Morning Report

Posted on March 1, 2012 by Brent Nyitray

Vital Statistics:

Last Change Percent
S&P Futures 1367.8 3.4 0.25%
Eurostoxx Index 2535.2 23.1 0.92%
Oil (WTI) 107.27 0.2 0.19%
LIBOR 0.4843 -0.003 -0.67%
US Dollar Index (DXY) 78.891 0.072 0.09%
10 Year Govt Bond Yield 2.04% 0.07%

Markets are slightly better after a mixed bag of economic reports this morning. Personal income and spending were lower than expected, while the jobless report was slightly better. Initial Jobless Claims definitely seem to have found a new level around 350k, which for all intents and purposes represents “normalcy.”

Bonds and mortgage backs sold off on the data, continuing the slide that began after The Bernank offered his testimony yesterday.

Today is the first Thursday of the month, and that means retailers are releasing their same-store sales numbers for February. Reports are still coming in, but WalMart, Target, and the Gap are all up smartly on their reports. The unusually warm weather in the Northeast may have played a part in the comps. Most retailers have a January fiscal year, so some are announcing their fiscal year earnings as well.

So a default is not a default? According to ISDA that is the case. Bought credit default swaps on Greek sovereign debt? No credit event for you!

Remember the days of 5% commissions and going to the library to research a stock? – why there has never been a better time to be an individual investor.

Chart:  Initial Jobless Claims over the years:

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Cigarette Companies Breathe Easier on Package Warning Requirements

Posted on March 1, 2012 by ashot

A Federal Judge blocked the FDA’s requirement that cigarette companies put graphic pictures of disease lungs, bodies on autopsy tables and other images on packs of cigarettes. He held that it violated the tobacco companies’ First Amendment Rights.

I like this quote from this NY Times article:

Paul G. Billings, vice president for national policy and advocacy at the American Lung Association. “This industry has been marketing its products to children for years in ways that have enticed them to use them — the Marlboro cowboy and Joe Camel — and what Congress said was fight back with all the same tools.”

That isn’t exactly a compelling First Amendment argument for upholding the FDA requirements, but I thought it was a good point. The real reason I like the quote is because the guy is the VP of advocacy at the American Lung Association. Is there an Anti-Lung Association? Who exactly is opposing the American Lung Association that they need a VP of policy and advocacy?

Here’s the opinion.

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