Petroleum Inventories Rise Again - the EIA report on total petroleum inventories showed a continued rise from last week adding to what already is a 19-year high. Crude inventories fell by 1.8 million barrels in the week ended July 17. Gasoline inventories, however, rose 800,000 barrels, and distillate stockpiles gained 1.2 million barrels. Total petroleum inventories increased by 1.9 million barrels and stayed above the upper limit of the average range for this time of year. After the data, crude oil futures fell about 1.6% to around $64.50.
SEC Wants Rating Agencies to Register - According to the SEC, Congress should approve legislation that would require credit rating agencies to register and open up their books to the Securities and Exchange Commission. "This would be a significant step forward in making sure that this sector of the market is brought under regulatory oversight without the danger that some credit rating agencies may fail to register in order to avoid regulation," said SEC Chairman Mary Schapiro in testimony to lawmakers at a House Financial Services Committee.
Apple's iPhone Bolsters Earnings - Apple sold 5.2 million iPhones in the quarter, more than seven times what it sold a year earlier, as it released a new version of the iPhone and halved the price on an older model to $99. Revenue from the iPhone business tripled to $1.69 billion. The only real downside to the report was that iPod sales dipped 7% versus last year. With the rise in the iPhone though, it is hard to imagine that those sales have not cut into the iPod sales.
For its fiscal third quarter ended June 27, Apple posted a profit of $1.23 billion, or $1.35 a share, compared with $1.07 billion, or $1.19 a share, a year earlier. Revenue rose 12% to $8.34 billion from $7.46 billion.
Home Prices Rise in May - According to a report from the Federal Housing Finance Agency, home prices rose 0.9% in May and fell 5.6% over the past year. Prices rose in five out of nine regions and fell in four. April's decline of 0.1% was revised to a drop of 0.3%.
SEC Wants Rating Agencies to Register - According to the SEC, Congress should approve legislation that would require credit rating agencies to register and open up their books to the Securities and Exchange Commission. "This would be a significant step forward in making sure that this sector of the market is brought under regulatory oversight without the danger that some credit rating agencies may fail to register in order to avoid regulation," said SEC Chairman Mary Schapiro in testimony to lawmakers at a House Financial Services Committee.
Apple's iPhone Bolsters Earnings - Apple sold 5.2 million iPhones in the quarter, more than seven times what it sold a year earlier, as it released a new version of the iPhone and halved the price on an older model to $99. Revenue from the iPhone business tripled to $1.69 billion. The only real downside to the report was that iPod sales dipped 7% versus last year. With the rise in the iPhone though, it is hard to imagine that those sales have not cut into the iPod sales.
For its fiscal third quarter ended June 27, Apple posted a profit of $1.23 billion, or $1.35 a share, compared with $1.07 billion, or $1.19 a share, a year earlier. Revenue rose 12% to $8.34 billion from $7.46 billion.
Home Prices Rise in May - According to a report from the Federal Housing Finance Agency, home prices rose 0.9% in May and fell 5.6% over the past year. Prices rose in five out of nine regions and fell in four. April's decline of 0.1% was revised to a drop of 0.3%.
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