| Stocks for the Downturn
In April 2002, the country was still recovering from a recession. And the S&P 500 would fall by 23% over the course of the year. Even seemingly stable large-cap companies such as Microsoft (Nasdaq: MSFT), General Electric (NYSE: GE), and Citigroup (NYSE: C) saw their valuations plummet. It was not a good time to be an investor. Or was it? Our Motley Fool Stock Advisor service was launched at that time, and despite a rocky start, every issue offered a pick that is now beating the market or beat the market until we recommended selling it. What's more, several of the selections have delivered multibagger returns for Stock Advisor members. How did advisors David and Tom Gardner find great stocks in such a tough market environment? Portrait of a multibaggerThree of the top-performing and still-active recommendations from Stock Advisor's first year are listed in the table below: Recommending Issue Returns to Date .
New Method of Creating Embryonic Stem Cells Devised
New Era Canning Co. of New Era, Mich. is recalling cans of Mexican style chili beans, green beans, and dark red kidney beans that may not have been adequately cooked and have the potential for growth of Clostridium botulinum, which can cause botulism, the U.S. Food and Drug Administration said. The recall covers the following products: GFS brand Fancy Mexican Style Chili Beans in 6 lb. 12 oz. cans with lot number 00249 5AJ6LC with a 4-digit time stamp number ranging from 2113 through 2235 printed on the end of the can after the lot number. Kitchen brand Blue Lake Mixed Cut Green Beans in 6 lb. 6 oz. cans with lot number 00249 6FG5GA printed on the end of the cans. They were not sold at retail stores, but were distributed to a Michigan restaurant. Great Value brand Dark Red Kidney Beans in 15.5 oz cans with lot number 00249 CKJ6LD printed on the end of the can.
Colossal bank swindle hits France
Its losses spiralled to US$7.1 billion as it tried to close out the rogue positions in Mondays sliding market.
The countrys top banker dubbed the trader a a genius of fraud. SocGen declined to give a name, but three sources at the bank named him as Jerome Kerviel, 31, a trader on the banks award-winning equity derivatives desk earning less than 100,000 euros a year. Kerviel could not be reached for comment.
If fraud is proved, the loss will be the biggest ever caused by a single trader, dwarfing the US$1.4 billion loss by trader Nick Leeson that broke the British Barings bank, and the US$2.6 billion that the Sumitomo Corp. lost in rogue copper trades in the 1990s.
It also eclipses a US$6 billion-plus loss racked up by the hedge fund Amaranth trader Brian Hunter and his team ahead of the funds collapse in 2006.
NCEL launches awareness drive for rice trading
KARACHI: National Commodities Exchange Limited (NCEL) on Monday launched a month-long pre-launch programme and investor awareness drive ahead of the commencement of listing and trading of its IRRI-6 Rice Futures Contract.
Managing Director Assim Jang said NCEL will be in Kandhkot, in upper Sindh, holding the first of investor awareness seminars aimed at informing the potential participants, including growers, millers, traders and exporters of the details of Futures Trading in IRRI-6 rice and encouraging their participation.
We have chosen these areas to start out investor awareness drive as they are the trading hubs of IRRI-6 rice, Assim said adding, we feel it is important to reach out to the key participants in our market on a one-to-one basis, they will not only ultimately benefit from this new contract, but also will provide NCEL with the necessary depth and liquidity, he added.
Slouching towards Petroeurostan
Now more than ever, it may also signal a geoeconomic earthquake, a potentially shattering blow to US dollar hegemony.
The Iranian oil bourse - the first oil, gas and petrochemical exchange in the Islamic Republic, and the first within the Organization of Petroleum Exporting Countries (OPEC) - was launched on Sunday by Irans Oil Minister Gholam-Hossein Nozari, flanked by Minister of Economy and Financial Affairs Davoud Danesh Jafari, the man who will head the exchange.
Officially called the Iranian International Petroleum Exchange
(IIPE), it is widely known in Iran and the Persian Gulf as the Kish bourse, named after Kish island, a free zone (declared by the shah) in an ideal laissez faire setting: lots of condos and duty-free malls, no Khomeini mega-portraits and hordes of young honeymooners shopping for made-in-Europe home appliances.
Seafield Resources Lists on the TSX Venture Exchange ...
Seafield is a gold exploration company with projects located in Canada and Mexico. On January 4, 2007, Seafield announced the completion of the acquisition of Minera Tango from Yamana Gold Inc. As a result of this all stock acquisition Yamana has become Seafield's largest shareholder. Minera Tango, now a wholly owned subsidiary of Seafield, owns a 100-per-cent interest in the Tango property, covering about 17,407 hectares in the Rosario epithermal gold-silver mining district, Sinaloa state, Mexico. Minera Tango also owns a 100-per-cent interest (subject to an option described below) in the promising silver-gold Picachos property, covering approximately 7,775 hectares in Durango state in Mexico. Earlier work on the Tango property defined a large gold anomaly in stream sediment samples covering about 27 square kilometres in the tributaries of the El Placer River.
Fans make an early exit as new boss takes over
Although there were no rousing renditions of Nigel Pearson's red and white army,' those present did get behind the side for the first 30 minutes. Some positive play and evidence of a willingness to close the opposition down gave encouragement to the supporters. Yet the mood markedly changed thanks to a horrific two- minute spell. When Plymouth's Peter Halmosi slammed in his side's first, after 31 minutes, following Andrew Surman's errant pass, the restlessness that has become all too familiar at St Mary's this season reappeared. The home support was swiftly taunted with cries of There's only one Paul Sturrock' from the Plymouth faithful. Just two minutes later, some fans decided they could take no more. As Jim Paterson curled home past a bemused Kelvin Davis, a cacophony of boos rang around the ground, followed by the incredible sight of a stream of fans heading for the exits.
FUTURES FILE: Volatility in equity markets leads to commodity savings
As overseas equity markets were plunging on Monday due to fears about slowing worldwide economic growth, traders in the U.S. were forced to sit and watch as the nation observed Martin Luther King Jr. Day.By Tuesday morning, the anxiety about worldwide economic stability and growth had reached a boiling point. Seemingly out of nowhere, the Federal Reserve announced it was slashing the Fed Funds rate by 75 basis points to help ease concerns and to prevent a more substantial slowdown in economic growth.Initially, the decision had the opposite effect. Traders interpreted the sudden and extreme cut as a sign that things might be as bad or worse than they seemed. Only a few minutes after the open of U.S. equity trading on Tuesday, equity issues had fallen almost 4 percent.As the day continued, most of the losses were erased and markets closed down just 1 percent.
Yesterday's trading: Disaster at Debenhams
Wall Street jumped 68 points in the early stages ahead of President Bush's sub-prime aid package. Speculation suggested he was ready to freeze interest rates for a long as five years for sub-prime borrowers. Housebuilders certainly thought the reduction in mortgage rates would be insufficient to resuscitate the housing market. Persimmon lost 45½p to 750½p, Barratt Developments 19½p to 448¼p and Taylor Wimpey 3.95p to 199.3p. In the absence of an increased offer from BHP Billiton (28p off at 1619p) or a rival bid from Chinese top steelmaker Baosteel, Rio Tinto succumbed to profit-taking and shed 137p to 5583p. Nervous selling ahead of Tuesday's thirdquarter trading statement left Whitbread 22p off at 1390p. Tracker buying following its historic promotion into the Footsie helped the London Stock Exchange climb 67p to 1870p.
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