Handheld has been Palm was among the companies pulling the chute for the November quarter last night. Revenue, most recently estimated to be about $330 million, came in below $200 million. That's one of the biggest misses I can remember.
Palm is in the middle of the perfect storm. Apple is killing it and RIMM is resurgent, even as every non-smart phone is catching up in terms of functionality. They're in a huge air pocket in their new product line up and the consumer is obviously suffering. It's tough to have much hope.
Futures are up big and oil is down again. Auto makers report monthly sales today which shouldn't be pretty but shouldn't be a catalyst either.
Clearly yesterday was a miserable day for stocks. Particularly scary was the action in the large financials. Down is bad.
Tuesday, December 2, 2008
Monday, December 1, 2008
Sorry Folks
When I wrote yesterday that the next 10% for this tape was more likely to be down than up, I didn't mean for it to happen all today.
My bad.
My bad.
Is Google Having a Tough Quarter?
In addition to using Google as the home of this blog, I use Google calendar, finance (sometimes), maps and gmail. One of the things that I like is the lack of clutter.
I didn't comment on the following when I first noticed it, but I will now. Some time last month Google began running low-rent Google text ads on Google finance. You've seen the ads on lots of low-traffic sites and they aren't pretty. They are, to me at least, a sign that the site running them is unable to attract high-quality advertisers. Nor do the ads appear to be for content or services that anyone would be likely to click through to.
I could be wrong but to me it's a pretty clear sign that Google is stretching for revenue. The stock has certainly been telling you that all is not rosy.
I didn't comment on the following when I first noticed it, but I will now. Some time last month Google began running low-rent Google text ads on Google finance. You've seen the ads on lots of low-traffic sites and they aren't pretty. They are, to me at least, a sign that the site running them is unable to attract high-quality advertisers. Nor do the ads appear to be for content or services that anyone would be likely to click through to.
I could be wrong but to me it's a pretty clear sign that Google is stretching for revenue. The stock has certainly been telling you that all is not rosy.
Try Try Again
The arrogant, business-as-usual Captains of Industry from Detroit are preparing to board their private jets and mount another assault on Washington, D.C, according to the New York Times.
This time, they will have a plan. Each of the three will almost certainly have a different plan, which will make a decision very difficult for Congress, but at least they will have a plan. Two weeks ago, the spoiled kids went to Washington and said, "The economy is bad. You need to increase our allowance."
This time, they will have a plan. Each of the three will almost certainly have a different plan, which will make a decision very difficult for Congress, but at least they will have a plan. Two weeks ago, the spoiled kids went to Washington and said, "The economy is bad. You need to increase our allowance."
That didn't work.
It's Almost Over
For Yahoo. The recent single digit midget is popping this morning as there are reports around that Microsoft will buy the search business for something around $20 billion. Yes, that is more than Yahoo's total market value, even after this morning's pop.
It might be true. Microsoft can do whatever they want at this point, and Yahoo needs to hurry up and get off the stage before the board and top management get sued into oblivion.
Oil is trying to get down into the $40s with no fundamental end in sight. OPEC is powerless given the sharp decrease in demand and no light at the end of that tunnel. The U.S. 10 year is down to 2.88%. The Fed should use this window to sell some 30-year (or 50-year) bonds. Why not? They're going to need the money.
Futures are down sharply. No surprise after the move we've had.
It might be true. Microsoft can do whatever they want at this point, and Yahoo needs to hurry up and get off the stage before the board and top management get sued into oblivion.
Oil is trying to get down into the $40s with no fundamental end in sight. OPEC is powerless given the sharp decrease in demand and no light at the end of that tunnel. The U.S. 10 year is down to 2.88%. The Fed should use this window to sell some 30-year (or 50-year) bonds. Why not? They're going to need the money.
Futures are down sharply. No surprise after the move we've had.
Retail Sales Shocker
The Wall Street Journal is reporting what may be the most surprising data of the week (it's early). Everybody was prepared for Friday to be the kickoff of a really rotten holiday shopping season. Consider the following:
"The holiday shopping season got off to a better-than-expected start, as retailers reeled in cautious shoppers with massive discounts like "buy one get one free" sweaters at Gap Inc. stores, $200 iPod Touch music players from Amazon.com Inc., and 26-inch LCD TVs at Target Corp. sites for $299.
In a survey of 3,370 shoppers, the National Retail Federation estimated shoppers spent an average of $372.57 over the weekend, up 7.2% over last year's $347.55."
3,3370 is not a large sample size, and the article goes on to say that many shoppers had plans to finish more of their shopping earlier, potentially front-loading the season. In any case, chalk one up for the world not ending in November.
"The holiday shopping season got off to a better-than-expected start, as retailers reeled in cautious shoppers with massive discounts like "buy one get one free" sweaters at Gap Inc. stores, $200 iPod Touch music players from Amazon.com Inc., and 26-inch LCD TVs at Target Corp. sites for $299.
In a survey of 3,370 shoppers, the National Retail Federation estimated shoppers spent an average of $372.57 over the weekend, up 7.2% over last year's $347.55."
3,3370 is not a large sample size, and the article goes on to say that many shoppers had plans to finish more of their shopping earlier, potentially front-loading the season. In any case, chalk one up for the world not ending in November.
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