Economy - Wednesday      (Investor's Business Daily)
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Investor's Business Daily - Ex-Fed chief Alan Greenspan doubts the central bank's ability to prevent a U.S. recession. He put the chances of a recession at 50%. He said real long-term rates have much more influence over economic activity than national decisions, while central banks have "less and less power to influence long-term rates." The Fed cut rates half a point 15 3% on Wed. after last week's emergency 75-basis-point cut.
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Investor's Business Daily - California, Florida and Ohio led the 176,137 total U.S. filings, RealtyTrac said. The total was nearly double May &#39;06 and 19% higher than April. More homeowners are falling behind on payments. Higher foreclosure activity also likely will mean lower home prices. Median prices fell 1.8% in Q1, according to the National Association of Realtors.
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Plus: Take-Two loss shrinks, but outlook falls short...Adobe profit up 21 percent...Dell income up 27 percent.
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Investor's Business Daily - July&#39;s increase was higher than expected and follows a 0.4% June gain, the Commerce Dept. said. Sales rose 1.1% in the month, more than reversing a 0.3% decline in June. The inventory-to-sales ratio, a gauge of how long existing stocks will last at the current sales pace, fell slightly to 1.26 months from 1.27 months. Retail inventories rose 1%. Motor vehicles and parts climbed 2.9%. Both increases were the largest since May &#39;06.
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Investor's Business Daily - Foreign Threats: While we fret over our 401(k)s and whose fault it is that we bought houses we couldn't afford, the once-hibernating Russian bear is awake and up to some mischief.
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Investor's Business Daily - Government efforts to cool soaring Chinese stocks sparked heavy selling in Shanghai on Wednesday. But unlike three months ago, global markets took the drop in stride.
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Investor's Business Daily - Market News&#39; retail trade index for the week of June 16 fell 1.4 points from the previous week to 40.1. Same-store sales growth was just 0.6%. Companies are curtailing new openings. Layoffs and bankruptcies are rising.
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Investor's Business Daily - That&#39;s a little softer than the prior reading of 4% and estimates for a 3.9% annual rate. But it&#39;s still the best in a year. Net exports were a little weaker than prior estimates said. Still, trade and business investment offset another sharp drop in home building as well as sluggish consumer spending. Most economists expect slower 2nd-half growth as a credit crunch takes its toll on housing and other sectors.
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Investor's Business Daily - Even before Tuesday's 0.75% slash in the federal funds rate by the Federal Reserve, mortgage rates had been sliding. Last week's cut pulled down home loan rates more.
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Investor's Business Daily - The U.S. economy will grow 3% next year, up from an expected 2.3% in &#39;07, as housing demand stabilizes, according to a Chicago Fed survey. Inflation is expected to fall amid a slight drop in oil prices. Industrial production is seen rising 2.3% this year and 2.8% next.
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Investor's Business Daily - Could Russia's hypergrowth in cellular subscribers start slowing?
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Plus: Samsung SDI swings to loss...Outstanding earnings for Apple...Xerox profits from color printers...Alltel profit, revenue rise.
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Investor's Business Daily - There might come a day when U.S. investors don't have a hopeless crush on Chinese stocks, but that day won't come soon.
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Investor's Business Daily - Average 30-year rates dipped to 6.67% from 6.69% from the week prior, Freddie Mac said, citing slower home sales. Average 15-year rates fell to 6.34% from 6.37%, while one-year ARMs fell to 5.65% from 6.37%. It&#39;s the second week of declines after a month of increases. Rates remain below year-ago levels.
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Investor's Business Daily - Predictable may be boring, but it&#39;s preferred by Janus Enterprise Fund.
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Investor's Business Daily - IBM is ironing out some scheduling problems for the steel industry.
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Investor's Business Daily - The market in January handed stock fund investors their worst month in years.