Archive for June 2008

Revisiting Last Week’s Selloff – It’s All About Oil, The Dollar And Inflation

June 30, 2008  ·  Category: Commodities, Federal Reserve, Market Commentary
Every weekend I write a client note in which I attempt to summarize the week's action and highlight significant events.  As I was writing it last night I was struggling to make sense of the ...
Posted by Greg Feirman  ·  No Comments »

Same Story At KB Homes

June 27, 2008  ·  Category: Real Estate, Stocks
The new home market continues to be brutal as we saw yesterday with Lennar and today with KB Homes (KBH Earnings Release). I created the same chart for KB Homes of new home deliveries and backlog ...
Posted by Greg Feirman  ·  No Comments »

House Of Pain At Lennar

June 26, 2008  ·  Category: Real Estate, Stocks
Homebuilder Lennar (LEN) reported 2nd quarter earnings today and they were not pretty (LEN Earnings Release).  I put together a chart of Lennar's new homes delivered and backlog going back 5 years which pretty much tells the ...
Posted by Greg Feirman  ·  No Comments »

Fed On Pause – For Now

June 25, 2008  ·  Category: Federal Reserve, Market Commentary
Although downside risks to growth remain, they appear to have diminished somewhat, and the upside risks to inflation and inflation expectations have increased. - Fed Statement, June 25 After 7 consecutive cuts in the Fed Funds rate ...
Posted by Greg Feirman  ·  No Comments »

Fed Ex And UPS Show Economy Is Weak

June 24, 2008  ·  Category: Macro Economics, Market Commentary, Stocks
Slow U.S. economic growth and an unprecedented increase in the cost of fuel have resulted in lower-than-expected U.S. package volume and an accelerating contraction in the use of premium air products. In addition, the anemic ...
Posted by Greg Feirman  ·  No Comments »

Dow Chemical Raises Prices Again

June 24, 2008  ·  Category: Federal Reserve, Inflation, Market Commentary, Stocks
Less than a month after announcing across the board price increases to combat rising energy and raw materials costs (May 28 Press Release), Dow Chemical (DOW) is at it again announcing additional across the board ...
Posted by Greg Feirman  ·  No Comments »

Excellent 3 Part Washington Post Feature On The Boom and Bust

June 23, 2008  ·  Category: Market Commentary
I'm back from my week off in Las Vegas where I played in two bracelet events (#s 32 and 36 - both $1500 buy in, No Limit events) at The World Series of Poker. The Washington Post ...
Posted by Greg Feirman  ·  No Comments »

Is Lehman Brothers The Next Bear Stearns?

June 13, 2008  ·  Category: Market Commentary, Stocks
The action in Lehman Brothers (LEH) this week reminds me of the Bear Stearns debacle that evolved from Friday March 14 through Monday March 17. It started with Lehman's preliminary announcement of 2nd quarter results on ...
Posted by Greg Feirman  ·  2 Comments »

One Of The Biggest Oil Winners Of The Last Decade Decides To Get Out

June 12, 2008  ·  Category: Commodities
I sold my Chevron.  I sold my Conoco Phillips.  I sold my Statoil.  I sold my ENSCO.  I sold my Pioneer Natural Resources.  I sold everything. - Richard Rainwater, who made about $2 billion investing in energy ...
Posted by Greg Feirman  ·  No Comments »

Will Pfizer Cut Its 7% Dividend?

June 11, 2008  ·  Category: Stocks
The dividend is really important to me.  The company feels they can keep it up through the patent expirations, but it seems like it's going to be difficult. - Kent Croft (subscription required), President, Croft Leominster There's been ...
Posted by Greg Feirman  ·  No Comments »