I've been repeating myself every single morning this past week it seems. Come on people, just a little more and we're there. In fact, only 5 little points more and and The Dow Jones Industrial average will close at a new all-time high.
Don't you count on a little company (not so little anymore) from Waterloo, Canada to have sufficient influence and move the market all by itself. True, right now Research In Motion Ltd. (NASDAQ: RIMM) shares are up 20% in pre-market trading after it reported strong Q2 numbers last night. The BlackBerry (AKA CrackBerry) maker's also announced a review of its stock options.
With oil easing again this morning, blue chips reaching the all-time high would mostly depend on the several economic reports due today. At 8:30 a.m. Eastern, personal income and spending data will be reported. These readings include closely watched inflation indicators. Economists forecast August personal income to rise by 0.3%, while spending is forecast to rise by 0.2%, a much slower pace than the 0.8% jump in July.
After the opening, Michigan September consumer sentiment index is due and is expected to edge up, while the Chicago region September manufacturing index is expected to decline.
In corporate news, Ford Motor Credit (NYSE: F) announced it would cut 2,000 jobs. That's in addition to previous announcement by Ford to cut 14,000 jobs. Dell Inc. (NASDAQ:DELL) announced it would expand the recall of Sony Corp (NYSE: SNE) batteries by another 100,000.
Bonds fell again yesterday, with the yield on the 10-year Treasury note rising to 4.61% from 4.59% late Wednesday. This morning Treasuries gained with the yield on the 10-year note slipping to 4.60%.
Overnight, Asian market closed mixed, while European markets are higher at the moment.
Here's a look at some key Blogging Stocks:
EBay Inc. (NASDAQ: EBAY) last traded at $28.50 in pre-market trading, up from yesterday's close of $28.41. Yesterday, a jury convicted man of theft and fraud after not delivering tickets sold on eBay in what he claims is an allowed practice on the company's auctions site.
Google Inc. (NASDAQ: GOOG) last traded at $404.50 in pre-market trading, up from yesterday's close of $403.58. After Google had teamed up with Dell, Yahoo! has now teamed up with HP.
Microsoft Corporation (NASDAQ: MSFT) last traded at $27.42 in pre-market trading, up from yesterday's close of $27.40. Brazil is considering a move away from Microsoft's proprietary code in its electronic voting system.
Yahoo! Inc. (NASDAQ: YHOO) last traded at $25.45 in pre-market trading, up from yesterday's close of $25.33. Yahoo announced it has struck a deal with Hewlett-Packard Co. (NASDAQ: HPQ) to plant its Internet search engine on millions of computers.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
Reader Comments (Page 1 of 1)
9-29-2006 @ 10:12AM
Gary E. Sattler said...
Ebay before the bell.
DING! ooops! Round Three.
For my eBay friends:
Because eBay does not charge a registration fee, that makes the place a PUBLIC ACCESS SITE. That means two things to you...
1.) Anyone who has had any communication of any kind, which was not in direct violation of site rules, arbitrarily deleted from the site has had their FIRST AMENDMENT RIGHTS VIOLATED. Pay a visit to the ACLU with your documentation. They like that sort of thing.
2.) eBay is accountable to PUBLIC STANDARDS OF DECENCY. They have an obligation to protect your children from material which YOU may think is offensive. Remember though it's "public standards". Just the fact that eBay has a "mature audiences" section clearly shows that they recognize this responsiblity. Allowing an image of a woman's nude breasts to promote the sale of a pair of ice skates would therefore be a questionable practice. Consider contacting the FCC.
Special note: The Former eBay Store Owners Major Campaign Union, The Power Sellers Unite Union and The Ebay Core Union are in the process of organizing the second world wide eBay boycott. A tentative starting date is Monday October 9th...Canadian Thanksgiving Day. We'll keep you posted.
Even Al, the eBay supporter, told you in last nights comments:
We're holding the site hostage.
Have a great day!
Gary
:)
9-29-2006 @ 11:47AM
Texas Trader said...
Well said, Gary, and thanks for the update on the next "boycott."
It amazes me that there are so many different numbers floating around out there about how "successful" eBay is. I do question the report of one well known analyst as he has been on eBay's payroll in the past, so right there, his credibility is gone with me.
In looking at my store items, I have discovered that somehow, shipping charges on some of my items have mysteriously doubled and tripled, and I'm finding duplicate and triplicate listings of items I know for a fact, I only listed once (primarily because I only had one). I'll have to check my invoice very carefully, because I'm sure I've been charged fees for those items I did not post more than once.
So is this one of the reasons I'm not getting buyers? Good grief, I wouldn't buy from me either if I saw an $8.00 item with an $11.00 shipping charge.
I have no idea how this has happened; it has been mentioned that perhaps in eBay's transition from the old selling form to the new one, that it caused my prices and items to miraculously change. Maybe so, but you would think eBay would make sure they had all the bugs worked out of their programs before they implemented them.
So, instead of working on my new internet store, I am laboriously going through each item in my eBay Store, checking to see if anything has changed. I'm having to end items, as I know I don't have additional ones to sell.
Oh, the best one yet (if I can call it that)...I found one item that on the postage, it went from USPS Priority Mail ($4.20) to Overnight Air...for $2.50. Boy, I bet the buyer would have loved that excellent customer service! Sure am glad I caught that one.
9-29-2006 @ 10:52PM
Rob G said...
Would like to know more about boycotting and class action lawsuits regarding ebay. I still see many people bidding on each others' auctions. It is a very "IN" group. They are good at taking your money and giving you nothing for it. I think there are set up experts there who do nothing but cause competition problems. Bill Cobb should be fired. So much bs and hype. Hope the Lobbyists "down home folk" do not really have the "politicians" ear or pocketbook. I am upset since I had just listed over 1000 auctions when they raised their fee on me.
I wrote to them with a legitimate question and after useing them for over 7 years they didn't have the decency to write back after 3 days (nor keep their phone appointment and I was a Powerseller).
But folks remember this..resistence causes persistence. Stop giving ebay power....ignore them completely! Don't give them your energy, time, attention or money. What do we need middlemen for.
They promote everything but the main core site now.
God Bless Google and OnLine Auction.com