Friday, June 26, 2009
June 26 (Bloomberg) -- Saks Fifth Avenue is cutting orders 20 percent after posting losses in the last four quarters. Kia Harris says some customers at the Washington shoe store where she works are buying one pair rather than three.
In the recession following a borrowing binge that sent consumer debt to the highest level ever, Americans are shutting their wallets and building their nest eggs at the fastest pace in 14 years. (more)
Economic news released at 8:30 AM EDT was mildly encouraging. Consensus for May Personal Income was a gain of 0.3% versus 0.5% in April. Actual was a gain of 1.4%. Consensus for May Personal spending was a gain of 0.4% versus a decline of 0.1% in April. Consensus was a gain of 0.3%. (more)
The Merv’s Daily Uranium Index closed higher by 5.81 points or 3.45%. There were 30 winners, 12 losers and 8 going nowhere. The largest stocks were somewhat mixed. Cameco gained 5.1%, First Uranium lost 0.2%, Paladin gained 4.4%, Uranium One was confused and went nowhere and USEC gained 8.0%. The best winner of the day was Strateco with a gain of 13.9% while the loser of the day was Crosshair Exploration with a loss of 7.0%. (more)
06/25/09 Baltimore, Maryland The U.S. housing market is back to underperforming expectations. We saw the latest existing home sales and new home sales numbers this week — both failed to meet the Street’s forecast.
The National Association of Realtors reported 2.4% growth in existing home sales Tuesday, to an annual rate of 4.7 million. The stock market — no longer satisfied with meager housing growth — wanted a rate of 4.9 million and suffered a small sell-off.
Even though sales managed to increase in back-to-back months for the first time since 2005, existing home prices are still plummeting, distressed sales are still booming and the market is still saturated with a 9.6-month supply of homes… a positive sign that the free market still works, but hardly reason to call a bottom. (more)