Out performance for years to come
Comments »Monthly Archives: October 2011
Here is What Occupy Wall Street is Talking About
Get Your 9’s Up, Bitchez! Herman Cain Leads Obama in Latest Poll
AMR Crashes and Burns Amid Pilot Talks
David Einhorn Kills GMCR for 10%
Charlie Gasparino’s Take on the Marxist Element of the #Occupy Protests
The standard portrayal of the Wall Street protesters goes something like this: Ragtag group of unemployed young adults, venting often incoherent but overall legitimate populist outrage about economic inequality. But go down to the movement’s headquarters, as I did this past weekend, and you see something far different.
It’s not just that knowledge of their “oppressors” — the evil bankers — is pretty thin, or that many of them are clearly college kids with nothing better to do than embrace the radical chic of “a cause.” I found a unifying and increasingly coherent ideology emerging among the protesters, which at its core has less to do with the evils of the banking business and more about the evils of capitalism — and the need for a socialist revolution.
It’s not an overstatement to describe Zuccotti Park as New York’s Marxist epicenter. Flags with the iconic face of the Marxist revolutionary Che Guevara are everywhere; the only American flag I saw was hanging upside down. The “occupiers” openly refer to each other as “comrade,” and just about every piece of literature on offer (free or for sale) advocated socialism in the Marxist tradition as a cure-all for the inequalities of the American economic system.
Don’t try to explain to any of these protesters how those who sought to create a Marxist utopian dream of revolution also gave us the Stalinist purges, Mao’s bloody Cultural Revolution and many other efforts to collectivize thought in the name of economic “justice.”
One woman was holding a “Nationalize the Federal Reserve” sign; I tried to explain that the Fed is already nationalized, because it’s part of government, and she told me to “go check my f–king facts — it’s privately owned.”
That’s when I was handed a piece paper offering the following wisdom: “The Game of Capitalism Breeds Dishonest Men.” The author of such deep thinking was a dude named De La Vega, an artist convicted a few years back for painting graffiti on a warehouse in The Bronx.
That was pretty mild compared to the sentiments offered in the official “Statement of the League for the Revolutionary Party” on the protests. These guys view as the enemy not just Wall Street tycoons, but also liberal labor leaders like Richard Trumka of the AFL-CIO.
The problem with Trumka, according to the Revolutionary Party and its Zuccotti Park contingent: He wants to work with wishy-washy Democratic Party politicians, where the true revolutionaries want to “defend and develop Marxist theory as a guide to action,” which is the protests’ real purpose.
Maybe the worse-spent dollar I have ever spent in my life was on a propaganda broadsheet titled “Justice,” which advocates “Struggle, Solidarity, Socialism.” On the front page of the newspaper-like document, beneath the headline “Capitalism: System Failure,” was a tease for a story on the economy and how “influential business economist Nouriel Roubini” recently said how “Karl Marx had it right. At some point, capitalism can destroy itself.”
Yes, the left-leaning Roubini made that fatuous statement, and many similar ones — so many, in fact, that he has lost much of his credibility in financial circles, though that didn’t quite make it into the “Marx Was Right!” story.
Also absent was any notice of how the much-hated banks benefited not from free-market capitalism, which would have let them fail in 2008, but from crony capitalism that bailed them out. The similar cronyism practiced by Trumka and the Obama administration — massive spending on useless but politically connected businesses like Solyndra, paired with class-warfare rhetoric — likewise has very little to do with free markets.
I don’t advise going down to Zuccotti Park to have a serious conversation with the protesters, given their growing propensity toward violence and the growing revolutionary tone of the movement. But I would suggest that President Obama might want to put a hold on his support for the Occupy Wall Street movement as his 2012 re-election bid approaches.
If he keeps saying nice things about the protesters, the debate among business types and voters won’t be whether the president has some socialist leanings, but how much virtue he sees in the thoughts of Karl Marx.
Comments »Alternative Banking Pops Up as Big Banks Get Squeezed
Don’t think credit unions are alternative, but other alternatives are trying to become your banker.
Comments »FLASH: Market Hits Session Lows
Dow is off by 190 and nasdaq is down 47.
Comments »Anadarko settles with BP for Macondo disaster
Comments »LONDON (AP) — Anadarko Petroleum Co. has agreed to pay $4 billion to BP PLC as part of a settlement related to last year’s Gulf of Mexico oil spill, adding weight to BP’s contention that it was not solely responsible for the disaster.
BP said Monday that Anadarko’s payment will form part of the British company’s $20 billion trust fund, which has paid out $7 billion so far to settle claims from individuals and businesses. Eleven workers were killed when the Deepwater Horizon rig at the Macondo well exploded off Louisiana on April 20, 2010, causing the largest oil spill in U.S. history.
BP has now reached settlements with both of its partners in the Macondo well.
However, it is still embroiled in lawsuits and countersuits with Transocean Ltd., operator of the Deepwater Horizon drilling rig, and Halliburton Co., which was responsible for cementing the well. The suits are scheduled to go to trial in New Orleans in February.
BP also faces the prospect of fines in the tens of billions of dollars.
The market cheered the Anadarko agreements, pushing BP shares 4 percent higher at 433 pence in early afternoon trading on the London Stock Exchange.
“The acceptance of partial liability by Anadarko further reduces the likelihood of punitive damages against BP,” Jonathan Jackson, head of equities at Killik & Co.
“If the group is not found grossly negligent, fines relating to the incident would be a basic amount of $1,100 per barrel, as opposed to $4,300 per barrel if found guilty, Jackson said, adding that the not-guilty verdict would still cost the company $15.7 billion.
BP has made provisions for up to $42 billion in costs from the blowout, and it has embarked on raising $30 billion by selling assets.
Anadarko, based in The Woodlands, Texas, is handing over its 25 percent stake in the well to BP as part of the settlement.
The agreement also gives Anadarko a potential share in funds which BP recovers from third parties or insurance. If BP’s total recovery exceeds $1.5 billion, Anadarko would get 12.5 percent of the excess, or up to $1 billion, BP said.
“This settlement agreement with BP is the right action for our stakeholders, as it removes significant uncertainty regarding future liabilities and associated risks,” said Jim Hackett, chairman and CEO of Anadarko.
“This settlement represents a positive resolution of a significant uncertainty and it resolves the issues among all the leaseholders of the Macondo well,” said BP Chief Executive Bob Dudley.
“There is clear progress with parties stepping forward to meet their obligations and help fund the economic and environmental restoration of the Gulf,” Dudley said. “It’s time for the contractors, including Transocean and Halliburton, to do the same.”
In May, BP announced a settlement with the other partner in the well, MOEX Offshore 2007 LLC, which owned 10 percent it. That company agreed to pay BP $1 billion.
Weatherford International Inc., a contractor based in Switzerland, also agreed in June to pay $75 million to the trust fund to settle claims between it and BP. Weatherford manufactured the float collar, designed to help contain cement, used in the blown-out well.
U.S. regulators last week cited BP PLC, Transocean Lld. and Halliburton for alleged safety and environmental violations stemming from last year’s rig explosion and massive Gulf oil spill.
The companies were given 60 days to appeal the citations issued by the U.S. Interior Department’s Bureau of Safety and Environmental Enforcement.
Soc Gen Strategist Blames the Blogs
Are Too Big To Fail Banks Really Trying to Prevent Bank Runs ?
BANKS AND BASIC MATERIALS ARE GETTING HAMMERED
No. Ticker % Change Market Cap Sector
1 USU -10.78 248,840,000 BASIC MATERIALS
2 EPB -9.63 7,820,000,000 BASIC MATERIALS
3 PCX -9.45 988,610,000 BASIC MATERIALS
4 WH -8.93 57,220,000 BASIC MATERIALS
5 IVAN -7.97 474,910,000 BASIC MATERIALS
6 HAL -7.08 34,420,000,000 BASIC MATERIALS
7 SUTR -6.90 47,260,000 BASIC MATERIALS
8 QRM -6.83 198,770,000 BASIC MATERIALS
9 WLT -6.41 4,830,000,000 BASIC MATERIALS
10 PDC -6.13 495,430,000 BASIC MATERIALS
11 CXZ -5.94 23,550,000 BASIC MATERIALS
12 DNN -5.65 476,980,000 BASIC MATERIALS
13 UEC -5.54 235,820,000 BASIC MATERIALS
14 CRR -5.51 2,750,000,000 BASIC MATERIALS
15 TC -5.39 1,250,000,000 BASIC MATERIALS
16 SVBL -5.33 79,030,000 BASIC MATERIALS
17 CLF -5.28 9,520,000,000 BASIC MATERIALS
18 ACI -5.26 3,730,000,000 BASIC MATERIALS
19 IVN -5.17 12,930,000,000 BASIC MATERIALS
20 AWC -5.15 3,910,000,000 BASIC MATERIALS
21 NOR -5.11 618,440,000 BASIC MATERIALS
22 ALTI -5.07 95,980,000 BASIC MATERIALS
23 MTL -4.96 4,950,000,000 BASIC MATERIALS
24 GMO -4.94 294,110,000 BASIC MATERIALS
25 FCX -4.92 34,850,000,000 BASIC MATERIALS
26 ANW -4.85 231,390,000 BASIC MATERIALS
27 SID -4.83 12,670,000,000 BASIC MATERIALS
28 PZG -4.72 346,120,000 BASIC MATERIALS
29 BHI -4.71 24,720,000,000 BASIC MATERIALS
30 JRCC -4.61 316,120,000 BASIC MATERIALS
31 EXH -4.57 601,640,000 BASIC MATERIALS
32 URZ -4.50 153,910,000 BASIC MATERIALS
33 GPL -4.44 332,900,000 BASIC MATERIALS
34 ATPG -4.41 544,070,000 BASIC MATERIALS
35 AKS -4.39 829,190,000 BASIC MATERIALS
36 LLEN -4.37 80,400,000 BASIC MATERIALS
37 ZN -4.35 83,830,000 BASIC MATERIALS
38 GGR -4.35 19,030,000 BASIC MATERIALS
39 KMGB -4.34 156,530,000 BASIC MATERIALS
40 CENX -4.34 922,820,000 BASIC MATERIALS
41 ANR -4.30 4,900,000,000 BASIC MATERIALS
42 GIFI -4.28 395,540,000 BASIC MATERIALS
43 ALJ -4.27 445,000,000 BASIC MATERIALS
44 CGV -4.09 3,410,000,000 BASIC MATERIALS
45 HNR -4.03 355,240,000 BASIC MATERIALS
46 TPCG -4.02 334,130,000 BASIC MATERIALS
47 WTI -4.00 1,320,000,000 BASIC MATERIALS
48 REE -3.98 254,870,000 BASIC MATERIALS
49 WNR -3.98 1,570,000,000 BASIC MATERIALS
50 VALE -3.97 132,650,000,000 BASIC MATERIALS
No. Ticker % Change Market Cap Sector
1 NBG -11.24 2,890,000,000 FINANCIAL
2 IBCA -8.71 60,630,000 FINANCIAL
3 SLF -7.65 15,180,000,000 FINANCIAL
4 CMM -7.02 28,840,000 FINANCIAL
5 PNBK -6.09 75,570,000 FINANCIAL
6 WFC -5.62 140,810,000,000 FINANCIAL
7 FFNW -5.34 101,000,000 FINANCIAL
8 BFR -5.23 1,200,000,000 FINANCIAL
9 Z -5.12 763,880,000 FINANCIAL
10 FXCM -4.87 203,590,000 FINANCIAL
11 MKTG -4.87 541,130,000 FINANCIAL
12 CDZI -4.84 126,020,000 FINANCIAL
13 CHSP -4.78 425,400,000 FINANCIAL
14 TAOM -4.78 206,490,000 FINANCIAL
15 DB -4.73 34,830,000,000 FINANCIAL
16 MPG -4.52 109,520,000 FINANCIAL
17 CYN -4.33 2,200,000,000 FINANCIAL
18 AEG -4.30 9,180,000,000 FINANCIAL
19 MGI -4.25 1,000,000,000 FINANCIAL
20 UEPS -4.17 314,260,000 FINANCIAL
21 BANF -4.08 567,680,000 FINANCIAL
22 MFC -4.07 22,850,000,000 FINANCIAL
23 EJ -3.92 533,970,000 FINANCIAL
24 LPS -3.88 1,260,000,000 FINANCIAL
25 SUSQ -3.82 799,910,000 FINANCIAL
26 BX -3.81 6,500,000,000 FINANCIAL
27 ENOC -3.80 252,350,000 FINANCIAL
28 BKMU -3.75 135,450,000 FINANCIAL
29 AIG -3.72 44,360,000,000 FINANCIAL
30 PL -3.66 1,460,000,000 FINANCIAL
31 FITB -3.66 10,430,000,000 FINANCIAL
32 BSBR -3.65 3.00 FINANCIAL
33 PVTB -3.64 650,540,000 FINANCIAL
34 CMA -3.62 4,540,000,000 FINANCIAL
35 BMA -3.56 1,390,000,000 FINANCIAL
36 COBZ -3.54 186,660,000 FINANCIAL
37 CPF -3.51 475,810,000 FINANCIAL
38 RF -3.51 4,660,000,000 FINANCIAL
39 GGAL -3.45 1,220,000,000 FINANCIAL
40 JLL -3.44 2,570,000,000 FINANCIAL
41 ART -3.41 445,640,000 FINANCIAL
42 FFCH -3.40 92,220,000 FINANCIAL
43 FLIC -3.40 224,440,000 FINANCIAL
44 TOWN -3.39 377,570,000 FINANCIAL
45 SNBC -3.38 245,910,000 FINANCIAL
46 FCH -3.36 333,850,000 FINANCIAL
47 MTG -3.35 480,740,000 FINANCIAL
48 LTS -3.30 333,290,000 FINANCIAL
49 KB -3.29 13,580,000,000 FINANCIAL
50 GNW -3.24 2,880,000,000 FINANCIAL
Gucci Embraces Globalism
Wall Street Gets Scared by Firing Back on Occupy Wall Street Protesters
Something that has no effect upon you is cause to pay no mind. When over a 1000 cities have protests and it goes global in 1500+ cities in foreign countries then the elite must worry and fight back.
To call the 99% as a disgruntled fringe group is for lack of a better word callous.
Comments »
Lowe’s To Close 20 Stores Eliminating 2k Jobs
Sadly more jobs will be lost as a weak economy hurts home improvement and retail.
Comments »Industrial Production Rises 0.2%
Credit Suisse Out With 11 Contraction Stock Investments
Upgrades and Downgrades This Morning
Upgrades
NE – Noble Corp upgraded to Strong Buy from Outperform at Raymond James
PG – Procter & Gamble upgraded to Outperform from Market Perform at BMO Capital
AAPL – Apple ests raised at Ticonderoga ahead of earnings
FDO – Family Dollar upgraded to Overweight from Equal Weight at Barclays
PH – Parker-Hannifin upgraded to Buy from Hold at Jefferies
ETN – Eaton upgraded to Buy from Hold at Jefferies
CAT – Caterpillar upgraded to Buy from Neutral at Goldman
RIG – Transocean upgraded to Strong Buy from Outperform at Raymond James
CNH – CNH Global upgraded to Buy from Hold at Jefferies
JOYG – Joy Global upgraded to Buy from Hold at Jefferies
TIF – Tiffany & Co initiated with a Buy at Sterne Agee
PPG – PPG Industries upgraded to Positive from Neutral at Susquehanna
VMC – Vulcan Materials upgraded to Neutral from Sell at Goldman
DLTR – Dollar Tree downgraded to Equal Weight from Overweight at Barclays
EGP – EastGroup upgraded to Buy from Neutral at Janney Montgomery Scott
Downgrades
CMI – Cummins removed from Conviction Buy List at Goldman
AA – Alcoa downgraded to Underperform from Market Perform at First Global
AAPL – Apple downgraded to Hold from Buy at BGC Financial
AGNC – American Capital Agency downgraded to Market Perform from Outperform at JMP Securities
CREE – Cree named short Research Tactical Idea at Morgan Stanley
NAV – Navistar downgraded to Sell from Neutral at Goldman
AIXG -Aixtron ests and target lowered to $8 at Canaccord Genuity
EPB – El Paso Pipeline Partners downgraded to Underperform from Buy at BofA/Merrill
VECO – Veeco Instruments downgraded to Sell from Hold at Canaccord Genuity
IPG – Interpublic Group downgraded to Hold at Deutsche Bank
ADM – Archer-Daniels initiated with a Hold at Argus
XEC – Cimarex downgraded to Neutral from Buy at Lazard
Comments »Gapping Up and Down This Morning
Gapping Up
C +1.1%, ANDS +244.2%, BEXP +18.6%, WMB +2.9%, WLL +1.4%, APC +3.9%, BP +4.3%, EP +27.6%, KMP +2.1%,
PRGO +2.2%, GFI +1.3%, SAP +1.3%, SNDA +15%, EK +9.7%, PRGO +2.2%, TEVA +1.8%, ADBE +1.6%, CAT +0.9%,
Gapping Down
EPB -4.2%, QQQ – 0.33%, TQQQ -0.98%, SINA -0.60%,
Comments »
