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Consumer Indebtedness Declines
Consumer Indebtedness Declines

The New York Fed announced Tuesday in its quarterly report that total consumer indebtedness on a decline in mortgage debt and home equity lines of credit dropped $74 billion to $11.31 trillion Q3, a decline of 0.7%. Household debt - excluding real estate - rose 2.3% to $2.7 trillion on increases in auto loans, student loans and credit-card balances. As nearly 242,000 consumers had a new foreclosure added to their credit report, new foreclosures are returning to pre-crisis levels striking lowest levels seen in nearly six years. Student loan balances 90 or more day’s delinquent held at 11.0%.
 
Reports are out Tuesday that Apple Inc. (AAPL) axed Rich Williamson, executive in charge of the flawed mapping application included in the recently updated iOS 6 mobile operating system and shipped with the iPhone 5. Williamson had been with Apple for more than a decade. Apple mobile mapping software had been criticized as inferior to the Google Maps application that was embedded in previous versions of the iOS platform.
 
Research In Motion Limited (RIMM) shares were hammered on Tuesday to end the trading session down 11%.
 
Corning Inc. (GLW) shares posted nice gains on Tuesday, ending the trading session higher by 7%. The company credited stronger-than-expected demand in North America and China for a raised view of sales of television panels and handheld specialty glass during Q4. Volume in its main LCD glass segment, including a joint venture with Samsung Electronics Co. according to Corning, will increase in the low-single digits on a percentage basis from Q3, topping its prior projection of flat volume to a low-single-digit decline. A 5% sales increase over Q3 levels which exceed an earlier call for roughly similar revenue is expected. "We expect our share of the LCD glass market to remain stable at [fourth-quarter] levels as a result of the long-term supply agreements we entered into last quarter," Corporate Controller Tony Tripeny said in prepared remarks ahead of an investor conference Tuesday. Corning affirmed its views for its telecommunications and environmental technologies units, but expects its life sciences segment revenue to increase more than 15% from Q3 thanks to a recent acquisition, compared with its earlier expectations for a decline of nearly 5%.
 
The U.S. Commerce Department reported on Tuesday that orders for big-ticket U.S. goods remained essentially flat during October. Declines in defense and transportation offset increases in electrical equipment, machinery and metals. Excluding defense and transportation, orders for core capital goods which is a key barometer of broad U.S. business spending, jumped 1.7% during October striking the biggest increase since May. Volatile categories - bookings for transportation equipment, declined 3.1% during October and orders minus defense moved slightly higher by 0.1%. Tanks, jets and missiles, defense capital-goods orders, sank 7.1% in October after a 37.5% increase in September. Orders for overall durable goods have risen 4.9%, year to date so far during 2012. A number used to help determine gross domestic product, shipments of core capital goods, fell 0.4% during October to mark the fourth straight decline.
 
According to the S&P/Case-Shiller home-price index released Tuesday, U.S. home prices rose for the sixth month in September, signaling that the housing market is "in the midst of a recovery." Following a 0.8% gain in August, the S&P/Case-Shiller 20-city composite posted a 0.3% increase in September. David Blitzer, chairman of the index committee at S&P Dow Jones Indices said, "We are entering the seasonally weak part of the year. Despite the seasons, housing continues to improve." Compared to 2011, home prices are up 3%. Among the 20 cities tracked by the S&P Index, 13 posted monthly gains in September. While consistent low mortgage rates attract some buyers, tight credit standards continue to plague potential buyers with officials reporting factors such as tight lending terms will block a powerful housing recovery. According to Case-Shiller data, despite recent gains, home prices are nearly 30% below peak levels from 2006.
 
According to data released Tuesday by the Conference Board, consumer confidence rose to 73.7 in November from 73.1 during October, striking its best reading seen in over four years. Reading for October was upwardly revised from 72.2. Lynn Franco, director of economic indicators at the Conference Board said, "This month's moderate improvement was the result of an uptick in expectations, while consumers' assessment of present-day conditions continues to hold steady. Over the past few months, consumers have grown increasingly more upbeat about the current and expected state of the job market, and this turnaround in sentiment is helping to boost confidence."
 
Green Mountain Coffee Roasters Inc. (GMCR) shares were steaming hot during aftermarket trading session on Tuesday, higher by 25% in heavy trading volume after reporting fiscal Q4 results and raising forecasts that beat expectations of Wall Street. Adjusted earnings Green Mountain came in at 64 cents a share and revenue surged higher by 33% to $946.7 million from $711.9 million in the 2011 period. In the most recent period, net earnings were $91.9 million or 58 cents a share, compared with $75.4 million or 47 cents a share in the same period of 2011. The company increased its fiscal-year 2013 forecast for adjusted earnings to a range from $2.64 to $2.74 a share in comparison to previously expected adjusted earnings of $2.55 to $2.65 a share. Green Mountain backed its fiscal year 2012 forecast with total net sales growth of 15% to 20%. The company forecasts fiscal Q1 adjusted earnings of 62 cents to 67 cents a share, higher than Wall Street’s forecast of 57 cents a share.


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Nov 27, 2012


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