Nixon started it and the clam is making sure it stays that way…..
Comments »Monthly Archives: March 2012
Seeking a Job ? Cleanup Your Facebook Page First
Geithner Says No Meaningful Liquidity Risk in Volcker Rule
“Treasury Secretary Timothy F. Geithner said he doesn’t think the Volcker rule ban on proprietary trading will present a “meaningful risk” to liquidity or credit availability in European countries.
“I don’t believe, that despite the concerns expressed by governments and central banks, the rule as drafted presents a meaningful risk to liquidity or credit in those countries,” Geithner told the House Financial Services Committee today. He said he’s confident U.S. regulators will find the “right balance” in implementing the rule.
Comments »New iPad Undergoes Heat Tests to Determine Safety Issues
“Apple Inc. (AAPL)’s new iPad is being examined by Consumer Reports, which is trying to determine whether the tablet computer runs too hot and poses health risks to users.
“We’re doing some scientific analysis with thermal imaging,” said James McQueen, a spokesman for the consumer- review company. “We’re also going to check with our health experts, to see whether it’s an injury risk.”
Comments »FLASH: Peyton Manning and Denver Broncos Reach Major Contract Agreement
Today’s Heat Map and A/D Lines
52 Week Highs and Lows
NYSE
New Highs 9 COMPANY SYMBOL HIGH VOLUME ------- ------ ---- ------ Airgas Inc ARG 85.28 48,235 Colgate-Palmolive CL 95.75 170,007 6.125% CorTS Am Gen Cap A XFP 21.90 4,350 Lions Gate Entertainment LGF 14.78 1,796,390 Nike Inc NKE 112.75 319,762 Philip Morris Intl PM 86.65 519,897 SunTrust Bks Inc.Cl A Wt. STI/WS/A 5.76 2,700 Williams Cos WMB 31.77 2,754,501 YUM! Brands YUM 69.50 368,309 New Lows 12 COMPANY SYMBOL LOW VOLUME ------- ------ ---- ------ ASA Gold & Prec Metals ASA 25.01 39,307 Alexandria RE Eqs Pfd E AREpE 24.38 6,000 AngloGold Ashanti AU 37.07 230,030 EldoradoGold EGO 12.83 576,919 GrafTech Intl GTI 11.60 192,931 Harmony Gold Mining HMY 10.63 156,199 IamGold IAG 12.93 574,649 NTT DOCOMO Inc DCM 16.78 35,868 Nuveen Glbl Val Opp Fd JGV 15.84 35,435 Polypore Int PPO 33.80 317,716 Public Storage Pfd T PSApT 24.78 61,598 Transalta Corp TAC 19.15 22,631
NASDAQ
New Highs 21 COMPANY SYMBOL HIGH VOLUME ------- ------ ---- ------ Affymax AFFY 12.21 233,977 Alexion Pharm ALXN 90.00 163,776 Carmike Cinemas CKEC 12.35 27,029 ChinaEdu Corp CEDU 7.85 900 CoBiz Fincl COBZ 7.08 169,967 Extreme Networks EXTR 3.89 105,573 Galena Biopharma GALE 1.94 2,815,449 Guaranty Federal Bancshrs GFED 9.10 100 J Alexanders JAX 9.96 1,968 Joe's Jeans JOEZ 1.30 732,100 Liquidity Services LQDT 47.88 171,969 M/A-COM Tech Solutions MTSI 22.43 7,954 MutualFirst Fincl MFSF 9.95 5,719 Northrim Bancorp NRIM 21.14 2,227 Pacific Mercantile Bncp PMBC 4.85 500 Premier Exhibitions PRXI 3.38 96,428 PrimeEnergy PNRG 28.55 200 Provident Fincl Hldgs PROV 11.00 5,400 SI Fincl Group SIFI 11.59 2,082 Starbucks SBUX 53.83 777,892 Utd Community Fincl UCFC 1.84 8,794 New Lows 10 COMPANY SYMBOL LOW VOLUME ------- ------ ---- ------ AVEO Pharmaceuticals AVEO 12.15 17,044 Anthera Pharmaceuticals ANTH 2.90 68,366 B Communications BCOM 9.55 1,156 Digital Ally DGLY 0.46 600 MDC Partners (Cl A) MDCA 11.43 4,770 NewLead Hldg Ltd NEWL 1.18 42,804 Pure Bioscience PURE 0.31 15,716 SMART Technologies SMT 3.00 54,645 Superconductor Tech SCON 0.65 88,337 WPCS Intl WPCS 1.28 15,816Comments »
Today’s Money Flows
ISSUE GAINERS SYMBOL EXCH LAST PRICE MONEY FLOW RATIO
(in millions)
Select Sector SPDR-Ind XLI ARCA 37.47 +24.0 4.92
Freeport McMoran FCX NYSE 38.22 +12.9 1.48
Microsoft MSFT NASD 31.88 +11.3 1.46
Caterpillar CAT NYSE 110.92 +11.3 1.22
Wells Fargo WFC NYSE 33.94 +9.8 1.76
Advance Auto Parts AAP NYSE 88.69 +9.2 2.37
Wal-Mart Stores WMT NYSE 60.80 +8.7 2.49
PepsiCo PEP NYSE 64.81 +8.4 2.54
Barrick Gold ABX NYSE 43.07 +7.8 1.82
DirecTV Group Inc DTV NASD 47.90 +7.2 1.92
Pfizer PFE NYSE 21.83 +6.9 1.95
Nike Inc NKE NYSE 112.63 +6.9 1.92
Mosaic MOS NYSE 58.15 +6.5 1.38
United Parcel Service B UPS NYSE 80.47 +6.4 1.68
Goldman Sachs GS NYSE 125.05 +6.2 1.21
YUM! Brands YUM NYSE 69.42 +6.0 2.51
Vodafone Grp VOD NASD 27.00 +5.6 2.70
Equinix EQIX NASD 139.12 +5.6 2.19
Newmont Mining NEM NYSE 53.00 +4.9 1.46
AT&T T NYSE 31.62 +4.8 1.85
ISSUE DECLINERS SYMBOL EXCH LAST PRICE MONEY FLOW RATIO
(in millions)
Apple AAPL NASD 594.40 -175.7 0.83
Google GOOG NASD 627.86 -45.0 0.49
iShrs MSCI Emerg Mkts EEM ARCA 43.04 -33.7 0.43
Bank Of America BAC NYSE 9.79 -26.0 0.81
JPMorgan Chase JPM NYSE 44.65 -20.2 0.60
Qualcomm QCOM NASD 66.59 -16.7 0.50
Citigroup C NYSE 37.18 -14.5 0.78
iShrs Russell 2000 IWM ARCA 82.89 -13.7 0.75
El Paso Corp EP NYSE 29.29 -13.4 0.22
PwrShrs QQQ Tr Series 1 QQQ NASD 66.56 -12.7 0.66
Chevron CVX NYSE 109.46 -11.8 0.55
Tiffany & Co TIF NYSE 73.98 -11.5 0.80
Oracle ORCL NASD 29.80 -11.3 0.56
MetLife MET NYSE 38.40 -11.0 0.39
Chipotle Mexican Grill CMG NYSE 411.50 -11.0 0.34
IBM IBM NYSE 204.07 -10.9 0.66
Cisco Systems CSCO NASD 20.25 -10.8 0.48
Intel INTC NASD 27.69 -10.7 0.47
Amazoncom AMZN NASD 183.34 -10.2 0.70
Johnson & Johnson JNJ NYSE 64.92 -9.9 0.45
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CREDIT SUISSE: 9 REASONS TO STAY BULLISH ON EQUITIES
“Despite a record breaking run Credit Suisse is sticking to their guns on higher equity prices. They are now calling for a year end target of 1470 on the S&P 500 and offer 9 reasons to stay bullish:
Comments »“(1) Bond yields could rise further… this might help equities
(2) The macro environment is supportive:
-Economic momentum indicators suggests global and US growth is still well above consensus
-The breadth of the US recovery is now impressive: investment; housing; employment; the
process of consumer deleveraging in the US is quite advanced; inventories are low and bank
loan growth has returned
-China easing: half of GDP is coming from emerging markets
-Europe: muddling along but mutualisation is advancing
(3) The dovishnessof central banks and the synchronised QE as the end game
(4) Rising global excess liquidity is consistent with c10% re-rating
(6) Valuations relative to bonds are still attractive
(7) Equities remain the hedge if , as we expect, long term inflation expectations continue to rise.
(8) Positioning still cautious relative to optimistic sentiment
(9) Earnings: upgrades continue, global revisions just turned positive”
Heads Up on the Profit Recession
“One of the better market calls I’ve seen over the last 10 years was Richard Bernstein and David Rosenberg teaming up near the peak of the housing bubble to call for a profit recessionand a full blown recession. At the time, both were Merrill analysts and I was a daily reader of their research. Bernstein was the equity guy and Rosenberg was the chief economist and they made one of the better Wall Street research duos around. They didn’t always agree, but in this case they did. And boy were they right.
In his latest note Richard Bernstein is growing increasingly concerned about corporate profits. He says:
“The US corporate profits story, however, is showing the first chink in the armor. The proportion of US companies reporting negative earnings surprises has jumped significantly so far in the current reporting period. With over half of the S&P 500 companies reported, 30% of the companies have reported negative earnings surprises. If reports continued in the same pattern for the remainder of the reporting season, the current reporting period would be the worst since 2008.
It seems increasingly clear that the profits cycle is slowing enough so that one should again consider the probability, albeit still reasonably low, of a profits recession. We are not suggesting that a profits recession is imminent. Rather, we are simply saying that the profits data appears for the first time in this cycle to be weakening enough to warrant consideration of such an outcome.”
I’d echo Bernstein’s note, but with a bit more specificity. We’ve seen a substantial increase in corporate profits in recent years thanks in large part to the gigantic federal budget deficit. We know from Kalecki’s work that budget deficits are a primary driver of profits. And in this cycle that has been particularly pronounced given the balance sheet recession and the weakness in the household sector. As I’ve noted previously, the odds of recession this year with a near $1 trillion deficit are very low. I’d say the same is true regarding a profit recession, but as we near 2013 the likelihood of much smaller deficits looms large. If we go the way of Europe 2013 could turn out to be a double whammy. Real recession AND profit recession. Stay tuned.”
Comments »Art Cashin Opines on Where the Liquidated Treasury Money is Flowing
India Will Urge Airlines Not to Participate in the EU Carbon Scheme
Facebook Manages to Pay Underwriters1/5th the Going Rate to Manage an IPO
Glencore Agrees $6.15 Billion Deal for Canada’s Viterra
“Glencore International Plc (GLEN), the largest publicly traded commodity supplier, agreed to buyViterra Inc. (VT) for C$6.1 billion ($6.15 billion) to add grain assets in Canada and Australia.
Glencore will pay C$16.25 a share, the two companies said in a statement today. Glencore agreed the deal in partnership with Agrium Inc. (AGU) and Richardson International Ltd., which will buy the majority of Viterra’s Canadian and other assets for about C$2.6 billion in cash, according to the statement….”
Comments »This is the Reason Why Gasoline is So Expensive
Conference Call: TIF, Q4, 2011
Jefferies Beats on the Top and Misses on the Bottom Line
MARK MOBIUS: Here Are 2 Great Reasons To Bullish On Emerging Market Stocks
“Emerging market stocks are poised to do well according to Franklin Templeton’s emerging markets specialist Mark Mobius. Speaking with CNBC he pointed to two clear reasons.
First, he said the selloff in Treasuries will send more money into equities and at least a third of that into emerging market stocks.
Since emerging markets now account for about 30 percent of global market capitalization Mobius said we should expect a corresponding flow into EM stocks.
“People are now beginning to realize that they cannot be sitting on bonds that are paying one, two or even three percent, when inflation is running higher than that. …If you look at equities of course, the yields are much, much greater than the bonds.”
Second, he said emerging markets will benefit from quantitative easing. Mobius said markets can expect to see money supply increase since Fed chairman Ben Bernanke promised to increase liquidity until he saw sustained growth.
Mobius also said he was bullish on Africa because it would gain from investments from countries like Brazil, India and China. Mobius told CNBC that oil prices have not kept pace with inflation and that “there’s some catch up to do.” He said he was bullish on Russia because of the rise in oil prices.”
Comments »The Case for $1,000 Apple
The SEC Continues to Push for Change in Money Markets
“(MoneyWatch) COMMENTARY A long-simmering debate about the future of money market funds is heating up, as the SEC signals it wants changes that a fund industry executive on Monday said were “outrageous.” The question, debated in Washington for nearly four years, is whether or not money market share prices should remain fixed at $1 per share, as they have since the first money market fund was created in the 1970s, or whether the share price should be required to “float” to reflect the value of the underlying securities it owns.
Arguing in favor of the fixed share price are fund managers and their trade group, the Investment Company Institute. They contend that a floating share price would scare investors away from money market funds, which would disrupt the financial markets and deprive corporate America of an important source of short-term capital.
Arguing in favor of a floating share price is, well, let’s put it this way: When the Wall Street Journal’s editors, the SEC chair, Paul Volcker, and a blue ribbon commission chartered by President Obama all come out in favor of a floating share price, it’s safe to say that the idea has a broad base of support.
Why is this issue important? Because a fixed share price connotes safety and stability — an investment that’s free from volatility. But while those might be appropriate ways to describe money market funds most of the time, they don’t apply all of the time. While it’s not common, it is possible for the holdings of money market funds to decline enough that the fund is in danger of “breaking the buck” — losing so much on its investments that it can’t return $1 per share to its investors.
When this happens — as it did with one of the nation’s largest money market funds in 2008 — it can create a “run on the bank” mentality as investors scramble to pull their money out before an artificially high $1 share price is lowered. This puts even more downward pressure on prices as fund managers try to sell their holdings to meet these redemptions….”
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