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LIVE: Apple Earnings! (AAPL)

Here. We. Go.  Apple earnings are coming in a few minutes and we're going to have the numbers as soon as possible.  This post is being updated as we go, so hit refresh for the latest, or just click here.  Here's what...



Links for 4-24-14

Piketty Day Here at Berkeley - Brad DeLong The Fault Lines Along Fast Lanes - Digitopoly Social upheaval - Understanding Society Targeting wage inflation - mainly macro Closing the US-EU productivity gap - vox Policy Paradoxes in the New Keynesian Model...



French Telecom Company Does Biggest Junk Bond Sale Ever; Bidding Wars for Junk; AOL Flashback

With central bankers globally suppressing interest rates, the such for yield elsewhere is on. One of the places investors have turned is speculative junk bond offerings.Please consider French Company Does Biggest Junk Bond Sale Ever. Numericable (NUM),...



Drinking Age Is Past Its Prime

That's the title of Camille Paglia's latest op-ed in Time. As I mentioned a few years ago, she must be one of the last critical thinkers left in the Democratic Party. She correctly identified many of the fatal flaws of the Obama administration...



Thursday: Unemployment Claims, Durable Goods, Kansas City Mfg Survey

Nick Timiraos at the WSJ has some excerpts from a research note by Goldman Sachs economists: Why Credit Is Key for the Housing Recovery The Goldman economists say they expect new home sales to reach 800,000 units by 2017, up from 430,000 last year, based...



Jim Cramer: With Bubble Talk, Consider the Source

NEW YORK (Real Money) -- How did it come to the point that we now get our opinions from investment letters from managers who lost money in the first quarter? How is it that we now bank with managers who tell us there is a tech bubble brewing without...



Exactly Like 7 Years Ago? 2014 Is Turning Out To Be Eerily Similar To 2007

The similarities between 2007 and 2014 continue to pile up.  As you are about to see, U.S. home sales fell dramatically throughout 2007 even as the mainstream media, our politicians and Federal Reserve Chairman Ben Bernanke promised us that...



BACK IN HELL

All of yesterday’s hard fought gains have been wiped out in the first twenty minutes of trade. We were treated to a worse than expected PMI number and then an atrocious set of housing numbers. Apparently, the recovery in housing has taken a...



How Is Winter Weather Affecting Home Sale Data?

Source: Calculated Risk   I have heard a fair amount of chatter about the awful winter weather’s impact on home sales. Let’s clarify the different measures in use for New and Existing Home Sales to see what we can find. U.S. Census...



Tyler Cowen Skewers Thomas Piketty

Tyler Cowen has taken to the pages of Foreign Affairs to review the Amazon #1 best seller Capital in the Twenty-First Century by Thomas Piketty. Cowen does a very decent job in the review of touching on many problems...



Why Does Everyone Think Lolita Is a Teenager?

This is way off my usual beaten path, but here is Hillary Kelly in the New Republic: People have the wrong idea about Lolita, and Lolita. Today, the name is widely used as a synonym for a sexually precocious young girl. But the most important fact...



Class-Ridden America

The rich think differently from you and...



Hedge Fund News: Bill Ackman, Crispin Odey & David Tepper

Valeant Pharmaceuticals shares climb as it teams up with Bill Ackman to buy $42.2B Botox maker (FinancialPost) Canada’s largest pharmaceutical company and the U.S. activist investor who overhauled CP Rail have joined forces in a mega-deal to buy...



David Einhorn: we are in a new Tech Bubble

Pretty interesting comments from the latest David Einhorn letter. The savvy hedge fund manager says we are indeed in a new tech bubble and has even formed an entirely new group of stocks in his fund that he has dubbed the "bubble basket". ...



Citigroup stock to double: Mike Mayo

Mike Mayo says Citigroup stock could head to $96 per...



Apple Patents Driver Distraction Lockdown Mode For iPhones

 Apple has been granted a new patent by the USPTO (via AppleInsider), and it’s one that could potentially prevent a lot of careless driving. The tech described in the patent would use a phone’s on-board sensors, or a...



Hedge funds still loving Japan despite losses

Hedge fund managers like Eton Park and Eclectica are still bullish on Japan despite a painful start to the...



The amazing energy efficiency of the US economy

Mark Perry today has a nice post celebrating Earth Day from an economist's perspective, including a chart showing how the U.S. economy today uses far less energy per unit of output than it did in 1950. To complement his post, I offer the following...



Will This 'Buy' Rating Help SunPower (SPWR) Stock Today?

NEW YORK (TheStreet) -- SunPower Corp shares had coverage initiated with a "buy" rating by analysts at Brean Capital on Tuesday. The firm set a price target of $32 on the shares.SunPower is up 1.7% to $28 in pre-market trading today. Must...



Capitalization-Weighted Index Funds: A Closer Look At “Smart Beta”

by David Markel, CFO of the AlephBlog Are index funds that are capitalization-weighted the best funds to invest in?  No.  So why do we talk about index funds so much?  Because they represent the average dollar in the market.  In...



No Time For Sargent



Further reading

Elsewhere on Tuesday, - The most expensive lottery ticket in the world. - Cowen reviews Piketty. - The contradiction in economics.Continue reading: Further...



Mail Campaign Boosts Loeb’s Candidates In Sotheby’s Fight

An aggressive campaign mailer draws direct comparisons between candidates for Sotheby's board of directorsThe campaign season is heating up.  No, not the midterm Congressional elections.  This is the campaign for shareholder mindshare as...



Who is Playing for a House of Cards?

Netflix reports after the bell today, and I suspect the reaction tonight and in the coming days should be telling as to the overall health of the market and its growth leaders. Who is paying earnings? How are you positioned? Common, calls, or...



Monday DeLong Smackdown: Scott Sumner: Could We Have Had a Severe Recession Without the 2008 Financial Crisis?

Scott Sumner: Could We Have Had a Severe Recession Without the 2008 Financial Crisis?: "I have trouble with DeLong’s implicit assumption is that the financial crisis caused the Great Recession.... The years leading up to 1990 saw...



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LIVE: Apple Earnings! (AAPL)

Here. We. Go.  Apple earnings are coming in a few minutes and we're going to have the numbers as soon as possible.  This post is being updated as we go, so hit refresh for the latest, or just click here.  Here's what...



Links for 4-24-14

Piketty Day Here at Berkeley - Brad DeLong The Fault Lines Along Fast Lanes - Digitopoly Social upheaval - Understanding Society Targeting wage inflation - mainly macro Closing the US-EU productivity gap - vox Policy Paradoxes in the New Keynesian Model...



Fed’s Stein, Board Hawk, to Step Down May 28

A top Federal Reserve official who has expressed concerns about the possibility that the central bank’s policies could spark financial instability said Thursday he is resigning from his post on May 28. Fed governor Jeremy Stein Bloomberg...



Bank of America to pay nearly $800 million for deceptive credit card practices

Bank of America agreed Wednesday to pay nearly $800 million in penalties for deceiving millions of customers into buying costly and unneeded services when they signed up for credit cards. Americans gravitated to credit protection products that...



WSJ: Zelman still Bullish on New Home Sales, Cuts forecast for Existing Home Sales

From Nick Timiraos at the WSJ: Fewer Foreclosures Could Mean Fewer Homes for Sale In a report Friday, her firm Zelman & Associates said it now expected a 5% drop in sales of previously owned homes for 2014 to a seasonally adjusted annual level of...



"Capital" and its discontents

IF THERE were not a large class of influential people convinced that distributional issues in an economy are not especially important, there would have been no reason for Thomas Piketty to write his book. Its reception across a wide range of thinkers...



JPMorgan Earnings Fall 18.5% on Slowdown in Trading and Mortgage Lending

As the nation’s largest bank, JPMorgan has become a kind of bellwether for the broader industry. The net earnings of $5.27 billion, or $1.28 a share, came in slightly below Wall Street analysts' expectations. Revenue dropped to $23.86...



Here's 20-Year-Old Warren Buffett's Investing Advice From 1951

Warren Buffett's been investing for a long time. ValueWalk's Jacob Wolinsky just posted this piece by the then 20-year-old investment salesman Warren E. Buffett. It's dated Thursday, December 6, 1951 and it comes from a publication called...



Obama Tax Return Released For 2013 (DOCUMENT)

President Barack Obama released his 2013 federal and state income tax returns Friday. The president and First Lady reported a total income of $481,098. They paid $98,169 in total tax, for an effective rate of 20.4 percent. They donated $59,251 to...



Henry Aaron and the Lucas Critique

No, not the Henry Aaron at the Brookings Institution.  I mean what the ten year old Tyler Cowen would have called “the real Henry Aaron.”  Nate Silver writes: What if Aaron had never hit a home run? What if those 755...



Hedge Fund News: Bill Ackman, Crispin Odey & David Tepper

Valeant Pharmaceuticals shares climb as it teams up with Bill Ackman to buy $42.2B Botox maker (FinancialPost) Canada’s largest pharmaceutical company and the U.S. activist investor who overhauled CP Rail have joined forces in a mega-deal to buy...



Tesla Motors Inc (TSLA) Debate On Fox News Teases Political Sea Change

Are the stale right / left political battle lines being redrawn? If you find it ironic that Fox News icon Bill O’Reilly is arguing for the common good, citing in part environmental benefits of electric cars, you might enjoy this clash of...



Why Won't Washington Take on Wall Street's Biggest Crimes?

Yesterday, the judge in the SAC case accepted the firm's plea deal with the Justice Department, in which the firm and its subsidiaries pled guilty to wire fraud and securities fraud and agreed to pay a $900 million penalty and...



The Growth of Pass-Through Entities

Over the past few decades, there has been an amazing shift in how businesses are taxed.  See the figure below, which is from CBO.  Businesses are more and more taxed as pass-through entities, where the income shows up on personal tax...



CRAMER: The Market Has Been Hit With A Plague That's Worse Than Locusts And Frogs

It will not have been a Happy Passover in markets according to CNBC's Jim Cramer. "This market, it's got a disease," he warned on Monday's episode of Mad Money. "We've been hit with a plague of initial public offerings....



A Closer Look at Post-2007 Labor Force Participation Trends

When it comes to explaining the recent drop in labor force participation, separating what is trend from what is cyclical can be difficult. In this first of two posts on the topic, macroblog peers into the...



The Perpetual Bubble Economy

Lawrence Summers says that to keep the country's economy growing, the government should run deficits -- perhaps indefinitely, even during good economic...



Japan population drops third year straight; 25% elderly...

Japan population drops third year straight; 25% elderly...(Second column, 16th story, link)Related stories:Iran considers ban on vasectomies to boost birthrate... ...



'The Skills Zombie'

Paul Krugman: The Skills Zombie: One of the most frustrating aspects of economic debate since 2008 has been the preference of influential people for stories about our troubles that sound serious as opposed to those that actually are serious. The reality,...