Dollar Strong After Greek Vote

The dollar is up 0.28% following the ever so important Greek confidence vote, which paves the way for further austerity. Oil is soft, as well as S&P futures, now 3 points below fair value.

On the brighter side, Japan is up 1.3%.

The 300 lawmakers of Greece have approved the sale of Earth and Water.

Let the austerity begin.

UPDATE: Final vote was 155-143

Developing…

Co announces acquisition of privately held iFrogz, a mobile device accessories company specializing in lifestyle audio products and protective cases, for approximately $105 million. Under the terms of the definitive agreement, ZAGG acquired all of the outstanding stock of iFrogz for $50 million of cash, 4.4 million restricted shares of ZAGG common stock, and assumed approximately $5.0 million of outstanding debt. For 2011, iFrogz is expected to generate over $60 million of revenue with operating margins in line with ZAGG’s previously disclosed guidance. ZAGG expects the acquisition to be immediately accretive on an earnings per share basis, excluding one-time transaction-related expenses. ZAGG will provide updated consolidated guidance on its second quarter earnings call.

Source: Briefing

Rally ho.

No. Ticker % Change Market Cap
1 RIMM 7.03 13,490,000,000
2 NBG 6.77 6,350,000,000
3 LNKD 6.74 6,020,000,000
4 BIDU 6.55 41,260,000,000
5 WFM 6.20 10,000,000,000
6 KB 5.88 15,780,000,000
7 AEM 5.76 10,470,000,000
8 NTES 5.75 5,460,000,000
9 PKX 5.52 7,490,000,000
10 PCLN 5.45 22,780,000,000
11 RCL 5.34 7,720,000,000
12 CCJ 5.26 9,160,000,000
13 CTSH 5.26 20,660,000,000
14 SHG 5.18 21,380,000,000
15 WF 5.06 9,290,000,000
16 LCAPA 4.99 6,300,000,000
17 MOS 4.96 27,120,000,000
18 TCK 4.86 25,990,000,000
19 MPEL 4.73 5,630,000,000
20 HK 4.72 6,880,000,000
21 LULU 4.71 6,990,000,000
22 CBG 4.65 7,550,000,000
23 SLW 4.65 11,010,000,000
24 IAG 4.56 7,120,000,000
25 SIRI 4.43 7,580,000,000

On June 28th, they will vote on austerity.

No. Ticker % Change
1 SOXL 7.45
2 TNA 5.70
3 TYH 5.40
4 ERX 5.28
5 TQQQ 5.07
6 DZK 5.00
7 UYM 4.95
8 NUGT 4.85
9 XIV 4.66
10 VNM 4.40
11 UKK 4.38
12 UWM 3.99
13 RUSS 3.83
14 USD 3.72
15 SIL 3.72
16 AYT 3.72
17 BGU 3.53
18 MVV 3.52
19 FAS 3.44
20 SAA 3.43
21 QLD 3.38
22 DIG 3.33
23 UPRO 3.32
24 XOP 3.27
25 XME 3.21

No. Ticker % Change Industry
1 SCEI 22.58 Chinese Burritos
2 CTFO 20.82 Chinese Burritos
3 HEAT 18.02 Chinese Burritos
4 RCON 12.80 Chinese Burritos
5 CHOP 12.16 Chinese Burritos
6 DATE 11.53 Chinese Burritos
7 FFHL 10.92 Chinese Burritos
8 BORN 9.41 Chinese Burritos
9 HRBN 9.36 Chinese Burritos
10 OINK 9.18 Chinese Burritos
11 QIHU 9.13 Chinese Burritos
12 XING 8.82 Chinese Burritos
13 HOGS 8.70 Chinese Burritos
14 VIT 8.61 Chinese Burritos
15 CCIH 8.00 Chinese Burritos
16 GFRE 7.61 Chinese Burritos
17 SINA 7.56 Chinese Burritos
18 CBPO 7.33 Chinese Burritos
19 CAAS 7.07 Chinese Burritos
20 CNTF 6.94 Chinese Burritos
21 AMCN 6.92 Chinese Burritos
22 LONG 6.91 Chinese Burritos
23 NTES 6.88 Chinese Burritos
24 LTON 6.72 Chinese Burritos
25 JOBS 6.69 Chinese Burritos

Tech heavy NASDAQ leading the way, up 1.7%.

Fucking hackers.

Full article

Although I believe Muddy Waters, Citron and others are scum bags, they are the lesser evil in this whole Chinese scam party being purported on investors. In an amazing display of ineptitude, instead of targeting the companies who lost investors billions, the SEC is going after the short sellers who accurately called a scam a scam: Muddy Waters.

via SEC Newswire:

Additional Materials

Litigation Release No. 21053

SEC Complaint

The SEC alleges that Carson Block, who resides in Hong Kong carried out the market manipulation schemes with others he met through a stock web site, which is operated by Matthew Brown of Aliso Viejo, Calif. Block, Brown, and other participants in the schemes often timed the manipulative trading to coincide with false or misleading press releases issued by Muddy Waters LLC. The three companies were Sino Forest Corporation, Duoyuan Global Water Inc., and Orient Paper Inc.

“As we allege in our complaint, Carson Block and his accomplices around the country met through the Internet and planned to short sell the stock in the companies prior to release of the Muddy Waters Report that made allegations of impropriety, fraud, and theft. Carson Block and his associates approaches several large hedge funds and investment firms first to market their “research” and promised great returns upon the release of their “research”. The results for each of the companies that were targeted were catastrophic and have resulted in a serious loss of market value and public trust in the management of these companies. ,” said Scott Friestad, Deputy Director of the SEC’s Division of Enforcement. “Carson Block went so far as to himself write some of the misleading press releases that denigrated these stocks so they could line their own pockets with hundreds of millions of dollars.”

The SEC’s complaint, filed in federal district court in Delaware, charges six others in addition to Carson Block:

According to the SEC’s complaint, these fraudulent schemes generally followed the same pattern. In 2010, Carson Block and his accomplices arranged for large blocks of shares to sell on the open market. The vast majority of the shares sold short were done through the accounts of Muddy Waters LLC for the personal benefit of Carson Block. The defendants then notified the hedge funds and investment firms of their intention to publish their report and were paid approximately $2.7 million dollars for “research” supplied by Muddy Waters LLC. As a result shares were sold short in the days immediately prior to the release. After artificially deflating the market price of the stocks, Carson Block and his accomplices then recovered the shares the sold short on the open markets and collected the illicit proceeds.

The SEC’s complaint alleges violations of the antifraud, registration, and other provisions of the federal securities laws. The complaint seeks to have the court permanently enjoin each defendant from future violations, require disgorgement of ill-gotten gains with prejudgment interest, and impose financial penalties. Additionally, the Commission seeks to have certain defendants barred from participating in stock offerings.

Ftse +.43%
Dax +.63%
Cac+.62%

Full article

Developing…

Asia higher by at least 0.5%, oil is up and the dollar is down.

Risk on.

Ouch

Full article

Other Pentwater positions include :

No. Ticker Institutional Holder
1 ACL Pentwater Capital Management, LP
2 ARG Pentwater Capital Management, LP
3 ATPG Pentwater Capital Management, LP
4 FTK Pentwater Capital Management, LP
5 HRBN Pentwater Capital Management, LP
6 HTWR Pentwater Capital Management, LP
7 HUGH Pentwater Capital Management, LP
8 HYC Pentwater Capital Management, LP
9 KEM Pentwater Capital Management, LP
10 KIPS Pentwater Capital Management, LP
11 LEAP Pentwater Capital Management, LP
12 LORL Pentwater Capital Management, LP
13 SIX Pentwater Capital Management, LP
14 SUR Pentwater Capital Management, LP
15 VRGY Pentwater Capital Management, LP

Raising money.

Full article

No. Ticker % Change
1 DEXO 60.95
2 HRBN 55.78
3 ACUR 41.60
4 TBSI 22.58
5 GORO 13.98
6 EFOI 12.45
7 BPHX 10.49
8 GPL 9.90
9 HIMX 9.71
10 GGR 9.52
11 MCP 9.32
12 APP 8.99
13 KV-A 8.61
14 CRS 8.60
15 SPMD 8.55
16 FSIN 8.39
17 CHTP 8.22
18 ANX 8.02
19 PWRD 7.88
20 PATK 7.77
21 JOEZ 7.59
22 ADLR 7.56
23 STVI 7.41
24 IBCP 7.29
25 ASTI 7.26
———————

No. Ticker % Change
1 APWR -22.70
2 RITT -14.54
3 CPHI -14.21
4 ENWV -14.18
5 FLL -14.04
6 CTFO -13.93
7 XNY -12.91
8 CVOL -11.68
9 DHRM -11.65
10 AMCF -11.65
11 SVA -10.42
12 LIVE -10.34
13 LOOK -10.00
14 HAFC -9.74
15 YONG -9.72
16 CNTF -9.63
17 QBC -9.59
18 WH -9.57
19 CDXS -9.35
20 FENG -9.26
21 LPHI -9.07
22 GRZ -9.03
23 SPRD -8.96
24 DHX -8.91
25 SCEI -8.40