Dow added 95, advancers over decliners 5-1 & NAZ rose 34. The Financial Index was up 3+ to the 195s. The MLP index roared ahead 6+ (one of its biggest gains in history) to the 368s & the REIT index was up a more mild 1 to the 256s. Junk bond funds were higher & Treasuries fell back. Higher stock prices brought buyers out for oil, but gold continued to plod along with a loss of $6.
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Photo: Yahoo
A coalition gov could be formed by tomorrow in Greece according to the head of the country's socialist party, easing the nation out of a political limbo as it struggles to deal with a financial crisis that is already affecting markets around the world. Evangelos Venizelos' socialist PASOK party came 3rd in the elections. At the core of any administration will be Antonis Samaras' conservative New Democracy party, which came first & won 129 of Parliament's 300 seats, short of the 151 needed to govern alone. The radical left Syriza party in 2nd place, with 71 seats, has refused to join any gov that will implement the terms of Greece's bailout. Venizelos, who handled Greece's negotiations with its intl creditors for several months last year as finance minister, said the gov would have the support of the election winner, PASOK & the small Democratic Left party of Fotis Kouvelis, which won 17 seats. "With Syriza's refusal, the only practical solution now is the creation of a government with the support of New Democracy, PASOK, and the Democratic Left," he said after several hours of negotiations. "I repeat that this government must be formed as soon as possible. As now things stand, this can be achieved by mid-day tomorrow." His party, he said, "will support this government sincerely and will participate in it in the most beneficial way in order to make it effective and credible." "The most important issue is not the government's composition, but the national negotiating team that will strive to achieve the best possible revision of the loan agreement so that we can keep all the positives and to counter the recession and unemployment and to bring positive growth and jobs," Venizelos said. This is still far from a done deal.
Greek Coalition Government May Be Ready Tomorrow, Venizelos Says
Photo: Yahoo
FedEx expects slow global economic growth will crimp its earnings over the next 12 months & the company is making significant cost cuts to counter any drop in package shipments. FDX is closely watched for signs about the health of the economy. It forecast moderate growth for both the US & global economies, citing the debt crisis in Europe & slowing growth in Asia. It forecast for fiscal Q1 fell below expectations & its range for the year fell mostly below forecasts. FDX faces a number of speed bumps, including higher salaries & pension costs, as well a shift by customers to cheaper shipping options to save money. The company predicts fiscal year 2013 EPS of $6.90-$7.40. That excludes the major cost reductions it plans to announce in the fall. Analysts expect EPS of $7.39. FDX is calling for 2.2% economic growth in the US for a calendar 2012, slightly above the 2.1% it predicted 3 months ago, & it sees that rising to 2.4%. In the latest qtr, EPS was $1.73, compared with $1.75 a year earlier. Revenue rose to $11B from $10.55B a year ago. Without the charge to retire planes, FedEx earned $1.99 per share, 4¢ better than the estimate. FDX earned 6% more per package in the US despite a 5% decline in total shipments. It credited that to growth in its overnight service & higher customer charges for fuel. Intl priority shipment revenue rose 3%, while volume fell 3% as growth in Asia slowed. The stock rose 2.50.
FedEx Climbs After Pledging Expense Cuts as Economy Pressures Profits
Photo: Bloomberg
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Treasur yields:
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| CLN12.NYM... | Crude Oil Jul 12... | 84.12 | ... 0.85 | (1.0%) |
A coalition gov could be formed by tomorrow in Greece according to the head of the country's socialist party, easing the nation out of a political limbo as it struggles to deal with a financial crisis that is already affecting markets around the world. Evangelos Venizelos' socialist PASOK party came 3rd in the elections. At the core of any administration will be Antonis Samaras' conservative New Democracy party, which came first & won 129 of Parliament's 300 seats, short of the 151 needed to govern alone. The radical left Syriza party in 2nd place, with 71 seats, has refused to join any gov that will implement the terms of Greece's bailout. Venizelos, who handled Greece's negotiations with its intl creditors for several months last year as finance minister, said the gov would have the support of the election winner, PASOK & the small Democratic Left party of Fotis Kouvelis, which won 17 seats. "With Syriza's refusal, the only practical solution now is the creation of a government with the support of New Democracy, PASOK, and the Democratic Left," he said after several hours of negotiations. "I repeat that this government must be formed as soon as possible. As now things stand, this can be achieved by mid-day tomorrow." His party, he said, "will support this government sincerely and will participate in it in the most beneficial way in order to make it effective and credible." "The most important issue is not the government's composition, but the national negotiating team that will strive to achieve the best possible revision of the loan agreement so that we can keep all the positives and to counter the recession and unemployment and to bring positive growth and jobs," Venizelos said. This is still far from a done deal.
Greek Coalition Government May Be Ready Tomorrow, Venizelos Says
FedEx expects slow global economic growth will crimp its earnings over the next 12 months & the company is making significant cost cuts to counter any drop in package shipments. FDX is closely watched for signs about the health of the economy. It forecast moderate growth for both the US & global economies, citing the debt crisis in Europe & slowing growth in Asia. It forecast for fiscal Q1 fell below expectations & its range for the year fell mostly below forecasts. FDX faces a number of speed bumps, including higher salaries & pension costs, as well a shift by customers to cheaper shipping options to save money. The company predicts fiscal year 2013 EPS of $6.90-$7.40. That excludes the major cost reductions it plans to announce in the fall. Analysts expect EPS of $7.39. FDX is calling for 2.2% economic growth in the US for a calendar 2012, slightly above the 2.1% it predicted 3 months ago, & it sees that rising to 2.4%. In the latest qtr, EPS was $1.73, compared with $1.75 a year earlier. Revenue rose to $11B from $10.55B a year ago. Without the charge to retire planes, FedEx earned $1.99 per share, 4¢ better than the estimate. FDX earned 6% more per package in the US despite a 5% decline in total shipments. It credited that to growth in its overnight service & higher customer charges for fuel. Intl priority shipment revenue rose 3%, while volume fell 3% as growth in Asia slowed. The stock rose 2.50.
FedEx Climbs After Pledging Expense Cuts as Economy Pressures Profits
FedEx (FDX)
Microsoft, a Dow stock, unveiled its own Windows-powered tablet computer called Surface, altering its strategy of focusing on software & relying on partners to make the machines in a renewed attempt to take on the Apple (AAPL) iPad. The tablet has a 10.6" display & will run the new version of Microsoft’s operating system. The device’s cover serves as a full keyboard with a track pad. Surface will be available later this year. The new strategy by MSFT threatens to sour its relationship with some PC makers, many of which have been investing to develop their own Windows 8 tablets & may not want to compete directly with Microsoft. The stock was up 86¢.
Microsoft’s Ballmer Takes On Apple IPad With Windows Tablet Called Surface
Microsoft (MSFT)
The € slipped back a fraction to under $1.27, but has a modest gain in Jun as financial tensions in Europe have been reduced. Greece is trying to get its act together, although even if it seemingly does, this is only a first step in solving major problems. The Federal Reserve is meeting with the bulls hoping it will pull a rabbit out to the hat to help the US economy. Haven't heard much about the G-20 meeting, but it has a lot on its plate. Dow had another good day, but sellers took over in the last 2 hours, pulling it down 63 from its intra day highs.
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