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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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Wednesday, July 23, 2008
Nortel to Publish Its Second Quarter Results on August 1st, 2008
Comtex
TORONTO, ONTARIO, Jul 23, 2008 (MARKET WIRE via COMTEX) ----Nortel (TSX: NT)(NYSE: NT) will host a teleconference/audio webcast with the investment community to discuss its second quarter 2008 results. The earnings press release will be issued at approximately 6:00 a.m. ET over Marketwire and the corresponding presentation slides should be available about 30 minutes in advance of the conference call on the Nortel's Investor Relations website.
Mike Zafirovski, President and CEO, and Pavi Binning, Executive Vice President and CFO, will present the second quarter 2008 results during a live audio webcast and conference call.
Date: Friday, August 1st, 2008 Time: 8:30 a.m. ET To take part in the audio Webcast, please visit: http://www.nortel.com/q2earnings2008 To participate in the audio teleconference and Q&A, please call: - North America 1-866-225-6564 - International 1-416-641-6139 Please dial in at least 15 minutes prior to the start of the event Replay: A replay of the audio teleconference will be available at 11:00 a.m. ET at: - North America 1-800-408-3053 Passcode: 3265567# - International 1-416-695-5800 Passcode: 3265567# Audio webcast replay: http://www.nortel.com/q2earnings2008
Contacts: Nortel Investor (905) 863-7171 Email: investor@nortel.com Nortel Jay Barta Media (972) 685-2381 Email: jbarta@nortel.com Nortel Mohammed Nakhooda Media (905) 863-7407 Email: mohammna@nortel.com Website: www.nortel.com
SOURCE: Nortel
mailto:investor@nortel.com mailto:jbarta@nortel.com mailto:mohammna@nortel.com http://www.nortel.com
Copyright 2008 Market Wire, All rights reserved. ********************************************************************** As of Saturday, 07-19-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-27-2008 for NT @ $8.46. 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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