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U.S. home prices drop to a record low for the 10th consecutive month in October, posting their largest drop since early 1991. An undisclosed source that is widely watch showed Wednesday. The record 6.7 percent drop in the Standard &Poor's/Case-Shiller home price index also marked the 23rd consecutive month prices either grew more slowly or declined. Robert Shiller said, "No matter how you look at the nation's single family housing market data, The single family housing market remains grim." The previous record decline was 6.3 percent, recorded in April 1991. The S&P/Case-Shiller home price index tracks prices of existing single-family homes in 10 metropolitan areas compared to a year earlier. The index is considered a strong measure of home prices because it examines price changes of the same property over time, instead of calculating a median price of homes sold during the month. The boarder Case-Shiller index 20 metropolitan homes area fell record low 6.1 percent. Among the 20 homes that was on the index list showed that 11 posted record low monthly decline in October compared with September. Miami, posted the largest record low among the 20 markets. The Home prices drop a staggering 12.4 percent in October compared to same month last year in Florida. Miami surpass Tampa, Fla. as the worst-performing city. Tampa reported a year-over-year lost of 11.8 percent. Promising news came out of North Carolina, Portland, Oregon and Seattle, Washington. Which posted a year-over-year home price appreciation in October. North Carolina posted the highest record high with over 4.3 percent gains.
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Internet retailer, Amazon dot com reported that holiday season 2007 was their biggest holiday earning ever. Shares of Amazon dot com rose more than 2 percent on Wednesday, after the company realized 2007 holiday season was it's strongest to date. 5.4 million items were sold on December 10, 2007 with 62.5 items being sold every second. The company also said that the Nintendo Wii was being sold at a rate of 17 game console every second when they had it in stock and ready to ship. Amazon which sell many items including electronic, jewelry, clothing, books, sporting goods and many more products. Shares of Amazon dot com rose to $2.13, or 2.3 percent, to $93.14 in afternoon trading on the Nasdaq composite index. My recent blog on the holiday retail boom a few days ago and confirmed that many retail business did extremely well this 2007 holiday season. This is much good and exciting news for the nations economy. Which, is still struggling from the nation's credit crisis and home loans that is going down the drain like the nation's fiscal debt.
One week ago the Christmas holiday shopping season was in a slump. Many investors were worried this year Christmas shopping season would be a big disappointment. With the nation in a deepening housing slump, escalating credit crisis and higher gas and food prices, The outcome was a sign of relief for the nation's retail business. Many shoppers procrastinate this pass weekend. Not sure what to purchase for Christmas. Fortunately, it paid off. Many look for electronic bargains including the Nintendo WII game console. A hot item for this year gift giving ideas, it was a top seller. This year extended the Christmas shopping season a full weekend with Christmas falling on a Tuesday. Many employers gave their employee Monday off. Christmas bonuses also help boost the nations retail business. Last minute shoppers rush to malls for a unbelievable bargain which was surprisingly better than the rest of the year. Procrastinating shoppers benefited with less shoppers and higher discounted prices.
Morgan Stanley, the nation's no.2 investment bank reported a $9.4 billion writedown. The writedown which came this past Wednesday from bad bets and on mortgage-related debt. Proof that the nation's economy future is on shaky grounds. Morgan Stanley resorted to a $5 billion fusion from wealthy arm of the Chinese government. The writedown is Morgan Stanley's first quarterly loss in 73 years in business. John mack, Chairman and Chief executive of Morgan Stanley accepts blame for the fiscals forth quarterly loss. John Mack stated that he will forego his annual bonus of $40 million to help shake things up.Do you have any comments about this?
LOS ANGELES (Reuters) - Nike Inc. (NKE.N) said on Wednesday that quarterly profit jumped 10 percent, topping Wall Street estimates on strong U.S. demand for its footwear and robust growth overseas, sending shares up over 3 percent in after-hours trade.
"We're making some bolder, more aggressive moves with the overall portfolio than you've seen in recent years," Chief Executive Mark Parker told analysts in a conference call. "It's not just about performance now, it's about potential as well."
Nike, which recently sold its Starter apparel brand, is searching for a buyer for its Nike Bauer Hockey division and plans to acquire British soccer brand Umbro Plc (UMB.L). But Parker said he saw no further asset sales nor acquisitions in the near term.
The world's largest athletic footwear and apparel maker said net profit rose to $359.4 million, or 71 cents per share, for the second quarter ended November 30, from $325.6 million, or 64 cents per share, a year earlier. Sales increased 14 percent to $4.34 billion.Do you have any comments about this?
TOKYO (Reuters) - Toyota Motor Corp (7203.T) expects its global production in 2008 to expand to about 9.9 million vehicles, about 500,000 units more than the projection for this year, the Nikkei business daily reported on Sunday.
The expected growth in global output is due to continuing robust sales in China, the Middle East and other emerging economies, the paper said.
Toyota is set to unseat General Motors Corp (GM.N) as the world's biggest car maker by sales volume this year.
Comcast Inc, The nation's largest paid television operator service is seeing a large decline in customer. Michael Angelakis, Chief Financial Officer for Comcast stated that the decline is due to competition from other television operator service like Verizon's FiOS and DirecTV. The demand for technology has helped other television, internet service provider to offer better deals at cheaper prices. As of this morning Comcast's stock has fell from $2.15 to $18.58 in trading on the Nasdaq. Before the fall, Comcast shares already lost 25% of its share value. The company as a whole doesn't look to promising.
Google Inc, the internet most successful search engine is looking beyond DoubleClick Ltd. as a mean of advertising on the internet. Google which already has a choke hold on 80% of the internet's advertising market. $3.1 billion was what Google cough up for DoubleClick Ltd this past April. Microsoft, Yahoo and Aol , rivals of Google is disgusted with Google being the internet searching giant lost the deal with DoubleClick Ltd. Tim Armstrong, Google's president of advertising and marketing for the northern division says that DoubleClick Ltd. is only a piece of the pie. With Google still looking for other ventures of advertising, it will take 3 -5 years to see the impact it has on technology.
Countrywide financial corporation is facing bankruptcy due to the declining housing market.The company has lost an estimated $ 813 million this morning based on data collected from the stock market. Countrywide CEO, Angelo Mozilo has denied accusation of the financial company filing for bankruptcy. Angelo Mozilo stated that bankruptcy is not an option. The largest U.S. mortgage lender is not rushing to Bank of America for further financial assistants, following an estimated $2 billion injection since august.
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U.S. home prices drop to a record low for the 10th consecutive month in October, posting their largest drop since early 1991. An undisclosed source that is widely watch showed Wednesday. The record 6.7 percent drop in the Standard &Poor's/Case-Shiller home price index also marked the 23rd consecutive month prices either grew more slowly or declined. Robert Shiller said, "No matter how you look at the nation's single family housing market data, The single family housing market remains grim." The previous record decline was 6.3 percent, recorded in April 1991. The S&P/Case-Shiller home price index tracks prices of existing single-family homes in 10 metropolitan areas compared to a year earlier. The index is considered a strong measure of home prices because it examines price changes of the same property over time, instead of calculating a median price of homes sold during the month. The boarder Case-Shiller index 20 metropolitan homes area fell record low 6.1 percent. Among the 20 homes that was on the index list showed that 11 posted record low monthly decline in October compared with September. Miami, posted the largest record low among the 20 markets. The Home prices drop a staggering 12.4 percent in October compared to same month last year in Florida. Miami surpass Tampa, Fla. as the worst-performing city. Tampa reported a year-over-year lost of 11.8 percent. Promising news came out of North Carolina, Portland, Oregon and Seattle, Washington. Which posted a year-over-year home price appreciation in October. North Carolina posted the highest record high with over 4.3 percent gains.
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