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November 17
Open Letter to Timothy Geithner: Is Your Nose Getting Longer?
Dear Treasury Secretary Geithner:
I noticed you recently told the Japanese press that you intended to maintain a strong dollar, and that the Obama administration would bring the U.S. fiscal deficit back to a "sustainable balance."
Tell me, don't you feel your nose extending like Pinocchio's when you tell these fibs to innocent Asians?
The dollar is not strong. In fact, it's sinking to record levels of weakness, and it's going to stay that way, for three reasons...
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U.S. Economy Will Dodge a Double-Dip Downturn, But Won't Escape Unemployment Woes During 2010 Jobless Recovery
By Don Miller
Associate Editor
Money Morning
Historically, the U.S. stock market has been one of the key leading indicators of a U.S. economic rebound.
With the Standard & Poor's 500 Index up more than 60% from its March lows – and the Dow Jones Industrial Average up nearly 40% – prognosticators are finally confident that the U.S. economy will dodge the "double-dip" recession that has been the focus of much fear since the Bush and Obama administrations launched their financial counterattacks on the worst financial crisis since the Great Depression.
But those same forecasters are reluctant to forecast a sharp economic rebound for 2010. In fact, as opposed to a classic "V-shaped" economic recovery that would accelerate as the year goes on, many economists are predicting that the rate of growth will slow as the New Year unfolds.
Forecasts from Standard & Poor's Inc. (NYSE: MHP) and Goldman Sachs Group Inc. (NYSE: GS) illustrate this outlook. S&P recently projected average GDP growth of 1.6% for all of 2010, while top Goldman Sachs economists expect to see the U.S. growth rate decline from 3% early in the year to 1.75% by the fourth quarter.
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Investment News Briefs With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world.
"New" GM to Begin Bailout Repayment; Dollar Drops to 15-Month Low, Gold Continues Record Highs; SEC to Investigate Trading Prior to 3Com/HP Deal; Sprint Pays Down Loan, Stock is Upgraded; Canon to Buy Europe's Largest Printer Maker; Hitachi to Raise $4.6 Billion in Stock and Bond Sale; Cisco Ups Bid for Video Conference Equipment Maker; Millions of U.S. Taxpayers May Unexpectedly Owe, Treasury Says - General Motors Co. yesterday (Monday) said it lost $1.2 billion in a bankruptcy-shortened third quarter, but vowed a quick repayment of $8 billion owed to the United States and Canada. Revenue at the "new" GM fell 26% to $28 billion. The company, of which the U.S. government has a 61% stake, has eliminated $78 billion of debt and built its cash reserves to almost $43 billion. GM plans to begin repaying the U.S. and Canadian governments next month, starting with a $1.2 billion payment, followed by quarterly payments.
- The U.S. dollar fell to a 15-month low against a basket of currencies as investors questioned U.S. Federal Reserve Chairman Ben Bernanke's ability to return it to strength. The dollar declined to an intraday high of $1.48 against the euro as Bernanke said in a speech in New York that the Fed is "attentive" to fluctuations in the value of the greenback and "will help to ensure the dollar is strong." Meanwhile, the falling dollar grew investors' appetite for hard assets, which resulted in the price of gold once again rising to a record $1,140 an ounce on the New York Mercantile Exchange (NYMEX).
- The U.S. Securities and Exchange Commission (SEC) will look into a flurry of 3Com Corp. (Nasdaq: COMS) option buying hours before the announcement that Hewlett-Packard Co. (NYSE: HPQ) would buy the company, Bloomberg News reported, citing a person familiar with the matter. Call trading on 3Com hit a 26-month high approximately four hours before H-P made the buyout announcement. "It screams insider trading to the SEC," Peter Henning, a law professor at Wayne State University in Detroit and former SEC attorney told Bloomberg.
- Sprint Nextel Corp. (NYSE: S) said yesterday (Monday) it has paid $1 billion of its $4.5 billion revolving credit facility, eliminating its outstanding balance on the loan. The company had $5.9 billion in cash and equivalents and $1.6 billion in borrowing capacity under the current facility for a total liquidity of $7.5 billion, it said. Shares in the wireless carrier were up 12.90%, closing at $3.50 after Credit Suisse Group AG (NYSE ADR: CS) upgraded the stock from "Neutral" to "Outperform" while at the same time adding it to its Focus List. Credit Suisse also upped Sprint's target share price from $4 to $6.
- Canon Inc. (NYSE ADR: CAJ) will make a tender offer of $1.1 billion (730 million euros) in cash for Oce NV (OTC ADR: OCENY), Europe's largest printer manufacturer, the two companies said yesterday (Monday). Canon will pay $12.87 (8.6 euros) per Oce share, a premium of 70% to Oce's stock price at the closing bell on Friday. Oce shares skyrocketed 62.16%, closing at $12.00 yesterday.
- Japanese electronics giant Hitachi Ltd. (NYSE ADR: HIT) said it will raise up to $4.6 billion through the sale of stock and bonds, sending its shares downward. The sale will be made up of $1.1 billion in convertible bonds and the rest stock, the company said yesterday (Monday). "Hitachi still needs to push forward the reorganization of its businesses," Naoki Fujiwara, chief fund manager at Shinkin Asset Management Co. in Tokyo told Bloomberg News. Companies that need to boost capital "seem to be rushing to the market that's shown a recovery," he said. Hitachi stock closed at $30.45, down 6.71%.
- Cisco Systems Inc. (Nasdaq: CSCO) raised its cash bid for Norwegian video-conference-equipment makers Tandberg ASA (PINK: TBGTF) by 11% to $3.41 billion (19 billion Norwegian kroner), saying the new bid was its final one. Tandberg's board unanimously recommended the revised bid, Chairman Jan Opsahl said. Cisco has pushed into 30 new business areas, which it says could produce $1 billion a year in revenue.
- More than 15 million U.S. taxpayers could unexpectedly owe when they file their returns because the government was too generous with its Making Work Pay tax credit, a Treasury Department report said. Taxpayers will be at risk if they have more than one job, are married and both spouses work, or receive Social Security benefits while also earning taxable wages. The credit, part of U.S. President Barack Obama's $787 stimulus package, was supposed to give individuals up to $400 and couples up to $800.
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11/16/2009
Japan's Economic Growth Accelerates, but Deficit Raises Concerns
11/16/2009
Surging Auto Sales Drive Retail Purchases Higher
11/14/2009
Trade Gap Unexpectedly Widens on Surge of Oil and Auto Parts Imports
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Protect Your Money and Profit in the New Global Economy
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November 16
| Retail Sales (10/09) | November 17
| Industrial Production (10/09) and Producer Price Index (PPI – 10/09) | | November 18 | Consumer Price Index (10/09) and Housing Starts (10/09) | November 19
| Weekly Jobless Claims (11/14) and Leading Indicators (10/09) | | November 20 | Philadelphia Fed President Charles Plosser speaks in Singapore. | Worth Considering
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