Thursday, January 7, 2016

Thursday's $hit

I took one when I got back from getting a Globe this morning after being constipated on Wednesday.

Still falling, too.

"Macy’s announces 4,800 jobs, locations of stores set to close" Associated Press  January 06, 2016

NEW YORK — Macy’s is cutting up to 4,800 jobs after disappointing holiday sales.

No $hit?!!?

The Cincinnati-based department store chain says sales fell 5.2 percent in November and December at existing stores. Warm weather and lower spending by international tourists hurt sales. 

Sick of the lies and excuses yet?

The company also listed Wednesday which 40 stores it would close. It had announced it was closing stores in September....

The print version had much more, but it's all been rewritten, etc.



"Monsanto said Wednesday it will eliminate another 1,000 jobs as it expands a cost-cutting plan designed to deal with falling sales of biotech-corn seeds and other financial headwinds. The additional layoffs will bring the agriculture giant’s total planned cuts to 3,600 jobs over the next two years, or about 16 percent of its global workforce. In October the company first announced the restructuring plan, intended to streamline its sales, R&D and other operations. The St. Louis-based company says the restructuring will cost between $1.1 billion and $1.2 billion to implement, up from previous estimates of $850 million to $900 million. By the end of fiscal 2018, the company expects the changes to generate annual savings of $500 million." 

Yes, no one wants their GMO $hit

All in an era of economic recovery and a $urpri$ing holiday $ea$on:

"Apple stock slumps amid iPhone sales worries" by Brandon Bailey Associated Press  January 07, 2016

SAN FRANCISCO — Apple fans keep buying iPhones, but Wall Street worries the company won’t be able to match last year’s blistering sales pace.

Shares in the world’s most valuable company have fallen more than 15 percent over the last month, amid a drumbeat of news reports that some Asian parts suppliers are expecting Apple to trim orders for its signature smartphone this winter. Those fears were compounded Wednesday when the Wall Street Journal said one of Apple’s contractors is sending some workers home on ‘‘early holiday’’ before the Chinese New Year in February.

Even an upbeat report from Apple announcing that its online App Store set a sales record last week failed to boost the stock.

Meaning market analysts and investors didn't buy the $elf-$erving bull$hit.

Apple Inc. declined comment Wednesday. But top executives at the Cupertino, Calif., company said last fall they expected to sell more iPhones during the last three months of 2015 than they did a year earlier, when the company sold a record 74.5 million.

Okay, we have gone from last week to last fall. What's next?

As evidence for his optimism, chief executive Tim Cook said in October that a growing number of consumers were switching from rival Android phones to iPhones, while many current iPhone owners had not yet upgraded to newer models. Cook has also cautioned against drawing conclusions based on reports from individual contractors, since the company has an extensive supply and production network.


Just going backward through the calls to the iPhone, huh?

The iPhone is crucial for Apple, since it provides almost two-thirds of its revenue. The latest iPhone 6S and 6S Plus models, introduced last fall, have several new features, but analysts say they aren’t dramatically different from previous 6 and 6 Plus phones that went on sale in late 2014. Experts also say the global smartphone market isn’t growing as fast as it did a few years ago.

That's why it was a rotten Chri$tma$, and look at these delusional a$$holes thinking there is a hidden pot of gold out here wanting to buy all the latest wizardry to upgrade every two years.

Other than having jobs taken away, the American people are just not interested in the latest fad. If they have a phone and it works, that's it. Don't have the money, don't have the time.

Sales of the 6S phones appear to have slowed during the recent holiday season, Rosenblatt Securities analyst Jun Zhang wrote in a note to clients Wednesday, adding that two of Apple’s Asian contractors have reduced production forecasts.

Say again?

Apple has introduced other new products in recent months, including the Apple Watch, iPad Pro, and a new Apple TV control box. But they ‘‘have not become meaningful revenue resources to offset slowing iPhone sales in 2016,’’ Zhang wrote.

Those worries have dogged Apple’s stock for months.


After peaking at $134.54 in April, the stock ended the year at $105.26.  It closed at $100.70 Wednesday....

A man pushed a cart inside a Foxconn factory in China. Foxconn is the assembler of most of Apple’s latest iPhones.
A man pushed a cart inside a Foxconn factory in China. Foxconn is the assembler of most of Apple’s latest iPhones (Reuters/File 2012).

Look, it is a FILE PHOTO from FOUR YEARS AGO!

I'm sure he's not as busy now, if he wasn't sent home!


Isn't Foxconn where they had to put a net around the building because so many slaves, 'er, employees were committing suicide?

While over there:

"Fears of China slowdown, tensions in Mideast stagger world markets" by Bernard Condon Associated Press  January 05, 2016

NEW YORK — The trouble started in China, the world’s second-largest economy, where signs of manufacturing weakness sent the Shanghai Composite Index plunging 6.9 percent before Chinese authorities halted trading by using a new ‘‘circuit-breaker’’ mechanism for the first time.

Yeah, it's all their fault. They wrecked our economy. Let's go make war on them so the U.S. government will never have to pay of all the debt owed to them. 

Investors were also unnerved by heightened tensions between Saudi Arabia, a huge oil supplier, and Iran. Saudi Arabia severed diplomatic relations over the weekend in a dispute over the Saudis’ execution of a Shi’ite cleric.

I will be getting to that shortly here in 2016.

In the United States, the Dow slumped 276.09 points to 17,148.94. It was down as much as 467 points earlier in the day.

Huang Cengdong, an analyst for Sinolink Securities in Shanghai, said he expects more turmoil in the Chinese stock market ahead of corporate earnings reports. ‘‘There will be heavy selling in the near future,’’ Huang said.

The immediate trigger of the selloff was a report that showed manufacturing in China fell in December for the 10th straight month.

The slowdown is worrisome around the globe because China’s manufacturers are huge buyers of raw materials, machinery, and energy from other countries. Also, many automakers and consumer goods companies are hoping to sell more to increasingly wealthy Chinese households.

In the United States, slow overseas growth already appears to be hurting manufacturers. A report issued Monday by the Institute for Supply Management showed manufacturing contracted last month at the fastest pace in more than six years as factories cut jobs and new orders shrank.

Yes, ‘‘investors in developed countries are beginning to wake up’’ to the $hit shoveled by the American ma$$ media.  

Btw, that is not what the American government has been claiming lo these many months.

Chinese authorities have been trying for months to restore confidence in the country’s market after a plunge in June rattled global markets and prompted a panicked, multibillion-dollar government intervention.

The escalating tensions between Saudi Arabia and Iran briefly sent the price of oil surging.

And then it came back down, meaning the Saudi gambit to start WWIII has stalled.

‘‘Oil markets will be concerned that this could be an incremental step in a deteriorating political situation that might ultimately threaten world oil supply,’’ Ric Spooner, chief analyst at CMC Markets, said in a commentary.

Then U.S. frackers will have to start drilling again.

Bond prices rose, sending yields lower. Investors tend to park money in US government bonds when they are fearful of weak economic growth or turbulence in stocks and other markets.

U.S. taxpayer suckers thanks to this government!

Ernie Cecilia, chief investment officer of Bryn Mawr Trust, warned that stock investors shouldn’t overreact to Monday’s drops.

‘‘A weak first day of the year doesn’t portend that 2016 will be a down year,’’ Cecilia said. ‘‘There are a lot of trading days left.’’

Kevin Kelly, chief investment officer of Recon Capital Partners, said, ‘‘It’s going to be a turbulent year. This isn’t a blip.’’

He's overreacting.


"Factory slumps in US, China heighten global economy fears" by Christopher S. Rugaber and Paul Wiseman Associated Press  January 05, 2016

WASHINGTON — Fears escalated Monday that the global economy could struggle more than expected this year — a prospect that contributed to a plunge in financial markets.

The anxiety was heightened by reports that manufacturers extended their slumps last month in the United States and China, the world’s two largest economies. Factory activity contracted for a second straight month in the United States and for a 10th straight month in China.

By midafternoon, the Dow Jones industrial average had sunk more than 400 points — more than 2 percent — though the fall was also due in part to rising tensions in the Middle East. Chinese stocks fell 7 percent before trading was halted.

Trading being halted is a bad, bad $ign.

The manufacturing data made clear that the troubles that weighed on US factories last year have yet to ease.

After U.S. economic authorities and their pre$$titutes assured us things were fine at the end of the New Year?

Sluggish economies in major markets — from China to Europe to Japan — have depressed US exports. That trend has been worsened by a strong dollar, which has made US goods more expensive for foreigners.


Not all the news was bad. A cheaper euro has helped European manufacturing, which expanded at the fastest pace in 20 months in December, according to data firm Markit.

The Globe can always find the corn kernel in a log of $hit.

Still, China’s persistent sluggishness may be causing broader damage than previously thought, analysts say. China’s government is trying to shift its economy toward domestic consumption and away from a reliance on exports and investment in roads, factories, and real estate.

Yet that transformation has proved difficult: China’s deceleration has been hugely disruptive for countries that have long exported commodities such as oil, copper, and other metals to the Chinese market. China consumes, for example, about 60 percent of the world’s iron ore, which is used to make steel. China’s declining appetite for such commodities has slowed growth in Australia, Brazil, and Malaysia, among other economies.

Translation: the world economy has been slowing just as I have said for months. Bloggers were calling this months ago.

The US economy has also taken a hit: ‘‘The global spillovers from China’s reduced rate of growth . . . have been much larger than we would have anticipated,’’ Maury Obstfeld, chief economist at the International Monetary Fund, said in an interview Monday with an IMF publication.

Then why is anyone listening to you?

Daniel Meckstroth, chief economist at MAPI, a manufacturing research group, said that many commodity-exporting countries, such as Australia, Malaysia, and Chile, have also been forced to reduce their purchases of US goods as their own economies have slowed.

They ‘‘don’t have the export revenue, so they can’t import from the rest of us,’’ Meckstroth said. ‘‘China’s slowdown affects our ability to export to them.’’

Christine Lagarde, the IMF’s managing director, said last week that China’s slowdown would likely keep commodity prices low for a ‘‘prolonged period.’’

Writing in the German newspaper Handelsblatt, Lagarde predicted that ‘‘global growth in 2016 will be disappointing and uneven.’’

See: IMF On Lagarde 

What is amazing to me is she and Yellen are two of the most powerful individuals on the face of the planet, and yet we are told if women ruled the world it would be so much better. 

So what happened?

Michael Arone, an investment strategist at State Street Global Advisors, said such sentiments have unnerved financial markets.

‘‘Investors were looking for a more hopeful start to 2016,’’ he said. ‘‘What they got were a lot of reminders of the risks that weighed on markets last year.’’ 

I'm glad they firmed up the accounts.

Those concerns have been exacerbated by widespread doubts about the accuracy of Chinese economic data. Many analysts worry that China’s economy is faring even worse than its official figures suggest.


If that isn't the pot calling the kettle black! 

‘‘Markets don’t like uncertainty, and when you look at the Chinese data, there is uncertainty surrounding that,’’ said Jay Bryson, global economist at Wells Fargo Securities.

And yet they live the LIES put out by the U.S. government regarding its economy!

Early Monday, a private survey of China’s manufacturers showed factory activity contracting more quickly than many economists expected. Those figures were from the Caixin/Markit index, a private trade association. A separate report from China’s government released last week had suggested that China’s factories improved slightly in December.

‘‘They’ve been distorting the numbers,’’ Meckstroth said of Chinese government officials. He thinks China’s growth is closer to 5 percent.

So has mine.

Still, most economists remain relatively optimistic about the US economy this year. Steady job growth and some early signs that companies are paying higher wages could boost consumer spending, which fuels about two-thirds of the US economy.

And there it is again. Signs are they could! C'mon!

Nariman Behravesh, chief economist at IHS, a consulting firm, said that two of the three headwinds the US economy faces should fade in the coming months.

Businesses ordered too many goods in early 2015 and are now working off those excess stockpiles. Doing so slows growth because it leads companies to order fewer new goods. But that process should be completed by the end of the first quarter, Behravesh said.

And energy companies have sharply reduced their investment in drilling equipment in the face of lower oil prices. But that trend should also fade, Behravesh said, because there isn’t much left to cut.




"US businesses stepped up hiring last month, led by solid gains in construction and retail, a private survey found. Payroll processor ADP said Wednesday that companies added 257,000 jobs in December, the most in a year. Construction companies added 24,000 jobs, while retailers and shipping firms added 38,000. The figures suggest that employers are still hiring at a healthy pace, even as overseas economic weakness and the strong dollar have hit U.S. manufacturing. Factories added just 2,000 jobs last month, ADP said. Yet some economists were skeptical of the figure, because many companies don’t drop laid-off workers from their payrolls until the end of the year. Moody’s Analytics, which helps compile the data, seeks to adjust the numbers to account for the annual ‘‘purge,’’ but isn’t always able to do so fully." 

Think about that for a minute. Government and business propagandists are always telling us the reports are estimates, they don't know, and yet here they have current payroll data on hand and, of course, taxes are always collected. 

Good thing there is no distorting of the numbers there, either!

Also see:

Economic data weigh on stocks
US stocks rise a bit after Monday’s slide
Stocks hit 2-month low

I've hit a 10-year low with the Globe at this point, but at least Time Warner's stock went up.

Cyber Monday was good for Amazon

No $hit?!!?

State’s employers lost some confidence

Foreclosures continue increase

In a state that is supposedly above-average when it comes to recovery.

JPMorgan Chase to pay final $48m

That will fix the fraudulent foreclosure that took your home from you and upended your life! 

Federal Reserve was wary on raising rates 

The experts at the Fed are once again overestimating the health of the economy.


(Sound of toilet being flushed)

Time for lunch

Maybe I'll watch a movie this afternoon rather than read the rest of the Globe.


"Dow closes down nearly 400 points" by Beth Healy Globe Staff  January 07, 2016

US stocks piled on another day of losses Thursday, as jagged markets in China and falling oil prices continued to overshadow good news on American workers and the economy.

The first four days of 2016 are the worst start to a new year for US stocks on record.

Meaning the wealth-stealing wizards, their government slaves, and mouthpiece media, were able to hold it all together until after Christmas because "their best option is now a controlled descent, to avoid a sudden crash."

Oil closed below $34 a barrel for the first time in more than a decade.


“Investors were nervous to start with — 2015 was not a great year,’’ said Lee Ferridge, head of macro strategy at Boston-based State Street Global Advisors. “You start the year in a nervous vein, and when you walk in, China’s down 7 percent, this is what happens.”

This is incredible because stock markets hit record-highs and up until a couple of days ago 2015 was great.

The storm has been gathering in China for many months now, as the world’s second-largest economy slows and policy makers there seem powerless to manage China’s currency or prevent major stock plunges. Chinese stocks fell so sharply that markets were closed to trading after just 30 minutes, spawning sell-offs in other markets around the world.

Yeah, it's all China's fault. Anybody's but where the real fault lies: with the wealth-strealing wizards and their government enablers.

Billionaire investor George Soros added to the gloom Thursday, predicting at an economic forum that markets would sink lower as emerging markets and the rest of the world adjust to China’s more modest pace of growth.

You know things are $eriou$ when the $tring-puller Georgie $oro$ is in print.

Economists and market analysts maintain that the US economy is relatively healthy, growing at 2 percent, and does not depend heavily on China for its exports. But given China’s size and financial sway, big moves in its stock market have ripple effects.

That's because the AmeriKan con$umer is dependent on imports from China after all the outsourcing and offshoring of factory jobs.

“The US economy is strong and can weather a lot of storms from overseas,’’ said Mark Zandi, chief economist of Moody’s Analytics. “Of course, if it’s a typhoon, it’s going to hurt.” 

Yeah, keep shoveling.

American labor markets are tightening, to the point where some economists say there are worker shortages developing.


We are looking at an economy where the percentage of adults employed is at a decades low, with many acknowledged to have given up even looking for work -- and here is why. 

Look at this. We never even had a labor recovery and now we are being told there is already a shortage!! 

Problem is, I've seen this before. This kind of argument was troweled out years ago on this blog. 


But corporate profits in many sectors are slowing, in a kind of earnings “recession,” according to James Swanson, chief investment strategist at MFS Investment Management in Boston.


Look, I spent the better part of Christmas and New Years keeping up on the business and economy pages, and corporate profits were pretty good. Revenues were down, indicating a slowing economy, but cost cuts and labor reductions guaranteed a bottom line in the black and big bonuses up top (pre$$ didn't make a big deal of it because that would look piggy -- with all due respect to pigs -- amidst all the misery of the masses).  

Now it's poor corporations. 


The slowdowns are most pronounced in energy and materials — also a fallout from declining growth in China. But other major sectors also are seeing declining earnings growth, including companies in the information technology and consumer staples sector, according to S&P Capital IQ, a market-data firm in New York.

But it is a healthy economy that can weather many storms.

In short, there has not been enough good news in the United States to outweigh the negative reactions to China.

Somebody say something?

And that had market analysts wondering anew about the plans of the Federal Reserve, which increased interest rates in December for the first time in nine years and intends to raise rates another four times this year.

Not me. I can smell BS when its being ladled.

Swanson, for one, thinks the Fed may slow down its plans after this week for fear of curbing economic growth.... 

It was at that point that I wrote "F*** this sh**" in the margin of my printed pos.


RelatedStocks slump the most in 3 months on new China worries

And just in case you missed it:

J.C. Penney on the upswing

And yet the bellwether Macy's -- with its "One Day Sale.... One.... Day.... One Day Sale!!" had a dismal $ea$on. Whatever.

Boeing sales flying high

War does wonderful things.

Barnes & Noble books solid holiday season

Sick of the mixed me$$ages yet?

Time to close the book on the Bo$ton Globe.


"Activist hedge fund Starboard Value stepped up pressure on Macy’s Inc. to squeeze money out of the department-store chain’s real estate by separating the properties into two or more entities. The idea would be to put the chain’s iconic properties, such as its flagship location in Manhattan, into one joint venture, while placing its mall-based real estate into another."