We have told investors and traders worldwide what it would take the start the rally and this here has to stop and bottom out for the markets to look forward as they have no clarity and therefore the selling keeps up.
We are going to be teach people how this works going forward in our SMF Economic Club you can sign up now by sending an email to info@stockmarketfunding.com or by calling us today at 702-685-0772 we will be happy to update you so that you can start planning your futures moving forward.
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SMF NOTES UBS (UBS) has agreed to pay $780 mln and identify certain U.S. clients in a deal to resolve criminal fraud charges that it assisted rich Americans to evade taxes. The settlement announced on Wednesday further cracks Switzerland's trademark bank account secrecy and could expose some UBS customers to Internal Revenue Service scrutiny and law enforcement action. Justice Department officials said Switzerland's largest bank had entered what is known as a deferred prosecution agreement on charges of conspiring to defraud the United States by impeding the IRS, the U.S. tax collection agency. Officials described the agreement as one of the biggest settlements ever. It eclipses a $456 mln pact in 2005 with accounting firm KPMG over the promotion of tax shelters. Under the settlement, UBS admitted to helping U.S. taxpayers hide accounts from the IRS. The Justice Department did not say how many names of UBS clients would be filed under U.S. court seal. But Swiss newspaper, Le Temps, said in an article on its website on Wednesday, that the data would involve about 250 clients.
Prepare yourself for the "New Economy"
SMF NOTES For the past week investors have been fixated on Treasury's financial rescue plan, which was unveiled earlier today.
However, all of the enthusiasm and build up ahead of the plan quickly faded as market participants dumped stocks after Treasury Secretary Geithner released the plan's details (Dow -3.5%, Nasdaq -2.8%, S&P 500 -3.5%)...
Since the major themes of the plan had already been leaked, market participants were hoping Geithner would provide more specifics regarding the pillars of the plan...
One primary point of interest has been how Treasury will deal with the toxic assets that are diluting bank capital, but the Treasury indicated it is still exploring different structures for this program. The recognition that the plan has yet to be finalized came as a disappointment since it creates an impression that Geithner still doesn't have a solution...
Investors have also been keeping a close watch on the progress of the Senate's $838 billion stimulus bill. The bill was passed within the last hour, but is considered a more long-term approach to restoring economic conditions, so it hasn't received the same level of interest from investors as has been given to the financial rescue plan...
The bill passed as the Commerce Department reported wholesale inventories fell a more-than-expected 1.4% during December. The data marked the fourth straight monthly decline...
The mood among market participants remains dour. Approximately 95% of the companies in the S&P 500 are trading with losses... Corporate headlines have done little to buck the negative tone. General Motors (GM 2.80, -0.03), Fortress Investment (FIG 1.70, -0.14), and UBS (UBS 11.34, +0.30) announced they are cutting their workforces.
UBS also posted a loss that equaled more than $7 billion. Meanwhile, Boeing (BA 40.65, -2.15) revised its recent quarterly earnings downward, and Monsanto (MON 82.87, -0.79) reaffirmed its previous guidance...
Market participants will turn their attention toward Federal Reserve Chairman Ben Bernanke's testimony to the Financial Services Committee, which is expected to begin in just a few minutes.
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SMF NOTES Kaufman notes buy-side investors primary concern with Apple is its high ASPs and whether it can deal with the deteriorating macroeconomic environment.
This is in contrast to previous concerns with its mgmt transition a few weeks ago.
Firm thinks a key reason why Apple has not been involved in price wars is simply that its products are very differentiated with its own operating system and application software, not to mention its distinctive industrial design.
In the bigger picture, they think personal computers and other computing devices like smart phones have become such an essential part of people's lives, that people are willing to pay a premium to make their lives easier and more productive.
They think another reason why Apple has not been impacted as much is that many of its key products are still relatively fresh; business is very product cycle driven.
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SMF NOTES the NY Times reports financial institutions in the United States probably need hundreds of billions of dollars in additional assistance, and one congressman wants to harness state and local pension funds to help them.
Rather than rely more heavily on the Treasury, Representative Gary Ackerman sees an opportunity in the trillions of dollars in public pension funds. Most of the funds suffered giant losses last year in the market turmoil. But they do not need all of their assets immediately, because their time horizon for paying benefits is decades long.
Mr. Ackerman, Democrat of New York, is sponsoring legislation that would allow public pension funds to pool some of their money and use it to create a sole-purpose entity that would buy $50 billion to $250 billion worth of preferred stock in America's banks. That would strengthen the banks' balance sheets and, Mr. Ackerman hopes, get them lending again.
"Some of us are getting tired of writing checks with public money" and seeing no results, Mr. Ackerman said. He said pension fund officials who had heard about the measure so far were eager to participate. Since the nation's banks are shaky, and pension funds cannot afford more investment losses, Mr. Ackerman's measure also calls for the Treasury to guarantee the funds' principal, plus an annual return of about 8.5%.
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SMF notes ENER reported earnings last night and lowered its FY09 rev guidance to $390-440 mln, from $455-485 mln, previously. Importantly, the co is not renegotiating contracts on price, but instead is working with its customers' financing partners to assist with the technical and performance data supporting ECD's solar PV technology.
They note ENER's margins are second only to FSLR. In addition, the co grew its pipeline to $2.4 bln from $2.0 bln in the preceding quarter and now has 50% of its product shipping into the stronger than PV channel, construction materials channel.
Finally, they believe the co has lots of room for further cost reductions, which will continue to enhance gross margins. They believe ECD is well positioned to weather the credit and pricing storm expected in CY09 and suggest investors interested in exposure to the solar power market to buy ENER shares.
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