“Indicative that something is amiss with the corporate income tax system, General Electric over the last 10 years paid only 2.3% tax on more than $81 billion in profits, according to the advocacy group Citizens for Tax Justice.
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“Indicative that something is amiss with the corporate income tax system, General Electric over the last 10 years paid only 2.3% tax on more than $81 billion in profits, according to the advocacy group Citizens for Tax Justice.
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“Lawmakers in Virginia have put aside their partisan differences about health care, contraception and other issues to officially oppose a controversial law passed by Congress and signed by President Barack Obama that allows the federal government to detain Americans without trial for alleged terrorism-related activities.
ISSUE GAINERS SYMBOL EXCH LAST PRICE MONEY FLOW RATIO (in millions) Novadaq Technologies NVDQ NASD 99999.99 +250.0 0.00 Edwards Lifesciences EW NYSE 72.84 +36.5 13.05 Covidien PLC COV NYSE 52.20 +30.7 15.61 iShrs MSCI Emerg Mkts EEM ARCA 44.61 +27.1 2.85 Google GOOG NASD 619.97 +24.8 1.40 Johnson & Johnson JNJ NYSE 64.95 +17.2 2.74 Intel INTC NASD 27.00 +16.1 2.47 Microsoft MSFT NASD 31.92 +15.4 1.32 Cisco Systems CSCO NASD 19.84 +14.0 2.14 Vanguard MSCI Emerg Mkts VWO ARCA 44.88 +13.8 2.94 Coca-Cola KO NYSE 69.86 +13.4 3.13 Amgen AMGN NASD 67.62 +13.3 2.22 ConocoPhillips COP NYSE 77.43 +12.0 1.69 IBM IBM NYSE 197.26 +11.3 1.51 Qualcomm QCOM NASD 62.42 +10.0 2.00 VISA (Cl A) V NYSE 116.86 +9.6 1.59 Wells Fargo WFC NYSE 31.57 +9.0 1.84 General Electric GE NYSE 19.14 +8.7 1.83 Goldman Sachs GS NYSE 118.33 +7.6 1.20 iShrs Russell 2000 IWM ARCA 81.69 +7.4 1.16 ISSUE DECLINERS SYMBOL EXCH LAST PRICE MONEY FLOW RATIO (in millions) Apple AAPL NASD 543.15 -48.4 0.95 AT&T T NYSE 30.51 -37.4 0.14 PwrShrs QQQ Tr Series 1 QQQ NASD 64.63 -18.8 0.63 Bank Of America BAC NYSE 8.09 -15.3 0.65 ExxonMobil XOM NYSE 86.67 -15.1 0.48 Ford Motor F NYSE 12.66 -14.8 0.61 Select Sector SPDR-Finl XLF ARCA 14.88 -14.6 0.47 Chevron CVX NYSE 109.63 -13.2 0.53 Merck MRK NYSE 38.00 -12.0 0.39 Caterpillar CAT NYSE 114.75 -11.1 0.65 Gannett GCI NYSE 14.99 -10.8 0.08 US Steel X NYSE 27.86 -10.6 0.44 SPDR Gold Tr GLD ARCA 166.03 -9.8 0.91 Freeport McMoran FCX NYSE 42.99 -9.8 0.64 McDonald's MCD NYSE 99.35 -9.8 0.43 JPMorgan Chase JPM NYSE 39.82 -9.7 0.75 Kraft Foods KFT NYSE 38.08 -8.5 0.26 Wal-Mart Stores WMT NYSE 59.26 -7.7 0.65 Philip Morris Intl PM NYSE 83.23 -7.6 0.44 Hewlett-Packard HPQ NYSE 25.46 -7.5 0.55Comments »
NYSE
New Highs 70 COMPANY SYMBOL HIGH VOLUME ------- ------ ---- ------ Anheuser Busch BUD 68.22 156,042 Ares Cap Corp. 7% Nts ARN 25.45 9,290 Ares Cap Sr. Nts 2040 ARY 26.23 300 Assrd Grty Mun Hldg 5.6% AGOpF 23.02 640 Atlas Energy ATLS 28.09 38,211 Bank of America Dep pfd L BMLpL 21.03 6,709 Bank of America Dep pfd G BMLpG 19.15 6,900 BlackRock CA Municipal Tr BFZ 15.90 19,560 Blackrock Core Bond Tr BHK 14.25 14,474 BlkRk Cp High Yld Fd III CYE 7.80 17,243 BlackRockStrategicBond BHD 13.89 6,335 Bt Group BT 34.79 31,534 Buckle Inc BKE 48.42 532,376 CBS Corp B CBS 30.40 896,331 CBS Corp A CBS/A 31.11 2,200 CVS Caremark CVS 45.39 842,239 Chipotle Mexican Grill CMG 392.58 28,961 Church & Dwight CHD 48.20 193,710 Cytec Indus CYT 61.79 189,946 DWS Hi Incm Opps Fd DHG 16.02 15,830 Diageo PLC DEO 96.55 62,236 Ecopetrol EC 59.01 135,396 Edison Intl EIX 44.50 930,154 Express EXPR 24.37 68,751 Foot Locker FL 29.50 309,790 Gap Inc GPS 26.00 7,882,631 Gruma ADS GMK 9.84 14,991 HSBC USA $2.8575 pfd. HBApZ 48.95 425 John Hancock Pfd Inc III HPS 18.99 26,189 IHS Inc IHS 94.90 30,904 ITT Corp. ITT 25.59 806,320 InterCont Hotels Grp IHG 23.16 26,199 InterXion Holding INXN 17.16 33,735 Invesco Qlty Mun Inco IQI 14.20 10,811 Invesco VK PAValMun VPV 14.89 15,511 Just Energy Group JE 13.00 7,159 Kayne Andrsn Midstr Engy KMF 27.03 19,644 Kennametal KMT 47.22 152,317 Kenneth Cole KCP 16.19 211,037 Kilroy Realty KRC 44.37 123,889 Las Vegas Sands LVS 56.44 1,460,944 Lowe's Cos LOW 28.59 1,712,192 MFS Invest Grade Muni CXH 10.83 3,913 Mindray Med Intl ADS MR 31.46 147,314 Nike Inc NKE 108.89 175,595 Nuveen CA Div Fnd NAC 15.28 18,619 Nuveen CA Muni Mkt NCO 15.95 7,127 Nuveen California Select NVC 16.47 14,682 Nuveen Ins CA NXC 14.91 1,706 Nuveen Mich Premium Inc NMP 15.00 6,623 Nuveen NY Muni Value Fund NNY 10.24 4,227 PVH Corp. PVH 86.33 68,102 Plains All Amer Pipeline PAA 83.11 23,256 PPLUS 7.75% TRUCss QWS-1 PKH 25.80 400 Pretium Resources PVG 18.30 20,882 Public Storage Pfd Q PSApQ 29.06 4,164 QR Energy QRE 23.33 23,459 Sally Beauty Hldgs SBH 23.95 58,697 Targa Resources Partners NGLS 42.77 14,341 Telus Corp TU 57.96 33,300 Tempur-Pedic TPX 79.88 150,167 Thai Fund Inc TTF 15.05 8,100 Toro Co TTC 68.62 38,676 Ultrapar Participaco UGP 22.91 162,554 Under Armour A UA 90.00 106,161 Wstrn Asset Gl Def Opp Fd GDO 19.31 5,030 Western Asset Income Fd PAI 14.95 10,225 Williams Cos WMB 30.55 1,152,505 Wyndham Worldwide WYN 44.80 178,279 YUM! Brands YUM 66.65 222,073 New Lows 4 COMPANY SYMBOL LOW VOLUME ------- ------ ---- ------ DigitalGlobe DGI 13.49 401,642 Dynegy DYN 1.27 147,497 Oxford Resource Ptrs OXF 8.60 150,882 STR Holdings Inc. STRI 7.06 43,239
NASDAQ
New Highs 28 COMPANY SYMBOL HIGH VOLUME ------- ------ ---- ------ Anika Therapeutics ANIK 12.41 49,406 Apple AAPL 548.21 5,850,980 Arctic Cat ACAT 37.50 25,055 Boston Priv Fincl Hldgs BPFH 9.65 33,633 Boston Private Fnl Hld Wt BPFHW 4.13 100 Chefs' Warehouse CHEF 21.48 18,524 ClickSoftware CKSW 11.10 26,663 Fastenal Co FAST 53.01 179,294 Furiex Pharmaceuticals FURX 19.68 34,347 Jive Software JIVE 22.50 166,973 Landstar System LSTR 54.76 91,385 Liberty Global Cl A LBTYA 50.95 123,537 Liberty Global Cl C LBTYK 48.70 27,769 lululemon athletica LULU 68.40 420,773 Mattel Inc MAT 32.89 310,623 McGrath RentCorp MGRC 33.35 59,514 Mid-Con Engy Ptrs L.P. Un MCEP 24.34 13,550 NASDAQ Prem Inc & Growth QQQX 15.44 15,962 Performance Techs PTIX 2.43 19,227 Perrigo Co PRGO 105.42 301,834 Provident Fincl Hldgs PROV 10.86 4,800 Ross Stores ROST 54.27 340,970 SLM CPI-Lnkd Md Trm Nts A OSM 23.50 2,050 Steven Madden SHOO 44.36 123,285 Texas Capital Bancshares TCBI 34.56 27,981 US Home Systems USHS 14.52 99,533 ViewPoint Fincl Group VPFG 15.27 12,019 Zumiez ZUMZ 33.84 215,936 New Lows 12 COMPANY SYMBOL LOW VOLUME ------- ------ ---- ------ Amyris AMRS 5.25 82,929 Capital City Bank Group CCBG 7.84 9,796 Digital Generation DGIT 9.95 62,599 Electronic Arts EA 16.18 1,700,015 Energy Recovery ERII 2.02 95,709 EnerNOC ENOC 7.59 107,905 iSh Barclays GNMA Bd Fd GNMA 49.93 450 Marshall Edwards MSHL 0.85 5,200 OPNET Techs OPNT 28.39 15,726 Spherix SPEX 0.78 7,514 TeleNav TNAV 6.56 23,736 Trius Therapeutics TSRX 4.98 40,919Comments »
The proposed 1,700-mile Keystone XL pipeline will not make the US more energy independent nor will it lower gasoline prices. If anything, the pipeline from western Canada’s oil sands to the US Gulf Coast will raise gasoline prices for many US drivers. A consultant for TransCanada Corp. (NYSE: TRP) estimates that the pipeline will raise the price of gasoline by $0.04/gallon on average in the US.
Drivers won’t be the only ones affected. Canadian producers like Exxon Mobil Corp. (NYSE: XOM), Suncor Energy Inc. (NYSE: SU), Cenovus Energy Inc. (NYSE: CVE), and others will gain a substantial price hike on Canadian crude. We noted this when TransCanada announced a couple of days ago that it would go ahead with a plan to build a 423-mile section of the pipeline from Cushing, Oklahoma, to Port Arthur, Texas.
Refiners like Marathon Petroleum Corp. (NYSE: MPC) and HollyFrontier Corp. (NYSE: HFC), which currently benefit from their ability to get the cheaper oil from Canada, will take a substantial hit on prices. We wrote about this yesterday.
The reason for the higher prices is pretty basic: the Canadian oil is curretnly essentially stranded and was priced at an average discount to Brent crude of about $23.50/barrel in 2011. Moving Canadian oil to the Gulf Coast where prices are higher will not lower the price of Brent crude unless the new oil more than replaces the existing supply. The Gulf Coast imports around 5 million barrels/day and the Keystone XL pipeline and a couple of other pipelines proposed to move oil south from Cushing to the coast will transport less than 1.5 million barrels/day if and when all the current plans are realized.
The effect will be to raise the price of Canadian crude everywhere, including the Midwest and the Rocky Mountain regions, where Marathon and HollyFrontier do their refining. Their feedstock costs will rise and the price for their refined products will also rise.
Energy industry consultant Philip Verleger told Bloomberg News:
The Canadian plan [for the Keystone XL pipeline] was to use their market power to raise prices in the United States and get more money from consumers.
Verleger estimates that gasoline prices will rise $0.10-$0.20 a gallon in the Midwest and Rocky Mountain regions.
The Keystone XL pipeline is far from a free lunch. It will not make the US any more energy independent and it certainly will not lower gasoline prices. If US drivers continue to drive less, then Canadian oil will reduce the amount of oil imported to the US and help with the US trade balance. That’s a good thing, but is it enough?
Paul Ausick
Comments »“Wal-Mart Stores, Inc. (NYSE: WMT) is a member of our own 2012 Model Dividend Portfolio and now we are again seeing why that is. The stock chart has been in trouble since its last earnings warning, but Wal-Mart is trying to compensate with yet another raised dividend rate.
The new annualized dividend will be $1.59 per share, which represents a 9% hike to the payout from the previous rate of $1.46 per share on an annualized basis. The new rate will be paid to shareholders in four quarterly payments of $0.3975 per share…”
Comments »By Walter Kurtz, Sober Look
There is a great deal of discussion in the market about the dislocation between US equities and treasuries. It is somewhat surprising that people are only now starting to focus on the issue – the divergence has been visible for quite some time andwas discussed here.
But another divergence which is quite striking exists now between corporate bond spreads and treasury yields. The chart below compares the investment grade CDX (index CDS) with the 10-year treasury yields.
The treasury market continues to trade with a built in “Europe risk premium“. Some managers hold treasuries as a hedge against European surprises – a strategy that has worked quite well recently (as opposed to equity index puts). But this divergence is not sustainable in the long term and treasury yields should startrising later this year.
Will they come out now or are they lost forever?
[youtube:http://www.youtube.com/watch?v=-fRQ2lIQ3Lg&feature=related 603 500] Comments »They are saying he died from “natural causes” at the age of 43. WTF is that supposed to mean? How does one die from “natural causes” at 43?
He was just tweeting 6 hours ago. They said he died shortly after midnight; but these tweets happened after 3am?!
UPDATE: Nevermind, he lived in California. Therefore, he must have died right after that tweet below.
Comments »“Individual investors have become enamored with high-yield (junk) bonds lately, seeking to better the puny yields offered by Treasury and investment-grade corporate bonds.
Indeed, junk bond mutual funds have seen a net inflow of $6.1 billion in January and almost $17 billion over the past year, Morningstar reports.
With the economy rebounding, investors are growing more confident that junk bond issuers won’t default. Junk bond funds have offered a return of 5.2 percent so far this year.
“High-yield bond funds do offer the potential for higher returns than high quality bonds and may be used to complement core bond funds with lower risk profiles,” Morningstar editor Adam Zoll writes.
But he warns that junk bonds can plunge, just like they did during the financial crisis, dropping 26 percent in 2008.
Morningstar recommends three funds for their high returns and low risk: Vanguard High-Yield Corporate (ticker: VWEHX), Janus High-Yield (JNHYX), and Metropolitan West High Yield Bond (MWHYX)….”
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