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Monthly Archives: August 2012

Cisco Shares Rise as Dividend Hike Eclipses Sales Worries

“(Reuters) – Shares of Cisco Systems Inc looked set to open up 7 percent on Thursday after the network equipment maker’s dividend hike overshadowed a lackluster quarterly sales performance and prompted several brokerages to raise their price targets on the stock.

Shares of the company, which closed at $17.35 on the Nasdaq on Wednesday, rose to $18.49 in premarket trading on Thursday. The stock had fallen 11 percent after Cisco reported a weak third-quarter profit in May.

Cisco said on Wednesday it will raise its quarterly dividend by 75 percent to 14 cents per share after reporting fourth-quarter revenue largely in line with analysts’ estimates. It also said it bought back $1.8 billion worth of shares in the quarter.”

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$BHP Billiton Warns of Pink Slips on China Slowdown

“SYDNEY (Reuters) – BHP Billiton said on Thursday jobs could go at its Australian coal mines as the company faces a deteriorating market, the latest sign of global miners scaling back operations due to slowing industrial activity in China.

The prospect of job cuts raises doubts about the strength of Australia’s mining boom, which has hinged on China importing hundreds of millions of tonnes of iron ore, coal, copper and other minerals year-in and year-out for most of the past decade.”

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Apple Said to be in Talks With the Cable Industry to Develop a Set Top Box

Apple Inc. (AAPL), the world’s most valuable company, is in talks with at least one of the largest U.S. cable companies about building a set-top box that would carry live television and other content, a person with knowledge of the discussions said.

Consumers would be able to purchase the device instead of paying a monthly leasing fee to cable companies, said the person, who requested anonymity because the talks are private.”

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China Mobile Reports it Slowest Growth Rate in Over a Decade, Stock Tanks

China Mobile Ltd. (941), the world’s biggest phone company by subscribers, fell the most in more than a year in Hong Kong trading as profit growth cooled to the slowest annual pace in at least 13 years.

Shares closed down 5 percent, the biggest decline since Aug. 9, 2011, at HK$86.65 after the company posted second- quarter profit that missed analysts’ estimates because of rising costs to lure customers. Profit in the three months ended in June fell to 34.40 billion yuan ($5.4 billion) from 34.42 billion yuan a year earlier, according to figures derived by Bloomberg News from half-year numbers reported today.”

Full report

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The Dollar Continues to Strengthen Against Most Currencies

“The dollar strengthened before a report that will probably show the U.S. housing market is stabilizing. U.S. stock-index futures and European equities were little changed, while emerging-market shares fell for a second day as foreign investment in China dropped to a two-year low.

The dollar appreciated against most of its 16 major peers, gaining 0.4 percent versus the yen at 7:25 a.m. in New York. The pound rallied after U.K. retail sales unexpectedly rose. Standard & Poor’s 500 Index futures added 0.2 percent. The Stoxx Europe 600 Index (SXXP) slipped less than 0.1 percent, with the number of shares changing hands 27 percent lower than the 30-day average. The MSCI Emerging Markets Index (MXEF) fell 0.1 percent. Wheat jumped 1.7 percent.”

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FLASH: Spain Said To Speed EU Bank Bailout On Collateral Limits

Thus, IBEX futures are up 39.5 basis points. Enjoy the impending rally.

Spain is about to receive an emergency disbursement from the 100 billion-euro ($123 billion) bailout of its financial system because of restrictions the European Central Bank imposed on bank borrowing, according to a person familiar with the matter.

The ECB last month imposed limits on how much it will lend banks against government-guaranteed bonds. The rule change meant Spain had to ditch a plan for nationalized lender Bankia group to get a loan from the Frankfurt-based central bank, said the person, who asked not to be named because the matter is private.

Bankia group, formed in 2010 from the merger of Spain’s troubled savings banks, will now get the first portion of the country’s European Union cash imminently, the person said. The rescue program always included a 30 billion-euro tranche to be paid out first and “mobilized in any contingency,” according to the agreement document dated July 16.

Bankia SA (BKIA), the listed unit of Bankia group, advanced 11 cents to 1.31 euros as of 10 a.m. in Madrid, valuing the lender at 2.62 billion euros, Bloomberg data show.

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Rachel Maddow to Blame for LGBT Nutjob Shooting up the Family Research Council

While the MSM ignores, The Other McCain boldly Ross’s today’s news of a crazy person shooting up the headquarters of the Family Research Council.

If you Google her name with Chick-fil-A and Family Research Council, you get more than 450,000 hits.

It therefore should be obvious that Maddow’s hateful rhetoric against Chick-fil-A and Family Research Council incited today’s shooting at FRC’s office in Washington, D.C.

Read the rest here.

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What Goldman Wants, Goldman Gets.

Zero Hedge believes “the Goldmans of the world want to inject some major vol (and volume) into the market.”

Read the reasoning behind this assertion here.

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Jobs 2012: Government Jobs Exceed Goods-Producing Jobs

Wonder why our recovery has been painfully slow? Your tax dollars are being circle-jerked to create more government jobs which then require more of your tax dollars to sustain.

First, recognized by Iacono Researchin 2010,  total government jobs at the federal, state, and local level, now exceed total employment in the private goods-producing sector,  including manufacturing, construction, mining and logging, which also includes oil and gas extraction.  We didn’t expect this.

Really? More government jobs than goods-producing jobs?  In the United States?

Read the rest here.

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‘Tiger Cubs’ Love Facebook

Shares of Facebookhave tanked nearly 50% since the social network’s highly anticipated initial public offering back in May. …Here’s a rundown of ten hedge funds who owned the most shares of Facebook for the second quarter ended 6/30/2012, according to data compiled by Bloomberg.

Read the rest here.

 

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Mitt Romney: Rich Taxpayers will Pay Their Share

I indicated as I announced my tax plan that the key principles included the following. First, that high-income people would continue to pay the same share of the tax burden that they do today. And second, that there would be a reduction in taxes paid by middle-income taxpayers. Those are the key principles of my plan that the Tax Policy Center chose to ignore.

Read the rest here.

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Nassim Taleb: Stay Out of Finance!

In a short new paper published on his website, the author of “The Black Swan” argues that, in the future, new entrants into finance simply won’t be able to out-compete existing investment managers who—mostly due to luck—have accumulated records of market-beating performance and vast sums of capital.

Read the rest here.

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