Is this reason why the market is surging?
Headlines:
Upbeat earnings reports and new data on unemployment gave Wall Street a reason to continue its surge.
Sony Posts $390.5 Million Loss
The electronics and entertainment giant maintained its forecast for a second straight year of red ink as the global slump continued to weigh on its bottom line.
Volkswagen 6-Month Profit Falls Nearly 81%
The automaker cited decreased demand amid the recession and said that total sales this year will be down from 2008.
Renault Posts Loss of $3.8 Billion
Renault said Thursday that it lost $3.82 billion, but noted that the “free fall” in auto sales worldwide decelerated in the second quarter.
Mazda and Mitsubishi Motors Post Losses
Both automakers’ annual forecasts rely on cost cuts to offset weak demand.
Profit Dropped 66% in Quarter at Exxon Mobil
Exxon’s report caps a week of lower earnings in the energy industry after the tumble of oil prices since last year.
Time Warner net income drops 34%
Info From: NY TIMES
My buddy owns a VW dealership in Cali. Not good.
ReplyDeleteIndependent repair shops seem to be doing well as people are looking for cheap ways to keep their clunkers on the road.
I don't beleive there is a current bull market full of crazy people. I think there is a current bull market with the Federal Reserve printing up money and handing it to Goldman S
ReplyDeleteSachs to put in the market to elevate the prices of stocks so things look OKIE DOKIE on the news much the way the Fed is printing up money and handing it to foriegn central banks so they can then buy treasuries so it doesn't look like the treasury auctions are a total failure and that the Fed is not just buyng the Treasury notes directly, because if the Chinese knew that the Fed was printing up money and buying the Treasury notes directly , they may start doing things like the Japanese did, like hiding 134.5 billion dollars in Treasury notes in the bottom of a breifcase and trying to smuggle it to the Bank for Internation Settlements to be converted to some more tenable currency such as the YUAN.
The Chinese are doing exactly that, hiding the fact that they are accumulating Gold at an alarming rate
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