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Attack On Pearl Harbor
Attack On Pearl Harbor

Today marks a day which all Americans remember, on this day, December 7, 1941 the Japanese attacked Pearl Harbor bringing the United States into World War II. Pearl Harbor, located on the south side of the Hawaiian island of Oahu, is the home to a U.S. naval base. The surprise attack came without warning and lasted 110 minutes until 9:45am. A total of 2,335 U.S. servicemen lost their lives and 1,143 were wounded. Sixty-eight civilians were killed and 35 were wounded. The Japanese launched the air strike in two waves, the first wave striking Pearl Harbor at 7:55am and the second wave around 8:40am. Japanese Admiral Isoroku Yamamoto initiated the attack against Pearl Harbor and Commander Minoru Genda was the plan's chief architect using codename "Operation Hawaii" which was later changed to "Operation Z." The attack was initiated on a Sunday because the Japanese felt Americans would be more relaxed and less alert on a weekend. Although the Japanese were targeting the U.S. aircraft carriers, since they were all out to sea, they turned their focus to the 8 battleships at Pearl Harbor that day. In 'Battleship Row' seven battleships were lined up and during the attack, the Battleship Nevada left its berth in at attempt to reach the harbor entrance however; after it eventually beached itself. When a bomb breached the forward magazine, or the ammunition room of the Battleship Arizona, it exploded and approximately 1,100 U.S. servicemen died on board. Battleship Oklahoma was torpedoed and eventually turned upside down. The Japanese sent in five midget subs to help target the battleships with four being sunk by the Americans and the fifth was captured by American troops. Of the Battleships involved in the attack all but the Arizona and Oklahoma eventually returned to active duty. The day following the attack on Pearl Harbor, U.S. President Franklin D. Roosevelt declared that December 7, 1941 would be "a date that will live in infamy" and on that date, December 8, 1941 the United States declared war on Japan.

The Labor Department reported on Friday that the U.S. economy added 146,000 jobs during November and the unemployment rate fell to 7.7% to the lowest level seen since December 2008. The unemployment rate fell mainly because 350,000 people dropped out of the labor force. The number of new jobs created during October was revised down to 138,000 from 171,000 and September's new jobs created was revised down to 132,000 from 148,000. Employment gains for October and September, were revised somewhat lower. The biggest increase in hiring during November occurred in leisure and hospitality as well as professional services and retail. Average hourly wages rose 4 cents to $23.63 in November while the average workweek remained unchanged at 34.4 hours.

On Friday, the preliminary University of Michigan-Thomson Reuters consumer sentiment gauge tumbled sharply lower in December to a reading of 74.5 from a reading of 82.7 during November. Consumers’ assessment of current economic conditions remained mostly stable, edging back to 89.9 from 90.7.

The demand, popularity and volatility of the precious metal Silver is ready to finish the year with gains more that more than double, those of gold. Silver has been steering toward a more favorable investment asset. According to reports, investment demand is driving the price of the precious metal higher. Investment interest shows in holdings of silver global exchange-traded products, at around 600 million ounces as of November 23, were close to an all-time high. The iShares Silver Trust have increased nearly 19% year to date after recovering from a drop of over 11% in 2011. Statistics reports indicate while Silver climbs twice as much as gold during uptrend's, it can also fall twice as much as gold in down trends. Due to the risk involved, investors in silver must be prepared for faster declines and faster losses if positions are held.

Amarin Corporation plc (AMRN:NasdaqGM) shares were sharply lower by 19% into early afternoon trading on Friday, down over 2 points after the company announced that it had raised $100 million in financing and begun hiring a sales force to market the cholesterol-lowering drug Vascepa. Amarin shares have gained 56% over the last 12 months, as investors eagerly await FDA approval of the company’s first drug Vascepa. Investors had expected the company to put itself up for sale or to find a partner to market Vascepa. During Q1, the company’s expenses increased 82% year-over-year and expenses were recorded as an operating loss because the company reported no revenue for the period. Compared with the industry average for debt-to-equity ratio of 3.1, Amarin's ratio is 24.0. “Amarin’s hiring of a sales force is part of a continuing strategy to evaluate three potential paths to Vascepa commercialization: an acquisition of Amarin, a strategic collaboration, and self-commercialization, the latter of which could include third-party support,” said the company in a press release issued on Thursday. Amarin has not discounted the possibility of a partnership or a takeover.

The Federal Reserve reported Friday that U.S. consumers increased their debt by a seasonally adjusted $14.2 billion during October, for the third straight strong gain. An upward revision to September, to a $12.2 billion increase from an initial estimate of $11.4 billion, added to the sense of stronger credit growth. The surge in October credit was fueled by a jump in non-revolving debt such as auto loans, personal loans and student loans. These loans experienced a $10.8 billion jump in October after a $14.4 billion gain in the prior month. Credit-card debt increased $3.4 billion during October after a $2.2 billion decrease in September.


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Dec 7, 2012


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