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Wall Street, Spirits Soaring

 

NEW YORK, Oct. 21 - Leading economic indicators of the day, such as the number of raccoon-skin coats in the process of being paid off on "easy credit" and the highly inflated value of major common stocks being over-sold on margin, point to one thing, say experts: prosperity for the U.S.A.

 

Average Americans are getting rich from buying stocks with money they don't even have . . .

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... like Braque the cubist (not QQQ) [Doc] manages to break up the financial reality by simultaneously distributing it over various forums on a single plain ...

- Beardrech on M2M (2:09 a.m.)

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I see another headline in The Onion, bottom right hand corner:

 

Anthropomorphic Mouse in Short Pants Calls For Increased Litigation

 

Was Mousey around in 1929? :wink2:

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Smurfit-Stone to cut 1,400 jobs (SSCC) By Tomi Kilgore

NEW YORK (CBS.MW) - Smurfit-Stone Container (SSCC) said in a filing with the U.S. Securities and Exchange Commission late Thursday that it would reduce its workforce by 1,400 employees over the next 18 months in an effort to cut costs in its containerboard, boxboard and packaging operations. The cost cuts will include the permanent closure of a mill in Thunder Bay, ON, two paper machines in Philadelphia and the temporary idling of a paper machines in Jacksonville, FL. The company said it expects to record a charge of $100 million in the fourth quarter for the actions, which are expected to lead to annual savings of $140 million. The stock closed Thursday down 2 cents at $14.40.

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Don't forget - today should see the arrival of a really big solar event.

 

In what promises to be the largest geo-magnetic storm since 1844 when telegraph lines arced and set fires around the world, at 3 PM this afternoon, noon on the West Coast, the sun will deliver a coronal mass ejection to earth. Such storms are from G.1 to G.5 with G.5 being horribly strong.  Today's arrival, depending on who you listen to, will be a G.3 or G.4.   http://www.spaceweather.com/ Here's what we might expect in a nutshell:

 

Solar wind could exceed all recent peaks

 

Large Borealis could be visible to at least the middle of the Midwest tonight

 

Odd propagation for radios

 

Then there are the "wild cards"

 

We might get power outages because of lines overloading

 

We could see earthquakes triggered because of the electrical nature of the earth's crust being hit with a charge

 

Long distance pipelines could arc, and who knows if they will all hold?

 

Or, we may see nothing at all.  Except, of course, the markets tanking - as they seem to have a relationship to violent solar activity - down when the geomagnetic fields are hit.  Around here, in keeping with Urban Survival's "it doesn't cost anything extra to run on a full tank" philosophy, we will have both cars topped off by noon...just in case of power outages.  Worst case might be something like big power outages and a 300 point market drop

 

At the least, I am going out tonight to look for Aurora Borealis.

 

Happy trading today. :)

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Naz got whacked harder than SPX yesterday, and it's happening again this morning.

 

Let's face it, without that fantastic 50% Naz gain in the past 8 months, nobody would give a damn about the stock market. If this limp-ass action keeps up, the jaded and easily-bored hot money will move on to some other bubble. To something safe, like real estate. /joke ... please don't flame me/

 

Yes, the 27-year-old fund mismanagers are giving a hard rethink to a career in property flipping. Otherwise the filet mignon and lobster tail dinners, and the weekend drive to East Hampton in the Ferrari, may give way to claustrophobic evenings in the rabbit-hutch Manhattan apartment, munching on Naz-aroni ("the AMAT/Cisco treat") with powdered cheese.

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Smurfit-Stone to cut 1,400 jobs (SSCC) By Tomi Kilgore

NEW YORK (CBS.MW) - Smurfit-Stone Container (SSCC) said in a filing with the U.S. Securities and Exchange Commission late Thursday that it would reduce its workforce by 1,400 employees over the next 18 months in an effort to cut costs in its containerboard, boxboard and packaging operations. The cost cuts will include the permanent closure of a mill in Thunder Bay, ON, two paper machines in Philadelphia and the temporary idling of a paper machines in Jacksonville, FL. The company said it expects to record a charge of $100 million in the fourth quarter for the actions, which are expected to lead to annual savings of $140 million. The stock closed Thursday down 2 cents at $14.40.

Boxes and container companies were once thought of as the economic equivalent of canaries in coal mines.

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Naz got whacked harder than SPX yesterday, and it's happening again this morning.

 

Let's face it, without that fantastic 50% Naz gain in the past 8 months, nobody would give a damn about the stock market. If this limp-ass action keeps up, the jaded and easily-bored hot money will move on to some other bubble. To something safe, like real estate. /joke ... please don't flame me/

 

Yes, the 27-year-old fund mismanagers are giving a hard rethink to a career in property flipping. Otherwise the filet mignon and lobster tail dinners, and the weekend drive to East Hampton in the Ferrari, may give way to claustrophobic evenings in the rabbit-hutch Manhattan apartment, munching on Naz-aroni ("the AMAT/Cisco treat") with powdered cheese.

Question from the peanut gallery:

 

If all these guys are selling, who's gonna buy? :huh:

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If all these guys are selling, who's gonna buy? :huh:

Me.

A dividend discount model I use says that Intel is worth $13.88 a share.

Anybody offering there?

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Smurfit-Stone to cut 1,400 jobs (SSCC) By Tomi Kilgore

NEW YORK (CBS.MW) - Smurfit-Stone Container (SSCC) said in a filing with the U.S. Securities and Exchange Commission late Thursday that it would reduce its workforce by 1,400 employees over the next 18 months in an effort to cut costs in its containerboard, boxboard and packaging operations. The cost cuts will include the permanent closure of a mill in Thunder Bay, ON, two paper machines in Philadelphia and the temporary idling of a paper machines in Jacksonville, FL. The company said it expects to record a charge of $100 million in the fourth quarter for the actions, which are expected to lead to annual savings of $140 million. The stock closed Thursday down 2 cents at $14.40.

Smurf Stone Container:

post-3-1067000236.jpg

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Smurfit-Stone to cut 1,400 jobs (SSCC) By Tomi Kilgore

NEW YORK (CBS.MW) - Smurfit-Stone Container (SSCC) said in a filing with the U.S. Securities and Exchange Commission late Thursday that it would reduce its workforce by 1,400 employees over the next 18 months in an effort to cut costs in its containerboard, boxboard and packaging operations. The cost cuts will include the permanent closure of a mill in Thunder Bay, ON, two paper machines in Philadelphia and the temporary idling of a paper machines in Jacksonville, FL. The company said it expects to record a charge of $100 million in the fourth quarter for the actions, which are expected to lead to annual savings of $140 million. The stock closed Thursday down 2 cents at $14.40.

Boxes and container companies were once thought of as the economic equivalent of canaries in coal mines.

Paper stocks here, Amcor (AMC) and Paperlinx (PPX) have been hammered last 2 days....wayyyyy down

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...the sun will deliver a coronal mass ejection to earth...

is that anything like a repo blast? Maybe this is where that ejection is going:

Gold!

 

Watching for any weakness in the miners to take some profits but will continue to hold some.

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Bearbones,

 

Thats why I posted it, as the container business is in direct corrolation with the manufacturing industry. The price of paper & cardboard has always been a good indicator on the economies health.

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