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Here are highlights from Thursday's Analyst Blog:
Initial Claims Head Back Up
Instead of spending less than they were earning, people relied on asset appreciation -- in both equities and real estate. As the appreciation turned to depreciation, people were left with very little to fall back on. If the house is underwater, there is no way to tap the equity in the house to make ends meet until a new job is found. Instead, people turn to their credit cards (assuming that their credit limits have not been slashed) as a last resort source of liquidity. When they max the cards out, they start to default.
This is a key reason why the credit card charge off rate is now at a record high 10.62% as of May, a sharp rise from 9.97% in April. This is very bad news for the big players in the credit card market including American Express (NYSE: AXP), Bank of America (NYSE: BAC), Capital One (NYSE: COF | Quote | Chart | News | PowerRating) and J.P. Morgan (NYSE: JPM).
GRO Misses Filing Deadline Again
This morning Agria Corp. (NYSE: GRO | Quote | Chart | News | PowerRating) announced that they would be unable to complete their 20-F annual report for the period ending December 31, 2009 by the required June 30, 2009 filing date.
Agria attributed the delay to their inability to complete their financial statements due to two ongoing investigations being conducted by independent firms. The investigations surround the valuation of sheep and date tree assets, the authenticity of certain sales contracts, bank statements and tax invoices of P3A, and the verification of titles of farm land which were leased by P3A in 2008.
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