the uncertain future of Greece's government once again took center stage.
US stocks moved lower for a fourth straight session on Wednesday, unable to maintain the momentum of a string start as the ongoing political uncertainty in Greece outweighed a series of mostly positive US economic reports and corporate earnings. All three indexes opened higher on reports of surging US home starts, growth in industrial production and and a series of better-than-expected quarterly results. The momentum faded later in the day, however, as the uncertain future of Greece's government once again took center stage.
May
16th
Housing Starts Surge in April, Building Permits Slip
By Ronnie
Housing Starts Surge in April, Building Permits
Slip
The US Commerce Department gave the housing sector a much-needed shot in the arm on Wednesday with a report that housing starts surged in April, suggesting improvement in the sector that has lagged behind the rest of the economy to recover after the recession. The agency reported that starts increased 2.6 percent from an upwardly revised figure for March, to a seasonally adjusted annualized pace of 717,000 homes a year, just below a three-year high pace of 720,000 seen in January.
The US Commerce Department gave the housing sector a much-needed shot in the arm on Wednesday with a report that housing starts surged in April, suggesting improvement in the sector that has lagged behind the rest of the economy to recover after the recession. The agency reported that starts increased 2.6 percent from an upwardly revised figure for March, to a seasonally adjusted annualized pace of 717,000 homes a year, just below a three-year high pace of 720,000 seen in January.
May
16th
JC Penney Shares Plummet on Weak Earnings
By Betty
JC Penney Shares Plummet on Weak
Earnings
JC Penney shares plunged on Wednesday after the retailer issued disappointing earnings and revenue for the first quarter, the company's first with former Apple executive Ron Johnson running the show. The stock fell nearly 20 percent in Wednesday trading after the report, and is now down nearly 25 percent on the year. Investors had been hopeful for the first-quarter numbers, counting on Johnson, who led the successful opening of Apple's retail stores, to turn the struggling retailer around. In fact, the stock surged 17 percent back in June 2011 when Johnson was first introduced as the new CEO.
JC Penney shares plunged on Wednesday after the retailer issued disappointing earnings and revenue for the first quarter, the company's first with former Apple executive Ron Johnson running the show. The stock fell nearly 20 percent in Wednesday trading after the report, and is now down nearly 25 percent on the year. Investors had been hopeful for the first-quarter numbers, counting on Johnson, who led the successful opening of Apple's retail stores, to turn the struggling retailer around. In fact, the stock surged 17 percent back in June 2011 when Johnson was first introduced as the new CEO.
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