US Jobless Claims Fall, Gold Down

Today we are seeing some positive moves across the globe with Asia higher overnight by a quarter point and Europe trading up by almost a point on the positive news out of the US.

US Weekly Jobless claims fell 37000 last week to 335000 vs. estimates of 360000.  While the weekly numbers are hard to seasonally adjust, the trend seems to be continuing in the US with employment slowly improving.  On the back of this news we also got the Housing Starts for December which were up 12.1% vs. 3.1% estimated.  The real estate market continues to improve in the US which in turn continues to fuel capital markets.  On this news this morning the US futures are trading higher by about a half a point.

The big US banks continued to come with earnings this morning with both Citi Group and Bank of America reporting.  Citi missed by a large margin in earnings and also missed on revenue.  The stock is trading lower by about 2% in the pre-market.  BOA beat estimates ($0.03 vs. $0.02) but took a big charge in the quarter which reduced profitability.  Revenues were below estimates.

Gold is off sharply this morning down about 1% while oil is moving in the opposite direction up about 1% on the positive economic news.

Courtesy of:

Kenneth A. Dick, BA, CIM, CFP, FCSI

News Release: Newt Gingrich Appoints Peter King To Jobs And Prosperity Task Force Advisory Board

News Release from VR Business Franchise for VR Business Sales / Mergers & Acquisitions

Former Speaker of the House and General Chairman of American Solutions Newt Gingrich, announced today the appointment of Peter King  C.E.O. of VR Business Sales / Mergers & Acquisitions to the Advisory Board of his Jobs and Prosperity Task Force.

The Jobs and Prosperity Task Force is comprised of the most successful and accomplished business leaders and entrepreneurs in America. The Task Force will focus on Jobs Here, Jobs Now, Jobs First.

“We’ve given Washington a chance. It has failed miserably and proven to be so inept at job creation that our unemployment, as President Obama himself said, ‘blew past’ his own administration’s projection of 8%. Now it’s time for people who know how to create jobs and prosperity, know what it means to stick to a budget and make payroll – the business leaders of this country – to come together and clean up this mess,” Gingrich said.

“We’re thrilled to have Mr. King on board as we begin the work to get this economy back on track.”

As VR Business Sales / Mergers & Acquisitions’ dynamic and intuitive business leader, Peter King began his career on Bay Street in Toronto with one of Canada’s oldest Merger’s and Acquisitions firms. Upon relocating in 1989 to the United States, King was an instrumental part of Canada’s largest real estate company’s American development plans. His responsibilities included all legal and franchise arena’s through which his franchising intrigue arose. From 1994 until his acquisition of VR in 1999, King returned to his roots, joining one of America’s largest investment banks on Wall St. servicing large institutional clients.

In 1999,  Mr. King saw an opportunity that would bring the professionalism and service of investment banking to the small and mid-size business owner: acquiring VR Business Sales / Mergers & Acquisitions. Today Peter King and his partner and President, JoAnn Lombardi, lead VR Business Sales / Mergers & Acquisitions as the only full-time global network of Professional Business Intermediaries.

As an Advisory Board Member, Mr. King will be invited to Washington for strategy sessions and events where he will discuss ways of turning American economic problems around with tried, true and battle-tested solutions that have been used in successful businesses.

Mr. King’s company, VR Business Sales / Mergers & Acquisitions, is the innovative leader in the sale of privately held companies.
Celebrating 30 years as the world’s only network of full time professional business intermediaries, VR Business Sales addresses the needs of small and midsize businesses.  VR Business Sales is a company committed to a diversified menu of business advocate services, with more than 125 locations, and consequently has proven its value to business clients across the country and around the globe.  VR’s global headquarters are located at One East Broward Blvd., Suite 1500, Fort Lauderdale Florida.

For more information, please call 1-800-377-8722 or visit