Comments »The NFL came down hard on the New Orleans Saints on Wednesday.
Saints coach Sean Payton has been suspended for one year, former defensive coordinator Gregg Williams was suspended indefinitely, general manager Mickey Loomis was suspended for eight regular-season games, the team was fined $500,000 and lost two second-round draft picks (one in 2012 and ’13) as a result of a bounty program conducted by the team during the 2009-11 seasons.
Details of an NFL investigation released at the beginning on March reported that the Saints’ bounty program gave thousands of dollars in payoffs to players for hits that knocked targeted opponents out of games. The NFL said the amounts reached their height in 2009, the season the Saints won the Super Bowl.
Williams, now defensive coordinator of the Rams, has admitted to and apologized for running the program.
Payton and Loomis apologized and took the blame for violations that “happened under our watch,” but not until almost a week after the NFL pointed to them for failing to stop the program.
Information from The Associated Press was used in this report.
Monthly Archives: March 2012
Tebow To The New York Jets
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Tim Tebow has been traded from the Denver Broncos to the New York Jets … this according to FOX NFL insider Jay Glazer.
According to Jay … the Jets only had to give up a 4th round draft pick in exchange for the former Heisman Trophy winner.
The Jets already have a starting quarterback in Mark Sanchez … but if Sanchez chokes again … like he did last season … Tebow could be in a good position to take over the #1 spot.
Story developing …
JOBS Act Brings a New Level of Shade to Wall Street
“Rather than focus on helping smaller businesses, Republicans and Democrats in Washington have come together on legislation that would assist large corporations and allow them to skirt financial disclosure rules.
The Jump-Start Our Business Start-Ups Act (or JOBS Act) started out as a plan to make it easier for start-up companies to raise capital. Now, though, the JOBS Act will benefit “emerging growth” companies that earn up to $1 billion a year.
Kathleen Smith, chairwoman of Renaissance Capital, which deals with initial public offerings, told the Senate Banking Committee: “By this definition, we would be giving relief to over 90 percent of the companies going public,” including “companies with very large market capitalizations.”
The bill also would permit companies to hide certain information that investors seek in a prospectus, such as audited financial data going back more than two years.
In an editorial, Bloomberg wrote that “the JOBS Act goes too far. It would gut many of the investor protections established just a decade ago in the 2002 Sarbanes-Oxley law,” which was created in the wake of the Enron and WorldCom accounting scandals.
The bill swept through the House of Representatives 390-23 and is now being debated in the Senate.”
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Is Europe Really In the Rear View Mirror ?
BOB JANJUAH: The Whole Market Is Rigged, And The Dow To Gold Ratio Is Headed For 1:1
Chevron Executives Face Criminal Charges in Brazil Over Oil Spill
“SAO PAULO (AP) — Seventeen oil company executives face probable criminal charges Wednesday for an oil leak in the Atlantic, a legal action that has prompted debate about whether it could slow Brazil’s effort to develop its massive offshore finds.
At least 110,000 gallons (416,000 liters) of oil seeped through cracks on the ocean floor near a Chevron Corp. appraisal well off the Rio de Janeiro coast in November. The well drilled byTransocean Ltd. has since been sealed, but a small amount of seepage reappeared in recent days, raising concern the damage is not yet over.
Paulo Alexandre Ferreira, a spokesman for the federal prosecutors’ office in Rio de Janeiro state, said the charges “most likely” will be put before courts on Wednesday. A judge will then decide if the executives will face trial, which would be a lengthy process given the number of defendants, the complexity of the case and the Brazilian legal system’s room for numerous appeals….”
Comments »FLASH: WTI Shoots Up $1.14 on No News
Today’s Heat Map and A/D Lines
Today’s Money Flows
ISSUE GAINERS SYMBOL EXCH LAST PRICE MONEY FLOW RATIO
(in millions)
Apple AAPL NASD 605.85 +75.7 1.10
AboveNet ABVT NYSE 83.95 +29.3 23.09
Oracle ORCL NASD 30.38 +27.3 1.40
Bank Of America BAC NYSE 9.91 +22.9 1.22
JPMorgan Chase JPM NYSE 45.32 +18.1 1.76
Wells Fargo WFC NYSE 34.40 +15.1 2.55
Google GOOG NASD 636.41 +14.6 1.27
IBM IBM NYSE 205.23 +13.1 1.61
Halliburton HAL NYSE 34.17 +12.2 1.54
Amgen AMGN NASD 67.40 +9.4 4.95
Abbott Labs ABT NYSE 60.19 +9.3 2.45
Intel INTC NASD 27.86 +8.9 2.32
Baidu BIDU NASD 139.69 +8.6 1.15
Netflix NFLX NASD 118.03 +8.3 1.23
Genl Dynamics GD NYSE 72.30 +8.2 14.98
Freeport McMoran FCX NYSE 39.39 +8.1 1.41
Post Holdings POST NYSE 30.09 +8.0 8.22
General Electric GE NYSE 20.15 +7.3 1.46
Procter & Gamble PG NYSE 67.00 +7.3 2.23
Perrigo Co PRGO NASD 102.67 +7.1 4.19
ISSUE DECLINERS SYMBOL EXCH LAST PRICE MONEY FLOW RATIO
(in millions)
Paychex PAYX NASD 31.90 -47.1 0.17
Citigroup C NYSE 37.83 -20.2 0.73
Baker Hughes BHI NYSE 45.76 -18.7 0.65
Amazoncom AMZN NASD 192.11 -18.5 0.75
ExxonMobil XOM NYSE 86.13 -15.7 0.53
InterXion Holding INXN NYSE 16.45 -13.8 0.04
AT&T T NYSE 31.89 -13.4 0.32
Wal-Mart Stores WMT NYSE 60.54 -13.0 0.26
LinkedIn Cl A LNKD NYSE 99.69 -12.3 0.84
iShrs Russell 2000 IWM ARCA 83.06 -10.3 0.77
Nielsen Holdings NLSN NYSE 30.61 -9.7 0.66
Schlumberger SLB NYSE 74.15 -9.6 0.65
Green Mountain Coffee GMCR NASD 53.41 -9.5 0.87
Chevron CVX NYSE 108.16 -9.4 0.62
SPDR S&P 500 SPY ARCA 140.35 -9.2 0.94
First Commonwealth Fincl FCF NYSE 6.53 -9.2 0.00
Juniper Networks JNPR NYSE 21.19 -8.7 0.24
Pfizer PFE NYSE 21.87 -8.6 0.28
Caterpillar CAT NYSE 110.72 -8.2 0.80
Dollar General DG NYSE 45.17 -8.0 0.15
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52 Week Highs and Lows
NYSE
New Highs 38 COMPANY SYMBOL HIGH VOLUME ------- ------ ---- ------ Accenture PLC A ACN 64.00 324,996 Actuant ATU 29.97 169,395 Advance Auto Parts AAP 89.65 54,152 Airgas Inc ARG 85.87 35,376 Amer Campus Communities ACC 44.25 60,382 Anheuser Busch BUD 72.64 54,976 Brinker Intl EAT 29.24 120,859 Cantel Med CMN 24.74 8,189 Chipotle Mexican Grill CMG 415.42 37,630 CinemarkHldgs CNK 22.23 40,340 Con Ed $5.00 Cum. pfd. EDpA 106.03 106 Dollar General DG 45.78 285,145 Eagle Materials EXP 37.18 464,429 First Pfd Cap Tr IV Secs FBSpA 16.50 200 Foot Locker FL 30.73 107,891 Gap Inc GPS 26.34 513,546 Hels Advantage Inco Fd HAV 9.09 6,360 LeapFrog Cl A LF 7.98 122,819 6.125% CorTS Am Gen Cap A XFP 22.08 1,000 Lennar Corp B LEN/B 22.16 8,400 Limited Brands LTD 48.14 490,485 Lions Gate Entertainment LGF 16.19 4,545,597 Lowe's Cos LOW 30.84 1,350,579 Macy's Inc M 40.19 766,705 Nuveen GA Munifund pf NPGpC 10.24 24,030 Philip Morris Intl PM 86.70 435,937 Rackspce Host RAX 58.38 196,159 Roper Indus ROP 99.99 52,022 STAG Industrial STAG 14.07 12,600 Salient MLP & Engy Infr SMF 25.99 10,498 Simon Property Group SPG 144.75 227,066 SolarWinds SWI 39.97 291,608 TJX Cos TJX 38.75 258,852 TNS Inc TNS 22.37 3,515 Taiwan Semi Mfg TSM 15.43 1,157,601 Thai Fund Inc TTF 15.47 6,195 USG USG 19.44 1,880,486 Wright Express WXS 65.64 73,158 New Lows 2 COMPANY SYMBOL LOW VOLUME ------- ------ ---- ------ Ferrellgas FGP 15.00 105,164 Pretium Resources PVG 14.36 37,835
NASDAQ
New Highs 51 COMPANY SYMBOL HIGH VOLUME ------- ------ ---- ------ ASML Hldg NV ASML 49.09 219,497 Affymax AFFY 13.14 489,901 Alexion Pharm ALXN 91.25 141,270 Allot Comm ALLT 21.72 69,425 Anika Therapeutics ANIK 12.76 23,758 Banner BANR 22.97 14,867 Builders FirstSource BLDR 4.35 56,111 CVB Fincl CVBF 11.87 405,020 Clean Energy Fuels CLNE 23.75 972,567 ClickSoftware CKSW 12.92 22,420 CoBiz Fincl COBZ 7.10 8,485 Conn's CONN 15.52 20,878 Dollar Tree DLTR 94.80 85,460 Endologix ELGX 14.50 101,361 Equinix EQIX 146.79 248,150 EZchip EZCH 45.75 13,724 FSI Intl FSII 5.44 2,364,055 1st Century Bcshs Inc FCTY 4.55 7,009 First Fincl Northwest FFNW 7.63 200 First Tr ISE Cloud Comp SKYY 21.20 8,553 Fossil FOSL 134.99 230,928 Galena Biopharma GALE 2.30 3,722,143 Harris Interactive HPOL 1.35 19,296 Heelys HLYS 2.55 85,281 Heritage Oaks Bancorp HEOP 4.87 570 Hibbett Sports HIBB 53.38 17,597 inContact SAAS 5.83 32,820 Intuitive Surgical ISRG 535.85 22,312 LPL Investment Holdings LPLA 37.85 9,881 Lexicon Pharmaceuticals LXRX 2.01 702,326 Mellanox Techs MLNX 41.50 98,940 MetroCorp Bancshares MCBI 9.46 750 Monster Beverage MNST 61.17 87,721 Napco Security Systems NSSC 3.06 6,772 Neteasecom NTES 58.57 163,098 On Assignment ASGN 18.25 719,325 Penn National Gaming PENN 44.60 52,131 PwrShrs QQQ Tr Series 1 QQQ 67.32 5,925,518 Preferred Bank PFBC 12.49 4,130 pricelinecom PCLN 706.89 175,848 ProShares UltraPro QQQ TQQQ 118.61 152,529 Regeneron Pharmaceuticals REGN 119.36 90,198 Resource America (Cl A) REXI 6.64 2,326 Ross Stores ROST 57.31 130,703 Saba Software SABA 12.64 184,774 Snyders-Lance LNCE 24.64 9,717 Starbucks SBUX 53.94 698,188 Synacor SYNC 6.83 230,073 21st Century Hldg TCHC 3.75 5,102 Verisk Analytics Inc VRSK 45.76 41,196 Westport Innovations WPRT 50.19 653,111 New Lows 5 COMPANY SYMBOL LOW VOLUME ------- ------ ---- ------ B Communications BCOM 9.52 1,150 LookSmart LOOK 1.10 141,212 ProShr Ul Sh QQQ SQQQ 10.92 548,172 Pure Bioscience PURE 0.30 18,989 Shengkai Innovations VALV 1.08 281,748Comments »
Mizuho Securities: Cheap Money Begets Buybacks Which Begets the Current Stock Market Rally
“NEW YORK – Corporate narcissism could be the key to keeping the stock bull market alive.
Three years after the worst stock swoon since the Great Depression, Main Street investors still don’t view U.S.stocks as must-own assets, draining the market of the cash injection it needs to prosper. In contrast, corporations have been fawning over their own stocks and buying back shares in such ample amounts that the market has been able to power higher to new bull market highs.
Flush with cash and in search of good investments in a world of 0% interest rates, more companies have been slapping buy ratings on their own stocks — which they view as undervalued — at a time when individual investors have been content to play it safe and park their cash in bonds and money market funds.
Last year, companies in the Standard & Poor’s 500-stock index spent $404.2 billion to buy their own company’s stock, nearly double the amount back in 2009, says Thomson Reuters Eikon.
Carmine Grigoli, chief investment strategist at Mizuho Securities, attributes the market’s 100%-plus gain since the March 2009 bear market bottom to the stock buyback binge. He says buybacks could total $550 billion this year, creating a positive supply-and-demand dynamic that could catapult the S&P 500 up nearly 11% to 1550 and near its all-time high in the next 12 months.
“It is, has been, and will continue to be the biggest driver of the stock market,” Grigoli says.
Fueling the buyback trend is an “extraordinarily cheap” stock market in relation to Treasury bonds and a corporate sector sitting on more than $1 trillion in free cash, Grigoli says….”
Comments »Bernanke Says Europe Needs to do More Since U.S. Money Markets are Still Exposed to the EU Debt Crisis
“WASHINGTON – Federal Reserve Chairman Ben Bernanke says the threats from Europe’s debt crisis have eased, but U.S. money market funds remain exposed to risky European assets.
In testimony prepared for a congressional hearing Wednesday, Bernanke noted developments that have minimized the danger. He pointed to bailout support that European leaders provided in exchange for deep budget cuts by the Greek government and he highlighted the agreement by private creditors to reduce Greece’s debt.
But he said Europe must take further steps, including strengthening its banking system even more and making “a significant expansion of financial backstops” to guard against troubles in one country spilling over to other nations.
“Europe’s financial and economic situation remains difficult, and it is critical that the European leaders follow through on their policy commitments to ensure a lasting stabilization,” Bernanke said in remarks prepared for the House Committee on Oversight and Government Reform.
While U.S. financial institutions have reduced their exposure to Europe, Bernanke said roughly 35% of assets in U.S. prime money market funds are in European holdings.
“U.S. financial firms and money market funds have had time to adjust their exposures and hedge their risks to some degree … but the risks of contagion remain a concern both for these institutions and their supervisors and regulators,” Bernanke said.
Bernanke said if Europe took a severe turn for the worse, the U.S. financial sector would have to contend not only with problems stemming from its direct exposure to European loans and investments but also with broader market movements, including declines in global stock prices, increased credit costs and reduced availability of funding….”
Comments »The Associated Press shows no statistical correlation between how much oil comes out of U.S. wells and the price at the pump
“(CBS/AP) WASHINGTON – It’s the political cure-all for high gas prices: Drill here, drill now. But more U.S. drilling has not changed how deeply the gas pump drills into your wallet, math and history show.
A statistical analysis of 36 years of monthly, inflation-adjusted gasoline prices and U.S. domestic oil production by The Associated Press shows no statistical correlation between how much oil comes out of U.S. wells and the price at the pump.
If more domestic oil drilling worked as politicians say, you’d now be paying about $2 a gallon for gasoline. Instead, you’re paying the highest prices ever for March.
Political rhetoric about the blame over gas prices and the power to change them — whether Republican claims now or Democrats’ charges four years ago — is not supported by cold, hard figures. And that’s especially true about oil drilling in the U.S. More oil production in the United States does not mean consistently lower prices at the pump….”
Comments »Existing Home Sales Fall 0.9%
The Dallas Fed Officially Calls For The Immediate Breakup Of Large Banks
“It’s hard not to think it’s a big deal when a branch of the Federal Reserve system calls for the breakup of major American banks.
The bank has just released its annual report, and the title of the letter is: Choosing the Road to Prosperity Why We Must End Too Big to Fail—Now.
Here’s the full letter from Dallas Fed President Richard Fisher, generally known as one of the most hawkish and conservative Fed Presidents.
Letter from the
President
If you are running one of the “too-big- to-fail” (TBTF) banks—alternatively known as “systemically important financial institutions,” or SIFIs—I doubt you are going to like what you read in this annual report essay written by Harvey Rosenblum, the head of the Dallas Fed’s Research Department, a highly regarded Federal Reserve veteran of 40 years and the former president of the National Association for Business Economics.
Memory fades with the passage of time. Yet it is important to recall that it was in recog- nition of the precarious position in which the TBTF banks and SIFIs placed our economy in 2008 that the U.S. Congress passed into law the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd–Frank). While the act established a number of new macroprudential features to help promote financial stability, its overarching purpose, as stated unambiguously in its preamble, is ending TBTF.”
Comments »CITI: The US Energy Industry Is Going To Grow So Fast, It Will Spark A New ‘Industrial Revolution’
“Oil and gas production in the United States and North America is going to skyrocket in the next 8 years due to strides in natural resource extraction, write Citi analysts in a report published yesterday. In fact, they went so far as to call North America “the new Middle East,” at least in terms of oil production.
This—as well as a trend towards declining U.S. energy consumption—will completely transform both the domestic economy and the threats the U.S. will face in the future,
Indeed, Citi economists expect total liquids production to as much as double for the continent in the next decade, and predict that the U.S. could overtake both Russia and Saudi Arabia in oil production by 2020:
That’s because there is incredible potential to extract and refine energy products on domestic soil:
Citi Investment Research and Analysis
This energy boom would have a transformative effect on the domestic economy. Here are just a few of the most astonishing consequences in a “good-case” scenario:
- Citi analysts expect real GDP to increase by 2.0 to 3.3 percent—$370 to $624 billion—as a consequence of new production, a decline in energy consumption, and the economic activity generated along with this.
- 3.6 million new jobs could be created by 2020 as a consequence of increased energy production. Of those new jobs, some 600,000 would probably be devoted to oil and gas extraction while 1.1 million would be generated to meet demand in related industrial and manufacturing sectors. National unemployment could subsequently decline by up to 1.1 percent.
- The current account deficit could shrink by 80 to 90 percent due to energy exports at an already low level of production. Citi analysts predict that the current account balance could move from -3.0 percent of GDP to -0.6 percent of GDP by 2020.
- The value of the dollar could jump by 1.6 to 5.4 percent, primarily based on changes in the current account balance.
- What’s more, risks to the U.S.—in particular, geopolitical risks—would dramatically decrease. A domestic or continental energy boom would diminish the importance of conflict within and tensions involving the Middle East, as the U.S. would become significantly more energy independent.
- Finally, Citi analysts note that this could lead to a considerable decline in oil prices.
While they qualify that this growth depends the realization of their “good-case” assumptions, Citi economists emphasize that the energy sector provides an almost inconceivable opportunity for economic growth:
It is difficult to square these rosy visions with the current reality of a nation still struggling to shake off the aftermath of the 2008 Great Recession, with millions still unemployed, economic recovery still uncertain, worries over ballooning fiscal debts, a hollowing out and loss of manufacturing competitiveness, tremendous angst and hand-wringing over volatile oil prices and dependence on oil imports, deep social divisions, and political paralysis. But if our analysis is accurate, then in only eight short years, this situation may be turned upside-down and economists, policymakers and the nation as a whole may confront new “problems” around managing a vast hydrocarbon windfall and preventing “Dutch Disease.”
The coming generation of Americans and its leaders may be privileged to witness a remarkable resurgence of the American economy and industry, led by its energy sector, but spreading to the rest of the manufacturing sector and beyond, a potential minor Industrial Revolution.”
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The EU Tries a Tit for Tat Economic Reform Policy
“BRUSSELS (AP) — The European Union is seeking powers to block foreign companies from winninglucrative government contracts unless their home countries open their own public-sector deals toEuropean firms.
The proposals unveiled Wednesday appear to be targeted mostly at China, whose companies have obtained public projects in Europe.
The EU says China’s massive government contracts remain mostly reserved for local companies — a claim that Beijing rejects.
But the EU also hopes to gain concessions from the U.S. and Japan, which it says are more restrictive to foreign bidders than the 27-country bloc.
The EU’s Trade Commissioner Karel De Gucht, said “This proposal will increase the leverage of the European Union in international negotiations.”
Comments »Shareholders Try to Launch a New Direction for Yahoo
“NEW YORK (AP) — One of Yahoo’s major investors is urging shareholders to vote its four nominees on to the Internet company’s board, launching a potentially nasty fight to transform its direction.
Hedge fund Third Point LLC, which has a 5.8 percent stake in Sunnyvale, Calif.-based Yahoo Inc., said it thinks the struggling company would fare better if its representatives were in the boardroom helping overhaul Yahoo.
Third Point’s letter, released in a regulatory filing Wednesday, comes a week after the hedge fundsaid it would launch a campaign to get its four nominees on the board if the Yahoo’s management didn’t accept them.
The proposed directors are Daniel Loeb, the hedge fund’s manager; former NBC Universal CEO Jeff Zucker; former MTV Networks executive Michael Wolf and turnaround specialist Harry Wilson.
The company’s board is in the midst of changes. Of the 11 directors, four, including Chairman Roy Bostock, have said they will step down at Yahoo’s annual meeting, which is usually held in late June. The departures are part of an attempt to placate shareholders frustrated with a long-running financial funk that has depressed the company’s stock price.
The company also appointed two new directors to its board last month.
But Third Point’s letter said that the appointed directors were not in the best interests of Yahoo, and the board still lacked expertise in the media and entertainment industries, as well as in corporate restructurings.
Yahoo shares added 8 cents to $15.49 in premarket trading Wednesday. Shares have ranged from $11.09 to $18.84 in the past 12 months.”
Comments »Energy Secretary Chu gives himself high marks for controlling gas prices
Read here:
Comments »The Obama administration’s energy policy chief on Tuesday gave himself an A for controlling gas prices that have reached a record high at pumps across the country, drawing criticism and even chortles from Washington Republicans.
Energy Secretary Steven Chu made the comment during a House Oversight and Government Reform Committee hearing in which he was asked whether he was still doing A-minus work.
“Well, the tools we have at our disposal are limited, but I would say I would give myself a little higher,” he told committee Chairman Darrell Issa. “Since I became secretary of energy, I’ve been doing everything I can to get long-term solutions.”
Issa, a California Republican, said later that the administration’s “DOE is DOA.”
The average price of regular gas is now $3.87 a gallon, a record high for March and more than double the $1.85 a gallon price when Obama took office in January 2009, according to the federal Energy Information Administration.
The price for a gallon of regular gas has reached $4.35 a gallon in California.
U.S. Equity Preview: SAIC, ORCL, ASGN, LNKD, KKD, JBL, HERO, HIG, FSII, & BHI
Baker Hughes Inc. (BHI) fell 4.3 percent to $45.75. The oilfield contractor said operating profit before tax for the first quarter is expected to be lower than the fourth quarter of 2011 because of “rapidly changing” market conditions.
FSI International Inc. (FSII) : The maker of equipment for chip factories reported second-quarter earnings of 9 cents a share, exceeding the average analyst estimate by 4 cents.
Hartford Financial Services Group Inc. (HIG) rose 6.6 percent to $23.15. The insurer being pressed to break up by its biggest shareholder said it will wind down its individual annuities business and seek a buyer for part of its life unit.
Hercules Offshore Inc. (HERO) : The Houston-based offshore drilling company will sell as many as 20 million shares in a secondary offering. Half of the proceeds will be used to repay debt and another portion will be used to buy a rig. The company was also raised to market perform from underperform at FBR Capital Markets, meaning that its stock will neither beat nor trail its peers over the next 12 months.
Jabil Circuit Inc. (JBL) : The U.S. contract electronics manufacturer reported second-quarter earnings of 58 cents a share, matching the average analyst estimate.
Krispy Kreme Doughnuts Inc. (KKD) : The doughnut chain reported fourth-quarter revenue of $102 million, beating the $101.4 million projected by analysts on average. Same-store sales climbed 8.3 percent during the period, the Winston-Salem, North Carolina-based company said.
LinkedIn Corp. (LNKD) (LNKD US) gained 5.5 percent to $96.87. The biggest professional-networking website was raised to buy from neutral at Goldman Sachs Group Inc.
On Assignment Inc. (ASGN) : The provider of temporary workers to technology and health-care companies agreed to purchase information technology staffing firm Apex Systems Inc. for $600 million. The deal is expected to “significantly” add to earnings this year, the Calabasas, California-based company said.
Oracle Corp. (ORCL) increased 2.6 percent to $30.88. The largest maker of database software reported fiscal third-quarter profit and new license sales that topped analysts’ estimates as the company sold more databases and business applications.
SAIC Inc. (SAI) : The defense contractor forecast earnings from continuing operations in 2013 will be no more than $1.36 a share, falling short of the average analyst estimate of $1.38. The McLean, Virginia-based company initiated a quarterly dividend of 12 cents a share and said it may buy back 40 million shares.
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