News on Stocks in Our Portfolios
Qualcomm to invest $120M in
Sharp. Qualcomm (QCOM) has confirmed
speculation it will invest in Sharp (SHCAY.PK), with the U.S.
company to provide $120M to the troubled Japanese firm. Qualcomm will invest an
initial ¥4.93B ($59.9M) by the end of the year and receive a 2.6% stake in
Sharp, while the American company will provide the rest of the money by March.
The firms will also jointly develop new displays based on Sharp's IGZO
technology.
Economics
This Week’s Data
The
International Council of Shopping Centers reported weekly sales of major
retailers down 3.1% from the prior week (typical for the week after Black
Friday) but up 3.2% versus the comparable period a year ago: Redbook Research
reported month to date retail chain store sales up 2.1% on a year over year
basis.
Weekly
mortgage applications climber 4.5% while purchase applications rose only 0.1%.
The
ADP private payrolls report showed an
increase in employment (118,000) less than expected (125,000).
Third
quarter nonfarm productivity rose 2.9% versus estimates of +2.8%; unit labor
costs fell 1.9% versus forecasts of -0.9%.
Other
More
on taxes and income (short/medium):
Signs
of a slump in consumer spending (short):
The
failure of Keynes (medium):
Politics
Domestic
The tyranny of
the politically correct (medium):
Bargaining
in good faith (medium):
International War Against Radical Islam
Time
magazine does it again. After
pronouncing Egyptian president Morsi ‘the most important man in the Middle
East ’ this week, we now see him fleeing unceremoniously from the
presidential palace as protests get chippy.
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