In The News:
In an effort to cut costs, United Airlines (UAL) is pondering whether to outsource jobs at airports around the country, a move which could impact 2,000 workers. On Monday, the Chicago-based carrier informed its employees they are looking at outsourcing jobs, including baggage handlers, gate agents and customer service agents. The jobs are located at 28 airports, ranging from Atlanta to Anchorage, that are not hubs for the airline. The potential outsourcing marks another step closer to meeting the carrier’s 2013 goal of cutting costs by $2 billion annually. Stay tuned, a decision has yet to be made.
Bats Global Markets has agreed to pay a $14-million penalty to resolve claims made by the SEC, which contends the Direct Edge markets didn’t accurately portray how orders to buy and sell stocks were handled. The settlement, larger than the $10-million fine against NASDAQ for its mishandling of Facebook, followed a multiyear SEC investigation into key facets of modern markets including the electronic instructions used to trade securities, aka order types.[.1] In the past, humans matched up requests to buy and sell stocks; however, thanks to improved technology, transactions are now usually filled by computers. Critics contend this new system is poorly understood by anyone except the most sophisticated traders. The SEC investigation didn’t find impropriety in the actual trades themselves but in the sliding price functionality, which was not completely and accurately disclosed by BATS.
Let It Begin….
Earning season kicked off on Monday with Alcoa Inc. (AA) reporting a fourth-quarter profit thanks to strong grown in the company’s automotive and aerospace and a rebound in prices for raw aluminum. The New York-based aluminum maker posted profit of 11 cents per share, or $159 million, compared to a loss of $2.19 per share, or $2.34 billion, over a year ago. For the year 2014, the company posted a net profit of $268 million, compared to a $2.3 billion loss in 2013. Analyst credit the profit to the company’s turnaround strategy which has created a more multifaceted company.
In The Markets…
Asian markets closed mixed on Tuesday, as investors weighed a better-than-expected trade report from China against the continued fall of prices in the global oil markets.
European stocks started the week on a high note as the ECB’s bond-buying scheme appears to be taking shape.
U.S. markets closed lower on Monday as falling oil prices and their overall effect on the economy continue to weigh on investors’ minds. DJIA: -96.33 17640.84 NASDAQ: -16.55 2028.26 S&P: -16.55 2028.26
In Word Of The Day:
The difference between the expected price of a trade, and the actual executed price of the trade. Slippage often occurs during periods of higher volatility, when market orders are used, and when large orders are executed when there may not be enough buyers at the desired price level to maintain the expected price of trade.
In Dinner or Drink:
1 oz. tequila
1 oz. vodka
1 oz. rum
1 oz. brandy
1 oz. Kahlua® coffee liqueur
1 sliced banana cream
Add liquors and banana to a blender with half a cup of crushed ice. Add cream to taste. Blend until smooth. Pour into a highball glass, and serve.