The entire market scenario was somewhat uplifted by the profits that were reported by Intel. Apparently, Intel made a huge profit for last fiscal year, due to the fact that large corporations are buying more computers that run on Intel’s most expensive processing chips. Generally, this can also be a sign that the economy is indeed recovery for certain sectors of the economy, as clearly, large corporations are now easing on their tight financial budget. Intel CEO Paul Otellini has earlier mentioned that large corporations are now eyeing to replace their aging machines, whereby machines that have reached its 4 to 5 years shelf life would be replaced by newer and faster computers.
Intel has reported a net income of $2.89 billion, or which can be further translated into 51 cents per share. Market analysts predicted a lower earnings per share of 43 cents, whereby Intel’s performances have exceeded the market’s expectations. Generally, Intel’s previous net income which exceeded $2.5 billion was in 2000 during the dotcom peak. It also seems that Intel could have performed better, if not for the anti-trust lawsuit in Europe whereby Intel paid a whopping $1.45 billion in fine for violating antitrust in Europe.
Personally, I believe that Intel has plenty of room to grow, as clearly, their Atom processors and revolutionary quad-core processors are selling like hotcakes in the market.
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Apparently, the price for crude oil hovered at $77 per barrel, whereby market analysts have reported that crude supplies rose unexpectedly for the previous week. Generally, this can also be translated into poor or weak demands from consumers. Crude inventory rose by 1.7 million barrels just last week, which indicates that the market is unexpectedly consuming lesser oil.
However, the price performance factor for the crude oil did not deter market investors from shying away in investing into the stock market, whereby large corporations like Intel, and Alcoa Inc have reported favorable earnings for the last fiscal year. On the other hand, market analysts are also predicting similar financial performances for companies like Google Inc, Bank of America Corp, and JPMorgan Chase and Co, whereby these corporations will be announcing their financial data pretty soon.
Also, the oil leak at the Gulf of Mexico did not decrease the overall oil supply for the United States. However, it seems that the oil supplies from the Gulf might be slowdown, as clearly, repair works are being carried out to stop the oil leakage.
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Good news for all! It seems that the Congress is planning to extend the tax cuts for middle-class Americans, whereby the move is seen as a key that will help the economy to further recover. Generally, the economy is pretty fragile, whereby if tax cuts were not extended, this might cause a choke hole in the fragile middle-class, which will ultimately cause a cascading effect that might destroy the newly recovered economy.
Basically, the middle-class tax cuts will expire at the end of the year, but House Democratic Leader Steny Hoyer has earlier mentioned that he anticipates that the House of Representatives will further extend the tax cuts, with hopes of reviving and strengthening the already-fragile economy. In fact, President Barack Obama has vowed not to raise taxes on middle-class individuals that earn less than $200,000, or couples who make less then $250,000.
Personally, I see such tax cut moves to be a great news for most Americans, as clearly, this can help create more dispensable cash flow amongst these middle-class citizens. And by having more money to spend, I’m sure that the economy would definitely be on track to recover in a timely manner.
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Toyota and Tesla got into an agreement together, whereby both of these companies will enter into a joint venture to product a prototype electric vehicle. In fact, sources from Toyota have indicated that the respective vehicle might be available for consumers in as early as 2012. Also, Toyoda has recently announced that the company is indeed interested in further maximizing the potential in Tesla’s electric vehicles, whereby these vehicles utilize a rather revolutionary electric engine and batteries.
Earlier, Toyota has committed a whopping $50 million in Tesla, which practically shot Tesla’s public offering price by 40%. However, after months of the initial announcement by Toyota, Tesla’s stock prices have decreased slightly below their initial public offering of $17.
On the other hand, a spokesperson from Toyota has indicated that Tesla’s approach in the electric vehicle market is somewhat shocking, whereby Tesla plans to utilize battery components which can be found easily in the market. In fact, such battery components are cheaper to purchase, which explains the low cost in manufacturing and distributing Tesla’s electric vehicles.
Personally, I’m highly anticipating these electric vehicles, as clearly, the future is indeed focused in the electric industry, judging by the fact that crude oil will reach its peak in supply by 2016.
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The real estate industry, is one of the hardest hit industries in the North American region. In fact, real estate owners found themselves in deep waters, after going through massive layoffs from corporations in the country. And that did not end – homeowners are squeezed financially, whereby employers emphasize a cost cutting scheme in the move to cost its overall costs, which generally left homebuyers high and dry, and with the inability to repay their home loans.
On the other hand, the latest figures released by officials indicated that the home buying applications have sunk to a 13-year low, whereby the demands for loans to purchase homes in US has gone sour, despite the record low mortgage rates. Apparently, the request to obtain loans to purchase homes dropped 3.1 percent on July 9, which can be considered as one of the lowest level since December 1996.
Generally, the high unemployment figures and foreclosures remain as the major forces which are deterring US citizens from buying new homes. Furthermore, the homebuyer tax credits have expired, which also contributed to the downfall in home sales in North America.
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With China rising as one of the largest economic powerhouse in the world, it seems that China will also be one of the largest IPO market in the world with the current economic developments. Generally, the Chinese government is expecting up to 300 companies that will be listed in the stock exchange, whereby their IPOs will generate a whopping 500 billion yuan, or 73.6 billion dollars in the process.
In fact, one of such large organizations that will be listed in the stock exchange, is none other than the Agricultural Bank of China, or also known as the China AgBank. Basically, AgBank will raise a record $22.1 billion in US dollars when their IPO is available in the stock exchange. Apparently, AgBank upcoming Shanghai share price debut will be fixed somewhere in the 2.68 yuan region, but the total number of IPO has yet to be made known.
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International Monetary Fund Managing Director, Dominique Strauss-Kahn, has recently mentioned that the Asian market is facing risks of rising capital flows, whereby Asian countries are relying heavily on exports for economic growth, while neglecting the need to boost its internal consumption and domestic investment. On the other hand, Dominique Strauss-Kahn also added that the Asian market is at risk of overheating, and credit and asset bubbles might also develop in the process.
Personally, I find Dominique Strauss-Kahn’s statements to be sidelined towards developed nation’s interests. And when it comes to the economic development in China, I believe that every nation in this world envies China’s booming market, whereby the country has one of the largest export markets in the world. Surely, I find Dominique Strauss-Kahn’s statements to be hinting that China should slow down in their economic developments, as well as floating their currency, as a move to create a fairer market.
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