Twin Disc earnings fall 26%

JD The Jazz Doctor · Grand Poobah

Welcome To The Recession

MzHartz · Permanent Vacation

The last recession I had a cancer scare, a sick cat, and had just moved out on my own. I'm still feeling the hit my wallet took.

JD The Jazz Doctor · Grand Poobah

I hope this recession is much better for you!! smile

I'm too worried to look at my investment info at the moment... hmm

disco strangler · Smiles everyone, smiles!

we didn't have a pot to piss in...
now we do, but we can't afford to piss

Jeremy Riggs · Do I look a little pale to you?

Ya gotta try to see the good in a recession.

Wanna sell your house? BAD.

Wanna BUY a house? GREAT!

Wanna sell your stock? BAD

Wanna start investing in stocks? GREAT (They WILL go up again)

A lot of people get rich during recessions, it's a buyers market. If ya saved your pennies during the good times this is when you can gobble up stuff at low cost.

JD The Jazz Doctor · Grand Poobah

well thats what my financial planner says. you buy a lot right now. the chances of 1000 shares going up a penny is much more likely than 100 stocks going up a dolla.... hmm

JD The Jazz Doctor · Grand Poobah

Twin Disc earnings fall 26%

Twin Disc Inc. (TWIN) said today earnings dropped 26% amid slowing demand for oil and gas transmissions.

The Racine maker of power transmission equipment for the marine and heavy-duty off-highway equipment industries said fiscal second-quarter net income fell to $4.21 million, or 37 cents a share, from $5.67 million, or 48 cents, a year ago. Sales for the three months that ended Dec. 31 improved 10.3% to $81.9 million from $74.2 million.

Per-share results reflect a December 2007 2-for-1 stock split.

"Demand for our products across most of our product lines continues to be historically high," said Michael Batten, chairman, president and CEO, in a statement. "However, we have begun to experience a shift in our sales mix. Most noticeably, we have begun to experience a slowdown in demand for our oil and gas transmissions, which has affected profitability. In addition, our industrial markets continue to experience a cyclical softening."

Sparky · Phat Cat EL Presidente

We are in a recession???

I knew there was something up with the 932 phone calls I've gotten this morning.

I won't be around this afternoon by the way.

Sparky · Phat Cat EL Presidente

U.S. stocks pare losses after Fed cuts rates
U.S. stocks add to heavy selling throughout the world
The Associated Press
updated 9:48 a.m. MT, Tues., Jan. 22, 2008
NEW YORK - Wall Street struggled to steady itself Tuesday, climbing back from an early plunge after the Federal Reserve cut interest rates to restore stability to a faltering U.S. economy. The Dow Jones industrials, down 465 points at the start of the session, recovered to a loss of about 200 points.

The U.S. markets joined a global selloff amid growing fears that a U.S. recession could send economies around the world into a downturn. Though stocks regained ground as investors digested the Feds move to cut the key interest rate by 0.75 percentage point and bargain-hunters entered the market, trading remained volatile and the major indexes fluctuated sharply, at times approaching the break-even point before heading down again.

Analysts saw little, if any, optimism driving the market.

Sometimes market bottoms are not made by specific events, but by exhaustion, said Peter Boockvar, equity strategist at Miller Tabak.

Tuesdays drop followed steep losses on Wall Street in the past few months as investors took in a stream of weak economic data and reports that financial firms had lost billions of dollars due to the housing and mortgage crisis. With the housing and credit markets unlikely to turn around soon, and more disappointing economic news expected, investors were likely to keep shying away from stocks.

Boockvar said that for the market to truly gain a foothold, investors need to see strong earnings reports and economic data in the coming weeks.

If that doesnt happen, then all this is a short-term bottom before a resumption of selling, Boockvar said.

U.S. bonds were mixed, with investors seeking safer investments as stocks declined. The price of oil, meanwhile, fell amid expectations that a downturn would depress demand for energy.

The Fed lowered the target federal funds rate, or the interest banks charge one another for overnight loans, to 3.50 percent and the discount rate, the interest the Fed charges banks directly, to 4 percent. The decision came a week before the central banks regularly scheduled meeting, a sign that it acknowledges that the worlds financial situation is serious.

Whether the central banks move was sufficient, though, was up for debate on Wall Street, where anxiety has been escalating that an interest rate might not be enough to stoke an economy pummeled by soaring mortgage defaults and tumbling home prices.

Its just not enough yet. The Fed has got to do a lot more than just lower rates. Theyve got to inject more liquidity, said Harry Clark, president of Clark Capital Management in Philadelphia.

The Dow was down 195.66, or 1.62 percent, at 11,903.64. The Dow was last below 12,000 in March 2007.

The blue-chip index fluctuated sharply, and trading was expected to remain volatile.

Nervous investors are at their wits end, and thats causing kneejerk reactions, said Jack A. Ablin, chief investment officer at Harris Private Bank. I think that without the cut wed certainly be down more, but what were talking about here is really just psychology.

The broader Standard & Poors 500 index was off 23.82, or 1.8 percent, at 1,301.37, while the Nasdaq composite index fell 56.34, or 2.41 percent, to 2,283.68.

Sparky · Phat Cat EL Presidente

Update:

Federal Reserve makes emergency rate cut
Move is the largest single shift in interest rates since November 94
MSNBC News Services
updated 10:10 a.m. MT, Tues., Jan. 22, 2008
WASHINGTON - The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, cut a key interest rate by three-quarters of a percentage point on Tuesday, the largest single shift in interest rates since November 1994.

The Fed said it was cutting the federal funds rate, the interest that banks charge each other on overnight loans, to 3.5 percent, down by three-fourths of a percentage point from 4.25 percent.

The Fed action was the most dramatic signal it can send that it is concerned about a potential recession in the United States. It marked the biggest one-day move by the central bank in recent memory.

It was the largest single shift in interest rates since November 1994, when the Fed raised rates by three-quarters of a point, and it was the first rate cut in between regularly scheduled policy meetings since September 17, 2001, the first day U.S. financial markets reopened after the September 11 terror attacks. The last time there was a cut in the federal funds rate of at least three-quarters of a point was in October 1984.

The Fed decision was taken during an emergency telephone conference with Fed officials on Monday night. Those discussions occurred after global financial markets had plunged Monday as investors grew more concerned about the possibility that the United States, the worlds largest economy, could be headed into a recession.

In a brief statement, the Fed said it had decided to cut the federal funds rate in view of a weakening of the economic outlook and increasing downside risks to growth.

The central bank said that the strains in short-term funding markets have eased a bit, but broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets.

The move caught financial markets by surprise. Many had expected the central bank would wait until its meeting next week to make any move in interest rates. The Fed made the move before markets had opened in the United States, hoping that the bold move would limit the decline in U.S. stocks.

Before Tuesdays move, the Fed had cut interest rates three times, beginning in September, the month after a severe credit crunch had roiled Wall Street and global financial markets. The Fed cut the funds rate by a half-point in September and then by smaller quarter-point moves in October and December.

In its statement, the Fed said, that appreciable downside risks to growth remain and held out the prospect of further rate cuts.

The committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risk, the Fed statement said.

The Feds action was approved on an 8-1 vote with William Poole, president the Feds regional bank, dissenting. The statement said that Poole objected because he did not believe current conditions justified a rate move before the Feds meeting next week.

JD The Jazz Doctor · Grand Poobah

recovered to a loss of about 200 points.

youch. that's scary... hmm

JD The Jazz Doctor · Grand Poobah

Bush won't rule out bigger stimulus package

White House may agree to go above $150 billion in economic aid

President Bush wont rule out the possibility of a larger economic stimulus package than the $150 billion program already outlined to reinvigorate the ailing economy, the White House said Tuesday.

Bush last week offered the outline of a short-term economic boost, but the slumping of the global economic market since then has raised the question of whether hes willing to broaden the package. Word of the administrations thinking came on the same day that the Federal Reserve announced a three-quarter percentage point cut in a key interest rate to steady the economy.

Discussing the White Houses options, press secretary Dana Perino told reporters: Im not going to close the door, but Im not suggesting that anyone believes it has to be bigger than the roughly $150 billion figure already discussed. Later, Perino said that at this point the White House has not seen higher numbers floated by members of Congress and that Bush believes the growth package he has outlined is the right amount.

Jeremy Riggs · Do I look a little pale to you?

Yay! One benefit of a recession is lower gas prices. Anybody wanna take a trip?

Oil prices sink on fears of a recession

An economic slowdown would likely dampen demand for crude oil

Cartoons

A look at the soaring price of crudil.

Market update

Index	Last	Change	% change
DJIA	11973.55	-125.75	-1.04%
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Oil futures dropped sharply Tuesday on mounting concerns that the U.S. economy may be heading toward a recession that would dampen demand for crude.

While the Federal Reserves interest rate cut helped crude futures recover some of their earlier losses, many investors doubt the move will stave off a serious slowdown.

Whenever you see a rate cut of that magnitude between (Fed) meetings ... it conjures up images of desperation, said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Ill.

squonk · RetroMan

That Riggs sure can typ fast!
I'm hanging on to my hemp stock a little bit longer. smile

JD The Jazz Doctor · Grand Poobah

Shares of MGIC Investment Corp. (MTG) plummeted more than 30% to their lowest point in 15 years Wednesday, after the nation's leading mortgage insurer said it expects paid losses to reach as much as $2 billion this year.

The Milwaukee-based company had previously expected payouts to reach as much as $1.5 billion in 2008, but raised that to a range of $1.8 billion to $2 billion in an update sent to investors late Tuesday. The company blamed rising delinquencies and claim sizes for the increase.

Shares of MGIC fell $5.07, or 31.59%, to $10.98 in trading early Wednesday. Shares reached $10.45 earlier in the morning, marking their lowest point since 1992. They have traded as high as $70.10 in the past 52 weeks.

JD The Jazz Doctor · Grand Poobah

Profits at the A.O. Smith Corp. fell 10% in the fourth quarter, even though an increase in sales of water heaters in China pumped up revenue by 4.8%.

Chairman and Chief Executive Officer Paul W. Jones said he expects earnings to decrease next year, which he said would be "challenging."

The Milwaukee maker of residential water heaters earned net income of $17 million, or 55 cents a share, down from $18.9 million, or 61 cents, a year earlier. Recent results include a restructuring charge of $8.2 million, or 26 cents a share, while year-ago results include a charge of $2.8 million, or 9 cents.

garougal · Cleverly Disguised As A Responsible Adult

I just heard this on NBC News:

- Currently there are 27 states in recession wiht more on the way.
- Expect unemployment rates to spike around 8-9% in June 2009.
- The recession can be expected to last through June 2009 in the best case scenario, June of 2010 in the worst case scenario.

JD The Jazz Doctor · Grand Poobah

save us sarah palin, save us!

garougal · Cleverly Disguised As A Responsible Adult

You're incorrigible. evileye

disco strangler · Smiles everyone, smiles!

Fortunately, Oklahoma is one of the more diversified states that (hopefully) won't get hit quite as hard as others. The state is still very strong in agriculture, both farming and ranching, as well as energy -- oil, wind and natural gas. Unemployment is not as high as most states. Still, though, Oklahoma has lost many jobs in the information and aerospace industries.

Like everywhere else, we'll have to wait and see...

darleneapd · Cuff 'Em N' Stuff 'Em

JD The Jazz Doctor wrote:
save us sarah palin, save us!

http://www.palinaspresident.us/

-- Edited by darleneapd at 10:28, 2008-10-24

disco strangler · Smiles everyone, smiles!

darleneapd wrote:
JD The Jazz Doctor wrote:
save us sarah palin, save us!

http://www.palinaspresident.us/

-- Edited by darleneapd at 10:28, 2008-10-24

funny! but, i can't figure out what is falling from the ceiling by the curtains... is it supposed to be a spider?

he, he.... keep clicking on the statue of justice... too funny!

-- Edited by disco strangler at 11:07, 2008-10-24

JD The Jazz Doctor · Grand Poobah

thats funny! smile