Diamonds and Dogs
Who's Still CountingWho's Still Counting?
On Friday, seven (7) more banks failed according to the FDIC. That brings the total to 64 for the year and 19 for the month of July alone. With the Dow hitting 9000 and corporate earnings being well received by Wall Street, investors need to consider whether continued bank failures are a leading or lagging indicator? Either way, 19 failures in July (with another week to go) exceeds the total failures during the five year period of 2003-2007 or it just can't be a sign of a strong economy, so buyers beware.
July 28, 2009
IBM on track to buy software developer SPSS Inc. for $1.2 billion during Tuesday's trading. SPSS Inc. is a growing developer of software that analyzes statistical data which produces statistical predictions used in survey and scientific based research. This program has grown to be one of the largest research programs in the fields of government, education and marketing. IBM is looking to expand their software portfolio by adopting SPSS Inc. SPSS stock has increased 40.61% or $14.25 to $49.34 per share.
Office Depot shares deplete as stocks slide on earnings, creating a caution for consumer confidence. The Confidence board stated that consumer confidence weakened more than expected in July, creating a panic for shareholders that the market will not rebound out of the recession. As a result, retailers took the biggest hit on the day due to the lack of consumer spending and high revenue. Office Depot, the No. 2 U.S. office supply retailer reported a bigger than expected quarterly loss. ODP shares fell 20.4% to $4.26 during Tuesday's daily trades.