It had been a great week. The market was doing better then expected. OPC is still on the upward mode. It will be $ 4 in no time. I am optimistic about this stock. The overall market is on the slide. This will give opportunity for the investors who were waiting in the side lines. I am hoping that TPUT will rise in one month. I am hoping for good things from “C”, “RF”, “Dow” and “F”
- NEW YORK (AP) -- The stock market was poised to end August with a sharp drop as worries about the world economy reappeared. Major stock indicators fell at least 1 percent in early afternoon trading Monday after a 6.7 percent plunge in China's main index that also prompted selling in other countries. The decline in stocks was broad, but the biggest losses were among energy and material companies as prices for commodities like crude and copper plummeted. The selling of Chinese shares has been fed by concerns over a tightening in bank lending that could hurt that country's economy. China, which has continued to grow despite the global recession, is a major consumer of U.S. exports including commodities. Chinese stockpiling this year of such goods as copper and soy have helped drive up commodities prices.
- Investors Wonder Whether Profits Based on Cost Cutting Can Long Endure as stock investors turn their focus to earnings prospects for the second half and 2010, they are zeroing in on one of the market's biggest challenges: lackluster corporate revenue. The market barreled ahead this summer and is hovering near its high for the year, fueled in large part by stronger than-expected second-quarter earnings. But a significant driver of the good news was cost cutting. Many companies posted disappointing sales.
- NEW YORK (AP) -- The stock market was poised to end August with a sharp drop as worries about the world economy reappeared. Major stock indicators fell at least 1 percent in early afternoon trading Monday after a 6.7 percent plunge in China's main index that also prompted selling in other countries. The decline in stocks was broad, but the biggest losses were among energy and material companies as prices for commodities like crude and copper plummeted. The selling of Chinese shares has been fed by concerns over a tightening in bank lending that could hurt that country's economy. China, which has continued to grow despite the global recession, is a major consumer of U.S. exports including commodities. Chinese stockpiling this year of such goods as copper and soy have helped drive up commodities prices.
- Investors Wonder Whether Profits Based on Cost Cutting Can Long Endure as stock investors turn their focus to earnings prospects for the second half and 2010, they are zeroing in on one of the market's biggest challenges: lackluster corporate revenue. The market barreled ahead this summer and is hovering near its high for the year, fueled in large part by stronger than-expected second-quarter earnings. But a significant driver of the good news was cost cutting. Many companies posted disappointing sales.
- CALGARY, Alberta (AP) -- PetroChina Co., Asia's largest oil and gas company, is making a $1.7 billion investment in the Canadian oil sands. Athabasca Oil Sands Corp. said Monday that PetroChina is buying a 60 percent working interest in its Mackay River and Dover oil sands projects in northeastern Alberta. Bill Gallacher, chairman of privately held Athabasca, said it is hard to finance oil sands developments in the traditional equity markets. He said a joint venture with one of the world's largest oil companies will ensure the two projects are completed on time. "Oil sands projects are very capital-intensive, long-term investments and difficult to fully finance in the traditional equity market," Gallacher said in a statement. He said striking strategic joint venture arrangements with PetroChina "can ensure that the MacKay River and Dover projects will be developed in timely manner, which is excellent news for Alberta and the rest of Canada."
- NEW YORK (AP) -- Oil prices fell nearly 4 percent to below $70 a barrel Monday as a steep drop in China's stock market raised doubts about the strength of the U.S. and global economic recovery. Benchmark crude for October delivery lost $2.78 to settle at $69.96 on the New York Mercantile Exchange, the first time oil has ended a trading day below $70 in about two weeks. "It's just a market that doesn't want to stray too far from $70 a barrel," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. "It looks like we're probably going to finish this month about where we started, and about where we started the summer." China raised some red flags last week as government officials seemed to suggest they would cut back on bank lending in coming months, essentially removing one of the stimuli they have added to the Chinese economy, said PFGBest analyst Phil Flynn. The Shanghai Composite Index plunged 6.7 percent on Monday, adding to a nearly 3 percent drop on Friday, on concerns of a tightening in bank lending.
- GENEVA (AP) -- American goods will face around $295 million in annual sanctions as a result of the United States' failure to eliminate illegal subsidies to U.S. cotton growers, the World Trade Organization ruled Monday. The result was disappointing for Brazil, which has won a series of rulings against the U.S. over the last seven years. The South American country sought to target American goods and drug patents for $2.5 billion worth of economic retaliation. The WTO ruled the sanctions should vary depending on U.S. payments each year. Arbitrators used 2006 as a base year for the ruling, and said U.S. payments would have to increase significantly for Brazil to be allowed to punish American drug patents. "The cumulated amount of countermeasures to which Brazil is entitled to is $294.7 million," the WTO said in a two-part ruling totaling 269. Washington argued that the award should not exceed $30 million. "While we remain disappointed with the outcome of this dispute, we are pleased that the arbitrators awarded Brazil far below the amount of countermeasures it asked for," said Carol Guthrie, spokeswoman for U.S. Trade Representative Ron Kirk.
- LOS ANGELES (AP) -- The Walt Disney Co. is buying Marvel Entertainment Inc. for $4 billion in cash and stock, bringing such characters as Iron Man and Spider-Man into the family of Mickey Mouse and WALL-E. Under the deal, which was announced Monday and is expected to close by the end of the year, Disney will acquire the rights to 5,000 Marvel characters. Many of them, including the Fantastic Four and the X-Men, were co-created by the comic book legend Stan Lee. Disney CEO Robert Iger said Marvel's comic books, TV shows, movies and video games amounted to "a treasure trove of content." Iger said the deal would bring benefits like the ones Disney got from buying "Toy Story" creator Pixar Animation Studios Inc. for $7.4 billion in stock in 2006.
- Brace yourselves. Only a year after the housing and credit bubble officially burst with the Lehman Brothers bankruptcy, a new "bubble of mammoth proportions" is starting to grow, says James Altucher, managing partner, Formula Capital. Bubble 3.0 (Internet and housing being bubbles 1.0 and 2.0, respectively), comes thanks to the stimulus bill. "We have a trillion dollars coming. Only 10% of it's been spent. Interest rates are near zero." Altucher's advice: follow the stimulus dollars and invest in the infrastructure stocks that are rebuilding America.
Topping his 'buy' list:
Vulcan materials
Astec Inudstries
Lindsay Corporation
Nucor Steel
Titanium Metals (Disclosure: Altucher owns Titanium Metals)
But what about the growing government debt that funds these projects?
Altucher isn't concerned. "The U.S. debt is not really that bad relative to other industrial countries." In fact, borrowing money for massive government works projects is "prudent financial management," Altucher says. "Better to borrow now when interest rates are cheap."
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