Markets drop as ECB disappoints

Markets drop as ECB disappoints

European Central Bank President Mario Draghi gave with one hand and took away with the other on Thursday, first cutting the central bank’s benchmark lending rate by 25 basis points and offering unlimited three-year loans to banks, then putting an end to speculation that the ECB would launch a bond-buying program.

TSX  11951.79 -1.62% -196.94

SP 500  1234.35 -2.11% -26.66

Dow  11997.70 -1.63% -198.67

Nasdaq  2596.38 -1.99% -52.83

Markets rallied on the interest rate cuts but dropped sharply when Draghi said statements he’d made last week, which led some to believe the central bank would buy more sovereign debt, had been misinterpreted.

The pessimism is coming from the fact that the ECB didn’t go any further on the possibility of buying debt Peter Jankovskis, a money manager at Oakbrook Investments in Lisle, Illinois, told Bloomberg.

They continue to do things to Band-Aid the banking sector, but they aren’t getting at the fundamental issue here, which is that some of these underlying countries are nearing insolvency.

European Union leaders gathered Thursday night in Brussels for what French President Nicolas Sarkozy characterized as a last-chance summit to find a way to resolve the region’s sovereign-debt crisis. European media are reporting that those at the summit are vowing not to leave until a deal is reached.
Canadas benchmark stock index fell as the price of crude oil dropped $2.15 US to US$98.34 a barrel, and gold declined US$31.40 to US$1,713.40 an ounce.

The SP/TSX composite index dropped 196.93 points, or 1.62%, to 11,951.79, with nine of its 10 sub-indexes declining, led by materials, down 2.47%. Telecommunications was the sole gainer; it edged up 0.01 points after BCE Inc. announced it was raising its dividend for 2012 by five per cent. BCE shares closed at $40.60, up 1.05%.

The Dow Jones industrial average fell 198.67 points, or 1.63%, to 11,997.70 as once again concern about the eurozone overshadowed good domestic news , in this case, a report Thursday from the U.S. Labor Department that showed initial jobless claims for the previous week came in below expectations, a sign that the country’s labour market may be stabilizing.

The Nasdaq composite fell 52.83 points, or 1.99%, to 2,596.38. Canada’s junior Venture exchange lost 21.83 points, or 1.42%, to close at 1,517.38.

The Canadian dollar dropped sharply, closing at 97.79 US cents, a loss of 1.19 cents.

“The realization gripped the market that it terms of liquidity, the central bank was there, but would do very little further in terms of funding or bond purchases that has weighed on risk assets as well as the Canadian dollar, Stewart Hall, senior currency strategist at Royal Bank of Canada in Toronto, told Bloomberg. The market is looking for some signs of a credible fence to cordon off the crisis, and it didn’t get a heck of a lot from the ECB.

Here’s the news investors were watching today:

Odds of another financial crisis on the rise: Bank of Canada

Full coverage of Europe’s crisis summit

National Bank posts higher profit, boosts dividend

BCE wows with triple whammy

ON DECK FRIDAY

European leaders meet in Brussels for a crisis summit. Join us Friday morning for live coverage

ECONOMIC NEWS

CANADA

8:30 a.m.

  • Labor Productivity (Q3): Economists expect a decline of 0.3%
  • Merchandise trade balance (Oct): Economists expect $700-million, down from the month before

UNITED STATES

8:30 a.m.

  • Goods and services trade balance (Oct): Economists expect a deficit of US$44-billion, up from the month before

9:55 a.m.

  • University of Michigan Consumer Sentiment Index (Dec): Economists expect a reading of 65.8

With files from Financial Post staff

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RIM leaders face the music at AGM

 

WATERLOO, ONT. As Research In Motion Ltd. wrapped up its annual general meeting here on Tuesday night and the 700 or so attendees filed out, the sounds of Bob Segers classic tune “Against the wind could be heard wafting over the speakers.

It was an apt music selection for Canada’s technology champion at a time when the company is facing one of its darkest hours and the strongest headwinds in its history.

On Tuesday, RIM revealed it plans to launch seven new BlackBerrys later this year including the previously announced BlackBerry Bold 9900 ” however, a much-anticipated changeover to a new operating system won’t happen until 2012.

Earlier in the evening, RIM’s co-chief executives and co-chairmen Jim Balsillie and Mike Lazaridis stood united behind a podium emblazoned with the BlackBerry maker’s logo as they faced questions and criticism from analysts and shareholders about the current trajectory of the Waterloo, Ont.-based company.

Shares of RIM are down nearly 60% over the past 12 months, as product delays and increased competition from rival devices from Apple Inc. and Google Inc. have eaten away at the BlackBerry’s dominant position in the smartphone market.

As a result, RIM’s top executives are facing mounting pressure from analysts and shareholders to restructure the leadership of the company, including the possibility of splitting the co-CEO and co-chairmen titles currently held by Mr. Lazaridis and Mr. Balsillie.

RIM is also facing pressure for its board to take on a more active role in the operations of the company, with some observers saying the company should appoint a chairman independent of Mr. Balsillie and Mr. Lazaridis to help ease a turnaround at RIM.

Making matters worse, on Tuesday, prominent Bay Street financial analyst Mike Abramsky issued a report suggesting RIM should be split in two if the company fails to successfully transition its BlackBerry smartphones to the QNX operating system that currently powers its PlayBook tablet device.

We are not perfect, but we give our very best every day, Mr. Balsillie said in response to a question from the audience on Tuesday night.

“We literally don’t take a day off.

Earlier this year, RIM was forced to cut its near-term profit outlook due to slumping BlackBerry sales caused by a series of product delays. On Tuesday, Mr. Lazaridis said RIM is on the verge of the largest product rollout in its history with seven BlackBerry devices expected to launch later this year, including the new BlackBerry Bold 9900 which is due out later this summer.

However, the Bold 9900 will run on the BlackBerry 7 operating system. Analysts say that in order for RIM to regain its footing as a dominant player in the smartphone market, it needs to begin producing BlackBerry smartphones running on the QNX operating system.

On Tuesday, RIM revealed that the first QNX-powered BlackBerrys will not launch until 2012, even though there was some previous speculation that the first BlackBerrys on the new operating system might arrive in stores later this year.

RIM said the first editions of the PlayBook tablet that are capable of accessing the Internet via a cellular connection will be available in September.

On June 30, RIM said it would create a committee to examine possible changes to its corporate structure, including the possibility of separating the chairman and CEO roles after Northwest and Ethical Investments threatened to put forth a motion to consider the changes at the AGM. As a result, NEI agrees to withdraw its proposal.

Eight of the nine members of RIM’s board of directors including Mr. Balsillie and Mr. Lazaridis were re-elected for another 12-month term …

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Best Penny Stocks To Buy | The New Standard For Finding Which Penny Stocks To Buy

If you’re in quest of to noticed that a rapid profit, you should look no serve than cheaper bonds which may be paid for literally for pennies. These bonds are the solitary concentration for many day traders since the larger distinction the makings. While there is no replacement for plain methodical work to find excellent conducting penny bonds to buy, if you do not have a fantastic handle of time to persevere to analytics then that may be a problem. Because many traders drop in to this category, this essay is going to look at a new way which thousands of new traders are embracing any week to find the most apt penny bonds to buy.

The way I’m referring to is using an methodical module to find high luck penny bonds to buy on your behalf. These programs look for minuscule overlaps between batch actions in stream bonds and actions of excellent conducting ones of the past before they strike their trends/upswings. Behavior tells you all about what to point in a stream stock, as a result the dependence by experienced person traders on this technology each day.

One thing to comprehend about these programs is that they work in segment as send by e-mail lists essentially. Once the module finds high luck penny bonds to buy, it sends out that data to each merchant who has paid to pointer up is to list/expected these batch tips. Consequently the ordinarily dare and critical aspect of capitalizing on this data is investing consequently once you take the collect as once the rest of the list starts to deposit accordingly, the cost gets driven up substantially.

Another thing to ponder about why these bonds perform so excellent is that after that primary overload which is once again attributed to the strength of the investors of the list, outward traders not on the list will take observe of that considerable upturn and will deposit consequently in turn, as well. Because these penny bonds to buy beginning off at such inexpensive prices, it is ample simpler to straight away and rapidly affect their prices shortly.

One thing which we recommend carrying out is being paid a especially penny batch all ears module all around, or in other difference a module which ordinarily targets inexpensive stocks. The paramount difference between inexpensive bonds and larger marked ones is normally the sensitivity and speed at which they go. As such, I’ve had ample larger success with programs which ordinarily aim inexpensive stocks, justifiably so.

Don’t place off realizing your financial sovereignty any more because you were heedful of the danger related with investing. That’s a non reason now that the methodical routine is taken caring of.

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Penny Stock | Penny Stock Pumps & Promotions – What’s The Best Way To Trade Them?

I know how to trade penny stock pump and dumps. There is a certain way to screen out the picks that will most definitely be losers. If you can screen out the losers, then you are left with the winners. I can give you some general guidelines to help you become a successful penny trader by leveraging the power of the pump.

If you take a stock that has been lying dormant for several months, with almost no trading volume, and introduce this stock to thousands of investors or traders who like to take on high risk/high reward type stocks, you have the potential for a massive percentage gain in that particular equity/stock.

What would bring about this type of situation for a stagnant stock? A paid promotion, of course. These are also referred to as “pumps” by those well versed in the realm of penny stock trading. Penny pumps are a consistent occurrence in today’s market. During the bear market of 2008 these types of stock promotions almost came to a standstill, but things are back to normal now. Basically, a publicly traded company with cheap shares will hire a stock promoter(s) to send out emails and snail mail to people who have expressed interest in penny stocks. Its a pretty shady ordeal, and most people who buy the promoted (or pumped) stock will come out with much less money than they originally invested in the stock.

Anyways, here are a couple things to consider to screen out the bad penny picks from the good ones:

The number of shares outstanding. You can learn to evaluate how likely it is that a stock will move if you understand the share structure. There is a few other factors about share structure to consider that will enable you to rate the penny share/stock and it’s chances of moving up.

Who it is that is pumping/promoting the stock. From my observations, penny stocks that are promoted by certain promoters have a higher chance of ascending in price than stocks pumped by average promoters. I can not list them all in this article but I do advise members of my site on this factor.

If you want to try to trade a few penny promotions on your own you are very brave. However if you arm yourself with some special techniques and facts you not only be a brave penny stock trader, but you will be a profitable one as well. I offer 3 free penny stock recommendations to members of my site, and I also will give you some useful nuggets of information to help you become an ultra successful investor/trader.

Written By Matt Morris, Editor of Microcapmillionaires.com the best penny stock newsletter in existence. I am one of the few penny-newsletter-guys that do not accept compensation to “pump” penny stocks. Sign up for 3 free Penny Stock Picks here.


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Continue reading: Penny Stock | Penny Stock Pumps & Promotions – What’s The Best Way To Trade Them?

Best Penny Stocks To Buy | Best Penny Stocks To Purchase

As with all utilitarian things they take time and you must make particular that you are giving yourself the tip luck of success by carrying out the apt probe to help learn the most apt tiny hat bonds and make a return on your investment. But when it comes to danger with penny shares, the gifted financier can agree to that risks are farthest and that risks are expected to pay off, a talent you will rise over time.

You should make sure that when you are conducting any probe about the share that you at least return and examine over the formerly two years, particularly when in quest of at financial data to make sure you can pick out any critical trends that might be emerging. You must be make sure that you are shopping in to a batch that has showed a plain follow record financially and is in fantastic figure to sustain that record. To checkthis you can look at the quarterly reports particularly focusing on the income generated and the gain per share.. The most present batch inform is fantastic to look at but it ordinarily gives you a image in that particular time support and you wish to search for chronological trends.. It is value attentive that chronological opening is no indicator of future opening but it is a utilitarian guide..

Not all of this arrange of data is basically existing for micro hat shares as it is with the incomparable more customary shares and it can make your probe routine wily but you should never just deposit blindly without initial perplexing to check.

One plot you can follow is to look to pick up value, that is formed on the rational that by shopping a utilitarian batch that is undervalued it will conclude with time. A buy and grip plot similar to the a referred to previously is matched more to an financier rsther than than a merchant but if you wish to fool around a more active purpose then there is no reason because you can’t traffic the shares of these companies instead.

One way is to learn to read candlestick charts that follow the total operation that the batch traded at in that time frame. Once you have identified fantastic companies to deposit in, then technical review allows you to pinpoint your access and exit points accordingly.

If are new to the rational of technical review and find this hard to follow then do not fret as there are loads of books and resources existing to teach you. Remember if you set in reserve a few time to learn about the batch before you buy any shares then you will be well on the way to anticipating the most apt penny shares to buy!

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Buy Penny Stock Online | Buy Penny Stocks Online

Do you wish to purchase penny bonds online? The key to the batch market, is knowledge. Let’s start with, what is a penny batch or a micro hat stock? A penny batch is a batch that has a worth of $5 or reduction by OTC, instead well known as over the opposite and the micro hat bonds traffic by pinkish sheets and/or quotations. In this article, reasons to purchase penny bonds are going to be discussed.

Micro hat bonds may be a great investment for an investor, this form of batch shopping is often paid for by savvy or gifted investors more so than beginners, nonetheless many beginners do in fact purchase them because the low cost per share creates them really attractive to an investor. Most people similar to to start out at a low cost so that they only remove a tiny amount of money.

Buying penny bonds can give an financier a really high return, the reason why an financier can advance out on tip by the purchase of these bonds is because the low cost of the stock, with any change of the batch going upwards can possibly be in the hundreds or thousands of percent in a couple of days. Say you purchase a micro hat batch for $3, then there is a large pierce on investors shopping them or a certain thing happens to the firm of the batch you purchased and it shoots up to $6 a share, bang you have doubled your money, in other difference in a bullish marketplace you can make a lot of money. For the many segment penny bonds may be a large segment of an gifted investor’s portfolio, but it is not endorsed for a new financier to only have micro hat bonds in their portfolio.

Micro hat bonds are deliberate a of the riskiest investments at the same time as possibly being a of the many essential investments, the reason being is since they are traded on the OTCBB and the pinkish sheets. The OTCBB and the pinkish sheets have really low inventory mandate different the New York Stock Exchange or the Nasdaq. Since companies are often new they cannot supply sufficient financial history. Or the firm is shut to bankruptcy, that can both result in low trading volumes. One more reason the penny batch marketplace is dangerous is since all of the rascal schemes out there. It gives people an chance to purchase large amounts of shares utilizing the market, then selling them to the fresh investors and when they are sold, the batch dumps.

If you are an investor, look in to shopping penny stocks, as was referred to they may be a really essential investment, but they are dangerous only similar to every other investment. Be sure to do investigate on the firm before you purchase their stock, nothing is on trial in batch investments and you can remove all that you put in. You can make a great treat of allowance shopping penny stocks, only ensure you investigate a lot.

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Best Penny Stocks To Buy | How To Triple Your Investments In The Short Term With The Best Penny Stocks To Buy

With this recession which has been strangling the American economy for more than a year now finally turning around, there has arguably never been a better time to invest in the history of our economy. Many stocks are at all-time low prices, so there are a number of excellent and wise investments to be made in the small term.

This goes doubly for penny/cheaper stocks which have a propensity of quickly and exponentially jumping in value over the course of a few hours or a day. Here is what to know about tripling your investments on the best penny stocks to buy in the small term even if you don’t have the experience.

As I mentioned, penny stocks offer some of the most volatile action to be found in the market. This is because their cheaper prices make them more susceptible to outside trading influence or less trading influence so it’s quite common to see a penny stock jump in the small-term.

Of course, a penny stock and very easily fluctuate out of your favor, as well. For this reason, many traders turned to using an analytical program to differentiate between the two and identify the best penny stocks to buy and trade more confidently yet to be of the curve.

These are programs which use analytics to analyze real-time market data and compare that to trends of the past to identify profitable patterns in the immediate future so you can take benefit of them. Programs which focus on penny stocks particularly are especially calculated and developed to target these stocks particularly and deliver the best penny stocks to buy.

For example, a recent program which I’ve been using which focuses on delivering the best penny stocks to buy generated a pick valued at $.18 a share for me initially when I invested. I bought around 1000 shares for about $180 by way of my online trading account and logged out.

Just a few hours later it had already jumped up to $.37 a share. At this point I was watching that stock on the hour as eventually the next morning it had topped off at $.57 a share at which point I got out.

Because all be analytical work is done for you, all you’ve got to do is point your money or simply follow the direction of the stock symbol which is generated for you to find the best penny stocks to buy.

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Best Penny Stocks To Buy | How Long To Keep A Penny Stock

There are the huge time players and then there are the small time players. For both categories of people the stock market has their share to offer. Huge time players work in the market for huge money while the small time players play in the market for small money. For both of them money is precious and money is hard earned. Both have to exhibit prudence and patience for their money to grow in this very volatile market called the share market everywhere stocks of companies are place up for sale. The small time players play for small value shares or better called top. The returns are very high and very lucrative. The reason why we have so many people investing. But stock has its generous chunk of risk also. The risk of losing your entire saving looms generous when it comes to trading. As these stocks do not follow the regular and recorded pattern of trading as the main shares do, there is a very huge risk of jumping into a deal without even an inkling of the company profile that has placed its stock for sale.

Being of very low value penny stocks do not figure in the share market listing. But its low value makes it appear to be a very simple stock for the picking. All would go well and even the stock would show some fantastic rise in the initial stages. In a sudden day it would take a tumble and even vanish from the unlisted market also. A complete loss for the investor. During the recent financial fiasco that the planet experienced, the so called recession, not only did huge time stock market investors lose out, there were more number of people who had invested in penny stock that came up crying in distress. This indicated the volume by number of people who had been investing their money in this small vale stocks and who buy penny stocks.

With the recession having passed and the market once again picking up, we are sure that this pronounced demand on penny stocks would once again increase. For this reason we had collected information about the company that ever traded their stocks owing to the penny stock process. We even have collected their data on previous times in this quick and rapid varying market. We give this data to our team of experts who then are able to make a better and wiser speculation of which be the best penny stocks to buy. Our registered users consequently get this added benefit of tips of when to buy penny stocks of a particular company and even when to let go the same back into the market. Assured gains is what a registered user of our site would experience and in the process make better gains in all his transactions. Out charges are nominal and against the assured gains that you get this amount would appear trivial.

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Is it Best to Speculate in Penny Stocks?

Small cap stocks are unquestionably challenges which are more appropriate for the individual which desires to take chances. Obviously, perhaps even a few conservative traders would see some benefit in the minimal risk gambit of hefty stock gains that the suitable small cap stock can offer. In truth, a great number of market players fantasize of simply being the person to find that outstanding penny stock having incredible possibilities which will eventually end up our next million dollar stock. The inescapable fact is without question that minor enterprises grow to be significant firms every day. Sadly, firms which become successful usually are truly negligible in number if likened to organizations that will not.

Small cap stocks usually are a wonderful method for small-scale businesses to fund growth stages, overcome difficult times and come to be top-notch firms. This also presents corporations some opportunity to re-organize, and by allowing their particular shares to be bought and sold as small cap stocks, they’re bringing in earnings which could always be directed into the company to wonderful results. Countless times, this can be a prosperous venture for the company, but yet there are lots of times it isn’t. However, this is a necessary part of the risk which is taken when investing in penny stocks. The instant the businesses are able to get organized, grow at an exceptional rate, and turn into the corporation you want they can become, the returns on investment are usually incomparable. But please do not count on immediate results from your stock investment.

One should equally choose to be conscious that a lot of firms utilize penny stocks as a way to work swindles upon naive investors. Sometimes it is practically inconceivable to possess all the particulars concerning penny stock companies when making an investment in penny stocks because unlike some of those corporations that have a market listing with the major stock market exchanges, a majority of these organizations ordinarily are not asked to open their books to prospective stock buyers and will not experience close to the same range of oversight that bigger companies face when welcoming investors.

Nevertheless, the issue of whether or not penny stock investing can be for you will depend completely on one’s own individual sense of adventure, and your ability to bet with one’s dollars. Various investors steadfastly assume that to be able to obtain substantially, a person must likewise be prepared to gamble substantially. This is certainly a specific approach to life for numerous individuals which is right for these individuals in friendships, life, and in money. These types of folks are generally substantially more fickle with their money and are generally prepared to take on the exposure lacking second thoughts or worry of a negative end result. Such will be the folks who achieve incredibly, whenever making an investment in penny stocks.

Then again, there are those who diligently shield their nest eggs. Most of these are individuals which are very likely to discover themselves agonizing through some sort of penny stock investment for various reasons. The investor cannot really analyze the corporations, a non-starter to individuals that like attentive planning, and you cannot obtain rapid and simple access to your money once committed. This approach takes out a degree of control relating to an individual’s fiscal well-being and isn’t a comfortable feeling for equity purchasers that want to feel in a position of control. No doubt many, can understand the ones that tend to be in no condition, without a doubt, to make investments in penny stocks. This can be a daunting expenditure process when homes, retirements, and …

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Tax Holiday Rejected On Overseas Profits

By JOHN D. MCKINNON

The Obama administration on Wednesday rejected the idea of a tax holiday for U.S. multinationals overseas income, criticizing a plan being floated by some House Republicans and multinational companies for a stand-alone relief measure.

Treasury officials said they would only consider letting U.S. companies pay a reduced tax rate on as much as $1 trillion of profits earned overseas as part of a broader overhaul of the U.S. corporate tax code.

It would not be sensible to consider a repatriation holiday outside of that context, Assistant Secretary Michael Mundaca said in a statement published on Treasurys blog. Giving companies a temporary tax holiday on their foreign income could undercut the broader overhaul effort, Treasury officials worry. They’ve previously expressed concern about a stand-alone holiday

Backers of a tax holiday said they would keep trying. House Majority Leader Eric Cantor (R., Va.), who this week promoted the idea for a separate tax holiday, believes a broader overhaul will require a longer time and more leadership from the White House to pass, a spokeswoman said. In the meantime, [a tax holiday] is an option that can be considered immediately to spur the economy and jobs, spokeswoman Laena Fallon said.

Rep. Kevin Brady (R., Texas) is working on a repatriation bill and hopes to introduce it within a couple of weeks, a spokeswoman said Wednesday, after the Treasurys statement was posted.

The U.S. corporate tax rate, once among the world’s lowest, is now one of the highest with a top rate of 35%, though various tax breaks enable many companies to pay less than this. The U.S. also is one of the few large economies that seek to tax their companies overseas earnings.

Many U.S. companies have been parking increasingly large amounts of their overseas earnings offshore, where the money can avoid U.S. taxes until brought home. Some analysts believe that has damped investment in the U.S. and slowed job growth, at least to some degree.

More than a dozen multinationals, including Google Inc., Microsoft Corp., Cisco Systems Inc. and Pfizer Inc., recently began pushing for tax holiday legislation that would allow the money to come home at a low tax rate on a temporary basis. Congress passed a similar measure in 2004, and companies were temporarily taxed at a rate of 5.25% on the more than $300 billion in profits that were returned from offshore subsidiaries.

But some research suggests that while the holiday led companies to bring back more earnings to the U.S., the repatriations did not increase domestic investment or employment, according to a 2009 congressional report. Instead, much of the repatriations were returned to shareholders through stock repurchases. Supporters of repatriation disagree, saying many companies used some of the money for job creation and training.

Some analysts say giving companies another repatriation holiday would lead them to conclude they can win regular tax holidays in the future. That could diminish their support for a broader corporate-tax overhaul, including a permanent lowering of corporate tax rates and an easing of U.S. tax rules on overseas income. Because of these concerns, support for a separate repatriation bill doesn’t yet appear strong in the Senate.

Write to John D. McKinnon at john.mckinnon@wsj.com…

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