Bail out cost could be $1.5 Trillion

• The enormous scale of the financial crisis confronting the Obama administration will come into stark focus today when officials present a three-pronged rescue program that could top $1.5 trillion in public and private money as per: Hartford Courant.
• GM today, announced 10,000 job cuts for 2009
• Nissan net revenue down 34%, , net loss of $2.9 billion for last fiscal year. To cut 20,000 jobs worldwide.
• Gold rises on Inflation speculation
• Analyst predict 1000 plus bank will fail by 2014
• Dow
  8,179 -91.84
  Nasdaq
  1,580-11.75
  S&P 500
  857-12.64
  
• UBS reports $7 billion loss
• Senate heads for vote this week for huge stimulus package (nearly $800 billion)
• Dollar is up

Today's Marketwatch

Good

• Airline section gets boost from lower oil prices.

Bad

• But British Aiways swings to $124 million loss.
• US lost 598000 jobs in Jan. Market looks like 70s. Numbers confirm rate of job loss is acclerating.

Ugly

• Unfortunately there is more to come, as per some predictions
• Market botton not yet in sight.

Free Breakfast at Denny's

Good

• Free Grand slam breakfast at Denny's today from 6 am to 2 pm.


• Pending home sales surged from 6.3 percent to 8.77 percent in Dec, first increase since Aug. Reason: low mortage rates and low prices
• Merck posted an income of $1.6B as compared to a loss last year.
• Stocks stage rally ( 100+ points up). DOW surges 140 points.
• Buffet to buy $300 million of Harley Davidson debt.

Bad

• Auto sales worst since 1982
• Disney shares tumble.
• Motorola $3.6B quarterly loss.
• EA cuts 1,100 jobs

2008-2009 Economic stories

Mon, Jan 26, 2009
Bloody Monday: Over 68,000 jobs lost

• Caterpillar to slash 20,000 jobs ( source:Bizjournals.com)
• Home depot to cut about 7000 jobs. Close 34 Expo design center. Decline of 8% in sales
• Pfizer to cut 26,000 jobs
• Sprint-Nextel to cut total 8000 jobs by March 31
• TI to slash its workforce by 3400 employees
• ING to cut 7000 jobs

Nearly 2.6 million jobs were lost over 2008 ( highest since 1945 ). Economist predict recovery by 2nd quarter of 2009.

Other bad news:

• American express earnings plunge 79%
• California jobless rate 9.3 %.
• ING loses $1.3B in 2008
• Intel's last quarter profit's tumbled 90% to $234 million. INtel chairman Craig Barret to step down after 35 years.

Surprise good news

• Netflix profit jumps 45 % as expenses decline
• VmWare reported fiscal fourth-quarter profit that rose 42% from year ago.
• Home sales jumped in Dec 2008
• McDonalds posted weaker fourth quarter results, but still plan to open another 1000 stores in 2009.