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Tough Times for the IMF...
*** IMF Goes Bankrupt
*** Inside Today’s Boiler Room
Dear American Capitalist Reader,
The global economy has been doing so well over the past few years that the International Monetary Fund (IMF) is now running a 30% deficit. The world economy has been growing at more than 5%. There have been no financial crises since Argentina blew up more than five years ago.
The result of all this good news is that the IMF can’t loan any money. Disbursements have declined 36% and now the fund faces a 30% drop in income and a growing budget deficit. Which, when you think about it is downright funny.
The IMF travels from Hiltons to Four Seasons via rented Land Rovers to preach the benefits of fiscal conservatism to countries looking down the barrel of impending financial doom. Like all busybodies everywhere, they have trouble keeping their own house in order.
But what’s bad for bureaucrats is good for the rest of us. Morgan Stanley predicts global growth of 4.1% next year. It won’t happen, but it’s nice to think about the IMF going out of business due to lack of clients.
Good Investing,
Christian DeHaemer
Editor, Red Zone Network
Over to Ian Cooper with more…
Inside the Boiler Room…
According to The Washington Post, “scientists now say one-third of infant deaths are because of premature births -- a much larger percentage than previously thought.” In fact, previous pre-term statistics were listed in “fewer than 20 percent of newborn fatalities. But that rate should be 34 percent or more, said researchers at the U.S. Centers for Disease Control and Prevention.”
Worse yet, even today there’s not an accurate test to assist doctors in determining an accurate induction date, resulting in an increase in pre-term infants. But there is a large and growing demand from the medical community to find an accurate way to predict induction dates… and is precisely why the FDA granted one company priority review for a drug that could save U.S. taxpayers up to $26.2 billion a year and save about 350,000 babies here in the United States.
If all goes according to plan, on October 20, 2006, that could all change when that much-anticipated drug gets FDA approval. You can read more in my free report here.
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Earnings Announcements
Arrow International, Copart Inc, Immucor Inc, RPM International Inc, Veritas DGC Inc, and Wolverine World Wide Inc are releasing earnings.
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Unlock Dates for October 2006
Wendy’s will distribute its remaining 82.75% stake in Tim Hortons Inc on September 29, 2006. When these shares flood the market, look for THI to drop. THI has a PE of 19 as compared to a company like McDonald’s, which trades with a PE of 16, is much cheaper, and has more growth.
10/3/06 – Visicu Inc is unlocking 6 million shares.
10/3/06 – Castle Brands Inc is unlocking 3.5 million shares.
10/4/06 – Sealy Corporation is unlocking 28 million shares.
10/23/06 – Corel Corporation is unlocking 6.5 million shares.
10/31/06 – Delek US Holdings is unlocking 10 million shares.
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Upgrades and Downgrades
Knight Transportation upgraded by BB&T Capital Markets from Hold to Buy.
Talisman Energy upgraded by BMO Capital Markets from Market Perform to Outperform.
National Beverage upgraded by Matrix Research from Sell to Hold.
General Motors upgraded by Bear Stearns from Underperform to Peer Perform.
Toyota Motor upgraded by Banc of America from Neutral to Buy.
USA Truck downgraded by BB&T Capital Markets from Hold to Underweight.
Educate Inc. downgraded by Matrix Research from Sell to Strong Sell.
Carnival downgraded by Matrix Research from Hold to Sell.
Verizon downgraded by RBC Capital Markets from Outperform to Sector Perform.
Cabot Oil & Gas downgraded by Banc of America from Buy to Neutral.
Ford Motor downgraded by Bear Stearns from Outperform to Peer Perform.
TiVo downgraded by Bear Stearns from Peer Perform to Underperform.
Tyson Foods downgraded by JP Morgan from Overweight to Neutral.
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