WASHINGTON—President Barack Obama, speaking in unusually personal terms, weighed in on the recent killing of an unarmed black teenager, a rare moment of engagement by the president on a racially charged issue.
Apple Topples HP for Lead in Q4 ‘Client PC’ Sales, Says Canalys
Market research firm Canalys this afternoon offers its update on the PC market in Q4, in which the firm groups together tablet computers such as Apple’s (AAPL) iPad among “client PCs,” as they term it.
That’s a significantly different approach from the standard measure of personal computer shipments used by Gartner and IDC and other research firms, in which only desktops and laptops count, as you can see from the most recent Gartner PC report, for example.
Counting in that modified way, Canalys crowns Apple the “leading worldwide client PC vendor,” garnering 17% of the market, up 6 percentage points, year over year. The firm says that Hewlett-Packard (HPQ), formerly the top PC vendor by units, fell to second place and is battling hard with Lenovo, the only vendor aside from Apple to gain share. Dell (DELL) and Acer (2353TW) took fourth and fifth places, the firm believes, both losing share.
The report includes not just the iPad, but also what the firm refers to as the greater “pad” product category, in which other tablets, such as Research in Motion’s (RIMM) PlayBook tablet is included, Amazon.com‘s (AMZN) “Kindle Fire” tablet, but also e-book readers such as the other Amazon Kindle devices, and Barnes & Noble’s (BKS) “Nook” series. There are, however, no numbers listed for each vendor in the pad category, though it is noted that pads made up 22% of total PC shipments in the quarter.
The vague release from Canalys is woefully lacking in detail and numbers, citing 120 million worth of Q4 client PC shipments, with Apple having 16% in total. I have a request in to Canalys for further detail and will offer that when I get it.
Update: It appears that more data will be forthcoming from Canalys, so stand by. In a phone conversation this afternoon, Canalys’s principal analyst for mobile devices, Chris Jones, acknowledged that grouping desktops and laptops with tablets and other devices is controversial. However, as he explained it to me, “We do see it as one big market of mobile computing. These tablets are not just about consumption any more, people can do much more with them than when they first appeared. The application breadth has increased and they are being used more and more as business tools.”
Update 2: Canalys offers the following table of volume and share data for the vendors. The firm declined to provide greater detail on the “pad” market, including tablets and e-book readers. Note the comparison to the most recent Gartner report.
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From AAO Weblog
A few years ago, the SEC used to have �We are the investor�s advocate� plastered in various prominent spots of its website – like the home page, for instance.
No more. The SEC has become kinder and gentler, it seems, with bigger interests than just advocating for investors. I mentioned Commissioner Paul Atkins� speech last week, the one where he continued to bash Section 404 costs while praising efforts at making Auditing Standard 2 less onerous. I forgot to mention this snippet:
�The SEC is very concerned about maintaining our capital markets as an attractive place for investors to invest. In fact, we are charged by Congress to look after not only investor protection, but also competition and efficiency of the financial marketplace and ease of capital formation. We must ensure the integrity of our markets so that investors have confidence that they will be treated fairly. At the same time, our regulations must not price those very investors out of our markets through burdensome regulations or eat up the fruits of their investments through nonsensical mandates.�
�Charged by Congress to look after not only investor protection but also competition and efficiency of the financial marketplace and ease of capital formation?� Well, yes. And he�s right; it�s in black-and-white in the 1933 Act. But the 1933 Act presents it in a slightly different tone:
�Whenever pursuant to this title the Commission is engaged in rulemaking and is required to consider or determine whether an action is necessary or appropriate in the public interest, the Commission shall also consider, in addition to the protection of investors, whether the action will promote efficiency, competition, and capital formation.� [Emphasis added.]
Notice what comes first: the protection of investors. The rest is secondary. Commissioner Atkins� statement sounds like he�s channeling the Bloomberg/Schumer report or the Paulson Committee report ! more tha n echoing William O. Douglas. This reference to Douglas comes from a 1995 speech by Arthur Levitt:
�One of my predecessors, later Supreme Court Justice, William O. Douglas described our special role in this way: �We�ve got brokers� advocates; we�ve got exchange advocates; we�ve got investment banker advocates; and we are the INVESTOR�S advocate.�"
Maybe the pendulum hasn�t swung completely the opposite way from the reform era after Enron – but it feels like it�s almost there. I offer this list of �Top Ten Signs the Pendulum Has Swung� compiled by David Katz at CFO.com so you can at least get a good laugh out of the current deregulatory folly.
http://www.accountingobserver.com/blog/
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The US Energy Information Administration has released its latest Short-Term Energy Outlook, and it does little to raise the dim economic prospects for the rest of 2010 and 2011.
The EIA has lowered its projected real US GDP growth estimate from 3.1% and 2.7% for 2010 and 2011, respectively, to 2.8% and 2.3%. The agency also lowered its global GDP growth estimate from 3.6% to 3.3%.
Spot prices for WTI are expected to remain at $77/barrel through the fourth quarter of 2010 and rise to an average of $82/barrel in 2011. Regular-grade gasoline prices are expected to average $2.69/gallon for the second half of 2010, down $0.07 from the first half of the year. Higher crude prices in 2011 will raise pump prices to $2.90/gallon.
Total global oil production for 2010 is expected reach 85.97 million b/d, up about 1.6 million b/d from 2009. Production is expected to reach 87.01 million b/d in 2011. Consumption in 2010 is expected to average 85.95 million b/d, about 20,000 b/d below production. Consumption in 2011 is expected to surpass production by about 35,000 b/d. That is what is driving the per barrel price up in 2011.
Energy analysis firm Platts today published its estimated OPEC production figures for August. As a group, the cartel produced an estimated 29.11 million b/d, down from 29.22 million b/d estimated in July. High inventory levels and shrinking refining margins are the likely culprits for the reduced production according to Platts.
Natural gas production is expected to reach 61.2 billion cubic feet/day in 2010, declining to 60 billion cubic feet/day, primarily due to low prices for gas which will stifle new drilling. Natural gas consumption in 2010 will rise 4% above 2009 levels, to 65 billion cubic feet/day and remain relatively flat through 2011. Pipeline imports are expected to reach 9.2 billion cubic feet/day in 2010, and LNG imports are expected to total 1.25 billion cubic feet/day. Again, low prices have discouraged imports and! there i s plenty of domestic natural gas to meet demand.
Natural gas spot prices will average $4.54/million BTUs in 2010, up $0.60/million BTUs from a year ago, but down -$0.15/million BTUs from the EIA’s earlier estimates.
Electricity generation from coal rose 6.1% in the first half of 2010 and electricity generated from natural gas rose 4.7%. The projected growth for electricity sales to the industrial sector are expected to rise 6% in 2010 before slowing to a growth rate of just 0.2% in 2011.
The close tie between energy use and economic growth sometimes makes it difficult to tell the cart and the horse. The most sobering take-away from these numbers is that if the economy were getting better, would global energy supply be able to keep up? It could be some time before we find out the answer to that question.
Paul Ausick
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Brazilian stocks edge up ahead of holiday break
LOS ANGELES (MarketWatch) � Brazilian stocks edged higher in seesaw trading Friday, with a report of slowing local inflation and reports that financial aid appears to be in reach for debt-strapped Greece arriving ahead of a holiday break for Latin America�s largest economy.
Brazil�s Ibovespa BR:BVSP �rose 0.1% to 66,203.50, fighting back from mild losses.
Declines in home building stocks in part held gains in check. MRV Engenharia BR:MRVE3 �logged the worst performance as its shares slumped 5.7%. Also tugging at the index were preferred shares of Vale BR:VALE5 �VALE , with the miner and market heavyweight down 0.9%.
But shares of grocer Companhia Brasileira de Distribuicao CBD �shined, rising 5.7% after the company late Thursday said fourth-quarter earnings climbed more than 40% to 361! million reals ($210.6 million) on a surge in sales to 15.1 billion reals from a year ago.
The Ibovespa recorded a weekly gain of 3.5%, erasing last week�s fall of 1.9%. The index has risen 16.7% so far this year following an 18.1% slide in 2011.
Brazilian stocks opened modestly higher Friday as Greece � whose debt woes have been an ongoing source of pressure on equities worldwide � appeared closer to closing a crucial gap in funding.
Reaching that goal through a deal with European officials could allow the Greek government to receive a new round of bailout money. Euro-zone ministers were set to meet on Monday, but investors in Brazilian stocks moved with caution as previous efforts to aid Greece have hit roadblocks. Read more on Greece.
On Wall Street, the S&P 500 Index SPX �rose 0.2% to 1,361.23. The Dow Jones Industrial Average DJIA �advanced 45 points, moving closer to the 13,000 level. Trading on Wall Street will be closed Monday for the Presidents Day holiday. Read about Friday's action in U.S. stocks.
Inflation slows
Ahead of Brazil�s trading break on Monday and Tuesday for the Carnival holiday, a mid-month reading of consumer prices met analyst expectations.
The IPCA-15 consumer price index through mid-February rose 0.53%, according to the IBGE statistics agency. The index through the same period in January grew 0.65%. The February reading was slower than the previous month�s in part as prices for food and beverages rose 0.29% compared with a previous increase of 1.25%! .
U.S. week ahead: Greece, Jobs
In a short trading week, first-time jobless claims, the Nasdaq's drive toward 3,000 and the Greek debt deal will get attention. MarketWatch's Rex Crum reports.
Over a 12-month period, the inflation rate dropped to 5.98%, the lowest year-over-year rate since December 2010. The inflation rate on 12-month basis through January was 6.44%.
The latest decline puts the annual inflation rate below the 6.5% upper limit of the bank�s tolerance range. The target is 4.5%.
�Brazil policy-makers are intent on boosting growth in 2012, with more easing seemingly warranted by falling inflation,� Win Thin, global head of emerging markets strategy at Brown Brothers Harriman, wrote Friday.
The central bank is expected to cut the key rate to 10% from 10.5% when it releases its decision March 7, he noted, with the bank likely to follow up with a cut to 9.5% in April.
�After that, further cuts are likely to depend on how the data respond to the previous rate cuts,� Thin said.
Meanwhile, the rate of unemployment in Brazil fell to 5.5% in January, according to a separate report from IBGE, lower than the year-ago reading of 6.1%. The January rate was the lowest for the month since the series began in 2002.
Brazil�s currency USDBRL �traded at 1.714 reals per U.S. dollar, up from 1.727 reals in the previous session.
In Mexico, the IPC equity index! MX:IPC �reversed course, ending down 0.8% at 37,914.70. The move pushed the index lower by 0.6% for the week. Chile�s IPSA CL:IPSA �closed Friday�s session up 1.2% at 4,545.90 and logged a weekly advance of 3.1%.
Argentina�s Merval AR:MERV �gained 1.1% to 2,798.83 on Friday to lock in a gain of 2.8% for the week. Trading in Argentina will also be closed Monday and Tuesday for Carnival.
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