CAVU Resources, Inc. (PINKSHEETS: CAVR) announced today that the Company has recently mobilized its crew to complete the reworked of it gas production in Garfield County, Oklahoma. This recently acquired project is in a gas production region with proven reserves. The Company has been focused on assessing the top priorities on its 160 acre lease. Read more…

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STOCKHOLM (AFP) – Swedish luxury carmaker Koenigsegg said Tuesday it was giving up its bid to acquire Saab Automobile from its US parent company General Motors, saying costly delays made the deal too uncertain. The announcement plunged Saab’s future into doubt. “We regret that after six months of intense and goal-oriented work we have come to the painful and difficult conclusion that we are not going to be able to carry out the acquisition of Saab Automobile,” the head of the company, Christian von Koenigsegg, said in a statement. Koenigsegg announced in September that it had teamed up with Beijing Automotive Industry Holding Co Ltd (BAIC) to buy Saab from GM. But it still needed a 400-million-euro (600-million-dollar) loan from the European Investment Bank and wanted the Swedish government to act as a guarantor. Swedish media have suggested that Saab was running short of money to continue its day-to-day operations, and doubts have flourished among experts and commentators about whether Koenigsegg would have the necessary expertise to run a major car company. Koenigsegg Group, founded in 1994, has just 45 employees and produces 18 high-end sports cars a year at more than a million euros (1.4 million dollars) each. Saab, by contrast, employs 3,400 people in Sweden alone and sold just over 93,000 cars worldwide in 2008. Koenigsegg initially announced its plan to acquire Saab in June, and the deal was originally expected to be concluded by the end of October but has been repeatedly delayed. The Swedish government, which has refused to take a stake in the struggling carmaker, as of Tuesday had still not decided whether to act as guarantor for the EIB loan. “The time factor has from the beginning been critical for our strategy to breathe new life into the company. Unfortunately, delays in completing the deal have led to risks and uncertainties that prevent us from successfully carrying out our business plan for Saab Automobile,” von Koenigsegg said in the statement. In an interview with Swedish news agency TT, he stopped short of blaming the government for the delay. “I don’t want to point the finger. It’s an incredibly complicated process,” he said. “We had a business plan but when Saab is bleeding and can’t grow as long as we’re waiting (for a decision), the economic implications and outcome of our business plan become too unclear,” he said. GM said it was “disappointed” by Koenigsegg’s decision. “We’re obviously very disappointed with the decision to pull out of the Saab purchase,” GM President and CEO Fritz Henderson said. “Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week.” Saab spokesman Eric Geers meanwhile told AFP Koenigsegg’s decision came as “a surprise.” “We’ll see what happens now. It’s up to GM,” Geers said. The head of the influential IF Metall union at Saab, Paul Aakerlund, was dismayed by the news. “This is a heavy time for all of us,” he said. Under GM’s stewardship spanning almost two decades, Saab rarely posted a profit and last year lost 3.0 billion kronor (241 million euros, 341 million dollars at the time). While some 3,400 people are employed at Saab’s factory in Trollhaettan, a town of 55,000 in southwestern Sweden, another 12,000 work for suppliers or subcontractors that directly rely on the automaker for their income. David Cole, chairman of the Center for Automotive Research in the US state of Michigan, said Tuesday’s announcement was “not that big a deal” for GM, suggesting it may find another buyer for Saab given how many cash-rich Chinese companies are jockeying for a position in the global auto industry. A Chinese carmaker, Geely, is currently trying to buy Sweden’s other carmaker, Volvo Cars, from its US parent company Ford. Purchasing a relatively “cheap” European carmaker like Saab would provide both a foothold in key markets and the technology needed to compete, Cole said. GM could also decide to hold on to Saab, as it did with German carmaker Opel, to further strengthen its European position, or shut it down, a view shared by a number of Swedish car industry analysts. Read more from the original source: Koenigsegg gives up bid for Saab

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Oil prices fell to around $76 a barrel Tuesday with new data showing a slow U.S. economic recovery and consumer confidence that remains lukewarm at best. AP – FILE – In this Sept. 19, 2007 file photo, an oil pump is seen at dusk in Sakhir, … {”s” : “ung,uso”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} The dollar also gained against other major currencies, which can keep energy prices in check. Benchmark crude for December delivery fell $1.54 to settle at $76.02 a barrel on the New York Mercantile Exchange. The Commerce Department said the economy grew at a rate of 2.8 percent between July and September, short of estimates for 3.5 percent growth released just a month ago. Consumers are not spending much, commercial construction was weak, businesses trimmed inventories. The lack of consumer spending was partly explained in another report released Tuesday. Americans’ confidence in the economy improved slightly in November from October, but shoppers remain gloomy heading into the holiday shopping season, according to the monthly survey released by the Conference Board. The lack of industrial and consumer activity has played out in weekly oil inventory reports from the Energy Department, with supplies of crude in storage growing. The next weekly report arrives Wednesday, and expectations are that crude and gasoline supplies grew again last week. Retail prices edged lower again, falling less than a penny to $2.638 per gallon Tuesday. That’s a lot more than last year at this time, when gasoline prices plunged to about $1.91 as the economic crisis unfolded. Gasoline consumption for the week ended Friday declined 1.6 percent from the previous week and 1.4 percent from a year ago, according to the weekly MasterCard SpendingPulse report. Year-to-date consumption for 2009, however, is still up 0.6 percent. MasterCard’s report is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check. Still, gasoline prices are being supported by crude, which has traded between $76 and $82 for more than a month. That is largely being blamed on the dollar because oil is bought and sold in the U.S. currency. Investors holding euros or other currencies can buy more oil when the dollar falls. Crude prices rose Monday when the dollar fell. On Tuesday, the dollar gained against the euro, yen, and British pound. Oil prices fell as much as 2 percent. In other Nymex trading, heating oil fell less than a penny to settle at $1.9497 a gallon. Gasoline for December delivery fell almost 4.04 cents to settle at $1.939 a gallon. Natural gas for December delivery rose 1.3 cents to settle at $4.486 per 1,000 cubic feet. In London, Brent crude dropped $1 to settle at $76.46 on the ICE Futures exchange. Associated Press Writers Alex Kennedy in Singapore, Barry Hatton in Lisbon, Portugal, and Jeannine Aversa in Washington contributed to this report. Continued here: Crude prices sink to $76 per barrel (AP)

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NEW YORK (AP) — Embattled bond insurer Ambac Financial Group Inc. announced Tuesday the resignation of its chief financial officer. The company, based in New York, said Sean Leonard left “to pursue other interests.” The resignation is effective immediately. The departure comes just weeks after Ambac said it may be forced to file for bankruptcy protection. In a filing with the Securities and Exchange Commission Nov. 9, the company said it believes it has enough liquidity to get through the second quarter of 2011, but warned it could run out of money sooner. Ambac for years had backed municipal bonds that rarely defaulted and paid steady dividends. In recent years, however, the company invested in complex new bonds that were comprised of risky mortgages amid the housing bubble. The new bonds were an opportunity for Ambac to generate outsize returns. But as the housing bubble burst and mortgage defaults spiked, the likelihood of issuer default and claims on bond insurance rose. In the filing with the SEC earlier this month, Ambac said it may not be able to generate enough cash to pay operating expenses and debt obligations over the long term. Given the tight credit markets, the company said it also may not be able to access alternate sources of capital. “No assurances can be given that Ambac will be successful in executing any or all of its strategies,” the company said in the filing. Ambac Financial is considering a restructuring of its debt through a prepackaged bankruptcy proceeding. But if it can’t bolster its capital position, the company said it may file for bankruptcy without a lender agreement in place. Leonard joined Ambac in 2005, according to the company. Those who worked under Leonard will report to CEO David Wallis until a replacement is found, Ambac said. An Ambac representative did not immediately return a call for further comment. Shares of Ambac fell 9 cents, or 10 percent, to 81 cents in afternoon trading. In the past year, shares have traded between 35 cents and $2.09. In November of last year, shares were as high as $3.40. More: Ambac Chief Financial Officer Sean Leonard resigns (AP)

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PARIS (Reuters) – Half of the losses suffered by banks could still be hidden in their balance sheets, more so in Europe than in the United States, the International Monetary Fund’s chief, Dominique Strauss-Kahn, was quoted as saying on Tuesday. In an interview with French newspaper Le Figaro, Strauss-Kahn also said the IMF thought the euro currency was probably a bit too strong. “There are still some important losses that have not been unveiled,” Strauss-Kahn was quoted as saying in response to a question on banks, according to excerpts of the interview that were sent to media ahead of publication on Wednesday. “It’s possible that 50 percent (of bank losses) are still hidden in their balance sheets. The proportion is greater in Europe than in the United States,” he said. Asked about currencies, Strauss-Kahn noted that Europeans were the ones who have been complaining the most about the strength of their currency. “The IMF also thinks that the euro is probably a bit too strong, but it’s very difficult to determine in a way that is unquestionable the level at which currencies would be balanced,” he said. “Europeans must, however, better affirm their economic strategy if they do not want to let the Sino-American couple dominate the global debate for the next 20 years,” he said. Strauss-Kahn said the two crucial factors to achieve the status of major economic power today are a big population and technological advances. “The enlarged Europe has a big population, with 500 million inhabitants, but on the technological front things have not moved on sufficiently since the Lisbon strategy was launched in 2002,” he said, referring to the 27-member European Union. The Lisbon strategy was an EU roadmap that was supposed to cut red tape, promote growth and make the bloc the world’s most innovative region. “I note that the technological debate, which today is focused particularly on energy, is much more vigorous in the United States than in Europe,” Strauss-Kahn said. (Reporting by Estelle Shirbon; Editing by Leslie Adler) View original post here: Half of banks’ losses may be unknown: IMF chief (Reuters)

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PARIS (AP) — France’s Vivendi SA said Tuesday it has issued euro1.2 billion ($1.8 billion) in bonds. The Paris-based media and entertainment giant said the two-part bond issue aims to “increase the average maturity of the debt … and to maintain a good balance between bonds and credit lines.” Vivendi is currently the focus of intense interest because a deal between U.S. media giants Comcast Corp. and NBC Universal to create one of the world’s largest media companies hinges on what the French group decides to do with its 20 percent stake in NBC Universal. Vivendi has an option until Dec. 10 to dispose of its stake in NBC Universal. Majority owner General Electric Co. is expected to buy it and then sell a 51 percent stake of the entire NBC Universal unit to Comcast, which serves about a quarter of the nation’s subscription TV households. Here is the original post: Vivendi issues euro1.2 billion in bonds (AP)

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NEW YORK (AP) — Barnes & Noble Inc. and Borders Group Inc., the nation’s two largest brick-and-mortar book sellers, both posted quarterly losses Thursday and forecast a difficult holiday season, saying competition from discount chains and online retailers is stiffening. AP – FILE – In this May 18, 2009 file photo, a customer reads magazines inside the Barnes and Noble … Barnes & Noble, the larger of the two, also cut its forecast for annual profit, and shares of both retailers fell. Even with online presence, traditional bookstores have had a rough time facing off against online sellers like Amazon.com as they also compete with low-price brick-and-mortar stores including Wal-Mart Stores and Target and cope with consumers cutting discretionary purchases amid tough economic times. But Barnes & Noble CEO Stephen Riggio said this fall’s price war among Amazon.com, Walmart.com and Target Corp.’s online division — in which those retailers cut prices on preorders for some new titles to $9 and less — was “overblown.” “Book-selling has been for a long time a ‘long tail’ business,” Riggio said during a conference call with investors. “Best sellers represent less than 5 percent of our sales and among these very top best sellers less than 1 percent of our sales.” Still, “every percentage counts,” said Michael Norris, a senior analyst with Simba Information. “I wouldn’t be that quick to dismiss the influence of the big discounters there,” he said. “You can go to Walmart.com and get the Sarah Palin book for a few bucks less than you can at either of them.” Barnes & Noble, which operates 775 stores, reported a fiscal second-quarter loss of 43 cents per share. Excluding costs related to buying back its 636-store college bookstore from its chairman in August, it earned 30 cents per share, matching analyst forecasts. Sales for the quarter ended Oct. 31 rose 4 percent to $1.16 billion — though the increase was due to revenue from the college bookstores. Excluding that, Barnes & Noble sales fell 2 percent to $1.09 billion. The company, based in New York, lowered its yearly forecast as the costs of producing its new electronic reader, the Nook rose and holiday sales seemed off to a weak start. Shares fell $1.58, or 6.7 percent, to $21.94 during midday trading. The stock has traded between $12.64 and $28.78 over the past year. Barnes & Noble is pinning its hopes for future profit on the Nook, a competitor with Amazon.com’s Kindle for which it began accepting pre-orders last month. Last week, it said orders had exceeded expectations and those placed beginning Nov. 20 would be filled Jan. 4 or later. The company plans to bulk up its e-content digital business, selling digital subscriptions to newspapers, blogs, magazines and other periodicals as well as digital books. Both companies forecast a weak holiday season. “This is an unpredictable holiday selling season as consumers remain unsettled and reactive to economic news,” said Borders CEO Ron Marshall. Borders Group Inc. lost $38.5 million, or 64 cents per share, less than a year ago, but its third straight quarterly loss. Revenue for the three months that ended Oct. 31 dropped 13 percent to $602.5 million. In an effort to improve its finances, Borders, based in Ann Arbor, Mich., has cut jobs, closed stores and chosen new leaders. It also has shifted its focus from less profitable categories like music and toward children’s books, toys, stationery and its cafe. But it has been slower than Barnes & Noble to shutter its lower-margin small-format stores and grow its e-commerce business. “Barnes & Noble still remains at least one step ahead of Borders,” Norris said. Borders shares fell 21 cents, or 10.5 percent, to $1.80. The stock has traded between 34 cents and $4.48 over the past year. AP Retail Writer Michelle Chapman contributed to this report from New York. The rest is here: Top 2 booksellers report losses, their shares fall (AP)

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By Dirk Lammers, The Associated Press Oil prices fell below US$76 a barrel Tuesday with new data showing a slow U.S. economic recovery and consumer confidence that remains lukewarm at best. The dollar also gained against other major currencies, which can keep energy prices in check. Benchmark crude for December delivery fell $1.63 to $75.93 a barrel on the New York Mercantile Exchange. The Commerce Department said the economy grew at a rate of 2.8 per cent between July and September, short of estimates for 3.5 per cent growth released just a month ago. Consumers are not spending much, commercial construction was weak, businesses trimmed inventories. The lack of consumer spending was partly explained in another report released Tuesday. Americans’ confidence in the economy improved slightly in November from October, but shoppers remain gloomy heading into the holiday shopping season, according to the monthly survey released by the Conference Board. The lack of industrial and consumer activity has played out in weekly oil inventory reports from the Energy Department, with supplies of crude in storage growing. The next weekly report arrives Wednesday, and expectations are that crude and gasoline supplies grew again last week. Retail prices edged lower again, falling less than a penny to $2.638 per gallon Tuesday. That’s a lot more than last year at this time, when gasoline prices plunged to about $1.91 as the economic crisis unfolded. Gasoline consumption for the week ended Friday declined 1.6 per cent from the previous week and 1.4 per cent from a year ago, according to the weekly MasterCard SpendingPulse report. Year-to-date consumption for 2009, however, is still up 0.6 per cent. MasterCard’s report is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check. Still, gasoline prices are being supported by crude, which as traded between $76 and $82 for more than a month. That is largely being blamed on the dollar because oil is bought and sold in the U.S. currency. Investors holding euros or other currencies can buy more oil when the dollar falls. Crude prices rose Monday when the dollar fell. On Tuesday, the dollar gained against the euro, yen, and British pound. Oil prices fell as much as 2 per cent. In other Nymex trading, heating oil fell 3.74 cents to $1.942 a gallon. Gasoline for December delivery dropped 3.74 cents to $1.942 a gallon. Natural gas for December delivery rose nearly 10 cents to $4.57 per 1,000 cubic feet. In London, Brent crude dropped $1.10 to $76.36 on the ICE Futures exchange. Read the original: Tepid economic reports and a stronger U.S. dollar send oil prices downward

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By Jeannine Aversa, The Associated Press WASHINGTON – The American economy is growing modestly, with consumers too wary about spending to invigorate the recovery. That’s the picture that emerged from reports Tuesday on the economy and the confidence of consumers, who power 70 per cent of it. Unemployment and tight credit have sapped shoppers’ willingness and ability to spend freely as retailers enter their crucial holiday season. And Americans are expected to grow more cautious about spending next year. That would make for a plodding recovery. The economy grew at a 2.8 per cent rate last quarter. Forecasts for the current quarter are for similarly lacklustre growth before a drop-off next year. “It’s hardly a rip-roaring recovery,” said Stuart Hoffman, chief economist at PNC Financial Services. “Usually coming out of a recession you get growth more like a rodeo bull – at a pace of six or seven per cent in the early quarters of recovery. That isn’t happening. It is coming out of the stalls more like a fat cow.” The Commerce Department’s revised estimate of gross domestic product for July through September was less than the 3.5 per cent growth rate foreseen just a month ago. And the estimate for GDP – the value of goods and services produced in the United States – was a tad less than the 2.9 per cent growth rate that economists surveyed by Thomson Reuters had expected. The main factors behind the downgrade: Consumers didn’t spend as much. Commercial construction weakened. And imports exerted more of a drag on the economy. Businesses also trimmed more of their stockpiles, further restraining growth. At the same time, the Conference Board’s latest survey of consumer confidence found gloom among shoppers. “I really won’t be spending money on Christmas,” said Ivan Horne, 47, of Tampa, Fla., who has been out of work for about a year. “I’m barely able to make enough to survive.” An Associated Press-GfK poll released this week found that 93 per cent of Americans say they’ll spend less this holiday season or about the same as last year. Also Tuesday, the Standard&Poor’s/Case-Shiller home price index of 20 major cities suggested that the summer’s trend of rising home prices is slowing. And analysts expect prices to dip again this winter as foreclosures rise. The tepid reading on economic growth and consumer confidence caused stocks to retreat from their 13-month highs. Over the past few months, though, the stock market has surged. A rally on Monday carried the Dow up 133 points to its highest point in just over a year. In part, stocks have been powered by a weak dollar and low interest rates. Lower rates let companies and investors borrow cheaply. They also cause some to shift money out of cash and bonds and into investments that promise higher returns, such as stocks. Stocks also have benefited from higher corporate profits. Companies have managed to squeeze out more profits without the cost of higher production or payrolls. They’ve done so by boosting their workers’ productivity and drawing down their existing stockpiles of goods. The GDP report showed the economy finally started to grow again from July through September, after a record four straight losing quarters. Yet growth probably won’t be strong enough to quickly drive down the nation’s unemployment rate, now at 10.2 per cent. For the current quarter, some analysts think economic growth will slow to around a 2.5 per cent pace, but it could hit a pace of around 3 per cent if holiday sales turn out better than expected. Though cautious, consumers are holding up despite high personal debt, a tight job market and hard-to-get credit. A government report out Wednesday is expected to show consumer spending rose 0.5 per cent in October, compared with a 0.5 per cent drop in September. Incomes, the fuel for future spending, are expected to edge up 0.2 per cent, after being flat. Many economists say they think the economy will weaken again next year. Some project growth at a pace of around 1 per cent as the benefits of the $787 billion stimulus package fade and consumers keep tightening. “I think when the bills come in January, you’ll see consumers pull back,” said Brian Bethune, economist at IHS Global Insight. “It’s going to be a slow-motion recovery.” In the third quarter, the Cash for Clunkers rebates and an $8,000 tax credit for first-time homebuyers juiced up sales of cars and homes. The clunkers program ended in August. But the tax credit has been extended and expanded beyond first-time buyers. It’s unclear whether the recovery can endure after government supports are gone. If consumers clam up, the economy could tip back into recession. Read more from the original source: Reports on US economic growth and consumer confidence signal modest rebound

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Deere & Co., the world’s largest maker of farm equipment, reports earnings for its fiscal fourth quarter on Wednesday before the market opens. Below is a summary of key developments and analyst opinion related to the period. OVERVIEW: Sluggish economic conditions in the U.S. and much of the rest of the world continued to drive down demand for farming and construction equipment, two of Deere’s key products. Farm commodity prices in particular show little sign of rebounding to anything like the bubble highs of the past couple of years — a period when many farmers bought new equipment. The Moline, Ill.-based company in August cut sales projections for the year, saying it expects its biggest single-year drop in at least 50 years. But Deere, the world’s largest maker of farm equipment, reiterated an annual profit forecast of $1.1 billion. And the company has started calling back some workers it laid off earlier this year in response dropping demand. More than 450 employees of an Iowa farm equipment plant were called back last month to start production of 2010 models. Samuel R. Allen became Deere’s president and CEO in the third quarter, succeeding Robert W. Lane. But few, if any, analysts expect significant changes, particularly in Deere’s focus on markets outside North America, which accounts for more than half of the company’s agricultural sales, its biggest source of revenue. Deere in late August said it will spend $125 million on a new manufacturing and parts center in Russia. BY THE NUMBERS: Analysts surveyed by Thomson Reuters, on average, expect a profit of 3 cents per share on revenue of $4.44 billion. In the year-earlier period, Deere posted a profit of 81 cents per share on revenue of $6.73 billion. ANALYST TAKE: Longbow Research analyst Eli Lustgarten expects Deere to report a profit of 2 cents per share and sees difficult quarters ahead since farm commodity prices have fallen and aren’t expected to rebound soon. “Virtually all of (Deere’s) current earnings stem from the farm equipment sector and anecdotal evidence from the farm belt has suggested increased caution over the past few months in regards to farm equipment purchases, largely because it is not necessary to replace existing equipment (after two strong years of buying) and because the expected business outlook/expansion does not merit new purchases,” Lustgarten wrote in a note to investors. WHAT’S AHEAD: Though Allen is new and some analysts see the company taking a close look at its strategy, Barclays Capital analyst Meredith Taylor wrote that the company is unlikely to shift its focus from emerging markets and other growth opportunities. Deere hasn’t provided an outlook for fiscal 2010, “but we think that management looks for mixed trends by geography,” Taylor wrote. Her firm sees stronger trends in Latin America and continued difficulties in Europe. STOCK PERFORMANCE: During the quarter, Deere shares rose 4.8 percent to finish at $45.55 on Oct. 30. Over the past year, the stock has traded between $24.51 and $53.59 per share. See the original post: Earnings Preview: Deere 4th-quarter results (AP)

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No big surprises in today’s FOMC minutes.  The Fed sees the economy rebounding and will remain accommodative.  I did find this line somewhat amusing, however: “As in June, nearly all participants judged the degree of uncertainty surrounding their projections of output growth and unemployment as higher than historical norms.” Ben Bernanke’s already broken crystal ball is even more cloudy than usual.  That likely means further dollar devaluation and ultra low interest rates until we recreate the next great financial crisis.  Ben’s reactive  approach continues…. Read the original post: FOMC MINUTES

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(Adds quotes) WASHINGTON, Nov 24 (Reuters) – President Barack Obama told a joint news conference with Indian Prime Minister Manmohan Singh on Tuesday that he was committed to completing a bilateral civil agreement that would open up India’s potential $150 billion market in power plants. “I reaffirmed to the prime minister my administration’s commitment to fully implement the U.S.-India civil nuclear agreement, which will increase American exports and create jobs in both countries,” Obama said after talks with Singh at the White House. Singh echoed those words and welcomed the removal on curbs on U.S. high-tech exports to India. “The lifting of U.S. export controls on high-technology exports to India will open vast opportunities for joint research and development efforts,” he said. The 2005 civil nuclear deal that Singh signed with former U.S. President George W. Bush, ended the long nuclear isolation imposed on India after it tested an atom bomb in 1974. But several issues need to be cleared up before U.S. businesses including General Electric Co ( GE.N ) and Westinghouse Electric Co, a subsidiary of Japan’s Toshiba Corp ( 6502.T ), can compete for billions of dollars in new reactor agreements. India’s parliament has to debate a new law to limit U.S. firms’ liability in case of a nuclear accident. The United States has still not signed a nuclear fuel reprocessing agreement with India. (Editing by Sandra Maler ) ((paul.eckert@reuters.com; +1 202 789-8578; Reuters Messaging: paul.eckert.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more from the original source: UPDATE – US committed to completing India nuclear pact-Obama (at Reuters)

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NEW YORK, Nov 24 (Reuters) – U.S. gold futures turned higher in heavy trade Tuesday on option-related buying and fund interest, and investors continued see pullbacks in the metal as buying opportunities, traders said. For the latest detailed report, click on [GOL/]. GOLD * COMEX December gold GCZ9 up $1.60 at $1,166.30 an ounce at 10:34 a.m. EST (1534 GMT) on the NYMEX. * Ranged from $1,157.70 to $1,171.70. December hit an all-time high $1,174 on Monday. * Gold futures supported by options-related buying after Monday’s option expiration – George Gero at RBC. * Bullion holds gains in spite of a slight dollar rise amid an equities market retreat. * Gold market sees drops as opportunities to buy absent a major correction – Miguel Perez-Santalla at Heraeus. * Ethiopia signed a deal for a Saudi firm to extract an estimated 20 tonnes of recoverable gold found in the Horn of African country last month. [ID:nGEE5AN1WS] * Gold-to-oil ratio at above 15. It was last at 15.34, up from the previous session’s 15, as oil drops on Tuesday. * COMEX estimated 10 a.m. volume at a busy 221,814 lots, driven by options-related buying. * Spot gold XAU= at $1,168.80 an ounce, compared with $1,165.85 late in the previous session in New York. * London’s afternoon gold fix XAUFIX= at $1,163.25 an ounce. * For a gold price interactive graphic: here > SILVER * December silver SIZ9 down 14 cents at $18.470 an ounce, as investors lock in profits. * Technical resistance seen at breaking above the $19 an ounce level – traders * Ranged from $18.330 to $18.680. * COMEX estimated 10 a.m. volume at 48,120 lots. * Spot silver XAG= was at $18.45, against $18.59 in the previous session in New York. * London silver fix XAGFIX= at $18.57. PLATINUM * January platinum PLF0 down $4.90 at $1,462.70 an ounce as the market takes a breather after Monday’s rally. * Spot platinum XPT= $1,455.50 an ounce. PALLADIUM * December palladium PAZ9 down 5 cents at $373.25 an ounce on platinum’s weakness. * Spot palladium XPD= $369.50 an ounce. Prices at 10:52 a.m. EST (1552 GMT) Last Change Pct 2008 YTD Chg Close % Chg US gold GCZ9 1168.90 4.20 0.4 884.30 32.2 US silver SIZ9 18.470 -0.140 -0.8 11.295 63.5 US platinum PLF0 1462.60 -5.00 -0.3 941.50 55.3 US palladium PAZ9 373.65 0.35 0.1 188.70 98.0 Gold XAU= 1168.50 2.65 0.2 878.20 33.1 Silver XAG= 18.44 -0.15 -0.8 11.30 63.2 Platinum XPT= 1456.00 1.50 0.1 924.50 57.5 Palladium XPD= 371.40 2.40 0.7 184.50 101.3 Gold Fix XAUFIX= 1163.25 -7.00 -0.6 836.50 39.1 Silver Fix XAGFIX= 18.57 -19.00 -1.0 14.76 25.8 Platinum Fix XPTFIX= 1458.00 5.00 0.3 1529.00 -4.6 Palladium Fix XPDFIX= 371.00 0.50 0.1 365.00 1.6 (Reporting by Frank Tang ) ((frank.tang@thomsonreuters.com; +1 646 223 6126; Reuters Messaging: frank.tang.reuters.com@reuters.net)) ((For help: Click “Contact Us” in your desk top, click here [HELP] or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546)) © Thomson Reuters 2009 All rights reserved Continue reading here: US gold up on options-related buying, fund demand (at Reuters)

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NEW YORK (AP) — Stocks retreated from 13-month highs after a lackluster reading on consumer confidence and a report showing slower economic growth sapped the market’s optimism. Major indexes were slightly lower Tuesday after the Conference Board said its Consumer Confidence Index increased to 49.5 in November from a revised reading of 48.7 in October. While better than expected, the report shows that consumers remain gloomy heading into the holiday season. A reading above 90 means the economy is on solid footing. Stocks had already been falling in morning trading after the government revised its calculation of third-quarter economic growth down to 2.8 percent from its original estimate of 3.5 percent, the latest sign that the recovery is likely to be slow and bumpy. The decline in stocks came after a big rally on Monday carried the Dow Jones industrials up 133 points to their highest level in just over a year. A weakening dollar and an upbeat report on housing lured investors back into stocks after a three-day losing streak. The dollar bounced back on Tuesday, hurting stock market sentiment. The dollar’s weakness has been a big driver behind higher stock prices this year. Investors have been taking advantage of record-low interest rates to invest in assets other than cash that can earn them better returns. As the end of the year approaches, however, investors have become hesitant to take on more risk and potentially upset the big gains they’ve amassed since stocks began rallying in March. That desire for safety helps push up the dollar and other safe-harbor investments like Treasurys at the expense of the stock market. The Dow fell 22.68, or 0.2 percent, to 10,428.27. The Standard & Poor’s 500 index lost 1.03, or 0.1 percent, to 1,105.21, while the Nasdaq composite index fell 8.63, or 0.4 percent, to 2,167.38. About two stocks fell for every one that rose on the New York Stock Exchange, where volume came to a relatively low 240.8 million shares, compared with 284.4 million at the same time on Monday. Analysts expect trading to be choppy this week amid light trading volume heading into the Thanksgiving holiday. A report earlier Tuesday showing the fourth straight month of improving house prices in September did little to shore up investor confidence. The Standard & Poor’s/Case-Shiller home price index rose 0.3 percent in September from the previous month. Investors have been battling mixed signals on the economy in recent months. Areas like housing have shown modest improvements, but others like consumer confidence and employment are lagging. That has investors worried that their bets on an economic recovery over the past eight months may have been overdone. The Standard & Poor’s 500 index is up 63.5 percent since early March. A stronger dollar put pressure on the shares of commodities and materials producing companies. When the dollar rises, it makes commodities and commodities-related products more expensive for buyers overseas. The ICE Futures US dollar index, a widely used measure of the dollar against other currencies, rose x percent in morning trading. Oil prices fell $1.24 to $76.32 a barrel on the New York Mercantile Exchange. Gold prices rose slightly. Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.35 percent from 3.36 percent late Monday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.05 percent from 0.03 percent. In other trading, the Russell 2000 index of smaller companies fell 5.41, or 0.9 percent, to 589.40. Overseas, China’s Shanghai index fell 3.5 percent, its biggest decline in three months, while Japan’s Nikkei stock average fell 1 percent. In afternoon trading, Britain’s FTSE 100 rose 0.3 percent, Germany’s DAX index gained 0.1 percent, and France’s CAC-40 slipped 0.1 percent. View original post here: Reports on consumer confidence, GDP tug at stocks (AP)

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NEW YORK (AP) — Americans’ confidence in the economy improved slightly in November from October, but shoppers remain gloomy heading into the traditional start of the holiday shopping season amid a weak job market, according to a monthly survey. AP – In this photo made Thursday, Oct. 15, 2009, Antionette Harris shops at a Target store in Philadelphia. Americans’ … The Conference Board, based in New York, said Tuesday that its Consumer Confidence Index edged up to 49.5, up from a revised reading of 48.7 in October. Economists surveyed by Thomson Reuters expected a reading of 47.7. The index, which hit a historic low of 25.3 in February, had enjoyed a three-month climb from March through May, fueled by signs that the economy might be stabilizing. The road has been bumpier since June as rising unemployment has taken a toll on consumers. A reading above 90 means the economy is on solid footing. Above 100 signals strong growth. One component of the Conference Board’s confidence gauge that measures consumers’ assessment of the current economy fell slightly to 21.0, compared with 21.1 in October. The other that measures shoppers’ outlook over the next six months increased slightly to 68.5 from 67.0 in October. “Income expectations remain very pessimistic and consumers are entering the holiday season in a very frugal mood,” said Lynn Franco, director of The Conference Board Consumer Research Center in a statement. Economists watch consumer sentiment because spending on goods and services for consumers accounts for about 70 percent of U.S. economic activity by federal measures. While the reading doesn’t always predict short-term spending, it does serve as a barometer of spending levels over time, especially for big-ticket items. Retail sales showed some signs of life in September and October, with major merchants collectively posting two consecutive monthly gains in sales in more than a year, according to the International Council of Shopping Centers-Goldman Sachs Index. That followed more than a year of declines as shoppers shut their wallets tight. But business still remains weak and shoppers are still focused on necessities like socks, coats and underwear. Experts say depressed spending is likely to persist for several years amid stubbornly high unemployment. The unemployment rate is now at 10.2 percent, the highest in 26 years, and 15.7 million Americans out of work. Meanwhile, the housing market has showed signs of improvement, but overall the sector is still tepid. A housing report announced Tuesday showed home prices improved for the fourth straight month in September, though only in 11 out of 20 major metropolitan areas. The Standard & Poor’s/Case-Shiller home price index, which tracks prices in 20 major metropolitan markets, rose 0.3 percent in September. The Conference Board’s confidence survey, which is based on a representative sample of 5,000 U.S households, showed that shoppers’ assessement of the job market remains weak. The cutoff for the preliminary results wsa Nov. 17. Those claiming jobs are “hard to get” increased to 49.8 percent from 49.4 percent, while those claiming jobs are “plentiful” decreased to 3.2 percent from 3.5 percent. Consumers’ short-term outlook improved slightly in November, but that’s because those expecting conditions to worsen decreased to 15.1 percent from 18.2 percent, Franco said. The percentage of consumers expecting an improvement in business conditions over the next six months decreased slightly to 20.0 percent from 20.8 percent. Those anticipating more jobs in the months ahead declined to 15.2 percent from 16.8 percent. But those expecting fewer jobs declined to 23.1 perent from 26.1 percent. The proportion of consumers expecting an increase in their incomes decreased to 10.0 percent from 10.7 percent. Read the r est here: Consumer confidence improves slightly in November (AP)

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Researchers at Harvard University have uncovered what could be a confounding problem facing the healthcare industry: Digitalizing healthcare records and deploying new technologies fails to provide cost benefits. For years, hardware and software vendors have been touting the return on investment (ROI) when enterprises, including healthcare facilities, streamline and eliminate inefficient, manual processes through technology deployments. But the new Harvard University research study shows that introducing technology into hospitals and doctor offices actually increases costs associated with configuration management, upgrading systems and deploying and maintaining healthcare IT security technologies. “Most of the systems are being sold principally to make sure the institution collects every penny it can,” said the report’s lead author Dr. David Himmelstein, an associate professor at Harvard Medical School. “The guts of the system are distorted by the need to make sure it’s a billing system at heart.” Himmelstein and his team reviewed about 4,000 hospitals from 2003 to 2007 and found that while many had digitialized patient records to eliminate paper, administrative costs actually rose, even among the most high-tech institutions. The hospital computing and costs study, published in The American Journal of Medicine , doesn’t point to specific costs such as security and configuration management, but it does find that ongoing IT administrative costs add to the bottom line once new systems are deployed. “Clearly there are some examples of quality of care being worse because of computers and some examples where it’s been better. But overall they’re not saving money,” Himmelstein said in an interview with SearchSecurity.com. “Introducing technology has a trivial effect.” The researchers analyzed hospital Medicare insurance program data and several other reports that compile government data on healthcare costs at patient facilities. They found administrative costs increased slightly from 24.4% in 2003 to 24.9% in 2007, with facilities with the fastest technology deployments seeing the highest cost increases. For systems to be beneficial and provide a true ROI, they need to focus on patient care and be deployed more slowly across an organization, Himmelstein said. The introduction of new technologies also introduces some uncertainties about healthcare privacy and security into an organization. Privacy and security are ongoing concerns that need to be addressed during all stages of a deployment. For example, some hospitals and patient care facilities may be investigating cloud computing in which data center management is outsourced to a third-party provider. “There are still significant issues about security and those issues need to be handled as part of clinical computing and any other setting where technology is introduced,” Himmelstein said. “At this point there are hundreds of hospitals and practices putting enormous amounts of patient data online, but we’ve yet to see the cost benefit or the benefit of patient care.” For now, healthcare facilities continue to modernize systems and eliminate manual processes, buoyed by financial incentives from technology vendors and the federal government’s push to modernize the healthcare system. The economic stimulus package approved by Congress earlier this year offers up to $19 billion in incentives to modernize healthcare systems. The goal is to prevent errors and allow greater coordination among caregivers and patients. Still, security spending in the healthcare industry remains sluggish at best, according to a recent survey. Despite the incentives, security accounts for 3% or less of overall IT spending in a substantial majority of healthcare organizations, virtually unchanged from last year. The survey indicated that healthcare organizations may be first focusing on converting paper records into electronic healthcare records. Himmelstein does have some optimism for future technology deployments if they are handled correctly. He lauded the way Indianapolis’ Ronald Reagan Institute of Emergency Medicine, Boston’s Brigham and Women’s Hospital and the Veterans Administration handled some of its technology investments in recent years, and said many of the organizations knee deep in new technology that use electronic health records, such as Kaiser Permanente and the Mayo Clinic, may deserve further study to understand the long term effects on cost. The Health Insurance Portability and Accountability Act (HIPAA) has also been recently strengthened and forced healthcare organizations to conduct data discovery in current systems and tighten access controls. Despite being online, patient records are protected by HIPAA rules, which make it difficult for some doctors to access patient health records online. Healthcare data security is a unique problem, said analyst Ramon Krikken of the Burton Group. “In this case you’re talking about people’s lives so you don’t want a system to lock out a doctor when the patient needs a life saving procedure,” Krikken said. “Security is very different because the fail-over must grant access when time is essential in a life or death decision.” More: Cost of security, IT management add up at healthcare facilities, study finds

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CALGARY, Alberta, Nov. 24, 2009 (GLOBE NEWSWIRE) — Emerging Stock Report, a leading provider of sector specific independent investment research, today initiated coverage on NexMed, Inc. (Nasdaq: NEXM – News ). Emerging Stock Report is currently offering a complimentary trial subscription to the investment community. To view the Report in its entirety visit: http://www.emergingstockreport.com To get our alerts AHEAD of the market follow us on Twitter: http://twitter.com/EmergingStockRe About ESR: Emerging Stock Report is a leading provider of independent investment research for North American companies. Our services include research analysis on emerging growth companies, sector specific research, real-time news and financial data, market commentary and the ESR newsletter. Emerging Stock Report’s staff of investment professionals are dedicated to providing the the tools and resources necessary to help make important investment decisions. To view our research reports on a complimentary trial basis and take advantage of our other services, visit http://www.emergingstockreport.com and click on the complimentary trial subscription button on our home page, or go directly to our registration page at http://emergingstockreport.com/register.php About NexMed, Inc.: NexMed’s pipeline includes a late stage terbinafine treatment for onychomycosis, a late stage alprostadil treatment for erectile dysfunction, a Phase 2 alprostadil treatment for female sexual arousal disorder, and an early stage treatment for psoriasis. For further information, go to www.nexmed.com . ESR Disclosure: Emerging Stock Report is not a registered investment advisor and nothing contained in any materials should be construed as a recommendation to buy or sell any securities. Emerging Stock Report has not been compensated by any of the above mentioned companies. Please read our report and visit our Web site, http://www.EmergingStockReport.com , for complete risks and disclosures. Follow this link: Emerging Stock Report Initiates Independent Research Coverage on NexMed, Inc. (GlobeNewswire)

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WORCESTER, Mass.–(BUSINESS WIRE)–Advanced Cell Technology, Inc. (OTCBB: ACTC – News ), a biotechnology company applying cellular technology in the field of regenerative medicine, announced today that it will present at the LD Micro Conference on Thursday December 3, 2009 at 4:30 p.m. (PST) at the Luxe Hotel in Los Angeles. ACT’s Chairman and CEO, William M. Caldwell IV, will present a corporate overview and provide an update on clinical activities. The Company recently filed an IND application with the FDA to initiate a Phase I/II multicenter study using embryonic stem cell derived retinal cells to treat patients with Stargardt’s Macular Dystrophy (SMD),. The Conference brings together 75 presenting companies with over 100 institutions focused on investing in small and micro cap companies across a breadth of industries. About Advanced Cell Technology, Inc. Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the field of regenerative medicine. For more information, visit http://www.advancedcell.com . Forward-Looking Statements Statements in this news release regarding future financial and operating results, future growth in research and development programs, potential applications of our technology, opportunities for the company and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates,” and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of our intellectual property, and economic conditions generally. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in the company’s periodic reports, including the report on Form 10-QSB for the quarter ended September 30, 2007. Forward-looking statements are based on the beliefs, opinions, and expectations of the company’s management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change. Forward-looking statements are based on the beliefs, opinions, and expectations of the company’s management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change. Follow this link: Advanced Cell Technology to Present at LD Micro Conference in Los Angeles (Business Wire)

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DALLAS, Nov. 24, 2009 (GLOBE NEWSWIRE) — BeaconEquity.com announces an investment report featuring Origin Agritech Ltd. (Nasdaq: SEED – News ). The report includes financial, comparative and investment analyses, and pertinent industry information you need to know to make an educated investment decision. The investment report on Origin Agritech Ltd. (Nasdaq: SEED – News ) should be of particular interest to other crop seed and agricultural companies: Monsanto Co. (NYSE: MON – News ), Syngenta AG (NYSE: SYT – News ) and Bunge Ltd. (NYSE: BG – News ). It is available at: http://www.beaconequity.com/i/SEED Get our alerts BEFORE the rest of the market. Follow us on Twitter: http://twitter.com/BeaconEquity Origin Agritech Limited (SEED) is a technology-focused crop seed company serving mainland China. The Company’s activities include specialization in the research and development, production, and sales and marketing of crop seeds (corn, rice, cotton and canola) throughout the People’s Republic of China. SEED, together with State Harvest Holdings Limited, conducts operations in China primarily through its People’s Republic of China (PRC) Operating Companies. In the report, the analyst notes: “The corn hybrids, which SEED produces and distributes include self-developed Aoyu, Deyu series, and some other licensed hybrids, can be classified into two categories, conventional and specialty corn. To date, 68 corn products have entered into state or provincial trial, among which 45 products obtained government approval including 12 with state approval. The Company’s Linao 1 and Yuyu 22 were awarded ‘Houji Golden Prize’ and ‘Second Prize for State Advance Science & Technology’ respectively. “The Company’s corn hybrids cover the spring planting region in northeast, central and southwest, and the summer planting region in Yellow river and Huai river and central area of China. SEED’s sales area covers all corn producing areas from northeast to southwest. Sales volume is among Top 3 in the mainland market.” To read the entire report visit: http://www.beaconequity.com/i/SEED See what investors are saying about these stocks at: http://www.stockhideout.com/ BeaconEquity.com is one of the industry’s largest small-cap report providers. Beacon strives to provide a balanced view of many promising small-cap companies that would otherwise fall under the radar of the typical Wall Street investor. We provide investors with an excellent first step in their research and due diligence by providing daily trading ideas, and consolidating the public information available on them. For more information on Beacon Research, please visit http://www.BeaconEquity.com Beacon Equity Disclosure DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS REPORT. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Beacon Equity Research nor its affiliates have a beneficial interest in the mentioned company; nor have they received compensation of any kind for any of the companies listed in this communication. The information contained in our report is not an offer to buy or sell securities. We distribute opinions, comments and information free of charge exclusively to individuals who wish to receive them. Link: Beacon Equity Issues Technical Trading Overview for Origin Agritech Ltd. (GlobeNewswire)

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NEW YORK, Nov 24 (Reuters) – The dollar briefly slipped against the euro on Tuesday in choppy trading after a report showed U.S. consumer confidence rose in November. For consumer confidence data, click on [ID:nNYS007563]. The euro EUR= rose as high as $1.4970 following the data, from about $1.4952 just before. But it came back down to $1.4948, slightly down on the day. For most of the year, the dollar, which is typically viewed as a safe haven, tends to fall on upbeat economic data. (Reporting by Gertrude Chavez-Dreyfuss; Editing by James Dalgleish) ((gertrude.chavez@thomsonreuters.com; Tel: +1 646 223 6322; Reuters Messaging: gertrude.chavez.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: topnews.reuters.com )) © Thomson Reuters 2009 All rights reserved Read the original post: Dollar dips briefly vs euro after confidence data (at Reuters)

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Bay Street stocks experienced a lackluster open on Tuesday as traders pondered Canadian jobs data and the U.S. gross domestic product report. The S&P/TSX Composite Index stumbled a mite at the opening bell, losing 4.50 points to 11,619.52 Economically speaking, Stats Canada reported regular Employment Insurance recipients climbed 7.1% in the month of September, the first rise in three months. Crude oil prices were down in pretrading, and copper dropped 2.05 cents to $3.1415 U.S. Gold, meanwhile, has added even more strength (see below). In big corporate news, Bank of Montreal reported fourth-quarter net income of $647 million or $1.11 per share, compared to $560 million or $1.06 per share in the year-ago quarter. Meanwhile, BMO has agreed to purchase the Diners Club North America card business from Citigroup. MKS Inc.’s second-quarter net income grew 19% to $1.61 million U.S. or $0.16 U.S. per share from $1.35 million U.S. or $0.13 U.S. per share in the previous year. YM BioSciences Inc. said that Cytopia has commenced enrollment of a phase I/II trial evaluating CYT387, a treatment for myelofibrosis. The Canadian dollar slid 0.25 cents to 94.41 cents U.S. ON BAYSTREET Of the 14 TSX subgroups, nine began the day on the wrong foot. Metals and mining stocks were tied with their brethren in the industrial sector, losing 0.4% each, while consumer staples were off 0.3%. The five gainers were led by telecoms and financials, nipping ahead 0.2%, and global base metals, creeping 0.1% ahead. The TSX Venture Exchange gave back 4.27 points to 1,412.36, while the Nasdaq Canada fell 3.17 points to 657.28 ON WALLSTREET In New York, stocks opened narrowly mixed Tuesday, losing what little gains they had after a downward revision of the gross domestic product report. The Dow Jones Industrials went down 57.06 points in the first half-hour of trading to 10,393.89. The S&P 500 index slid 4.38 points to 1,101.86, while the Nasdaq subtracted 14.07 points to 2,161.94. On the economic front, the government announced its revised figure for the GDP, showing an annual rate of increase of 2.8% in the third quarter. That matched consensus expectations from Briefing.com. This is a downward adjustment from the preliminary GDP figure released by the government in October, which showed growth of 3.5% in the third quarter. That was followed by the Case-Shiller housing index. After U.S .markets open, a report on consumer confidence was due to come out, and minutes from the Federal Reserve’s latest meeting are due out at 2 p.m. ET. HP reported a 14% rise in quarterly profit late Monday, in line with early figures the company released a few weeks ago. Treasury prices gained ground, lowering the yields on the benchmark 10-year note to 3.34% from Monday’s 3.36%. The price of a barrel of oil declined 89 cents to $76.67 U.S. Gold prices added a dollar to yet another record high of $1,166 U.S. Go here to see the original: Stocks drift at open

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WASHINGTON (AFP) – US economic growth in the third quarter was slower than initially estimated, the Commerce Department said Tuesday, cutting its estimate to a 2.8 percent annual pace of expansion. The gross domestic product (GDP) figure was revised down from last month’s estimate of 3.5 percent growth, but was in line with most analyst forecasts, taking into account updated data, notably on consumer spending and trade. Despite the downward revision, the report showed the first expansion for the economy after four straight quarters of contraction, including a 0.7 percent drop in the second quarter. The data from the July-September period show the world’s biggest economy appearing to emerge from its brutal recession, but with less momentum than previously thought. Sal Guatieri, economist at BMO Capital Markets, said the revised figure does little to change the outlook for steady if less than spectacular growth. “We still think the economy will expand at a three percent annual rate in the fourth quarter,” he said. “We’re looking for modest growth in 2010 of about 2.5 percent.” Guatieri said the data showed a larger drawdown in business inventories, which suggests companies will have to produce more in the coming months to boost their stocks of supplies. “Less momentum in consumer spending is offset by a bigger boost from inventories,” he said. The government’s third quarter report showed personal consumption expenditures — the main driver of economic activity — increased 2.9 percent in the quarter, revised down from an estimate last month of 3.4 percent. Even though consumer spending rose, a large portion of that came from the auto sector, with sales boosted by the “cash for clunkers” incentives to trade in older vehicles. The revised figures showed exports of goods and services increased 17.0 percent in the third quarter, but imports grew at a faster pace of 20.8 percent, a factor that hurts GDP. Other segments of the economy remained weak, with business investment down 4.1 percent. But the housing sector emerged from its slump, with residential fixed investment jumping 19.5 percent, in contrast to a plunge of 23.3 percent in the second quarter. The report also showed corporate profits up 130.0 billion dollars in the third quarter. Augustine Faucher at Moody’s Economy.com said this was a jump of 10.6 percent at an annualized rate, and added, “this bodes well for near-term hiring and investment.” Most economists say the US recovery from its worst recession in decades appears to be on track, but could be derailed by rising joblessness. The unemployment rate hit a 26-year high of 10.2 percent in October, with a net loss of 190,000 jobs. Original post: US third quarter growth revised down to 2.8%

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GDP 3Q 2009 “Second Estimate” is out and it is 2.8%. But let’s remember – it was 3.5% on the “preliminary” report. That’s a 20% decline. Was that an error, or was that an intentional overstatement to pump the markets and “confidence” in the original “preliminary” estimate? Oh, and cash-for-clunkers?  It was responsible for half of the so-called “advance” in the 3rd quarter (1.45%), it was a one-time deal, and it was and is just more pulled-forward demand. Government expenses?  Up 8.3%.  State and local governments?  They were essentially flat (down 0.1%) The GDP report also claims that real domestic purchases were up 3.5%, but the sales tax report says otherwise. Where did the “error” come from? The second estimate of the third-quarter increase in real GDP is 0.7 percentage point lower, or $23.7 billion, than the advance estimate issued last month, primarily reflecting an upward revision to imports and downward revisions to personal consumption expenditures and to nonresidential fixed investment that were partly offset by an upward revision to exports. Commercial Real Estate and actual personal spending. Both not what they claimed. Gee, such a shock, given the sales tax data from the states. NOT . PS: The claimed numbers are still, in my opinion, BS, as the sales tax numbers from the states do not support the claimed “expansion.” Link: GDP: 20% Miss (Yes, Really)

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LITTLE ROCK, Ark. (AP) — Phone company Windstream is buying Iowa Telecommunications Services for $1.1 billion in cash and stock. Windstream Corp. said Tuesday that the acquisition of Telecommunications Services Inc. will expand its operations into Iowa and Minnesota, adding about 256,000 phone lines, 95,000 high-speed Internet customers and 26,000 video subscribers. The deal is expected to close in mid-2010. Little Rock, Ark. Windstream has been snapping up rural phone companies. Three weeks ago, Windstream said it would buy NuVox Inc. for $643 million. Its acquisition of D&E Communications Inc., announced in May, was approved by Pennsylvania regulators earlier this month. Iowa Telecom shareholders will get 0.804 shares of Windstream stock and $7.90 in cash for each share they own. See the rest here: Windstream to buy Iowa Telecom for $1.1 billion (AP)

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BRASILIA, Nov 24 (Reuters) – A Senate commission on Tuesday approved Aldo Mendes as director of monetary policy at Brazil’s central bank. The Senate’s economic affairs commission voted 23-2 in favor with one abstention. (Reporting by Isabel Versiani; Writing by Elzio Barreto; Editing by James Dalgleish) ((elzio.barreto@thomsonreuters.com; Tel: +55 11 5644-7725; Reuters Messaging: elzio.barreto.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved The rest is here: Brazil Senate approves Mendes as c.bank director (at Reuters)

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Shares of Chinese Origin Agritech (NASDAQ: SEED – News ) gapped higher again on Tuesday after nearly doubling during the week’s first session. {”s” : “cga,cnh,de,mon,mos,pot,seed”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} Beijing-based Origin Agritech surged higher yesterday after China’s Ministry of Agriculture approved the sale of the company’s genetically modified phytase corn. Phytase, according to the press release, aids in phosphorus absorption in animals, and is a mandatory additive for animal feed in Europe, Southeast Asia, South Korea, Japan, and other regions. Origin’s phytase transgenic corn will eliminate the need to purchase phytase and mix it into animal feed, thus reducing expenses related to machinery and labor hours. According to Origin’s website, the company has sent 68 corn products to trial, 45 of which have received government approval. Other products include hybrid rice, cotton, and canola seeds. Momentum from the phytase corn approval carried into today’s session, sending shares higher by 9%. Last week, a number of agricultural stocks were top performers. The Agricultural Chemical and Fertilizer Stocks Index was among tickerspy’s top performers for the period, led by China Green Agriculture (NYSE: CGA – News ), which shot up by 27%. Elsewhere in the fertilizer segment, Potash (NYSE: POT – News ), Monsanto (NYSE: MON – News ), and Mosaic (NYSE: MOS – News ) have all pushed higher in the last five sessions. Last week we covered Jim Cramer’s optimism for the fertilizer stocks , which he suggested were “at a bottom worth playing.” Other agricultural plays can be found in the Farming, Mining, and Construction Machine Stocks Index where Deere (NYSE: DE – News ), CNH Global (NYSE: CNH – News ), and Titan Machinery (NASDAQ: TITN – News ) have all added more than 4% in the last five trading days. Investors looking to bet on the agricultural segment can track the above Indexes for performance trends and a suite of other metrics. Fun and informative, tickerspy.com is a free investing website where you can track multiple stock portfolios and compare against 250 proprietary Indexes tracking themes from stem cells to green energy to precious metals. Best of all, tickerspy.com lets you spy on the portfolios of nearly 3,000 Wall Street institutions and hedge funds and see graphs of their performance. Try tickerspy.com today and find out how you stack up against investing legends like Warren Buffett! See original here: Not You Grandfather’s Ag Stock (Indie Research)

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NEW YORK (AP) — Barnes & Noble on Tuesday posted a loss in the fiscal second quarter and lowered its guidance due to expected weak holiday sales and higher-than-expected costs to ramp up production of its electronic book reader, the Nook. AP – FILE – In this May 18, 2009 file photo, a customer reads magazines inside the Barnes and Noble … {”s” : “bks”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} Barnes & Noble launched its e-reader Nook, a competitor with Amazon.com’s popular Kindle, last month and said the device would begin to ship in late November. Last week, it said the Nook had sold out and orders placed beginning Nov. 20 would be fulfilled Jan. 4. On Tuesday, the company said it was ramping up production for the Nook, causing higher-than expected production costs, and said it would increase future investment in its digital strategy. The bookseller’s fiscal second-quarter loss totaled $24 million, or 43 cents per share. That compares with a loss of $16 million, or 34 cents per share, last year. Excluding costs related to purchasing its college bookstore unit from its chairman, the loss totaled 30 cents per share. Revenue rose 4 percent to $1.16 billion from $1.11 billion last year for the period ended Oct. 31. Best sellers included Dan Brown’s “The Lost Symbol,” Jeff Kinney’s “Dog Days” from the “Diary of a Wimpy Kid” series and Mitch Albom’s “Have a Little Faith.” Sales in stores open at least one year, considered a key retail measurement because it excludes the effect of adding or closing stores, fell 3.2 percent. The company, based in New York, now expects fiscal-year earnings of 33 to 63 cents per share, down from previous guidance of 59 to 89 cents per share. Analysts predict a profit of 99 cents per share. It expects sales in stores open at least a year to fall 1 to 3 percent. Traditional bookstores have had rough going because of increased competition from online sellers and discounters. Consumers have also shifted away from discretionary purchases amid tough economic times. Smaller rival Borders Group said lost $38.5 million, or 64 cents per share, in the third quarter. That compares with a loss of $172.2 million, or $2.85 per share, during the same period a year earlier. Its revenue fell 13 percent to $602.5 million. Here is the original post: Barnes & Noble reports 2Q loss, cuts guidance (AP)

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The WSJ is starting to “get it” when it comes to housing: Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a real-estate information company based in Santa Ana, Calif. …. Home prices have fallen so far that 5.3 million U.S. households are tied to mortgages that are at least 20% higher than their home’s value, the First American report said. More than 520,000 of these borrowers have received a notice of default, according to First American. …. Homeowners in Nevada, Arizona, Florida and California are more likely to be deeply under water, according to the analysis. In Nevada, for example, nearly 30% of borrowers owe 50% or more on their mortgage than their home is worth, said First American. More than 40% of borrowers who took out a mortgage in 2006 — when home prices peaked — are under water. Prices have dropped so much in some parts of the U.S. that some borrowers who took out loans more than five years ago owe more than their home’s value. This is the consequence of making loans that you have no reasonable expectation can and will be paid on the original terms. Folks, this is really quite simple when you distill it all down.  It comes down to the underlying free-market principle of sound lending: The check and balance for both borrowers and lenders against making or taking out bad loans – that is, loans that you will not be able to pay as agreed – is that both lender AND borrower will go bankrupt . The gross injustice in our nation today is that over the last twenty years we have increasingly forced borrowers who take out bad loans to not only go bankrupt but be unable to discharge their debt, so long as they are individuals .  The corporate bankrupt, however, maintain their “corporate veil” and thus can file Chapter 11 – or 7 – with impunity. This is the root of the problems in our economy.  It is the root cause of the credit bubble.  It is the root cause of the housing bubble and the ridiculously-pumped pulled-forward demand curve that is now inexorably collapsing, despite the protests of The Fed, Treasury and The Administration. We will not return to a balanced economy capable of organic growth so long as this imbalance exists.  We are precisely emulating the idiotic and in fact criminally-insane stupidity that was practiced in Japan when their property bubble imploded.  Desperate to protect the politically-connected banking interests that had become entrenched as a result of structural decisions within the Japanese Central Banking system the Japanese government knelt before the banking interests and allowed them to sweep their bad debt under the carpet. But that bad debt constrained lending and business activity, just as it has and is here.  This in turn prevented real economic expansion, just as it is here.  GDP growth was all government spending, but constrained in the ability to tax by weak consumption and pricing power, the government found itself on the business end of a debt ratio spiral – just as we are now here. The root cause in both cases is the concept of “primary dealers” – favored banks that in our case are the “agents” of The Federal Reserve and who deal with The Fed and Treasury in the market for federal debt. By creating these “Super Banks” the government and Fed have put the bank before the nation, and allowed themselves to be led around by the nose – literally.  What other explanation is there for UBS, for example, retaining its banking charter after admitting that it helped Americans intentionally evade taxes?  For Goldman being able to securitize and sell debt – without civil or even criminal consequence as documented in my November 20th Ticker relating to certain “subprime” loans?  For Citibank being bailed out from bankruptcy at least three times (and maybe four?) in the last 20 years? Let’s face reality folks – the “primary dealer” concept and implementation is nothing other than government capture.  It is a scam.  It is a device intended to profit a handful of ultra-large multinational firms at the direct expense of the American People – not just every day as they skim off their margin for “distributing” Treasury debt, but to an even larger degree whenever they decide to ignore the requirements of safe and sound lending and put the entire economy and indeed the government’s viability in jeopardy. This piece of embedded corruption provides cover for criminal conduct (felony tax evasion by American taxpayers) and knowingly unsound lending, with these firms confident that the US Taxpayer will be obligated to bail them out should there be trouble. But in this case the bailout has embedded structural trouble into the system, just as it did in Japan.  And let’s not kid ourselves – all we’ve done when it comes to housing is shift where the risk is. Recent analysis has shown that the FHA’s “AUS TOTAL” decision-making program (computer-based underwriting) has been intentionally calibrated to produce unsustainable loans.  Indeed, as I have documented FHA will provide an “approve” return on DTIs (when one includes the FHA “fudge factors”) as high as 49% of gross income.  This is clearly an unaffordable loan and is reflected in the current FHA delinquency and foreclosure rate which stands, at this point at more than one in five loans . The true ugliness here is that these stats are far worse than they first appear.  Why?  Because more than half of the FHA total loan portfolio has been originated in the last two years. Consider what this default ratio means given the portfolio composition, as there are only two possibilities – either the FHA is intentionally making loans that are defaulting quickly, within the first 24 months, or the older FHA loans are defaulting at an astronomical rate. FHA is less-than-forthcoming when it comes to testimony before Congress on this point, and apparently, Congress has buried its head in the sand as well.  Indeed, we have Congresspeople making statements that making dangerously-unsustainable loans is a “policy” intended to head off housing price declines. But does and will it?  Does giving someone a loan that will foreclose in a year or two actually head off housing declines?  Or does it simply bankrupt more Americans and defer the inevitable house price decline by a short period of time – a year or two at most, perhaps as little as a few months? If the latter then this sort of institutionalized rape of our citizens, this time under explicit Congressional authorization as a matter of “policy”, is in fact nothing more than yet another scam to allow those “primary dealers” (and others) to unload their deeply-underwater and compromised MBS into the government – where they will then detonate, forcing the taxpayer to bear a loss that should have been taken by those who lent money without a reasonable expectation of being paid back on the original terms.   Continue reading here: Housing: Yes, That Was (And Is) A Train Wreck

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TORONTO (Reuters) – Toronto’s main stock market index could open higher on Tuesday as strong results from Bank of Montreal are expected to shine the spotlight on the Canadian financial sector. Meanwhile, firm gold prices could also help prop up the resource-heavy index. Toronto’s main stock index on Monday pared early gains but ended higher, touching its highest level in nearly 14 months as an early rally in oil prices powered energy stocks, while financials gained ground ahead of a flood of bank earnings reports. Here is some of the news that may affect the market: BANK OF MONTREAL Bank of Montreal said on Tuesday that quarterly profit rose 16 percent as it set aside less money for bad loans. CITIGROUP Citigroup Inc said on Tuesday that it would sell its Diners Club North America credit card business to Canada’s BMO Financial Group, as part of its strategy to shed non-core or unwanted assets. GOLD STEADY Gold inched up on Tuesday as investors favored it as a hedge against medium-term dollar weakness and possible inflation, but remained below the previous session’s record peak as the U.S. currency edged higher. U.S. CRUDE FLAT U.S. crude oil was flat on Tuesday, held down by a firmer dollar, but trade was thin ahead of the U.S. Thanksgiving holiday and data that was expected to show crude stocks rising in the United States. MAGNA INTERNATIONAL Germany’s Porsche aims to cancel a deal that would have Canada’s Magna International build the Porsche Boxster model series under contract, a source familiar with the situation told Reuters. CANADIAN NATIONAL RAILWAY Canadian National Railway Co will implement part of its contract proposals on its Canadian locomotive engineers, the carrier said on Monday. [nN23261031] MANULIFE FINANCIAL Canada’s top life insurer Manulife Financial Corp said it agreed to buy a 49 percent stake in ABN AMRO TEDA Fund Management Co in China for $156 million in cash, following up on pledges to hit the acquisition trail. RIOCAN REIT Canada’s RioCan Real Estate Investment Trust said it plans to sell about 5.5 million units at C$18.35 apiece for gross proceeds of C$100.9 million ($94.7 million). RESEARCH ROUNDUP Following is a summary of research actions on Canadian companies reported by Reuters on Tuesday. * RBC raises Iamgold Corp price target to $21 from $18; Rating Sector Perform * MacQuarie cuts Nexen Inc to Neutral from Outperform * Genuity raises Canadian Western Bank price target to C$27 from C$23; Rating Buy ($1=$1.06 Canadian) (Reporting by Scott Anderson, Editing by Chizu Nomiyama) Read the r est here: TSX may open higher, banks in spotlight

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By Ryan Vlastelica NEW YORK (Reuters) – U.S. stock index futures were little changed on Tuesday, following a strong advance in Monday’s session and after Hewlett-Packard reported that quarterly profit matched its preliminary results. * Investors have been closely watching the technology sector, which is generally considered one of the first to recover from recession. * Hewlett-Packard Co , the computer and printer maker, said late Monday the economy remained challenging, but sees signs of recovery. The last Dow component to report also tripled its share repurchase program. * Investors are awaiting the preliminary estimate of third-quarter gross domestic product growth, due at 8:30 a.m. EST, and November consumer sentiment data, due at 10:00 a.m. EST * The day’s earnings diary includes H.J. Heinz Co , Hormel Foods Corp and Medtronic Inc . * S&P 500 futures rose 1.2 points and were modestly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures were up 2 points, while Nasdaq 100 futures were down 1.25 points. * Also late Monday, Analog Devices Inc and Brocade Communications Systems Inc reported quarterly results that beat expectations. Analog Devices also forecast higher profit margins. * Hong Kong and China stocks sank Tuesday, with Shanghai composite index off 3.5 percent, dragged down by banks. * European stocks were down 0.1 percent in morning trade, led lower by banks. Miners such as Xstrata Plc dropped along with metal prices. * Kenneth Feinberg, the Obama administration’s pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc for 2010, the Wall Street Journal reported, citing sources. * U.S. stocks snapped a three-day losing streak on Monday, as stronger-than-expected home sales data fueled optimism while a weaker dollar boosted commodity-linked stocks. (Editing by Jeffrey Benkoe) See the rest here: Futures little changed after HP, ahead of data

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LONDON (AP) — World stock markets fell Tuesday following big gains on Monday, with China’s main index posting its biggest drop in three months after the country’s central bank warned commercial banks to control their lending. European shares tracked their Asian counterparts lower, with the FTSE 100 index of leading British shares down 15.92 points, or 0.3 percent, at 5,339.58 and Germany’s DAX 32.73 points, or 0.6 percent, lower at 5,768.75. The CAC-40 in France was 25.52 points, or 0.7 percent, lower at 3,787.65. On Monday, Europe’s main indexes closed over 2 percent higher amid further hopeful signs about the global economic recovery, particularly out of the U.S. Wall Street is also poised to open lower after Monday’s gains of over 1 percent. Dow futures were down 18 points, or 0.2 percent, at 10,404 while the broader Standard & Poor’s 500 futures fell 1.5 points, or 0.1 percent, to 1,102.30. “After a bumper start to the week, there’s perhaps no surprise to see a degree of profit taking in the short term although there still seems to be upward momentum in the market, confounding the pessimists at least for the time being,” said Ben Potter, research analyst at IG Markets. Financial stocks led the retreat in Europe after big gains on Monday, with Commerzbank AG down 2.5 percent, making it the biggest faller on the DAX. Deutsche Bank AG was also down just under 2 percent. Meanwhile, Switzerland’s UBS AG was down 2 percent. Sentiment towards the banks in Asia was dented by the warning from China’s central bank that commercial banks need to control their lending. As a result, China’s Shanghai index tumbled 115.14 points, or 3.5 percent, to 3,223.53 — its biggest retreat in three months — as investors fretted over the warning. The index had been up 11.4 percent so far this month. The warning comes ahead of the government’s annual economic planning meeting and could foreshadow more measures to reduce liquidity in the months ahead. In Britain, Lloyds Banking Group PLC shares rose even though it confirmed it is planning to raise a British record of 13.5 billion pounds ($22.3 billion) via a rights issue in order to shore up its capital position and not take part in the government’s Asset Protection Scheme. The rights issue has been priced at 37 pence, which is a 60 percent discount to Monday’s closing share price. Even so, Lloyds shares were up 1.4 percent at just below 93 pence a share. The retreat in Europe was cushioned somewhat by further encouraging economic data, which cemented market expectations that growth is picking during the fourth quarter. Germany’s Ifo Institute said business confidence rose for an eighth consecutive month in November to its highest level since August 2008, while the EU’s statistics office Eurostat reported that industrial orders in the 16 countries that use the euro rose by 1.5 percent in October, double market expectations. Attention later will focus on the second estimate of U.S. economic growth in the third quarter — analysts are expecting a downward revision from the preliminary estimate of annualized growth of 3.5 percent after softer than anticipated trade and retail sales data. Elsewhere in Asia, Hong Kong’s Hang Seng index slid 348.25, or 1.5 percent, to 22,423.14 on weakness in Chinese financial stocks. Bank of China slumped 4 percent. Japan’s Nikkei 225 stock average dropped 96.10, or 1 percent, to a fresh four-month low of 9,401.58. South Korea’s Kospi dropped 0.8 percent to 1,606.42 and Australia’s S&P/ASX 200 index declined 0.7 percent to 4,685 on losses in banks and miners. Markets in Singapore and Thailand also fell. Oil slipped to near $77 a barrel amid mixed signs about crude demand. Benchmark crude for January delivery was down 40 cents to $77.16 a barrel. The contract rose 9 cents to settle at $77.56 on Monday. In currencies, the dollar fell 0.3 percent to 88.68 yen while the euro dropped 0.2 percent to $1.4941. AP Business Writer Stephen Wright in Bangkok contributed to this report. See the rest here: Banks weigh on world markets after China warning (AP)

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LONDON (AFP) – Oil prices fell slightly on Tuesday amid lingering concerns about weak energy demand. New York’s main contract, light sweet crude for January delivery, eased 19 cents to 77.37 dollars a barrel. Brent North Sea crude for January delivery dipped seven cents to 77.39 dollars. “We still expect resurfacing demand concerns to cap the upside in oil,” said VTB Capital commodities analyst Andrey Kryuchenkov. Oil prices slumped from record highs of above 147 dollars reached in July 2008 to about 32 dollars in December last year, as the economic downturn hit world demand for energy. Crude futures have slowly won back ground as major industrialised nations emerge from recession but oil demand remains weak despite reportedly rising for the first time in seven quarters. World oil demand rose between July and September after falling during the previous six quarters, the Centre for Global Energy Studies said in a monthly report published on Monday. The London-based CGES added that global oil demand was set to record its first year-on-year gain during the fourth quarter, although crude oil prices should continue to trade between 70 and 80 dollars a barrel. Link: Oil prices dip, stay above $77

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* Refi rate cut by 50 bps to 9.50 pct * C.bank says industrial output, bank lending still weak * Rate cuts could help tame rouble rally By Yelena Fabrichnaya and Toni Vorobyova MOSCOW, Nov 24 (Reuters) – Russia’s central bank on Tuesday unveiled a widely-expected interest rate cut, its ninth since April, in a bid to slow down the appreciation of the rouble and support the economy’s still fragile recovery from recession. The benchmark refinancing rate was reduced by 50 basis points effective from Wednesday, to a new historic low of 9.00 percent. Other rates were also reduced by the same amount, taking the minimum rate on one-day repo auctions — a key central bank liquidity tool — to 6.25 percent. “Lending activity of Russian banks is still at a low level, and internal demand remains insufficient to ensure stable growth of manufacturing, which led to the need to cut rates,” the central bank said in a statement. “The decision (to cut rates) was taken with the aim of further increasing the accessibility of credit resources…and stimulating end demand.” It added that favourable trends in inflation have facilitated the rate cut. Russian Prime Minister Vladimir Putin at the weekend forecast that full-year inflation will come in at 9.6 percent, down from 13.3 percent in 2008. [ID:nLL529256] Russia is starting to recover from its first recession in a decade, into which it slipped in the second half of 2008 at a time of falling oil and commodity prices, investor flight from emerging markets and the global credit crunch. But the brightening economic outlook, together with the rally in oil prices to one-year highs and the still comparatively high levels of Russian interest rates, have sparked a rally in the rouble. Some are worried the strength of the currency could unseat the recovery and jeopardise efforts to boost domestic industry. RESTRAINING THE ROUBLE The central bank said the reduction in domestic and external rate differentials as a result of the rate cut “will contribute to restraining the appreciation of the rouble”.  Continued… Link: UPDATE – Russia cuts rates again to tame rouble, help econ (at Reuters)

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BERLIN (AFP) – German business confidence surged in November, a closely-watched survey showed on Tuesday, fuelling hopes that Germany, Europe’s economic powerhouse, could lead the continent out of recession. The survey, by the Ifo institute, showed business sentiment rose to 93.9 from 92.0, the eighth successive rise and the highest level since August 2008. It was also better than expected, with economists polled by Dow Jones Newswires expecting a rise to 92.6 points. “The German economy continues on the road to recovery,” said the institute’s president Hans-Werner Sinn, in a statement. The positive news followed data from the national statistics office confirming that German growth was gingerly returning after the country suffered its deepest recession for six decades. Output increased by 0.7 percent in the third quarter of the year, driven higher by companies replenishing their stocks. Exports and consumer spending, however, were weak and dragged output down in the third quarter. Buoyed by sunnier data in recent months, the German government has raised its growth outlook for the whole year, but still expects the economy to contract by around five percent, by far its worst post-war performance. Next year, Berlin sees the economy hauling itself back into positive territory, with 1.2 percent growth. See the original post here: German firms see brighter future ahead: survey

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* U.S. stock index futures pointed to a lower opening on Wall Street on Tuesday, following the previous session’s sharp gains, with futures for the S&P 500 SPc1 down 0.18 percent, Dow Jones DJc1 futures down 0.26 percent and Nasdaq 100 NDc1 futures down 0.38 percent at 0925 GMT. * Hewlett-Packard Co ( HPQ.N ) said it has tripled the size of its share repurchase program to $12 billion as China sales and better profit margins on its services boosted quarterly earnings. The fiscal fourth-quarter results released on Monday were in line with preliminary figures that HP gave two weeks ago, which had topped Wall Street’s estimates at the time. HP shares traded in Frankfurt were up 0.9 percent. [ID:nN23242457] * Microchip maker Analog Devices Inc ( ADI.N ) on Monday reported higher than expected quarterly sales and forecast higher profit margins and busier factories by the end of fiscal 2010. [ID:nN23273180] * Network equipment maker Brocade Communications Systems Inc ( BRCD.O ) on Monday reported a higher than expected quarterly profit, despite concerns about competition amid a series of mergers and acquisitions among rivals. [ID:nN23258074] * Shares in Japan Airlines Corp ( 9205.T ) slid to a record low on Tuesday on growing investor worries that Asia’s largest airline by revenue could face bankruptcy as it struggles to agree pension cuts. [ID:nSP480329] * The European Commission said on Tuesday it had closed formal anti-trust proceedings against U.S. chip maker Qualcomm as complaints against the firm had been dropped. [ID:nBRU010564] * Oil slipped towards $77 a barrel on Tuesday, held down by a firmer dollar, but trade was thin ahead of the U.S. Thanksgiving holiday and data that was expected to show crude stocks rising in the United States. [ID:nSIN460213] * The dollar rose as some investors bought the currency or closed dollar-short positions before Thanksgiving. [USD/] * Hong Kong and China stocks sank on Tuesday, with Shanghai’s SSE composite index .SSEC dropping 3.5 percent, dragged down by banks as investors took profit after a recent rally, while concerns about capital-raising plans by lenders sparked fears of shareholder dilution. * European stocks were down 0.7 in morning trade, led lower by banks, while miners such as Xstrata ( XTA.L ) dropped along with metal prices. * The day’s economic agenda includes the Commerce Department’s preliminary (second) estimate of Q3 Gross Domestic Product (GDP) growth, due at 1330 GMT. Investors will also keep an eye on monthly consumer sentiment data, due at 1500 GMT. * On the earnings front, H.J. Heinz Co. ( HNZ.N ), Medtronic ( MDT.N ) and Hormel Foods Corp. ( HRL.N ) are among the few companies due to report on Tuesday. * Kenneth Feinberg, the Obama administration’s pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc ( AIG.N ) for 2010, the Wall Street Journal reported, citing people familiar with the matter. [ID:nGEE5AN04Y] * U.S. stocks snapped a three-day losing streak on Monday as stronger than expected home sales data fuelled optimism while a weaker dollar boosted commodity-linked stocks. * The Dow Jones industrial average .DJI gained 132.79 points, or 1.29 percent, to end at 10,450.95. The Standard & Poor’s 500 Index .SPX rose 14.86 points, or 1.36 percent, to 1,106.24. The Nasdaq Composite Index .IXIC added 29.97 points, or 1.40 percent, to close at 2,176.01. (Reporting by Blaise Robinson ; Editing by Greg Mahlich) ((blaise.robinson@reuters.com ; +33 1 4949 5269, Reuters Messaging: blaise.robinson.reuters.com@reuters.net)) Read the original: U.S. stock futures signal losses; HP eyed (at Reuters)

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HELSINKI (AFP) – Nokia, the world’s biggest mobile phone maker, said on Tuesday it would cut around 220 jobs in Japan as part of its plans to streamline its vast research and development operations. “As part of its global efforts to align its research and development (R&D) operations to be in line with its focused portfolio of future products, Nokia will be reducing its R&D activities in Japan,” the Finnish company said in a statement. Last week Nokia announced that about 330 employees at its research and development units in Denmark and Finland would be made redundant. The company employs about 17,000 people in research and development worldwide. It said that despite the planned reductions, it would continue to have “significant sourcing activities in Japan.” “Vertu, Nokia’s exclusive line of handcrafted mobile phones for the luxury market, will also continue operations in Japan unaffected by today’s announcement,” it noted. The mobile phone giant launched a cost-cutting programme last January, after its earnings fell as consumers cut back on buying handsets amid the global financial crisis. The programme aims to generate more than 700 million euros (1.0 billion dollars) in annual savings. Before Tuesday, Nokia had announced about 4,000 job reductions since January, including around 1,300 voluntary redundancy packages. Last month Nokia posted a surprise entry into red, reporting a third-quarter net loss of 559 million euros amid rising competition in the smartphone market and problems with its Nokia Siemens Networks joint venture. Read more from the original source: Nokia to cut 220 R&D jobs in Japan

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By Sonali Paul MELBOURNE (Reuters) – Pressure is growing on BHP Billiton to return billions of dollars of retained earnings to shareholders, but the top global miner is unlikely to succumb until the fate of a planned iron ore joint venture with rival Rio Tinto is known. Shareholders are set to quiz BHP at its Australian annual meeting on Thursday on its plans for the $20 billion plus cash it churns out a year, with debt of just $5.6 billion and a hoard of Australian tax credits available. “They’ve got a huge surplus of franking credits and they’ve got very low gearing, so capital management’s got to be an issue,” said Warwick Cumming, deputy head of equities at Tyndall Investment Management, which owns BHP shares. BHP’s comments that it wants to expand in iron ore, coking coal, copper, petroleum and potash have also set tongues wagging. Could it be lining up another takeover bid for Rio Tinto? Is it going to team up with Royal Dutch Shell to buy Woodside Petroleum? Is it going to make a bid for Potash Corp of Saskatchewan? So far, BHP seems to be focused on sealing a $116 billion iron ore production joint venture with Rio Tinto. The world’s No.2 and 3 iron producers have said they are on track to sign a binding agreement by December 5. Under a deal agreed in June, BHP committed to pay Rio $5.8 billion to obtain an equal stake in the joint venture. ‘MUST-DO DEAL’? Rio could ask BHP to pay more, now that Rio is less desperate after slashing debt with a $15 billion rights issue and $5.2 billion in asset sales, and in light of the recovery in the iron ore market since the plan was announced in June. “The deal was a product of a different time … The need to offer up the synergy benefits to BHP may no longer be there,” said Matt Williams, head of Australian equities at Perpetual Investments. Investors said they would not expect BHP to baulk at paying a bit more if it means it will secure more than $10 billion in savings from putting the two operations together. BHP also plans to spend $10 billion on exploration and development projects in the year to June 2010. Beyond that, the company could afford to return tens of billions of dollars to shareholders, staggered over a few years, said Shawn Burns, a portfolio manager at Integrity Investment Management. “If BHP’s view is cautious about growth in the short- to medium term, I wouldn’t be surprised if BHP embarks on a buyback,” said Rob Craigie, an analyst at broker FW Holst. The company has previously returned $12.7 billion through share buybacks.  Continued… See the rest here: BHP share buyback hinges on fate of Rio Tinto joint venture

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Excellent reading here from Yale University.  Their conclusions are interesting & summarized here (entire paper attached below): 1. Assuming no major changes in federal government tax and spending policies, the federal debt as a percent of GDP rises to about 75 percent by 2020. This rise is similar to that of the CBO (2009b) and Auerbach and Gale (2009), although in the present case all the macroeconomic endogeneity has been accounted for. 2. A depreciation of the dollar leads to inflation, as expected, but this is of only modest help regarding the debt problem. It does not appear that the United States can inflate away its debt problem. The picture is worse regarding output if there is a flight from U.S. stocks as well as the dollar. 3. Personal income tax increases and transfer payment decreases have similar effects on the economy. A tax increase or spending decrease of 4 percent of nominal GDP is enough to solve the debt problem. The real output cost is about $300 billion per year. 4. A national sales tax is more contractionary in the model than are personal tax increases and transfer decreases, due in large part to decreases in real wealth and real wages. A national sales tax thus does not look like a good idea, although there is more uncertainty here regarding the ability of the model to deal with this case. 5. In the estimated interest rate rule of the Fed both inflation and unemployment matter, and so the Fed’s response to shocks depends on how these two variables are affected. The effects of interest rate changes on the economy are not large enough in the model to have the Fed come close to offsetting the effects of shocks. For example, much of the output costs to tax increases or spending decreases seem unavoidable. Link: THE PROBLEM OF DEFICITS

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SEATTLE, Nov. 24 /PRNewswire-FirstCall/ — Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) management will present at the 21st Annual Piper Jaffray Health Care Conference. The conference will be held December 1-2, 2009, at the New York Palace Hotel. CTI will present on Tuesday, December 1 at 11:00 a.m. Eastern Time in Holmes 1 (4th Floor). A live audio webcast of CTI’s presentation will be available at www.celltherapeutics.com , and it will also be available for replay afterwards. Piper Jaffray Health Care Conference New York Palace Hotel, Holmes 1 (4th Floor) CTI Presentation: Tuesday, December 1, 2009 11:00 a.m. Eastern /5:00 p.m. Central European /8:00 a.m. Pacific Audio webcast at www.celltherapeutics.com Media Contact: Dan Eramian T: 206.272.4343 C: 206.854.1200 F: 206.272.4434 E: deramian@ctiseattle.com www.celltherapeutics.com/press_room Investors Contact: Ed Bell T: 206.272.4345 Lindsey Jesch Logan T: 206.272.4347 F: 206.272.4434 E: invest@ctiseattle.com www.celltherapeutics.com/investors Read more: Cell Therapeutics, Inc. (CTI) to Present at 21st Annual Piper Jaffray Health Care Conference (PR Newswire)

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