NEWS SCAM: fisher capital management strategies: Morning after bin Laden dies, patriotism fuels economy

The killing of Osama bin Laden gave New Jersey’s economy an emotion-fueled boost Monday morning. But consumers and investors turned their attention to jobs, gasoline prices and inflation by Monday afternoon.

Myla Williamson gave a typical sober response when she said she was pleased to see the nation’s most wanted terrorist brought to justice. But for her, at least, the day was no different.

“I can’t spend what I don’t have,” said Williamson, 44, of Ocean Grove. “I’m trying to get out of debt.”

Bin Laden was killed Sunday in a U.S. operation that offered a chance for closure, particularly to Central Jersey residents who lost family, friends and co-workers in al-Qaida’s Sept. 11, 2001, plots.

It set off celebrations in New York and Washington, D.C. And it could in the long-term help to bring stability to the Middle East. But euphoria can only carry you so far, experts said.

“Does it make people feel better? Yes. And anything that makes people feel better and raises confidence is a boost,” said Joel Naroff, an economist based in Holland, Pa. “But ultimately it comes down to people’s pocketbooks.”

Some stores found themselves with a bigger advantage than others. Kempton Flags in Wall, for example, sold more American flags on Monday, including many to parents whose children are in the military, co-owner Shawn Kempton said.

But initial giddiness gave way to reality within just a few hours. For example:

The Dow Jones industrial average opened higher on Monday, but gave back its gains in the afternoon to close virtually unchanged. It closed at 12,807.36, down $3.18, or 0.02 percent, at 4 p.m. Monday.Investors were more concerned about the federal government’s debt ceiling, the aftermath of Japan’s earthquake and upheaval in the Middle East, said Doug Lyons of Trident Wealth Advisors in Bay Head.”There are more structural issues that would impact” the stock market, he said.

NEWS SCAM: Fisher Capital Management Warning: Kellogg Gets Second FDA Warning on Listeria in 2 Years

A Kellogg Co. (K) cookie plant in Augusta, Georgia, was found to have a “persistent strain” of listeria during a February inspection, including on food-contact surfaces, according to a warning letter from U.S. regulators.

The Food and Drug Administration letter, dated June 7, was sent less than two years after a Kellogg Eggo waffle plant in the same state was shut for similar reasons.

The inspection found flies and pools of water, the FDA said. The letter from District Director John Gridley didn’t say that any products were tainted with listeria, yet said they were “adulterated” and “may have become contaminated with filth.” The Augusta plant makes Keebler and Famous Amos cookies, and is one of five cookie bakeries Kellogg operates in North America.

“While the FDA did not identify specific concerns with the food, we take this situation very seriously,” Kris Charles, a spokeswoman for Battle Creek, Michigan-based Kellogg, said in an e-mail. “We have undertaken a number of aggressive actions to address their concerns including comprehensive cleaning and extensive testing.”

Kellogg’s response didn’t include dates for taking action at the plant, the FDA said. The regulator gave Kellogg 15 days to outline specific remedies to avoid injunction or product seizure.

Eggo Production

Kellogg’s cookies are baked at a temperature high enough to kill any listeria present, according to Robert Gravani, a food science professor at Cornell University in Ithaca, New York. The lack of an FDA product recall suggests that listeria was not found in the cookies, he said. FDA spokeswoman Tamara Ward declined to comment on a potential recall.

Listeria is a bacterium found in prepared foods and soil that can cause a serious infection in humans called listeriosis. It is particularly harmful to pregnant women, the young, the elderly, and people with weak immune systems, according to the FDA’s website.

Kellogg, the largest U.S. maker of breakfast cereals, fell 45 cents to $54.96 at 4 p.m. in New York Stock Exchange composite trading. The shares have gained 7.6 percent this year.

The FDA in January 2010 ordered Kellogg to improve sanitation controls at the different Georgia plant after Eggo buttermilk waffles were found contaminated with listeria bacteria. That, along with flooding and equipment changes at another waffle factory in 2009, slowed production for months and caused Eggo’s market share to drop.

Kellogg in June 2010 voluntarily recalled about 28 million boxes of cereal including Froot Loops and Honey Smacks, citing unusual taste and odor coming from the liner of packages. The recalled boxes were made at an Omaha, Nebraska, facility. North American cereal sales dropped 5 percent in 2010, partly because of the recall.

SCAM NEWS: Fisher Capital management Warning : Imperial Tobacco issues Spanish profit warning

Imperial Tobacco (IMT.L) today warned profits from its Spanish division could drop by up to £110 million for the year ending 30 September 2011 compared to previous guidance.
The cigarette manufacturer said it was responding to price cuts from competitors in recent weeks, which have impacted all market participants in the Spanish market, and the company has moved to protect its market position.
Included in the £110 million cut in forecast, the company said £40 million of this represented a one-off non-recurring impact on the logistics division.
The company’s share price dipped last month when members of the Spanish media reported that its Altadis subsidiary was planning to cut the price of its blonde tobacco brands following an aggressive pricing move by rival Phillip Morris.
In a statement delivered to the London StockExchange, the company said it is continuing to monitor the position closely.
Despite today’s announcement, Imperial maintained that the overall group performance is unlikely to be materially impacted when the financial results are released on 30 September, saying they remain in line with the board’s expectations.
Throughout Western Europe, Imperial has a presence in most markets through its Davidoff, West, JPS and Golden Virginia brands.
As at 0845hrs, Imperial Tobacco was already trading down at 2,059, 1.25 per cent down on Friday’s close.
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