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Friday, October 24, 2008
By The Numbers: Oct. 20-24
FOXBusiness
Monday, Oct. 20, 2008
Treasury Secretary Henry Paulson says the government’s$250 billion plan to buy stakes in banks should make money
Toy Wars: Hasbro posts third-quarter earnings of 89 cents a share and revenue of $1.3 billion, Mattel reports revenue of $238.1 million, or 66 cents per share
Circuit City is reportedly mulling closing 150 stores to avoid filing for bankruptcy protection
Fed Chairman Ben Bernanke tells Congress a second stimulus plan may help the economy get through a slowdown
American Express beats Wall Street estimates, reporting $7.16 billion in revenue for the third quarter
The Dow Jones Industrial Average closes up 413.21 points to 9265.43, the broader S&P 500 adds 44.85 points to 985.40 and the Nasdaq Composite picks up 58.74 points to close at 1770.03
Tuesday Oct. 21, 2008
Yahoo reports its net income fell to $54.3 million and announces it is laying off 10% of its 14,000-person work force.
Ford’s Motor largest individual shareholder outside the Ford family, Kirk Kerkorian, sells 7.3 million shares and may unload the rest of his stake in the struggling auto maker in the future.
Strong iPhone sales help Apple report a profit increase of 26%
The Dow Jones Industrial Average closes down 231.77 points to 9033.66, the broader S&P 500 falls 30.35 points to 955.05 and the Nasdaq Composite loses 73.35 points to 1696.68
Wednesday, Oct. 22, 2008
Oil prices falls below $67 a barrel to hit fresh 2008 lows
McDonald’s beats expectations and posts a net income of $1.19 billion, or $1.05 per share
Wachovia takes a huge hit in the third-quarter with a loss of $23.9 billion
Amazon reportes a 48% jump in net income to $118 million in the third quarter
AT&T’s profits rise 5.5% in the third quarter to $3.23 billion, or 55 cents a share
The Dow Jones Industrial Average slides 514.45 points to 8519.21, the broader S&P 500 falls 58.26 points to 896.78 and the Nasdaq Composite loses 80.93 points to 1615.75
Thursday, Oct. 23
Labor Department reports weekly jobless claims jumped by 15,000 to 478,000; continuing claims fell to 480,250
Drugmaker Eli Lilly swings to a third-quarter loss of$465.6 million
Goldman Sachs is reportedly planning to cut 10% of its32,500 workers
UPS reports a 9.9% drop in quarterly profit
Microsoft reports a 2% increase in net income for its fiscal first quarter with a net income of $4.37 billion, or 48 cents a share
The Dow Jones Industrial Average jumps 172.04 points to 8691.25, the broader S&P 500 adds 11.33 points to 908.11 and the Nasdaq Composite drops 11.84 points to 1603.91
Friday, Oct. 24
Global markets sell of with the Nikkei plunging nearly 10% and Hong Kong's Hang Seng plunged 8.3%
In effort to prop up oil prices OPEC cut daily production by 1.5 million barrels, oil closes at $64.15
Chrysler announces plans to slash 25% of its salaried work force
PNC Financial Services acquires National City for $5.6 billion
Existing home sales jumped 5.5% in September -- highest level in 5 years
The Dow Jones Industrial Average dives 312.30 points to 8378.95, the broader S&P 500 falls 31.34 points to 876.77 and the Nasdaq Composite tumbles 51.88 points to 1552.03
FOX Translator
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Some mutual funds want you to pay for the privilege of them (or your investment adviser) taking your money to invest. It's called a load, and it works like a cover charge to get into a nightclub. Luckily, there are such things as no-load funds. As the name implies, shares of these funds are sold without a fee paid to a broker or investment advisor.
The entire amount you invest in no-load funds goes to work for your returns. On the other hand, with load funds, right off the bat you're charged commission (not to mention other fees incurred over the life of the investment). Let's say, for example, you invest $25,000 into a load fund that charges a 5% commission. This costs you $1,250 off the top, bringing your actual investment down to only $23,750.
The often-cited horse race analogy argues against investing in load funds. Here's the logic behind it: Would you place a bet on a horse that had to start a race 200 yards behind the others? Well, maybe you would if you got a tip from a sketchy, trench coat-clad man in a dark alley. However, under most circumstances, it's not smart to put your money on that handicapped horse.
But some argue that at times that man in the trench coat (aka your broker) knows more about the horses than you do, and has a better shot at picking a winner. Also, sometimes these fees are unavoidable because some funds are available only through investment advisers.
Cost-benefit analysis can help determine when a load fund is worth it (in other words, when it will score you a load) and when it is better to "do it yourself" and avoid the fees. Load-fund fees range depending on share class and can cover a variety of costs, such as paper work and fund management.
