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New U.S. jobless claims probably can’t go much lower
The weekly tally of how many Americans are applying for new unemployment benefits may have reached the end of its usefulness to investors and consumers — at least until the economy stumbles again.
Initial jobless claims have fallen under the key 300,000 mark in six of the past 10 weeks, touching as low as 279,000 in mid-July. That marked a 14-year low.
Yet the number probably can’t go much lower. The 279,000 figure, for example, is the 12th lowest since 1980. And new claims have only dropped below 300,000 in 104 out of 1,811 weeks in the past 35 years. That’s just 5.7% of the time.
What claims tell us now is that layoffs are at a modern record low. What the report can’t tell us is whether hiring is increasing, and how fast. For that we have to rely more on broad employment measures such as the government’s official jobs report and the ADP hiring report, among other things. And both show job creation occurring at the strongest pace since the recession ended.
Also Thursday, the government is likely to report that factory orders fell by as much as 10% in August, though mainly because of a temporary dip in demand for new aircraft and autos. Both categories are expected to rebound in September and have been growing strongly.
Atlanta Fed President Dennis Lockhart will also deliver opening remarks at a conference by the Atlanta Fed Center for Human Capital Studies that’s focusing on employment and social insurance. The conference begins at 1 p.m. Eastern. http://blogs.marketwatch.com/capitolreport/2014/10/01/new-u-s-jobless-claims-probably-cant-go-much-lower/
The bottom of a capitulation barrel and the tubes that say keep buying
There’s been plenty of talk about “all great opportunities to come with October, jump on in there, get ahead of the crowd”. Well, someone got jumped all right. The S&P 500 SPX, -1.32% bled 1.5% on Thursday (its third-straight down day), volume was way up, and the already feeble Russell 2000 RUT, -1.48% got knocked into correction territory.
Some — MarketWatch’s Mark Hulbert among them — have been telling investors to gird their loins, it could get choppy. A month of opportunity, sure, but also a volatile one, with the Fed and geopolitics in that mix. http://www.marketwatch.com/story/constellation-brands-mccormick-global-payments-in-focus-2014-10-01?dist=beforebell
U.S. stocks: Futures hint at another day in red
LONDON (MarketWatch) — U.S. stock futures pointed lower on Thursday, with investors cautious of making any big moves ahead of jobless-claims data and factory orders later in the day.
Also in focus is the European Central Bank policy decision, due ahead of the market open. Adding to the caution, the closely watched U.S. monthly jobs report is due on Friday
Futures for the Dow Jones Industrial Average DJZ4, -0.13% dropped 14 points, or 0.1%, to 16,725, while those for the S&P 500 index SPZ4, +0.10% gave up 0.90 point, or 0.1%, to 1,939.90. Futures for the Nasdaq 100 index NDZ4, -0.04% lost 2.75 points, or 0.1%, to 3,979.75.
The weakness followed a sharp selloff on Wednesday, when all of the major benchmarks closed with losses of more than 1%.
The skittishness appeared to have stemmed from upbeat data on Wednesday. Although these pointed to positive momentum for the U.S. economy, they continued to fuel worries that the Federal Reserve may raise interest rates sooner than later.
Data: More readings out Thursday will be watched for clues about what the Fed might do. At 8:30 a.m. Eastern Time, jobless-claims data for last week are out, forecast to have risen to 298,000 from 293,000 the week before. Read: New U.S. jobless claims probably can’t go much lower
At 10 a.m. Eastern Time, the government is likely to report that factory orders fell by as much as 10% in August, though mainly because of a temporary dip in demand for new aircraft and autos.
Joao Monteiro, analyst at Valutrades, said in a note that the factory-order numbers will be under close scrutiny, “but some meaningful action from the ECB is probably what counts the most right now.”
The ECB announces its rate decision at 7:45 a.m. Eastern Time, followed by President Mario Draghi’s news conference at 8:30 a.m. Eastern. http://www.marketwatch.com/story/us-stocks-futures-hint-at-another-day-in-red-2014-10-02?dist=beforebell
U.S. stocks skid; Russell 2000 in correction territory
NEW YORK (MarketWatch) — U.S. stock investors turned away from stocks on Wednesday and piled into safe havens such as Treasurys, sending the main benchmarks sharply lower.
Broad-based declines on Wall Street were led by tech and small-cap stocks. The Russell 2000 index lost 1.5% and is now in correction territory, defined as a drop of more than 10% from a recent peak, in this case on March 4.
The Dow Jones Industrial Average COMP, -1.59% fell 238.19 points, or 1.4%, to 16,804.71 and undercut its 50-day moving average. The blue-chip index moved by triple-digits in six out of past eight sessions. The index is down 2.75% from its record close set Sept. 19.
Wednesday’s skittishness appeared to have stemmed from upbeat employment and manufacturing data for September, which although points to positive momentum for the U.S. economy, continued to fuel worries that the Federal Reserve may raise interest rates sooner than later.
Private employers added 213,000 new jobs in September, and many view the report as a proxy for the non-farm payrolls data due on Friday. Manufacturing in the U.S. is still expanding, albeit slightly slower. Both PMI and ISM indexes ticked down, however indicated growth.
The upbeat economic data should be a positive, but ironically, have investors fretting they may need to retool their holdings.
The S&P 500 SPX, -1.32% fell 26.13 points, or 1.3%, to 1,946.16, with materials and industrials leading the losses. Only the utilities sector stayed in positive territory. The Nasdaq Composite shed 71.30 points, or 1.6%, to 4,422.09.
Eyes on ADP, manufacturing: Private-sector hiring picked up slightly in September, marking the sixth consecutive month of above-200,000 job gains, according to data released Wednesday. Economists will use this data as a guide leading up to Friday’s nonfarm-payrolls report, where expectations are for a gain of 220,000 jobs.
U.S. manufacturing companies grew at slower but still rapid pace in September, a survey of executives found. The final Markit reading of U.S. manufacturing conditions in September fell slightly, but still, the index is just a hair below the highest level in more than four years. Separately, outlays for U.S. construction projects unexpectedly fell in August, the U.S. Commerce Department reported. http://www.marketwatch.com/story/us-stocks-futures-flatten-ahead-of-adp-employment-ism-2014-10-01
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The Dow’s dive took out this key chart level
Blue-chip gauge breaks 50-day moving average
NEW YORK (MarketWatch) — Wednesday’s steep drop has resulted in the Dow Jones Industrial Average knifing through a level that many chart watchers track closely.
The Dow DJIA, -1.28% has undercut its 50-day moving average, and it is on pace to close under that level for the first time since mid-August.
The blue-chip index is in a way following the lead of the S&P 500 SPX, -1.21% and Nasdaq COMP, -1.50% Those other two indexes closed below their 50-day lines for the first time since August last week. And the small-cap Russell 2000 RUT, -1.66% in late September saw its 50-day average cross below the 200-day moving average, a technical formation known as a “death cross.” On Wednesday, the Russell hit “correction” territory, slipping more than 10% below its March closing high.
The S&P 500, Dow and Nasdaq on Wednesday are on track to finish at levels last seen in mid-August. http://www.marketwatch.com/story/the-dows-dive-took-out-this-key-chart-level-2014-10-01?dist=countdown
Gold begins fourth quarter on a strong note
SAN FRANCISCO (MarketWatch) — Gold started the fourth quarter on a strong note Wednesday as investors dumped riskier assets like stocks for the safety of gold.
Gold for December GCZ4, +0.35% gained $3.90, or 0.3%, to settle $1,215.50 an ounce. December silver SIZ4, +0.98% rose 10 cents, or 0.6%, to $17.48 an ounce. http://www.marketwatch.com/story/new-quarter-same-direction-for-gold-prices-2014-10-01?link=MW_latest_news
Triple-digit drop for Dow as global worries hit stocks
U.S. stocks declined sharply on Wednesday, following the S&P 500's seventh quarterly gain, as investors fretted global concerns and weighed a report on U.S. manufacturing in September.
"In the here and now, there are too many global-macro concerns for investors to have confidence," said Art Hogan, chief market strategist at Wunderlich Securities, listing worries about ISIS, Ukraine and Russia, the slowdown in China "and ebola, which is causing things like airline stocks to go down." http://www.cnbc.com/id/102049289
U.S. stocks skid; manufacturing slows down
NEW YORK (MarketWatch) — U.S. stock investors continued their selling ways this week, pushing prices lower in early trading. Wednesday’s slide stemmed from upbeat employment and manufacturing data for September, which although points to positive momentum for the U.S. economy, continued to fuel worries that the Federal Reserve may raise interest rates sooner than later.
Private employers added 213,000 new jobs in September and many view the report as a proxy for the non-farm payrolls data due on Friday. Manufacturing in the U.S. is still expanding, albeit slightly slower. Both PMI and ISM indexes ticked down, however indicated growth.
The upbeat economic data should be a positive, but ironically, has markets fretting that they may need to retool their holdings.
The S&P 500 SPX, -0.50% fell 17 points, or 0.9%, to 1,955.21, with industrials and materials leading the losses. Nine of 10 main sectors are trading lower. The Dow Jones Industrial Average DJIA, -0.78% dropped 157 points, or 0.9%, to 16,885.42. The Nasdaq Composite COMP, -0.79% shed 50 points, or 1.1%, to 4,442.43. http://www.marketwatch.com/story/us-stocks-futures-flatten-ahead-of-adp-employment-ism-2014-10-01?link=MW_latest_news
Private sector adds 213,000 jobs in September: ADP
WASHINGTON (MarketWatch) -- Private-sector hiring slightly picked up in September, as employers added 213,000 jobs, Automatic Data Processing Inc. reported Wednesday. Economists polled by Dow Jones Newswires had expected a September gain of 209,000, compared with an originally reported increase of 204,000 in August. On Wednesday ADP revised August's gain to 202,000. Economists use ADP's data to get a feeling for the U.S. Labor Department's employment report, which will be released Friday and covers government jobs in addition to the private sector. Economists polled by MarketWatch expect the government's report to show that nonfarm employment rose by 220,000 jobs in last month, compared with an August gain of 142,000 jobs. http://www.marketwatch.com/story/private-sector-adds-213000-jobs-in-september-adp-2014-10-01-891177
Private-sector jobs growth likely north of 200,000 for September
Private-sector employers likely kept hiring at a steady pace in September, according to a consensus forecast for data to be released Wednesday.
Economists polled by Dow Jones Newswires expect Automatic Data Processing to report that private-sector employers added 209,000 jobs in September, up a hair from 204,000 in August. If that forecast is hit, September would be a sixth month of above-200,000 readings, a welcome trend after a surprisingly weak jobs report from the government for August.
A vibrant labor market is key for a strengthening economy. Economists say that certain sectors, such as housing, won’t gear up until the employment environment delivers consistent and sustainable growth for jobs and wages.
Economists use ADP’s data to get a feeling for the U.S. Labor Department’s employment report, which will be released Friday and covers government jobs in addition to the private sector. The chart shows estimates for monthly private-employment growth from ADP and BLS (for August ADP’s estimate was 70,000 jobs greater than the government’s). Economists polled by MarketWatch expect the government’s report to show that total nonfarm employment rose by 220,000 jobs in September, after adding just 142,000 positions in August.
ADP will release its jobs data at 8:15 a.m. Eastern. http://blogs.marketwatch.com/capitolreport/2014/09/30/private-sector-jobs-growth-likely-north-of-200000-for-september/
Here’s a part of the U.S. economy no one’s worrying about
The manufacturing industry is one part of the U.S. economy that’s generating virtually no worries. Auto sales have repeatedly set new postrecession highs and most industries are experiencing their fastest growth in several years despite lackluster performance in key export markets such as Europe.
At 9.45 a.m, the research firm Markit is likely to report that its manufacturing index remains in the high 50s range in September, a level that reflects strong growth. Just minutes later, a more closely followed survey by the Institute for Supply Management will probably show a similarly robust reading. The ISM index surged to a three-year high of 59% in August and probably won’t fall much, analysts say.
Wall Street will also pay close attention to an employment gauge in the ISM report for a clue on whether U.S. job growth snapped back in September after a disappointing preliminary gain of 142,000 in August. The ISM employment index is a pretty good bellwether of what’s going on in the nation’s labor market.
Auto makers will also report car and truck sales throughout the day. Sales probably decelerated in September from an annual rate of 17.5 million in August, which marked an eight-year high. Economist predict sales slowed to a still-healthy 16.5 million annual rate last month. The industry keeps on trucking. http://blogs.marketwatch.com/capitolreport/2014/09/30/heres-a-part-of-the-u-s-economy-no-ones-worrying-about/
New quarter, same direction for gold prices
Platinum gets knocked down to a five-year low
LOS ANGELES (MarketWatch) — Gold on Wednesday started the fourth quarter where it ended to the third, and that’s in the dumps. The selling was even more pronounced in platinum, which pushed down to levels sot seen in five years. http://www.marketwatch.com/story/new-quarter-same-direction-for-gold-prices-2014-10-01
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S&P 500, Nasdaq extend quarterly win streak to seven
U.S. stocks fell on Tuesday, with equities posting September losses and quarterly gains, as portfolio managers engaged in end-of-quarter positioning.
"There is some window dressing going on," said Kim Forrest, senior equity analyst at Fort Pitt Capital.
"it's the last day of the quarter, and professional investors are insuring that their portfolios are in attractive shape," said Lawrence Creatura, portfolio manager at Federated Investors.
"It's a time when players move their chess pieces around. The true finish line is Dec. 31, and investors are paring their portfolios for what they think is coming next," Creatura said.
"Perhaps this is end-of-the-quarter influenced or maybe this ongoing correction is not over yet," offered Elliot Spar, market strategist at Stifel, Nicolaus & Co., in afternoon commentary. http://www.cnbc.com/id/102044683
An already ugly September for commodities just got real
Surging dollar contributes to carnage in oil, gold, grains
NEW YORK (MarketWatch) — September was already shaping up as a brutal month for most major commodites. For some markets, it just got a lot uglier.
What’s slamming broad swaths of the commodities market? Everything from supply gluts to the dollar’s Samson-like strength of late.
More specifically, oil has been weighed down by a supply glut tied partly to growing U.S. shale production and waning global demand. Gold futures have slumped amid lackluster physical buying, while grain futures have been slipping due to bountiful crop. http://www.marketwatch.com/story/an-already-ugly-september-for-commodities-just-got-real-2014-09-30?dist=afterbell
true but neither does Twitter since its zero
Consumers show more worry in September
Confidence index fall sharply on concerns about job market
WASHINGTON (MarketWatch) — The disappointing jobs report for August took a toll on the psyche of Americans: the consumer confidence index fell sharply in September and posted its first decline in five months.
The U.S. consumer confidence index fell to 86.0 in September from a revised 93.4 in August, the nonprofit Conference Board said Tuesday. Economists polled by MarketWatch had expected the index to decline slightly, but not by as much as it did.
An index that looks at what consumers feel about the “present” state of the economy fell to 89.4 from 93.9. Another gauge that examines their outlook for the future slid to 83.7 from 93.1.
Lynn Franco, director of economic indicators at board, said the August employment report apparently led many Americans to think the economy is slowing even though a ream of more recent data suggest growth remains fairly strong.
“A less positive assessment of the current job market, most likely due to the recent softening in growth, was the sole reason for the decline in consumers’ assessment of present-day conditions,” Franco said. http://www.marketwatch.com/story/consumers-show-more-worry-in-september-2014-09-30
LTNC .105 Labor SMART, Inc. September Revenue Jumps 29.16% Year-over-Year
Year-to-Date Revenue Exceeds $18,000,000
HIRAM, GA / ACCESSWIRE / September 30, 2014 / Labor SMART, Inc. (LTNC) (the "Company"), a leader in providing on-demand blue collar staffing primarily in the southeastern United States, today announced record September revenues, continuing a long streak of year-over-year increases. The Company also announced that Year-to-Date revenue for 2014 has exceeded $18,000,000.
Company-wide revenue for the four week month ended September 26, 2014 was $2.13 million, a 29.16% increase compared to September 2013 revenue of $1.65 million. Among the 15 branches open one year or more at September 26, 2014 revenue was up 9.25%, affected by the culling of low margin and high risk business in July that represented a year-over-year reduction of $244,230 in revenue during the month of September.
"September marked the 22nd consecutive month of year over year revenue increases. For such a young organization, our track record for delivering growth is stellar. While consistently delivering year over year revenue growth, we have also demonstrated our ability to drive gross profit margin growth. The gross profit margins we report in our next 10Q will be nothing short of spectacular in a year over year comparison," said Ryan Schadel, President and CEO of Labor Smart.
He continued, "We are substantially self-insured in 14 states and we are now looking to add additional states to our policy which will further improve gross profit margins. Additionally, we are very close to breaking the $600,000 per week revenue level, which would be a milestone for Labor Smart and sets the stage for profitability in early to mid 2015." http://finance.yahoo.com/news/labor-smart-inc-september-revenue-114500747.html
ECOB .0007 Eco Building Products, Inc. New Jersey Facility Expands Inventory Position
Eco Red Shield™ Building Finished Goods Inventory for Special Orders and Modular Factories
VISTA, Calif., Sept. 30, 2014 /PRNewswire/ -- Eco Building Products, Inc., (ECOB) announced today that the after several months of certifying contractors, builders, realtors and modular home factories, the Company is now utilizing our credit facility to move from coating services only, to selling finished goods. This was our plan all along and now that we have built a customer base, we are purchasing and building an inventory of finished good. The difference between coating services and selling finished goods can be as much as ten times the revenue on each sale. In addition to enabling the Company to purchase raw, this credit facility in effect will increase the speed at which orders for finished goods are processed and distributed to our customers. This inventory is being established to directly support special order business for The Home Depot retail locations active in the Northeast, and advanced framing lumber and panel products commonly used by Modular Home factories in and around the region.
Steve Conboy, President & Chief Executive Officer, Eco Building Products commented that "Eco's Northeast Region has been hard at work developing certified contractors, builder and modular factories that support our vision of raising the bar on how we build more defensively. Our VP of this region is Christian Tirone who comes with a background of over 20 years of Sales, Project Management and General Contractor experience in the Modular Homes Industry. At current, his primary focus is supporting Eco's efforts with The Home Depot between in-store training of their associates, and outside awareness that HD is a source for purchasing Eco Red Shield advanced framing lumber and panel products." With a newly revamped facility and lumber yard, new staff and management, and a second coating line soon to go live, ECOB's New Jersey facility continues to grow to meet the increasing demand.
Eco's Fair Lawn, New Jersey facility continues to purchase and replenish back-up inventory for HD in-stock reorders in support of the Eco Red Shield protected lumber retail sales program. This pilot program has now grown to include 107 selected stores in New York and New Jersey since early August 2014. While this program is still in its' infancy and continues to be fine-tuned by both companies, ECOB has manufactured and distributed over 63 stores resetting studs and 44 stores resetting plywood across the 107 retail locations, with no marketing support from The Home Depot yet.
With Eco Red Shield protected lumber becoming the standard within great companies like Future Home Technology servicing coastal communities, it is the perfect opportunity for Eco to start installing and turning a finished goods inventory. Mr. Conboy further noted that "Few understand how to take a new product to market that costs more than standard materials that previously were the norm. We are a company that is now reaching all markets in the US with orders now going as far south as Florida and into Hawaii. The fact that Eco's footprint can reach just about anywhere in the US without adding logistical cost is opening the door for more and more lumber brokers since only a few years ago we were only operating in California. We are and will remain a 'Defensive Value Added Interior Framing' product for above ground use. Look for our new ad campaign that highlights Eco's lumber protection being safe around children and in schools, as that alone separates us from the others that aren't. This builder transition reminds us at Eco of how in our lifetime we've watched the paint industry move from oil and lead based paints to water-based; furthermore it's hard to find paints that aren't cautious about VOC's and indoor air quality."
About Eco Building Products, Inc.
Eco Building Products, Inc. is a manufacturer of treated wood products that are protected against fire, mold/mycotoxins, fungus, rot-decay, wood ingesting insects and termites by our proprietary eco-friendly chemistry utilizing ECOB WoodSurfaceFilmTM and FRC™ technology (Fire Retardant Coating) leading the world on Defensive Innovations through the implementation of defensive building practices. Eco Building Products' Global Defensive Vision is to foster environmental stewardship, respect reforestation programs, and consider the carbon footprint and recycling efforts as we forge forward in the protection of homeowners and builders. We believe that in conjunction with these endeavors, Eco Building Products will have a positive impact on U.S. export business as supported by factory-built housing managed by American Veterans, demonstrating once again to America's youth that working in the Building Trades is an honorable vocation. http://finance.yahoo.com/news/eco-building-products-inc-jersey-120000705.html
Eco Building Products, Inc. New Jersey Facility Expands Inventory Position
Eco Red Shield™ Building Finished Goods Inventory for Special Orders and Modular Factories
VISTA, Calif., Sept. 30, 2014 /PRNewswire/ -- Eco Building Products, Inc., (ECOB) announced today that the after several months of certifying contractors, builders, realtors and modular home factories, the Company is now utilizing our credit facility to move from coating services only, to selling finished goods. This was our plan all along and now that we have built a customer base, we are purchasing and building an inventory of finished good. The difference between coating services and selling finished goods can be as much as ten times the revenue on each sale. In addition to enabling the Company to purchase raw, this credit facility in effect will increase the speed at which orders for finished goods are processed and distributed to our customers. This inventory is being established to directly support special order business for The Home Depot retail locations active in the Northeast, and advanced framing lumber and panel products commonly used by Modular Home factories in and around the region.
Steve Conboy, President & Chief Executive Officer, Eco Building Products commented that "Eco's Northeast Region has been hard at work developing certified contractors, builder and modular factories that support our vision of raising the bar on how we build more defensively. Our VP of this region is Christian Tirone who comes with a background of over 20 years of Sales, Project Management and General Contractor experience in the Modular Homes Industry. At current, his primary focus is supporting Eco's efforts with The Home Depot between in-store training of their associates, and outside awareness that HD is a source for purchasing Eco Red Shield advanced framing lumber and panel products." With a newly revamped facility and lumber yard, new staff and management, and a second coating line soon to go live, ECOB's New Jersey facility continues to grow to meet the increasing demand.
Eco's Fair Lawn, New Jersey facility continues to purchase and replenish back-up inventory for HD in-stock reorders in support of the Eco Red Shield protected lumber retail sales program. This pilot program has now grown to include 107 selected stores in New York and New Jersey since early August 2014. While this program is still in its' infancy and continues to be fine-tuned by both companies, ECOB has manufactured and distributed over 63 stores resetting studs and 44 stores resetting plywood across the 107 retail locations, with no marketing support from The Home Depot yet.
With Eco Red Shield protected lumber becoming the standard within great companies like Future Home Technology servicing coastal communities, it is the perfect opportunity for Eco to start installing and turning a finished goods inventory. Mr. Conboy further noted that "Few understand how to take a new product to market that costs more than standard materials that previously were the norm. We are a company that is now reaching all markets in the US with orders now going as far south as Florida and into Hawaii. The fact that Eco's footprint can reach just about anywhere in the US without adding logistical cost is opening the door for more and more lumber brokers since only a few years ago we were only operating in California. We are and will remain a 'Defensive Value Added Interior Framing' product for above ground use. Look for our new ad campaign that highlights Eco's lumber protection being safe around children and in schools, as that alone separates us from the others that aren't. This builder transition reminds us at Eco of how in our lifetime we've watched the paint industry move from oil and lead based paints to water-based; furthermore it's hard to find paints that aren't cautious about VOC's and indoor air quality."
About Eco Building Products, Inc.
Eco Building Products, Inc. is a manufacturer of treated wood products that are protected against fire, mold/mycotoxins, fungus, rot-decay, wood ingesting insects and termites by our proprietary eco-friendly chemistry utilizing ECOB WoodSurfaceFilmTM and FRC™ technology (Fire Retardant Coating) leading the world on Defensive Innovations through the implementation of defensive building practices. Eco Building Products' Global Defensive Vision is to foster environmental stewardship, respect reforestation programs, and consider the carbon footprint and recycling efforts as we forge forward in the protection of homeowners and builders. We believe that in conjunction with these endeavors, Eco Building Products will have a positive impact on U.S. export business as supported by factory-built housing managed by American Veterans, demonstrating once again to America's youth that working in the Building Trades is an honorable vocation. http://finance.yahoo.com/news/eco-building-products-inc-jersey-120000705.html
ECOB .0007 Eco Building Products, Inc. New Jersey Facility Expands Inventory Position
Eco Red Shield™ Building Finished Goods Inventory for Special Orders and Modular Factories
VISTA, Calif., Sept. 30, 2014 /PRNewswire/ -- Eco Building Products, Inc., (ECOB) announced today that the after several months of certifying contractors, builders, realtors and modular home factories, the Company is now utilizing our credit facility to move from coating services only, to selling finished goods. This was our plan all along and now that we have built a customer base, we are purchasing and building an inventory of finished good. The difference between coating services and selling finished goods can be as much as ten times the revenue on each sale. In addition to enabling the Company to purchase raw, this credit facility in effect will increase the speed at which orders for finished goods are processed and distributed to our customers. This inventory is being established to directly support special order business for The Home Depot retail locations active in the Northeast, and advanced framing lumber and panel products commonly used by Modular Home factories in and around the region.
Steve Conboy, President & Chief Executive Officer, Eco Building Products commented that "Eco's Northeast Region has been hard at work developing certified contractors, builder and modular factories that support our vision of raising the bar on how we build more defensively. Our VP of this region is Christian Tirone who comes with a background of over 20 years of Sales, Project Management and General Contractor experience in the Modular Homes Industry. At current, his primary focus is supporting Eco's efforts with The Home Depot between in-store training of their associates, and outside awareness that HD is a source for purchasing Eco Red Shield advanced framing lumber and panel products." With a newly revamped facility and lumber yard, new staff and management, and a second coating line soon to go live, ECOB's New Jersey facility continues to grow to meet the increasing demand.
Eco's Fair Lawn, New Jersey facility continues to purchase and replenish back-up inventory for HD in-stock reorders in support of the Eco Red Shield protected lumber retail sales program. This pilot program has now grown to include 107 selected stores in New York and New Jersey since early August 2014. While this program is still in its' infancy and continues to be fine-tuned by both companies, ECOB has manufactured and distributed over 63 stores resetting studs and 44 stores resetting plywood across the 107 retail locations, with no marketing support from The Home Depot yet.
With Eco Red Shield protected lumber becoming the standard within great companies like Future Home Technology servicing coastal communities, it is the perfect opportunity for Eco to start installing and turning a finished goods inventory. Mr. Conboy further noted that "Few understand how to take a new product to market that costs more than standard materials that previously were the norm. We are a company that is now reaching all markets in the US with orders now going as far south as Florida and into Hawaii. The fact that Eco's footprint can reach just about anywhere in the US without adding logistical cost is opening the door for more and more lumber brokers since only a few years ago we were only operating in California. We are and will remain a 'Defensive Value Added Interior Framing' product for above ground use. Look for our new ad campaign that highlights Eco's lumber protection being safe around children and in schools, as that alone separates us from the others that aren't. This builder transition reminds us at Eco of how in our lifetime we've watched the paint industry move from oil and lead based paints to water-based; furthermore it's hard to find paints that aren't cautious about VOC's and indoor air quality."
About Eco Building Products, Inc.
Eco Building Products, Inc. is a manufacturer of treated wood products that are protected against fire, mold/mycotoxins, fungus, rot-decay, wood ingesting insects and termites by our proprietary eco-friendly chemistry utilizing ECOB WoodSurfaceFilmTM and FRC™ technology (Fire Retardant Coating) leading the world on Defensive Innovations through the implementation of defensive building practices. Eco Building Products' Global Defensive Vision is to foster environmental stewardship, respect reforestation programs, and consider the carbon footprint and recycling efforts as we forge forward in the protection of homeowners and builders. We believe that in conjunction with these endeavors, Eco Building Products will have a positive impact on U.S. export business as supported by factory-built housing managed by American Veterans, demonstrating once again to America's youth that working in the Building Trades is an honorable vocation. http://finance.yahoo.com/news/eco-building-products-inc-jersey-120000705.html
After-hours buzz: Cintas, Ford, Synnex & more
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Nasdaq Scans 9/29:
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Pending home sales fall 1% in August
WASHINGTON (MarketWatch) -- A gauge of pending home sales fell 1% in August, pulling back from an 11-month high in July, the National Association of Realtors reported Monday. Signaling that upcoming closings of existing homes are likely to slow down, the index of pending home sales hit a seasonally adjusted 104.7 in August, compared with 105.8 in July. Last month's drop is likely due to waning investor activity as the pool of cheap, distressed properties dries up. By region, August's gauge of pending home sales fell 3% in the Northeast, 2.1% in the Midwest and 1.4% in the South. Meanwhile, the gauge rose 2.6% in the West. Rising mortgage rates and prices cut home sales this year, and August's gauge of pending deals was down 2.2% from the year-earlier period. Existing-home sales for all of 2014 are expected to hit 4.94 million, below 2013's final tally of 5.09 million, NAR forecast. Pending sales typically close within two months. An index reading of 100 equals 2001's average contract activity level. http://www.marketwatch.com/story/pending-home-sales-fall-1-in-august-2014-09-29-109108
Dow, Nasdaq down 1% in open
U.S. stocks opened lower on Monday after protests in Hong Kong rattled global markets, while investors looked ahead to a week of economic reports.
"It's a familiar story of global usurping steady economic growth in the U.S," Art Hogan, chief market strategist at Wunderlich Securities said. "On the way to Friday we've got a host of things that could move markets around." http://www.cnbc.com/id/102040624
$LTNC .10’s Acquisition News out~ Labor SMART, Inc. Acquires Kwik Jobs, Inc. Operating Assets http://finance.yahoo.com/news/labor-smart-inc-acquires-kwik-114500053.html
U.S. consumer spending jumps 0.5% in August
WASHINGTON (MarketWatch) - Consumer spending rebounded toward the end of the summer as Americans boosted outlays by 0.5% in August after no change in July, suggesting the economy continued to grow at a moderate pace in the third quarter. Consumers spent more on heavy-duty items such autos and less on nondurable goods like gasoline. Durable outlays leaped 1.8% and service spending also rose 0.5%. Spending on nondurables dropped 0.3%. Incomes increased 0.3% last month, as did disposable income, or money left over after taxes. Economists polled by MarketWatch had forecast a seasonally adjusted 0.4% increase in spending and a 0.3% gain in income. Since spending rose faster than incomes, the amount of money individuals save fell to 5.4% from a 20-month high of 5.6% in July. Meanwhile, inflation as gauged by the PCE price index was flat in August, though the core rate excluding food and energy edged up 0.1%. Over the past year the PCE index has risen 1.5%, down from 1.6% in the prior month. Inflationary pressure has cooled off since the late spring, giving consumers a bit more money to spending in real terms. Inflation-adjusted spending also rose 0.5% in August, marking the biggest increase since a 0.6% gain in March. The increase in March was the strongest since the U.S. exited recession in mid-2009. In July, spending was revised up to unchanged from an initial reading of a 0.1% decline.
Gold prices sneak higher ahead of busy week of economic data
Jobs report looms at the end of the week
LOS ANGELES (MarketWatch) — Gold bugs on Monday enjoyed a slight respite from all the declines, but they could be in for another rough week if the next batch of economic numbers, notably the jobs report at the end of the week, shows further improvement. http://www.marketwatch.com/story/gold-prices-sneak-higher-ahead-of-busy-week-of-economic-data-2014-09-29?dist=beforebell
Dollar hits highest level in over 6 years
The dollar hit its highest level in over six years against the yen and a 22-month high against the euro on Monday as investors bought the greenback on expectations that the monetary policy stances of the U.S. and its peers will continue to drift apart. http://www.marketwatch.com/story/dollar-hits-highest-level-in-over-6-years-versus-yen-2014-09-29-21031136?dist=beforebell
Investors likely to focus on jobs data
SAN FRANCISCO (MarketWatch) — Investors will pick through several economic reports this week, but attention is likely to focus on jobs numbers due on Friday.
Stocks finished lower last week with a big selloff on Thursday that left many investors scrambling. On the week, the Dow Jones Industrial Average DJIA, +0.99% declined 1%, the S&P 500 Index SPX, +0.86% fell 1.4%, and the Nasdaq Composite Index COMP, +1.02% was down 1.5%.
Relatively quiet earnings until mid October
This week will be relatively quiet on the earnings front with a few companies reporting such as Cintas Corp. CTAS, +0.42% on Monday, Walgreen Co. WAG, -0.51% on Tuesday, and McCormick & Co. MKC, +0.41% and Constellation Brands Inc. STZ, -0.30% on Thursday.
Earnings won’t ramp up until mid-October, when the major banks report, but concern still remains that a rise in the dollar will undercut results from companies that have a significant international presence.
A stronger dollar is a symptom that international economic growth is slowing down, said Barclays strategist Jonathan Glionna in a recent note.
Glionna said the tech and industrial sectors are heavily exposed to international sales and that the energy and materials sectors are doubly exposed because commodity prices are linked to the dollar.
It remains to be seen whether a stronger dollar will cut into earnings this season. Nike Inc. NKE, +12.23% which reported Thursday, topped Wall Street estimates even though it has a large exposure to international sales. http://www.marketwatch.com/story/investors-likely-to-focus-on-jobs-data-2014-09-28
U.S. second-quarter GDP growth revised up to 4.6% from 4.2%
WASHINGTON (MarketWatch) - The U.S. economy grew at a 4.6% annual pace in the second quarter, matching the best performance since the recession ended in mid-2009. The increase in real gross domestic product was revised up from 4.2%, mainly because of higher exports and business investment, the Commerce Department said Friday. Americans also spent more on health care, but the gain was offset by lower spending on other services. Economists polled by MarketWatch had predicted GDP would be revised up to a seasonally adjusted 4.7%. Consumer spending, the main source of economic activity, was unchanged at 2.5% growth. The biggest gains came in business investment, a good sign for the economy in the months ahead. Spending on structures such as plants and office buildings was revised up to 12.6% from 9.4%, while spending on equipment was raised to 11.2% from 10.7%. The rise in exports was also raised to 11.1% from 10.1%, marking the biggest increase in three years. Yet the gain in business inventories was little changed at $84.8 billion, a high level that could induce companies to scale back a little in the third quarter and perhaps impinge on growth. Inflation as measured by the PCE index was unchanged at a 2.3% annual rate.
This stock selloff has everyone talking about ‘divergence’
Few see single catalyst as stocks see biggest fall in 2 months
NEW YORK (MarketWatch) — Strategists have few pat answers to explain the carnage across U.S. stocks on Thursday, but it’s clear that concerns over divergences within and between markets is taking a toll on investor sentiment.
“I think its’ a confluence of catalysts occurring,” said Adam Sarhan, chief executive of Sarhan Capital, in a phone interview. http://www.marketwatch.com/story/why-this-stock-selloff-has-everyone-talking-about-divergence-2014-09-25?dist=beforebell
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After-hours buzz: Apple, Micron, Nike & more
http://www.cnbc.com/id/102033926
Top OTC % Gainers 9/25 close:
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