Presidential Election Campaign Donations|
While we normally refrain from mixing politics in our commentary, we found
information interesting enough to share with our readers, that informs Main
Street America on who is putting money in the pockets for politicians campaigns
in the Presidential election, in excess of $169 Million dollars. President
Barrack Obama contributors: Law Firms $22.5m; Education $17m; Health
Professionals $8.4m; Business Services $7m; Women's Issues $6.4m;
Internet/Computers $6.3m; Public Officials/Civil Servants $6.2m; Securities &
Investment $5.5m; Movie/Music/TV $5.3m; Real Estate $4.8m. Governor Mitt Romney
contributors: Securities& Investment $18.3m; Real Estate $11.7m; Law Firms $11m;
Health Professionals $8.5m; Finance $7.4m; Business $5.9m; Business Services
$4.9m; Oil & Gas $4.2m; Commercial Banks $3.8m; Insurance $3.6m. Combined, both
candidates for office of the President of the United States tally over $169
million dollars in contributions.
According to historical data, DuPont (DD) - which was down 9% into mid-afternoon
trading - faces a loss which ranks as the worst one day loss for the company
since the financial crisis back in 2008. DuPont led the way for the Dow Jones
Industrial Average ($DJ) to plummet more than 200 points on Tuesday. Heavy
damage to share price of DuPont was due to Q3 earnings report that missed
targets as well as warningof a potentially weak Q4. The company announced plans
to cut 1500 jobs while saving, $450m by 2014. Breaking out one-time costs,
underlying earnings from continuing operations for DuPont came in at 32 cents a
share. DuPont Chief Executive Ellen Jamison Kullman pointed out bright spots
such as its agriculture unit however, the outcome for North America remains
cloudy. “Due to the many uncertainties we see at least impacting the first half
of the year, like the debt issue, fiscal cliff and the election outcome,”
Apple Inc. (AAPL) unveiled the new iPad mini tablet at a media event in San
Jose, California Tuesday. The new 10-inch iPad mini from Apple carries a
starting price of $500. Apple Chief Executive Tim Cook views the launch of the
iPad mini as the culmination of a year of innovation for Apple. “We’re not
taking our foot off the gas,” Cook remarked at the event, touting the success of
the iPad line thus far. The iPad mini uses the A5 chip similar to the iPad 2 and
has a screen which is 7.9-inches measured diagonally. The new iPad mini tablet
will come in three models: 16-gigabytes of storage for $329; 32GB of storage for
$429 and a 64GB of storage for $529. The iPad mini models, capable of running on
cellular networks as well as on Wi-Fi will each cost an additional $129. The
iPad has quickly become the second-best selling product for Apple, as well as an
important driver of revenue and market share in the fast-growing market for
mobile devices. During the first nine months of 2012 fiscal year, Apple sold
nearly 44.3 million iPads, bringing in nearly $25 billion in revenue from the
product line. The new iPad mini will compete directly against devices such as
the Kindle Fire from Amazon.com Inc. (AMZN), the Nexus 7 from Google Inc.
(GOOG), the Nook tablet from Barnes & Noble Inc. (BKS) and the 7-inch Galaxy Tab
from Samsung (KR:005930) - all of which feature roughly a 7-inch screen size and
cost around $200. Apple is scheduled to release earnings after the closing bell
on Wall Street, this coming Thursday.
After two firms under the Commodity Futures Trading Commission oversight
misappropriated millions of dollars, the nation’s commodities regulator released
a proposal Tuesday to further protect customer funds held by futures brokers.
Voted for on Monday and released Tuesday, the proposal comes after the CFTC
filed a lawsuit against Iowa-based Peregrine Financial Group in July, alleging
that it committed fraud by seizing customer funds. The measure by the CFTC would
require futures brokers to maintain written policies governing the maintenance
of customer funds as well as, would require brokers to get management approval
before 25% or more of any excess money in customer accounts is removed. In
addition to other requirements, brokers will be required to report to the CFTC
twice monthly and report the location of customer funds, including details on
how those moneys are invested. CFTC chief Gary Gensler told a gathering of
bankers and securities managers Tuesday morning that he was pleased the agency
voted to propose the rules. “This proposal is about ensuring customers have
confidence that the funds they post as margin or collateral are fully segregated
and protected,” he said at the Securities Industry and Financial Markets
Association annual meeting in New York. “I look forward to public input on the
proposal.” The suit by CFTC follows a similar situation with New York-based MF
Global Holdings Ltd. (MFGLQ), which filed for bankruptcy last year, leading to
$1.6 billion in missing customer funds. The proposal comes as the Justice
Department and the CFTC investigate the collapse of MF Global and whether the
futures brokerage tapped into customer-segregated accounts for its own
On Tuesday, the Richmond Fed index which covers a region stretching from
Maryland to South Carolina and extending out to most of West Virginia,
manufacturing activity reportedly fell in October to -7 from 4 in September with
numbers below zero indicating contraction. The decline is another sign of
broader weakness in the U.S. manufacturing sector since the end of spring.
New-orders gauge tumbled lower by 13 points to -6; shipments retreated 18 points
to -9 and employment index held steady at -5.
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Oct 23, 2012