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Another Windfall Profit Tax Coming?

Mike

Well-known member
Wal-Mart says 2Q profit up 17 pct, raises outlook
Thursday August 14, 9:36 am ET
By Anne D'Innocenzio, AP Business Writer
Wal-Mart's 2nd-quarter profit rises 17 percent as it attracts financially squeezed shoppers


NEW YORK (AP) -- Wal-Mart Stores Inc. posted a 17 percent increase in second-quarter profit Thursday and raised its full-year earnings forecast, helped by cost cuts and a renewed focus on low prices that is attracting financially squeezed shoppers around the world.


But the world's largest retailer predicted slower sales growth at its established stores for the current quarter, saying it is seeing some volatility as customers find it difficult to stretch their paycheck to the next payday.

The Bentonville, Ark.-based retailer said it earned $3.45 billion, or 87 cents per share, in the quarter ended July 31, up from $2.95 billion, or 72 cents per share, a year earlier.

Profit from continuing operations came to $3.39 billion, up 9.3 percent from $3.09 billion last year. That year's second quarter included a benefit of 4 cents per share from several one-time items.

Net sales rose 10 percent to $101.6 billion in the second quarter from $92 billion in the year-ago period. Analysts polled by Thomson Reuters expected $101.9 billion.

For the quarter, the discounter posted a solid same-store sales gain of 4.5 percent, compared to a 1.9 percent increase a year earlier. The results exclude fuel sales. Same-store sales, or sales at stores opened at least a year, are considered a key indicator of a retailer's health.

"We have improved customer traffic and ticket and overall sales growth in our markets," President and Chief Executive Lee Scott said in a statement. "While inflation and higher fuel costs are pressuring suppliers, retailers and customers worldwide, we're confident that Wal-Mart is well positioned for this economy."

The company boosted its full-year forecast Thursday to a range of $3.43 to $3.50 per share, citing strict inventory controls and other cost-cutting measures. That's up from a full-year forecast issued in February of $3.30 to $3.43.

Second-quarter sales were driven particularly by the international business, which is seeing more customers as the U.S. economic woes spread to other areas of the world. Its international sales rose 19.3 percent to $25.3 billion, helped by such countries as Canada, China, and Brazil. Scott told investors during a pre-recorded call Thursday that executives in international divisions say they're noticing more financial stress on their customers. In Puerto Rico, for example, shoppers are eating more sandwiches.

At Wal-Mart's U.S. stores, sales rose almost 8 percent to $64.1 billion, while the Sam's Club warehouse store division posted a 7.8 percent sales gain to $12.28 billion.

The report shows that Wal-Mart's multiyear campaign to overhaul its strategy -- refocusing on low prices, improving the mix of merchandise offered, cleaning up its stores and providing friendlier and faster customer service -- is paying off.

With such changes, Wal-Mart reiterated Thursday that it is taking market share away from its competitors. The company has said that it expects to keep its new customers even when the economy improves.

Its shares have responded as well, now trading about $57 each -- near the high end of its 52-week range of $42.09 to $61.00, while shares of rivals like Target Corp. are in the doldrums.

But Wal-Mart reemphasized Thursday that the economy remains challenging, noting that shoppers are increasingly unable to stretch their paycheck to the next payday.

"We still see sales volatility around paycheck cycles," said Chief Financial Officer Tom Schoewe. He was referring to the pullback in spending in the days before the paycheck arrives and the spike after payday when shoppers have the cash to buy.

Wal-Mart predicts same-store sales growth to slow to 1 percent to 2 percent for the third quarter, a sharp decline from the 4.5 percent it saw in the second quarter.
 

TSR

Well-known member
Sandhusker said:
Does Walmart affect enough of the population, TSR?

Does Walmart conduct sales polcy behind closed doors with the V President to determine how it will proceed in its quest to obtain and price items to the general public? Also if all the walmarts closed would there still be enough altenative areas where one could shop? In my area theres lots of other stores, some are cheaper than Walmart. I am glad you and Mike are Walmart fans I don't happen to be one myself.
 

Mike

Well-known member
TSR said:
Sandhusker said:
Does Walmart affect enough of the population, TSR?

Does Walmart conduct sales polcy behind closed doors with the V President to determine how it will proceed in its quest to obtain and price items to the general public? Also if all the walmarts closed would there still be enough altenative areas where one could shop? In my area theres lots of other stores, some are cheaper than Walmart. I am glad you and Mike are Walmart fans I don't happen to be one myself.

Hillary sat on the Wal-Mart board during their period of largest expansion. Think that was a coincidence?

I'm no Wal-Mart fan, I just thought that while the Dems were in the mood for stealing Corporate profits..........they would take some from Wally World also.
 

TSR

Well-known member
Mike said:
TSR said:
Sandhusker said:
Does Walmart affect enough of the population, TSR?

Does Walmart conduct sales polcy behind closed doors with the V President to determine how it will proceed in its quest to obtain and price items to the general public? Also if all the walmarts closed would there still be enough altenative areas where one could shop? In my area theres lots of other stores, some are cheaper than Walmart. I am glad you and Mike are Walmart fans I don't happen to be one myself.

Hillary sat on the Wal-Mart board during their period of largest expansion. Think that was a coincidence?

I'm no Wal-Mart fan, I just thought that while the Dems were in the mood for stealing Corporate profits..........they would take some from Wally World also.

Steal back what has already been stolen that's an idea.
 

Sandhusker

Well-known member
I don't go to Walmart and I'm not a big fan of our oil companies. I think if there is any illegal activity, it should be dealt with. If your leaders can prove a theft has taken place, by all means, get the evidence in court. However, until it is proven the oil companies "stole" from us, taking their money IS stealing.

I haven't read any Marx since college, but I'll bet he claimed the proletariat was stealing from the people as well.
 

RobertMac

Well-known member
TSR said:
Does Walmart conduct sales polcy behind closed doors with the V President to determine how it will proceed in its quest to obtain and price items to the general public?
Tell me how the oil company's quest to obtain product behind closed doors turned out for them??????????????????
Exxon controls 3% of the world's oil...just how did they set the price of oil??????????????
Energy policy has been blocked by Democrats and their buddies, the anti-corporate, environmental wacko lobbyist for 30 years forcing our dependence on foreign oil. The other hand of the Democrat party, lawyers, have litigated energy expansion to the point it is none existent. And now that energy demand is out pacing the prospect of increasing energy supply, you uninformed people want to blame the energy companies!!!!!!!!!!!!!!!!
 

TSR

Well-known member
RobertMac said:
TSR said:
Does Walmart conduct sales polcy behind closed doors with the V President to determine how it will proceed in its quest to obtain and price items to the general public?
Tell me how the oil company's quest to obtain product behind closed doors turned out for them??????????????????
Exxon controls 3% of the world's oil...just how did they set the price of oil??????????????
Energy policy has been blocked by Democrats and their buddies, the anti-corporate, environmental wacko lobbyist for 30 years forcing our dependence on foreign oil. The other hand of the Democrat party, lawyers, have litigated energy expansion to the point it is none existent. And now that energy demand is out pacing the prospect of increasing energy supply, you uninformed people want to blame the energy companies!!!!!!!!!!!!!!!!

Well Robert Mac then there should be no problem making those minutes of the Energy Task Force meeting with Vice President Cheney and the energy executives ( I hesitate to say oil executives although we all know they would play the major role) public then should it?? A meeting that was to formulate the energy policy for America. Some of those exec's denied ever remembering such a meeting before a congressional committee and their memories were later "refreshed" when told they could still be prosecuted for lying to a congressional committee whether under oath or not.
One other thing while we are on the subject-again-. Why would the republicans, who claim that supply and demand is the ONLY force driving the markets, block legislation to curb speculation. If they think there is no speculation what would it hurt to pass a bill on restraining speculation? I think we all know why.
Waiting for your answer to the question posed in my first paragraph.
 

Sandhusker

Well-known member
Regardless of what happened in that meeting, if the oil companies were involved in any illegal activity, it should be able to be exposed. There's a heck of a lot of eyes looking for that, and nothing has been found yet.

I find it ironic that you appear to be saying that stealing is wrong, but yet that is exactly what you are advocating. I don't understand that logic.
 

RobertMac

Well-known member
First off, what difference would it make...no energy policy came from the meeting????? Energy policy has to come from Congress...the Executive branch can only offer suggestions to Congress. You, OT, and liberals have to give up the false political idea that the President is a king and can make laws as he sees fit.

So, just what is the Energy policy of America?????????????? There has been none for 30 years....except the Sierra Club/Democrat policy to stop any new development of our resources!!!!! How is that VP Cheney's and the oil company's doings?????????? Even T. Boone said oil men have near zero influence in Washington!

My question to you is...do you want the Congress critiquing every meeting the Executive has?????? Doesn't that go against the Constitution on separation of powers?????? Don't you people realize all these investigations and demands for documents is politics designed burden the Executive to the point they can do nothing but fulfill Congressional demands??????? It's typical Democrat scorched earth politics to portray all Republicans as crooks(and amplified by the Democrat drive-by media)!There is no doubt that Democrats will do anything to regain (what they believe is their God given right) control of the Federal government!!!!

Slightly off topic...aren't all Democrats liars and cheaters because John Edwards is???????????????????? That's how Democrats portray Republicans!!!!!!!!!!!!!!!!!!!!!!!!
 

RobertMac

Well-known member
Forgot to answer you on speculators...speculators make money when the market goes down, just like they make money when the market goes up...so just what kind of curbs do you suggest?
 

cutterone

Well-known member
The real, main problem I have with speculators is when they outrun the market regardless of supply & demand. The other is that in many cases the increases or decreases do not trickle down to the producer in proportion to the speculators. I've heard that the oil companies bought up a lot of the paper on corn controling the supply and increasing the price when the ethanol thing came about to slow down the value of making ethanol. In return the price paid to producers came about later and in smaller amounts. Maybe that kind of thing is better left to Las Vegas and out of the markets. :wink:
 

TSR

Well-known member
RobertMac said:
TSR said:
Does Walmart conduct sales polcy behind closed doors with the V President to determine how it will proceed in its quest to obtain and price items to the general public?
Tell me how the oil company's quest to obtain product behind closed doors turned out for them??????????????????
Exxon controls 3% of the world's oil...just how did they set the price of oil??????????????
Energy policy has been blocked by Democrats and their buddies, the anti-corporate, environmental wacko lobbyist for 30 years forcing our dependence on foreign oil. The other hand of the Democrat party, lawyers, have litigated energy expansion to the point it is none existent. And now that energy demand is out pacing the prospect of increasing energy supply, you uninformed people want to blame the energy companies!!!!!!!!!!!!!!!!

You know Robert I would tell you how those oil companies' quest turned out but since they won't let anyone see those minutes we'll just have to let the public decide. Interesting reading when you go to Wikipedia and look up Energy Task Force. Have you read it??? It is amazing how the Dems with a minority during Bush's tenure could block everything. But it can be done just as the Republican Senators blocked speculation changin policy.
Uninformed :roll: I guess the OPEC leader who OT quoted as saying they haven't seen any substantial demand increases doesn't know what he is talking about or is lying. I guess he is also lying when he says speculation is the probable cause of, I believe he said 40%, of the price of oil. Sure speculators can make money either way,wonder in which of those ways they have made the most money in the past few yrs?
 

Mike

Well-known member
TSR said:
RobertMac said:
TSR said:
Does Walmart conduct sales polcy behind closed doors with the V President to determine how it will proceed in its quest to obtain and price items to the general public?
Tell me how the oil company's quest to obtain product behind closed doors turned out for them??????????????????
Exxon controls 3% of the world's oil...just how did they set the price of oil??????????????
Energy policy has been blocked by Democrats and their buddies, the anti-corporate, environmental wacko lobbyist for 30 years forcing our dependence on foreign oil. The other hand of the Democrat party, lawyers, have litigated energy expansion to the point it is none existent. And now that energy demand is out pacing the prospect of increasing energy supply, you uninformed people want to blame the energy companies!!!!!!!!!!!!!!!!

You know Robert I would tell you how those oil companies' quest turned out but since they won't let anyone see those minutes we'll just have to let the public decide. Interesting reading when you go to Wikipedia and look up Energy Task Force. Have you read it??? It is amazing how the Dems with a minority during Bush's tenure could block everything. But it can be done just as the Republican Senators blocked speculation changin policy.
Uninformed :roll: I guess the OPEC leader who OT quoted as saying they haven't seen any substantial demand increases doesn't know what he is talking about or is lying. I guess he is also lying when he says speculation is the probable cause of, I believe he said 40%, of the price of oil. Sure speculators can make money either way,wonder in which of those ways they have made the most money in the past few yrs?

You really can't see that OPEC Oil Minister's viewpoint?

He's trying to make us think that OPEC is not making anything off of oil........that the speculators are making the big bucks.

Truth is, I just read the other day, that Saudi oil only costs $1.50 per barrel to get out of the ground. When oil was at $147 they were making $145.50 PER BARREL PROFIT!!!!!!


Sheesh!!!!!!!! You Dems really are that dumb!!!!!!!
 

TSR

Well-known member
Mike said:
TSR said:
RobertMac said:
Tell me how the oil company's quest to obtain product behind closed doors turned out for them??????????????????
Exxon controls 3% of the world's oil...just how did they set the price of oil??????????????
Energy policy has been blocked by Democrats and their buddies, the anti-corporate, environmental wacko lobbyist for 30 years forcing our dependence on foreign oil. The other hand of the Democrat party, lawyers, have litigated energy expansion to the point it is none existent. And now that energy demand is out pacing the prospect of increasing energy supply, you uninformed people want to blame the energy companies!!!!!!!!!!!!!!!!

You know Robert I would tell you how those oil companies' quest turned out but since they won't let anyone see those minutes we'll just have to let the public decide. Interesting reading when you go to Wikipedia and look up Energy Task Force. Have you read it??? It is amazing how the Dems with a minority during Bush's tenure could block everything. But it can be done just as the Republican Senators blocked speculation changin policy.
Uninformed :roll: I guess the OPEC leader who OT quoted as saying they haven't seen any substantial demand increases doesn't know what he is talking about or is lying. I guess he is also lying when he says speculation is the probable cause of, I believe he said 40%, of the price of oil. Sure speculators can make money either way,wonder in which of those ways they have made the most money in the past few yrs?

You really can't see that OPEC Oil Minister's viewpoint?

He's trying to make us think that OPEC is not making anything off of oil........that the speculators are making the big bucks.

Truth is, I just read the other day, that Saudi oil only costs $1.50 per barrel to get out of the ground. When oil was at $147 they were making $145.50 PER BARREL PROFIT!!!!!!


Sheesh!!!!!!!! You Dems really are that dumb!!!!!!!

Lets see the resource for that article Mike. I really find that profit margin hard to believe with all the other associated costs involved. But who know maybe it will hold up to scrutiny, lets see it.
 
A

Anonymous

Guest
Mike said:
TSR said:
RobertMac said:
Tell me how the oil company's quest to obtain product behind closed doors turned out for them??????????????????
Exxon controls 3% of the world's oil...just how did they set the price of oil??????????????
Energy policy has been blocked by Democrats and their buddies, the anti-corporate, environmental wacko lobbyist for 30 years forcing our dependence on foreign oil. The other hand of the Democrat party, lawyers, have litigated energy expansion to the point it is none existent. And now that energy demand is out pacing the prospect of increasing energy supply, you uninformed people want to blame the energy companies!!!!!!!!!!!!!!!!

You know Robert I would tell you how those oil companies' quest turned out but since they won't let anyone see those minutes we'll just have to let the public decide. Interesting reading when you go to Wikipedia and look up Energy Task Force. Have you read it??? It is amazing how the Dems with a minority during Bush's tenure could block everything. But it can be done just as the Republican Senators blocked speculation changin policy.
Uninformed :roll: I guess the OPEC leader who OT quoted as saying they haven't seen any substantial demand increases doesn't know what he is talking about or is lying. I guess he is also lying when he says speculation is the probable cause of, I believe he said 40%, of the price of oil. Sure speculators can make money either way,wonder in which of those ways they have made the most money in the past few yrs?

You really can't see that OPEC Oil Minister's viewpoint?

He's trying to make us think that OPEC is not making anything off of oil........that the speculators are making the big bucks.

Truth is, I just read the other day, that Saudi oil only costs $1.50 per barrel to get out of the ground. When oil was at $147 they were making $145.50 PER BARREL PROFIT!!!!!!


Sheesh!!!!!!!! You Dems really are that dumb!!!!!!!

Interestingly- every witness (former CFTC commisioners, oil execs, university professors, economists, investment execs, small business oil sales, airline and trucking firm execs, consumers groups, etc. etc) testifying before all the congressional hearings ( brought in by both Dems and Repubs) testified that speculation was having an effect on oil prices--EXCEPT those that were part of the Bush administration :shock:

The only thing they differed on was the amount it effected the price with it being from a little to as much as 50%... The concensus believed it was somewhere around 1/3 (33 %) of the cost....And that the general worldwide average for producing a barrel of oil was amounting to 1/3 the cost (with some oil being produced at under $10 a barrel and other areas/methods as high as $70 )- which left the oil companies profits at about 1/3....

Which led me and most with any intelligence - and the knowledge of the Aministrations past history of having experts falsify info for their own bias - that anything GW says about oil is full of bull and not worth a grain of salt...

But some cultist folks dumbly follow!!!!! SHEEEESSHHH
 

Mike

Well-known member
Saudi's profits from oil is around $1 BILLION per day.

http://www.youtube.com/watch?v=ennYgSZ4-lk

They ship around 7 MILLION barrels per day.


You do the math.............

Today's King of Oil

Only 35 years ago, the U.S. was the world's #1 oil producer, pumping out 10 million barrels of oil per day. Today, Saudi Aramco -- the Saudi state owned oil company -- produces about 7-8 million barrels per day. That's more than any oil producing country and twice as much oil as the next largest individual oil corporation.

Popular images notwithstanding, Saudi Arabia does not sit on an ocean of oil. Its oil production has always been concentrated in a remarkably small area about the size of Utah. Ninety percent of Saudi oil production has come from seven rapidly aging giant and super giant oil fields, with one field Ghawar, the greatest oil field the world has ever known. The Saudi's three most important oil fields have been producing at very high rates for over 50 years. Peak production of the two biggest oil fields occurred 25 years ago, in 1981. Almost all of Saudi Arabia's oil production comes from fields that have been on stream for over 40 years, and that have been producing below their capacity for most of that time.
 

Mike

Well-known member
Sandhusker said:
So, if the speculators are the ones responsible for running up the price of oil, why are you stealing from the oil companies?

Good point.

Bet you don't get an answer from them! :lol:
 
A

Anonymous

Guest
Oil speculators. New data show oil market speculators are playing a more prominent role than previously understood, according to the Wall Street Journal. A recent reclassification of large market players bumped speculators' share of trade to 49 percent from 38 percent, a development some say could bolster calls to increase regulation.

http://www.agweb.com/get_article.aspx?pageid=144969&src=fswht

So maybe those folks saying speculators unconnected to the industry were affecting the oil prices by 50% were closer to being right :???:

But thats right- the current Republicans don't beleve in transparency and doing things in the open- preferring to operate like whores in backrooms and dark alleys... :(
 
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