Factory Orders: Prior -0.4%, Market Expects +2.1%, Actual +1.8%

Other states have reported similar types of earthquakes after hydraulic fracturing has taken place.

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[youtube://http://www.youtube.com/watch?v=OeIFcuVTS3U 450 300]

This is the widest spread since November….when everyone was freaking out about yields.

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Corporation awash in cash still have major problems funding pension plans.

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Let’s hope so!

This was the first major redemption for the fund since 1993.

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Source

Acme Packet, Inc. (NASDAQ: APKT) Cut to Neutral at Wedbush; estimates and targets lowered after revenue warnings from Morgan Keegan and Wells Fargo.
Affymetrix Inc. (NASDAQ: AFFX) Raised to Neutral from Underweight at JPMorgan.
AK Steel Holding Corporation (NYSE: AKS) Raised to Neutral at Bank of America Merrill Lynch.
Apple Inc. (NASDAQ: AAPL) Reiterated Outperform with $500 target and raised estimates at Credit Suisse.
Crown Castle International Corp. (NYSE: CCI) Started as Buy at Stifel Nicolaus.
EMC Corporation (NYSE: EMC) added to the U.S. Focus List at Credit Suisse.
General Dynamics Corporation (NYSE: GD) Raised to Overweight at JPMorgan.
Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) Reiterated Buy with $94 target at Canaccord Genuity.
Lockheed Martin Corporation (NYSE: LMT) Cut to Underperform by RBC Capital Markets.
Mosaic Co. (NYSE: MOS) Cut to Neutral at Citigroup.
NetApp Inc. (NASDAQ: NTAP) Cut to Neutral from Outperform at Credit Suisse.
Potash Corp. of Saskatchewan, Inc. (NYSE: POT) Started as Underperform at National Bank.
Steel Dynamics Inc. (NASDAQ: STLD) Raised to Buy at Bank of America Merrill Lynch.
TiVo Inc. (NASDAQ: TIVO) Raised to Overweight at Evercore Partners.

Gapping Up 

QGEN +3.3%, AKS +1.1%, TIVO +14%, ARNA +13%, RYAAY +3.2%, MBI +2.1%, BP +1.9%,  AEO +1%,  LULU +3.4%,

UQM +5.6%,  TISI +2.7%, COG +3.2%,  LCAV +8.1%

Gapping Down 

NATI -6.1%, FRO -5.5%, VTR -3.2%, RVBD -3%, FFIV -2.8%, JNPR -1.7%, YHOO -1.2%, LPHI -19.9%, APKT -17%,

BMTI -10.7%, PRGS -8.6%,  ENR -1.4% , AMRN -7.7%, LMT -1.2%, MOS -1.1%, POT -1.2%, VMED -1.1%,

SD -2.4%, NTAP -4.4%, ALU -4.7%,  TRID -49.2%, AMRN -7.7%, CHD -2.1%,

In Play

On the Wires

Many tools left in the box for them to continue a “Sully” style landing of their economy…

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When there is no transparency there is a much greater chance of risk. While U.S. bank exposure to European sovereign debt is minimal it is the derivatives traded and owned that can bring down the banks.

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Down 8%

In a new address to clients Bill Gross get’s scary describing a new normal for the world…

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“The United States faces a “true revolution” in the choices it will have to make to secure its fiscal future now that the welfare state has run up against a “brick wall of economic reality”, former Federal Reserve Chairman Alan Greenspan said on Wednesday.

In an opinion piece for the Financial Times, Greenspan argued that the political landscape in the United States was more divided than ever, resulting in political paralysis as the Tea Party’s influence had created “an effective veto of new legislation before the current heavily Republican House of Representatives”.

The failure last year of the Super Committee — a congressional committee tasked with finding spending cuts to cut the United States’ ballooning budget deficit — to reach a deal underscores this shift in U.S. politics, Greenspan said.

“A political tsunami has emerged out of our past in the form of the Tea Party, with its ethos reminiscent of rugged individualism and self-reliance,” Greenspan wrote.”

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“FRANKFURT—Banks’ deposits at the European Central Bank’s overnight facility reached a new all-time high Tuesday, while borrowing from the overnight lending facility marginally increased compared with Monday.

Banks parked €453.18 billion ($591 billion) in the ECB’s overnight deposit facility, which pays a 0.25% interest rate, up from €446.26 billion Monday, ECB data showed Wednesday. That breaks the all-time record set last week of €452.03 billion.”

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”

DES MOINES, Iowa—Mitt Romney pulled out a razor-thin victory by just eight votes in the Iowa caucuses, edging out Rick Santorum and opening the Republican primary season with a dose of momentum going into a New Hampshire primary he is heavily favored to win.

Mr. Santorum’s performance was in some ways more remarkable, as the former Pennsylvania senator vaulted to the top just weeks after he had been little more than a footnote in the race. By effectively tying Mr. Romney, he made at least a tentative case for himself as the conservative alternative to the front-running former Massachusetts governor. Still, many Republicans don’t believe Mr. Santorum has the resources for a drawn-out campaign.

Texas Rep. Ron Paul put together a strong third-place finish, assembling an unusual coalition that relied in part on an influx of independents into the GOP race.”

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Last years forecast were for a 32% gain, but we came in with minus 18%. This year forecasts are for a 57% gain in profits…

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