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Monthly Archives: June 2012

Gapping Up and Down This Morning

Gapping up

AMRN +14%, AVAV +8.9%, COOL +8.8%, ALU +4%, FOLD +2.4%, UPL +1.9%,

GES +1.8%, HRB +1.4%, RMKR +1.3%, BMY +1.1%, BA +0.5%,  AAPL +0.5%,

BMY +1.1%, UPL +1.9%, PHM +2.9%, TOL +1.9%, SPF +1.8%, BZH +1.7%, DHI +1.4%

ENTR +15.2%, AVAV +9.1%, LEN +4.6%, HRB +1.1%, MON +0.6%,

Gapping down

OMER -14.4%, CCG -3.5%, AT -2.9%, ORLY -2.2%, SLV -1.1%, HAS -1.4%,

PG -0.2%, M -1.8% ,  SKS -2.8% , FB -2.1%,  P -1.1%, OMER -20% ,  CCG -3.5%,

CNC -4.2%, MOH -1.9%, MT -1.3%, BBL -1.3%, GOLD -0.8%, GLD -0.2%

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Best Buy Founder Weighs Buyout

Best Buy Co. BBY +4.44% founder Richard Schulze is working with a Wall Street bank to explore taking the electronics retailer private, according to people familiar with his thinking, the latest twist in a tumultuous year at the company.

Mr. Schulze, the retailer’s largest shareholder with a slightly more than 20% stake, abruptly resigned his post as chairman and a director of the Richfield, Minn., company earlier this month, saying he was pondering options for his shares.

People familiar with Mr. Schulze’s thinking say he wants to preserve the value of his holdings, which he fears will continue to decline unless major changes are made at the company.”

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Big Banks Craft ‘Living Wills’ In Case They Fail

Part of the Dodd Frank regulation , larger banks are creating living wills in case of failure do to a break up of operations. An unwinding of bank operations may cause turmoil and the living wills are to help create an orderly bankruptcy.

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Corn Gets Fried by the Sun; Stockpiles Dwindle and Prices Expected to Sky Rocket

“Corn supplies in the U.S., the world’s biggest exporter, are declining at the fastest pace since 1996 just as a Midwest heat wave damages the world’s largest harvest for a third consecutive year.

Stockpiles were probably 3.168 billion bushels (80.47 million metric tons) on June 1, 47 percent less than on March 1, the average of 22 analyst estimates compiled by Bloomberg shows. The worst Midwest drought in more than a decade is wilting a harvest that the U.S. Department of Agriculture says will be the biggest ever. The agency updates its inventory estimate June 29 and its production forecast two weeks later.”

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News Corp. Seen Rising 32% With News-Entertainment Breakup

“By taking the entertainment out of the news, Rupert Murdoch can boost returns for News Corp. shareholders by at least 32 percent.

News Corp., run by the 81-year-old Murdoch, said it is considering splitting the $53 billion media company. Murdoch is overseeing talks on whether to separate the Fox cable networks, television and movie businesses from publishing, which contains the Wall Street Journal and HarperCollins, people familiar with the situation said. After rising 8.3 percent on the news, News Corp. is still valued at an almost 10 percent discount to media stocks versus earnings, according to data compiled by Bloomberg.”

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CITI: The Consumer Confidence Double-Top Means Stocks Could Plunge To 2011 Lows

“In an interview with King World News, top Citibank technical analyst Tom Fitzpatrick said that his group expects the stock markets to fall again thanks to the turn in consumer confidence.

“Contrary to what most people think, is that the consumer sentiment drives the equity markets rather than vice versa,” he says.

More from King World News:”

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ROUBINI: Germany Won’t Bail Out Other Countries Because They Lost Their Virginity Already

“Economist Nouriel Roubini was just on Bloomberg TV discussing the unfolding euro crisis and the German reaction to all of these proposals to mutualize debt.

Roubini told Bloomberg that the Germans worry about three things:

One is about moral hazard. They say, “if we agree on these things, there’s not going to be enough effort by Italy and Spain.”

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Judge Orders Halt to Samsung Sales of Galaxy Tab

“SAN FRANCISCO (AP) — A judge late Tuesday ordered Samsung Electronics Co. to halt sales of itsGalaxy 10.1 tablet computer while the court considers Apple’s claim the South Korean tech giant illegally copied the design of the popular iPad.

U.S. District Judge Lucy Koh said Apple Inc.’s lawsuit appeared likely to prevail.

“Apple has established a strong case on the merits,” Koh said.”

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Italy Completes Another Bond Auction Showing the Highest Interest Rates Since Late Last Year

 sold 9 billion euros ($11.2 billion) of Treasury bills at the highest rate since December amid concerns a European Union summit this week will fail to solve the sovereign-debt crisis.

The Rome-based Treasury sold the 185-day bills at 2.957 percent, up from 2.104 percent at the last sale of similar- maturity debt on May 29. Investors bid for 1.62 times the amount offered, similar to the 1.61 times last month.

National flags of Italy hang above stalls at an indoor market in Rome. Photographer: Alessia Pierdomenico/Bloomberg

The yield on Italy’s 10-year bond fell 5 basis points to 6.14 percent at 11:07 a.m. in Rome, leaving the difference with German bunds to 460 basis points. A bigger test for the Italian treasury comes tomorrow when Italy sells as much as 5.5 billion euros of longer-maturity debt.”


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Australia Lowers Price Targets on Iron Ore Due to the Continued Slowdown in China

“Australia, the world’s biggest iron ore exporter, cut its price forecast and said rates may decline 11 percent from last year as slowing growth in China, the largest buyer, curbs demand.

The steelmaking raw-material will average $136 a metric ton in 2012, the Bureau of Resources and Energy Economics said in a report today. That compares with $140 estimated by the Canberra- based bureau in March and an average of $153 last year. Shipments from the country may total 479 million tons, down from the 493 million tons predicted in March, it said.

Prices dropped 2.2 percent this year as the Chinese economy expands at the slowest pace since 2009 and Europe’s debt crisis threatens global growth.”

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