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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Market Preview: Placing Bets on QE3

Category : Business, Stocks

NEW YORK (TheStreet) — In keeping with the “not if but when” shift in sentiment of late about additional monetary stimulus, the predictions about what QE3 may entail are starting to roll in.

Bank of America Merrill Lynch, for one, is expecting the Federal Reserve to go pretty big at its Sept. 12-13 meeting. Here’s the firm’s characterization of the central bank’s thought process: “In our view, the Fed will move when it is comfortable that the growth slowdown is likely to persist.”

With the data still pointing in that direction — Thursday’s drop in weekly initial jobless claims aside — B of A revised its expectations of QE3′s parameters to reflect a more aggressive move than previously predicted. …

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Market Preview: Not So Great Expectations

Category : Stocks

NEW YORK (TheStreet) — Those looking to second-quarter reporting season to bring the U.S. equity market back to the highs of the year despite softening economic data and Europe’s debt crisis should be careful about getting their hopes up.

Like clockwork, trepidation about earnings season is starting to boil up just ahead of the first rash of reports that matter, i.e. the big banks like JPMorgan Chase and Wells Fargo, which are both due on Friday.

UBS is predicting the S&P 500 should be able to deliver a “modest” 2% beat overall, a performance that’s reflected in its top-down estimate for a profit per share of $25.75 but the firm notes that the consensus view is indicative of “slower growth than we’ve experienced over the past three years.” …

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Stocks Stay Upbeat on Easing European Fears

Category : Stocks

NEW YORK (TheStreet) — The major U.S. equity averages were holding steadfast in positive territory early Friday afternoon as the European Central Bank pursued measures to boost banks on the continent and a growth package was put forth at a “mini” European summit in Rome.

The news provided a measure of relief for investors still digesting earlier statements from U.S. central bank officials that the Federal Reserve is unlikely to pursue any aggressive measures to stimulate the economy in the near term.

The Dow Jones Industrial Average was gaining 44.4 points, or 0.35%, at 12,618. The S&P 500 was rising more than 4 points, or 0.37%, at 1330, and the Nasdaq was ahead by 18.8 points, or 0.66%, at 2878. …

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Market Preview: A Risky Bet

Category : Stocks

NEW YORK (TheStreet) — Instead of the tumultuous reaction that the world’s central banks were prepping for, Greece’s elections yielded the market equivalent of a big, fat yawn.

The culprit seems to be that it’s difficult to parse just yet how much this really changes anything over there. The one solid positive is that the Greek people are no longer resisting austerity wholesale, but it remains to be seen how well the political parties are going to be able to work together. Credit Suisse is looking on the bright side.

“Our economists believe that there is an 80% chance that Greece will negotiate a workable compromise with the troika, by spreading Eu11bn of spending cuts over four years (rather than two), a possible reduction of interest rates and growth-enhancing measures,” the firm said in the wake of the election’s outcome, adding later: “Greek politics will not run smoothly! Overall, the election result buys some time.” …

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Stocks Tumble on Eurozone Uncertainty

Category : Business

NEW YORK (TheStreet) — Stocks lost ground Wednesday as worries about the stability of the eurozone bubbled up once again.

The major U.S. equity indices swooned late in the day following reports that Greek banks are seeing elevated levels of withdrawals ahead of the country’s crucial general elections this weekend. The vote is being seen as a referendum on the austerity measures Greece will need to adhere to in order to remain part of the eurozone.

Adding to the concerns was news that Egan Jones cut its rating on Spain to CCC-plus from B. Reuters said the downgrade was the ratings agency’s fourth cut for Spain since April. …

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Market Preview: Desperate Measures

Category : Stocks

NEW YORK (TheStreet) — There’s not much argument out there about whether or not the situation in Europe constitutes desperate times.

The big questions now are when will the eurocrats step up and take the desperate measures that such times call for, and will it be too late? It’s a good bet U.S. stocks are in for more of the roller-coaster action we’ve seen so far this week until those answers materialize.

Deutsche Bank sees cause for hope in the overall strength of the global economy but it’s still keeping a sharp eye on the day-to-day headlines, most importantly the general elections in Greece. This latest trip to the polls will be interpreted as a referendum on whether the populace will ultimately be able to accept the austerity measures necessary to keep the country as part of the single-currency bloc. …

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Spain in Spotlight for Coming Week

Category : Business

NEW YORK (TheStreet) — All eyes will be focused on Spain this weekend, and the events that transpire are likely to have the biggest impact on the direction U.S. stocks take in the coming week.

Eurozone officials are expected to discuss an aid package for Spain’s banks over the weekend.

“If they announce some kind of package that’s firm and fair, the market would rally,” said Adrian Day, president of Adrian Day Asset Management. “If they don’t, I don’t think it will fall a lot to be honest, because people have gotten used to people in Europe pushing things off.” …

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S&P Affirms U.S. Credit Rating, Keeps Outlook Negative

Category : Business

NEW YORK (TheStreet) — Standard & Poor’s Friday affirmed its ‘AA+’ long-term and ‘A-1+’ short-term credit ratings on the United States, but kept its outlook on the long-term rating negative.

The ratings agency said the outlook reflects “our opinion that U.S. sovereign credit risks, primarily political and fiscal, could build to the point of leading us to lower our ‘AA+’ long-term rating by 2014.”

S&P expressed concerns that the 2012 presidential election could make it difficult for the Republicans and Democrats to work together but was confident that the parties will find a way to get together on a plan to avoid the so-called “fiscal cliff” that’s looming when certain tax breaks and other policies, such as the payroll tax suspension, currently in place expire. …

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More Volatility Ahead for Stocks: Analyst

Category : Stocks

NEW YORK (TheStreet) — While stocks are coming off a strong week, investors shouldn’t assume the S&P 500 is out of the woods just yet.

“The stock market is in the process of tracing out an intermediate-term reversal formation, in our view, which we think could take a couple of weeks,” wrote Mark Arbeter, chief technical strategist at S&P Capital IQ. “While the major indices appear to be tracing out double bottoms or inverse head-and-shoulders bottoms, many individual stocks as well as sectors have seen a lot of technical damage and will probably need time to repair their charts. This process will most likely keep the major indices in a volatile trading range in the weeks ahead.”

In commentary released during Friday’s session, Arbeter noted how the S&P 500 had been hovering around its 200-day exponential moving average of 1314 the past few days. The index booked a 10-point or so gain on Friday, but he thinks it will need to take out 1335, the high from late May, in order to complete a bullish reversal pattern. …

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Market Preview: No Game Changers

Category : Stocks

NEW YORK (TheStreet) — Wall Street watchers eager for further monetary stimulus may want to be careful what they wish for.

The subtext of the message delivered by Federal Reserve Chairman Ben Bernanke on Thursday was that economic conditions would have to get much worse in order to merit more accommodation; be it an extension of Operation Twist or QE3.

The view of Julian Jessop, an analyst at Capital Economics, is that there have been no big surprises of late to merit getting worked up about the possibility of the world’s central banks swooping with a big rescue plan and that it may make more sense to hope things don’t deteriorate to the point where such a plan would be necessary. …

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