In The News:
Overnight Mail..FedEx reported its quarterly profit plunged 31%. It seems international customers and shippers are not in need of overnight instead they are opting instead for slower and cheaper delivery options. The news sent the stock down 6.9% on Wednesday.
Fuzzy Face Press Conference- It’s time for FED President, Ben Bernanke (aka fuzzy face) to hold his quarterly press conference. Here’s what we decoded.
- Federal Reserve will keep applying the gas petal to its $85 Billion QE. They will continue their asset purchase at the same level to promote growth and job creations.
- The FED could start vary their bond buying program if appropriate.
- The FED will continue to tie asset purchases to economic outcomes.
- The FED and its monetary policy can’t combat the economic headwinds.
- The FOMC (Federal Open Market Committee) left rates unchanged.
- Fuzzy Face surprised all when he dropped a hint about his return for a 4th term… saying the Fed’s QE program could run with out him.
- The US remains strong and was not affected by the latest EZ Cyprus debacle.
- Bernanke also stated the stock market is not over inflated because of QE3 nor is the FMOC creating a bubble as many have accused them of.
Heads in the clouds… Oracle reported lower than expected Q4 earnings. The company eps (earnings per share) was 0.65 vs. the expected 0.66. The loss was attributed to more consumers and companies choosing cloud base systems vs. the old in house router and server method.
Jetting in a G-6.. Several JCPenny higher-ups are hopping private jets owned by JCPenny to make the commute to Texas every week. The planes pick the execs. on Monday shuttling them to Plano, Texas and picking them up on Thursday for the return trip back to their homes. Hmm I wonder if they wearing attire bought from JCPenny as they jet around?
In The Markets:
Europe: European stocks posted gains in their Wednesday trading session, bouncing back from two consecutive days of losses. Despite a sea of green, investors continued to keep at least one eye on the developments in Cyprus.
US: US markets closed in the green on news the Fed. will keep their foot on the gas petal and QE will continue.
DJIA +55.91 14511.73, Nasdaq +25.09 3254.19 S&P 500 +10.37 1558.71
In Dinner or Drink:
We choose a drink to be enjoyed by JCPenny’s execs as the jet around the country.
Texas Pink Cloud
Pour all ingredients into a blender, add 3 – 4 cups of ice and blend until all ice is chopped fine. Should be the consistentency of a daiquiri or colada. Pour into a pitcher ready to serve.