*LACKER SAYS FEDERAL RESERVE M…
February 6th, 2008*LACKER SAYS FEDERAL RESERVE MAY CUT INTEREST RATES AGAIN
*U.S. FOURTH-QTR PRODUCTIVITY …
February 6th, 2008*U.S. FOURTH-QTR PRODUCTIVITY RISES 1.8%; LABOR COSTS UP 2.1%
*TIME WARNER 4Q EPS FROM CONT …
February 6th, 2008*TIME WARNER 4Q EPS FROM CONT OPS 28C, EX-ITEMS 27C; EST. 29
* What to make of non-manufacturing ISM
February 5th, 2008* Today’s drop in ISM non-manufacturing to 41.9 (vs 53 expected) was a clear shock to equity markets. The weakness reported was across almost all sectors: only three reported an improvement in conditions: utilities, scientific services & education. The last time we’ve seen such a big drop in non-manufacturing ISM was directly following the 9/11 attacks, after which the index bounced sharply.
* It’s pretty strange to see conditions deteriorating this rapidly, especially since consumer confidence stabilised last month and ISM manufacturing actually rose. The manufacturing index is by the way a more reliable indicator of GDP and is still signalling a 2% or more growth rate.
* perhaps the credit crunch can be used as an excuse for today’s weak survey, but interestingly only 14.6% of respondents in the survey said that the financial markets turmoil was having an effect on their financing. So the rest didn’t.
* All in all today’s ISM non-manufacturing report looks like a outlier event and we therfore wouldn’t give it too much weight at this time.
*U.S. JAN. ISM NON-FACTORY ACT…
February 5th, 2008*U.S. JAN. ISM NON-FACTORY ACTIVITY INDEX FALLS TO 41.9 VS 54.4
*TYCO 1Q EPS FROM CONT OPS EX-…
February 5th, 2008*TYCO 1Q EPS FROM CONT OPS EX-ITEMS 73C; ANALYST EST. 61C
*BOSTON SCIENTIFIC 4Q EPS EX-I…
February 4th, 2008*BOSTON SCIENTIFIC 4Q EPS EX-ITEMS 24C; ANALYST EST. 9C
*MOODY’S SAYS MORTGAGE OUTLOOK…
February 1st, 2008*MOODY’S SAYS MORTGAGE OUTLOOK HAS `CONTINUED TO WORSEN’