'fresh'에 해당되는 글 3건

  1. 2009.01.08 Stocks fall on fresh evidence of economic woes by CEOinIRVINE
  2. 2008.12.05 Automakers face skeptical senators on aid plan by CEOinIRVINE
  3. 2008.12.02 A Very Fresh Prince by CEOinIRVINE

Stocks fell sharply Wednesday, as a handful of bleak profit outlooks and more evidence of escalating unemployment served as stark reminders that the economy remains in rough shape. The Dow Jones industrials dropped more than 180 points.

Underscoring investors' growing fears that 2009 is shaping up to be a difficult year for many sectors, Time Warner and Intel on Wednesday issued disappointing guidance.

Time Warner Inc. said it expects to record a fourth-quarter $25 billion impairment charge for its cable, publishing and AOL units that will lead to an operating loss for the period and a loss for the full year. It had expected a profit between $1.04 and $1.07 per share for the year.

Meanwhile, computer chip maker Intel Corp. said it expects fourth-quarter revenue to drop 23 percent, below prior estimates, due to weak demand and inventory reductions by its computer maker customers.

Time Warner shares shed 97 cents, or 8.8 percent, to $10.01. Intel shares plunged nearly 6 percent, or 88 cents to $14.49.

Aluminum producer Alcoa Inc.'s decision to slash jobs further jolted investors.

Alcoa said late Tuesday it is reducing its global work force by about 13,500, or 13 percent, by the end of the year and lowering total output by more than 18 percent annually. Shares of Pittsburgh-based Alcoa tumbled 70 cents, or 5.8 percent, to $11.42.

The announcement comes ahead of the Labor Department's report Friday on the job market - a closely watched barometer of the economy's health. The market got a disappointing harbinger Wednesday in the form of the ADP National Employment Report, an unofficial gauge that the market has been increasingly monitoring as U.S. job losses mount. The report said private sector employment fell by 693,000 in December, worse than expected.

When people lose their jobs, they tend to spend less and fall behind on their debt payments. Investors fear that further declines in consumer spending will prolong the recession.

"People are concerned with the employment report coming out on Friday," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York. "The market has shrugged off some bad news recently, and it's starting to get to the point where it can't do that anymore."

The Dow has rallied about 20 percent since its multiyear lows in late November 2008, and the Standard & Poor's 500 index has surged nearly 25 percent.

"We've had a big move," Fullman said. "What we're looking at now is just people getting a little cautious here."

In late morning trading, the Dow dropped 186.46, or 2.07 percent, to 8,828.64. The Standard & Poor's 500 index fell 21.57, or 2.31 percent, to 913.13, while the Nasdaq composite index fell 41.70, or 2.52 percent, to 1,610.68.

The Russell 2000 index of smaller companies was down 14.98, or 2.91 percent, to 499.73.

Declining issues outnumbered advancers by about 6 to 1 on the New York Stock Exchange, where volume came to 297.50 million shares.

On Tuesday, Wall Street overcame gloomy economic readings to finish with a moderate advance. The market's economic worries had been calmed a bit in recent days by President-elect Barack Obama's proposal to slash taxes and help businesses. The stimulus package could cost as much as $775 billion, though, and Obama said Tuesday the nation could face trillion-dollar deficits "for years to come."

Bond prices rose on Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.46 percent from 2.47 percent late Tuesday. The yield on the three-month T-bill, considered one of the safest investments, edged lower to 0.11 percent from 0.14 percent.

The Treasury plans to auction a record $30 billion in three-year notes on Wednesday.

The dollar fell against other major currencies. Gold prices also fell.

Crude oil prices slipped $2.46 to $46.12 a barrel on the New York Mercantile Exchange.

In Asian trading, Japan's Nikkei stock average rose 1.74 percent, and Hong Kong's Hang Seng index fell 3.37 percent. In afternoon trading in Europe, Britain's FTSE 100 fell 2.31 percent, Germany's DAX index fell 1.37 percent, and France's CAC-40 fell 1.14 percent.

Copyright 2008 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed


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Posted by CEOinIRVINE
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U.S. automakers drew fresh skepticism from lawmakers Thursday in a rocky confrontation over their pleas for an expanded $34 billion rescue package they say they need to survive. Congressional analysts said one bailout plan under consideration would fall short of what the carmakers want.

With time on the current Congress running out, opposition to the bailout appeared to be as strong as last week - before Detroit's Big Three auto chiefs returned to Capitol Hill with more detailed plans on how they would spend the money.


Several lawmakers in both parties are pressing the automakers to consider a so-called "pre-packaged" bankruptcy in which they would negotiate with creditors in advance and downsize, then file for Chapter 11 protection in hopes of emerging quickly as stronger companies. The Big Three have publicly shunned the notion, saying it would kill sales by destroying customers' confidence - but executives have indicated in recent days that it might ultimately be necessary.

The executives all agreed in Thursday's hearing that a multibillion-dollar bailout deal would include a supervisory government board that could order major restructuring of the companies if deemed necessary for survival - similar to the results in many reorganizing efforts under bankruptcy law.

United Auto Worker union President Ron Gettelfinger, aligned with the industry in pressing for the aid, told senators at a Banking Committee hearing that any kind of bankruptcy, even a pre-packaged one, was not "a viable option." Gettelfinger said consumers would not buy autos from bankrupt companies, no matter the terms of the arrangement.

He also warned that in the absence of action by Congress: "I believe we could lose General Motors (nyse: GM - news - people ) by the end of this month." He said the situation was dire and time was of the essence.

The Big Three CEOs told the senators they hoped to make amends for past blunders. "We made mistakes, which we're learning from," General Motors chief executive Rick Wagoner said. Ford CEO Alan Mulally also acknowledged big mistakes, saying his company's approach once was "You build it, they will come."

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A Very Fresh Prince

Business 2008. 12. 2. 16:53

With a short hop, the Prince launches himself onto a canyon wall. He gracefully races across its face--circumnavigating a chasm that would send long jumpers plummeting to their demise--before dropping, safely, onto a rocky outcropping. A hop over the edge of his perch and he plummets. But instead of smashing on the stones below, he glides to the ground--his descent controlled by a taloned gauntlet biting into the rock.

It is like watching the purposeful yet effortless acrobatics of Chow Yun Fat and Michelle Yeoh in Hidden Tiger, Crouching Dragon. Only this is the new "Prince of Persia." Arriving in stores Tuesday, "Prince" returns to Persia--its fantastical vistas, acrobatics and swordplay--after a three-year hiatus from home consoles.

The hope: That by giving the franchise a rest and a fresh look, Ubisoft will increase consumer demand for the title.

Ubisoft's first "Prince of Persia," which was based on a series started by game designer Jordan Mechner in 1989, launched in 2003 to critical acclaim for its combination of wall-running acrobatics and slow-motion combat. Subtitled "The Sands of Time," the game has sold nearly 1.5 million copies in the U.S., according to market research firm NPD Group.

A year later, Ubisoft released the sequel, "Warrior Within." It was compared favorably with its predecessor but sold less than one million copies in the U.S. The 2005 version, "Two Thrones," sold only 883,000 copies.

Notice a pattern? No single factor can claim all the credit for the diminishing returns--be it new competition or consumers transitioning to new consoles--but part of the problem with "Prince" was Ubisoft's decision to release the title annually.

It is a tactic adopted by the industry's largest players like Activision Blizzard (nasdaq: ATVI - news - people ) and Electronic Arts (nasdaq: ERTS - news - people ). By pumping resources into existing brands, you can guarantee a certain amount of stability in your portfolio. That's one of the main reasons there's an annual update to EA's "Madden" and Activision's "Call of Duty."

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