Weak Numbers Cause Wednesday Slump

On Wednesday stocks fell after what was a disappointing report regarding durable goods which only added to the concerns people have about the current pace of the country’s economic recovery.

In trading, early this morning, the Down Jones fell about 34 points.  This has led nervous investors to try to again move their money out of the stock market and into Treasury bonds, which is driving interest rates even lower.

Credit Card Debt Reaches 8 Year Low

In the second quarter this year, the amount owed by consumers on their credit cards fell to a low we have not seen for more than eight years. In this uncertain economy, those with credit cards went right along paying off their balances.

In the three months ending on June 30th, the combined debt (on average) for credit cards issued by a bank - for example those including a Visa or MasterCard logo - fell more than 13 percent, from $5,719 same time last year to $4,951, as is reported by TransUnion.

Reporting on credit, the agency said this was the first quarter in which they saw card debt decrease under five thousand dollars since the first three months of 2002.

Lowes 2Q Results

Hot weather was a help and a hindrance to Lowes sales in early summer. The big home-improvement retailer reported that heat probably boosted sales for outdoor grills and air conditioners, helping to increase 2Q net income by 10 percent. However, the heat kept away other customers as well as the continued anemic economic recovery.

The observations by Lowes, the second largest home improvement chain in the nation, echo the attitude of a great many companies who are not seeing any signs that create any expectation of dramatic increases in consumer spending. The company has adjusted its annual revenue projections because of the troubling lack of progress in the nation's economic recovery.

HP Chief Resigns During Sexual Harassment Investigation

Hewlett Packard (HPQ) recently announced the resignation of Mark Hurd, Chairman, President, and CEO of HP Corporation. Hurd's resignation comes following the sexual harassment claims leveled at the former HP executive and the HP company by a former contractor.

Upon investigation, HP determined the sexual harassment policy of its Corporation had not been violated, though it appeared there were violations against  the HP "Standards of Business Conduct".

Transocean (RIG) Beats Earnings For Quarter

Transocean (RIG) announced their earnings for the quarter ending in June after-hours tonight and beat analyst estimates depending on considerations. The consensus estimate was $1.68 per share while the company actually earned $2.22 a share. Revenue was soft for the off shore drilling company. They brought in $2.5 billion in revenue while the street was expecting $2.56 billion. This was down from the same quarter last year when revenue was $2.88 billion. Shares rallied throughout the day in addition to the days leading up to the announcement. The stock is up slightly after the announcement.