Fiat No More

Full article

Bancor on Deck

“The private refineries aren’t making money because of controlled fuel prices and high crude costs, so they have to reduce production,” Qiu Xiaofeng, an analyst at Beijing-based Galaxy Securities Co., said by telephone. “The state refiners have to step in to fill the output loss.” Private refineries account for more than 10 percent of China’s total fuel output, he said.

Full article

“I don’t think they realized the complications the sanctions would create, and now they’re trying to backtrack on the question of selling oil and on the arms embargo,” a U.N. diplomat told Reuters on condition of anonymity.  

Full article

Hong Kong -1.4%

Japan  -1.5%

China -1.4%

Australia -1.34%

S&P futures are now down 6.

The recent crackdown in online poker continues to presage an eventual legalization (and taxation by implication) in America. One can only imagine the windfall that the major casinos and governments will receive in this country.

Full Story Here

Off by 1.2%.

A grand total of $245,075 to 36 different charities. Conversely, the Bidens gave 5k.

Full article

They will raise $51 million.

Full article

As if the droughts weren’t enough, they apparently coincide with a contraction of 8.33 million hectares of farmland over the last decade.

China’s farmland per capita is less than half the world average, and one-sixth that of the U.S., according to China Comment, a Communist Party magazine. Actual land loss may be greater than the government’s numbers suggest, as local officials fudge figures and illegal use proliferates.

The basic gist of the story is that China has far too little land set aside for farming, and in conjunction with growing world populations, global food supplies are going to be hard pressed.

Archer Daniels Midland Co., Bunge Ltd. and Cargill Inc. were among U.S. food companies that in January won $6.68 billion of deals to supply China with soybeans, the U.S. Soybean Export Council said.

They suck.

Reports Q1 (Mar) earnings of $0.55 per share, $0.03 worse than the Thomson Reuters consensus of $0.58; revenues rose 5.8% year/year to $3.39 bln vs the $3.4 bln consensus. TXN reports Q1 Gross Margin of 50.9 % vs 52.8% Street Expectations. Co issues guidance for Q2, sees EPS of $0.52-0.60, which includes a $0.05 negative impact from the impact of the Japanese earthquake and aftermath, may not be comparable to $0.63 Thomson Reuters consensus; sees Q2 revs of $3.41-3.69 bln vs. $3.53 bln Thomson Reuters consensus.

Who gives a shit?

Full Article

Downgraded from stable to negative:
Knights of Columbus, New York Life Insurance, Northwestern Mutual Life Insurance, Teachers Insurance & Annuity Assoc. of America, and United Services Automobile Assoc

He’s demanding consitutional changes to enforce a balanced budget.

Fat chance this holds up.

Market cap minimum: $1 billion
No. Ticker % Change Market Cap
1 SNDA 18.29 2,490,000,000
2 THOR 10.10 1,610,000,000
3 SINA 7.32 7,680,000,000
4 YOKU 7.28 6,330,000,000
5 ARCO 6.55 4,270,000,000
6 REGN 6.11 4,120,000,000
7 QIHU 5.68 3,400,000,000
8 IPGP 5.18 2,680,000,000
9 MPEL 4.48 4,870,000,000
10 RGLD 4.24 2,980,000,000
11 AKAM 4.02 7,130,000,000
12 GCI 3.65 3,550,000,000
13 RIMM 3.20 27,830,000,000
14 LVS 3.16 32,060,000,000
15 CPL 3.07 13,930,000,000
16 LULU 2.97 6,650,000,000
17 GAME 2.83 2,100,000,000
18 CYOU 2.75 1,830,000,000
19 KNM 2.71 2,410,000,000
20 LCC 2.41 1,310,000,000
21 LTM 2.37 1,470,000,000
22 MTB 2.28 10,260,000,000
23 OPEN 2.27 2,460,000,000
24 CEF 2.19 5,550,000,000
25 VRUS 2.16 3,690,000,000

Corn is up another 1.65% today, reaching new highs. Someone needs to tell the corn people deflation is knocking on the door.

30 year bonds are now up 0.3%, reversing earlier losses, effectively snubbing the noses of the small handed credit analysts at S&P.

Goldman paid Berkshire back $5.5 billion today. Berkshire still hold Goldman warrants, which expire in 2.5 years.

The morons from Africa are going full retard again, post election. Early reports of mass killings, torching of churches and destruction of cars are rampant. Nigeria is one of the world’s largest producer of light sweet crude.

Full article

WTI is dropping more than Brent today, widening the spread between the two. At the moment, the current spread is $14.45 or 13.52%.

Via Briefing:

Systemax reported that it has notified Gilbert Fiorentino, Chief Executive, Technology Products Group and Director of the Company, that it intends to terminate his employment  (12.81 -0.26)

Co reported that it has notified Gilbert Fiorentino, Chief Executive, Technology Products Group and Director of the Company, that it intends to terminate his employment, pursuant to the terms of his employment contract. Fiorentino has been placed on administrative leave, effective immediately. Systemax has named Robert Leeds to serve as Interim Chief Executive, Technology Products, reporting to Systemax Chairman and CEO Richard Leeds. Robert Leeds was the founding CEO of Systemax’s Technology Products business and currently serves as Vice Chairman of the Board of Directors. Co’s action followed the conclusion of its independent investigation of anonymous whistleblower allegations concerning the Company’s Miami, Florida operations. Systemax reported that the investigation, which was conducted by the Audit Committee with the assistance of independent counsel, determined that the issues giving rise to the allegations did not have a material impact on Systemax’s previously reported financial results and were limited to the Company’s Miami operations. Co expects normal business operations to continue for its Technology Products Group businesses.