| eypacnsibw | Date: Thursday, 28/11/2013, 01:45 | Post # 1 |
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NEW YORK (MarketWatch) -- U.S. stocks finished lower Wednesday, halting a five-session run that briefly propelled the Dow Jones Industrial Average above 14,000, as woes from precarious home mortgages resurfaced and earnings from Intel Corp., Pfizer Inc., and Yahoo Inc., disappointed investors."Subprime is again around the front-burner, with the combination of Bear Stearns and concerns over how many other hedge-fund issues might be on the market," said Art Hogan, chief market strategist at Jefferies & Co.The market came under early pressure after reports that investments in two leveraged funds run by Bear Stearns have become nearly worthless, with Federal Reserve Chairman Ben Bernanke telling Congress the specific situation would likely get worse just before better.The Dow Jones Industrial Average shed 53 points to 13,918, as 21 of the 30 components fell. The Dow earlier dropped greater than 140 points to a decreased of 13,823. On Tuesday, it reached a high of 14,022."The market was geared for any lower opening from a spate of negative earnings," said Jay Susskind, director of trading at Ryan, Beck & Co. The S&P 500 fell 3.2 suggests 1,546, while the Nasdaq Composite lost 12.8 points to 2,699.Trading volumes showed 1.7 billion shares exchanging practical the New York Stock market and 2.2 billion around the Nasdaq. Declining issues topped gainers by 2 to at least one on the NYSE and by 9 to 5 on the Nasdaq.Techs tankIntel's stock weighed heavily on blue chips and also on the Nasdaq, losing over 5%. The chip giant's second-quarter earnings were in accordance with analysts expectations however its profit margins fell short of the company's own targets.Moreover, internet search firm Yahoo also fell 5.2% after cutting its earnings outlook to the year. And International Business Machines , a Dow component, and eBay both fell before their earnings following your close.Bears BackThe influential financial sector from the market came under early pressure after reports that investments by 50 % of Bear Stearns hedge funds -- with heavy exposure to subprime markets -- are nearly worthless. Furthermore, credit-ratings agency Moody's put the ratings of 13 tranches of eight deals from Bear Stearns on review for possible downgrade. These deals are mostly backed by Alt-A mortgage loans, which can be a step higher in quality from subprime loans.Pursuing the reports on Bear Stearns, Punk Ziegel & Co. analyst Richard Bove downgraded the most notable Wall Street firms to market from market perform, including Goldman Sachs , Lehman Brothers , Merrill Lynch and Morgan Stanley . Younger crowd downgraded the universal banks -- Bank of the usa , Citigroup Inc. and JP Morgan -- to advertise perform from buy."I don't view this like a Bear Stearns problem but a systemic one," Bove said inside a note. "For the past 6 months I have been writing that this could happen and that the systemic protections against such a development have been removed by industry place.""This opens investors to sizable losses which, at this moment, simply cannot be calculated," he was quoted saying.Profit PitAmong Dow components, Pfizer Inc. dropped nearly 4%. The pharmaceutical firm posted a worse-than-forecast 48% loss of profits.Altria Group Inc. , which posted a better-than-expected drop in earnings, still fell 2%.And J.P. Morgan Chase , declined 3.2% amid broad weakness among brokerage stocks. The country's third-biggest bank posted a better-than-expected 20% surge in earnings, but also reported tripling its loan loss reserves.Deflated Fed TalkThe market also digested congressional testimony from Bernanke, together with the release of his written remarks having little immediate impact on trade. "All of that relies on a predictable statement that he's not going to roil markets, and then we may be able to look beyond Bernanke to corporate America," Hogan said. The marketplace showed little reaction o news that consumer prices increased a moderate 0.2% in June, a little higher than the 0.1% expected, with falling energy prices offsetting rising food prices.Excluding volatile food as well as energy prices, the core consumer price index also increased 0.2%, in accordance with expectations. Crude RallyA rally in crude helped lift the force sector, which climbed together with multimedia , and semiconductors . Financial and bank stocks led declines.Treasury prices rose, sending yields lower, with all the benchmark 10-year Treasury up 9/32 at 96 01/32, yielding 5.015%. The dollar has also been basically flat against rivals, though earlier it fell to new lows vs. the euro and the British pound. Crude oil futures rose 18 cents to $74.29 a barrel after unexpected decline in U.S. crude supplies, while gold climbed of up to $674.50, its strongest intraday level since June 7. By Kate Gibson ugg bailey boots
Within a few years, a handful of rich tourists may be blasting into space within a craft that looks similar to a cross between the space shuttle and a corporate jet.British billionaire Richard Branson and aerospace designer Burt Rutan unveiled one Wednesday of SpaceShipTwo, the car they hope will be able to take passengers on suborbital joy rides, sheerly for your fun of it, with test flights beginning the moment this year."Breathtakingly beautiful," was Branson's assessment in the ship, which is now being built at a hangar in the Mojave Desert.Talking to reporters at the American Museum of Natural History, the bride and groom also showed off one particular of the big, four-engine jet that will help launch the craft into space.The twin-fuselage airplane, called the White Knight Two, will carry SpaceShipTwo high in to the sky beneath a single 140-foot wing.The spacecraft would then separate from the plane and rocket into suborbital space, while many as six passengers as well as crew members could unbuckle themselves and experience weightlessness with an unparalleled view before gliding returning to Earth.Passengers would get about 4? minutes of zero-gravity time, floating in regards to a ship roughly the dimensions of a Falcon 900 executive jet, before going back to their seats.Will Whitehorn, president of Branson's space tourism company, Virgin Galactic, insisted the work is no pipe dream; construction for the White Knight Two is already more than 70 percent complete. SpaceShipTwo is about 60 percent complete, and also the company and Rutan's aerospace outfit, Scaled Composites, aspire to begin test flights come july 1st.About 200 prospective passengers from 30 countries made reservations, shelling out $200,000 apiece. Many were in attendance for Wednesday's presentation, including Ken Baxter, 58, of Las Vegas."You can't even imagine my excitement," said Baxter having seen the models. Baxter, a genuine estate marketing executive, said he recently completed preflight training that included being afflicted by extreme g-forces in a whirling centrifuge, and wishes to be in space annually."Yeah, I'm scared," he acknowledged. "But this can be about realizing a childhood dream. Space travel is a thing I've been thinking about ever since i read Jules Verne as a kid."The main work for the designers will likely be confirming that the pair of experimental vehicles are safe.Questions about their safety were highlighted last July, when the spacecraft's engine exploded during a routine ground test. Three people died within the accident. California occupational safety inspectors fined Scaled Composites $25,870. Investigators and also the company's engineers are still trying to figure out exactly what went wrong."We do not know yet exactly what caused it," Rutan said. He added that there was "no question" that the accident is causing a delay within the engine's development, but failed to comment on whether that will disrupt plans for test flights.Rutan acknowledged that the project has risks, but asserted when the spacecraft starts flying paying passengers, it will likely be at least as safe because the early airlines were from the 1920s.That era was not a particularly safe here we are at air travel, by modern standards, but Rutan said hello would be "hundreds of times safer" than government-funded space flight has been to date.Branson said he's already reserved seats on one of the early flights for his elderly mother and father.The pair and other Scaled engineers attending Wednesday's news conference said they'd keep many of the technical information on their launching system secret, but they offered a few facts about the craft.White Knight Two may have about the same wingspan of a Boeing B-29 Superfortress, but, not like the World War II bomber, both it and SpaceShipTwo are increasingly being built entirely from ultra-light composite materials. Virgin Galactic showed video of workers lifting big sections of the spacecraft with no work, as if they were manufactured from light plastic.The spacecraft looks decidedly different from its predecessor, SpaceShipOne, which earned Rutan's team a $10 million prize in 2004 by becoming the initial privately built, manned rocket ship to fly into space twice inside a span of two weeks.SpaceShipOne was smaller, with just three seats, and looked remarkably like something Flash Gordon might have flown.Virgin Galactic's SpaceShipTwo is significantly larger and incorporates notable design changes, such as relocation of its wings from your top to the bottom of its fuselage. ugg classic cardy
With debris from takes space shuttle Columbia still smoldering across Texas late Saturday, early indications were that the probe into the accident's cause would require a hard look at the spacecraft's left wing.However, NASA associate administrator for space flight Bill Readdy claimed it is too early for to speculate about what destroyed the shuttle.The initial indication of a potential problem occurred minutes before 9 a.m., when there was a loss of temperature sensors about the left wing, said Ron Dittemore, the shuttle program manager. The shuttle what food was in an altitude around 203,000 feet over north-central Texas, traveling at 12,500 mph, when Mission Control lost all contact and tracking data. Readdy said the rate was equivalent to Mach 18, or 18 times the rate of sound. During Columbia's liftoff, an item of insulating foam from your fuel tank was considered to have hit that wing. Leroy Cain, charge flight director in Mission Control, assured reporters Friday that engineers had concluded that any damage to the wing was considered minor and posed no safety hazard. Dittemore said the loss of the sensors about the left wing was followed seconds later by other problems, including a lack of tire pressure and symptoms of excessive structural heating.If the shuttle reenters the earth's atmosphere, temperatures can approach nearly 3,000 degrees."It's a fair bet that, exploring the data that they have now secured, these people have a pretty good preliminary concept of at least where they need to focus the investigation," says CBS News Transportation Correspondent Bob Orr. But at night data, the investigators have a very challenging problem of trying to collect the parts from the shuttle and undergo forensic and metallurgic testing, to attempt to corroborate what their data tells them.The debris is quite badly fragmented. The pieces are very small, and spread over the couple of hundred square miles.Retired CBS News aviation correspondent Eric Engberg, a specialist on NASA who covered the Challenger tragedy, says every one of the videotapes taken by amateur photographers along Columbia's flight path "will be gathered up and studied frame by frame. NASA has appealed to everyone with film to go into touch with it. That film is critical."Military satellites with infrared detectors recorded several flashes as Columbia broke apart, according to a defense official who spoke only on condition of anonymity. It had been unclear whether those "spikes" of warmth indicated an explosion, the burning of bits of debris re-entering the atmosphere or anything else. Television footage showed a bright light followed by smoke plumes streaking diagonally through the sky. Debris gave the impression to break off into separate balls associated with as it continued downward.Unlike a plane crash, NASA do not possess to look for "black boxes," says Engberg. The mission control center in Houston is itself a giant, super-sophisticated "black box." Countless sensing devices up to speed the orbiter send radio messages to earth monitoring the health of key systems. Apparently, pretty much everything telemetry data was flowing before the disaster. This information is recorded and will provide valuable facts about what happened. Written documentation is maintained on every repair made about the shuttle. Investigators will study those records for almost any indication of a suspicious part or system. CBS News Space Consultant William Harwood has covered America's space program fulltime for more than 15 years, centering on space shuttle operations, planetary exploration and astronomy. Based on the Kennedy Space Center in Florida, Harwood provides up-to-the-minute space reports for CBS News and regularly contributes to Spaceflight Now as well as the Washington Post. mulberry somerset
By Laura Strickler, Producer, CBS News Investigative Unit While diplomats are dedicated to the newly nuclear North Korea, some say a much more likely threat comes from loose nuclear materials at the disposal of terrorists. Non-proliferation experts point to a prospective source: highly enriched uranium stored at Cold War-era research labs around the globe — often under questionable security. Former United states of america Sen. Sam Nunn tells CBS News that radioactive material at insecure facilities is a "terrorist's dream."The U.S. Government Accountability Office reports there are at least 128 facilities around the globe with at least 20 kilograms (about 44 pounds) of highly enriched uranium."That's enough to create a bomb," says Matthew Bunn of Harvard University's Belfer Center for Science and International Affairs. Mentioned security at these facilities, he notes that "Most research reactors only have a night watchman and a chain-link fence."Others criticize deficiency of a regulatory authority for the reactors. "There is no international, binding security standard," says Corey Hinderstein in the Nuclear Threat Initiative. That leaves labs in places like Libya, North Korea, Uzbekistan and Nigeria accountable only to their country's own security regulations.The facilities usually are not hard to find — the International Atomic Energy Agency (IAEA) lists your research reactors on its Site.But local security regulations is probably not enough. For example, the Rand Corporation reports that a reactor rod from a facility in Kinshasa, Congo, continues to be missing since the 1970s. One Congolese rod appeared in the hands of the Italian mafia prior to being intercepted during an international sting operation. In 2000, highly enriched uranium was seized in the former Russian condition of Georgia on its way to Turkey. In 2001, more was discovered on three traffickers in France. Additionally, the IAEA has identified over 827 incidents of illicit trafficking of nuclear and other radioactive materials in the past 11 years.Nunn says as the IAEA and the U.S. Us department of energy have made progress in securing or shutting down the reactors, he's worried they aren't moving fast enough, "That's the raw material of terrorism," he states. "And it's not properly secured most of the time."The Department of Energy says they have accelerated efforts to seal down reactors around the world along with negotiate agreements to exchange the use of dangerous fuels with safer materials. The department says six reactors will be converted by the end of this coming year. "It's an uphill battle; the conversion process takes a while," says Bryan Wilkes on the National Nuclear Security Administration. He adds that countries with research reactors be proud of their facilities and therefore are often reluctant to quit their highly enriched uranium, "It's a prestige thing."But despite recent efforts, Hinderstein in the Nuclear Threat Initiative says, "About a dozen conversions have taken place before 12 years — that is certainly not enough."A deal to change reactors in Kazakhstan is in the works but is unlikely to be done until 2010. The power Department says China initiated a policy of discussions with the United states of america to convert the fuel it supplies to reactors in Nigeria, Ghana, Syria, Pakistan and Iran. However, there is still no agreement on the reactors operating inside China.Nunn tells CBS News that even though facilities house only little highly enriched uranium, the information could be potentially devastating, "A crude weapon could destroy an urban area and indeed shake the arrogance of the world," he says.By Laura Strickler ugg boots knightsbridge
Hillary Rodham Clinton, fresh off a campaign-saving comeback, hinted on CBS News' Earlier Show Wednesday in the possibility of sharing the Democratic presidential ticket with Obama - with her at the top. Obama played down his losses, stressing which he still holds the lead in amount of delegates.On The Early Show , co-anchor Harry Smith thought to Clinton, "We talked to a lot of people in Ohio who said there really is certainly not significant a difference between the two of you, and they'd like to see the two of you on the ticket." "Well, that may, you know, be where this really is headed," Clinton said. "But naturally, we have to decide who's on top of the ticket, and I think the people of Ohio very clearly said that it should be me."When mentioned Clinton's comments, Obama said he was focused on winning the nomination which was "premature" to start discussing a joint ticket, reports CBS News' Maria Gavrilovic."You know we have been just focused on winning this nomination," Obama said. "That's my focus. So you know I've said before I respect Senator Clinton as a public servant, ah - she's a tenacious opponent. I think it is very premature to begin talking about a joint ticket."On an evening that failed to clarify the Democratic race, CBS News projected Republican Sen. John McCain had clinched the Republican nomination for president, securing over the 1,191 delegates needed. McCain had 1,205 delegates while Huckabee had 231. Click here for the latest state-by-state tally."It's a really humbling thing, and I state that with all sincerity," McCain said of finally securing the nomination.McCain won Republican primaries Tuesday in Ohio, Texas, Vermont and Rhode Island by large margins. Clinton won primaries in Texas, Ohio and Rhode Island, halting Obama's winning streak. Obama won in Vermont.Clinton's three triumphs ended monthly of defeats for your former first lady, and then she told jubilant supporters in Columbus, Ohio, "We're going on, we're going strong and we're going completely." (Watch Clinton video.)Obama sought to counter Clinton's claims how the night had been a campaign-altering event. "We have nearly exactly the same delegate lead once we did this morning and we're on our way to winning this nomination," he told supporters in Dallas, Texas. (Watch Obama video.)"Coming in the night, Clinton faced the odds of increased pressure from inside the party to rethink her commitment to the campaign if she failed to win both Ohio and Texas," said CBSNews.com senior political editor Vaughn Ververs. "After winning three of four primary contests, who's likely to call on her to lower out now?" Vermont Results Ohio Results Texas Results Rhode Island Results "This race appears likely to go at least towards the Pennsylvania primary, almost seven weeks from now," said Ververs. "That can be a long time and plenty could happen between now and then to alter the dynamics in the race even further." (Find out more analysis from Ververs.)Both Democrats insisted on Wednesday that they the best credentials to go head to head - or as Clinton place it "toe to toe" - against McCain.In Texas, wonderful precincts reporting, Clinton led Obama 51 percent to 48 percent. With 100 % of precincts reporting in Ohio, Clinton led 54 percent to 44 percent. With 98 percent in Rhode Island, Clinton led 58 percent to 40 percent. And in Vermont, Obama led 59 percent to 39 percent with 93 percent in.Texas Democrats also held caucuses night, which will allocate 35 % of the state's delegates, but effects were not expected until later Wednesday. A young count by CBS News showed Obama with a slight lead; 52 percent to 48 percent with simply 36 percent in the votes in. It was too early and the margin too close for CBS to project successful in the caucuses.According to the latest CBS News estimate, Obama still leads inside the overall delegate count, 1,541 to 1,438. See the latest state-by-state tally.It takes 2,025 delegates to win the Democratic nomination, and a little more than 600 remained to be picked in the 10 states yet to vote. no previous page next 1/2 ugg ultimate
NEW YORK (MarketWatch) -- U.S. stocks were firmly lower on Thursday as nervousness about distress at mortgage-giants Fannie Mae and Freddie Mac returned to the fore and fresh concerns emerged about investment firm Lehman Brothers.An increase in crude-oil prices lifted the energy sector, providing some support to the major stock indexes but keeping consumer-related stocks pressurized."U.S. equities have rebounded from lows again though they remain anchored by crude oil holding above $121," analysts at Action Economics said.The Dow Jones Industrial Average was down 49 points, or 0.4%, to 11,368, with 25 of the 30 components trading lower. Jitters regarding the credit crisis have returned to haunt the market industry this week, amid expectations that this government may bail out Fannie Mae and Freddie Mac . Even as the firms' shares rebounded, the broader market kept a nervous tone."Talk about Freddie and Fannie nationalization aids keep mortgage spreads wide and illiquid, which along with a renewed decline in the dollar and a parallel rebound in commodities supports a defensive tone in equities," said Lena Komileva, an economist at Tullett Prebon.Among Dow components, oil giants Chevron and ExxonMobil both gained over 2%, as oil surged nearly 5% amid rising tensions over Russia's military conflict with Georgia.But the Dow's financial components again led the way in which down, with AIG off 5.4%, Citigroup off 1.3%, Bank of America down 1.4% and J.P. Morgan Chase down 2.3%.Shares of Lehman Brothers also came under pressure after several media reports and an analyst note. The stock was recently off 4.9%.The Financial Times reported the firm held secret talks earlier this year to sell as much as half its shares to South Korean or Chinese parties but still did not reach agreement with either. Separately, The Wall Street Journal reported the government Reserve had investigated a rumor that Credit Suisse pulled a personal line of credit from Lehman. The newspaper said the Fed was told by the Swiss bank that this rumor was false.And Citibank lowered its third-quarter earnings estimates for Lehman, in addition to those for Goldman Sachs and Morgan Stanley , citing asset write-downs, weaker client flows and seasonal slowdown.The S&P 500 index dipped 3.8 points to 1,270, even though the Nasdaq Composite lost 21 points to 2,367.Trading volumes showed 1.1 billion shares exchanging on the job the New York Stock Exchange and 1.9 billion trading for the Nasdaq stock market. Declining issues topped gainers by 2 to 1 on both the NYSE as well as the Nasdaq.By sector, financials fell one of the most, off 1.6%, followed by consumer staples and knowledge technology, both down 1%. Comes from fiber-optic equipment maker JDS Uniphase and Salesforce.com fell less than forecasts, sending each the firms' shares down by more than 13%.But the energy sector helped offer the market, with oil surging nearly 5%.Oil surgesWith nervousness about financials putting pressure for the dollar, the dollar index -- which measures the U.S. unit against a gift basket of major currencies -- fell 1%. Dollar weakness subsequently gave a boost to dollar-denominated commodities for example crude oil, which surged $5.55, or 4.8%, to $121.11 a barrel. Geopolitical tensions involving the U.S. and Russia gave an extra boost to oil following your U.S. consented to construct a missile-defense system in Poland. Other securities, which traditionally function as measures of risk, were rising, with gold futures gaining $21.60 to $837.90 one ounce. In economic news, the Labor Department said weekly initial jobless claims fell by 13,000 to a total of 432,000 a week ago. Separately, a Philadelphia-area poll of activity showed a marked improvement for August, while a catalog of U.S. leading indicators pointed to slower growth throughout 2008. H.J. Heinz said annual earnings will probably be at the top end of forecasts, and Tech Data's profit more than tripled.Limited Brands rose 10% following the clothing retailer and Victorias secret owner said its adjusted earnings arrived better than analyst expectations. But teen retailer Hot Topic slumped greater than 22% on a soft earnings outlook.By Nick Godt alexa mulberry bag
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