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Existing-home sales fall 1.8% in August
WASHINGTON (MarketWatch) -- Falling for the first time in five months, sales of existing homes declined 1.8% in August to a seasonally adjusted annual rate of 5.05 million, the National Association of Realtors reported Monday. NAR attributed the drop to fewer all-cash sales to investors. Economists polled by MarketWatch had expected the sales rate to increase to 5.2 million in August from an originally reported 5.15 million in July. On Monday NAR tweaked July's sales rate to 5.14 million. The median sales price of used homes hit $219,800 in August, up 4.8% from the year-earlier period. August's inventory was 2.31 million existing homes for sale, a 5.5-month supply at the current sales pace. The number of homes available for sale was up 4.5% from the year-earlier period. August's pace of sales was down 5.3% from a year earlier.
$ELRA .0035 NEWS OUT! Elray Gaming Concludes a Master License / Reseller Agreement GlobeNewswire "Press Releases"
NEW YORK , Sept. 22, 2014 (GLOBE NEWSWIRE) -- Elray Resources Inc. (OTCPK:ELRA) trading as Elray Gaming announced today that it has finalized a Master Software Reseller Agreement with Moorgate Commercial Limited .
In terms of this agreement Elray Gaming will be permitted to Resell and Operate the Playtech Ltd. Gaming Software in Asia .
Playtech is the world's largest online gaming and sports betting software supplier. Founded in 1999 by entrepreneurs from casino, software engineering and multimedia industries, the company has become the strongest player in the market of gaming solutions.
Playtech Ltd (
www.Playtech.com) has a market capitalization of over 2 Billion Pounds ( 3.3 Billion USD ) and a Net Income of over 489 Million Pounds ( 815 Million USD ).
In terms of this agreement, Elray Gaming now has the rights to Resell and operate the Playtech Software in defined territories in Asia .
Elray will work closely with Moorgate and Playtech Ltd to build its Asian business and capture a slice of the Global market expected to reach USD 117.9 Billion USD in 2015*
* Transparency Market Research
The License Agreement will allow Elray to build on its Junket Operator relationships and existing business and will generate ongoing revenues in Asia the world's most lucrative Gaming market.
www.ElrayGaming.com
NEWS OUT! Elray Gaming Concludes a Master License / Reseller Agreement GlobeNewswire "Press Releases"
NEW YORK , Sept. 22, 2014 (GLOBE NEWSWIRE) -- Elray Resources Inc. (OTCPK:ELRA) trading as Elray Gaming announced today that it has finalized a Master Software Reseller Agreement with Moorgate Commercial Limited .
In terms of this agreement Elray Gaming will be permitted to Resell and Operate the Playtech Ltd. Gaming Software in Asia .
Playtech is the world's largest online gaming and sports betting software supplier. Founded in 1999 by entrepreneurs from casino, software engineering and multimedia industries, the company has become the strongest player in the market of gaming solutions.
Playtech Ltd (
www.Playtech.com) has a market capitalization of over 2 Billion Pounds ( 3.3 Billion USD ) and a Net Income of over 489 Million Pounds ( 815 Million USD ).
In terms of this agreement, Elray Gaming now has the rights to Resell and operate the Playtech Software in defined territories in Asia .
Elray will work closely with Moorgate and Playtech Ltd to build its Asian business and capture a slice of the Global market expected to reach USD 117.9 Billion USD in 2015*
* Transparency Market Research
The License Agreement will allow Elray to build on its Junket Operator relationships and existing business and will generate ongoing revenues in Asia the world's most lucrative Gaming market.
www.ElrayGaming.com
Early movers: SIAL, MSFT, BABA, GOOG, GM & more
http://www.cnbc.com/id/102020703
U.S. stocks: Futures dip as China rattles traders again
Existing home sales ahead; Dresser-Rand up on deal
MADRID (MarketWatch) — Stock futures pointed to a weaker open for Wall Street on Monday as China-growth concerns bubbled to the surface again and raised questions as to whether the record run for Wall Street is going to hit a speed bump soon.
Futures for the Dow Jones Industrial Average DJZ4, -0.25% fell 49 points, or 0.3%, to 17,163, while those for the S&P 500 index SPZ4, -0.38% lost 9.1 points, or 0.5%, to 1,994.70. Tech futures were pointing to even bigger opening losses later, with Nasdaq-100 NDZ4, -0.43% futures off 23 points, or 0.6%, to 4,070. Read: Russell 2000 ‘death cross’ looms
The Chicago Fed national activity index for August is due at 8:30 a.m. Eastern Time, while home sales for August are due at 10 a.m. Eastern. A couple of Fed speakers are also on the calendar, with New York Fed President William Dudley due to speak at Bloomberg Markets Most Influential Summit at 10 a.m. Eastern. Dudley is a voting member of the Fed policy committee.
At 7:30 p.m. Eastern, Minneapolis Fed President Narayana Kocherlakota, also a voting member, will give a speech on the objectives of monetary policy to the Economic Club of Marquette County.
Clues about the Fed’s timing intention on hiking rates and news from China are what traders will be looking out for, said Joao Monteiro, analyst at Valutrades. http://www.marketwatch.com/story/us-stocks-futures-dip-as-china-rattles-traders-again-2014-09-22?mod=MW_story_latest_news
Silver hits four-year lows, gold open week in the red
MADRID (MarketWatch) — Silver prices hit four-year lows on Monday, while gold prices showed no interest in bouncing off January lows ahead of another batch of pivotal economic data over the coming days. http://www.marketwatch.com/story/gold-finds-no-bounce-off-nine-month-lows-2014-09-22
Fed heads may ease Wall Street confusion this week
After a Federal Reserve statement and press conference that may have provided more questions than answers, and produced oddly divergent reactions in the stock and bond markets, investors will look to this week's heavy docket of Fed speakers to provide clarity about the future of monetary policy. But whether they will get the clarity they seek is a different matter. http://www.cnbc.com/id/102014704
in ELRA looking forward to this week
Smooth path for economy remains elusive
Surging growth in some areas offset by softness in others
WASHINGTON (MarketWatch) — After experiencing a series of ups and downs since the end of a recession in mid-2009, the U.S. economy appears poised for a smoother ride in the year ahead.
Or does it?
The signals, as usual, are mixed. Manufacturers are surging amid strong demand for autos and airplanes. And surveys of consumers and businesspeople show they are more confident about the economy than they have been in years.
Yet job creation decelerated in August to the slowest pace of 2014 and home construction sank 14.4% in August, another sign of a sluggish real-estate market.
The topsy-turvy nature of the U.S. economy explains why the Federal Reserve held off last week on changing its timeline on when to raise interest rates for the first time since 2008. Fed Chairman Janet Yellen said there’s still a “good deal of uncertainty” about the direction of the economy.
Whatever the case, a soft housing market is both a cause of economic slack and a sign that all is still not right in the U.S. economy. Far fewer families are buying homes compared to the number of new households created each year.
In August, economists polled by MarketWatch predict existing home sales will edge up to a 5.22 million annual rate from 5.15 million in July. The report will be released Tuesday.
Sales of new homes, issued Thursday, are projected to climb to a 435,000 annual rate from 412,000 in the prior month. That still wouldn’t equal the postrecession peak achieved 14 months ago, however.
Business better but ...
The other big report on tap this week takes a look at business spending in August. Orders for durable goods — big-ticket items mean to last at least three years — are expected to drop 14% mainly because of fewer bookings for expensive commercial jets. Orders soared 22.6% in July owing to a huge surge in contracts for Boeing.
A more important number to look at is a core capital goods, a number that strips out spending on transportation and defense and gives a better look at underlying U.S. business investment.
The good news? Business investment, a key driver of the U.S. economy, rose at a healthy 13.2% annual pace from May through June. And a flurry of new reports from manufacturers suggests no letup in sight.
Yet a different survey of CEOs of America’s largest companies indicates that many firms plan to cut back on investment in the waning months of 2014. The Business Roundtable said the percentage of companies that plan to boost investment fell to 39% from 44% in the second quarter.
AT&T Chief Executive Randall Stephenson said one of the reasons companies might pull back is because they are unsure if Congress will extend certain tax breaks that make it less costly to invest. Bills to extend the tax breaks, which have received bipartisan support in the past, are languishing in Washington as lawmakers focus on the fall elections.
Stephenson also said the zig-zag pattern of investment reflects a “slow-growth economy that ebbs and flows, and stops and starts.”
John Canally, chief economic strategist at LPL Financial, said he hears all the time, especially from small businesses, about their reluctance to invest even though many companies are in their best shape in years.
“Businesses still are leery of boosting capital spending in case another downturn is around the corner,” he said. “It’s hard to put a finger on why, but they are concerned generally about the economy.” http://www.marketwatch.com/story/smooth-path-for-economy-remains-elusive-2014-09-21?page=2
The Fed and Wall Street probably won’t get much clarity from the light spate of reports on the economic calendar. Sales of new and previously owned homes are on the docket, but they’ve been choppy for months. So too has been a key report on business spending and investment.
So the wait continues.
Slow home sales
Sluggish home sales has puzzled economists for months. Hiring is rising at the fastest clip since the end of the recession and the unemployment rate has tumbled to a six-year low, suggesting that more people are in a position to buy a home.
Instead, sales of new homes are rising at a surprisingly restrained pace and purchases of existing homes are actually lower compared to one year ago. Higher mortgage rates and tough lending standards have received some blame. And some economists wonder about the effect of high student-loan debt and slow wage growth on the ability of young people to buy a home. http://www.marketwatch.com/story/smooth-path-for-economy-remains-elusive-2014-09-21?link=MW_latest_news
Not too merry: ‘Moderate growth’ seen for this holiday season
There’s likely to be moderate growth though the holiday season, as the economy slows down after a swift rebound in the second quarter, according to data released Friday.
A gauge of 10 indicators that aims to provide a guide for upcoming economic activity eked out a 0.2% gain last month, following 1.1% growth in July, the Conference Board, a New York-based membership and research group, said.
“The leading indicators point to an economy that is continuing to gain traction, but most likely won’t repeat its stellar second-quarter performance in the second half,” said Ken Goldstein, a Conference Board economist.
Real gross domestic product rose at a brisk annual rate of 4.2% in the second quarter, rebounding from a 2.1% contraction at the start of the year. Economists polled by MarketWatch expect annual growth of 3.1% in the third quarter and 3% at the end of 2014.
Earlier this week Federal Reserve officials said interest rates are likely to stay low for a “considerable time,” with Chairwoman Janet Yellen noting during a press conference that the labor market has yet to return to full health.
Among the 10 indicators that make up the Conference Board’s leading-economic gauge, only three made positive contributions in August, led by the interest rate spread. The other two positive contributions came from gauges of new orders and credit. There were four negative contributors, led by building permits and jobless claims. Meanwhile, three indicators were unchanged last month: manufacturing hours, orders for consumer goods and materials, and consumers’ expectations. http://blogs.marketwatch.com/capitolreport/2014/09/19/not-too-merry-moderate-growth-seen-for-this-holiday-season/
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Stocks end week higher; Dow at record
NEW YORK (MarketWatch)—U.S. stocks ended Friday’s volatile session mixed, but the Dow Jones Industrial Average eked out a gain and closed at a record high.
The main benchmarks ended an eventful week with gains, supported by favorable outcomes in two ‘risk events’ this week. The Federal Reserve reiterated its commitment to facilitating the U.S. economic recovery by maintaining its view on the timing of interest-rate hikes, and Scotland voted to remain part of the United Kingdom.
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U.S. stocks rise; S&P 500, Dow hits records
NEW YORK (MarketWatch) — The U.S. stock market moved higher on Friday, sending the S&P 500 and Dow Jones Industrial Average to a fresh intraday record.
Stocks were supported by favorable outcomes in two ‘risk events’ this week. The Federal Reserve reiterated its commitment to facilitating the U.S. economic recovery by maintaining its view on the timing of interest-rate hikes, and Scotland voted to remain part of the United Kingdom. http://www.marketwatch.com/story/us-stocks-futures-higher-as-fed-rate-view-holds-2014-09-19
Early movers: ORCL, AAPL, BABA, HD, WMT, GSK & more
http://www.cnbc.com/id/102016179
Alibaba’s IPO prices at $68 a share
Alibaba Group Holding Ltd.’s shares priced Thursday at $68, at the high end of expectations, in what is one of the world’s largest initial public offerings ever. http://www.marketwatch.com/story/alibabas-ipo-prices-at-68-a-share-2014-09-18?dist=beforebell
Scotland set to stay in U.K. as ‘Yes’ camp admits defeat
EDINBURGH — Scottish voters rejected a heated bid for independence, providing a narrow escape for a British government that scrambled to dole out promises of new local powers for Edinburgh to head off the breakup of a 307-year-old union. http://www.marketwatch.com/story/scotland-set-to-stay-in-uk-as-yes-camp-admits-defeat-2014-09-19?dist=beforebell
Gold slips toward a third weekly loss
LOS ANGELES (MarketWatch) — Gold’s wrenching spiral continued on Friday, with prices heading for a third weekly loss in a row and touching on eight-month lows.
At last check, gold for December delivery GCZ4, -0.36% was down another $3.90, or 0.3%, to $1,222.80 an ounce. September silver SIU4, -1.09% fell 3 cents to $18.49 an ounce.
On Thursday, gold settled at its lowest closing price since the end of December, dunked by another move higher in the dollar in the wake of the Federal Reserve meeting on Wednesday.
David Govett of Marex Spectron said the only real bright spot for gold at this point is the fact that the market is very short and will at some point put together a short-covering rally.
“On the whole though,” he warned, “if the dollar stays strong and the data from the U.S. continues to be positive, the metals are in for a tough time.” http://www.marketwatch.com/story/gold-slips-toward-a-third-weekly-loss-2014-09-19?dist=beforebell
U.S. stocks: Futures higher as Fed rate view holds
Alibaba set to debut in New York later; Oracle in focus
MADRID (MarketWatch) — U.S. stock futures pushed higher on Friday, ahead of one of the world’s biggest initial public offerings ever, and as news Scotland will stay in the U.K. removed some uncertainty for markets. http://www.marketwatch.com/story/us-stocks-futures-higher-as-fed-rate-view-holds-2014-09-19?link=MW_home_latest_news
S&P 500, Dow close at record highs
NEW YORK (MarketWatch) — The S&P 500 and Dow Jones Industrial Average closed at record levels on Thursday as investors welcomed the Federal Reserve’s commitment to low interest rates long after the ending of monetary stimulus.
Earlier in the session, investors cheered China’s efforts to boost economic growth, while upbeat jobs data outweighed weakness in U.S. housing.
The S&P 500 SPX, +0.49% added 9.79 points, or 0.5%, to 2,011.36, closing at a record high. Financials led Thursday’s gains.
The Dow Jones Industrial Average DJIA, +0.64% gained 109.14 points, or 0.6%, to 17,265.99, also setting a new record. The Nasdaq Composite COMP, +0.68% rose 31.24 points, or 0.7%, to 4,593.43.
Follow today’s stock market coverage in a live blog.
According to Peter Cardillo, chief market economist at Rockwell Global Capital, enthusiasm ahead of Alibaba debut added to an overall positive market reaction among other factors
Applications for jobless benefits dropped to the lowest level since mid-July, however, construction started on new U.S. homes tumbled in August, pulling back after a surge in July.
Separately, U.S. manufacturers in the Philadelphia region continued to do brisk business in September as hiring intentions rose to a 31-year high, a strong signal that companies expect growth to improve over the rest of the year.
News from China boosted global equities. China’s central bank cut short-term borrowing costs for banks on Thursday, the same week it announced a cash injection into the country’s five biggest banks. For markets, this is a “massive statement of intent,” amid growth concerns for the country, said Craig Erlam, market analyst at Alpari U.K.
After-hours buzz: Home Depot, McDonald's, Oracle & more
http://www.cnbc.com/id/102014228
Gold settles below $1,230; worst day since early January
Gold settled at its lowest level in more than eight months Thursday as the dollar index jumped to a four-year peak after the Federal Reserve signaled that a faster hike in U.S. interest rates might be on the horizon.
The Fed on Wednesday renewed its pledge to keep interest rates near zero for a "considerable time", but also indicated it could raise borrowing costs faster than expected when it starts moving.
``The dollar did its job again and gold wiped out the entire eight months' gains and we are now back where we were at the beginning of the year,'' Sharps Pixley CEO Ross Norman said. http://www.cnbc.com/id/102010637
U.S. stocks rise; S&P 500, Dow hit record
Weekly jobless claims drop; August housing starts disappoint
NEW YORK (MarketWatch) — U.S. stocks extended gains on Thursday, sending the S&P 500 and Dow Jones Industrial Average to record intraday high levels, a day after the Federal Reserve decided to remain committed to low interest rates.
Investors cheered China’s efforts to boost economic growth, while upbeat jobs data outweighed weakness in U.S. housing.
Applications for jobless benefits dropped to the lowest level since mid-July, however, construction started on new U.S. homes tumbled in August, pulling back after a surge in July.
Separately, U.S. manufacturers in the Philadelphia region continued to do brisk business in September as hiring intentions rose to a 31-year high, a strong signal that companies expect growth to improve over the rest of the year. http://www.marketwatch.com/story/us-stocks-futures-gain-on-china-stimulus-housing-starts-ahead-2014-09-18
Gold, metals hammered as dollar up, Scots head to polls
Rising dollar hits gold prices following Fed meeting
MADRID (MarketWatch) — Gold prices on Thursday dropped to their lowest level since at least January, leading a broad decline in the metals group after the Federal Reserve indicated that it was not inclined to move quickly to raise interest rates.
At last check, gold for December delivery GCZ4, -1.22% was down nearly $18, or 1.4%, to $1,218.10 an ounce. December silver SIU4, -0.93% lost 2% to $18.36 an ounce.
A day earlier, gold ended its modest winning streak, bogged down by concerns of a stronger dollar along with a bearish forecast from Barclays.
Michael Kosares of USA Gold said the potential fallout from the Scotland vote could mean good things for gold prices, despite the declines that hit following the Fed meeting. http://www.marketwatch.com/story/metals-hammered-as-scots-head-to-polls-2014-09-18
Early movers: AAPL, MSFT, TGT, V, A, AMZN & more
http://www.cnbc.com/id/102012186
Home construction seen ticking down after recent surge
The pace of home construction likely pulled back last month following a July surge, a result that may firm economists’ views about some shakiness in the housing market, according to a consensus forecast for data to be released Thursday.
The annual pace of housing starts likely hit 1.03 million in August, a slip from 1.09 million in July, which was the highest reading since late 2013, economists polled by MarketWatch expect the government to report.
If the construction rate hit 1.03 million in August, that result would be up 16% from the year-earlier period, but still far below the 1.7 million starts needed each year to maintain current stock and meet demand for replacement and second homes. It’s been five years since the recession ended, and economists say that it will take strong, consistent jobs growth to spur a sustained pick up in home building and sales.
It’s too difficult for many families to afford a new home, which have seen prices spike over the past year, even as mortgage rates remained relatively low. The July surge in home construction was led by apartments, with builders responding to consumer demand. Economists prefer to see stronger growth for single-family-home building, which creates more jobs than constructing an apartment unit.
However, builders’ confidence in the market for single-family homes is on the rise, and recently reached the highest level in nine years. Builders who survived the housing meltdown may feel well-positioned to grow as the broad economy shows signs of a pick up.
The U.S. Commerce Department will release the home-construction data at 8:30 a.m. Eastern.
Also at 8:30 a.m., the U.S. Labor Department will release its latest report on initial jobless claims, and economists expect to see the tally for the week that ended Sept. 13 decline to 305,000 from the prior period’s reading of 315,000. Weekly claims are near pre-recession levels, signaling a slow pace of layoffs.
Later Thursday morning, the Federal Reserve Bank of Philadelphia will publish its monthly reading on regional manufacturers, and economists expect to see the result weaken to 24 this month from 28 in August, which was the highest result since March 2011. Any Philly Fed reading above zero indicates that a net share of respondents saw an increase in the level of general business activity. The September data will be released at 10 a.m. Eastern. http://blogs.marketwatch.com/capitolreport/2014/09/17/home-construction-seen-ticking-down-after-recent-surge/
U.S. stocks: Futures gain on China easing; housing starts ahead
Scottish voters head to the polls; Gold pressured by dollar
MADRID (MarketWatch) — U.S. stock futures pointed to gains at the start of trading on Thursday, boosted by news of more easing out of China, as investors awaited an update on housing starts and weekly jobless claims.
Coming from a flat position ahead of that Chinese news, futures for the Dow Jones Industrial Average US:DJZ4 rose 51 points, or 0.3%, to 17,122, while those for the S&P 500 index SPZ4, +0.43% added 7 points to 2,000.70. Futures for the Nasdaq-100 index NDZ4, +0.41% ticked up 11.75 points to 4,077.50.
China’s central bank cut short-term borrowing costs for banks on Thursday, in the same week it announced an injection of cash into the country’s five biggest banks. For markets, this is a “massive statement of intent,” said Craig Erlam, market analyst at Alpari, in emailed comments. A string of weak data out of China has heightened concerns about that global growth engine.
“We know this has worked in the past, so there is no reason to believe it won’t work again, and the markets love it,” Erlam said.
Federal Reserve Chairwoman Janet Yellen will speak on asset building for low- and middle-income households via prerecorded video at 8:45 a.m. Eastern Time.
In the U.S., economists expect the pace of home construction to pull back in August from July, which had the highest reading since late 2013. Those numbers are due at 8:30 a.m. Eastern Time, along with weekly jobless claims, which are expected to dip from the previous week.
At 10 a.m. Eastern Time, the Federal Reserve Bank of Philadelphia will publish its September monthly reading on regional manufacturers, which is expected to weaken from August.
The Dow industrials DJIA, +0.15% notched a record high on Wednesday, though stocks flattened by the end of the session. The Federal Open Market Committee stuck to its view that it will keep short-term interest rates near zero for a “considerable time” after the central bank stops its big-scale purchases of bonds.
After-hours buzz: Herman Miller, Pier 1 & more
http://www.cnbc.com/id/102010204
U.S. stocks gain; Dow closes at record high
NEW YORK (MarketWatch)—The U.S. stock market closed slightly higher Wednesday, with the Dow Jones Industrial Average reaching a record high.
The main benchmarks swung higher after the Fed meeting and Fed Chairwoman Janet Yellen’s news conference but trimmed gains by the end of the session.
In the end, the Federal Reserve stuck to its view that it will keep short-term interest rates near zero for a “considerable time” after the central bank ends large-scale purchases of bonds meant to stimulate the U.S. economy.
Janet Yellen didn’t commit any gaffes in her news conference, nor did she give any ground to the hawks on the committee and in the markets who wanted her to signal that rate hikes are just around the corner.
The S&P 500 SPX, +0.13% rose 2.59 points, or 0.1 to 2.001.57. The Dow Jones Industrial Average DJIA, +0.15% added 24.88 points, or 0.2% to 17,156.85. The Nasdaq Composite COMP, +0.21% gained 9.43 points, or 0.2%, to 4,562.19.
Read the recap of Wednesday’s stock market coverage in a live blog.
Tanweer Akram, senior economist at Voya Investment Management, said that while the Fed’s decision was in line with expectations, its subsequent decisions will still be contingent on data and the pace of recovery in the labor market.
“The fact that there is still slack in the labor market there is no inflationary pressure means the Fed will be cautious about withdrawing accommodation.
In economic news, U.S. consumer prices fell in August for the first time in 16 months, largely because of a decline in the cost of gasoline. Separately, the U.S. current-account deficit fell to $98.5 billion in the second quarter from a revised $102.2 billion in the first quarter, the Commerce Department said Wednesday.
A gauge of confidence among home builders rose in September to the highest level since November 2005, according to National Association of Home Builders/Wells Fargo data released Wednesday. http://on.mktw.net/XC2QOw
Fed votes 8-2 to stick to go-slow plan on interest rates
WASHINGTON (MarketWatch) - The Federal Reserve stuck to its view that it will keep short-term interest rates near zero for a "considerable time" after the bank ends large-scale purchases of bonds meant to stimulate the U.S. economy. The Fed is on track to end its purchases altogether in late October after it announced on Wednesday that it would cut back the amount it buys to $15 billion a month. The vote was 8 to 2, with Dallas Fed President Richard Fisher and Philadelphia Fed President Charles Plosser dissenting. Fisher said rates will likely have to rise sooner than the Fed thinks and Plosser objected to the Fed keeping its "considerable time" language. The bank also announced it will alter the rules for reverse-repo purchases as part of a test on how to manipulate the short-term fed funds rate in the future. http://www.marketwatch.com/story/fed-votes-8-2-to-stick-to-go-slow-plan-on-interest-rates-2014-09-17
Home-builder confidence hits highest mark in years
WASHINGTON (MarketWatch) — A gauge of confidence among home builders rose in September to the highest level in almost nine years, as builders’ views on present and coming sales rose, according to data released Wednesday.
The overall gauge of builder sentiment rose 4 points to 59 in September, according to National Association of Home Builders/Wells Fargo. Readings above 50 signal that builders, generally, are optimistic about sales trends, and September marks the third consecutive month of above-50 readings.
A strengthening jobs market is perking up builders, though there are still major headwinds from strict credit standards, among other factors.
Confidence among home builders is running higher than levels historically seen at recent building rates for new homes. On Thursday, markets will get an even clearer picture of the housing trend as the government reports on new home construction. Economists polled by MarketWatch expect to find out that the pace of construction slowed in August.
There is reason for optimism. Economists are forecasting faster sales and construction of new homes as the economy adds jobs at a healthy rate. Also, mortgage rates remain relatively low, making financing relatively affordable. http://www.marketwatch.com/story/home-builder-confidence-highest-in-almost-nine-years-2014-09-17-101032814?link=MW_home_latest_news
$SRNA Nice News: Surna Appoints 20-Year Design Engineer Todd Whitaker to VP-Engineering
BOULDER, CO--(Marketwired - Sep 17, 2014) - Surna Inc. (OTCQB: SRNA), a company that develops, acquires, produces and sells equipment for the legal marijuana industry with a focus on disruptive technology, today announced it has appointed Todd Whitaker, a veteran mechanism design expert with more than 20 years' experience, to Vice President -- Engineering. With the addition of Mr. Whitaker, this brings to six the number of engineers on staff at Surna.
Mr. Whitaker's experience ranges from designing core systems for the Mars Phoenix Lander and Mars Rovers for NASA, to extensive experience in sealed systems, thermal system design, chemistry mechanisms and advanced production polymers and fiber reinforced composites -- primarily with developmental and emerging growth companies.
"Todd brings Surna actual space-age technology design, development and production expertise," said Tom Bollich, Surna CEO. "This fits seamlessly with my vision for Surna as a pioneer of leading edge, disruptive technology for the legal Cannabis growing industry. I plan for Surna to learn from the technological success of the NASA Mars vehicles and AV8-B Harrier attack aircraft, to which Todd contributed. Both of these were radical breakthroughs and used incredibly advanced materials such as fiber reinforced composites.
"For his considerable experience in entrepreneurial companies, Todd further brings a Six Sigma credential and its disciplined, highly organized systems approach to developing and managing complex product roadmaps and manufacturing. I am delighted to welcome Todd to Surna.
"With Todd on board, I am proud to report Surna has what I strongly believe to be the most robust engineering department in the industry," Mr. Bollich added.
Commenting on his appointment, Mr. Whitaker said, "Like every other Colorado resident, I have seen the Cannabis industry's positive impact on our economy, and understand the enormous potential of legal US and global cannabis industry, with its demand for innovative grow room technology. As the cannabis industry is still in its infancy, I am thrilled to have the opportunity to work with Surna as we seek to transform the industry technologically while knowing that it will be a catalyst for other industry as well."
Todd Whitaker Bio
Todd Whitaker brings to Surna over 20 years of mechanical engineering and technology development experience. This includes expertise developing and leading highly technical design projects, most notably designing core systems for the Mars Phoenix Lander and Mars Rovers for NASA. With a strong background in sealed systems, thermal system design, and chemistry mechanisms coupled with solid experience utilizing advanced materials including fiber reinforced composites and engineering polymers -- he brings the Surna engineering team a unique skill set and leadership capability.
Previous to Surna, Mr. Whitaker was CTO for Impulse Composites, a developmental stage composite design company, where he invented and patented a key, high-performance product component, and was instrumental in its business planning and corporate development. He remains a member of its Board of Directors.
Prior, Mr. Whitaker served for nearly three years as Senior Design Engineer for MMA Design, a designer and producer of spacecraft components. Earlier, he served for six years as Product Engineer at Trelleborg Sealing Solutions, a US defense subcontractor, where he designed key system components, for the US Navy AV8-B Harrier high performance attack-fighter jet, and was instrumental in developing manufacturing processes. There, he earned his credential as a Six-Sigma green belt.
Innovation and entrepreneurship are consistent themes throughout Mr. Whitaker's career as he has developed and patented several product concepts and founded several companies. He earned a B.S. in Mechanical Engineering from the University of Colorado, Boulder. http://finance.yahoo.com/news/surna-appoints-20-design-engineer-120000905.html
Nice News: Surna Appoints 20-Year Design Engineer Todd Whitaker to VP-Engineering
BOULDER, CO--(Marketwired - Sep 17, 2014) - Surna Inc. (OTCQB: SRNA), a company that develops, acquires, produces and sells equipment for the legal marijuana industry with a focus on disruptive technology, today announced it has appointed Todd Whitaker, a veteran mechanism design expert with more than 20 years' experience, to Vice President -- Engineering. With the addition of Mr. Whitaker, this brings to six the number of engineers on staff at Surna.
Mr. Whitaker's experience ranges from designing core systems for the Mars Phoenix Lander and Mars Rovers for NASA, to extensive experience in sealed systems, thermal system design, chemistry mechanisms and advanced production polymers and fiber reinforced composites -- primarily with developmental and emerging growth companies.
"Todd brings Surna actual space-age technology design, development and production expertise," said Tom Bollich, Surna CEO. "This fits seamlessly with my vision for Surna as a pioneer of leading edge, disruptive technology for the legal Cannabis growing industry. I plan for Surna to learn from the technological success of the NASA Mars vehicles and AV8-B Harrier attack aircraft, to which Todd contributed. Both of these were radical breakthroughs and used incredibly advanced materials such as fiber reinforced composites.
"For his considerable experience in entrepreneurial companies, Todd further brings a Six Sigma credential and its disciplined, highly organized systems approach to developing and managing complex product roadmaps and manufacturing. I am delighted to welcome Todd to Surna.
"With Todd on board, I am proud to report Surna has what I strongly believe to be the most robust engineering department in the industry," Mr. Bollich added.
Commenting on his appointment, Mr. Whitaker said, "Like every other Colorado resident, I have seen the Cannabis industry's positive impact on our economy, and understand the enormous potential of legal US and global cannabis industry, with its demand for innovative grow room technology. As the cannabis industry is still in its infancy, I am thrilled to have the opportunity to work with Surna as we seek to transform the industry technologically while knowing that it will be a catalyst for other industry as well."
Todd Whitaker Bio
Todd Whitaker brings to Surna over 20 years of mechanical engineering and technology development experience. This includes expertise developing and leading highly technical design projects, most notably designing core systems for the Mars Phoenix Lander and Mars Rovers for NASA. With a strong background in sealed systems, thermal system design, and chemistry mechanisms coupled with solid experience utilizing advanced materials including fiber reinforced composites and engineering polymers -- he brings the Surna engineering team a unique skill set and leadership capability.
Previous to Surna, Mr. Whitaker was CTO for Impulse Composites, a developmental stage composite design company, where he invented and patented a key, high-performance product component, and was instrumental in its business planning and corporate development. He remains a member of its Board of Directors.
Prior, Mr. Whitaker served for nearly three years as Senior Design Engineer for MMA Design, a designer and producer of spacecraft components. Earlier, he served for six years as Product Engineer at Trelleborg Sealing Solutions, a US defense subcontractor, where he designed key system components, for the US Navy AV8-B Harrier high performance attack-fighter jet, and was instrumental in developing manufacturing processes. There, he earned his credential as a Six-Sigma green belt.
Innovation and entrepreneurship are consistent themes throughout Mr. Whitaker's career as he has developed and patented several product concepts and founded several companies. He earned a B.S. in Mechanical Engineering from the University of Colorado, Boulder.
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http://www.cnbc.com/id/102008163
U.S. consumer prices fall for first time in 16 months
WASHINGTON (MarketWatch) - U.S. consumer prices fell in August for the first time in 16 months, largely because of a decline in the cost of filling up at the gas station, the government reported Wednesday. The consumer price index dropped a seasonally adjusted 0.2% last month, the Labor Department said Wednesday. Economists surveyed by MarketWatch had expected the CPI to be flat. Energy costs fell 2.6% amid declines in gasoline and natural gas. Food prices rose 0.2%, however. Excluding the volatile food and energy categories, consumer prices were unchanged. Consumer prices have risen an unadjusted 1.7% over the past 12 months, down from a recent peak of 2% in July. The receding rate of inflation means the Federal Reserve is likely to stick to its current course of slowly reducing stimulus for the economy. The drop in inflation also gave households a short-term boost by stretching how far their paychecks will go. Real or inflation-adjusted hourly wages jumped 0.4% last month to mark the biggest gain since late 2012. Still, real wages are up a scant 0.4% in the past 12 months.