Dow dropped 49, decliners ahead of advancers 5-2 & NAZ declined 42. The MLP index fell 5+ to the 335s & the REIT index was down 2+ to the 317s. Junk bond funds drifted lower & Treasuries rose in a declining stock market. Oil slipped back to the 46s & gold inched higher.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.4348842492104187)
Twitter will lay off up to 336 employees, or about 8% of its global workforce, as part of a plan to streamline operations. The layoffs, mainly in the company's product & engineering functions, come about a week after the microblogging service provider appointed co-founder Jack Dorsey its permanent CEO. "We feel strongly that engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce," Dorsey said in a letter to employees. "And the rest of the organization will be streamlined in parallel." The stock went up 31¢. If you would like to learn more about TWTR, click on this link:
club.ino.com/trend/analysis/stock/TWTR?a_aid=CD3289&a_bid=6ae5b6f7
Stocks are very jittery, awaiting bank earnings & expectations are not good. The Dow is heavily overbought & earnings reports may be the catalyst for selling. After last week's substantial gain, this year is still shaping up as a dreary time with the Dow down 750 (4.2%) YTD.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CLX15.NYM | ....Crude Oil Nov 15 | ....46.89 |  ...0.21 | (0.5%) |
Johnson & Johnson, a Dow stock & Dividend Aristocrat, approved a
plan to buy back as much as $10B in shares, double the amount it
budgeted last year. The company will finance the repurchases with debt. The repurchase
program has no time limit, & JNJ had $34B in cash,
equivalents & short-term investments at the end of Jun, leaving
room for acquisitions. There are 2.77B shares outstanding & the program would
let the company buy back about 3.8% of those shares. Investors have been waiting to see if it makes a large
acquisition to bolster its pharmaceutical division, an industry that has
been rapidly consolidating as larger players seek out new hot drugs. EPS, excluding one-time items, may have reached $1.45, according to the estimate. JNJ has been investing heavily in building up
its pharmaceutical business as other products, such as medical devices,
face pressure to compete on price to retain customers. The stock lost 54¢. If you would like to learn more about JNJ, click on this link:
club.ino.com/trend/analysis/stock/JNJ?a_aid=CD3289&a_bid=6ae5b6f7Johnson & Johnson Plans $10 Billion Share Repurchase Program
Johnson & Johnson (JNJ)
Federal Reserve Governor Daniel Tarullo said he doesn’t currently favor raising interest rates in 2015, breaking ranks with Chair Janet Yellen, who has said she expects the first increase since 2006 to be warranted by year-end. “Right
now, my expectation is, given where I think the economy would go, I
wouldn’t expect it would be appropriate to raise rates,” he told CNBC. “I want to hasten to add that that is an outlook
that changes based on developments in the economy.” Fed officials
last month opted to delay a rate rise to wait for more information about
how slowing growth in China impacts the US outlook. Economic
projections prepared for the meeting show that 13 of 17 of the central
bankers saw a rate rise as appropriate this year. His remarks follow cautious comments yesterday from fellow Governor
Lael Brainard that the central bank take a wait-and-see approach to
liftoff that contrasted with the views voiced recently by other
officials, including Fed Vice Chair Stanley Fischer & New York Fed pres William C. Dudley, that liftoff was still appropriate if the economy grows as expected.
Fed's Tarullo Says He Doesn't Currently Back a 2015 Rate Rise
Twitter will lay off up to 336 employees, or about 8% of its global workforce, as part of a plan to streamline operations. The layoffs, mainly in the company's product & engineering functions, come about a week after the microblogging service provider appointed co-founder Jack Dorsey its permanent CEO. "We feel strongly that engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce," Dorsey said in a letter to employees. "And the rest of the organization will be streamlined in parallel." The stock went up 31¢. If you would like to learn more about TWTR, click on this link:
club.ino.com/trend/analysis/stock/TWTR?a_aid=CD3289&a_bid=6ae5b6f7
Twitter to Slash 8% of its Workforce
Twitter (TWTR)
Stocks are very jittery, awaiting bank earnings & expectations are not good. The Dow is heavily overbought & earnings reports may be the catalyst for selling. After last week's substantial gain, this year is still shaping up as a dreary time with the Dow down 750 (4.2%) YTD.
Dow Jones Industrials
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