LB wants to add a clarification to a prior comment. Sometimes, when writing this blog in a stream of consciousness, RB manages to interject itself. So, as an example, RB says there was a coup d'etat at the trading desk on 3/3 when it started to buy stocks in violation of those "stinking rules". There was no coup d'etat as RB has asserted many times. Instead, LB thought that cutting RB loose with a few restraints and a fixed bankroll would just shut it up, buying LB a few weeks of relative peace and quiet, though admittedly any long term solution is just wishful thinking by LB- but it continues to search the medical literature for one . Bought GJR/ Walgreens/Did Right Brain Call the Bottom? Most investors may not be as finely tuned to this endless brain chatter, and LB would prefer being in that position. LB is firmly in control now. All of those rules have names and none of them start with the word "stinking". An LB wants all to know that it has no intention of reading that book bought by RB a few weeks ago, titled "A Whole New Mind: Why Right-Brainers Will Rule the Future". Just a bunch of nonsense according to LB. Order will be restored, chaos does not exist. Think without emotion is LB's motto.
Proctor & Gamble, a recent add by RB during its frolic and detour, reported earning of 84 cents versus 82 cents in the year ago quarter. Yahoo! Finance
PG noted that earnings would have increased double digits excluding the negative effect of foreign exchange. Net sales were down 8% due to a 9% adverse impact of foreign exchange due to the strength in the dollar. Operating margin improved 30 basis points and P & G recently raised its dividend by 10%. PG stated that it was comfortable with analyst estimates of $4.22 for the year. Keeping in mind that we are in a worldwide recession and a U.S. multinational takes an earnings hit when the dollar is strong, I thought the results were okay but there is a sell-off underway in the shares this morning. LB likes stocks like PG due to their stability, financial strength and dividends, and is always looking for an opportunity to buy them at depressed prices. So there is some disagreement with Cramer on whether or not to purchase consumer staple stocks now. Cramer looks for a quick bang for the buck while LB is thinking along the lines of a good entry point for a longer term hold. Buy 50 LXPPRD, Bought PG/ Lexington Realty/Outrage at AIG/
In the last post, I mentioned that I do not expect much near term earnings growth.
When writing a story about an earnings report, I am looking at the earning's release of the company in a separate window on my computer as I type.
My father told me that Obama was going to give him $500 under the stimulus plan. Yahoo! FinanceI have read stories about salaried workers receiving a tax cut with less withholding from their paychecks. LB was wondering what happened to its stimulus tax cut. Must have gotten lost in the mail. One comment that I have made about Big E is worth repeating, the Masters of Disaster needed to work for him during their summer vacations from school. Value of Real Labor/Buy of UNG
In that last linked post, I discussed my effort to receive a 25 cent per hour raise. You also have to remember the kind of work being done. I was in excellent shape back then, but I was worn out at the end of each day. Has anyone batter boarded a new home in 95 degree heat, with the ground baked by the sun to the point of being rock like, and the sledge hammer just makes a thump on the wooden stake, driving it more up in the air than back into the ground. (in home construction, it refers to the vertical placement of stakes into the ground to outline the contours of the house, used by those who subsequently lay the foundation)
I noticed in that last linked story from AP that the Associated Press apparently believes that it has a copyright on information, saying that any dissemination of information contained in its story must have the written permission of the AP. The information that I derive for this blog comes from original source material, and like most bloggers make no money from writing it. I sometimes may link an AP or Reuters story at Yahoo Finance in the event someone wants to read more about it. I have read numerous stories about the tax cuts under the stimulus plan for example before reading the last linked story from the AP. Contrary to AP's assertions, it does not own information or have control over the right of others to write about information. Maybe the AP needs to tell the Federal Reserve that the AP owns the information contained in the monetary policy release from yesterday which is the source of my information: FRB: Press Release--FOMC statement--April 29, 2009
The link to the Fed web page:FRB: About the Fed
I will also go this page for data:FRB: Statistics and Historical Data
Was my discussion of the Federal Reserve statement a "rewrite" of an AP story? Fed Is Less Gloomy: Measure Time Period of Quantitative Easing in Months not Years/BMY/CBG/SYNTHETIC FLOATERS I was looking at the Fed statement and other original source material when I wrote the post. Several posts contain references to data about historical interest rates which can be found on that last linked page at the Fed web sit under "Interest Rates". When I write this blog on my large screen IMAC, I frequently have several windows open containing the original source material. This is obvious from reading this blog which contains thousands of links to original source information.
None of the original source material is hard to find for anyone willing to look. The AP stories are duplicated, usually with more relevant material, by Reuters and other news organizations like the NYT, Washington Post, and the WSJ. I just find the breath of the AP statement at the end of its news stories to be an insult to the First Amendment and a total misunderstanding of the relevant provisions of the Copyright Act in my opinion and all other non-frivolous ones that I know about.
When I am discussing a story from the New York Times or the Washington Post, such as the excellent series of articles under "The Reckoning" heading by the NYT, I have to discuss the article to make my point about it. Those news organizations at least do original reporting.
Industrial production rose in Japan in March by 1.6%.
An investor can sign up for free email alerts from many governmental agencies about information releases. The Commerce Department said this morning that personal income fell .03% in March. BEA : News Release: Personal Income and Outlays, March 2009
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