Staples Post a Miss, Guides Lower on Global Slowdown -$SPLS

“S&P 500 (NYSE:SPY) component Staples Inc. (NASDAQ:SPLS) reported its results for the second quarter. Staples operates a chain of retail stores selling office products.

Investing Insights: Is TV the Next Bullish Catalyst for Apple’s Stock?

Staples Inc. Earnings Cheat Sheet

Results: Net income for Staples Inc. fell to $120.4 million (18 cents per share) vs. $176.4 million (25 cents per share) a year earlier. This is a decline of 31.7% from the year-earlier quarter.

Revenue: Fell 5.5% to $5.5 billion from the year-earlier quarter.”

Full report

“Deere, the world’s largest agricultural equipment maker, reported a lower-than-expected quarterly profit on Wednesday, citing weak sales in China, India and other emerging markets.”

Full report 

“Target posted a flat quarterly profit on Wednesday, as it won over shoppers with an expanded selection of food in many stores and discounts for its loyal card holders, while spending more to get ready to open Canadian stores next year.”

Full article

“Private equity firm Carlyle said it will form a partnership with the management of Getty Images to buy Getty Images from Hellman & Friedman for $3.3 billion, the companies said on Wednesday.”

Full article

“From today’s Empire Fed report comes this survey question, which reveals that over 50% (!) of firms surveyed say that “uncertainty” is causing a negative impact on hiring plans.

The future is always uncertain, so we’re not sure what this means, but, it’s pretty big.”

Full article

[youtube://http://www.youtube.com/ watch?v=MYiahoYfPGk 450 300]

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“BANGKOK (AP) — Oil fell to near $93 a barrel Wednesday in Asia after a rise in oil supplies offset U.S. retail sales data showing Americans spending more.

Benchmark oil for September delivery was down 16 cents at $93.27 per barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 70 cents to end at $93.43 a barrel in New York on Tuesday.

Americans increased their retail spending in July by the most in five months, a gain of 0.8 percent over June, government data showed Tuesday. The increase came after three straight monthly declines.

Traders were remaining cautious, however, after the American Petroleum Institute said crude stockpiles in the U.S. rose some 2.8 million barrels last week. Expectations were for a drop of 1.7 million, according to Natalie Rampono, a commodities analyst at ANZ Banking Group in Melbourne.

“”It is a negative signal for demand,” she said.

Brent crude was down 1 cent at $112.14 a barrel on the ICE Futures exchange in London. It has gained more than $8 per barrel this month.

In other futures trading on the Nymex, gasoline fell marginally to $3.01 a gallon. Heating oil fell 0.5 cents to $3.029 a gallon. Natural gas fell 1.8 cents to $2.82 per 1,000 cubic feet”

Full article

“The dollar was 0.2 percent from an almost one-month high against the yen before data today that may add to signs of economic recovery in the U.S., curbing the chances of further monetary easing from the Federal Reserve.

The greenback held gains versus most major peers with reports forecast to show improvements in the manufacturing industries of the world’s biggest economy. Demand for the euro was limited after figures yesterday showed gross domestic product contracted in Europe’s 17-nation currency bloc. The Australian dollar touched a one-week low after a report indicatedconsumer confidence fell by the most in five months. Malaysia’s ringgit slid before GDP figures due today.”

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“Chinese Premier Wen Jiabao said the country is capable of meeting this year’s growth target as positive signs emerge, even as “downward pressure” remains on the world’s second-largest economy.

“We have the conditions and capabilities to fulfill this year’s economic and social development target,” Wen said during a two-day inspection tour to eastern Zhejiang province, the official Xinhua News Agency reported today.”

Full article

“Asian stocks fell a third time in four days as earnings disappointed investors amid concerns about Europe’s simmering debt crisis. Steelmakers slid after the world’s biggest ore producer said China’s golden years of economic expansion are over.”

Full article

More on manufacturing ,

CPI data came in as a goose egg with expectations of 0.2%

World Markets

Currencies

Commodities

USD Libor

Euribor

Yields for Italy, Spain, France,  and Germany …

I’ve lost count of how many times Krugman has gotten pwned. John B. Taylor has written another takedown of the Smugman.

Paul Krugman took time off from his vacation last Friday to take a shot at a paper by Kevin Hassett, Glenn Hubbard, Greg Mankiw and John Taylor on the growth and employment impacts of Governor Romney’s economic program in comparison with President Obama’s program. Though flaming with vitriolic rhetoric, his shot misses the mark.

Read the rest here.

This is sick, and I’m not just talking about the businesses.

NEW YORK (CNNMoney) — Just hearing the word Unicor is enough to make Kurt Wilson see red.

Unicor is a government-run enterprise that employs over 13,000 inmates — at wages as low as 23 cents an hour — to make goods for the Pentagon and other federal agencies.

With some exceptions, Unicor gets first dibs on federal contracts over private companies as long as its bid is comparable in price, quantity and delivery. In other words: If Unicor wants a contract, it gets it.

And that makes Wilson and other small business owners angry.

Wilson has been competing with Unicor for 20 years. He’s an executive at American Apparel Inc., an Alabama company that makes military uniforms. (It is not affiliated with the international retailer of the same name.) He has gone head-to-head with Unicor on just about every product his company makes — and said he has laid off 150 people over the years as a result.

Read here:

Here are a few little-known facts about Paul Ryan’s supposedly slash-and-burn budget plan.

Government spending increases almost every year over the next decade.
Tax and other revenue rises year after year.
The 10-year deficit is still $3 trillion.
The fact that Ryan’s spending plans grow the federal budget over the long term is one that could easily be lost in the political melee underway in the wake of his selection as Mitt Romney’s running mate.

To be sure, Ryan is proposing major changes to Medicare and taxation that Democrats see as problematic.

But claims that Ryan is slashing spending don’t quite square with the numbers. Those claims are convenient Washington shorthand for what Ryan’s plan actually proposes — which is to slow the rate of budget growth, but still allow the budget to grow.

Under the latest Ryan plan, the budget would grow from $3.6 trillion this year to $4.9 trillion in 2022. The only years in which spending would dip are 2013 and 2014.

Under President Obama’s 2013 budget, spending also increases over the 10-year period, but by a much bigger amount. The budget grows from $3.8 trillion in 2012 to $5.8 trillion in 2022. And instead of the $3.1 trillion long-term deficit under Ryan’s plan, Obama’s plan comes with a $6.7 trillion deficit.

That’s the money that would be added to the national debt over that period.

Read more:

Many of the 48 Iranian men captured in Syria on August 4 who claimed to be religious pilgrims are in fact active-duty Iranian Revolutionary Guard members, multiple U.S. officials tell Fox News.

Members of the Free Syrian Army captured the group while they traveled on a bus in Damascus.

According to these officials, top members of the Iranian government have reached out to President Bashar Assad to help secure their release. The Iranians say these men were on a Shiite pilgrimage visiting the Sayyida Zeinab shrine, a holy Shiite site in the suburbs of Damascus.

Syria’s state television claimed the men were captured by an “armed terrorist group.”

Read more:

Yessir. I said, “Yee.”

“Haw.”

Vice President Biden drew a tough retort from Mitt Romney’s campaign Tuesday after telling a Virginia audience that the Republican presidential candidate’s plan to lift financial regulation would “put y’all back in chains.”

Romney’s campaign responded by claiming the rhetoric marked a “new low” in the 2012 race.

Biden made the remarks during a stop in Danville, Va. He took a swipe at Romney’s plan to ease financial regulations, by recycling a Romney bank analogy and creating an analogy of his own.

“He said in the first 100 days, he’s going to let the big banks once again write their own rules,” Biden said. “Unchain Wall Street! They’re gonna put y’all back in chains.”

The remark’s context is unclear. Some conservative blogs claimed Biden had just made a reference to slavery. Danville, aside from being the last capital of the Confederacy, is racially split — the city is nearly half black and half white. The crowd at Tuesday’s event reflected that makeup.

Read more:

Name of Issuer					Title of Class		CUSIP		Fair Market	Shares or	Investment Discretion				Managers		Voting Authority (Shares)
									Number		Value		Principal	(a) Sole	(b) Shared -	(c) Shared -			(a) Sole	(b) Shared	(c) None
											Amount		As Defined	Other

-------------------------------------       ---------------- 		--------------	 ---------	----------     ----
Apple Inc					COM			037833100	301,541 	516,338 	x				 				516,338
Bank of America Corp				COM			060505104	31,550 		3,857,008 	x				 				3,857,008
Beazer Homes USA Inc				COM			07556Q105	827 		254,614 	x				 				254,614
Boyd Gaming Corp				COM			103304101 	12,055 		1,674,323 	x				 				1,674,323
Broadcom Corp					CL A			111320107 	84,197 		2,491,023 	x				 				2,491,023
Calumet Specialty Products Partners LP		UT LTD PARTNER		131476103 	28,105 		1,181,885 	x				 				1,181,885
Celanese Corp Del				COM SER A		150870103 	5,193 		150,000 	x				 				150,000
CF Industries Holdings Inc			COM			125269100 	10,747 		55,470 		x				 				55,470
Chimera Investment Corp				COM			16934Q109	9,424 		3,993,384 	x				 				3,993,384
Citigroup Inc					COM NEW			172967424 	253,982 	9,266,022 	x				 				9,266,022
Dean Foods Co					COM			242370104 	40,909 		2,402,175 	x				 				2,402,175
Delphi Automotive PLC				SHS			G27823106	5,622 		220,466 	x				 				220,466
Delta Air Lines Inc				COM NEW			247361702 	104,283 	9,523,569 	x				 				9,523,569
EMC Corp					COM			268648102 	69,592 		2,715,261 	x				 				2,715,261
Ford Motor Co.					COM PAR $0.01		345370860 	73,406 		7,654,450 	x				 				7,654,450
Fusion-io Inc					COM			36112J107	29,705 		1,421,954 	x				 				1,421,954
General Motors Corp				*W EXP 07/10/201	37045V118	1,935 		175,561 	x				 				175,561
General Motors Corp				*W EXP 07/10/201	37045V126	1,190 		175,561 	x				 				175,561
General Motors Corp				COM			37045V100	92,947 		4,713,316 	x				 				4,713,316
Goodyear Tire & Rubber Co.			COM			382550101 	132,745 	11,240,072 	x				 				11,240,072
Google Inc					CALL			38259P908	520 		500 		x				 				500
Google Inc					CL A			38259P508	128,449 	221,437 	x				 				221,437
Huntsman Corp					COM			447011107 	81,781 		6,320,011 	x				 				6,320,011
International Paper Company			COM			460146103 	8,746 		302,537 	x				 				302,537
iShares DJ US Home Construction Index		DJ HOME CONSTN		464288752 	1,772 		105,499 	x				 				105,499
JetBlue Airways Corporation			COM			477143101 	4,332 		817,374 	x				 				817,374
Lam Research Corp				COM			512807108 	16,424 		435,200 	x				 				435,200
Macy's Inc					COM			55616P104	3,533 		102,865 	x				 				102,865
Marvell Technology Group Ltd.			ORD			G5876H105	26,807 		2,376,524 	x				 				2,376,524
Masco Corp					COM			574599106 	53,242 		3,838,622 	x				 				3,838,622
MFA Financial Inc				COM			55272X102	7,652 		969,783 	x				 				969,783
MGM Resorts International			COM			552953101 	22,346 		2,002,293 	x				 				2,002,293
Microsoft Corp					COM			594918104 	34,536 		1,129,000 	x				 				1,129,000
MPG Office Trust Inc				COM			553274101 	8,457 		4,207,354 	x				 				4,207,354
Mueller Water Products Inc.			COM			624758108 	31,077 		8,981,831 	x				 				8,981,831
NetApp Inc					COM			64110D104	24,673 		775,399 	x				 				775,399
Nuance Communications Inc			COM			67020Y100	6,903 		289,780 	x				 				289,780
Oracle Corp					COM			68389X105	92,004 		3,097,779 	x				 				3,097,779
Owens Corning Inc				COM			690742101 	64,391 		2,256,151 	x				 				2,256,151
Powershares QQQ Nasdaq 100			UNIT SER 1		73935A104	539,533 	8,409,182 	x				 				8,409,182
QUALCOMM Inc					COM			747525103 	128,330 	2,304,786 	x				 				2,304,786
Royal Bank Scotland Group PLC			SP ADR L RP PF		780097788 	7,202 		399,671 	x				 				399,671
Royal Bank Scotland Group PLC			SP ADR PREF M		780097796 	4,693 		267,889 	x				 				267,889
Royal Bank Scotland Group PLC			ADR PREF SER N		780097770 	23,642 		1,370,542 	x				 				1,370,542
Royal Bank Scotland Group PLC			ADR PREF SHS Q		780097754 	14,040 		779,137 	x				 				779,137
Royal Bank Scotland Group PLC			SP ADR PREF S		780097739 	8,170 		460,787 	x				 				460,787
Royal Bank Scotland Group PLC			SP ADR PREF T		780097713 	2,544 		129,450 	x				 				129,450
Sandisk Corp					COM			80004C101	24,399 		668,821 	x				 				668,821
SPDR S&P 500 ETF Trust				PUT			78462F953	2,450 		50,000 		x				 				50,000
SPDR S&P 500 ETF Trust				CALL			78462F903	9,300 		48,000 		x				 				48,000
The Hartford Financial Services Group		*W EXP 06/26/201	416515120 	12,946 		1,275,475 	x				 				1,275,475
The Hartford Financial Services Group		COM			416515104 	18,916 		1,072,956 	x				 				1,072,956
Two Harbors Investment Corp			COM			90187B101	28,076 		2,710,000 	x				 				2,710,000
United Continental Holdings Inc.		COM			910047109 	230,759 	9,484,558 	x				 				9,484,558
US Airways Group Inc				COM			90341W108	172,313 	12,926,695 	x				 				12,926,695
Valero Energy Corp				COM			91913Y100	55,718 		2,307,161 	x				 				2,307,161
Whirlpool Corp					COM			963320106 	43,006 		703,180 	x				 				703,180

SEC document

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                                                  FORM 13F INFORMATION TABLE

          COLUMN 1              COLUMN 2     COLUMN 3  COLUMN 4      COLUMN 5        COLUMN 6  COLUMN 7        COLUMN 8
---------------------------- --------------- --------- -------- ------------------- ---------- -------- ----------------------
                                                        VALUE    SHRS OR   SH/ PUT/ INVESTMENT  OTHER      VOTING AUTHORITY
       NAME OF ISSUER        TITLE OF CLASS    CUSIP   (x$1000)  PRN AMT   PRN CALL DISCRETION MANAGERS    SOLE    SHARED NONE
---------------------------- --------------- --------- -------- ---------- --- ---- ---------- -------- ---------- ------ ----
<S>                          <C>             <C>       <C>      <C>        <C> <C>  <C>        <C>      <C>        <C>    <C>
AETNA INC NEW                COM             00817Y108   78,840  2,033,525 SH       SOLE                 2,033,525      0    0
AETNA INC NEW                COM             00817Y108   17,214    444,000 SH       SOLE       1           444,000      0    0
AETNA INC NEW                COM             00817Y108   26,844    692,400 SH       SOLE       2           692,400      0    0
APPLE INC                    COM             037833100  538,913    922,797 SH       SOLE                   922,797      0    0
APPLE INC                    COM             037833100  118,902    203,600 SH       SOLE       1           203,600      0    0
APPLE INC                    COM             037833100  189,743    324,903 SH       SOLE       2           324,903      0    0
APPLE INC                    COM             037833100    1,880      3,220 SH       SOLE       3             3,220      0    0
ASPEN INSURANCE HOLDINGS LTD SHS             G05384105   74,232  2,568,568 SH       SOLE                 2,568,568      0    0
ASPEN INSURANCE HOLDINGS LTD SHS             G05384105   16,377    566,678 SH       SOLE       1           566,678      0    0
ASPEN INSURANCE HOLDINGS LTD SHS             G05384105   26,136    904,354 SH       SOLE       2           904,354      0    0
BARRICK GOLD CORP            COM             067901108   47,004  1,251,098 SH       SOLE                 1,251,098      0    0
BARRICK GOLD CORP            COM             067901108   10,369    276,000 SH       SOLE       1           276,000      0    0
BARRICK GOLD CORP            COM             067901108   16,546    440,402 SH       SOLE       2           440,402      0    0
BEST BUY INC                 COM             086516101   16,224    774,052 SH       SOLE                   774,052      0    0
BEST BUY INC                 COM             086516101    3,550    169,357 SH       SOLE       1           169,357      0    0
BEST BUY INC                 COM             086516101    5,567    265,591 SH       SOLE       2           265,591      0    0
BIOFUEL ENERGY CORP          COM             09064Y109    3,629  1,019,343 SH       SOLE                 1,019,343      0    0
BIOFUEL ENERGY CORP          COM             09064Y109      930    261,244 SH       SOLE       1           261,244      0    0
BIOFUEL ENERGY CORP          COM             09064Y109      277     77,850 SH       SOLE       2            77,850      0    0
CAREFUSION CORP              COM             14170T101   74,730  2,910,029 SH       SOLE                 2,910,029      0    0
CAREFUSION CORP              COM             14170T101   16,340    636,295 SH       SOLE       1           636,295      0    0
CAREFUSION CORP              COM             14170T101   25,222    982,178 SH       SOLE       2           982,178      0    0
CAREFUSION CORP              COM             14170T101    1,551     60,400 SH       SOLE       3            60,400      0    0
CBS CORP NEW                 CL B            124857202   93,116  2,840,636 SH       SOLE                 2,840,636      0    0
CBS CORP NEW                 CL B            124857202   15,993    487,900 SH       SOLE       1           487,900      0    0
CBS CORP NEW                 CL B            124857202   32,785  1,000,145 SH       SOLE       2         1,000,145      0    0
CHIPOTLE MEXICAN GRILL INC   COM             169656105   12,082     31,800     PUT  SOLE                    31,800      0    0
CHIPOTLE MEXICAN GRILL INC   COM             169656105    2,660      7,000     PUT  SOLE       1             7,000      0    0
CHIPOTLE MEXICAN GRILL INC   COM             169656105    4,255     11,200     PUT  SOLE       2            11,200      0    0
CIGNA CORPORATION            COM             125509109  181,636  4,128,100 SH       SOLE                 4,128,100      0    0
CIGNA CORPORATION            COM             125509109   39,662    901,400 SH       SOLE       1           901,400      0    0
CIGNA CORPORATION            COM             125509109   61,842  1,405,500 SH       SOLE       2         1,405,500      0    0
COMPUTER SCIENCES CORP       COM             205363104   57,349  2,310,594 SH       SOLE                 2,310,594      0    0
COMPUTER SCIENCES CORP       COM             205363104   12,606    507,900 SH       SOLE       1           507,900      0    0
COMPUTER SCIENCES CORP       COM             205363104   19,944    803,529 SH       SOLE       2           803,529      0    0
COMPUWARE CORP               COM             205638109    7,410    797,650 SH       SOLE                   797,650      0    0
COMPUWARE CORP               COM             205638109    1,138    122,481 SH       SOLE       1           122,481      0    0
COMPUWARE CORP               COM             205638109    2,610    280,949 SH       SOLE       2           280,949      0    0
COVENTRY HEALTH CARE INC     COM             222862104  135,823  4,272,500 SH       SOLE                 4,272,500      0    0
COVENTRY HEALTH CARE INC     COM             222862104   29,657    932,900 SH       SOLE       1           932,900      0    0
COVENTRY HEALTH CARE INC     COM             222862104   46,242  1,454,600 SH       SOLE       2         1,454,600      0    0
DELPHI AUTOMOTIVE PLC        SHS             G27823106  131,698  5,164,608 SH       SOLE                 5,164,608      0    0
DELPHI AUTOMOTIVE PLC        SHS             G27823106   26,741  1,048,673 SH       SOLE       1         1,048,673      0    0
DELPHI AUTOMOTIVE PLC        SHS             G27823106   46,369  1,818,380 SH       SOLE       2         1,818,380      0    0
DST SYS INC DEL              COM             233326107   64,232  1,182,701 SH       SOLE                 1,182,701      0    0
DST SYS INC DEL              COM             233326107   14,169    260,900 SH       SOLE       1           260,900      0    0
DST SYS INC DEL              COM             233326107   22,615    416,399 SH       SOLE       2           416,399      0    0
EINSTEIN NOAH REST GROUP INC COM             28257U104  155,873  8,876,611 SH       SOLE                 8,876,611      0    0
EINSTEIN NOAH REST GROUP INC COM             28257U104   13,170    750,000 SH       SOLE       1           750,000      0    0
EINSTEIN NOAH REST GROUP INC COM             28257U104   19,436  1,106,858 SH       SOLE       2         1,106,858      0    0
ENSCO PLC                    SPONSORED ADR   29358Q109  113,362  2,413,506 SH       SOLE                 2,413,506      0    0
ENSCO PLC                    SPONSORED ADR   29358Q109   25,007    532,400 SH       SOLE       1           532,400      0    0
ENSCO PLC                    SPONSORED ADR   29358Q109   39,913    849,759 SH       SOLE       2           849,759      0    0
EXPEDIA INC DEL              COM NEW         30212P303   30,198    628,215 SH       SOLE                   628,215      0    0
EXPEDIA INC DEL              COM NEW         30212P303    6,663    138,600 SH       SOLE       1           138,600      0    0
EXPEDIA INC DEL              COM NEW         30212P303   10,632    221,185 SH       SOLE       2           221,185      0    0
FIFTH STREET FINANCE CORP    COM             31678A103   12,576  1,260,170 SH       SOLE                 1,260,170      0    0
FIFTH STREET FINANCE CORP    COM             31678A103    2,942    294,835 SH       SOLE       1           294,835      0    0
FIFTH STREET FINANCE CORP    COM             31678A103    4,428    443,687 SH       SOLE       2           443,687      0    0
GENERAL MTRS CO              COM             37045V100  218,636 11,087,037 SH       SOLE                11,087,037      0    0
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                                                  FORM 13F INFORMATION TABLE

          COLUMN 1              COLUMN 2     COLUMN 3  COLUMN 4      COLUMN 5        COLUMN 6  COLUMN 7        COLUMN 8
---------------------------- --------------- --------- -------- ------------------- ---------- -------- ----------------------
                                                        VALUE    SHRS OR   SH/ PUT/ INVESTMENT  OTHER      VOTING AUTHORITY
       NAME OF ISSUER        TITLE OF CLASS    CUSIP   (x$1000)  PRN AMT   PRN CALL DISCRETION MANAGERS    SOLE    SHARED NONE
---------------------------- --------------- --------- -------- ---------- --- ---- ---------- -------- ---------- ------ ----
<S>                          <C>             <C>       <C>      <C>        <C> <C>  <C>        <C>      <C>        <C>    <C>
GENERAL MTRS CO              COM             37045V100   47,740  2,420,869 SH       SOLE       1         2,420,869      0    0
GENERAL MTRS CO              COM             37045V100   74,436  3,774,658 SH       SOLE       2         3,774,658      0    0
GENERAL MTRS CO              COM             37045V100    2,846    144,299 SH       SOLE       3           144,299      0    0
GENWORTH FINL INC            COM CL A        37247D106    2,387    421,800 SH       SOLE                   421,800      0    0
GENWORTH FINL INC            COM CL A        37247D106      522     92,300 SH       SOLE       1            92,300      0    0
GENWORTH FINL INC            COM CL A        37247D106      818    144,600 SH       SOLE       2           144,600      0    0
HESS CORP                    COM             42809H107   57,602  1,325,700 SH       SOLE                 1,325,700      0    0
HESS CORP                    COM             42809H107   12,709    292,500 SH       SOLE       1           292,500      0    0
HESS CORP                    COM             42809H107   20,282    466,800 SH       SOLE       2           466,800      0    0
HUMANA INC                   COM             444859102   81,722  1,055,300 SH       SOLE                 1,055,300      0    0
HUMANA INC                   COM             444859102   17,842    230,400 SH       SOLE       1           230,400      0    0
HUMANA INC                   COM             444859102   27,824    359,300 SH       SOLE       2           359,300      0    0
HUNTINGTON INGALLS INDS INC  COM             446413106   64,715  1,608,224 SH       SOLE                 1,608,224      0    0
HUNTINGTON INGALLS INDS INC  COM             446413106   12,495    310,519 SH       SOLE       1           310,519      0    0
HUNTINGTON INGALLS INDS INC  COM             446413106   22,774    565,953 SH       SOLE       2           565,953      0    0
HUNTINGTON INGALLS INDS INC  COM             446413106    2,253     56,000 SH       SOLE       3            56,000      0    0
LEGG MASON INC               COM             524901105   56,487  2,142,099 SH       SOLE                 2,142,099      0    0
LEGG MASON INC               COM             524901105   12,462    472,600 SH       SOLE       1           472,600      0    0
LEGG MASON INC               COM             524901105   19,888    754,201 SH       SOLE       2           754,201      0    0
LIBERTY MEDIA CORPORATION    LIB CAP COM A   530322106   54,316    617,860 SH       SOLE                   617,860      0    0
LIBERTY MEDIA CORPORATION    LIB CAP COM A   530322106   11,982    136,300 SH       SOLE       1           136,300      0    0
LIBERTY MEDIA CORPORATION    LIB CAP COM A   530322106   19,124    217,540 SH       SOLE       2           217,540      0    0
MARKET VECTORS ETF TR        GOLD MINER ETF  57060U100  166,872  3,727,319 SH       SOLE                 3,727,319      0    0
MARKET VECTORS ETF TR        GOLD MINER ETF  57060U100   36,817    822,350 SH       SOLE       1           822,350      0    0
MARKET VECTORS ETF TR        GOLD MINER ETF  57060U100   58,752  1,312,302 SH       SOLE       2         1,312,302      0    0
MARKET VECTORS ETF TR        GOLD MINER ETF  57060U100    6,402    143,000 SH       SOLE       3           143,000      0    0
MARVELL TECHNOLOGY GROUP LTD ORD             G5876H105  183,933 16,306,125 SH       SOLE                16,306,125      0    0
MARVELL TECHNOLOGY GROUP LTD ORD             G5876H105   40,267  3,569,800 SH       SOLE       1         3,569,800      0    0
MARVELL TECHNOLOGY GROUP LTD ORD             G5876H105   63,084  5,592,554 SH       SOLE       2         5,592,554      0    0
MARVELL TECHNOLOGY GROUP LTD ORD             G5876H105    1,512    134,000 SH       SOLE       3           134,000      0    0
MICROSOFT CORP               COM             594918104  148,288  4,847,605 SH       SOLE                 4,847,605      0    0
MICROSOFT CORP               COM             594918104   32,517  1,063,000 SH       SOLE       1         1,063,000      0    0
MICROSOFT CORP               COM             594918104   52,169  1,705,437 SH       SOLE       2         1,705,437      0    0
MICROSOFT CORP               COM             594918104    1,433     46,853 SH       SOLE       3            46,853      0    0
MICROSOFT CORP               COM             594918104   97,399  3,184,000     CALL SOLE                 3,184,000      0    0
MICROSOFT CORP               COM             594918104   21,291    696,000     CALL SOLE       1           696,000      0    0
MICROSOFT CORP               COM             594918104   34,261  1,120,000     CALL SOLE       2         1,120,000      0    0
NCR CORP NEW                 COM             62886E108  119,522  5,258,316 SH       SOLE                 5,258,316      0    0
NCR CORP NEW                 COM             62886E108   26,369  1,160,100 SH       SOLE       1         1,160,100      0    0
NCR CORP NEW                 COM             62886E108   42,082  1,851,374 SH       SOLE       2         1,851,374      0    0
NVR INC                      COM             62944T105   35,334     41,569 SH       SOLE                    41,569      0    0
NVR INC                      COM             62944T105    6,668      7,845 SH       SOLE       1             7,845      0    0
NVR INC                      COM             62944T105   12,441     14,636 SH       SOLE       2            14,636      0    0
OAKTREE CAP GROUP LLC        UNIT 99/99/9999 674001201   41,659  1,180,612 SH       SOLE                 1,180,612      0    0
OAKTREE CAP GROUP LLC        UNIT 99/99/9999 674001201    9,052    256,500 SH       SOLE       1           256,500      0    0
OAKTREE CAP GROUP LLC        UNIT 99/99/9999 674001201   14,648    414,700 SH       SOLE       2           414,700      0    0
REPUBLIC AWYS HLDGS INC      COM             760276105   12,132  2,185,864 SH       SOLE                 2,185,864      0    0
REPUBLIC AWYS HLDGS INC      COM             760276105    2,538    457,327 SH       SOLE       1           457,327      0    0
REPUBLIC AWYS HLDGS INC      COM             760276105    4,271    769,609 SH       SOLE       2           769,609      0    0
SEAGATE TECHNOLOGY PLC       SHS             G7945M107  363,074 14,681,526 SH       SOLE                14,681,526      0    0
SEAGATE TECHNOLOGY PLC       SHS             G7945M107   79,277  3,205,700 SH       SOLE       1         3,205,700      0    0
SEAGATE TECHNOLOGY PLC       SHS             G7945M107  123,610  4,998,400 SH       SOLE       2         4,998,400      0    0
SEAGATE TECHNOLOGY PLC       SHS             G7945M107    7,750    313,400 SH       SOLE       3           313,400      0    0
SPRINT NEXTEL CORP           COM SER 1       852061100  149,790 45,947,923 SH       SOLE                45,947,923      0    0
SPRINT NEXTEL CORP           COM SER 1       852061100   32,982 10,117,100 SH       SOLE       1        10,117,100      0    0
SPRINT NEXTEL CORP           COM SER 1       852061100   52,398 16,073,077 SH       SOLE       2        16,073,077      0    0
SPRINT NEXTEL CORP           COM SER 1       852061100    1,101    337,800 SH       SOLE       3           337,800      0    0
STATE BK FINL CORP           COM             856190103   20,362  1,343,111 SH       SOLE                 1,343,111      0    0
STATE BK FINL CORP           COM             856190103    4,305    284,000 SH       SOLE       1           284,000      0    0
STATE BK FINL CORP           COM             856190103    7,169    472,889 SH       SOLE       2           472,889      0    0
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                                                  FORM 13F INFORMATION TABLE

          COLUMN 1              COLUMN 2     COLUMN 3  COLUMN 4      COLUMN 5        COLUMN 6  COLUMN 7        COLUMN 8
---------------------------- --------------- --------- -------- ------------------- ---------- -------- ----------------------
                                                        VALUE    SHRS OR   SH/ PUT/ INVESTMENT  OTHER      VOTING AUTHORITY
       NAME OF ISSUER        TITLE OF CLASS    CUSIP   (x$1000)  PRN AMT   PRN CALL DISCRETION MANAGERS    SOLE    SHARED NONE
---------------------------- --------------- --------- -------- ---------- --- ---- ---------- -------- ---------- ------ ----
<S>                          <C>             <C>       <C>      <C>        <C> <C>  <C>        <C>      <C>        <C>    <C>
SYMMETRICOM INC COM          COM             871543104    6,685  1,116,088 SH       SOLE                 1,116,088      0    0
SYMMETRICOM INC COM          COM             871543104    1,203    200,800 SH       SOLE       1           200,800      0    0
SYMMETRICOM INC COM          COM             871543104    2,354    392,958 SH       SOLE       2           392,958      0    0
TESSERA TECHNOLOGIES INC     COM             88164L100    6,739    438,419 SH       SOLE                   438,419      0    0
TESSERA TECHNOLOGIES INC     COM             88164L100    1,580    102,800 SH       SOLE       1           102,800      0    0
TESSERA TECHNOLOGIES INC     COM             88164L100    2,373    154,361 SH       SOLE       2           154,361      0    0
UNITEDHEALTH GROUP INC       COM             91324P102   85,749  1,465,800 SH       SOLE                 1,465,800      0    0
UNITEDHEALTH GROUP INC       COM             91324P102   18,726    320,100 SH       SOLE       1           320,100      0    0
UNITEDHEALTH GROUP INC       COM             91324P102   29,197    499,100 SH       SOLE       2           499,100      0    0
VIRGIN MEDIA INC             COM             92769L101   76,302  3,128,400 SH       SOLE                 3,128,400      0    0
VIRGIN MEDIA INC             COM             92769L101   16,834    690,200 SH       SOLE       1           690,200      0    0
VIRGIN MEDIA INC             COM             92769L101   26,863  1,101,400 SH       SOLE       2         1,101,400      0    0
WELLPOINT INC                COM             94973V107   79,010  1,238,589 SH       SOLE                 1,238,589      0    0
WELLPOINT INC                COM             94973V107   17,249    270,400 SH       SOLE       1           270,400      0    0
WELLPOINT INC                COM             94973V107   26,900    421,700 SH       SOLE       2           421,700      0    0
XEROX CORP                   COM             984121103  130,995 16,644,871 SH       SOLE                16,644,871      0    0
XEROX CORP                   COM             984121103   28,677  3,643,900 SH       SOLE       1         3,643,900      0    0
XEROX CORP                   COM             984121103   44,927  5,708,646 SH       SOLE       2         5,708,646      0    0
</TABLE>

SEC document