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Tuesday, September 22, 2015
Markets plunge on rate uncertainty
Dow dropped 266, decliners over advancers 5-1 & NAZ sank 86. The MLP index fell 4+ to the 333s & the REIT index lost 2+ to the 305s. Junk bond funds drifted lower & Treasuries rallied. Oil pulled back after yesterday's advance & gold was also lower.
Greek Prime Minister Tsipras will need to enact banking-sector
reforms to unlock €3B ($3.4B) in bailout funds set
aside for Europe’s most indebted nation. The
money is slated to be paid out in 2 installments if Tsipras &
euro-area nations can reach a deal on specific conditions for release. Those funds “are tied to two lists of milestones which have to be
implemented over the coming weeks or two months -- this is what one has
to agree with him on, what are the milestones, what are the
important reforms that he has to undertake,” EU's Wieser said. “The second
set of these milestones will be tied to financial-sector governance and
financial-sector reform.” Greece
also needs to recapitalize its struggling banks, a process that
includes complying with a first review of the aid program, before Nov
15 when some of the €25B the bailout agreement allotted to
the lending sector expires. The gov could fulfill the
financial part of that first review early in order to make the tight
timeline dictated by the rescue accord.
Euro-area
finance ministry deputies are due to meet on Fri to start
discussions on the reforms, though decisions probably can’t be taken
until Greece forms its new gov following elections over the
weekend. The first installment of the €3B may focus on changes such as administrative & pension
reforms. The money is the last piece of €26B released immediately after Greece won its 3rd bailout, & it’s already won initial approval from Germany & other countries.
Starbucks is now offering its sales-boosting
Mobile Order & Pay service in all of its more than 7K US
company-operated shops, completing its nationwide roll-out about 3
months ahead of schedule. The expansion includes 3400 cafes, including those in major
cities such as San Francisco, Boston, New York, Chicago & DC, & extends the service to Android mobile device users. Mobile Order & Pay is a feature on the app, which the
company says has 16M active users in
the US. Up until now, the app could only be used in-store to
pay for a purchase. The new service allows users to place orders &
pay for them from a remote location, & then pick up the order at the
store. Adam Brotman, chief digital officer, said the coffee chain
refined a variety of features before the expansion to help
customers customize food & beverage orders, check local inventories
for the availability of product & accurately calculate pick-up times. "We're hearing (from users) that is creating a whole bunch of new
occasions" to visit Starbucks, Brotman said. In particular, he said, it
makes it easier for time-crunched workers & parents to drop in & for
speech- &-hearing-impaired customers to customize orders. The company plans to introduce the feature in select company-owned
stores in the UK & Canada in Oct. The stock was off 44¢. If you would like to learn more abut SBUX, click on this link: club.ino.com/trend/analysis/stock/SBUX?a_aid=CD3289&a_bid=6ae5b6f7
Microsoft, a Dow stock, new Office software will incorporatei nternet-connected features such as Skype & the Cortana digital
assistant in both its cloud & packaged versions, underscoring the
importance of installed software even as the company focuses on moving
customers to subscriptions. Office 2016 offers flagship productivity applications like Word &
Excel, with added tools for videoconferencing, voice commands &
collaboration, such as letting 2 people type in the same document
simultaneously & see each other’s work instantly, said John Case, VP for Office. Office remains its single biggest product, with sales of
$23.5B in the latest fiscal year. The company has been focusing
more of its engineering on the Office 365 cloud-based versions of
Office, where customers can get monthly updates without installing &
maintaining the software on-site. Still, only about ¼ of
commercial Office customers are using the cloud version this year,
meaning MSFT needs to keep apps in the packaged version, whose last
release was Office 2013, updated & modernized.
The stock fell 75¢. If you would like to learn more abut MSFT, click on this link: club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f
Yesterday's optimism vanished quickly today. Uncertainty about so many economies & global chaos, especially with refugees in Europe, makes traders nervous. Such confusion also affects those guys at the Fed. Sep wants to live up to its reputation for being a tough month in the stock market.
....1.27 
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