Global Investing Roundups Tuesday, November 18th, 2008
Nov 18th, 2008 | By William Patalon III | Category: Financial NewsSurvey; U.S. began recession in April; Target 3Q Profit Down 24%; Merrill Lowers 2009 Brazil Growth to 2.9%; Hong Kong Officially in Recession; SEC Charges Cuban with Insider Trading; Lowe’s Revenue Climbs; October Industrial Output Rises
- The U.S. economy entered recession in April and will last a total of 14 months, according to a survey of economists by the Federal Reserve Bank of Philadelphia. The survey also predicted that non-farm payrolls would contract by 222,400 jobs during the fourth quarter, Reuters reported.
- Target Corp. (TGT) saw its profit drop by 24% in the third quarter, as fewer shoppers showed up at the retailer. Though slightly better than the average forecast, it marked the fifth consecutive drop in quarterly profit, Reuters reported.
- Merrill Lynch lowered its 2009 growth estimate for Brazil from 3.1% to 2.9%. Merrill cited a “massive depreciation” of Brazil’s currency, forcing the central bank to hold interest rates despite falling consumer demand, Bloomberg reported.
- Hong Kong officially entered a recession in the third quarter, with its gross domestic product contracting 0.5%, MarketWatch reported. The good news: that’s actually an increase from the 1.4% decline Hong Kong the economy saw in the second quarter.
- The Securities and Exchange Commission (SEC) yesterday (Monday) charged Mark Cuban, owner of the Dallas Mavericks and potential owner of the Chicago Cubs, with insider trading. The SEC filed a civil lawsuit against Cuban accusing him of selling his 6.3% stake in Mamma.com to avoid more than $750,000 in losses, The Associated Press reported.
- Lowe’s Cos. Inc. (LOW) yesterday (Monday) posted a 24% drop in profit from a year ago. The company earned $488 million, or 33 cents per share during the three months ended Oct. 31 – down from $643 million, or 43 cents per share, in 2007. Revenue actually climbed 1.4% to $11.73 billion.
- Industrial output 1.3% in October, the Federal Reserve said yesterday (Monday). Output had plunged 3.7% in September – the largest drop since February 1946.
Source: Global Investing Roundups Tuesday, November 18th, 2008
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William (Bill) Patalon III is the Managing Editor and Senior Research Analyst for Money Morning, and is also the Managing Editor for The Money Map Report. Patalon's work has appeared in Kiplinger's personal finance magazine, USA Today, and The South China Morning Post, among other publications.
