The Taipan Group's 247profits e-Dispatch
Baltimore, New York, Chicago, Berlin, Bonn, London and Paris
September 7-8, 2004
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***The presidential election campaign appears to be full of incongruities�
***e-Dispatch recommendation Impac Mortgage Holdings (IMH:NYSE) is
coasting up its quarterly track. Today, it traded as high as US$26.75, less
than 50 cents below its all-time high.
Find out what to expect in the next few weeks�
***Discover the Stock Option Strategy That Gives 600% Profit Potential
Year After Year (No Matter Which Way the Market is Headed).
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>From the Desk of J. Christoph Amberger
Dear Friend,
The presidential campaign appears to be full of incongruities: One candidate
over the weekend got serious screen time while brandishing a gift gun (taking
the opportunity to play up his macho side to make up for dead hamster
stories, I suppose�)
Of course, he didn't volunteer that just last year he co-sponsored legislation
that not only would have banned the very gun he was slinging, but also any
"gift" transaction involving a gun.
Internet snoop Drudge points out: "It is not clear if [the candidate]
submitted to a waiting period and completed the required paperwork
(Form 4473) or Brady background check before he claimed the gun.
Also, since the Gun Control Act of 1968 was passed, it has been illegal
for an unlicensed individual (a non-dealer, non-collector, non-
manufacturer, etc.) to obtain a firearm in a state in which you are not a
legal resident."
Don't you hate it when that happens?
***Back from the extended weekend, the bean counters at the nonpartisan
Congressional Budget Office (CBO) projected that this year's US budget
deficit will reach a record US$422 billion.
That's down considerably - 11.5% or US$55 billion - from the US$477
billion they had estimated in January. Still, when adjusted for the effects of
inflation, this year's projected US$422 billion deficit would exceed the value
of every annual shortfall since World War II.
Most interestingly, this difference was achieved based on improved tax
revenues during what liberals like to call a "terrible" economy.
Apparently, Americans are converting not only their tax savings but their
taxable income into revenues for businesses and individuals.
This, by the way, is exactly the opposite of what's happening in countries
that have not reduced taxes during the recession: Germany, for one, has not
only been unable to lower its tax burden� but is actively going after tax
loopholes of the "rich." (In welfare-state parlance, "rich" applies to anyone
grossing US$100,000 and more. Sound familiar?) German tax revenues
have actually fallen in past months�
The CBO report projects next year's deficit to be US$348 billion, which in
dollar terms would be the third largest ever.
***Impac Mortgage Holdings (IMH:NYSE) is coasting up its quarterly
track. Today, it traded as high as US$26.75, less than 50 cents below its all-
time high of US$27.20.
Interestingly, this run-up appears to be a tad early. The last dividends were
paid in early July, so we should have at least four or five weeks to go before
the next payment� a key date in the cyclical ups and downs of the stock.
I'm expecting a call back from the Impac people, hoping to get a better
handle on when exactly the next ex dividend date is scheduled.
More on that in tomorrow's e-Dispatch.
Editor's Pick: Get 164 Times Richer on Bush's Secret Revenge!
The tech boom of the Nineties was a kindergarten party - a fleeting glimpse
of what's to come.
A handful of little-known stocks detailed in this report are going on a rocket
ride to the moon. George W. Bush just signed a US$3.7 billion bill that
provides the launch pad.
Read on�
http://www.youreletters.com/t/56346/3785361/378/70/
Earnings Announcements for Wednesday, September 8, 2004:
ABM Industries, Authentidate Holding Corporation, Casella Waste
Systems, CHC Helicopter Corporation, Comverse Technology Inc, Korn /
Ferry International, Martek Biosciences Corporation, Remec Inc, Retail
Ventures Inc, Ulticom Inc, and Verint Systems are some of the companies
releasing earnings.
***Quote of the Day:
"What truly defines the civil rights challenge today isn't whether you
can get a seat at the lunch counter. It's whether you can own that lunch
counter in order to create legacy wealth for your children."
--Lt. Governor (MD) Michael S. Steele
***WORLD OF PROFITS***
***In the last few minutes of the trading day, Hong Kong's Hang Seng
managed to squeeze out a miniscule gain that topped a tepidly bearish
market at 13,136.04, up 31.70 points (0.24%) for the day.
But our indicators again signal gale-force profit-taking ahead, projecting an
average loss of 1.2%.
*** "Our indicators point out that the absence of large-scale US trading may
result in a modest upside of 0.2%."
Japan's Nikkei 225 ended the day at 11,298.94, up 54.57 points (0.49%)
for the day. Our indicators peg tomorrow's upside at 0.5%, with a looming
downside triggered by Japanese exporters at 1.3%.
***DESK OF DENHOLM***
This just in from Taipan's resident Editor-at-Large, Martin Denholm:
Hope you enjoyed your Labor Day weekend. No complaints from me about
a free day off, that's for sure! Let's hope the stock market will put the sickly
summer behind it and focus on being a little livelier.
***No Summer Break for Brits. Summer might traditionally be a time when
activity is slower, but not for the British manufacturing sector. It seemed to
find its feet in style during the summer, with output at an eight-year high,
orders touching a nine-year high, and employers increasing hiring for the first
time since 1998.
According to a poll of 1,200 companies by the Engineering Employers
Federation, the growth isn't just sporadic, either. It found strong demand and
output both domestically and from abroad in all UK regions. This strength is
good news in itself, but with oil prices reaching such lofty levels recently, it's
all the more impressive. Growth is expected to hit just under 3% this year
and 4.2% in 2005.
But higher oil prices did contribute to a big rise in energy costs, with many in
the industry warning customers of double-digit increases. Research from
BDO Stoy Hayward found that energy costs rising at the fastest rate in three
years and inflation rate rising to 2.7% - considerably over the Bank of
England's target rate of 2% - beat down overall business output in August.
***Exports Keep German Industry Churning. Not to be outdone, German
factory orders also chalked up their third gain in four months, reversing a
3.3% drop in June with a 3% rebound in July - the most in over a year. The
figure was twice what a survey of Bloomberg economists had expected.
Despite premonitions of a slowdown for the German economy, this news
shows that foreign demand is keeping activity ticking over. Overseas orders
jumped 5.2% for the month. Heavy/durable goods such as factory machinery
and trucks saw a 7.6% rise, while consumer items climbed a shade under
5%.
Alas, domestic demand remained weak, with orders climbing just 1%.
Hardly surprising, since an NTC Research/Bloomberg survey showed retail
sales dropped in August from July. With the unemployment rate still
stubbornly stuck at 10.6%, it's no wonder Germans are leaving their cash in
the bank.
The German government nevertheless remains optimistic, with Economics
and Labor chief Wolfgang Clement stating recently that full-year economic
growth will flirt with the 2% range.
***Boost to Brazilian Growth: As I said here last Friday, current projections
call for Brazil's economy to grow at a 4% pace this year. Allow me to
refresh that�
For the ninth straight week, the central bank revised its forecast up to a solid
4.2% - the highest in 18 months.
That wraps things up for today. Until tomorrow�
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J. Christoph Amberger
Executive Publisher
and The Taipan Group's
247profits e-Dispatch Team
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