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On the one hand, you'll likely never find anything so aptly named in finance. It is indeed a beige book. But its real title is the Summary of Commentary on Current Economic Conditions by Federal Reserve District. About two weeks before the Federal Open Market Committee meets to decide on interest rates, Fed governors get a compilation of how individual Federal Reserve banks view their economic health. (Actually, a different Fed bank is responsible each time to put it together, so they pass the workload around like roommates deciding who'll do the dishes.)
Obviously, it's important stuff. Since it's rather timely, many stock traders and economists use it to gauge whether the Fed has the same view of economic conditions as the market seems to.
But it's not scientific -- even the Fed admits that it's "anecdotal." And the Beige Book is the result of dozens of interviews with economists, bank branch managers, market experts and business leaders. As a result, a survey of pessimists in a district can paint a decidedly glass-half-empty picture. What's more, the Beige Book surveys all 12 Fed districts, and economic conditions in Cleveland can be much different than, say, Richmond, Va.
As a result, the Beige Book is rarely a market-mover, unless it contradicts a bunch of other data. So, check out the summary, but you can find better reports to read before nodding off.
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Thursday, June 12, 2008
Williams-Sonoma, Inc. to Present at the William Blair & Company's 28th Annual Growth Stock Conference
Comtex
SAN FRANCISCO, Jun 12, 2008 (BUSINESS WIRE) ----Williams-Sonoma, Inc. (NYSE:WSM) announced today that senior management will be presenting at the William Blair & Company's 28th Annual Growth Stock Conference.
The presentation is scheduled for Wednesday, June 18, 2008 at 3:10 PM Central Time in Chicago, Illinois. The audio portion of the presentation will be webcast live. To access the webcast, go to: http://www.williams-sonomainc.com/webcast. A replay of the presentation will be available until Friday, July 18, 2008.
Williams-Sonoma, Inc. is a nationwide specialty retailer of high quality products for the home. These products, representing six distinct merchandise strategies - Williams-Sonoma, Pottery Barn, Pottery Barn Kids, PBteen, West Elm and Williams-Sonoma Home - are marketed through 603 stores, seven mail order catalogs and six e-commerce websites.
SOURCE: Williams-Sonoma, Inc.
Williams-Sonoma, Inc. Sharon L. McCollam, 415-616-8775 Executive Vice President, COO and CFO Stephen C. Nelson, 415-616-8754 Director, Investor Relations Erica Gutierrez, 415-616-8332 Investor Relations Administration
Copyright Business Wire 2008 ********************************************************************** As of Sunday, 06-08-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-03-2008 for WSM @ $24.64. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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