Dow crawled up 10, advancers over decliners better than 2-1 & oversold NAZ shot up 33. The MLP index gained 3+ to 473 & the REIT index went up 1+ to 289. Junk bond funds did little & Treasuries inched higher. Oil led a rally in commodities on
speculation that US supplies declined. Gold climbed back over 1300.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.25582405567456123)
US states took in 6.1% more revenue in fiscal 2013 than they did the year before for a record $846B, according to the Census Bureau. It was the 3rd consecutive increase, the agency said. Revenue rose 4.7% from 2011 to 2012, & 7.3% from 2010 to 2011. The data show states’ financial improvement after the 18-month recession that ended in 2009. The figures reflect higher income-tax collections resulting from strong financial markets & an incentive for taxpayers to take profits before higher federal tax rates began. Revenue increased in all states except Alaska & Wyoming, where tax receipts from natural resources declined. States with the largest percentage increases were North Dakota, California, Hawaii & Colorado. Collections on individual income levies rose 10.3% to $310B in 2013, & sales taxes increased 3.9% to $255B. The turnaround comes 2 years after 31 states faced collective deficits of $55B.
U.S. State Government Tax Revenue Rises Third Year to Record
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.03% | |
U.S. 2-year |
0.39% | |
U.S. 10-year |
2.68% |
| CLK14.NYM | ....Crude Oil May 14 | ....102.33 |  ...1.89 | (1.9%) |
US states took in 6.1% more revenue in fiscal 2013 than they did the year before for a record $846B, according to the Census Bureau. It was the 3rd consecutive increase, the agency said. Revenue rose 4.7% from 2011 to 2012, & 7.3% from 2010 to 2011. The data show states’ financial improvement after the 18-month recession that ended in 2009. The figures reflect higher income-tax collections resulting from strong financial markets & an incentive for taxpayers to take profits before higher federal tax rates began. Revenue increased in all states except Alaska & Wyoming, where tax receipts from natural resources declined. States with the largest percentage increases were North Dakota, California, Hawaii & Colorado. Collections on individual income levies rose 10.3% to $310B in 2013, & sales taxes increased 3.9% to $255B. The turnaround comes 2 years after 31 states faced collective deficits of $55B.
U.S. State Government Tax Revenue Rises Third Year to Record
Samsung posted its 2nd straight decline in quarterly profit as stalling demand lowers prices for Galaxy devices & components. Operating profit fell to 8.4T won ($8B) in Q1 from 8.8T won a year earlier. The result compares with the 8.3T estimate. Sales of high-end products are slowing because of market saturation & the debuts of new iPhones, curbing earnings as the company focuses more on lower-priced devices. The marquee Galaxy S5 smartphone & an expanded range of tablet computers are being released to spark demand as competition from Chinese producers hits display-unit income. Sales were about 53T won, below the 54T estimate. In the prior qtr, earnings fell 7.9% from a year earlier. Q1 operating profit at the mobile unit, its biggest business, was probably 5.9T won on sales of 33T won, according to the estimates. The unit’s profit has fallen from a record 6.7T won in Q3. Samsung unveiled the 5.1" S5 smartphone with a fingerprint reader in Feb & plans to make it available outside South Korea on Fri, as the company seeks to fight back against the iPhone 5s & 5c, released in Sep.
Samsung Posts Second Straight Profit Drop on Lower Prices
Citigroup agreed to pay $1.13B to settle claims from mortgage-bond investors as it seeks to curb liabilities tied to the financial crisis. The securitization trusts covered by the settlement issued a combined $59.4B in mortgage-backed securities in 2005-2008. The agreement covers 18 investors & must be approved by the Federal Housing Finance Agency. Citi, the 3rd-biggest US bank, is resolving a portion of liabilities tied to mortgages it packaged & sold to investors in the run-up to the 2008 crisis. “This settlement resolves a significant legacy issue from the financial crisis and we are pleased to put it behind us,” Citigroup said in its statement. The bank had been told by the law firm that its clients hold certificates in 110 trusts. The agreement would release Citi’s obligation to repurchase loans sold to the trusts, according to the bank’s statement. It doesn’t prevent investors from claiming misrepresentations on offering documents or other potential regulatory actions. The bank is set to report Q1 on Mon when it is expected to post adjusted EPS of $1.15. The stock inched up pennies. If you would like about Citi, click on this link for Trend Analysis:
http://club.ino.com/trend/?symb=C&a_aid=CD3289&a_bid=6ae5b6f7
Citigroup Reaches $1.13 Billion Pact Over Mortgage Bonds
Citigroup (C)
After dropping 330 in 3 days, Dow managed to eke out a gain today. NAZ has a more dramatic in story. If fell 200 & recovered 38. But today's stories seem related to bargain hunting by fans. There are more tensions in eastern Europe, nobody knows what Russia's next move will be. Then today's assessment of global economies by the IMF is not encouraging for the bulls. The earnings reports by the big banks on Fri & Mon will give strong signals to the bulls or bears.
Dow Jones Industrials
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