Rolling Stones 50th Anniversary|
The Rolling Stones on Monday announced a handful of live concerts to be held
in London and New Jersey in the coming months to mark their 50th anniversary. At
the O2 arena in the British capital two shows will be held November 25th and
29th and then two more at the Newark Prudential Center on December 13th and
15th. It has been five years since the legendary rock band performed live.
"Everybody loves a celebration, and London and New York are two good places to
do it in," said front man Mick Jagger, age 69, on the group's website. Added
guitarist Keith Richards age 68, "Sorry to keep you all hanging around but the
waiting is over. I've always said the best place for rock and roll is on the
stage and the same is true for the Stones." The final concert will be available
live on pay-per-view via a partnership with World Wrestling Entertainment (WWE).
The American Civil Liberties Union (ACLU) on Monday filed suit against Morgan
Stanley (MS) for its role in "inflicting damages in low and middle-income
communities" through the bank's securitization of mortgages. The case, Adkins et
al. vs. Morgan Stanley, was filed in federal district court in Manhattan.
Company spokesperson for Morgan Stanley said the allegations are "completely
without merit" and said the firm plans to defend itself "vigorously." The ACLU
said the suit marks an attempt to, "hold Morgan Stanley accountable for its
collaboration with subprime lender New Century, which supplied Morgan Stanley
with a steady stream of irresponsible, high-risk loans issued in communities of
color that were particularly vulnerable to economic ruin." The plaintiffs in the
case are African American residents of Detroit, "who have been harmed by Morgan
Stanley's practice of purchasing and financing predatory home mortgage loans to
be included in mortgage-based securities," the ACLU said. The ACLU teamed up
with the National Consumer Law Center and the law firm of Lieff Cabraser Heimann
& Bernstein for the suit.
Amedisys Inc. (AMED) home health provider shares ended the trading session lower
by 9% after a new agreement announced with insurer Humana Inc. (HUM) will cut
the revenue it sees from the deal by half. The previous deal between the two
companies had given Amedisys approximately $65 million to $70 million annually
and the new deal will cut that amount in half, beginning this quarter. The full
impact is not expected to be felt until 2013. William F. Borne, chief executive
for Baton Rouge, La.-based Amedisys, said in the release: “We are pleased to
continue our relationship with Humana by delivering high-quality care for its
members. This agreement demonstrates our commitment to caring for patients whose
health care is covered by managed care organizations.”
The New York Federal Reserve Bank said Monday that the Empire State
manufacturing index increased slightly to negative 6.2 in October from negative
10.4 in September which was its weakest reading in almost two years but remained
in negative territory for the third consecutive month. The key new orders
sub-index rose to negative 9.0 in October from negative 14.0 in September.
Another forward-looking component, unfilled orders, fell to negative 18.3 in
October from negative 14.9 in September. With the index for number of employees
falling to negative 1.1 from 4.3 in the previous month, employment conditions
weakened. An index of expectations of activity six months ahead slipped to 19.4
in October from 27.2 in September. While positive, it is well below levels seen
earlier in the year.
Responding to a question regarding a bubble in bond yields at the National
Association for Business Economics' annual meeting in New York, New York Federal
Reserve William C. Dudley said that rather than creating a bubble, the Fed was
flattening the yield curve to help improve financial conditions. Dudley denied
that the Fed's expansionist monetary policy has created a bubble in bond yields.
Dudley said that the latest round of quantitative easing - QE3 - would last not
only until the labor market improves, but until the outlook for the labor market
is improved. Dudley said he wanted to wait to see the outcome of the November 6
elections before drawing conclusions about the potential impact of the fiscal
cliff on the economy.
The U.S. Commerce Department reported Monday that U.S. retail sales rose a
seasonally adjusted 1.1% in September, as spending rose for every segment except
department stores. Commerce revised sales figures for August and July to show
somewhat higher spending: for August, retail sales climbed 1.2% instead of 0.9%
as previously reported, to strike the fastest rate in nearly two years and for
July sales were revised up to 0.7% from 0.6%. The biggest increase in sales for
September took place among stores that sell electronics and appliances that were
potentially boosted by the release of the new iPhone. Sales in that category
leaped 4.5% for the biggest increase since October 2011. Gasoline-station sales
rose 2.5% and auto sales increased 1.3%.
The U.S. Commerce Department reported Monday that U.S. business inventories
climbed 0.6% in August to a seasonally adjusted $1.6 trillion. The gain in
inventories was led by motor vehicles and parts, which jumped 1.5% on the month
and 20.3% compared to August 2011 levels. Gains also were attributed to
clothing, which rose 3% monthly with a gain of 6.2% compared to August 2011
levels. The broader inventory-to-sales ratio remained at 1.28. July inventories
were upwardly revised to 1.1% from 0.8%.
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Oct 15, 2012