• Equities Sink After Bernanke Speaks

    By Dan Berman | Hot Stock Minute – 5 minutes ago

    Stocks ended sharply lower as Fed chairman Ben Bernanke indicated that, yes, there may be an end to the central bank's $85 billion a month bond-buying program by 2014. Bernanke said that, if the economy continues to improve, the quantitative easing program could begin to wind down toward the end of this year and wrap up for good in 2014.

    As equities tanked, bonds did the same, with the yield on the 10-year note, which is tied to mortgage rates, hitting a two-year high.

    On the upside, FedEx (FDX) rose more than 1% for the day after delivering its quarterly earnings. The shipping giant posted profits of $2.13 a share when estimates were for $1.96. Revenues were in line with expectations. The company says it's still struggling from tepid economic growth. As a result it will cut capacity between the U.S. and Asia. There are also plans to adjust to increasing demand for cheaper ground delivery as opposed to pricier air transport options.

    They say he was no longer suited for the job. Men's

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  • FOMC Holds Steady, Market Closes at Session Lows

    By Breakout | Breakout – 2 hours 5 minutes ago

  • Shares of Men's Wearhouse (MW) were off slightly in early trading Wednesday after the company issued the following press release:

    FREMONT, Calif., June 19, 2013 /PRNewswire/ -- The Board of Directors of Men's Wearhouse (NYSE: MW) today announced that it has terminated George Zimmer from his position as Executive Chairman. The Board expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the Company.

    In light of Mr. Zimmer's termination, the Company also announced that it is postponing its Annual Meeting of Shareholders, which had originally been scheduled for June 19, 2013, at 11:00 a.m. Pacific daylight time. The purpose of the postponement is to re-nominate the existing slate of directors without Mr. Zimmer.

    The Company expects to announce the rescheduled date, time and location of the postponed Annual Meeting shortly.....

    Mr. Zimmer is the co-founder and face of Men's Wearhouse. According to available information, Zimmer was paid nearly $2 million in fiscal 2012 for his work as Executive Chairman. That title means Zimmer had been functioning as a strategic decision maker at the company. The degree to which he was truly guiding the ship isn't clear but Zimmer is relatively young at 64.

    Since no other information has been released by the company as of this writing, institutional and individual investors have been left to wonder:

    * Why would the company "terminate" Zimmer so unceremoniously? Even unloved CEO's are given the courtesy of being allowed to "pursue other interests" or "spend more time with family."

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  • With yields rising and investors fleeing bond funds in droves of late, it’s becoming conventional wisdom that the bull market in bonds is over. No less an authority than PIMCO’s Bill Gross, aka ‘The Bond King’, recently declared “the secular 30-year bull market in bonds likely ended” on April 29.

    Supporting that view, the yield on the benchmark 10-year Treasury has jumped from a low of 1.62% on May 2 to as high as 2.27% this month and currently sits at 2.18%. In reaction, yields have risen and prices have fallen for all fixed-income securities and investors have pulled $17.7 billion from bond funds in the two weeks ended June 12, The Wall Street Journal reports.

    Related: Fed Statement Could Lead to “Amateur Hour” in the Markets

    But, to cite Mark Twain, reports of the death of the bond bull market have been “greatly exaggerated,” according to Gary Shilling, president of A. Gary Shilling & Co., and author of The Age of Deleveraging.

    “A lot of people over the years have declared this

    Read More »

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