BELEAGUERED Barack Obama came out swinging in his State of the Union address this week. The President reverted to his winning campaign gambit of running as an outsider against the bad old ways of Washington, while adding a healthy dose of populism. After the "Massachusetts massacre" loss of the Kennedys' Senate seat, and voters' stunning indictment of his first year in office, Obama had few other options.
The voters' complaints are clear. You bailed out Wall Street and ran up trillions in public debt. You have wasted a year on healthcare reform we don't want. But you let unemployment climb into the double digits, and a quarter of us owe more on our homes than they're worth. Do something!
Obama heard this message loud and clear. With his party's fate in November's congressional elections hinging on employment numbers he can't control, Obama's best hope is using his new change-you-can-believe-in populism to shape perceptions of him and his agenda. But there are three ways it could founder.
First, running for office as an outsider is easy; governing as an outsider is much harder. For much of the country and the world, the President is Washington. Obama admires Ronald Reagan because he was able to pull it off. The great communicator was able to brush off his early stumbles with a winning mixture of folksy charm, down-home bravado and ideological commitment that won over many Democrats. Obama has less time for Bill Clinton because the "comeback kid" came back by tacking squarely to the centre after the carnage of the 1994 congressional elections.
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Today Obama's problem is that he seems to be losing the very voters Reagan won over and Clinton's bowed down to. Centrist Democrats in congress are scared stiff of supporting Obama on issues as diverse as healthcare, finance, and climate change because they fear it may cost them their seats.
Obama's first task is to convince them that supporting his newfound populism will have the opposite effect. But this is Obama's second problem. He just isn't a natural populist. Populism is inherently anti-elitist. Obama's Harvard and Chicago law school pedigree, his aversion to tub thumping, his preference for deliberation, and his faith in the power of reason and knowledge, all conspire against the credibility of his populism. That Obama was able to make his urbane outsiderism a winning formula in 2008 was remarkable. Repeating the feat in office as Middle America's champion is much harder.
But the third and biggest problem with all populism, Obama's included, is that it is much easier to say what you are against than what you are for and how you will get there. Implausible contradictions seem to be the order of the day.
Obama wants to rein in healthcare costs, but he seems willing to accept a reform package that does very little to contain costs. He wants to freeze government spending, but not until he spends a lot more this year to create jobs and build infrastructure.He is committed to winning in Afghanistan, but he will pull out in 2011 come what may.
Governing may be the art of convincing voters that what seem contradictions are, in fact, the path to the promised land. This is his task ahead.
Obama's plan combines what won him office, running against Washington, with what the tenor of the times is calling for, economic populism. Now he must hope that congress buys in, that his jobs agenda works, and that American voters are once again convinced to buy in, too. It has a chance. But no one should bet the farm on it just yet.
Professor Geoffrey Garrett is chief executive of the United States Studies Centre at the University of Sydney
Source:theaustralian.com.au/
Showing posts with label OSU Obama's promises. Show all posts
Showing posts with label OSU Obama's promises. Show all posts
Friday, January 29, 2010
Thursday, January 28, 2010
Obama Treads Lightly On Health In State Of The Union
President Obama used his State of the Union address to urge lawmakers not to abandon the sinking ship of their health care overhaul bills, noting in perhaps the speech's biggest understatement that "by now it should be fairly obvious that I didn't take on health care because it was good politics."
He didn't offer a prescription on how to get legislation moving, and even now, after months of work, said that he was willing to reopen the discussion to accommodate better ideas on how to remake the nation's health system.
Want to talk about it? Join NPR's White House correspondent Scott Horsley and me for a Web chat on the president's speech and the prospects for health overhaul Thursday at 1 p.m. Eastern by clicking here.
Obama's speech came as Democrats in the House and Senate remained at loggerheads about how to proceed in the wake of last week's loss of the late Sen. Ted Kennedy's Massachusetts seat to Republican Scott Brown. That stripped Democrats of their 60th vote in the Senate and, with it, the ability to fend off GOP filibusters.
The House could pass the Senate version of the bill and President Obama could sign it. But House Democrats hate many provisions in it, starting with a controversial tax on high-cost insurance plans.
The House might be able to pass the Senate bill, Speaker Nancy Pelosi said Wednesday, if the Senate promised to pass changes under a process known as budget reconciliation. That is a fast-track procedure that bars filibusters and requires a simple majority to pass. But more than half a dozen Senate Democrats have already said they object to using reconciliation.
Enter President Obama, who urged lawmakers not to give up. "By the time I'm finished speaking tonight, more Americans will have lost their health insurance," he said. "Millions will lose it this year. Our deficit will grow. Premiums will go up. I will not walk away from these Americans, and neither should the people in this chamber." The president did not say how lawmakers should proceed, but he did appear to back away from earlier hints that Congress might want to scale back the bills.
"As temperatures cool, I want everyone to take another look at the plan we've proposed," he said. "There's a reason why many doctors, nurses, and health care experts who know our system best consider this approach a vast improvement over the status quo."
But he also left room for other possibilities, saying if anyone "has a better approach that will bring down premiums, bring down the deficit, cover the uninsured, strengthen Medicare for seniors, and stop insurance company abuses, let me know."
The White House posted health excerpts from Obama's speech here. For what it's worth, only about 6 percent of the address (about 450 words of the more than 7,000 in the speech) was devoted to health care.
Source:npr.org/
Chris Matthews on Obama: `Forgot He Was Black'
Those four words — "forgot he was black" — so instantly set the Twitter world afire that Matthews came back less than 90 minutes later Wednesday night to explain what he meant.
The MSNBC commentator said it was noteworthy to him that a black president was addressing a room of mostly white people and how it didn't seem to be an issue. He said he saw it in the context of growing up at a time racial divisions were ever-present.
Says Matthews: "I went in the room tonight, you could feel it wasn't there tonight and that takes leadership on his part, to get us beyond those divisions."
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Source:abcnews.go.com/
Obama's State of the Union Address: Who's Your POTUS?
Obama's State of the Union Address: Who's Your POTUS?
President Barack Obama was unapologetic and a bit defiant as he delivered his first State of the Union address on Wednesday. Obama focused mainly on the economy and essentially reaffirmed his Democratness, which was a refreshing change from a week of Democratic leaders surrendering in response to Scott Brown's hairy abdomen.
He affirmed his support for the stimulus plan and the banks. He said we needed the bailout and have already recovered most of cash spent on banks. Obama proposed a fee on banks to recover the rest use $30 billion repaid to help small banks. He also expressed support for investment in alternative energy sources, affirmed the existence of climate change and endorsed an aggressive trade policy with other countries.
The Republicans didn't enjoy the early part of the speech. Poor babies.
Obama uttering a platitude on healthcare reform finally got the GOP to stand. Not sure why. President Obama cited Congressional Budget Office (CBO) numbers that show healthcare reform cutting the deficit $1 trillion over 20 years. Obama said Congress should look at bill again, or offer an alternative. He added "Let's get it done."
Next, we got a history lesson. Obama mentioned the surplus President Clinton left us and how it turned into a huge deficit. He mentioned no specific person or party, and blamed nobody in particular. Senator John McCain was shown mouthing something like "Blaming Bush?" to Senator Lindsey Graham. A real knee-slapper. Of course, we could be mistaken.
President Obama also mentioned his budget freeze idea, which McCain allegedly supports.
He criticized the Supreme Court decision on election finance, which Justice Samuel Alito's shaking head didn't like. This Bostonist always watches the State of the Union address and has never seen that.
The concluding segment went like this in Congress: Troops? Support 'em! Haiti? Help 'em. Freedom? Love it. Gays and immigrants? We know about them.
Source:bostonist.com/
President Barack Obama was unapologetic and a bit defiant as he delivered his first State of the Union address on Wednesday. Obama focused mainly on the economy and essentially reaffirmed his Democratness, which was a refreshing change from a week of Democratic leaders surrendering in response to Scott Brown's hairy abdomen.
He affirmed his support for the stimulus plan and the banks. He said we needed the bailout and have already recovered most of cash spent on banks. Obama proposed a fee on banks to recover the rest use $30 billion repaid to help small banks. He also expressed support for investment in alternative energy sources, affirmed the existence of climate change and endorsed an aggressive trade policy with other countries.
The Republicans didn't enjoy the early part of the speech. Poor babies.
Obama uttering a platitude on healthcare reform finally got the GOP to stand. Not sure why. President Obama cited Congressional Budget Office (CBO) numbers that show healthcare reform cutting the deficit $1 trillion over 20 years. Obama said Congress should look at bill again, or offer an alternative. He added "Let's get it done."
Next, we got a history lesson. Obama mentioned the surplus President Clinton left us and how it turned into a huge deficit. He mentioned no specific person or party, and blamed nobody in particular. Senator John McCain was shown mouthing something like "Blaming Bush?" to Senator Lindsey Graham. A real knee-slapper. Of course, we could be mistaken.
President Obama also mentioned his budget freeze idea, which McCain allegedly supports.
He criticized the Supreme Court decision on election finance, which Justice Samuel Alito's shaking head didn't like. This Bostonist always watches the State of the Union address and has never seen that.
The concluding segment went like this in Congress: Troops? Support 'em! Haiti? Help 'em. Freedom? Love it. Gays and immigrants? We know about them.
Source:bostonist.com/
BEFORE THE BELL: US Stock Futures Up After Obama Speech; Ford Climbs
U.S. stock futures rose Thursday as markets assessed President Barack Obama's State of the Union address, while upbeat results from Ford Motor Co. and others also contributed to a positive tone.
S&P 500 futures rose 5.1 points to 1099.70 and Nasdaq 100 futures rose 4.75 points to 1813.70. Futures on the Dow Jones Industrial Average added 37 points.
Speaking to the nation and members of Congress in a high-stakes policy address, President Barack Obama late Wednesday used his first State of the Union speech to call for a host of job creation measures and a redoubled effort to finish health-care reform in the midst of a newly challenging political environment for him and his party.
Stock markets in Europe and Asia--which also were getting their first opportunity to react to the Fed statement--were generally stronger, with the Nikkei 225 up 1.6% in Tokyo and the pan-European Dow Jones Stoxx 600 rising 1%.
Obama's call for tax breaks, as well as a less strident attack on banks vs. what was seen last week, appeared to go down well overseas.
The economics calendar features weekly jobless claims and December durable goods orders, with both sets of reports due at 8:30 a.m., EST.
A vote in the Senate on the confirmation of Federal Reserve Chairman Ben Bernanke also is due, with expectations that the Fed chairman will squeak through.
Earnings rolled in from giants including Ford Motor Co. (F), up 3% after returning to a profit and as Toyota Motor (TM, 7203.TO) expanded its car recall; Nokia Corp. (NOK), up 11% after stronger-than-forecast quarterly profit; and Eastman Kodak Co. (EK), up nearly 14% after a profit from the ex-Dow component.
On the downside, Qualcomm Inc. (QCOM) tumbled nearly 9% on a cut sales outlook, and Nokia rival Motorola Inc. (MOT) dropped on a worse-than-forecast quarter.
After the close, Microsoft Corp.(MSFT) and Amazon.com Inc. (AMZN) report results.
Yields on 10-year Treasury bonds were steady at 3.66%, and the dollar index rose slightly.
Platinum futures by $26 an ounce, while crude oil futures rose 54 cents a barrel.
On an event-filled Wednesday--the Fed growing more optimistic on the economy as it held rates, Apple Inc.(AAPL) introducing the iPad, Toyota Motor Corp. (TM, 7203.TO) recalling cars, Treasury Secretary Tim Geithner defending the American International Group Inc. (AIG) bailout and several earnings--U.S. stocks rose, with the Dow industrials rising 41 points, the Nasdaq Composite adding 17 points and the S&P 500 growing 5 points.
-By Steve Goldstein;44 2078 429 424; AskNewswires@dowjones.com
DOW JONES NEWSWIRES
Among the companies whose shares are expected to actively trade in Thursday's session are Nokia Corp. (NOK) and Netflix Inc. (NFLX) and E*Trade Financial Corp. (ETFC).
American depositary shares of Finland's Nokia rose 13% to $14.55 premarket after the world's largest mobile phone maker maintained its key financial targets for 2010 and posted a stronger-than-expected rise in fourth quarter net profit as margins improved.
Netflix's fourth-quarter profit climbed 36% on higher sales and margins, and the company added more than 1 million subscribers during the quarter to reach its year-end target of 12.3 million. Shares jumped 16% to $59.11 in late trading as the online DVD-rental pioneer's earnings topped its forecast while revenue was in line with guidance.
E*Trade Financial's fourth-quarter loss narrowed as the online broker posted significantly lower loan-loss provisions and noted net charge-offs fell sequentially. Shares rose 1.8% to $1.68 in after-hours trading.
The crisis facing Toyota Motor Corp. (TM) deepened Thursday as the company said its large-scale recall, stemming from a faulty accelerator pedal problem, would spread to Europe on an undetermined number of vehicles. China's quality watchdog also said one of Toyota's China joint ventures will recall 75,552 RAV4 sport-utility vehicles because of the same problem. Shares fell 1.9% to $78.27 in light premarket trading.
Qualcomm Inc.'s (QCOM) fiscal first-quarter profit more than doubled on higher sales and a large prior-year write-down. Shares fell 9.9% to $42.52 after hours as the world's largest wireless-chip maker lowered its fiscal-year revenue guidance on a "subdued economic recovery in developed regions, including Europe and Japan, combined with relative strength at the lower end of the market" but backed its earnings guidance. ThinkEquity and Morgan Keegan both cut their ratings on the stock.
Align Technology Inc.'s (ALGN) fourth-quarter profit fell 82% from a year earlier, when the company recorded a big tax benefit, but the orthodontic-products maker saw surprisingly strong sales growth. The company expects that strength to continue into the current quarter, forecasting current-quarter earnings above analysts' views. Shares rose 14% to $18.99 in light premarket trading.
AstraZeneca PLC's (AZN) fiscal-year results are "essentially disappointing," an analyst said, noting both the 2009 results and the pharmaceutical company's guidance for a 2010 miss of consensus expectations. The analyst said while the medium term sales outlook given by the company is a little more optimistic, this is somewhat precarious as it implies success in a couple of quite high risk drug trials. The company posted a smaller-than-forecast 24% jump in fourth-quarter net profit, helped by rising sales of cholesterol pill Crestor and its swine flu vaccine. ADSs fell 3.2% to $48.06 premarket.
Ball Corp.'s (BLL) fourth-quarter earnings more than doubled amid prior-year charges while sales rose. The plastic and metal packaging company also said it expects earnings growth this year, even though it said it would be tough to beat least year's first-quarter results, which were helped by inventory gains. Shares rose 7% to $54 in premarket trading.
Bristol-Myers Squibb Co.'s (BMY) fourth-quarter profit soared on higher sales as well as a gain related to its split-off of Mead Johnson Nutrition Co. (MJN). The drug maker also predicted 2010 revenue above analysts' views, though it projected earnings in line. Shares increased 1.2% to $24.60 premarket.
Cabot Corp.'s (CBT) fiscal first-quarter profit soared as the chemicals and specialty materials company's sales volumes saw double-digit growth and margins improved. Shares rose 2.5% to $27.24 in late trading as the earnings far exceeded Wall Street's expectations.
Cardinal Health Corp.'s (CAH) fiscal second-quarter earnings fell 26%, but adjusted earnings topped analysts' forecasts. The second-biggest drug distributor in the U.S. also raised its fiscal-year earnings guidance again, sending shares up 3.4% to $32.37 premarket.
Citrix Systems Inc.'s (CTXS) fourth-quarter profit climbed 47% as the virtualization and infrastructure software company posted higher revenue globally as well as in all its businesses. Even as results topped expectations, shares dropped 4.2% to $40.23 after hours.
Eastman Kodak Co. (EK) reversed a loss in the fourth quarter amid cost cuts, growth in its digital products businesses and improved profit margins. Shares jumped 14% premarket to $5.36 as results were well above analysts' expectations. Chairman and Chief Executive Antonio M. Perez said, "Momentum is returning" to the company that has been dealing with lagging demand and the continued shift to digital photography.
Eli Lilly & Co. (LLY) swung to a fourth-quarter profit, with results falling short of analysts' estimates, as the company booked a $4.73 billion charge in the year-earlier quarter from its purchase of ImClone Systems Inc. The drug maker's fourth-quarter results were "highlighted by volume-based revenue gains, improved gross margins and quality earnings growth," said Chairman and Chief Executive John C. Lechleiter. Shares rose 1.7% to $37 premarket.
First Financial Bancorp (Ohio) (FFBC) shares rose 2.4% to $15.50 premarket as the bank holding company priced its 5.6 million share offering at $15.14 each--Wednesday's closing price.
Flextronics International Ltd.'s (FLEX) fiscal third-quarter profit more than quadrupled sequentially as the company's sales rose and gross margin expanded. The results beat its October guidance, and the company provided fiscal fourth-quarter guidance ranges for adjusted earnings and revenue that were mostly higher than analysts' estimates. Despite the results, shares fell 3.8% to $6.83 in after-hours trading.
Green Mountain Coffee Roasters Inc.'s (GMCR) fiscal first-quarter fell 13% on a prior-year patent settlement as results handily topped analysts' expectations. Shares gained 2.5% to $82.01 as the company again raised its forecast for the year.
Kirby Corp.'s (KEX) fourth-quarter profit dropped 24% as demand continued weak. Shares dropped 6.9% to $33.50 after hours on lower-than-expected results for the owner of a fleet of tank barges.
LSI Corp. (LSI) swung to a fourth-quarter profit as the storage-chip maker saw "increasing signs of an early-stage recovery" in information-technology spending. But shares dropped 7% to $5.58 after hours.
Oshkosh Corp. (OSK) swung to a fiscal first-quarter profit, as better-than-expected revenue growth and higher margins helped the specialty-vehicle maker easily top Wall Street's expectations. Shares rose 3.9% to $37. 39 premarket.
Potash Corp. of Saskatchewan (POT) posted a significant drop in fourth-quarter earnings, hurt by the continued effects of the global economic downturn on potash sales volumes and prices for potash, phosphate and nitrogen products. The integrated fertilizer company also forecasted continued production curtailments. The company also forecast first-quarter and full-year earnings below analysts' views. Shares fell 3.9% to $105.30 premarket.
Solutia Inc. (SOA) swung to a fourth-quarter profit on higher sales volumes and lower costs as well as $470 million in prior-year impairment and restructuring charges. Shares gained 9.7% to $13.90 in late trading as the specialty chemicals company's results far exceeded Wall Street's expectations.
Symantec Corp. (SYMC) swung to a fiscal third-quarter profit on continued strength in the antivirus-software maker's consumer business and as results improved at the security and compliance business. Shares slid 4.8% to $17.71 in late trading although results were better than the company projected.
Teradyne Inc. (TER) swung to a fourth-quarter profit--the second in a row after four consecutive quarterly losses--on higher sales and a prior-year goodwill write-down of $329.7 million. Shares rose 5.3% to $10.80 in after-hours trading as the semiconductor testing equipment maker predicted first-quarter results far above Wall Street's expectations.
Janney Capital Markets cut its rating on Tetra Tech Inc. (TTEK) to neutral from buy, saying despite a solid fiscal first quarter, the provider of consulting and engineering services "has thrown in the towel early on construction project delays, laying off employees and cutting its earnings forecast for the year, citing lack of visibility on near-term project awards."
Textron Inc.'s (TXT) fourth-quarter loss narrowed after large prior-year charges for exiting some financial-services businesses, as the defense contractor and aircraft maker's core income declined less than analysts expected. But the company continued to keep its expectations in check, setting its 2010 earnings targets way below analysts' views. Shares slid 2.4% to $20.50 premarket.
Tractor Supply Co. (TSCO), the largest farm and ranch dealer in the U.S., reported fourth-quarter earnings jumped 55% on margin and sales gains. For 2010, the company forecast earnings view above analysts' estimates, while its outlook for revenue was in line with consensus. Shares rose 2.5% to $53.50 in after-hours trading.
Tyco International Ltd. (TYC) fiscal first-quarter earnings rose 9% on cost cuts at the diversified manufacturer. Tyco's ADT security business, the biggest segment by revenue, was also the company's strongest in the most recent period, posting an 14% jump in income as sales inched up 1%. Shares rose 3.2% to $37.65 in light premarket trading.
Source:online.wsj.com/
S&P 500 futures rose 5.1 points to 1099.70 and Nasdaq 100 futures rose 4.75 points to 1813.70. Futures on the Dow Jones Industrial Average added 37 points.
Speaking to the nation and members of Congress in a high-stakes policy address, President Barack Obama late Wednesday used his first State of the Union speech to call for a host of job creation measures and a redoubled effort to finish health-care reform in the midst of a newly challenging political environment for him and his party.
Stock markets in Europe and Asia--which also were getting their first opportunity to react to the Fed statement--were generally stronger, with the Nikkei 225 up 1.6% in Tokyo and the pan-European Dow Jones Stoxx 600 rising 1%.
Obama's call for tax breaks, as well as a less strident attack on banks vs. what was seen last week, appeared to go down well overseas.
The economics calendar features weekly jobless claims and December durable goods orders, with both sets of reports due at 8:30 a.m., EST.
A vote in the Senate on the confirmation of Federal Reserve Chairman Ben Bernanke also is due, with expectations that the Fed chairman will squeak through.
Earnings rolled in from giants including Ford Motor Co. (F), up 3% after returning to a profit and as Toyota Motor (TM, 7203.TO) expanded its car recall; Nokia Corp. (NOK), up 11% after stronger-than-forecast quarterly profit; and Eastman Kodak Co. (EK), up nearly 14% after a profit from the ex-Dow component.
On the downside, Qualcomm Inc. (QCOM) tumbled nearly 9% on a cut sales outlook, and Nokia rival Motorola Inc. (MOT) dropped on a worse-than-forecast quarter.
After the close, Microsoft Corp.(MSFT) and Amazon.com Inc. (AMZN) report results.
Yields on 10-year Treasury bonds were steady at 3.66%, and the dollar index rose slightly.
Platinum futures by $26 an ounce, while crude oil futures rose 54 cents a barrel.
On an event-filled Wednesday--the Fed growing more optimistic on the economy as it held rates, Apple Inc.(AAPL) introducing the iPad, Toyota Motor Corp. (TM, 7203.TO) recalling cars, Treasury Secretary Tim Geithner defending the American International Group Inc. (AIG) bailout and several earnings--U.S. stocks rose, with the Dow industrials rising 41 points, the Nasdaq Composite adding 17 points and the S&P 500 growing 5 points.
-By Steve Goldstein;44 2078 429 424; AskNewswires@dowjones.com
DOW JONES NEWSWIRES
Among the companies whose shares are expected to actively trade in Thursday's session are Nokia Corp. (NOK) and Netflix Inc. (NFLX) and E*Trade Financial Corp. (ETFC).
American depositary shares of Finland's Nokia rose 13% to $14.55 premarket after the world's largest mobile phone maker maintained its key financial targets for 2010 and posted a stronger-than-expected rise in fourth quarter net profit as margins improved.
Netflix's fourth-quarter profit climbed 36% on higher sales and margins, and the company added more than 1 million subscribers during the quarter to reach its year-end target of 12.3 million. Shares jumped 16% to $59.11 in late trading as the online DVD-rental pioneer's earnings topped its forecast while revenue was in line with guidance.
E*Trade Financial's fourth-quarter loss narrowed as the online broker posted significantly lower loan-loss provisions and noted net charge-offs fell sequentially. Shares rose 1.8% to $1.68 in after-hours trading.
The crisis facing Toyota Motor Corp. (TM) deepened Thursday as the company said its large-scale recall, stemming from a faulty accelerator pedal problem, would spread to Europe on an undetermined number of vehicles. China's quality watchdog also said one of Toyota's China joint ventures will recall 75,552 RAV4 sport-utility vehicles because of the same problem. Shares fell 1.9% to $78.27 in light premarket trading.
Qualcomm Inc.'s (QCOM) fiscal first-quarter profit more than doubled on higher sales and a large prior-year write-down. Shares fell 9.9% to $42.52 after hours as the world's largest wireless-chip maker lowered its fiscal-year revenue guidance on a "subdued economic recovery in developed regions, including Europe and Japan, combined with relative strength at the lower end of the market" but backed its earnings guidance. ThinkEquity and Morgan Keegan both cut their ratings on the stock.
Align Technology Inc.'s (ALGN) fourth-quarter profit fell 82% from a year earlier, when the company recorded a big tax benefit, but the orthodontic-products maker saw surprisingly strong sales growth. The company expects that strength to continue into the current quarter, forecasting current-quarter earnings above analysts' views. Shares rose 14% to $18.99 in light premarket trading.
AstraZeneca PLC's (AZN) fiscal-year results are "essentially disappointing," an analyst said, noting both the 2009 results and the pharmaceutical company's guidance for a 2010 miss of consensus expectations. The analyst said while the medium term sales outlook given by the company is a little more optimistic, this is somewhat precarious as it implies success in a couple of quite high risk drug trials. The company posted a smaller-than-forecast 24% jump in fourth-quarter net profit, helped by rising sales of cholesterol pill Crestor and its swine flu vaccine. ADSs fell 3.2% to $48.06 premarket.
Ball Corp.'s (BLL) fourth-quarter earnings more than doubled amid prior-year charges while sales rose. The plastic and metal packaging company also said it expects earnings growth this year, even though it said it would be tough to beat least year's first-quarter results, which were helped by inventory gains. Shares rose 7% to $54 in premarket trading.
Bristol-Myers Squibb Co.'s (BMY) fourth-quarter profit soared on higher sales as well as a gain related to its split-off of Mead Johnson Nutrition Co. (MJN). The drug maker also predicted 2010 revenue above analysts' views, though it projected earnings in line. Shares increased 1.2% to $24.60 premarket.
Cabot Corp.'s (CBT) fiscal first-quarter profit soared as the chemicals and specialty materials company's sales volumes saw double-digit growth and margins improved. Shares rose 2.5% to $27.24 in late trading as the earnings far exceeded Wall Street's expectations.
Cardinal Health Corp.'s (CAH) fiscal second-quarter earnings fell 26%, but adjusted earnings topped analysts' forecasts. The second-biggest drug distributor in the U.S. also raised its fiscal-year earnings guidance again, sending shares up 3.4% to $32.37 premarket.
Citrix Systems Inc.'s (CTXS) fourth-quarter profit climbed 47% as the virtualization and infrastructure software company posted higher revenue globally as well as in all its businesses. Even as results topped expectations, shares dropped 4.2% to $40.23 after hours.
Eastman Kodak Co. (EK) reversed a loss in the fourth quarter amid cost cuts, growth in its digital products businesses and improved profit margins. Shares jumped 14% premarket to $5.36 as results were well above analysts' expectations. Chairman and Chief Executive Antonio M. Perez said, "Momentum is returning" to the company that has been dealing with lagging demand and the continued shift to digital photography.
Eli Lilly & Co. (LLY) swung to a fourth-quarter profit, with results falling short of analysts' estimates, as the company booked a $4.73 billion charge in the year-earlier quarter from its purchase of ImClone Systems Inc. The drug maker's fourth-quarter results were "highlighted by volume-based revenue gains, improved gross margins and quality earnings growth," said Chairman and Chief Executive John C. Lechleiter. Shares rose 1.7% to $37 premarket.
First Financial Bancorp (Ohio) (FFBC) shares rose 2.4% to $15.50 premarket as the bank holding company priced its 5.6 million share offering at $15.14 each--Wednesday's closing price.
Flextronics International Ltd.'s (FLEX) fiscal third-quarter profit more than quadrupled sequentially as the company's sales rose and gross margin expanded. The results beat its October guidance, and the company provided fiscal fourth-quarter guidance ranges for adjusted earnings and revenue that were mostly higher than analysts' estimates. Despite the results, shares fell 3.8% to $6.83 in after-hours trading.
Green Mountain Coffee Roasters Inc.'s (GMCR) fiscal first-quarter fell 13% on a prior-year patent settlement as results handily topped analysts' expectations. Shares gained 2.5% to $82.01 as the company again raised its forecast for the year.
Kirby Corp.'s (KEX) fourth-quarter profit dropped 24% as demand continued weak. Shares dropped 6.9% to $33.50 after hours on lower-than-expected results for the owner of a fleet of tank barges.
LSI Corp. (LSI) swung to a fourth-quarter profit as the storage-chip maker saw "increasing signs of an early-stage recovery" in information-technology spending. But shares dropped 7% to $5.58 after hours.
Oshkosh Corp. (OSK) swung to a fiscal first-quarter profit, as better-than-expected revenue growth and higher margins helped the specialty-vehicle maker easily top Wall Street's expectations. Shares rose 3.9% to $37. 39 premarket.
Potash Corp. of Saskatchewan (POT) posted a significant drop in fourth-quarter earnings, hurt by the continued effects of the global economic downturn on potash sales volumes and prices for potash, phosphate and nitrogen products. The integrated fertilizer company also forecasted continued production curtailments. The company also forecast first-quarter and full-year earnings below analysts' views. Shares fell 3.9% to $105.30 premarket.
Solutia Inc. (SOA) swung to a fourth-quarter profit on higher sales volumes and lower costs as well as $470 million in prior-year impairment and restructuring charges. Shares gained 9.7% to $13.90 in late trading as the specialty chemicals company's results far exceeded Wall Street's expectations.
Symantec Corp. (SYMC) swung to a fiscal third-quarter profit on continued strength in the antivirus-software maker's consumer business and as results improved at the security and compliance business. Shares slid 4.8% to $17.71 in late trading although results were better than the company projected.
Teradyne Inc. (TER) swung to a fourth-quarter profit--the second in a row after four consecutive quarterly losses--on higher sales and a prior-year goodwill write-down of $329.7 million. Shares rose 5.3% to $10.80 in after-hours trading as the semiconductor testing equipment maker predicted first-quarter results far above Wall Street's expectations.
Janney Capital Markets cut its rating on Tetra Tech Inc. (TTEK) to neutral from buy, saying despite a solid fiscal first quarter, the provider of consulting and engineering services "has thrown in the towel early on construction project delays, laying off employees and cutting its earnings forecast for the year, citing lack of visibility on near-term project awards."
Textron Inc.'s (TXT) fourth-quarter loss narrowed after large prior-year charges for exiting some financial-services businesses, as the defense contractor and aircraft maker's core income declined less than analysts expected. But the company continued to keep its expectations in check, setting its 2010 earnings targets way below analysts' views. Shares slid 2.4% to $20.50 premarket.
Tractor Supply Co. (TSCO), the largest farm and ranch dealer in the U.S., reported fourth-quarter earnings jumped 55% on margin and sales gains. For 2010, the company forecast earnings view above analysts' estimates, while its outlook for revenue was in line with consensus. Shares rose 2.5% to $53.50 in after-hours trading.
Tyco International Ltd. (TYC) fiscal first-quarter earnings rose 9% on cost cuts at the diversified manufacturer. Tyco's ADT security business, the biggest segment by revenue, was also the company's strongest in the most recent period, posting an 14% jump in income as sales inched up 1%. Shares rose 3.2% to $37.65 in light premarket trading.
Source:online.wsj.com/
Obama's promises, verbatim
State of the Union addresses are also quasi-campaign speeches, as presidents recite a long list of pledges and promises.
Here is a list of things President Obama promised to do last night on a variety of topics. The comments are in the order they were delivered during the 69-minute address.
Bank fees.
"I've proposed a fee on the biggest banks. Now, I know Wall Street isn't keen on this idea. But if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need."
A jobs bill.
"I realize that for every success story, there are other stories, of men and women who wake up with the anguish of not knowing where their next paycheck will come from; who send out resumes week after week and hear nothing in response. That is why jobs must be our number-one focus in 2010, and that's why I'm calling for a new jobs bill tonight."
Jobs loans and tax incentives.
"Tonight, I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat. I'm also proposing a new small business tax credit -- one that will go to over one million small businesses who hire new workers or raise wages. While we're at it, let's also eliminate all capital gains taxes on small business investment, and provide a tax incentive for all large businesses and all small businesses to invest in new plants and equipment."
New Wall Street regulations.
"Now, the House has already passed financial reform with many of these changes. And the lobbyists are trying to kill it. But we cannot let them win this fight. And if the bill that ends up on my desk does not meet the test of real reform, I will send it back until we get it right."
Energy programs
"To create more of these clean energy jobs, we need more production, more efficiency, more incentives. And that means building a new generation of safe, clean nuclear power plants in this country. It means making tough decisions about opening new offshore areas for oil and gas development. It means continued investment in advanced biofuels and clean coal technologies. And, yes, it means passing a comprehensive energy and climate bill with incentives that will finally make clean energy the profitable kind of energy in America."
EducationÂ
"I urge the Senate to follow the House and pass a bill that will revitalize our community colleges, which are a career pathway to the children of so many working families. To make college more affordable, this bill will finally end the unwarranted taxpayer subsidies that go to banks for student loans. Instead, let's take that money and give families a $10,000 tax credit for four years of college and increase Pell Grants. And let's tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years -- and forgiven after 10 years if they choose a career in public service, because in the United States of America, no one should go broke because they chose to go to college."
Health care
"As temperatures cool, I want everyone to take another look at the plan we've proposed. There's a reason why many doctors, nurses, and health care experts who know our system best consider this approach a vast improvement over the status quo."
Debt and deficits
"Starting in 2011, we are prepared to freeze government spending for three years. Spending related to our national security, Medicare, Medicaid, and Social Security will not be affected. But all other discretionary government programs will."
"We will continue to go through the budget, line by line, page by page, to eliminate programs that we can't afford and don't work. We've already identified $20 billion in savings for next year."
"I've called for a bipartisan fiscal commission, modeled on a proposal by Republican Judd Gregg and Democrat Kent Conrad. This can't be one of those Washington gimmicks that lets us pretend we solved a problem. The commission will have to provide a specific set of solutions by a certain deadline."
Governmen and election reform.
"It's time to require lobbyists to disclose each contact they make on behalf of a client with my administration or with Congress. It's time to put strict limits on the contributions that lobbyists give to candidates for federal office."
"I don't think American elections should be bankrolled by America's most powerful interests, or worse, by foreign entities. They should be decided by the American people. And I'd urge Democrats and Republicans to pass a bill that helps to correct some of these problems."
"Tonight, I'm calling on Congress to publish all earmark requests on a single Web site before there's a vote, so that the American people can see how their money is being spent."
Disaster response.
"We are launching a new initiative that will give us the capacity to respond faster and more effectively to bioterrorism or an infectious disease -- a plan that will counter threats at home and strengthen public health abroad."
Don't Ask, Don't Tell.
"I will work with Congress and our military to finally repeal the law that denies gay Americans the right to serve the country they love because of who they are. It's the right thing to do."
Immigration.
"We should continue the work of fixing our broken immigration system -- to secure our borders and enforce our laws, and ensure that everyone who plays by the rules can contribute to our economy and enrich our nation."
Source:content.usatoday.com/
Here is a list of things President Obama promised to do last night on a variety of topics. The comments are in the order they were delivered during the 69-minute address.
Bank fees.
"I've proposed a fee on the biggest banks. Now, I know Wall Street isn't keen on this idea. But if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need."
A jobs bill.
"I realize that for every success story, there are other stories, of men and women who wake up with the anguish of not knowing where their next paycheck will come from; who send out resumes week after week and hear nothing in response. That is why jobs must be our number-one focus in 2010, and that's why I'm calling for a new jobs bill tonight."
Jobs loans and tax incentives.
"Tonight, I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat. I'm also proposing a new small business tax credit -- one that will go to over one million small businesses who hire new workers or raise wages. While we're at it, let's also eliminate all capital gains taxes on small business investment, and provide a tax incentive for all large businesses and all small businesses to invest in new plants and equipment."
New Wall Street regulations.
"Now, the House has already passed financial reform with many of these changes. And the lobbyists are trying to kill it. But we cannot let them win this fight. And if the bill that ends up on my desk does not meet the test of real reform, I will send it back until we get it right."
Energy programs
"To create more of these clean energy jobs, we need more production, more efficiency, more incentives. And that means building a new generation of safe, clean nuclear power plants in this country. It means making tough decisions about opening new offshore areas for oil and gas development. It means continued investment in advanced biofuels and clean coal technologies. And, yes, it means passing a comprehensive energy and climate bill with incentives that will finally make clean energy the profitable kind of energy in America."
EducationÂ
"I urge the Senate to follow the House and pass a bill that will revitalize our community colleges, which are a career pathway to the children of so many working families. To make college more affordable, this bill will finally end the unwarranted taxpayer subsidies that go to banks for student loans. Instead, let's take that money and give families a $10,000 tax credit for four years of college and increase Pell Grants. And let's tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years -- and forgiven after 10 years if they choose a career in public service, because in the United States of America, no one should go broke because they chose to go to college."
Health care
"As temperatures cool, I want everyone to take another look at the plan we've proposed. There's a reason why many doctors, nurses, and health care experts who know our system best consider this approach a vast improvement over the status quo."
Debt and deficits
"Starting in 2011, we are prepared to freeze government spending for three years. Spending related to our national security, Medicare, Medicaid, and Social Security will not be affected. But all other discretionary government programs will."
"We will continue to go through the budget, line by line, page by page, to eliminate programs that we can't afford and don't work. We've already identified $20 billion in savings for next year."
"I've called for a bipartisan fiscal commission, modeled on a proposal by Republican Judd Gregg and Democrat Kent Conrad. This can't be one of those Washington gimmicks that lets us pretend we solved a problem. The commission will have to provide a specific set of solutions by a certain deadline."
Governmen and election reform.
"It's time to require lobbyists to disclose each contact they make on behalf of a client with my administration or with Congress. It's time to put strict limits on the contributions that lobbyists give to candidates for federal office."
"I don't think American elections should be bankrolled by America's most powerful interests, or worse, by foreign entities. They should be decided by the American people. And I'd urge Democrats and Republicans to pass a bill that helps to correct some of these problems."
"Tonight, I'm calling on Congress to publish all earmark requests on a single Web site before there's a vote, so that the American people can see how their money is being spent."
Disaster response.
"We are launching a new initiative that will give us the capacity to respond faster and more effectively to bioterrorism or an infectious disease -- a plan that will counter threats at home and strengthen public health abroad."
Don't Ask, Don't Tell.
"I will work with Congress and our military to finally repeal the law that denies gay Americans the right to serve the country they love because of who they are. It's the right thing to do."
Immigration.
"We should continue the work of fixing our broken immigration system -- to secure our borders and enforce our laws, and ensure that everyone who plays by the rules can contribute to our economy and enrich our nation."
Source:content.usatoday.com/
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