The KUIK Market Update for Wednesday, November 23:
Markets are mixed.
Index
Direction
Change
Units
Time
Dow
Up
21
points
19,046
8:01 AM
S&P500
Down
-0.1%
percent
2,200
Nasdaq Composite
Down
-0.4%
percent
5,366
30 Year Treasury
Up
6
Basis Points
3.07
Annual Yield
The Labor Department reports new applications for unemployment benefits last week rose by 18,000 to 251,000. Economists expected only 248,000. Most of that increase was in California and Illinois. Initial claims fell to a 43-year low the week before. Continuing claims climbed 60,000 to 2.43 million the week ended November 12. The previous week they fell below 2 million for the first time since 2000.
The Securities and Exchange Commission is cracking down on creative accounting. It has stepped up its crackdown on made-up numbers and vague language in U.S. companies’ earnings filings, sending the first of what is expected to become a steady flow of letters to finance heads requesting more information for investors. The SEC updated guidance on the use of metrics like clicks or eyeballs that don’t conform with Generally Accepted Accounting Principles, or GAAP, last May, telling companies to expect comment letters if they failed to comply. The rules allow companies to supplement their GAAP numbers with non-GAAP numbers to provide more detail, but they must provide the GAAP numbers first, give both sets of numbers equal prominence, and show how they reconcile.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
