By: Rob Black - Thu, 21 Jun 2012 15:34:27 -0800
Loser: Stocks Tumble Amid Concern Of Global SlowdownStocks tumbled, sending the Standard & Poor’s 500 Index lower for a second day, as signs of a slowdown in global manufacturing added to disappointing housing and labor market data at the world’s largest economy. Manufacturing slowed in China and the Euro Area.The Phila. Fed Survey disappoints, while existing home sales decline from prior month.Weekly initial jobless claims hardly change from prior week, as had been expected.The key question will be how much the U.S. and China slow. On top of that, the Fed’s response yesterday was fairly tepid. While they indicated the willingness to do more, they haven’t done it yet. This challenging economic environment has made Goldman Sachs analyst Noah Weisberger recommend shorting the S&P 500, or bet on further declines. He has a target of 1,285, or 5.2 percent below yesterday’s close.
Loser: Sales of Existing U.S. Homes Fell in May Sales of previously owned U.S. homes declined in May, showing an uneven recovery in residential real estate. Purchases of existing properties dropped 1.5 percent to a 4.55 million annual rate.The weakest employment gain in a year last month and limited access to credit are restraining a housing industry that’s been supported by record-low borrowing costs and cheaper properties that are drawing investors. The figures underscore Federal Reserve Chairman Ben Bernankes’s comments yesterday that the economy is failing to get a boost from a typical real-estate recovery. There’s a gradual bleeding into the market of distressed properties. It’s going to be a gradual recovery. The median price of an existing home climbed 7.9 percent to $182,600 in May. The increase in May reflected more sales of higher-priced properties.
Winner: ESPN’s Euro 2012 Viewership Up 82% From 2008
Through Tuesday, coverage of the Euro 2012 tournament averaged a 0.7 U.S. rating and 1.002 million viewers on the ESPN family of networks, up 75% in ratings and 82% in viewership from 2008.The June 20 Spain/Italy match drew a 1.4 rating.The tournament has also averaged 228,000 viewers on ESPN Deportes.
Winner: Oracle’s Ellison Owns More Than LanaiOracle Chief Executive Officer Larry Ellison agreed to buy 98 percent of the Hawaiian island of Lanai,. The sale includes two resort hotels, two championship golf courses and club houses, more than 88,000 acres of land including a 600-acre residential development, a solar farm, parks and utilities. Ellison is the world’s sixth-richest man, with an estimated net worth of $36.4 billion. Gates is the second-richest man with a fortune of $62 billion. Ellison also has a gigantic mansion in Woodside, California worth $110 millionAnother 249 acre Rancho Mirage Estate with Golf course worth $42.9 million
A malibu house that is on 5 beachfront property. He has an Italian Marchetti jet among a vast collection of planes.Ellison is famous for owning a lot of rare, expensive cars, like the Acura NSX. Among the best is the McLaren F1. The F1 was declared the fastest ever to hit the road in 1998.
of San Francisco Copyright © 2012 All Rights Reserved.