huge volume of water Tuesday surged from a lake created by China's massive earthquake, safely plunging downstream through an area where hundreds of thousands had been braced for disaster, officials said.
An engineer prepares to fire a missile to blast boulders in a man-made spillways in Tangjiashan, China.
more photos » The mammoth effort to drain Tangjiashan lake -- where floodwaters behind a landslide had threatened to burst through the wall of rubble to submerge low-lying towns -- was declared a success by officials who said the crisis was over.
But with the risk of man-made drainage channels collapsing under pressure from the water charging through them, there was still a danger of sudden tidal waves.
The official Xinhua news agency reported late Tuesday that a crest of flood water, carrying with it trees, TVs, refrigerators and the bodies of earthquake victims, had surged safely past the city of Mianyang in southwestern Sichuan province.
Up to 250,000 people had already been evacuated from the area ahead of the deluge, but 400,000 remained in the city, where minor flooding and damage to buildings was reported as the torrent surged past.
The flood waters were released earlier by engineers and troops who had toiled for days using mechanical diggers, dynamite and anti-tank weapons to blast drainage channels through the landslide dam. Watch soldiers blast away at lake »
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Sichuan province's top official, Liu Qibao, claimed the effort a "decisive victory," Xinhua said, according to The Associated Press.
It was feared that a breach in the dam could threaten areas downstream that are home to more than 1.3 million people.
Meanwhile, officials found the crash site of a Chinese military helicopter that went down late last month in the mountains of southwestern China, killing 19 people, state-run media reported.
The transport was carrying a crew of five along with 14 injured residents from Sichuan province on May 31 when it crashed in "fog and turbulence" near Yingxiu in Wenchuan County, a military source told the Xinhua news agency.
The flight was a part of rescue efforts following the May 12 earthquake that devastated much of the region.
More than 69,000 people died in the May 12 quake, but more than 17,000 remain missing, according to the official government toll.
Tuesday, June 10, 2008
south korea cabinet offers to resign
South Korea's entire cabinet today offered to resign as President Lee Myung-bak desperately sought to calm outrage over his decision to lift restrictions on US beef imports.
"The prime minister offered the cabinet's resignation at the regular meeting this morning (with Lee)," a spokeswoman at the prime minister's office said, in what was seen as a response to unrelenting anti-government protests for the past month.
The street demonstrations, including candlelit vigils, against the government began when Lee agreed to lift restrictions on US beef imports to clear the way for congressional approval for a bilateral free trade treaty.
But the decision backfired spectacularly as critics accused Lee of putting relations with the US ahead of public concerns over BSE, or mad cow disease. Despite the scientific evidence, the South Korean public fears the import of US beef over 30 months old increases the risk of catching BSE.
The beef crisis has led to a slump in the polls for Lee, the former boss of Hyundai, who won a landslide victory in December and took office in February. Latest opinion polls show his popularity has plummeted to just under 20%.
What started as fears over BSE has spread to a broad campaign against the government over a host of grievances against Lee, who came into office promising more than he could deliver, including 7% economic growth.
In the latest protests, organisers say up to one million people were expected to turn out around the country - at least a third of them in the capital. Police have issued their highest alert ahead of the protests, with 100,000 people expected to march in Seoul.
"President Lee hasn't listened to the voices of his people. We still don't have a genuine democracy in our country," Jang Dae-hyun, a spokesman for a civic group that has organised protests, told the Associated Press.
Truck drivers, following the lead of unions in countries across Asia and Europe, voted yesterday to go on strike over rising fuel prices. They ignored the government's $10.2bn (£5.2bn) financial aid package announced a day before, designed partly to cushion the impact of soaring energy costs.
The country's main KCTU trade union and four car unions were voting today whether to back a call for a general strike next week against government policies. The mass protests have derailed plans, for now, for attempts at economic reform by the conservative government, including tax cuts, mass privatisation of major state-run firms and banks and efforts to open the country further to foreign investment.
The new parliament has been unable to sit because the opposition has boycotted its opening. Lee's government said it has asked the US not to export beef from older cattle considered at greater risk of mad cow disease but rejected calls for a complete renegotiation of the accord, citing possible diplomatic and trade disputes with the US.
Lee warned that surging prices for resources and slowing growth meant the economy was entering its roughest patch in a decade.
"Our economy is faced with a serious difficulty, with prices rising and the economy gradually slowing," he said in a speech to mark the 21st anniversary of pro-democracy protests that helped end years of autocratic rule
"The prime minister offered the cabinet's resignation at the regular meeting this morning (with Lee)," a spokeswoman at the prime minister's office said, in what was seen as a response to unrelenting anti-government protests for the past month.
The street demonstrations, including candlelit vigils, against the government began when Lee agreed to lift restrictions on US beef imports to clear the way for congressional approval for a bilateral free trade treaty.
But the decision backfired spectacularly as critics accused Lee of putting relations with the US ahead of public concerns over BSE, or mad cow disease. Despite the scientific evidence, the South Korean public fears the import of US beef over 30 months old increases the risk of catching BSE.
The beef crisis has led to a slump in the polls for Lee, the former boss of Hyundai, who won a landslide victory in December and took office in February. Latest opinion polls show his popularity has plummeted to just under 20%.
What started as fears over BSE has spread to a broad campaign against the government over a host of grievances against Lee, who came into office promising more than he could deliver, including 7% economic growth.
In the latest protests, organisers say up to one million people were expected to turn out around the country - at least a third of them in the capital. Police have issued their highest alert ahead of the protests, with 100,000 people expected to march in Seoul.
"President Lee hasn't listened to the voices of his people. We still don't have a genuine democracy in our country," Jang Dae-hyun, a spokesman for a civic group that has organised protests, told the Associated Press.
Truck drivers, following the lead of unions in countries across Asia and Europe, voted yesterday to go on strike over rising fuel prices. They ignored the government's $10.2bn (£5.2bn) financial aid package announced a day before, designed partly to cushion the impact of soaring energy costs.
The country's main KCTU trade union and four car unions were voting today whether to back a call for a general strike next week against government policies. The mass protests have derailed plans, for now, for attempts at economic reform by the conservative government, including tax cuts, mass privatisation of major state-run firms and banks and efforts to open the country further to foreign investment.
The new parliament has been unable to sit because the opposition has boycotted its opening. Lee's government said it has asked the US not to export beef from older cattle considered at greater risk of mad cow disease but rejected calls for a complete renegotiation of the accord, citing possible diplomatic and trade disputes with the US.
Lee warned that surging prices for resources and slowing growth meant the economy was entering its roughest patch in a decade.
"Our economy is faced with a serious difficulty, with prices rising and the economy gradually slowing," he said in a speech to mark the 21st anniversary of pro-democracy protests that helped end years of autocratic rule
Monday, June 9, 2008
Apple expected to unveil faster iPhone today
WIRELESS
Apple expected to unveil faster iPhone today
Product could bring a windfall of new revenue to Rogers
MATT HARTLEY AND SIMON AVERY
TECHNOLOGY REPORTER; TELECOM REPORTER
June 9, 2008
In what could be the worst-kept technology secret of the year, Apple Inc. chief executive officer Steve Jobs is expected to unveil the next evolution of the company's game-changing iPhone today.
The updated iPhone will almost certainly run on the most advanced wireless networks yet available, and will promise customers the ability to surf the Web and stream video at speeds comparable to home broadband connections.
Analysts say the "3G" iPhone will give Apple the technology it needs to become a global cellphone powerhouse, and for Rogers Wireless Communications Inc., the Canadian carrier of the device, iPhone version 2.0 represents a potential windfall of new revenue.
Although most analysts expect Mr. Jobs will show off the new iPhone when he delivers the keynote address at Apple's Worldwide Developers Conference today, what new features will be included in the updated version of the touch-screen device, whether the company will continue to sell its older 2G models, and when it will arrive in Canada all remain unknown.
More Report on Business Stories
Nissan chips away at Japan's concrete ceiling
Canada's cities lose ground as commerce centres
Shifting tastes leave bra sellers scrambling
JumpTV to join Wang's venture
Banks push Flaherty to ease lending costs
Communicating in a crisis: Act with honesty and empathy
Go to the Report on Business section
"Apple plays their cards very close to the vest," said Van Baker, a senior analyst with market research firm Gartner Inc. "Those are all open questions."
Among the rumoured new features are a front-facing camera for video calling, larger storage capacity than the current eight GB and 16 GB models and a GPS chip - which would provide better location-based capability than the device's current cellphone tower triangulation technology.
Mr. Jobs will also likely demonstrate a number of new third-party applications developed by non-Apple programmers that will be available via the iPhone Application Store, also expected to be unveiled at the conference.
The new Apps store will allow iPhone users to download Apple-sanctioned software such as games, news feeds and mapping programs through the iTunes music store.
Since going on sale in the United States on June 29 last year, the iPhone has captured 20 per cent of the U.S. smart phone market, and is a rising global star, accounting for more than 5 per cent of the worldwide market for Internet-enabled cellphones in the first three months of 2008, says market research firm IDC.
Mr. Jobs' stated goal is to sell 10 million iPhones by the end of 2008. Most observers say the company is on pace to sell 13 million to 15 million iPhones by the end of the year.
Since bottoming out below $116 (U.S.) in February, Apple's share price has ballooned 60 per cent, closing at $185.64 on Friday.
In addition to a new high-end model, Apple could also be prepping a smaller, less expensive iPhone, similar to the way the company produces both the iPod Touch music player as well as lower-cost Nano and Shuffle devices, said Kasper Jade, publisher of AppleInsider.com.
Canada is among a group of nearly 50 new markets the iPhone is expected to reach this year, a list that includes Japan, Spain, Australia and Egypt.
A 3G device is critical to Apple's global strategy since customers in many Asian and European markets are accustomed to faster Web browsing speeds than the existing iPhone offers.
Those limitations have disappointed some of the first phone companies to sell the iPhone, said Mark Goldberg, of telecom consulting firm Mark H. Goldberg and Associates.
Apple expected to unveil faster iPhone today
Product could bring a windfall of new revenue to Rogers
MATT HARTLEY AND SIMON AVERY
TECHNOLOGY REPORTER; TELECOM REPORTER
June 9, 2008
In what could be the worst-kept technology secret of the year, Apple Inc. chief executive officer Steve Jobs is expected to unveil the next evolution of the company's game-changing iPhone today.
The updated iPhone will almost certainly run on the most advanced wireless networks yet available, and will promise customers the ability to surf the Web and stream video at speeds comparable to home broadband connections.
Analysts say the "3G" iPhone will give Apple the technology it needs to become a global cellphone powerhouse, and for Rogers Wireless Communications Inc., the Canadian carrier of the device, iPhone version 2.0 represents a potential windfall of new revenue.
Although most analysts expect Mr. Jobs will show off the new iPhone when he delivers the keynote address at Apple's Worldwide Developers Conference today, what new features will be included in the updated version of the touch-screen device, whether the company will continue to sell its older 2G models, and when it will arrive in Canada all remain unknown.
More Report on Business Stories
Nissan chips away at Japan's concrete ceiling
Canada's cities lose ground as commerce centres
Shifting tastes leave bra sellers scrambling
JumpTV to join Wang's venture
Banks push Flaherty to ease lending costs
Communicating in a crisis: Act with honesty and empathy
Go to the Report on Business section
"Apple plays their cards very close to the vest," said Van Baker, a senior analyst with market research firm Gartner Inc. "Those are all open questions."
Among the rumoured new features are a front-facing camera for video calling, larger storage capacity than the current eight GB and 16 GB models and a GPS chip - which would provide better location-based capability than the device's current cellphone tower triangulation technology.
Mr. Jobs will also likely demonstrate a number of new third-party applications developed by non-Apple programmers that will be available via the iPhone Application Store, also expected to be unveiled at the conference.
The new Apps store will allow iPhone users to download Apple-sanctioned software such as games, news feeds and mapping programs through the iTunes music store.
Since going on sale in the United States on June 29 last year, the iPhone has captured 20 per cent of the U.S. smart phone market, and is a rising global star, accounting for more than 5 per cent of the worldwide market for Internet-enabled cellphones in the first three months of 2008, says market research firm IDC.
Mr. Jobs' stated goal is to sell 10 million iPhones by the end of 2008. Most observers say the company is on pace to sell 13 million to 15 million iPhones by the end of the year.
Since bottoming out below $116 (U.S.) in February, Apple's share price has ballooned 60 per cent, closing at $185.64 on Friday.
In addition to a new high-end model, Apple could also be prepping a smaller, less expensive iPhone, similar to the way the company produces both the iPod Touch music player as well as lower-cost Nano and Shuffle devices, said Kasper Jade, publisher of AppleInsider.com.
Canada is among a group of nearly 50 new markets the iPhone is expected to reach this year, a list that includes Japan, Spain, Australia and Egypt.
A 3G device is critical to Apple's global strategy since customers in many Asian and European markets are accustomed to faster Web browsing speeds than the existing iPhone offers.
Those limitations have disappointed some of the first phone companies to sell the iPhone, said Mark Goldberg, of telecom consulting firm Mark H. Goldberg and Associates.
OIL WEIGHS ON ASIAN MARKET
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Oil Weighs on Asian MarketsAsian markets fell Sunday after U.S. stocks plummeted on Friday. Oil remained at elevated levels in Singapore and New York going into the trading week.
Reeling from the Blow
A rocky end-of-week performance left the market on shaky ground -- and more disappointing data is expected in the week to come
The Real Reason Yahoo Rejected Microsoft?
Cavuto: The Rate That Suddenly Mattered
The Difficult Search
Just how close are we to the housing bottom?
It depends on which report you're looking at
Voices of Identity Fraud
Identity theft victims share their personal tales
Scammers Prey Upon Online Job Seekers
WATCH: How to Keep Your Wireless Network Secure
Solving the Retirement Puzzle
There's more to planning a financially-happy retirement than meets the eye
Market SnapshotIndices Movers Loan Center
Last % Change
DJIA 12209.81 -3.13
Nasdaq 2474.56 -2.96
S&P 500 1360.68 -3.09
FOX 50 957.35 -2.95
Symbol Last Price Net Change Volume
SPY 136.29 -4.49 384.28M
QQQQ 49.03 -1.52 189.14M
XLF 23.33 -1.31 156.47M
IWM 73.92 -2.28 123.99M
C 20.06 -1.16 114.25M
WM 7.53 -1.08 100.37M
PFE 17.96 -0.71 95755K
MSFT 27.49 -0.81 78501K
BAC 30.50 -1.49 70193K
INTC 22.90 -0.97 69864K
Uptick: Market Drowns in Sea of Oil; Dow Plummets 394
Analysis: Racing Industry Fuel Costs Speed Ahead
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FOX Business Poll
Do you believe another Wall Street firm will collapse like Bear Stearns in 2008?
Yes
No
or view results
Latest FOX Business News
Latest News Most Read Most Emailed DSG Int'l Cut At Goldman, Structural Issues Cited - 54 Minutes Ago
Home Retail Upped At Goldman On Balance Sheet, Management - 1 Hour Ago
European Shares In Tight Range In Early Action - 1 Hour Ago
Telecom Italia In Talks To Buy Liberty Surf For 800M Euros - 1 Hour Ago
Lehman Cuts Rating On European Stocks, Prefers U.S. Equities - 1 Hour Ago
Taylor Nelson Sofres To Open Its Books To WPP - 1 Hour Ago
European Shares Seen Lower At Start - 1 Hour Ago
Royal Bank Of Scotland Had 95.11% Rights Issue Take Up - 2 Hours Ago
Air France-KLM May Passenger Traffic Rose 6% - 2 Hours Ago
Japan Bank Lending Climbs 1.6% In May On Year - 3 Hours Ago
Piecing Together the Retirement Puzzle
Cavuto: The Rate That Suddenly Mattered
Oil Weighs on Asian Markets; U.S. Gasoline Hits $4 a Gallon
An End-of-Week Blow Shakes Groundwork for Next Week
Icahn Calls for $33 a Share Sale for Yahoo
Next Inning Technology Updates Outlooks for STMicroelectronics, Qimonda, Micron, and SanDisk
Historic Oil Spike Sends the Dow Downward
Investment Alerts: TORO! June 6, 2008
RNC: Obama 4 Foreign Policy Flip Flops
U.S. companies urged to recession proof their businesses
Los Angeles Firm, International Acquisitions, Inc., Opens a $30 Million Dollar Real Estate Investment Fund
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Natural Gas Industry Expected to Abide by State Environmental Laws, Regulations
Colorado Construction Firm Settles Storm Water Violations
Microsoft Brings Rich User Experiences to Smart, Connected, Service-Oriented Enterprise Devices With Windows Embedded Standard 2009
Fox Business Blogs
Don’t Believe the Hype: WWDC, 3G and Sex Mean Apple’s Going Lower Next by Cody Willard
The Real Reason Why Yahoo!’s Board Rejected Microsoft? by Elizabeth MacDonald
The Difficult Search for the Housing Bottom by Elizabeth MacDonald
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Snooping on Tom Sullivan by Cheryl Casone
On Set With a Legend by Alexis Glick
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$400 Airline Tickets by Cheryl Casone
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Some Stocks, Sectors Charting Bullish Trend
Investors Warm to Hot Topic's May Sales
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Gasoline Hits Average of $4 a Gallon
IRS Targets Billionaire's Tax Strategy
LandSource Files for Bankruptcy
Bonds Sound Diverse Alarms
JetBlue to Buy Verizon's Airfone
McCain, Obama Differ on Energy Policy
Shares Slip in Asian Trading
Changes for Wal-Mart Music Sales
Week in Review: June 6. 2008
Toddo On TV: Oil Slick
Best Of The Exchange: Pulte Homes, Available Cash and The Credit Hurricane
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Defaults On Prime Mortgages Spike
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IndicesNo data currently available.
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Most Searched SymbolsSYMBOL
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$INDU
SEX
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PARL
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OIL
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DDS
EMR
MBRK
Recommended StoriesThe 50 Best Places to Make A Lot, but Spend A... Wachovia Chief Executive Ken Thompson Ousted ... Government of India Invites Star Navigation t... Futures Flat Ahead of All-Important Jobs Repo... Director General Civil Aviation of India Reco... Clinton vs. Obama - FOXBusiness.com Lyme Lies: Allen Steere's horrifying comments... Taglich Brothers Initiates Coverage of Hyperd... U.S. Mortgage Foreclosures Reach Record High ... GM Announces Plant Closures; Possible Sale of... Word of the DayArbitrage
You're at a fruit market. But, instead of just being able to buy apples at this fruit market, you can also sell fruit. You're not a farmer, so you come to the market to buy some apples and you see two fruit stands. Fruit Stand A on the left is buying and selling apples at 50 cents apiece. However, Fruit Stand B on the right is buying and selling apples at 53 cents apiece. People are buying and selling apples at these two stands all the time, and the price at a stand could change at any moment. But, while you're there, apples are 50 cents and 53 cents, respectively.
You're a smart person, and you quickly realize that you can buy apples from Stand A and then sell them across the street to Stand B and make a 3-cent profit. But you have to do it now; you can't wait. So you buy all the apples at Stand A and then run to sell them all to Stand B.
Congratulations. You've committed fruit-stand arbitrage.
Arbitrage is exactly that: the selling of the same item between two different markets to make a profit off the mathematical differences in price. However, it's not apples that are traded--the goods in question are usually stocks, currencies and other securities. Arbitrage happens when you get a stock, usually a common one like General Electric that's traded on multiple markets (Japan, Hong Kong, U.S., etc¿). The stock is usually worth within fractions of a penny the same on each of those markets. However, there are often some minor variations.
People who participate in arbitrage take advantage of these variations--and make a ton of money doing it. As seen in the fruit stand example, you can make a "riskless profit" from buying and selling apples between different markets.
There are some big hedge funds that make almost all their money off arbitrage. But, despite this simple example, arbitrage is mathematically complex--and involves a good portion of risk if you don't know what you're doing. You probably won't be able to participate in arbitrage directly, but you can always invest in a mutual fund that does.
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Oil Weighs on Asian MarketsAsian markets fell Sunday after U.S. stocks plummeted on Friday. Oil remained at elevated levels in Singapore and New York going into the trading week.
Reeling from the Blow
A rocky end-of-week performance left the market on shaky ground -- and more disappointing data is expected in the week to come
The Real Reason Yahoo Rejected Microsoft?
Cavuto: The Rate That Suddenly Mattered
The Difficult Search
Just how close are we to the housing bottom?
It depends on which report you're looking at
Voices of Identity Fraud
Identity theft victims share their personal tales
Scammers Prey Upon Online Job Seekers
WATCH: How to Keep Your Wireless Network Secure
Solving the Retirement Puzzle
There's more to planning a financially-happy retirement than meets the eye
Market SnapshotIndices Movers Loan Center
Last % Change
DJIA 12209.81 -3.13
Nasdaq 2474.56 -2.96
S&P 500 1360.68 -3.09
FOX 50 957.35 -2.95
Symbol Last Price Net Change Volume
SPY 136.29 -4.49 384.28M
QQQQ 49.03 -1.52 189.14M
XLF 23.33 -1.31 156.47M
IWM 73.92 -2.28 123.99M
C 20.06 -1.16 114.25M
WM 7.53 -1.08 100.37M
PFE 17.96 -0.71 95755K
MSFT 27.49 -0.81 78501K
BAC 30.50 -1.49 70193K
INTC 22.90 -0.97 69864K
Uptick: Market Drowns in Sea of Oil; Dow Plummets 394
Analysis: Racing Industry Fuel Costs Speed Ahead
FOX Business Central
FOX Business Poll
Do you believe another Wall Street firm will collapse like Bear Stearns in 2008?
Yes
No
or view results
Latest FOX Business News
Latest News Most Read Most Emailed DSG Int'l Cut At Goldman, Structural Issues Cited - 54 Minutes Ago
Home Retail Upped At Goldman On Balance Sheet, Management - 1 Hour Ago
European Shares In Tight Range In Early Action - 1 Hour Ago
Telecom Italia In Talks To Buy Liberty Surf For 800M Euros - 1 Hour Ago
Lehman Cuts Rating On European Stocks, Prefers U.S. Equities - 1 Hour Ago
Taylor Nelson Sofres To Open Its Books To WPP - 1 Hour Ago
European Shares Seen Lower At Start - 1 Hour Ago
Royal Bank Of Scotland Had 95.11% Rights Issue Take Up - 2 Hours Ago
Air France-KLM May Passenger Traffic Rose 6% - 2 Hours Ago
Japan Bank Lending Climbs 1.6% In May On Year - 3 Hours Ago
Piecing Together the Retirement Puzzle
Cavuto: The Rate That Suddenly Mattered
Oil Weighs on Asian Markets; U.S. Gasoline Hits $4 a Gallon
An End-of-Week Blow Shakes Groundwork for Next Week
Icahn Calls for $33 a Share Sale for Yahoo
Next Inning Technology Updates Outlooks for STMicroelectronics, Qimonda, Micron, and SanDisk
Historic Oil Spike Sends the Dow Downward
Investment Alerts: TORO! June 6, 2008
RNC: Obama 4 Foreign Policy Flip Flops
U.S. companies urged to recession proof their businesses
Los Angeles Firm, International Acquisitions, Inc., Opens a $30 Million Dollar Real Estate Investment Fund
Piecing Together the Retirement Puzzle
Natural Gas Industry Expected to Abide by State Environmental Laws, Regulations
Colorado Construction Firm Settles Storm Water Violations
Microsoft Brings Rich User Experiences to Smart, Connected, Service-Oriented Enterprise Devices With Windows Embedded Standard 2009
Fox Business Blogs
Don’t Believe the Hype: WWDC, 3G and Sex Mean Apple’s Going Lower Next by Cody Willard
The Real Reason Why Yahoo!’s Board Rejected Microsoft? by Elizabeth MacDonald
The Difficult Search for the Housing Bottom by Elizabeth MacDonald
Happy Hour Guests for June 6th by Cody Willard
Snooping on Tom Sullivan by Cheryl Casone
On Set With a Legend by Alexis Glick
All Eyes on Big Brown by Alexis Glick
Watching The Buckle by Brian Sullivan
$400 Airline Tickets by Cheryl Casone
Today’s “Stock You’ve Never Heard of” by Brian Sullivan
Partner Headlines
Smartmoney WSJ.com Minyanville Dow Falls 395 Points
Oil ETF Spikes on Dollar, Higher Unemployment
Investors Should Avoid Being Dragged Into Bear Den
Markets, Marketplace Await Latest iPhone
9 Ways to Save on Movie Tickets
Despite Market Doldrums, Some Sectors Shine
10 Things Your Ticket Broker Won't Tell You
Some Stocks, Sectors Charting Bullish Trend
Investors Warm to Hot Topic's May Sales
Big Shareholders Rebel at AIG
Lehman Aims to Raise More Capital
Gasoline Hits Average of $4 a Gallon
IRS Targets Billionaire's Tax Strategy
LandSource Files for Bankruptcy
Bonds Sound Diverse Alarms
JetBlue to Buy Verizon's Airfone
McCain, Obama Differ on Energy Policy
Shares Slip in Asian Trading
Changes for Wal-Mart Music Sales
Week in Review: June 6. 2008
Toddo On TV: Oil Slick
Best Of The Exchange: Pulte Homes, Available Cash and The Credit Hurricane
'Ville Vertical Timeline
Gold, Oil The Real Deal
Trading Radar
Quick Hits: Trouble at 35,000 Feet
Quick Hits: Small Screen, Big Payout
Defaults On Prime Mortgages Spike
Crude Attitude
FOX Translator
IndicesNo data currently available.
Top Stock GainersNo data currently available.
Most Searched SymbolsSYMBOL
SEX
$INDU
SEX
WB
AAPL
PARL
C
ISPH
MSFT
OIL
WM
BAC
CSCO
DDS
EMR
MBRK
Recommended StoriesThe 50 Best Places to Make A Lot, but Spend A... Wachovia Chief Executive Ken Thompson Ousted ... Government of India Invites Star Navigation t... Futures Flat Ahead of All-Important Jobs Repo... Director General Civil Aviation of India Reco... Clinton vs. Obama - FOXBusiness.com Lyme Lies: Allen Steere's horrifying comments... Taglich Brothers Initiates Coverage of Hyperd... U.S. Mortgage Foreclosures Reach Record High ... GM Announces Plant Closures; Possible Sale of... Word of the DayArbitrage
You're at a fruit market. But, instead of just being able to buy apples at this fruit market, you can also sell fruit. You're not a farmer, so you come to the market to buy some apples and you see two fruit stands. Fruit Stand A on the left is buying and selling apples at 50 cents apiece. However, Fruit Stand B on the right is buying and selling apples at 53 cents apiece. People are buying and selling apples at these two stands all the time, and the price at a stand could change at any moment. But, while you're there, apples are 50 cents and 53 cents, respectively.
You're a smart person, and you quickly realize that you can buy apples from Stand A and then sell them across the street to Stand B and make a 3-cent profit. But you have to do it now; you can't wait. So you buy all the apples at Stand A and then run to sell them all to Stand B.
Congratulations. You've committed fruit-stand arbitrage.
Arbitrage is exactly that: the selling of the same item between two different markets to make a profit off the mathematical differences in price. However, it's not apples that are traded--the goods in question are usually stocks, currencies and other securities. Arbitrage happens when you get a stock, usually a common one like General Electric that's traded on multiple markets (Japan, Hong Kong, U.S., etc¿). The stock is usually worth within fractions of a penny the same on each of those markets. However, there are often some minor variations.
People who participate in arbitrage take advantage of these variations--and make a ton of money doing it. As seen in the fruit stand example, you can make a "riskless profit" from buying and selling apples between different markets.
There are some big hedge funds that make almost all their money off arbitrage. But, despite this simple example, arbitrage is mathematically complex--and involves a good portion of risk if you don't know what you're doing. You probably won't be able to participate in arbitrage directly, but you can always invest in a mutual fund that does.
Tokyo Slasher Foretold Slaughter in Chilling Internet Messages
The man suspected of killing seven people in a knifing rampage in Tokyo foretold the mayhem in a series of messages posted to the Internet, including one just before the attack saying, "It's time," police and media reports said Monday.
Tomohiro Kato, accused of ramming pedestrians with a truck on Sunday and then stabbing 17 bystanders in Tokyo's Akihabara district, posted a string of messages on an Internet bulletin board from his cell phone, a police spokesman said.
The official, who spoke on condition of anonymity, citing protocol, refused to release the messages, but news reports said they were posted in a threat titled, "I will kill people in Akihabara," starting hours before the stabbings.
• Click here for photos.
"I want to crash the vehicle and, if it becomes useless, I will then use a knife. Goodbye, everyone," Kyodo News agency quoted one message as saying.
That was followed chillingly several hours later, the report said, by a message sent from Akihabara via cell phone that read: "It's time."
The killing started 20 minutes later.
The reported messages gave Japan a limited glimpse into the mind of man accused of one of the worst knife attacks in Japanese history. Police say the assault was the deadliest stabbing assault in Tokyo in recent memory.
Kato said he had "gotten sick of the world," police said, but investigators are still trying to find out his motives and the reason why he chose Akihabara, or whether he had planned the criminal act over the past few days as reported.
Police say Kato — reportedly a factory worker — rammed a rented two-ton truck into a crowd of afternoon shoppers in Akihabara, a prime shopping area for electronic goods and a hangout for young people, particularly comic book fans.
Kato himself reportedly had a penchant for computer games and anime — like vast numbers of Japanese youths. Kyodo said that he listed a female computer game character as his "favorite person" in his junior high school yearbook.
After ramming the pedestrians, the killer jumped out and began stabbing the people he had knocked down with the truck before turning on horrified onlookers, police said.
The assault shocked Tokyo, which has a relatively low murder rate, because of its seeming mindlessness.
On Monday, the crime scene was covered with offerings of flowers, comic books and soft drinks left for the souls of the dead. The offerings were shielded from the rain by a small white tent.
Takashi Kiuchi, who was on a high school judo team with one of the victims, said many Japanese live with the assumption that their country is safe, but that assumption was under attack.
"It's gotten so you can't even walk down a crowded street," he said.
Kato reportedly made his way to Tokyo from a neighboring region where he worked and headed for Akihabara because its main streets are closed to cars and open to large numbers of pedestrians on Sundays.
Guns are tightly restricted in Japan, and shootings are extremely rare, with the one exception being gangsters, who most often use them against each other and do not generally victimize the general public.
Stabbings, however, are less rare.
In March, one person was stabbed to death and at least seven others were hurt by a man who went on a slashing spree with two knives outside a shopping mall in eastern Japan. In January, a 16-year-old boy attacked five people in a shopping area, injuring two of them.
A spate of knife attacks also have occurred in schools, the worst on June 8, 2001, when a man with a history of mental illness burst into elementary school near Osaka killing eight children. He was executed in 2004.
Chief Cabinet Secretary Nobutaka Machimura told reporters Monday the government was considering tightening restrictions on large-bladed survival knives like the one apparently used in the attack, which had a 13-centimeter blade and is easily available in stores.
"Everyone says that Japan is a safe country, but I'm not sure if that's true anymore," said Sayaka Itoda, a young woman who came to donate flowers at the memorial, which stood on a street in front of an electronics store and a giant TV display screen.
Tomohiro Kato, accused of ramming pedestrians with a truck on Sunday and then stabbing 17 bystanders in Tokyo's Akihabara district, posted a string of messages on an Internet bulletin board from his cell phone, a police spokesman said.
The official, who spoke on condition of anonymity, citing protocol, refused to release the messages, but news reports said they were posted in a threat titled, "I will kill people in Akihabara," starting hours before the stabbings.
• Click here for photos.
"I want to crash the vehicle and, if it becomes useless, I will then use a knife. Goodbye, everyone," Kyodo News agency quoted one message as saying.
That was followed chillingly several hours later, the report said, by a message sent from Akihabara via cell phone that read: "It's time."
The killing started 20 minutes later.
The reported messages gave Japan a limited glimpse into the mind of man accused of one of the worst knife attacks in Japanese history. Police say the assault was the deadliest stabbing assault in Tokyo in recent memory.
Kato said he had "gotten sick of the world," police said, but investigators are still trying to find out his motives and the reason why he chose Akihabara, or whether he had planned the criminal act over the past few days as reported.
Police say Kato — reportedly a factory worker — rammed a rented two-ton truck into a crowd of afternoon shoppers in Akihabara, a prime shopping area for electronic goods and a hangout for young people, particularly comic book fans.
Kato himself reportedly had a penchant for computer games and anime — like vast numbers of Japanese youths. Kyodo said that he listed a female computer game character as his "favorite person" in his junior high school yearbook.
After ramming the pedestrians, the killer jumped out and began stabbing the people he had knocked down with the truck before turning on horrified onlookers, police said.
The assault shocked Tokyo, which has a relatively low murder rate, because of its seeming mindlessness.
On Monday, the crime scene was covered with offerings of flowers, comic books and soft drinks left for the souls of the dead. The offerings were shielded from the rain by a small white tent.
Takashi Kiuchi, who was on a high school judo team with one of the victims, said many Japanese live with the assumption that their country is safe, but that assumption was under attack.
"It's gotten so you can't even walk down a crowded street," he said.
Kato reportedly made his way to Tokyo from a neighboring region where he worked and headed for Akihabara because its main streets are closed to cars and open to large numbers of pedestrians on Sundays.
Guns are tightly restricted in Japan, and shootings are extremely rare, with the one exception being gangsters, who most often use them against each other and do not generally victimize the general public.
Stabbings, however, are less rare.
In March, one person was stabbed to death and at least seven others were hurt by a man who went on a slashing spree with two knives outside a shopping mall in eastern Japan. In January, a 16-year-old boy attacked five people in a shopping area, injuring two of them.
A spate of knife attacks also have occurred in schools, the worst on June 8, 2001, when a man with a history of mental illness burst into elementary school near Osaka killing eight children. He was executed in 2004.
Chief Cabinet Secretary Nobutaka Machimura told reporters Monday the government was considering tightening restrictions on large-bladed survival knives like the one apparently used in the attack, which had a 13-centimeter blade and is easily available in stores.
"Everyone says that Japan is a safe country, but I'm not sure if that's true anymore," said Sayaka Itoda, a young woman who came to donate flowers at the memorial, which stood on a street in front of an electronics store and a giant TV display screen.
Banks, automotives down as oil price weighs
HONG KONG (MarketWatch) -- Asian indexes ended sharply lower Monday, with banking and automotive shares leading decliners as oil stayed near record highs and investors fretted the global economy could be headed into another round of credit market turmoil.
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MTU 10.28, -0.43, -4.0%) led the retreat in the banking sector amid concern of further credit market turmoil after the Wall Street Journal reported Lehman Brothers Holdings Inc (LEH:Lehman Brothers Holdings Inc
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LEH 32.29, -1.56, -4.6%) is set to post a second-quarter loss of more than $2 billion, but is close to raising $5 billion in new capital. Shares of Mitsubishi UFJ fell 3.5%
"We have seen a return of risk aversion late last week. To my mind, the reaction to the [U.S.] unemployment rate increase was way overdone, but the oil price increase was a nasty surprise due to geopolitical factors which won't go away soon," wrote Uwe Parpart, chief Asia strategist for Cantor Fitzgerald in Hong Kong, in a research note Monday.
Japan's Nikkei 225 Average (JP:1804610: news, chart, profile) and the Topix index both closed 2.1% lower to 14,181.38 and 1,397.54 respectively.
India's Bombay Sensitive Index lead declines among regional market, plummeting 3.1% to 15,082.48.
South Korea's Kospi index shed 1.3%, Singapore's Straits Times index was off 2.2% and Taiwan's Weighted Price Index fell 1.8%.
Markets in Australia, China, Hong Kong and the Philippines were closed for public holidays.
The slump in Asia follows a punishing session for U.S. stocks Friday, as weak employment data and a surge in crude oil prices combined to lead the Dow Jones Industrial Average to its worst one-day decline in 15 months. Friday's U.S. labor report showed unemployment in May jumped to 5.5% from 5% in April.
In currencies, the yen was exchanged at 105.19 yen against the U.S. dollar, compared to 104.85 in New York late Friday.
In other regional action, New Zealand's NZX-50 gave up 1.4% and Malaysia's KLSE Composite shed 1.6%. Indonesia's Jakarta Composite fell 0.9% and Thailand's SET Index fell 1.2%.
Light, sweet crude oil for July delivery fell as much as 76 cents to $137.78 a barrel in electronic trading, after climbing nearly $11 a barrel to close at $138.54 Friday on the New York Mercantile Exchange. Friday's surge in oil prices was driven by heightened concerns that Israel may attack Iran, one of the world's biggest oil producers, and that a conflict could result in a blockade of the Straits of Hormuz, through which 20% of the world's crude oil passes each day.
In the auto sector decliners included Toyota Motor Corp. (TM:toyota motor corp sp adr rep2com
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4:02pm 06/06/2008
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TM 102.64, -4.10, -3.8%) (JP:7203: news, chart, profile) and Nissan Motor Corp. (JP:7201: news, chart, profile) (NSANY:nissan motors sponsored adr
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NSANY 17.71, -0.94, -5.0%) , whose shares fell 2.9% and 3.4% respectively.
Shares of South Korean technology companies traded mixed, with Samsung Electronics (SSNGY:SSNGY
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SSNGY, , ) retreating 3.2%, while Hynix Semiconductor (HXSCL:hynix semiconductor inc spons gdr 144a
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HXSCL 30.58, 0.00, 0.0%) advanced 0.5%
Swimwear maker Goldwin Inc (JP:8111: news, chart, profile) saw its shares surge 21% after Japanese swimmer Kosuke Kitajima set a world record in the men's 200-meter breast stroke in a weekend competition. Kitajima is under contract to the firm as a brand representative and was wearing one of its swimsuits when he set the record.
Shares of battery maker GS Yuasa Corp. (JP:6674: news, chart, profile) (JP:6674: news, chart, profile) jumped 10.8% as investors bet higher oil prices would spur consumer demand for alternative-fuel vehicles. The firm makes lithium-ion batteries for electric cars and hybrids under a joint venture with Mitsubishi Motors Corp (JP:7211: news, chart, profile) .
Mitsui & Co.'s (JP:8031: news, chart, profile) shares fell 0.6% after the Nikkei newspaper reported the firm and Australia's Challenger Financial Services Group will invest 5 billion yen ($47.5 million) each into a fund that will invest in electrical power-generating stations and other infrastructure in emerging-market economies.
Chris Oliver is MarketWatch's Asia bureau chief, based in Hong Kong.
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Comments: 62
All is going to be OK. First this news and then the important news
quote
The 2008 Bilderberg Meeting is now in full swing at the Westfields Marriott in Chantilly, Virginia, USA but you wouldn't know it from the media blackout of this event...
- JanPaul
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(62) - View Comments on this storyMore Asia Markets stories
6:40 AM 6/6/08 Hong Kong, Tokyo end higher and tally weekly gains
6:21 AM 6/5/08 Kuala Lumpur leads decline after fuel price hike
7:29 AM 6/4/08 Weaker yen lift Tokyo exports; region ends mixed
Top stories
10:05 AM 6/8/08 Average price of gas hits $4 a gallon
12:01 AM 6/8/08 Consumers battle recession, inflation
6:38 AM 6/6/08 Saudi Arabia plans royal treatment for heavy crude
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JesusIsLORD 3 hours ago Even (1 Up / 1 Dn)
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SentYupp folks, we're screwed here! I wish I had better short sale cost basis on my positions. Oh well!
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JesusIsLORD 3 hours ago +3 Votes (4 Up / 1 Dn)
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SentYou're right FDR. The PE is a joke too. Anyone ever notice how a seemingly "cheap" stock just gets more expensive? A-la LUCENT? Remember that little gem? I personally thought it was strange how a languishing AT*T would sell their crown jewel at such a time. Now we know. Cheap stocks get more expensive on the way down, because THERE'S NO STINKING EARNINGS!!!
RealityCheck 3 hours ago
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SentWhat's the correlation between your picture and you handle name?
JesusIsLORD 2 hours ago
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SentWell, Jesus is Lord of all. I refer you to : Luke 6:46 And why call ye me, Lord, Lord, and do not the things which I say?
I just used this image to take advantage of the red color and the visual. If you really knew me, you would understand better.
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ch1 1 hour ago +1 Vote (1 Up / 0 Dn)
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Sentehm.. not lord of *all* at all, i'd rather not see religious preferences displayed here, but maybe that's the atheist in me taking over again!
Chainsaw 1 hour ago
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Sentch1: On the other hand, as one who in fact does understand and submit to Luke 6:46, I also do join you in one aspect and cringe when I read certain things on these boards. The responsibility that one takes upon himself and the damage that he can unwittingly and inadvertently do to the cause of Christ by using His name inappropriately is rather frightening. I cease this discussion now and will not revisit it and I hope it will fade. I simply had to voice my great concern about how this Name is handled. For an atheist (and I once was a militant one myself), I thought you handled this with restraint.
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JesusIsLORD 3 hours ago +1 Vote (1 Up / 0 Dn)
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Sentnotice how MW doesn't comment about the other markets which are currently open? I should toggle over to BLOOMBERG to see the carnage.
AmericanPatriot 2 hours ago +2 Votes (2 Up / 0 Dn)
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SentFor some reason Bloomberg has substantial lag in reporting numbers on the foreign stock exchanges. Also their futures reporting is rather sketchy also with huge lags. One of the better futures sources (but which also has major lags) is:
http://www2.barchart.com/mktcom.asp?section=indices
CBOT used to have an excellent real-time futures market index up, but they took it down a few months ago. Does anyone have a real-time futures reporting link?
Bloomberg Futures (http://www.bloomberg.com/markets/stocks/futures.html) is reporting the DJIA will open up 21 and BarChart is reporting the DJIA will open up 16 points in the morning. If the futures numbers hold, the DJIA will likely open up on Monday.
law 1 hour ago +1 Vote (1 Up / 0 Dn)
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Senti warch tradestation and barchart and get calls from pals on globex and using mann
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leftcoastfool 1 hour ago +2 Votes (2 Up / 0 Dn)
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SentHoly Cr@p! thinkorswim is showing the DOW futures up 40 and the eMini S+P 500 futures up 6.00! Is this just a "relief rally" because Iran wasn't bombed over the weekend? It's been a gradual rise overnight, so NOT characteristic of the PPT which usually comes in hard between 2 and 3 eastern (had that happened I would have attributed it to pending bad news about Lehman). So WHO's so Bullish on the markets? And WHY???
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robberbaron 3 hours ago +3 Votes (4 Up / 1 Dn)
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SentThank you, and great advice.
JesusIsLORD 2 hours ago
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Sentgreat stuff there! LOL
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AmericanPatriot 2 hours ago +2 Votes (2 Up / 0 Dn)
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SentThe Nikkei 225 closed today (Monday) at 14,181.38 which was down - 308.06.
The official real-time source for Nikkei reporting is the Nikkei Net Interactive - Market Japan at http://www.nni.nikkei.co.jp/CF/FR/MKJ/ and they update by the minute for those wishing to follow Japan's moves without data lag.
oilnwater 2 hours ago
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Sentmeh, it's been up insanely for weeks now, so no big deal really.
AmericanPatriot 1 hour ago
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SentYep, it was all the way down to 11,750 earlier this year and now it closed at almost 14,200. The long term perspective is that it hit around 38,000 in the early 1990s and is now around one-third of its highest value. This is leaving aside the issue of inflation and the decline has spanned almost 20 years during which it has never even approached the prior highs.
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law 1 hour ago
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Sentwhat a rigged market in Japan........
AmericanPatriot 1 hour ago
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SentWhy do you say that?
At least to me the US markets seem far more manipulated than Japan overall. One interesting note to support your view is that every day the Nikkei Net Interactive sets a trading range on their chart and the market virtually never defies their bars. Some days the trading range is very narrow and some days it is very wide, but virtually never does the market move above or below the bars set on their chart at http://www.nni.nikkei.co.jp/CF/FR/MKJ/. Perhaps it is just that the power of suggestion works in most persuasive ways in Japan!
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angelsprite 13 minutes ago
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SentHas anyone else noticed that there seems to be some "important news" every Thursday or Friday regarding the oil supply, so that on the weekends it costs more to drive and on the weekdays the price drops a bit? It's intentional. It's worse than obvious. It happened last year too.
Also, anyone who has ANYTHING in this market right now is playing Russian roulette with 5 chambers loaded.
Good luck all.
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Wakeupamerica 9 minutes ago
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SentAll of the markets are rigged AND run by the MEGA rich and flow whatever way they want to sell or buy on a given day. So, unless you are a mind reader, you will only occasionally hit one out of the park.
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Shares of Mitsubishi UFJ Financial Group (JP:8306: news, chart, profile) (MTU:mitsubishi ufj finl group in sponsored adr
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Last: 10.28-0.43-4.01%
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MTU 10.28, -0.43, -4.0%) led the retreat in the banking sector amid concern of further credit market turmoil after the Wall Street Journal reported Lehman Brothers Holdings Inc (LEH:Lehman Brothers Holdings Inc
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Last: 32.29-1.56-4.61%
4:01pm 06/06/2008
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LEH 32.29, -1.56, -4.6%) is set to post a second-quarter loss of more than $2 billion, but is close to raising $5 billion in new capital. Shares of Mitsubishi UFJ fell 3.5%
"We have seen a return of risk aversion late last week. To my mind, the reaction to the [U.S.] unemployment rate increase was way overdone, but the oil price increase was a nasty surprise due to geopolitical factors which won't go away soon," wrote Uwe Parpart, chief Asia strategist for Cantor Fitzgerald in Hong Kong, in a research note Monday.
Japan's Nikkei 225 Average (JP:1804610: news, chart, profile) and the Topix index both closed 2.1% lower to 14,181.38 and 1,397.54 respectively.
India's Bombay Sensitive Index lead declines among regional market, plummeting 3.1% to 15,082.48.
South Korea's Kospi index shed 1.3%, Singapore's Straits Times index was off 2.2% and Taiwan's Weighted Price Index fell 1.8%.
Markets in Australia, China, Hong Kong and the Philippines were closed for public holidays.
The slump in Asia follows a punishing session for U.S. stocks Friday, as weak employment data and a surge in crude oil prices combined to lead the Dow Jones Industrial Average to its worst one-day decline in 15 months. Friday's U.S. labor report showed unemployment in May jumped to 5.5% from 5% in April.
In currencies, the yen was exchanged at 105.19 yen against the U.S. dollar, compared to 104.85 in New York late Friday.
In other regional action, New Zealand's NZX-50 gave up 1.4% and Malaysia's KLSE Composite shed 1.6%. Indonesia's Jakarta Composite fell 0.9% and Thailand's SET Index fell 1.2%.
Light, sweet crude oil for July delivery fell as much as 76 cents to $137.78 a barrel in electronic trading, after climbing nearly $11 a barrel to close at $138.54 Friday on the New York Mercantile Exchange. Friday's surge in oil prices was driven by heightened concerns that Israel may attack Iran, one of the world's biggest oil producers, and that a conflict could result in a blockade of the Straits of Hormuz, through which 20% of the world's crude oil passes each day.
In the auto sector decliners included Toyota Motor Corp. (TM:toyota motor corp sp adr rep2com
News, chart, profile, more
Last: 102.64-4.10-3.84%
4:02pm 06/06/2008
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TM 102.64, -4.10, -3.8%) (JP:7203: news, chart, profile) and Nissan Motor Corp. (JP:7201: news, chart, profile) (NSANY:nissan motors sponsored adr
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NSANY 17.71, -0.94, -5.0%) , whose shares fell 2.9% and 3.4% respectively.
Shares of South Korean technology companies traded mixed, with Samsung Electronics (SSNGY:SSNGY
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SSNGY, , ) retreating 3.2%, while Hynix Semiconductor (HXSCL:hynix semiconductor inc spons gdr 144a
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HXSCL 30.58, 0.00, 0.0%) advanced 0.5%
Swimwear maker Goldwin Inc (JP:8111: news, chart, profile) saw its shares surge 21% after Japanese swimmer Kosuke Kitajima set a world record in the men's 200-meter breast stroke in a weekend competition. Kitajima is under contract to the firm as a brand representative and was wearing one of its swimsuits when he set the record.
Shares of battery maker GS Yuasa Corp. (JP:6674: news, chart, profile) (JP:6674: news, chart, profile) jumped 10.8% as investors bet higher oil prices would spur consumer demand for alternative-fuel vehicles. The firm makes lithium-ion batteries for electric cars and hybrids under a joint venture with Mitsubishi Motors Corp (JP:7211: news, chart, profile) .
Mitsui & Co.'s (JP:8031: news, chart, profile) shares fell 0.6% after the Nikkei newspaper reported the firm and Australia's Challenger Financial Services Group will invest 5 billion yen ($47.5 million) each into a fund that will invest in electrical power-generating stations and other infrastructure in emerging-market economies.
Chris Oliver is MarketWatch's Asia bureau chief, based in Hong Kong.
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Comments: 62
All is going to be OK. First this news and then the important news
quote
The 2008 Bilderberg Meeting is now in full swing at the Westfields Marriott in Chantilly, Virginia, USA but you wouldn't know it from the media blackout of this event...
- JanPaul
Add Comment
(62) - View Comments on this storyMore Asia Markets stories
6:40 AM 6/6/08 Hong Kong, Tokyo end higher and tally weekly gains
6:21 AM 6/5/08 Kuala Lumpur leads decline after fuel price hike
7:29 AM 6/4/08 Weaker yen lift Tokyo exports; region ends mixed
Top stories
10:05 AM 6/8/08 Average price of gas hits $4 a gallon
12:01 AM 6/8/08 Consumers battle recession, inflation
6:38 AM 6/6/08 Saudi Arabia plans royal treatment for heavy crude
More News
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JesusIsLORD 3 hours ago Even (1 Up / 1 Dn)
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SentYupp folks, we're screwed here! I wish I had better short sale cost basis on my positions. Oh well!
Reply to JesusIsLORD | Track Replies | Link
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JesusIsLORD 3 hours ago +3 Votes (4 Up / 1 Dn)
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SentYou're right FDR. The PE is a joke too. Anyone ever notice how a seemingly "cheap" stock just gets more expensive? A-la LUCENT? Remember that little gem? I personally thought it was strange how a languishing AT*T would sell their crown jewel at such a time. Now we know. Cheap stocks get more expensive on the way down, because THERE'S NO STINKING EARNINGS!!!
RealityCheck 3 hours ago
|
Report Abuse
SentWhat's the correlation between your picture and you handle name?
JesusIsLORD 2 hours ago
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SentWell, Jesus is Lord of all. I refer you to : Luke 6:46 And why call ye me, Lord, Lord, and do not the things which I say?
I just used this image to take advantage of the red color and the visual. If you really knew me, you would understand better.
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ch1 1 hour ago +1 Vote (1 Up / 0 Dn)
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Sentehm.. not lord of *all* at all, i'd rather not see religious preferences displayed here, but maybe that's the atheist in me taking over again!
Chainsaw 1 hour ago
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Sentch1: On the other hand, as one who in fact does understand and submit to Luke 6:46, I also do join you in one aspect and cringe when I read certain things on these boards. The responsibility that one takes upon himself and the damage that he can unwittingly and inadvertently do to the cause of Christ by using His name inappropriately is rather frightening. I cease this discussion now and will not revisit it and I hope it will fade. I simply had to voice my great concern about how this Name is handled. For an atheist (and I once was a militant one myself), I thought you handled this with restraint.
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JesusIsLORD 3 hours ago +1 Vote (1 Up / 0 Dn)
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Sentnotice how MW doesn't comment about the other markets which are currently open? I should toggle over to BLOOMBERG to see the carnage.
AmericanPatriot 2 hours ago +2 Votes (2 Up / 0 Dn)
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SentFor some reason Bloomberg has substantial lag in reporting numbers on the foreign stock exchanges. Also their futures reporting is rather sketchy also with huge lags. One of the better futures sources (but which also has major lags) is:
http://www2.barchart.com/mktcom.asp?section=indices
CBOT used to have an excellent real-time futures market index up, but they took it down a few months ago. Does anyone have a real-time futures reporting link?
Bloomberg Futures (http://www.bloomberg.com/markets/stocks/futures.html) is reporting the DJIA will open up 21 and BarChart is reporting the DJIA will open up 16 points in the morning. If the futures numbers hold, the DJIA will likely open up on Monday.
law 1 hour ago +1 Vote (1 Up / 0 Dn)
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Senti warch tradestation and barchart and get calls from pals on globex and using mann
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leftcoastfool 1 hour ago +2 Votes (2 Up / 0 Dn)
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SentHoly Cr@p! thinkorswim is showing the DOW futures up 40 and the eMini S+P 500 futures up 6.00! Is this just a "relief rally" because Iran wasn't bombed over the weekend? It's been a gradual rise overnight, so NOT characteristic of the PPT which usually comes in hard between 2 and 3 eastern (had that happened I would have attributed it to pending bad news about Lehman). So WHO's so Bullish on the markets? And WHY???
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robberbaron 3 hours ago +3 Votes (4 Up / 1 Dn)
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SentThank you, and great advice.
JesusIsLORD 2 hours ago
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Sentgreat stuff there! LOL
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AmericanPatriot 2 hours ago +2 Votes (2 Up / 0 Dn)
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SentThe Nikkei 225 closed today (Monday) at 14,181.38 which was down - 308.06.
The official real-time source for Nikkei reporting is the Nikkei Net Interactive - Market Japan at http://www.nni.nikkei.co.jp/CF/FR/MKJ/ and they update by the minute for those wishing to follow Japan's moves without data lag.
oilnwater 2 hours ago
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Sentmeh, it's been up insanely for weeks now, so no big deal really.
AmericanPatriot 1 hour ago
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SentYep, it was all the way down to 11,750 earlier this year and now it closed at almost 14,200. The long term perspective is that it hit around 38,000 in the early 1990s and is now around one-third of its highest value. This is leaving aside the issue of inflation and the decline has spanned almost 20 years during which it has never even approached the prior highs.
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law 1 hour ago
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Sentwhat a rigged market in Japan........
AmericanPatriot 1 hour ago
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SentWhy do you say that?
At least to me the US markets seem far more manipulated than Japan overall. One interesting note to support your view is that every day the Nikkei Net Interactive sets a trading range on their chart and the market virtually never defies their bars. Some days the trading range is very narrow and some days it is very wide, but virtually never does the market move above or below the bars set on their chart at http://www.nni.nikkei.co.jp/CF/FR/MKJ/. Perhaps it is just that the power of suggestion works in most persuasive ways in Japan!
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angelsprite 13 minutes ago
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SentHas anyone else noticed that there seems to be some "important news" every Thursday or Friday regarding the oil supply, so that on the weekends it costs more to drive and on the weekdays the price drops a bit? It's intentional. It's worse than obvious. It happened last year too.
Also, anyone who has ANYTHING in this market right now is playing Russian roulette with 5 chambers loaded.
Good luck all.
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Wakeupamerica 9 minutes ago
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SentAll of the markets are rigged AND run by the MEGA rich and flow whatever way they want to sell or buy on a given day. So, unless you are a mind reader, you will only occasionally hit one out of the park.
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European shares weaken behind banks, airlines
LONDON (MarketWatch) - European shares weakened on Monday, as shares of banks such as Barclays fell and airlines again took the brunt of crude prices trading near record highs.
The pan-European Dow Jones Stoxx 600 index (ST:SXXP: news, chart, profile) fell 0.6% to 308.34, with the banking sector showing the sharpest decline in percentage terms. It was down 1.8% at last check.
Of banks posting losses, shares in Barclays (BCS:Barclays PLC
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Last: 26.43-2.52-8.70%
4:00pm 06/06/2008
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BCS 26.43, -2.52, -8.7%) (UK:BARC: news, chart, profile) fell 1.3%.
The U.K. banking giant, which has faced pressure over its capital position, is seeking to raise cash from overseas sovereign wealth funds, the Sunday Telegraph reported. See full story.
In a similar vein, investors will be paying close attention to Lehman Brothers at the start of the week after reports the company may announce its second-quarter results ahead of schedule and unveil a plan to raise additional capital. See full story.
Other banks under pressure included UBS (UBS:UBS Ag
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Last: 23.91-1.49-5.87%
4:01pm 06/06/2008
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UBS 23.91, -1.49, -5.9%) (CH:002489948: news, chart, profile) , down 3.6%, and Commerzbank (DE:803200: news, chart, profile) , down 1.6%.
Of national indexes, the German DAX 30 index (DX:1876534: news, chart, profile) fell 0.5% to 6,773.61, the French CAC-40 index (FR:1804546: news, chart, profile) declined 0.3% to 4,782.51 and the U.K. FTSE 100 (UK:UKX: news, chart, profile) index lost 0.2% to 5,896.50.
Lehman Brothers on Monday shifted its stance on European stocks to underweight from overweight and increased its exposure to U.S. equities, which it upgraded to overweight from underweight.
Lehman said the changes were due to the European Central Bank's hawkish stance on rates and the implications of that on stocks for the region, and the contrast in approach with the stance of the U.S. Federal Reserve.
As in Europe, shares in the U.S. posted heavy losses on Friday, after some weaker-than-expected jobs data spooked the market and contributed to a sharp spike in oil prices. See U.S. Market Snapshot.
On Monday, light sweet crude prices were off a touch from Friday's record high but were still trading over $138 a barrel. The contract was last down 30 cents at $138.23.
Crude at this level usually pressures airlines and at last check shares in British Airways (UK:BAY: news, chart, profile) were down 3.6% and shares in easyJet (UK:EZJ: news, chart, profile) fell 4.6%.
Also in the airline sector, Air France-KLM (FR:003112: news, chart, profile) shares lost 2.6%. Europe's largest airline said passenger traffic rose 6% in May, as public holidays in France boosted leisure traffic in the first half of the month and business underpinned demand in the second half.
Still, higher crude prices generally support the commodity price-sensitive sectors and shares in oil major BP (BP:BP p.l.c.
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Last: 68.89-0.52-0.75%
4:00pm 06/06/2008
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BP 68.89, -0.52, -0.7%) (UK:BP: news, chart, profile) rose 1.9%, while shares in Royal Dutch Shell (RDS.A:royal dutch shell plc spons adr a
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Last: 82.79-0.23-0.28%
4:01pm 06/06/2008
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RDS.A 82.79, -0.23, -0.3%) (UK:RDSA: news, chart, profile) rose 1.5%.
The pan-European Dow Jones Stoxx 600 index (ST:SXXP: news, chart, profile) fell 0.6% to 308.34, with the banking sector showing the sharpest decline in percentage terms. It was down 1.8% at last check.
Of banks posting losses, shares in Barclays (BCS:Barclays PLC
News, chart, profile, more
Last: 26.43-2.52-8.70%
4:00pm 06/06/2008
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Sponsored by:
BCS 26.43, -2.52, -8.7%) (UK:BARC: news, chart, profile) fell 1.3%.
The U.K. banking giant, which has faced pressure over its capital position, is seeking to raise cash from overseas sovereign wealth funds, the Sunday Telegraph reported. See full story.
In a similar vein, investors will be paying close attention to Lehman Brothers at the start of the week after reports the company may announce its second-quarter results ahead of schedule and unveil a plan to raise additional capital. See full story.
Other banks under pressure included UBS (UBS:UBS Ag
News, chart, profile, more
Last: 23.91-1.49-5.87%
4:01pm 06/06/2008
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Financials
Sponsored by:
UBS 23.91, -1.49, -5.9%) (CH:002489948: news, chart, profile) , down 3.6%, and Commerzbank (DE:803200: news, chart, profile) , down 1.6%.
Of national indexes, the German DAX 30 index (DX:1876534: news, chart, profile) fell 0.5% to 6,773.61, the French CAC-40 index (FR:1804546: news, chart, profile) declined 0.3% to 4,782.51 and the U.K. FTSE 100 (UK:UKX: news, chart, profile) index lost 0.2% to 5,896.50.
Lehman Brothers on Monday shifted its stance on European stocks to underweight from overweight and increased its exposure to U.S. equities, which it upgraded to overweight from underweight.
Lehman said the changes were due to the European Central Bank's hawkish stance on rates and the implications of that on stocks for the region, and the contrast in approach with the stance of the U.S. Federal Reserve.
As in Europe, shares in the U.S. posted heavy losses on Friday, after some weaker-than-expected jobs data spooked the market and contributed to a sharp spike in oil prices. See U.S. Market Snapshot.
On Monday, light sweet crude prices were off a touch from Friday's record high but were still trading over $138 a barrel. The contract was last down 30 cents at $138.23.
Crude at this level usually pressures airlines and at last check shares in British Airways (UK:BAY: news, chart, profile) were down 3.6% and shares in easyJet (UK:EZJ: news, chart, profile) fell 4.6%.
Also in the airline sector, Air France-KLM (FR:003112: news, chart, profile) shares lost 2.6%. Europe's largest airline said passenger traffic rose 6% in May, as public holidays in France boosted leisure traffic in the first half of the month and business underpinned demand in the second half.
Still, higher crude prices generally support the commodity price-sensitive sectors and shares in oil major BP (BP:BP p.l.c.
News, chart, profile, more
Last: 68.89-0.52-0.75%
4:00pm 06/06/2008
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Financials
Sponsored by:
BP 68.89, -0.52, -0.7%) (UK:BP: news, chart, profile) rose 1.9%, while shares in Royal Dutch Shell (RDS.A:royal dutch shell plc spons adr a
News, chart, profile, more
Last: 82.79-0.23-0.28%
4:01pm 06/06/2008
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Financials
Sponsored by:
RDS.A 82.79, -0.23, -0.3%) (UK:RDSA: news, chart, profile) rose 1.5%.
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