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Hi Langy,Remember a few days ago I said xmas will be slow based on what I am seeing in the malls and buy puts when the retailers top out technically going into the holiday season.Just came across this article:Retailers fear CIT failure could ruin Christmas shopping season.
While many people expect a slow Christmas selling season thanks to the recession, retailers fear the situation could be even worse than expected if CIT Group (CIT) is allowed to fail. The fear is based on the fact that CIT caters to apparel and furniture manufacturers -- two of the hardest hit areas -- that typically need long lead times to produce goods and have high manufacturing costs.
Retailers place orders for their fall and winter merchandise right now. Without the cash they normally get from CIT, suppliers may not be able to buy the materials they need to produce goods. Retailers worry that without goods to sell there won't be a chance of recovery during Christmas -- the best selling season of the year.
"Any additional tightening of credit markets will only exacerbate the constraints on our members' ability to provide the products that consumers seek and most importantly, to maintain millions of retail jobs across the nation," the Retail Industry Leaders Association said in a letter to Treasury Secretary Timothy Geithner asking him to reconsider his position not to help CIT. The National Retail Federation also sent letters to financial regulators pleading that they reconsider a lifeline for CIT.
CIT's role in all this is that when stores place orders for merchandise they do it on credit and have two to three months to pay the bill. Manufacturers raise cash to buy the raw materials they need by selling these IOUs -- a process called factoring. Without that needed cash, suppliers just won't be able to buy the raw materials and store shelves could be emptier this Christmas season.
In an internal report released earlier this week, CIT said that about 760 manufacturers and 3,000 retailers would be hurt if funding was not found. While large consumer products companies get credit directly from banks, small businesses must turn to companies like CIT, which is the largest funding source for many small businesses.
Franchisers also fear a loss of credit if CIT fails. Dunkin' Donuts told The Washington Post that CIT would rip a hole in the industry if it fails. Franchisers would not be able to get the money they need to open new stores or expand operations.
A New York bankruptcy attorney, Jerry Reisman, reported to the Post that he's gotten more than two dozen calls from panicked stores and apparel manufacturers. Some of the companies say they may not have the money to pay employees as early as today. "They are unbelievably concerned right now," Reisman told the Post. "What we may have here is a total disruption of small business."
With credit markets frozen and the big banks not lending, small businesses have nowhere to turn but to companies like CIT to raise the cash they need to continue operations. While some call CIT a loan shark for the interest rates it charges small businesses, others think of it as their only lifeline.
CreditSights indicated yesterday in a research not that CIT needs about $4 billion to $6 billion to continue operating. Some reports indicate that bondholders are considering restructuring CIT's debt from short term to long term debt to give the company more time to raise the cash. That restructuring may be CIT's only chance of avoiding bankruptcy.
LOL,Never grew these Blackies.Really happy with the Sugar snaps this year.Bob :))
I threw two away because they looked bad.I have one on the window sil that I will cut up.I have given out half a dozen regular tomato's to friends.I give out a lot of my tomato's.Not so much this year as it is a bad crop.Bob :((
Hey Phil,First off:Gotta Love the new Camero(Sweet).I have a friend that has one and it is amazing.As far as anything with veggies.I will try it.It can't kill you.lol Bob :))
I am not sure what type of Black they are.When I went to the nursery,I just pick out my favorites and a few odd balls.Just a numbers guy tryin to grow veggies.I have been getting lots of sugar snap peas.Bob :))
I have these ugly Black tomato's.They were suppose to be black.Didn't taste them yet.I always grow a few weird things every year.They do not look good.lol Bob :))
Langy,Acls did well off the mid 30's.One of my guys is still holding.Books over a 1.00 and should move higher with volume.Same situation with wave.Bob :))
Nice move on psun.I have been getting ready for the Holidays myself.I have had talks with many Mall managers/DM's/Store level management.Lets say you may want to buy puts in the retail sector when charts reach a technical top.At this point Xmas is not going to make retail move north.Bob :))
Hey Langy,I would just trade all the retailers based on technicals right now.The first 4.5 months of the year looked like things were shaping up.I am seeing the opposite going into the holiday season.I am also seeing many small businesses buckle under economic pressures.Psun~American Eagle and Aeropostale are still the stores of choice in the malls.Hollister also(owned by Abercrombie who is way overpriced for this economy).The Cti debacle doesn't help either.Later Bob :))
I have one neighbor I know would appreciate a few beetles.lol
I always be lurking for that play that is technically and fundamentally correct in the Summer.You know what I mean.Bob :)))))
Hey Hammer,Sittin at the bar playin shockwave poker.Hit 4 of a kind and it went into shockwave for 10 plays.Hit 4 kings.Cool grand.lol Bob :))
Hey Langy,Basically enjoying whats left of Summer.Yes psun was the only hold for me.I did have some people buy acls in the high.30's before I went on vacation.Don't know if they held or sold on the move back up.I'll be peaking in until after Labor day when I will be more active.Can't resist the action.lol Bob :))
Hey Hammer,Waiting for the next round of comps.lol Bob :))
All we need is to be FREE~
I am bouncing around tonight.Classic Lou Reed~Heroin~
Switching Gears~Neil Young~Old Man~
I Like to just break things when they don't work.Everything made these days is disposable.lol Bob :)))
Over 22 million served(amazing)~Eminem~Lose Yourself~
I thought about that a few years ago.That is not the case.Without the bug be gone my pool would be filled with the beetles and the green bean leaves would be gone.My buddy in the country also uses them and he has a much bigger problem than me.It may attract more.They go into the bag.They smell really bad after a few days.You have to change the bag.Pewwww.Bob :))
Try a Hammer.lol
Always,Conservatively/Risky.Now figure that out and you will pay the man every year.lol Bob :))
Classic Summer Fun song~B52's~Love Shack~
Gunners~November Rain~
Classic Adult song~AC/DC~
Classic Summer Kid song~LFO~
Wow,You are lucky.I get the bag a bug ready every year.They go into the pool filter and all over my green beans.I do not live in the country either.Bob :))
HeHe,Spent the better part of the week at the tropicana in AC(Comps galore).Locked in profits from all the great situations from feb/may.Summer is always slow overall except for select situations.After Labor day I will be back with my biz azz friends trading full time again.Its an old broker saying but still holds true.Sell in May and go away.That is until after Labor day. www.Tropicana.net
Posting some nice tunes Cisco.Hope you are enjoying the Summer.Just got home from the Trop and going back for this~ http://www.atlanticcitynj.com/acairshow.aspx
Lucky Bob(hehe),I usually get well over a thousand cherry tomato's and give them to friends.Not this year.My bag a bug has captured hundreds of beetles this year also.I must have had a wave of them while I was away.They ate all the leaves on a section of my green beans.Its funny how they did not touch the sugar snaps at all.The garden is making nuts this year.Not to the point of shooting it up yet.lol Bob :)))))))))))
Just got home last night.Had lotzaaa funnn and came out on the winning side again.I picked Three dozen cherry tomato's and 3 dozen sugar snap peas tonight.Going to throw a bunch of veggies in the slow cooker Sunday.Bob :))))))))))
Hey Glassy,Got home last night.Rocked the Trop.Was up about 2k but left with a 1.5k profit.Third time in a row I got them for some cash.They comped me everything.Enjoyed the free rooms(Extra rooms I get at casino rate of 65.00) and the restaurants like Carmine's of NYC and Hooters(lol).Going back for the Thunder on the boardwalk airshow in August.I see acls and psun also went north last week.Nice :)))))))))))
When I go away~No phone~no laptop~No reading newspapers and no television.Amazing what it does for the brain.Bob :}}
Thanks Girl,Always need it mid year to recharge for 2nd half.Will throw a chip on number 18 at the roulette wheel.Stainedglassartist=18 characters.Not known as crazy Bob in my circles for nothing.lol :)))))
Hey Glassy,Last post before vaca.If these guys ever go public it will be a home run.The company is Crown Fried chicken.They are doing everything right and opening in the right markets.I checked them out because I wanted to put some money in their stock if they were public. http://www.crownfriedchicken.com/
OT:Hate this stuff~ Saturday 7/11/09
Couple With 16 Children Found Slain By MELISSA NELSON, AP
posted:- Investigators asked the public to be on the lookout Friday for a red van they believe carried three men involved in the deaths of a Florida Panhandle couple who were shot in their rural home while eight of their children slept.
Surveillance cameras showed the van at the home of Byrd and Melanie Billings in Beulah, a rural area west of Pensacola near the Alabama border, Escambia County Sheriff David Morgan said. The children were unharmed.
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News That Stunned Us Pensacola News Journal52 photos Parents Slain: A Florida husband and wife were shot to death Thursday night during a home invasion, authorities said. Byrd and Melanie Billings had 16 children, 12 of them adopted. Police said eight of the kids were at home and asleep during the killings. The youngsters were not hurt.(Note: Please disable your pop-up blocker)
The sheriff's office released an enhanced but still grainy photograph of a red, 15-passenger van dating to the late 1970s or early '80s.
Morgan said investigators did not know who killed the wealthy couple known for adopting children with developmental disabilities, many born to drug-addicted mothers. But they said they wanted to question the three men suspected of involvement in the crime.
"It would be pure speculation. We see many random acts of violence now. We just don't know," he said.
Investigators are also awaiting autopsy results on the couple to learn more about the killings, he added.
Morgan said eight of the children, ages 8 to 14, were in the home when the couple was killed Thursday evening. A woman who lives in an outlying building and helps care for the children called emergency dispatchers from the home.
Deputies had to wake some of the children after they arrived, authorities said.
Investigators interviewed the children, who are now staying with other family members, Morgan said.
The Billings had 16 children, 12 of them adopted. They married 18 years ago and each had two children from previous marriages. The couple then began adopting children with developmental disabilities and other problems.
The couple owned several local businesses, including a fiance company and a used car dealership.
In a 2005 story in the Pensacola News Journal, the couple said they wanted to share their wealth with children in need, but didn't imagine their family would grow so large.
"It just happened," Melanie Byrd told the newspaper. "I just wanted to give them a better life."
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Eye on the NewsChris Helgren, Pool / AFP / Getty Images500 photos President Barack Obama looks at artwork as he arrives for an audience with Pope Benedict XVI at the Vatican on July 10.(Note: Please disable your pop-up blocker)
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2009-07-10 15:53:48
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Sandbag 7
12:21 AMJul 11 2009
And they owned a fiance company; what kind of money do you make in that busuiness?
urn:x-aol:oid:mddn:5d14191e-6dd2-11de-bc27-bfda7b6c8a79 AVG RATING: (0) REPORT! rate this comment Ben josie
12:21 AMJul 11 2009
wat you want from black person, he want to steal somting
urn:x-aol:oid:mddn:5814936c-6dd2-11de-bd12-732f8dcb2666 AVG RATING: (0) REPORT! rate this comment I3evxox
12:21 AMJul 11 2009
shut the F up with all your Obama and political talk.. This article isn't about that. It's about one of the very few good people left in this world. Take your political talk to another site where it's intened to be.
urn:x-aol:oid:mddn:544d1c68-6dd2-11de-bd11-2f141fe76164 AVG RATING: (1) REPORT! rate this comment Staged18
12:20 AMJul 11 2009
STATED: Truly heartbreaking! Here you have a wealthy couple that actually does good with their money ................Yeah well lots of wealthy people do good things with their money. Who do you think pays the welfare in this Shi* hole nation you moron.
urn:x-aol:oid:mddn:2cb3db4c-6dd2-11de-bcb5-1f9f45447954 AVG RATING: (0) REPORT! rate this comment Twosweet4e
12:19 AMJul 11 2009
God is here to help us all.
urn:x-aol:oid:mddn:ff6c2aae-6dd1-11de-b01a-1371de35c2a5 AVG RATING: (1) REPORT! rate this comment LilFab369
12:18 AMJul 11 2009
Obama is the best president. Well at least 100 times better than Bush. And for all you dirty Republicans saying that Obama is a bad president, I think you should re-evaluate your sense of judgment because you voted for Bush and look what happened. Plus, you have another very "prominent" and "intelligent" member in your party...Sarah Palin. So if I were you I wouldnt be proud to be Republican. Also I find it interesting how all the stupid states like Alabama, Tenesse, and Kentucky voted Republican and the smart states like those in New England and California voted Democrat in the 2008 election.
Truly heartbreaking! Here you have a wealthy couple that actually does good with their money and help those in need and something like this happens.. Now what happens to these poor kids. Can anyone really take in 16 kids at once. How sad.
You think they will get the recognition they deserve? I bet they get nothing while they glorify M. Jackson. lol..yeah right.. They want to take away our guns so the criminals can kill us all off and take over...Arm yourselves people and don't take any crap from anyone anymore.
the person or persons who killed the couple, should be killed very slowing with enomous pain
Very Nice,Everything looks great.Bob :))
Very Nice,Everything looks great.Bob :))
Hi Mat,It is much more cost effective for a smaller company to roll into a shell than to go the ipo route(very expensive).Fast and easy this way.I would be happy with hl as they have been in biz a while and have to be profitable or they would not be in biz as a independent.Any company in a growing sector and or some type of revenue would be fine.Worth a shot at these levels.