Word: sectored
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...some people keep seeing something out there. Goldman Sachs kicked off the action Monday by running with the semiconductor bulls and declaring that the sector was definitely at a bottom. "The recovery writing is on the wall," the company wrote Monday morning, "and we don't see how investors will be able to resist the inflection point...
...also get word on the housing sector via housing starts. Barron?s frontman Alan Abelson got stomachs clenched everywhere this weekend by declaring an imminent bubble in the sector everybody thanks for keeping consumers spending this long. Then it turned out he was just talking about homebuilding stocks like Centex shedding a few bucks "in the years ahead." Not to denigrate the value of that (probably accurate) insight to Centex investors or other housing-watchers, but we?ve got bigger, more imminent fish to fear. Also Thursday: Weekly jobless claims, and a fresh four-week rolling average that will hopefully...
...steady drumbeat of bad news on the job front in Europe. Just last month, the Swiss engineering firm ABB announced 12,000 layoffs, 8% of the company's workforce. Infineon, Europe's second-largest chipmaker, said it is downsizing 5,000 workers because of a slowdown in the electronics sector. Ericsson, Sweden's big telecom equipment provider, said it would stop making mobile phones - a decision that will put 2,600 out of work in southern Sweden. In fact, in just a single week in late July, European companies announced a total of 30,000 layoffs. Stock markets across...
...while that scenario of central-banker impotence does bear some resemblance (for now) to our current situation - six interest-rate cuts, and this week the Fed?s own Beige Book had it that the recessionary woes that have long afflicted the manufacturing sector began in June and July to spread elsewhere - it?s not the smart bet yet. Because while the drop in the July PPI was dominated by a 5.3-percent decline in the crude goods portion of the report - and that was in turn dominated by falling energy prices, namely a 17.7-percent drop in gasoline prices...
...prospect of rising pump prices earlier in the summer had economists worried about a "virtual tax," psychologically and otherwise, on producers and consumers alike, the reality of precipitously falling energy prices means that consumers will feel richer and manufacturers, well, at least cheaper fuel doesn?t make that woebegone sector?s predicament any worse...