RICO ACT 2.0; How Wall St May Have Violated The Law Again

Realistically we must be past 2.0, but were just talking about the past few years…

“……“Did Wall Street Violate the Racketeering Act …Again??” in regard to the pricing and potential manipulation of the credit derivatives market? Why has Wall Street fought the legislative and regulatory proposals to bring greater transparency into this corner of the casino? Why does Wall Street want to maintain its hegemony over the cash cow known as ‘credit derivatives’? Let’s navigate across the pond and review a probe of Wall Street’s CDS business by the EU. The European Union put out this official press release this morning,”

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The bearded clam trade

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Silver runs 28% in April

A major loss for transparency and the monitoring of risky derivatives….

“WASHINGTON (Reuters) – In a big win for business, the Treasury proposed on Friday to exempt commonly used foreign exchange swaps and forwards from new rules that have tightened oversight of other derivatives.

The Treasury Department said that forcing these derivatives through clearinghouses and onto exchanges was not necessary because existing procedures in the foreign exchange market mitigate risk and ensure stability.

Any disruptions to this market “could have serious negative economic consequences,” the department said.”

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Corporations rule !

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Copper has begun a potential retreat. Usually not a good sign for the world’s economy. Perhaps though it is in a rest mode.

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Not what the tv has it cracked up to be

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pay your bills please…

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“Total SA (FP), Europe’s third-biggest oil producer, agreed to buy as much as 60 percent of SunPower Corp. (SPWRA) for $1.38 billion, taking advantage of increased global interest in renewable energy.

SunPower, the second-largest U.S. solar panel maker, described the acquisition price of $23.25 a share as a “friendly tender offer” in a statement yesterday after the close of regular trading. SunPower surged $6.08, or 38 percent, to $22.20 at 9:32 a.m. on the Nasdaq Stock Market.”

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“Brazil, the world’s biggest coffee grower, is facing the risk of frost after hail this month, raising the prospect of a 40 percent jump in bean costs after Kraft Foods Inc. and J.M. Smucker Co. already increased prices.

The chance of frost in Brazil increased with the weakening of La Nina, a cooling of waters in the Pacific Ocean, Brazil’s Somar Meteorologia said this week. Frost in 1994 damaged 35 percent of the crop by 1997, sending prices up 39 percent that year, according to Somar. Should cold weather damage trees this year, coffee may rise to a record $4.20 a pound, the median in a Bloomberg survey of 11 analysts, traders and investors.”

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Stock trading flat…not good enough for the street

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The bailouts were probably needed and expected for that matter, but the free money spigot has produced a carry trade that only benefits a few. Also despite the bailouts one would expect the to big to fail should have been wound down and carved up for others to take their place.

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“U.S. consumer sentiment rose in April as the sharp increase in gasoline prices was viewed as being temporary, a survey released Friday showed.

Even so, consumers still anticipated some additional price increases in the coming months, the Thomson Reuters/University of Michigan’s consumer sentiment survey showed. Complaints about high prices were the most frequent since 2008 and half of all households said their finances had worsened.

Small expected wage gains tempered higher fuel and food prices, leaving real income expectations unchanged in April.

The final reading on the overall index came in at 69.8, up from 67.5 in March and up a hair from the preliminary reading of 69.6.

It was roughly inline with the median forecast of 69.9 among economists polled by Reuters.

The survey’s barometer of current economic conditions held steady with March’s reading of 82.5, while the survey’s gauge of consumer expectations rose to 61.6 from 57.9.”

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Upgrades

SWN – SW Energy target raised to $50 from $45 at FBR Capital

CRR – Carbo Ceramics downgraded to Neutral at Global Hunter Securities

NSC – Norfolk Southern target raised to $85 from $81 at Longbow

CAVM – Cavium Networks target raised to $56 from $54 at Auriga U.S.A

SPWRA – Sunpower target raised to $23.25 from $17 at Kaufman Bros

CERN – raised to $121 from $110 at Stifel Nicolaus

TRLG – True Religion target raised to $36 from $28 at Brean Murray

PEP – PepsiCo target raised to $78 from $68 at Stifel Nicolaus

BA – Boeing upgraded to Neutral from Underweight at HSBC

DHR – DR Horton: Ticonderoga’s First Look – Some good, some bad; net solid release in bad environment

EPAY – Bottomline Tech target raised to $31 from $29 at Needham

Downgrades

MSFT – Microsoft target lowered to $28 from $30 at FBR Capital

NOV – Natl Oilwell Varco target lowered to $100 from $104 at Dahlman Rose

RIMM – Research In Motion downgraded to Sector Perform from Top Pick at RBC Capital

VSEA – Varian Semi target lowered to $53 at Needham

RGC- Regal Entertainment downgraded to Outperform from Strong Buy at Raymond James

Gapping Up

KERX +4.2%, TAN +4.1%, MMI +4%, JASO +3.9%, TSL +3.9%, EMN +6.9%, CSIQ +6.8%, SWKS +14.5%, HRZ +13.6%, SIMO +13.4%, ACOM +13%, TRLG +11.5%, ESLR +2.8%, SOLR +1.8%, LDK +5%, CW +4.5%, CERN +4.4%, HLS+9.2%, TNAV +9%, CSTR +8.6%, FSLR +7.5%, N +7.3%, STP +7.2% CSUN +6.3%, MPWR +6.3%, PMCS +5.5%, SPWRA +38%, DLA +18.7%, NTGR +17.6%, ENER +5.4%, ZOLL +5.3%, YGE +5.2%, JKS +5.2%, SOL +5.1%, LEG +5.1% ASTI +3.8%, SAP +1.8%, BIDU +1.5%, CLF +1.5%, VPRT +1.4%,VRTX +1.3%, KLAC +1%.

Gapping Down

GME -3.8%, FNSR -3.7%, VSEC -2.8%, AMKR -4.3%, OPWV -2.4%, MWW -2.2%, VRSN-2%, JDSU -1.9%,INFN -2.5%, PDFS -15.2%, OCLR -11.7%, RIMM -11.6%, ONTY -7.9%, DECK -7.9%, TSYS -7%, CROX -6.1%, IM -5.7%, CMLP -4.8%,ENDP -4.4%, MSFT -1.1%, CTCT -3.4%, CAVM -2.8%

In Play

On the Wires

Good job Mr. Bearded Clam.

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“Early estimates for April eurozone inflation came out ahead of expectations, with the region’s CPI rising to 2.8%, according to Eurostat.

More alarming, it’s all about the continent’s biggest economic powers, and we don’t just mean Germany. Inflation picked up in Spain and Italy, two of the eurozone’s biggest economies, rising 0.2% to 3.5% and 3.0%, respectively.”

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“…..”Our strong results were largely driven by double-digit growth of key products combined with deliberate cost control measures across all areas of the company as we continue to create a more effective and efficient operating model,” Chief Executive Kenneth C. Frazier said in a statement….”

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“….In addition, the company boosted its full-year outlook, saying it now expects to earn $6.25 to $6.75 a share, up from its prior forecast of “near $6” a share.

Shares of Caterpillar [CAT  112.64   0.03  (+0.03%)   ] rose more than 2 percent in pre-market trading Friday. Get real-time quotes for Caterpillar here.“

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