The Dow
dont even get me started on this one.. (I work for a brokerage)
It's a republican conspiracy to force acceptance of Bush's tax cut to House and Congress. Also alot of Republicans feel that the market days of Clinton/Gore (heavy Nasdaq playas) is a fad that will lead to higher debt, and un-realistic profit expectations. Thats the sun-dried version for ya. It's way mo complex pimp.
It's a republican conspiracy to force acceptance of Bush's tax cut to House and Congress. Also alot of Republicans feel that the market days of Clinton/Gore (heavy Nasdaq playas) is a fad that will lead to higher debt, and un-realistic profit expectations. Thats the sun-dried version for ya. It's way mo complex pimp.
lol, the republicans...ok. they have passed no laws or bills that affect the economy, so i think placing blame is kinda crazy. everybody including democrats say the market a year ago was a fad. just the other day on tv they said it would take "Yahoo", 20 years or more to get back to its high of last year.Originally posted by messiah:
dont even get me started on this one.. (I work for a brokerage)
It's a republican conspiracy to force acceptance of Bush's tax cut to House and Congress. Also alot of Republicans feel that the market days of Clinton/Gore (heavy Nasdaq playas) is a fad that will lead to higher debt, and un-realistic profit expectations. Thats the sun-dried version for ya. It's way mo complex pimp.
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SeedOfChaos
- Posts: 8651
- Joined: Sat Apr 22, 2000 12:00 am
- Location: Comfortably Numb
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striderf1
the economy has been going down for a while, just slowly. but since bush got in, all the democrats are going to crazy. since all the news people out their are democrats, they are going crazy on air saying crazy things to get people all worried. if gore got in, the people wouldn't have been saying "the economy is going downnnnnn oohhhhhhhh nooooooooo" all the time.
its amazing how much power the news agencies have over the general public. yes it was going down, but you just know it wouldn't have been like this if gore got in, because the news people would have had a different attitude.
its amazing how much power the news agencies have over the general public. yes it was going down, but you just know it wouldn't have been like this if gore got in, because the news people would have had a different attitude.
Originally posted by SeedOfChaos:
Cornbread, not only laws and bills affect the stockmarket, expectations are enough most of the times. Just having a certain person as a president can be enough to cause the stocks to rise/fall.
Cheers,
Ronald
maybe its just me, but the stock market really started to drop after the MSNBC show "silicon summit 2", did anyone else notice that.
oh, and just to let you guys know, i did not vote for Bush, i'm just saying you can't blame it on a man who has just been in office for 3+ months.
i agree, the media does play a big part. they tend to screw a lot of things up!Originally posted by striderf1:
the economy has been going down for a while, just slowly. but since bush got in, all the democrats are going to crazy. since all the news people out their are democrats, they are going crazy on air saying crazy things to get people all worried. if gore got in, the people wouldn't have been saying "the economy is going downnnnnn oohhhhhhhh nooooooooo" all the time.
its amazing how much power the news agencies have over the general public. yes it was going down, but you just know it wouldn't have been like this if gore got in, because the news people would have had a different attitude.
Originally posted by SeedOfChaos:
Cornbread, not only laws and bills affect the stockmarket, expectations are enough most of the times. Just having a certain person as a president can be enough to cause the stocks to rise/fall.
Cheers,
Ronald
THIS IS THE TRUTH
However most people dont even follow how the market works. You have numbnuts buying on Margin, loosing their asses on tech stocks, and then they are in debt to the Feds(SEC)
If any of you guys followed the market closely last year, the majority of profits were from IPO's and short sells. Day Traders have crippled, and manipulated the market, and now we are going to get a "republican steamclean" to filter out the worthless garbage thats currently creating debt, and cannot fufill to shareholders. You'll see..
(directed to Cornbread)
relax messiah, no need to get all worked up.Originally posted by messiah:
THIS IS THE TRUTH
However most people dont even follow how the market works. You have numbnuts buying on Margin, loosing their asses on tech stocks, and then they are in debt to the Feds(SEC)
If any of you guys followed the market closely last year, the majority of profits were from IPO's and short sells. Day Traders have crippled, and manipulated the market, and now we are going to get a "republican steamclean" to filter out the worthless garbage thats currently creating debt, and cannot fufill to shareholders. You'll see..
(directed to Cornbread)
i understand dude. a lot of people lifes depend on it. as for the investing part, Fidelity does all of that for me. here lately a lot has went into bonds, and i know that don't help the stocks out much. i would say fidelity has it split 50/50 right now. i honestly think (and hope) things will be ok, it might take a while, but i think things will be ok.Originally posted by messiah:
hehe. Im as calm as a Hindu Cow (stolen from fightclub)
I wish the market was in better shape, my career depends on it. Too many good people have been 86'd due to the "cleansing"
btw, What do you invest in? I play in Options and Mutual Funds
Right now we're in a buyers market (if your looking long term) If your one of those "quick cash" investors, then I would hold off, and throw your money into a moneymarket, and allow the interest to build (which is near nada now) until we recover.. One good day does not mean recovery.. 3 interest rate cuts in 3 months is plain nuts. 401Ks are dying helplessly while a fruitless agenda is being placed.
Fidelity is good man.
Fidelity is good man.
the market was seriously, seriously overrated anyway, having the wind taken out of it was a long time coming. One day everyone woke up and realized that as interesting as companies like yahoo are in theory they still have no way of justifying their inflated value. Neither the republicans nor the democrats is at fault for that.
Everyones screaming. "we gotta keep the economy going! We gotta keep it going!" As if its realistic to expect 10% growth or whatever the figure is a year, or as if expansion can never stop. it can and it has. people are freaking out because things are "only" growing at a rate of 3% a year. whats up with that? that kind of greed and unrealistic expectations is whats causing so many problems in the first place.
Trying to give the economy a bad scare to push a tax cut is bad guv't. the only reason theres a surplus to "give back" right now is for two reasons: 1)clinton raised taxes, espec in the higher income brackets, ie, people who make income from capital gains, and 2) The economic surge brought in more revenue in taxes.
with the stock market back to normal and taxes low again, the US will go right back to where it was 7 years ago -in debt. And thats the worst thing you can do for the economy.
Everyones screaming. "we gotta keep the economy going! We gotta keep it going!" As if its realistic to expect 10% growth or whatever the figure is a year, or as if expansion can never stop. it can and it has. people are freaking out because things are "only" growing at a rate of 3% a year. whats up with that? that kind of greed and unrealistic expectations is whats causing so many problems in the first place.
Trying to give the economy a bad scare to push a tax cut is bad guv't. the only reason theres a surplus to "give back" right now is for two reasons: 1)clinton raised taxes, espec in the higher income brackets, ie, people who make income from capital gains, and 2) The economic surge brought in more revenue in taxes.
with the stock market back to normal and taxes low again, the US will go right back to where it was 7 years ago -in debt. And thats the worst thing you can do for the economy.
Funny is when a fat lady walks around while someone plays the tuba. Once you've seen that, you'll never laugh at anything else. Except maybe a skeleton dancing around while someone plays the xylophone, which is almost exactly the opposite of a fat lady walking around while someone plays the tuba. Well, a skeleton is the opposite of a fat lady. But is a xylophone the opposite of a tuba? History will decide.
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SeedOfChaos
- Posts: 8651
- Joined: Sat Apr 22, 2000 12:00 am
- Location: Comfortably Numb
Pssssst, don't tell US republicans that, it's fun to watchOriginally posted by jayyy:
with the stock market back to normal and taxes low again, the US will go right back to where it was 7 years ago -in debt. And thats the worst thing you can do for the economy.
just kidding guys... am I?
Cheers,
Ronald
ex-WoW-addict
Thursday March 22, 1:33 pm Eastern Time
Schwab cuts jobs, lowers profit outlook
(UPDATE: Adds details throughout from conference call, updates stock price)
By F. Brinley Bruton
NEW YORK, March 22 (Reuters) - Charles Schwab Corp. (NYSE:SCH - news), the No. 1 U.S. online and discount brokerage, on Thursday said it was cutting 2,750 to 3,400 jobs, or 11 to 13 percent of its total staff, joining the pack of financial services companies slashing costs as markets soften.
San Francisco-based Schwab, which built a reputation as a friendly, freewheeling place to work, also said its earnings for the first quarter would fall short of Wall Street estimates by 27 percent amid the stock market slump and general economic woe.
``Euphoria trading levels are just not going to return,'' said Charles Schwab, the company's founder, chairman and co-chief executive, on a conference call with analysts and media.
Schwab now expects to earn 8 cents a share, or about $110 million to $120 million, before charges, in the first quarter, below the 11 cents analysts had expected, according to research firm Thomson Financial/First Call.
Schwab estimated net profits of $88 million to $98 million, or 6 to 7 cents a share, in the first quarter. Revenues are expected to drop to $1.2 billion from $1.7 billion in the year-ago quarter.
Schwab also said it will take a one-time charge of $70 million to $100 million in the second quarter for the layoffs. The restructuring will slice off $40 million to $45 million in costs per quarter, starting in the first quarter, the company said.
Markets are not likely to show real improvement until the fourth quarter, Chief Financial Officer Christopher Dodds said during the conference call.
The announced job cuts come soon after the company ramped up to deal with sharp increases in trading volumes. Schwab grew to 26,000 employees at the end of 2000, up from 20,000 at the end of 1999. And while the company would not say where and when it would make the job cuts, it did say that that it was sure to scale back on its 10,000-strong legion of brokers by the end of the year.
Schwab's shares plunged 6.92 percent, or $1.10, to $14.80 on the New York Stock Exchange in early-afternoon trading, slicing through a previous 52-week low of $15.35. The shares are off almost two-thirds from their 52-week high of $44.75.
Today's move was not a complete surprise. On March 15, Schwab reported a dramatic slowdown in February customer trades and said it would likely miss Wall Street profit forecasts for the first quarter. Schwab and its rivals have felt the pinch as stock market indexes have tumbled, including a 22 percent drop in the Nasdaq composite index (^IXIC - news) in February.
In late January, the company announced a voluntary plan in which 13,000, or about half the company, would take off some Fridays to help keep down costs.
Bear Stearns Cos. Inc. (NYSE:BSC - news), Goldman Sachs Group Inc. (NYSE:GS - news), CSFBdirect, owned by Credit Suisse Group Inc. , and AmeriTrade Holding Corp. (NasdaqNM:AMTD - news) are among the other Wall Street firms to pare costs, some including job cuts, in recent weeks.
Schwab also said it will buy back up to 20 million shares, or about 1.4 percent of the company's outstanding shares, which totaled 1.41 billion as of Dec. 31, 2000
Schwab cuts jobs, lowers profit outlook
(UPDATE: Adds details throughout from conference call, updates stock price)
By F. Brinley Bruton
NEW YORK, March 22 (Reuters) - Charles Schwab Corp. (NYSE:SCH - news), the No. 1 U.S. online and discount brokerage, on Thursday said it was cutting 2,750 to 3,400 jobs, or 11 to 13 percent of its total staff, joining the pack of financial services companies slashing costs as markets soften.
San Francisco-based Schwab, which built a reputation as a friendly, freewheeling place to work, also said its earnings for the first quarter would fall short of Wall Street estimates by 27 percent amid the stock market slump and general economic woe.
``Euphoria trading levels are just not going to return,'' said Charles Schwab, the company's founder, chairman and co-chief executive, on a conference call with analysts and media.
Schwab now expects to earn 8 cents a share, or about $110 million to $120 million, before charges, in the first quarter, below the 11 cents analysts had expected, according to research firm Thomson Financial/First Call.
Schwab estimated net profits of $88 million to $98 million, or 6 to 7 cents a share, in the first quarter. Revenues are expected to drop to $1.2 billion from $1.7 billion in the year-ago quarter.
Schwab also said it will take a one-time charge of $70 million to $100 million in the second quarter for the layoffs. The restructuring will slice off $40 million to $45 million in costs per quarter, starting in the first quarter, the company said.
Markets are not likely to show real improvement until the fourth quarter, Chief Financial Officer Christopher Dodds said during the conference call.
The announced job cuts come soon after the company ramped up to deal with sharp increases in trading volumes. Schwab grew to 26,000 employees at the end of 2000, up from 20,000 at the end of 1999. And while the company would not say where and when it would make the job cuts, it did say that that it was sure to scale back on its 10,000-strong legion of brokers by the end of the year.
Schwab's shares plunged 6.92 percent, or $1.10, to $14.80 on the New York Stock Exchange in early-afternoon trading, slicing through a previous 52-week low of $15.35. The shares are off almost two-thirds from their 52-week high of $44.75.
Today's move was not a complete surprise. On March 15, Schwab reported a dramatic slowdown in February customer trades and said it would likely miss Wall Street profit forecasts for the first quarter. Schwab and its rivals have felt the pinch as stock market indexes have tumbled, including a 22 percent drop in the Nasdaq composite index (^IXIC - news) in February.
In late January, the company announced a voluntary plan in which 13,000, or about half the company, would take off some Fridays to help keep down costs.
Bear Stearns Cos. Inc. (NYSE:BSC - news), Goldman Sachs Group Inc. (NYSE:GS - news), CSFBdirect, owned by Credit Suisse Group Inc. , and AmeriTrade Holding Corp. (NasdaqNM:AMTD - news) are among the other Wall Street firms to pare costs, some including job cuts, in recent weeks.
Schwab also said it will buy back up to 20 million shares, or about 1.4 percent of the company's outstanding shares, which totaled 1.41 billion as of Dec. 31, 2000
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striderf1
In short it means that times are tough for brokerages. Unpaid debit balances (money borrowed from the brokerage) are killing profit margins. The economy is basically giving no-one incentive on investing, at this time, and making it near impossible to create a new consumer base.
For instance.. The companies are going to lay off 2K people so they can run an add campaign during the playoffs, just to intice new customers to borrow money from them, so they can profit from their loss. sickening.
For instance.. The companies are going to lay off 2K people so they can run an add campaign during the playoffs, just to intice new customers to borrow money from them, so they can profit from their loss. sickening.
Originally posted by jayyy:
the market was seriously, seriously overrated anyway, having the wind taken out of it was a long time coming. One day everyone woke up and realized that as interesting as companies like yahoo are in theory they still have no way of justifying their inflated value. Neither the republicans nor the democrats is at fault for that.
Everyones screaming. "we gotta keep the economy going! We gotta keep it going!" As if its realistic to expect 10% growth or whatever the figure is a year, or as if expansion can never stop. it can and it has. people are freaking out because things are "only" growing at a rate of 3% a year. whats up with that? that kind of greed and unrealistic expectations is whats causing so many problems in the first place.
Trying to give the economy a bad scare to push a tax cut is bad guv't. the only reason theres a surplus to "give back" right now is for two reasons: 1)clinton raised taxes, espec in the higher income brackets, ie, people who make income from capital gains, and 2) The economic surge brought in more revenue in taxes.
with the stock market back to normal and taxes low again, the US will go right back to where it was 7 years ago -in debt. And thats the worst thing you can do for the economy.
That about sums it up...
A little anecdote....
At the turn of the previous century, there was a run on tulip bulbs. Everyone had to have them and demand outstripped supply. Needless to say, speculation drove the prices to astronomical highs... One day someone realized that they were going nuts buying flower bulbs. As everyone came to their senses, the bulb market crashed... Not unlike Beanie Babies or internet stocks..
"Forever with you. Forever without you...."
Messiah-
Being a broker would you know much about looking into specific companies i.e.
the ones that build power plants. Cheney said that 1900 or so will be needed in 20 years, and plants cannot come cheap. If they are even 500 mil a piece thats almost a trillion dollars. Is a trillion over 20 years somethin to perk interest anyways? Just a ruminition bouncing around in my noggin. Thanks
Being a broker would you know much about looking into specific companies i.e.
the ones that build power plants. Cheney said that 1900 or so will be needed in 20 years, and plants cannot come cheap. If they are even 500 mil a piece thats almost a trillion dollars. Is a trillion over 20 years somethin to perk interest anyways? Just a ruminition bouncing around in my noggin. Thanks
Tao_Jones Cult Member since 2004
I gave Miss Manners a Dirty Sanchez, and she LIKED it.
I gave Miss Manners a Dirty Sanchez, and she LIKED it.