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Monthly Archives: August 2011

Empire State Manufacturing Spells Recession

Stone McCarthy: “You usually don’t get three straight months of negative results unless you are in a recession (Note: NY Fed historical data only started in July 2001).”

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It’s a Start to a New Political Idea

Starbuck’s CEO Shultz is urging CEOs to stop donating political contributions until our government can solve its debt problems.

I like the idea and given previous history that idea if observed could last for a long time.

I say remove all money from politics period.

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Market Watch

Treasuries trade flat while equities go for a third day of gains. DOW up 127 or 1,12%, S&P up 15 or 1.26%, NASDAQ up 19 or .76%

Evergreen Solar Files for Bankruptcy -ESLR

Gold hits highest levels of the day $1,756 +$13ish

BIDU tests the 50 day moving average – trading @ $143 down $6.47 or 4.4%

Oil Trade at the high of the day @ $87.21 up $1.82

Stocks of interest

NOK +12%

BAC +6%

NOV +5%

MMI +56%

QIHU +_5.7%

SUN +5.5%

EL -6.9%

SYY -4.7%

CTSH -2.2%

IDCC -21%

WSM -3.4%

EDMC -2.6%

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Italian Hedge Fund Owner Invests in-a-Spicy-Meat-A-Balls

Treasure seekers have trekked into Arizona’s Superstition Mountains in search of a lost gold mine for more than a century. Three years ago, Italian economics professor Alberto Micalizzi, whose hedge fund was on the verge of collapse, looked to the nearby town of Apache Junction to shore up his own fortune.
After his fund lost investors hundreds of millions of dollars in the credit crunch, Micalizzi quietly moved most of its assets into bonds in late 2008.
These were no ordinary bonds.
They were $500 million of highly illiquid paper purportedly issued by a company in a trailer-park suburb of Phoenix, on behalf of a small Australian commodities firm — and backed by the proceeds from $10 billion of diesel from the tiny autonomous Russian republic of Bashkortostan.
The bonds proved to be impossible to sell, and the professor’s Cayman Island-based fund, DD Growth Premium, went into liquidation in the spring of 2009. The fund’s implosion left behind a band of irate investors and an enduring riddle as to what exactly happened.
Reuters has followed a paper trail from the fund’s offices in the upmarket London neighborhood of Kensington to the dusty American southwest, from the fund’s registered home in a Caribbean tax haven to a suburban house in Canberra, Australia.
The story’s cast includes an Arizona businessman on the run from U.S. authorities, a Russian allegedly convicted for fraud, and the Italian at the center of it all: a 42-year-old specialist in options pricing who teaches economics at the respected Bocconi University in Milan.


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FLASH: Greed Cuts off Fear in Wall Street Traffic

Wall St gains for 3rd day on M&A, Europe hopes

Stocks gained for a third day on Monday after last week’s wild swings on U.S. deal news and speculation European leaders may get control of the euro zone’s debt problems.

The market’s somewhat firmer footing follows weeks of volatility and a selloff that put the S&P 500 in negative territory for the year.

The benchmark index is still considered in a correction, having lost 12.6 percent since its April 29 highs due to concerns about U.S. fiscal policy, Europe’s debt woes and the downgrading of the United States’ top-notch credit rating.

Among the day’s biggest gainers, Motorola Mobility Holdings Inc jumped nearly 57 percent to $38.25 on Google Inc’s offer to buy the company for about $12.5 billion in cash. Google dropped 2.6 percent to $549.19.

“You’re seeing kind of a reversal from last week in financials,” said Thomas Villalta, portfolio manager for Jones Villalta Asset Management in Austin, Texas. That “speaks to underlying fundamentals” of the businesses involved.

But the sharp ups and downs of last week could return, he said, as Europe’s concerns weigh.

“Europe has been extraordinarily slow in taking any sort of decisive action to improve perceptions … that means to me we could have volatility through the end of the quarter.”

A meeting on Tuesday by French and German political leaders was expected to result in initiatives needed to restore confidence in credit and other markets.

The S&P financial index rose 2 percent.

The Dow Jones industrial average was up 121.66 points, or 1.08 percent, at 11,390.68. The Standard & Poor’s 500 Index was up 15.03 points, or 1.28 percent, at 1,193.84. The Nasdaq Composite Index was up 21.28 points, or 0.85 percent, at 2,529.26.

In other takeover news, Time Warner Cable Inc will buy cable operator Insight Communications from Carlyle Group for $3 billion in cash to broaden its presence in the Midwest. Time Warner declined 1.1 percent to $64.78.

(Reporting by Caroline Valetkevitch; Additional reporting by Rodrigo Campos; Editing by Kenneth Barry)




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