Financial thoughts

Stocks ended a listless session modestly lower Thursday as investors focused on the job market amid signs of a sluggish economic recovery.

The Dow Jones industrial average (INDU) fell 5 points, or less than 0.1%. The S&P 500 (SPX) index slid 1.5 points, or 0.1%, and the Nasdaq (COMP) composite lost 10 points, or 0.5%.

The retreat came as investors braced for the Labor Department’s monthly jobs report Friday. The report, one of the most closely watched on Wall Street, is expected to show that the U.S. economy lost jobs in July for the second month in a row.

"We’ve got a market that seems to be waiting on pins and needles ahead of the all-important payrolls report," said Art Hogan, chief market analyst at Jefferies & Co.

Wall Street has been focused on the job market for signs that the economic recovery, which appears to be losing steam, can be sustained. Consumer spending, the main driver of U.S. economic activity, is closely linked to employment.

"Investors are waiting to see if the economy has hit a soft patch, or taken a right-hand turn," Hogan said. "Unfortunately, we need more data before we can determine that."

Reports on the job market this week have been mixed. The government said Thursday that the number of Americans filing first-time claims for unemployment insurance rose last week to a three-month high. But a payroll processing firm said Wednesday that private sector rolls grew more than expected last month.

Also weighing on stocks, the nation’s top retailers reported July sales growth that largely missed analysts’ expectations, though certain pockets remained strong.

Guarded optimism about the job market helped support stocks Wednesday, but gains were slight. The Dow added 0.4% and the broader S&P 500 increased 0.6%.

The choppy action this week came after the market rallied 7% in July, marking the best month in a year for stocks. Better-than-expected corporate earnings helped support the market as concerns about the debt crisis in Europe eased last month.

"We had a great earnings season, now reality is setting back in," said Dave Rovelli, managing director of U.S. equities at Canaccord Adams.

Jobs: The number of Americans filing for initial unemployment claims climbed 19,000 to 479,000 in latest week. It marked the highest figure in three months and compared with an upwardly revised 460,000 the previous week, the Labor Department said.

Economists surveyed by Briefing.com had expected 455,000 Americans to have filed for first-time jobless claims last week.

On Friday, the Labor Department is expected to report that the economy lost 87,000 jobs in July, according to a consensus of economists surveyed by Briefing.com. The unemployment rate is forecast to rise to 9.6% from 9.5%.

In June, payrolls declined for the first time this year, with the economy suffering a net loss of 125,000 jobs. The drop was primarily due to the end of 225,000 temporary Census jobs that had swelled payrolls in May.

Before that, payrolls had been growing modestly since January as the economy gradually recovered from the depths of the recession. But the recent declines have raised questions about the pace of the recovery and stoked fears that the economy could slip back into recession.

Still, private sector employment has expanded for the last six months and job growth is typically sluggish following a recession, notes John Challenger, chief executive officer of global outplacement firm Challenger, Gray & Christmas.

"The job numbers may be weaker than some are expecting," he said. "However, dips in the job numbers and other indicators do not necessarily mean an early sequel to the recession."

Retail sales: The nation’s top retailers reported mixed sales for July as the back-to-school shopping season got off to a sluggish start.

Sales tracker Thomson Reuters, which looks at monthly same-store sales for 28 chains, said that July sales were up 2.9%, just below the 3.1% growth expected by analysts. Same-store sales are a key gauge of a retailer’s performance at stores open at least a year.

Target (TGT, Fortune 500) said sales rose 3.8% last month, driven by apparel purchases, while electronics and other discretionary items remained soft. Shares were up more than 2%.

Wholesale discounter Costco (COST, Fortune 500) reported a 6% increase in sales, slightly higher than the 5.5% that had been expected. Excluding the impact of higher gas prices and favorable foreign exchange rates, however, sales rose 4% in the month. Shares fell 1.7%.

Teen stores The Buckle (BKE) and Hot Topic (HOTT) were two of the worst performers, reporting deep declines in sales for the month of around 9%, But two other teen apparel chains - Zumiez (ZUMZ) and Abercrombie & Fitch (ANF) - surprised analysts with much stronger-than-expected sales.

World markets: European markets ended mixed. Britain’s FTSE 100 fell 0.4%. Germany’s DAX and France’s CAC 40 were little changed.

The European Central Bank voted to hold its benchmark interest rate steady at 0.1%, as expected. In a statement, ECB President Jean-Claude Trichet said the EU economy strengthened in the second quarter and that activity in the current quarter has been better than expected. Looking ahead, he said growth is expected to be "moderate" and "uneven."

Separately, the ECB, European Council and International Monetary Fund said in a statement that efforts to stabilize the shaky Greek economy are off to a good start, though challenges remain.

Greece is undergoing a painful restructuring of its economy with the help of an €80 billion loan from euro area nations and a €30 billion facility from the IMF. The debt-ridden nation is expected to receive additional loans later this month.

In Asia, Japan’s Nikkei rallied, climbing 1.7%. The Shanghai Composite fell 0.7% and the Hang Seng in Hong Kong finished little changed.

Currencies and commodities: The dollar gained against the euro and the British pound, but fell versus the Japanese yen.

U.S. light crude oil for September delivery fell 46 cents to $82.01 a barrel.

COMEX gold’s December contract rose $3.40 to $1,199.30 per ounce.

Bonds: Treasury prices climbed Thursday, with the yield on the 10-year note falling to 2.92% from 2.95% late Wednesday. Bond prices and yields move in opposite directions.  

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Sensor technology developed by Southwest Research Institute has been named one of the 100 most significant technological achievements by R&D Magazine.

Southwest Research Institute (SwRI) created an underwater cave-mapping sensor that has the capability of traveling down a cave to gauge the path, dimensions and morphology of the tunnel. SwRI officials say these remote neutrally buoyant sensors work by injecting a dye in the water that can be used to determine the path and travel time of water through caves. The sensors are designed to float through the cave or conduit to measure the path by using an array of ultrasound sensors.

Local scientists say cave diving is extremely dangerous and is limited to large passageways, relatively shallow caves and limited distances.

“The information captured from these sensors is critically important for water-resource management and geotechnical risk assessment,” says Ronald Green, a scientist in the geosciences and engineering division at SwRI and a principal developer of the sensor paperless payday loans. “Adequate management of karst aquifers requires knowledge of water flow through caves and conduits, including location, size and morphology of the complex interconnected voids.”

SwRI officials say there could be applications in pipelines or sanitary sewers. Also, there could be future applications in flooded underground mines, tunnels or conduits that are not safe for manned entry.

San Antonio-based SwRI is an independent, nonprofit applied research and development organization. It has more than 3,200 employees and an annual research volume of more than $564 million. The institute has won 35 R&D 100 Awards since 1971. SwRI will accept its 2010 R&D Award Nov. 11 in Orlando.

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U.S. stocks were set for a lower open Tuesday, ahead of another batch of corporate earnings.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were all down ahead of the opening bell.

Futures measure current index values against perceived future performance.

Stocks ended Monday’s session with gains, although economic worries tempered positive earnings results.

"Earnings are a mixed picture right now, and people are still trying to determine whether we are seeing signs of the economy recovering," said Derek Hoffman, founder of The Wall Street Cheat Sheet. "There’s a lot of uncertainty, so investors are sitting on the sidelines and buying into companies based on these earnings, and that’s really what is moving the market from day to day."

Earnings: Companies due to report their results Tuesday include Wall Street firm Goldman Sachs (GS, Fortune 500) and tech heavyweights Apple (AAPL, Fortune 500) and Yahoo (YHOO, Fortune 500).

After U.S. markets closed Monday, IBM (IBM, Fortune 500) posted a jump in second-quarter earnings, but the tech bellwether’s sales fell short of estimates.

Economy: A reading on housing starts and building permits from the Department of Commerce comes out at 8:30 a.m. ET.

Economists surveyed by Briefing.com expect permits to have edged down to an annual rate of 572,000 in June from 574,000 in the previous month, while housing starts are forecast to have dropped to a 575,000 rate from 593,000.

A state unemployment report from the Department of Labor is due out at 10 a.m. ET.

World markets: European shares were lower in midday trading. The FTSE 100 in Britain lost 0.5%, France’s CAC 40 dropped 1.1% and Germany’s DAX fell 0.9%.

Asian markets ended mixed. The Shanghai Composite rallied 2.2% but Japan’s Nikkei tumbled 1.2%. The Hang Seng in Hong Kong added 0.9%.

Dollar and commodities: The dollar was up against the euro, the British pound and the Japanese yen.

U.S. light crude oil for August delivery edged down 2 cents to $76.52 a barrel.

COMEX gold’s August contract fell $2.60 to $1,179.30 per ounce.

Bonds: Treasury prices rose, pushing the yield on the 10-year note down to 2.95% from 2.96% late Monday. Bond prices and yields move in opposite directions.

How much of a hit did you take in the recent correction? Are you worried about a bear market? What changes have you made in your portfolio and what changes do you plan on making for the rest of the year? E-mail your story to realstories@cnnmoney.com and you could be featured in an upcoming article. For the CNNMoney.com Comment Policy, click here. 

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Janet and John Beardsley could retain ownership of the Historic U.S. National Bank Block under a bankruptcy plan slated for approval in August.

The Beardsleys placed the property in bankruptcy on Oct. 9, 2009 in the face of mounting debts over the downtown Portland building, 321 S.W. Sixth Ave. The Chapter 11 reorganization case was filed in U.S. Bankruptcy Court for Oregon.

An amended reorganization plan was filed June 2 and approved by the court June 9. A confirmation hearing is set for Aug. 4, at which point the property would exit bankruptcy.

The reorganization plan anticipates that creditors will be repaid within seven years, if not earlier. The plan claims the property is appraised at $27.9 million. It would need to sell for a minimum of $22.5 million to net enough money to repay creditors at the $20.92 million owed under the plan.

John Beardsley and Janet Beardsley each own 50 percent of the company. They will retain ownership but could be required to invest an unspecified amount of new equity to retain their position bad credit payday advance. The reorganization also would allow them to draw up to $12,000 per month to pay “reasonable” living expenses, including income taxes.

Beardsley filed a separate Chapter 11 case covering other real estate assets. The Fountain Village Development case is pending. A reorganization plan was filed March 19, 2010 but has not been confirmed.

The Fountain Village case covers the Fountain Village block at Southwest Second Avenue near Burnside, the New Market Theater Block at Southwest First Avenue and Ankeny Street, the Loyalty Building, 317 S.W. Alder St., the Hamilton Building, 500 block of Southwest Third Avenue, other buildings in downtown and an airplane hangar in Juneau, Alaska.

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Interior Secretary Ken Salazar reiterated Wednesday that the U.S. government is doing all it can to put an end to the oil spill in the Gulf of Mexico, and to enforce ethics requirements in the federal agency responsible for inspecting oil wells.

He also reiterated that the oil spill is causing President Obama to consider adjustments to his plan to open exploration wells for drilling in the Arctic.

The Interior Department faced criticism in a hearing before Congress Wednesday, two days after an inspector general report showed Minerals Management Service (MMS) inspectors took gifts from big oil companies, watched pornography and used crystal meth at work.

But in the hearing before the House Natural Resources Committee, Salazar said he believes most of the bureau’s 1,700 employees are "good public servants" and abide by ethics requirements put in place by the Obama administration. He said the department has "zero tolerance" for the ethical lapses, which he also called "reprehensible" and even "criminal."

"I would say, there are bad apples and those bad apples will be rooted out with every power that we have," he said.

Salazar’s testimony occurred hours before BP (BP), the company responsible for the spill, attempted what it called a "top kill" procedure aimed at plugging the 37-day-old leak.

The hearing was the first of seven by the House Natural Resources Committee investigating the Deepwater Horizon oil rig explosion and examining the future of America’s offshore oil and gas policy. The committee oversees the country’s offshore drilling policy and MMS, which collects about $13.7 billion per year in revenue from federal offshore and onshore drilling leases.

The discussion at the hearing bounced around as lawmakers questioned why the Interior Department wasn’t better prepared for the Gulf Coast oil spill, and Salazar repeatedly criticized the previous administration of President George W payday advances. Bush for not keeping oil companies at a proper "arms length" from federal regulators.

"We’ve done a lot to clean the house at MMS," he said. "Unlike the prior administration, this is not the candy store of the oil and gas kingdom."

Salazar reiterated a proposal to break up MMS into three divisions, separating the agency’s revenue collectors from the leasing and enforcement functions of the organization.

Asked several times whether the Gulf Coast oil spill will be a "game changer" for President Obama’s plan to open new areas to offshore drilling, particularly off the coast of Alaska, Salazar said more questions need to be answered first, and lawmakers should "stay tuned" for the Interior Department’s safety review he will deliver to the president on Thursday.

"There will be a series of decisions that will be made with respect to whatever adjustments need to be made," Salazar said. "And so stay tuned on your question relative to this specifics on the exploration wells approved in the Arctic."

In March, Obama announced plans to open up a few new areas for drilling in the eastern Gulf of Mexico, off the East Coast and in Alaska. But the Interior Department suspended new applications for drilling permits after the explosion of the Deepwater Horizon oil rig led to an environmental disaster. 

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BankUnited wants to seize two stalled residential projects in southern Miami-Dade County.

The Miami-based bank filed a foreclosure action March 9 against Lucky Start at Lake Frances, NewSouth LLC and managing members Antonio Balestena and Jorge Fernandez, according to Miami-Dade County Circuit Court records. It concerns a mortgage last modified at $19.2 million in October 2008.

The failed BankUnited FSB issued the loan, so most of the losses would be shouldered by the Federal Deposit Insurance Corp. under its loss-sharing agreement with the new BankUnited.

Lucky Start was building the Lake Frances single-family home project near Homestead Air Force Base. It owns 135 lakefront home sites at the southeast corner of Southwest 280th Street and Southwest 132nd Avenue. Only eight homes have been sold.

NewSouth owns 20.3 acres of industrial and agricultural property at 13700 S.W. 248th St., in the Princeton area. The developer received approval to build 126 townhouse units, 268 apartment units and 8,523 square feet of retail space, but construction never began.

Miami attorney Andrew C. Hall, who represents BankUnited in the lawsuit, did not immediately return a call seeking comment.

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U.S. private equity investor JC Flowers is circling Britain’s weakened banking industry, prepared to swoop on forced divestments over the next 12 months, according to the firm’s new European and Asia Pacific boss.

David Morgan, a former chief of Australia’s Westpac Banking Corp, told Reuters on Wednesday that JC Flowers had a $2.3 billion fund available for such acquisitions and that only a “very small portion” of this had been invested so far.

Partly nationalized lenders Royal Bank of Scotland (RBS) and Lloyds Banking Group Plc are both expected to put assets up for auction over the next few years. RBS’s commodity-trading unit is anticipated to be among them.

“RBS and Lloyds have had directions from the authorities that they do need to divest significant parts of their business,” Morgan said in a phone interview from Brisbane.

Morgan, who was nine years at the helm of Westpac, Australia’s third-biggest lender, has spent almost two years as Australian chairman of JC Flowers, which was founded by former Goldman Sachs banker Christopher Flowers.

Morgan is relocating to London to take up his new, full-time role with the firm, which invests solely in the financial services sector, where he sees the most immediate opportunities.

Morgan said his strong ties with Australian bank executives meant it was very possible JC Flowers could team with National Australia Bank Ltd, Australia and New Zealand Banking Group Ltd or Macquarie Group Ltd no fax payday advance. in the bidding for financial services assets across Asia and the U.K.

This month, the British government ordered the banks in which it is a major shareholder, including the wholly state-owned Northern Rock, to sell off assets over the next four years in order to repay their taxpayer-funded bailouts.

But Morgan said he expected the divestments to go ahead sooner rather than later, noting also a ruling by the British government that divestments be made to new players, not incumbents.

“Once a unit knows it has to be divested, it probably makes sense to get on with it.”

“We’re also in the process of discussing co-investment opportunities with a major sovereign wealth fund, so we think if we can identify the opportunities, the capital will be there,” he added.

Of the Australian banks, ANZ and Macquarie are explicit in their desire to expand offshore, with ANZ focused on growth in Asia. NAB, which owns Clydesdale and Yorkshire banks in the UK, is in the process of deciding whether to expand in Britain or divest and leave.

Australia’s other two big lenders, Commonwealth Bank of Australia and Morgan’s former employer, Westpac are focusing on bedding down recent large acquisitions at home.

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Gold fell Thursday, after climbing to a record high overnight, as the dollar rose against rival currencies and stock prices fell.

December gold slipped $8.00 and settled at $1,106.60 an ounce after climbing to a record $1,123.40 overnight. Gold closed at an all-time high of $1,114.60 an ounce Wednesday.

The retreat came as the dollar recovered from earlier losses amid ongoing concerns about the U.S. economy and speculation that overseas central banks could move to prop-up the beleaguered greenback.

The dollar index, which gauges the currency’s value against a basket of rivals, was up 0.6% to 75.60. Despite the recovery, however, the index remains near a 15-month low.

Gold, which has gained about 6% this month, has been supported recently by concerns about the weak dollar.

A softer greenback makes gold, which is priced in dollars around the world, cheaper for buyers using stronger currencies. The weak dollar has also raised expectations that overseas central banks will move to increase their gold holdings as an alternative to the U payday loan.S. currency.

But the dollar’s strength on Thursday, along with a selloff in the stock market, weighed on the precious metal, said Adam Klopfenstein, senior market strategist at commodities brokerage firm Lind-Waldock.

"The market is failing to find a bullish theme for the day," he said. "I expect gold to maintain negative posture for the rest of the afternoon, but I don’t expect a major selloff given the magnitude of this week’s move."

Gold has been on a tear since prices rose firmly above $1,000.00 an ounce last month. Analysts say the metal’s recent strength has attracted many short-term market participants who trade largely based on momentum.

Given the bleak outlook for the U.S. dollar, however, many analysts say gold will continue to rise into next year.  

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Wall Street firms are in a quandary about getting involved with a planned public offering of Russian aluminum producer UC RUSAL because its founder has been barred from getting a U.S. visa on account of allegations that he is connected to organized crime, the Wall Street Journal reported on Saturday.

Citing sources familiar with the matter, the newspaper reported that Goldman Sachs Group Inc had looked likely to take one of the top two underwriting slots before stepping away from the deal in recent weeks.

Billionaire Oleg Deripaska has denied links to organized crime and has never been charged with a crime, according to the report.

The sources said that Goldman had been unable to get comfortable with risks linked to the deal in the accelerated time frame, according to the report.

On Wednesday, sources with direct knowledge of the deal told Reuters that RUSAL, the world’s largest aluminum producer, would seek Hong Kong listing committee approval soon, hoping to raise around $2 billion through a dual listing. The sources said RUSAL also planned to list in Euronext Paris.

They said the primary listing would occur in Hong Kong, the secondary listing in Paris.

RUSAL hopes to begin trading in December, though the IPO is contingent on progress with its debt restructuring, set to conclude by mid-November, the sources said.

The Wall Street Journal reported on Saturday that with the IPO looming, Deripaska had traveled to the U.S. twice in the past few months using entry permits arranged by the Federal Bureau of Investigation, with whom he met during his visits. The newspaper cited people familiar with the trips and said the FBI had declined to comment.

Deripaska also met with several Wall Street executives, including Lloyd Blankfein, chief executive of Goldman Sachs, and Morgan Stanley’s chief executive John Mack, the report said, citing people familiar with the meetings.

The report quoted one person as saying that Wall Street firms were “just not comfortable sponsoring Deripaska.”

Bank of America Corp’s Bank of America Merrill Lynch now plans to help underwrite the deal after an internal debate, the report said, citing sources familiar with the matter.

It said that Deripaska had confirmed, through a spokesman, the recent U.S. trips, but declined to comment on his visa status other than to say that he faces no limits on travel to any country. The newspaper cited a State Department official as saying that Deripaska does not hold a U.S. visa.

RUSAL is urgently trying to reach a deal with its foreign creditors on $7.3 billion of debt. Senior bankers told Reuters last month that RUSAL had to reach agreement with its foreign creditors by mid-November if the company’s IPO was to proceed.

The Wall Street Journal reported that the offering’s two lead managers are Credit Suisse Group and BNP Paribas SA, adding that BNP had stepped into the slot Goldman had been expected to fill.

(Reporting by Kyle Peterson; Editing by Toni Reinhold)

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Liz Claiborne’s plan to sell its namesake sportswear only at J.C. Penney Co Inc stores and on a television shopping network highlights a new turn in the ongoing rivalry between the mid-tier department store chain and its slightly more upscale rival Macy’s Inc.

The decision Claiborne announced on Thursday to sell its Liz Claiborne and Claiborne brands exclusively at Penney ends a decades-long relationship between the brand, founded in 1976, and Macy’s. But Macy’s said it supported the decision, given the brand’s poor performance in recent years.

The move is good news for all involved, according to analysts and consultants. They said it guarantees revenue and profits for Liz Claiborne, gives Penney more exclusive product, and frees up Macy’s to better differentiate itself as its customer base increasingly overlaps with Penney’s.

“The Liz Claiborne brand has sold poorly in recent years and has continued to decline. As a result we could not justify expanding it at Macy’s,” said Macy’s spokesman Jim Sluzewski.

He said customers have been confused between the various brands carrying the Liz name, such as the Liz Claiborne line at Macy’s, the Liz Claiborne New York line at Bon-Ton Stores Inc and the Liz&Co brand at Penney.

“When customers see the same brand name available in different stores at different quality levels, they tend to be confused,” he said.

An industry executive, who declined to be identified by name, said the confusion would not be so damaging if consumers really saw Macy’s as more upscale no faxing payday loan.

“Their point is that it was damaging to their business to have Penney have it at a lower price. But then again, their argument is, ‘Our shopper doesn’t shop at Penney,’” the executive said. “If that’s the case, how does this get in the way?

“It shows that, in fact, Macy’s and Penney have more retailer-to-retailer interaction with consumers than Macy’s is normally willing to admit,” the executive added.

COMPETITION HEATS UP

Sluzewski said there was nothing new about consumers who shop at Macy’s also shopping at other stores. He stressed that what differentiates Macy’s is better product.

“Of course, consumers today shop in a wide range of stores,” Sluzewski said. “The merchandise in Macy’s is more fashion-oriented and of better quality than lower channels of distribution.”

He cited well-known brands available at Macy’s, including Ralph Lauren, Tommy Hilfiger, Calvin Klein and Kenneth Cole.

While Macy’s has traditionally been positioned as a little higher end than Penney, Kimberly Picciola, senior retail analyst at Morningstar, said the 2005 merger of Macy’s owner Federated Department Stores with May Department Stores broadened the company’s customer base by giving it stores in new markets.

“In those markets where they bought the May stores,” Picciola said, “they probably are competing a little more directly with J.C. Penney.” 

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