IS 2 years TOO long? -OR- are YOU just whimps?
#1
IS 2 years TOO long? -OR- are YOU just whimps?
By ELLEN SIMON, AP Business Writer 22 minutes ago
NEW YORK - Stocks rose smartly Wednesday as stronger-than-expected earnings from FedEx Corp. and Morgan Stanley Inc. put investors' inflation fears on the back burner. The Dow Jones industrial average gained more than 130 points.
Morgan Stanley's second-quarter profit more than doubled from a year earlier and FedEx saw a 27 percent jump in its fiscal fourth-quarter earnings. The results quieted concerns about the possibility of an economic slowdown caused by rate hikes from the Federal Reserve.
"With the backdrop of rising interest rates, if we're still able to see good earnings for the second quarter, it will bode well for the market," said Jim Herrick, director of equity trading at Baird & Co.
Inflation jitters have been shaking stocks recently, with the major indexes swinging to losses in early June before rebounding. May was Wall Street's worst month of the year by far.
In early afternoon trading, the Dow Jones industrial average rose 138.24, or 1.26 percent, to 11,113.08.
Broader stock indicators were also higher. The Standard & Poor's 500 index rose 15.99, or 1.29 percent, to 1,256.11, and the Nasdaq composite index rose 38.67, or 1.84 percent, to 2,145.73.
Advancers led decliners by roughly 4 to 1 on the New York Stock Exchange. Small cap stocks also rallied. The Russell 2000 index of smaller companies rose 14.68, or 2.17 percent, to 692.18.
Bonds were flat, with the yield on the 10-year Treasury note at 5.15 percent. The U.S. dollar was mostly lower against other major currencies. Gold prices were higher.
Crude oil futures were higher after the U.S. Department of Energy reported that gasoline inventories grew at a slow pace last week, despite high production levels. A barrel of light crude was quoted at $70.00, up 66 cents in trading on the New York Mercantile Exchange.
Morgan Stanley, the nation's second largest securities firm, rose $2.72, or 4.8 percent, to $59.74 after its second-quarter profits jumped. The company reported record revenue driven by stronger underwriting, merger and acquisition, and trading results. The results far exceeded analysts expectations.
FedEx Corp. rose $5.11, or 4.7 percent, to $113.43, after it reported a 27 percent jump in fourth-quarter earnings, citing solid economic growth in U.S. and international markets. FedEx is the world's largest express shipping company and its results beat Wall Street expectations by a wide margin
Business software maker Oracle Corp. said Portal Software stockholders have tendered 32 million shares, or 74 percent, of the media-focused software company's outstanding stock following Oracle's May tender offer of $4.90 per share. Oracle rose 37 cents to $14.62.
Darden Restaurants Inc., operator of Red Lobster, Olive Garden and other restaurant chains, rose $1.76, or 5 percent, to $37.32, to $37.51 after reporting strong increases in fourth-quarter profits and same-store sales.
Volume on the New York Stock Exchange was 883.29 million shares, up from 768.94 million the previous session.
Overseas, Japan's Nikkei stock average fell 0.03 percent. Britain's FTSE 100 rose 0.12 percent, Germany's DAX index was up 0.18 percent, and France's CAC-40 rose 0.09 percent.
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NEW YORK - Stocks rose smartly Wednesday as stronger-than-expected earnings from FedEx Corp. and Morgan Stanley Inc. put investors' inflation fears on the back burner. The Dow Jones industrial average gained more than 130 points.
Morgan Stanley's second-quarter profit more than doubled from a year earlier and FedEx saw a 27 percent jump in its fiscal fourth-quarter earnings. The results quieted concerns about the possibility of an economic slowdown caused by rate hikes from the Federal Reserve.
"With the backdrop of rising interest rates, if we're still able to see good earnings for the second quarter, it will bode well for the market," said Jim Herrick, director of equity trading at Baird & Co.
Inflation jitters have been shaking stocks recently, with the major indexes swinging to losses in early June before rebounding. May was Wall Street's worst month of the year by far.
In early afternoon trading, the Dow Jones industrial average rose 138.24, or 1.26 percent, to 11,113.08.
Broader stock indicators were also higher. The Standard & Poor's 500 index rose 15.99, or 1.29 percent, to 1,256.11, and the Nasdaq composite index rose 38.67, or 1.84 percent, to 2,145.73.
Advancers led decliners by roughly 4 to 1 on the New York Stock Exchange. Small cap stocks also rallied. The Russell 2000 index of smaller companies rose 14.68, or 2.17 percent, to 692.18.
Bonds were flat, with the yield on the 10-year Treasury note at 5.15 percent. The U.S. dollar was mostly lower against other major currencies. Gold prices were higher.
Crude oil futures were higher after the U.S. Department of Energy reported that gasoline inventories grew at a slow pace last week, despite high production levels. A barrel of light crude was quoted at $70.00, up 66 cents in trading on the New York Mercantile Exchange.
Morgan Stanley, the nation's second largest securities firm, rose $2.72, or 4.8 percent, to $59.74 after its second-quarter profits jumped. The company reported record revenue driven by stronger underwriting, merger and acquisition, and trading results. The results far exceeded analysts expectations.
FedEx Corp. rose $5.11, or 4.7 percent, to $113.43, after it reported a 27 percent jump in fourth-quarter earnings, citing solid economic growth in U.S. and international markets. FedEx is the world's largest express shipping company and its results beat Wall Street expectations by a wide margin
Business software maker Oracle Corp. said Portal Software stockholders have tendered 32 million shares, or 74 percent, of the media-focused software company's outstanding stock following Oracle's May tender offer of $4.90 per share. Oracle rose 37 cents to $14.62.
Darden Restaurants Inc., operator of Red Lobster, Olive Garden and other restaurant chains, rose $1.76, or 5 percent, to $37.32, to $37.51 after reporting strong increases in fourth-quarter profits and same-store sales.
Volume on the New York Stock Exchange was 883.29 million shares, up from 768.94 million the previous session.
Overseas, Japan's Nikkei stock average fell 0.03 percent. Britain's FTSE 100 rose 0.12 percent, Germany's DAX index was up 0.18 percent, and France's CAC-40 rose 0.09 percent.
___
On the Net:
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Last edited by captain_drew; 06-21-2006 at 09:49 AM.
#2
How about 25 years ?
Weren't you at FDX for about 25 years before the first contract was signed? Seems pretty wimpy to me...
Last edited by ClutchCargo; 06-21-2006 at 11:17 AM. Reason: Punctuation
#3
Originally Posted by ClutchCargo
Weren't you at FDX for about 25 years before the first contract was signed? Seems pretty wimpy to me...
It took bringing the Flying Tigers boys and girls on board to get us serious about a union. You can ask anyone who knows me, I was 'pro-union' from about 1977 on. . . or 2 years after I was hired and had figured out management was not our friend.
#4
2 year wimps
How long did it take to get the first contract on Fed Ex property after the Tiger guys got here? We've only gotton rid of a few bleeding purple hearts and are still pretty much the same crew force, just a little wiser. If we take 5 years it will be a 50% reduction in time. Wimps is being a little tough on us, but I can't say we're really bad asses either. Maybe somewhere in the middle, which is where a democracy is supposed to be.
#5
Classic Drew. Sit at home collecting the retirement the all us wimps are providing for you. Yeah, yeah, you worked here for blah blah blah... You were not Pro-union. You were anti-FedEx. There's a difference. I know you don't see it that way. It is a good thing that we have some wimps here that understand the difference. Just because you got fired more than once does not make you pro-union, if you haven't figured that out yet?
#6
capt drew,
From where I'm sitting, it looks to me like we are in the situation we are in today beacuse old reired guys never bothered to organize and watch out for their own (and my) futures. I vote for improving benefits for the dues paying guys on the property today. Most of the old retired farts didn't pay much in dues anyway. I'd rather have an extra 2% in my B fund than get retro pay for the retirees. Just one guys opinion ...
Regards,
Mark
From where I'm sitting, it looks to me like we are in the situation we are in today beacuse old reired guys never bothered to organize and watch out for their own (and my) futures. I vote for improving benefits for the dues paying guys on the property today. Most of the old retired farts didn't pay much in dues anyway. I'd rather have an extra 2% in my B fund than get retro pay for the retirees. Just one guys opinion ...
Regards,
Mark
#7
Originally Posted by MaydayMark
capt drew,
From where I'm sitting, it looks to me like we are in the situation we are in today beacuse old reired guys never bothered to organize and watch out for their own (and my) futures. I vote for improving benefits for the dues paying guys on the property today. Most of the old retired farts didn't pay much in dues anyway. I'd rather have an extra 2% in my B fund than get retro pay for the retirees. Just one guys opinion ...
Regards,
Mark
From where I'm sitting, it looks to me like we are in the situation we are in today beacuse old reired guys never bothered to organize and watch out for their own (and my) futures. I vote for improving benefits for the dues paying guys on the property today. Most of the old retired farts didn't pay much in dues anyway. I'd rather have an extra 2% in my B fund than get retro pay for the retirees. Just one guys opinion ...
Regards,
Mark
Concur.....
#8
Originally Posted by fecav8r
Sit at home collecting the retirement the all us wimps are providing for you.
I guess you don't understand. . and are not grateful for the fact that it was us old guys who CREATED (out of nothing at all) the job you currently enjoy.
AND the retirement WE currently enjoy was EARNED (by us) over the years, by OUR OWN labor, as 'deferred compensation'.
Maybe you are thinking of the Socialist, Ponzi-scheme Social Security debacle, which has spent all the money in 'the fund' and relies upon current 'contributions' from workers. YOU are not ‘providing’ us anything . . I don't owe you a damn thing.
Originally Posted by fecav8r
Just because you got fired more than once does not make you pro-union, if you haven't figured that out yet?
I wear my actions like a badge of courage. Had we had a union onboard when Frank Fato went psycho, intimidating crewmember ‘witnesses’, falsifying ‘evidence’ and otherwise being dishonest in his vendetta, I would likely ‘own’ a large part of FedEx now.
I am proud to have stood up to point out safety and security shortcomings -and the proof is in the pudding. Things changed shortly after I did -and all I got was a ‘vacation’. .with full pay. .and a bunch of jerks who don’t know what really happened, running around like little old ladies spreading rumors in the crew rooms.
Make my day . .with some unfounded libel and slander.
#10
Originally Posted by notanewguy
"You obviously don't know the facts. Any 'disciplinary action’ I succeeded in overcoming was due to standing up for pilot’s rights, safety and security. "
Gee, thanks Drew. Your sacrifice greatly improved the catering.
Gee, thanks Drew. Your sacrifice greatly improved the catering.
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