Barack Obama Economic Speech 11/07/08

Today, 11/07/08, Barack Obama met with his Economic Team and provided comments in a news conference to the media. Here are some highlights of President - elected Barack Obama.

• I'm going confront this crisis head on when I become President.
• A fiscal stimulus plan is long overdue
• Transition team will be working on policies to help auto sector
• We need an extension of jobless benefits
• We will review the administrations financial planner
• If a stimulus package doesn't get done in the lame duck session, it will be the first thing I get done as President of the United States
• It's unacceptable for Iran to have Nuclear Weapons
• We will review letter from Iranian Government and respond accordingly

GM Halted - Earnings Pending 11/07/08

The New York Stock Exchange ( NYSE ) just halted General Motors ( GM ) pending their earnings release due out any moment. I will edit this post with an update when earnings come out. The number you will want to watch is their cash burn rate. Here are Ford's earnings this morning. http://daytradingstockblog.blogspot.com/2008/11/ford-f-earnings-110708-november-7th.html


GM Earnings ( $7.35 ) vs ( $3.70 ).....huge loss!

General Motors burned through 6.91 Billion in cash during the quarter, they are burning through 2.3 billion dollars per month, Yikes!

"Even if GM implements the planned operating actions that are substantially within its control, GM's estimated liquidity during the remainder of 2008 will approach the minimum amount necessary to operate its business. Looking into the first two quarters of 2009, even with its planned actions, the company's estimated liquidity will fall significantly short of that amount unless economic and automotive industry conditions significantly improve, it receives substantial proceeds from asset sales, takes more aggressive working capital initiatives, gains access to capital markets and other private sources of funding, receives government funding under one or more current or future programs, or some combination of the foregoing. The success of GM's plans necessarily depends on other factors, including global economic conditions and the level of automotive sales, particularly in the United States and Western Europe. "

http://media.gm.com/servlet/GatewayServlet?target=http://image.emerald.gm.com/gmnews/viewmonthlyreleasedetail.do?domain=74&docid=50141

They have 120 days during which something needs to happen or they could go bankrupt.

GM stock is trading at $4.10 per share

Dow Jones Open 11/07/08 - Stock Market

Today, 11/07/08, The Dow Jones and Stock Markets are opening higher today as we get a bounce from the past two days of non stop selling. The non farm payrolls figure was down 240,000 and the unemployment rate was 6.5%. The Dow Jones is trading at 8867 up 163 points, the Nasdaq is up 30 to 1640, and the S&P 500 is trading up 19 to 923.

Art Cashin gave some comments this morning on the stock market

http://daytradingstockblog.blogspot.com/2008/11/art-cashin-cnbc-110708-retest-lows-jobs.html

Today's Biggest Gainers

Top movers this morning are Fuel Systems Solutions ( FSYS ) which reported outstanding earnings. Ambac ( ABK ) is also moving to the upside by 18%. Stay tuned for General Motors ( GM ) earnings due out this morning. This stock could be a big mover as well.

For the latest stock updates, visit, http://daytradingstockblog.blogspot.com/

Art Cashin CNBC 11/07/08 - Retest Lows - Jobs Number

Art Cashin was on CNBC today, 11/07/08, here are Art Cashin's comments on the stock market.

I'm a little surprised, I thought we'd be weak this morning because of the revision, and its equal to this jobs number being over 300,000 lost. Barack Obama is going to speak this afternoon at 2pm, I wish he would have waited until after the close today but we'll be watching.

Art, what is the likely hood we retest the lows?

I think there is a 50% chance we go down and retest the lows in some fashion, watch the S&P 500, if we break through 900 and 880 the percentage goes up.

If we test and fail to hold the lows we will have a very short, very sharp plunge and then build a monster reversal rally that will last. You can commit some funds on the way down to prepare for a reversal that will follow.

For more updates on the stock market, visit, http://daytradingstockblog.blogspot.com/

Dow Jones Futures 11/07/08 - Stock Market Pre Market

11/07/08 Pre Market Trading Report:

Today, November 7th, 2008, the Stock Market and Dow Jones Futures are up nicely before the key jobs report and unemployment rate number. Yesterday, the stock market was down big for the second straight day as investors positioned their portfolios for this employment report and what it might tell us. Libor Rates continued to fall this morning which is great for the credit markets. Ford ( F ) earnings were horrible but they are a lot better off with more cash then General Motors ( GM )

Futures Markets 11/07/08:

Dow Jones Futures: Up 103
Nasdaq Futures: Up 23
S&P 500 Futures: Up 10.5

Asian Markets - European Markets 11/07/08

Asian Markets tanked again last night, putting in two straight days of selling. The Nikkei 225 stock average pared its early 7 percent loss to close down 316.14 points, or 3.6 percent, to 8,583.

Hong Kong's Hang Seng index was down over 3 percent early in the session, came back to end 3.3 percent higher at 14,243.43.The FTSE 100 index of leading British shares was up 46.73 points, or 1.1 percent, at 4,319.14, while Germany's DAX was 29.31 points, or 0.6 percent, higher at 4,842.88. The CAC-40 in France was up 8.49 points, or 0.3 percent, at 3,395.74.

Pre Market Gainers 11/07/08

Fuel Systems Solutions ( FSYS ) is up big in pre market due to incredible earnings. Watch this stock today! FSYS is one of the Biggest Gainers in 2008

For more stock market updates, visit - http://daytradingstockblog.blogspot.com/

1 and 3 Month Libor Rates - 11/07/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 11/07/08, are: 1 Month Libor Rate - 1.62% & 3 Month Libor Rate - 2.29%. The overnight Libor rate is 0.33%. As you can see, Libor Rates have been falling for weeks now but today the overnight libor rate stayed the same at .33 from yesterdays Libor Rates.

Click Here to find previous Libor Rates from the past week.

For more updates go to:

http://daytradingstockblog.blogspot.com/

Dow Jones Futures 11/07/08 - Nikkei Market

How will the stock market open on 11/07/08? The Dow Jones Futures are higher by 77, the Nasdaq Futures are up 15, and the S&P 500 is up 10 points. The Asian Markets are down for the second straight day as they follow what the US Markets did yesterday. Japan's Nikkei 225 index is down 386 to 8512 and the Hang Seng is down 27 points to 13768.

All eyes are on the nonfarm payrolls & umemployment report tomorrow due out at 8:30am

For all the latest updates - http://daytradingstockblog.blogspot.com/

Jobs Report 11/07/08 - Unemployment Rate for October

When are the next Jobs number and Unemployment rate data going to be released? The answer is Friday, November 7th, 2008. Mark this date on your calendars because this Jobs report and Unemployment rate number are going to be ugly. The question is, when will the markets start pricing in this data or is it already priced in? In September we saw the United States lose 159,000 jobs with the unemployment rate spiking to 6.1%. Stocks plunged on this news and we started a steep decline.

Some analysts estimate that the employment number is going to be -200,000+ jobs lost and the unemployment rate could hit 6.5% or higher. If the data we get on 11/07/08 is really bad, you could see massive panic and another downturn. Donald Trump thinks we are going into the second Depression.