Apple Breaks Record For Quarterly Corporate Profits

Apple Posts The Biggest Quarterly Profit In Corporate History – NDTV

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Apple Inc quarterly results smashed Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season and a 70 per cent rise in China sales, powering the company to the largest profit in corporate history.

The company sold 74.5 million iPhones in its fiscal first quarter ended December 27, while many analysts had expected fewer than 70 million. Revenue rose to $74.6 billion from $57.6 billion a year earlier.

Profit of $18 billion was the biggest ever reported by a public company, worldwide, according to S&P analyst Howard Silverblatt. Apple’s cash pile is now $178 billion, enough to buy IBM or the equivalent to $556 for every American.

Apple Chief Executive Officer Tim Cook said the Cupertino, California-based company would release its next product, the Apple Watch, in April.

Shares rose about 5 per cent to $114.90 in after-hours trade.

Daniel Morgan, senior portfolio manager at Apple-shareholder Synovus Trust Company in Atlanta, Georgia, said that the report was a good sign in a quarter where big tech companies such as IBM and Microsoft Corp have disappointed.

Apple Chief Financial Officer Luca Maestri told Reuters in an interview that the company did not sell more iPhones in China than the United States, despite some earlier predictions by research analysts.

But the big-screen iPhone 6 and 6 plus drove revenues in China were up 70 per cent in the quarter from a year earlier. The company’s success in the competitive Chinese market can be attributed to its partnership with China Mobile Ltd, the largest global mobile carrier, and the appeal of the larger screen size of the iPhone 6 and 6 Plus.

Maestri said he does not expect Apple to struggle because of China’s slipping economic growth. “We haven’t seen a slowdown,” he added.

Maestri also said the company doubled iPhone sales in Singapore and Brazil.

Apple will reach 40 company stores in greater China by mid-2016, Maestri told analysts on a conference call.

Carolina Milanesi, an analyst with Kantar Worldpanel ComTech, also lauded a 14 per cent rise in unit sales of Apple Macintosh computers and sales of older iPhone models.

Apple was well positioned for the current quarter in China, she added, which will include the Chinese New Year holiday and reflect Apple’s attempts to sell through new channels.

Apple reported net profit of $18.02 billion, or $3.06 per diluted share, compared with $13.07 billion, or $2.07 per share, a year earlier. That topped expectations of $2.60 per share, according to Thomson Reuters I/B/E/S. Analysts had expected revenue of $67.69 billion.

Maestri said that Apple faced “a clear headwind” from the strong dollar but that it had included the challenge in its forecasts. Apple predicted revenue of $52 billion to $55 billion in its fiscal second quarter, compared with Wall Street’s average target of $53.79 billion.

Cook said that the company’s new mobile payment service, Apple Pay, which lets customer buy products from select merchants with their phones, was in its “first inning” and the company would consider adding new features as it looked at expanding outside the United States.

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Global Warming Update: Cold Temperatures Set Record As Snow Arrives In Chicago

Cold Temps Set Record As Snow Arrives In Chicago – WMAQ

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Looks like Mother Nature isn’t going to let Chicago forget that winter is coming.

The city saw light snow Saturday morning, marking one of the earliest snow sightings on record.

The earliest snow spotting in Chicago is Sept. 25, which occurred in 1928 and again in 1944, according to the National Weather Service.

Saturday’s snowflakes mark the third earliest snow sighting since the city began recording.

The Rockford area also spotted snow Saturday morning, marking their second earliest sighting. The record was set in 1951 when the area saw snow on Oct. 3.

But the snow wasn’t the only weather element the Chicago area made the record books with this weekend.

The city set a temperature record with O’Hare Airport recording a high of 47 degrees, marking the lowest maximum high temperature in 79 years, the NWS reported. The previous record, set on October 4, 1935, was 48 degrees.

The average high temperature in Chicago for the month of October is 62 degrees. The average low temperature is about 43 degrees.

Blame Saturday’s cold snap on winds from the west-north-west brought in by a system that dropped significant rain on the Chicago area early Friday morning.

We’re in the range of calendar days when we could see our first fall freeze.

Winds Saturday morning kept frost away from the area despite the snow, but with temps dipping into the 30s overnight and very little wind forecast, the area could see pieces of patchy frost. Temperatures could dip below 32 degrees in some areas.

A Frost Advisory was issued Saturday night for several Illinois counties and parts of Northwest Indiana.

The earliest a fall freeze ever happened in Chicago was on Sept. 22, 1995. The latest that’s ever happened was the 30 degrees reached on Nov. 24, 1931, according to records provided by the National Weather Service.

Sunday looks to recover slightly with partly sunny skies and a high of 56 degrees.

The city will return to near-normal temperatures at the start of the work week with highs forecast in the low- to mid-60s for much of the week.

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Thanks Barack… Record 92.6 Million Americans No Longer In Labor Force

Labor Participation Rate Drops To 36 Year Low; Record 92.6 Million Americans Not In Labor Force – Zero Hedge

While by now everyone should know the answer, for those curious why the US unemployment rate just slid once more to a meager 5.9%, the lowest print since the summer of 2008, the answer is the same one we have shown every month since 2010: the collapse in the labor force participation rate, which in September slid from an already three decade low 62.8% to 62.7% – the lowest in over 36 years, matching the February 1978 lows. And while according to the Household Survey, 232,000 people found jobs, what is more disturbing is that the people not in the labor force, rose to a new record high, increasing by 315,000 to 92.6 million!

And that’s how you get a fresh cycle low in the unemployment rate.

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So the next time Obama asks you if you are “better off now than 6 years ago” show him this chart of employment to the overall population: it speaks louder than the president ever could.

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Record 91.8 Million Americans No Longer In Labor Force… Fake Unemployment Rate Falls To 6.7 Percent

People Not In Labor Force Soar To Record 91.8 Million; Participation Rate Plunges To 1978 Levels – Zero Hedge

Curious why despite the huge miss in payrolls the unemployment rate tumbled from 7.0% to 6.7%? The reason is because in December the civilian labor force did what it usually does in the New Normal: it dropped from 155.3 million to 154.9 million, which means the labor participation rate just dropped to a fresh 35 year low, hitting levels not seen since 1978, at 62.8% down from 63.0%.

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And the piece de resistance: Americans not in the labor force exploded higher by 535,000 to a new all time high 91.8 million.

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The jobless, laborless recovery continues to steam on.

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Peyton Manning Reclaims Single-Season Touchdown Passing Record

Peyton Manning Sets NFL Record With 51 Touchdown Passes, Julius Thomas Catches Record-Setting TD – New York Daily News

In 2004, Peyton Manning set the record for the most touchdown passes in a single season, throwing 49 of them that year with the Colts when he was 28 years old. Tom Brady would break that record in 2007, completing 50 touchdown passes.

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Now 37 years old and in his second season with the Broncos, Manning has reclaimed the record. His fourth touchdown Sunday in an AFC West-clinching win against the Texans, a 25-yard completion to tight end Julius Thomas with 4:28 left in the game, gave Manning 51 touchdowns for the season.

Manning still has one more game to add to that total at Oakland in Week 17. The Broncos also clinched a first-round bye with the victory.

Never one to call too much attention to himself, Manning said it was a “team record” and expects it to be broken, but he will savor it for now.

“I’m sure it’s just a temporary record, but I will enjoy it,” he said

Manning received a standing ovation at Reliant Stadium after breaking the record and got plenty of love from his teammates and coaches on the sideline.

“It was very special,” Manning said of the reaction, according to the team’s website. “Very rarely during an NFL game do you get to have a moment like that. Having some of my teammates come onto the field, having some defensive players coming out and high-fiving me – and I was telling them thanks back, thanks for all of their help. That is certainly a moment I’ll remember. Lots of Broncos fans in the stands today. That was pretty unique as well. Certainly a moment I’ll remember because of just the team bonding that went on during that time.”

Entering Sunday, Manning had already set a career-high for passing yards in a season, and for the first time he eclipsed the 5,000-yard mark. He entered the game with 4,811 and went 32 of 51 for 400 yards, his fourth game of at least 400 yards passing this season. Drew Brees holds the single-season passing record with 5,476 yards set in 2011. With 266 yards against the Raiders, Manning would break the record.

In a video posted on the team’s website, Broncos coach John Fox is shown presenting Manning with the game ball in the locker room and Manning was ready to walk away before his teammates implored him to make a speech.

“Like coach Fox said, the best news I heard all day, we won our division today,” Manning told his teammates. “That’s a heck of an accomplishment. Let’s keep it going next week. I just can’t thank you guys enough. A lot of people contributed to this (record.) I really think this is a team accomplishment – defense getting us the ball back, receivers catching a lot of passes.”

Manning tied the record with 6:57 left in the game on a 20-yard touchdown pass to Eric Decker.

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Thanks Barack… Disability Trust Fund Runs Record 5 Straight Years Of Deficits

Under Obama: Disability Trust Fund Runs Record 5 Straight Yrs Of Deficits – CNS

In the fourteen fiscal years that preceded President Barack Obama’s inauguration in 2009, the tax receipts coming into the federal government’s Disability Insurance Trust Fund exceeded the benefits paid out, and the trust fund ran a surplus.

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In each of the five fiscal years Obama has served as president, the trust fund has run a deficit as the number of people receiving disability benefits has surged. The Disability Insurance Trust Fund has never before run five straight years of deficits.

In fiscal 2013, which ended on Sept. 30, the Disability Insurance Trust Fund ran a record deficit of $31.494 billion, according to newly released data from the Social Security Administration. That followed deficits of $8.462 billion in fiscal 2009, $20,831 billion in fiscal 2010, $25.264 billion in fiscal 2011, and $29.701 billion in fiscal 2012.

From fiscal 1995 through fiscal 2008, the Disability Insurance Trust Fund ran surpluses, as receipts from the disability insurance taxes paid by people who were working exceeded the value of the benefits paid to those claiming disability.

Congress created the federal disability insurance program by adding an amendment to the Social Security Act in 1956. The government paid the first disability benefits in fiscal 1957.

That year, the Social Security and disability programs were funded by payroll taxes that equaled a combined 5.625 percent of a person’s earnings. If someone was employed by someone else, this included a 2.0 percent tax for Social Security that was withheld from a person’s paycheck, an 0.250 percent tax for disability that was also withheld from the paycheck, a 3.0 percent tax for Social Security that was paid by the employer, and an 0.375 percent tax for disability that was paid by the employer.

A self-employed person paid the full 5.625 percent directly from his or her earnings.

Over the years, the payroll taxes for Social Security and disability have more than doubled to 12.4 percent. Self-employed individuals pay the entire 12.4 percent directly. People employed by someone else see 5.3 percent withheld from their paycheck for Social Security and 0.9 percent withheld for disability. Employers pay the other 6.2 percent on the worker’s behalf.

In 1957, the Disability Insurance Trust Fund took in $709 million and paid out only $59 million in benefits – or 8.3 percent of total revenues. A surplus of approximately $649 million was deposited in to the Trust Fund.

In reality, that means the government took that “surplus” and used it to pay for other government expenses, giving the Trust Fund an IOU to pay the money back later.

In the 57 fiscal years that the federal disability program has operated, it has run deficits in only 11 years – with five of those years coming under Obama. Prior to the last five fiscal years, the longest run of deficits in the Disability Insurance Trust Fund was the four-year span from fiscal 1962 trough fiscal 1965, when John F. Kennedy and Lyndon Johnson were president.

The trust fund also ran three straight years of deficits from fiscal 1975 through fiscal 1977, when Gerald Ford and Jimmy Carter were president.

When President Obama took office in January 2009 – which was the fourth month of fiscal 2009–there were 7,442,377 workers on disability, according to the Social Security Administration. As of October 2013, there was a record 8,936,932. That means the number of people on disability has increased by 1,494,555 while Obama has been in office – a jump of 20 percent.

In addition to the 8,936,932 workers collecting disability in October, there were also 157,676 spouses of disabled workers who collected additional benefits, and 1,871,127 children of disabled workers who collected benefits.

All told, 10,965,735 people collected federal disability benefits in October.

At the end of fiscal 2008, there was a net balance of $216.239 billion in the Disability Insurance Trust Fund – meaning the Treasury owed $216.239 billion in IOUs to the trust fund for surplus disability insurance tax receipts it had taken in previous years and used for other government expenses.

At the end of fiscal 2013, the net balance in the Disability Insurance Trust Fund had dropped to $100.486 – a decline of $115.753 billion.

That $115.753 billion, the cumulative five year deficit of the disability insurance program, equals the amount of money the Treasury had to borrow from other sources to pay disability benefits during that time.

From the last day of January 2009 through the last day of September 2013, the total debt of the federal government climbed from $10,632,005,246,736.97 to $16,738,183,526,697.32—an increase of $6,106,178,279,960.35.

That equaled approximately $53,091 in additional debt for each of the 115,013,000 households that the Census Bureau now estimates there are in the United States.

Since the last day of September, the federal government’s total debt has continued to increase, hitting $17,200,725,370,597.56 as of Tuesday—or approximately $149,555 per household.

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Thanks Barack… Record 90,609,000 Americans No Longer In Labor Force

90,609,000: Americans Not In Labor Force Climbs To Another Record – CNS

The number of Americans who are 16 years or older and who have decided not to participate in the nation’s labor force has climbed to a record 90,609,000 in September, according to data released today by the Bureau of Labor Statistics.

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The BLS counts a person as participating in the labor force if they are 16 years or older and either have a job or have actively sought a job in the last four weeks. A person is not participating in the labor force if they are 16 or older and have not sought a job in the last four weeks.

In from July to August, according to BLS, Americans not participating in the labor force climbed from 89,957,000 to 90,473,000, pushing past 90,000,000 for the first time, with a one month increase of 516,000.

In September, it climbed again to 90,609,000, an increase of 136,000 during the month.

In January 2009, when President Barack Obama took office, there were 80,507,000 Americans not in the labor force. Thus, the number of Americans not in the labor force has increased by 10,102,000 during Obama’s presidency.

The labor force participation rate, which is the percentage of the non-institutionalized population 16 years or older who either have a job or actively sought one in the last four weeks, was 63.2 percent in September. That was unchanged from August.

When President Obama took office in January 2009, the labor force participation rate was 65.7 percent.

The percentage of the civilian non-institutionalized population over 16 that was employed also remained constant from August to September at 58.6 percent. When President Obama took office in January 2009, the employment-population ratio was 60.6 percent.

The overall national unemployment rate–which is the percentage of people participating in the labor force who actively sought a job and did not find one in September–was 7.2 percent. That was a slight drop from the 7.3 percent unemployment rate in August. When President Obama took office in 2009, the unemployment rate was 7.8 percent.

The number of people actually employed increased by 133,000 last month, climbing from 144,170,000 in August to 144,303,000 in September. When Obama took office in January 2009, there were 142,153,000 Americans employed–meaning the number has increased by 2,150,000 over the past 57 months.

One reason for the increasing number of people not in the labor force is the aging of the Baby Boom generation, whose members have begun retiring–and are not being replaced by an equal number of young people entering the labor force.

Another reason is that female participation in the labor force has been declining. In January 2009, the female labor force participation rate was 59.4 percent. In September 2013, it was 57.1 percent.

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