Kyodo is reporting radiation levels 40x normal has been detected just outside Tokyo.
Japanese markets are now down more than 12%
UPDATE: Now down 13.5%. US futs down 2.5%
Comments »Kyodo is reporting radiation levels 40x normal has been detected just outside Tokyo.
Japanese markets are now down more than 12%
UPDATE: Now down 13.5%. US futs down 2.5%
Comments »Australia is the largest supplier of uranium in the world, with over 23% of the world’s supply. As you could imagine, the slow motion meltdown occurring in Japan is absolutely destroying the share prices of Australia’s biggest and best uranium stocks.
Shares of Uranex are down 24%, Rum Jungle down 18%, Northern Uranium down 17% and Uranium equities are down 18%, just to name a few.
Comments »Kyodo is reporting radiation levels at Fukushima, reactor #4, has been measured at 400x the “legal limit.”
Perhaps the cat fuckers at the Hague will issue warrants for their arrests shortly, as they are clearly in violation of international law.
Comments »As oil drops, spread are widening, a huge windfall for refinery stocks. Essentially, crude is dropping faster than heating oil/gasoline, leading to widening spreads. At the moment, spreads are at $24+, up 1.18%
Comments »“There is no melt-down occurring in Japan. Go home and continue to use all the electricity you need.”
-Baghdad Bob
Information Minister, Japan
Comments »Australia -1.3%
Hong Kong -2.3%
China -1.1%
Singapore -1.7%
Korea -0.24%
Taiwan -0.8%
Japan -6.5%
Related: U.S. futures are down 1.25%
UPDATE: Markets are deteriorating. Check markets here.
Japanese futures are now down 14%
Comments »It’s being reported that there is a fire at reactor #4, at Fukushima. Although there are no fuel rods there, the spent fuel caught fire as a result of debris falling into it when reactor #1 and #3 occurred.
UPDATE: Officials are telling people to “stay indoors” in order to avoid radiation contamination. Essentially, don’t breathe the fucking air. How quaint and nice. I am sure the Japanese government will follow up this statement with more Baghdad Bob propaganda bullshit.
UPDATE 2: It’s being reported that the fire has been extinguished.
Comments »Toshiba, 2nd largest maker of NAND chips with 30% worldwide market share, has shut down 5 vital factories in Japan, due to power disruptions. The result: DRAM charged ahead to the tune of 7% yesterday, before the exchange shut down thanks to uncertainty. NAND flash memory prices exploded higher, as much as 20%.
UBS cites Micron (ticker MU) as a main beneficiary to the current price spikes, as their Japanese fabs (2) have been unscathed by the ongoing crisis.
Comments »Shares in Japan are now down about 6% and there are no safe havens. Yesterday, construction related stocks surged on the prospects of massive rebuilding contracts. However, today has the look and feel of a rout, as managers run for the exits.
Industrial related names like Toyota and Toshiba are down anywhere from 4-8%, while yesterday’s winners, construction stocks, are down anywhere from 6-23%.
Leading the downside, head tilted to the right, full retard on ambien, are shares of Miyaji Engineering, TOA Corp and Toyo Construction.
Refiners JX and Cosmo oil are down about 10%+, lending to a rise in crack spreads.
Comments »Japan opened down by almost 4%, extending the retarded drubbing it took yesterday.
Comments »Facebook announced plans to sell local discount offers to its 500+million user base, a move that directly competes with Groupon.
The launch will go live in San Francisco, San Diego, Dallas, Atlanta, and Austin. If successful, I am sure those fuckers will expand worldwide to become the stingiest company on the face of the globe.
Comments »Revenues rose 157.0% year/year to $29.3 mln vs the $21.2 mln consensus.
Stock is little changed in ah’s trade.
Comments »As much as 1/3rd of Japanese refining capacity is still offline, lending to strength in gasoline, diesel and kerosene (heating oil) prices. Two of the biggest refineries, JX and Cosmo, should see sustained outages due to fires. Refineries at Tonen General and Kyokuto Petro should be able to restart, once power is restored.
At the present, current refining loss represents 4% of Asian capacity, 1.2% worldwide. Potential sustainable loss in refining capacity is projected to be around 9%.
Related: Japanese utilities have stated they may restart thermal power plants, which would further tighten supplies for refined crude.
Comments »Due to temporary power outages at the Toshiba and Sandisk fabs in Japan, UBS is predicting a “sharp rise” in both DRAM and NAND prices. They feel MU stands to benefit, as their 2 Japanese fabs have been unaffected by the disaster in Northern Japan.
Comments »Although they are calling for a 2-3% contraction in the economy within the next month, they feel the second half of the year the economy will recover, as reconstruction takes hold. They are calling for just a 0.5% contraction in Japanese economic activity for 2011.
The cite comparisons between the Kobe earthquake (1995) to the current situation. However, they couch their optimistic assessment by warning that nuclear meltdown or extended electrical outages may hamper reconstruction efforts.
Comments »In light of today’s 13% drubbing, due to the events in Japan, CCJ is updating investors via conference call.
As you could imagine, they feel today’s sell off is unwarranted and expect their guidance will land in within range. They are downplaying the events in Japan as not material to their business, stating that only 11 of Japan’s 54 reactors have been affected, totaling 3-4 million tons of uranium per year. Moreover, the company noted “political rhetoric” as possible distractions to the core thesis of the uranium story, which is massive demand deriving from China and India for years to come.
They reiterated their plans to double uranium output by 2018.
Comments »LZ +27% (acquired)
KSP +26% (acquired)
SYMX +18%
CIGX +17%
KUTV +16%
EWV +14.5% (inverse Japan)
LNG +14%
GPOR +13.5%
PWER +12.8%
NEU +11.8%
——————————-
URG -28%
URRE -25%
GVP -23%
CXZ -23%
DNN -23%
RCON -20%
UEC -20%
URZ -18%
TNDM -17%
Here are today’s notable movers:
Uranium -17%
Cotton -4.2%
Sugar -3.9%
Lithium -3.1%
—————
Coal +2.4%
Tin +0.6%
Crude +0.4%
More Chinese chicanery.
Comments »Co announced that the Board of Directors, based on the suggestion of the Audit Committee, has dismissed Ernst & Young Hua Ming as the independent auditor starting from March 14, 2011. The dismissal of Ernst & Young Hua Ming was made after thorough consideration by the Audit Committee, and the Board of Directors of the Company. The decision to dismiss the auditor was the result of Ernst & Young (China) Advisory Limited Beijing Branch Office entering into a SOX 404 service agreement including performing the test of the internal controls from 2008 to 2010. Recently, the public and the management team have raised doubts about this service agreement’s impact on Ernst & Young Hua Ming’s independence to act as the Company’s auditor. Co actively seeking a new auditor to finish the audit work for 2010 and file with the Securities and Exchange Commission with the least delay possible.
Not good to say the least.
Comments »China’s largest television advertising operator on inter-city and airport express buses, today announced that the Company’s registered independent accounting firm, Deloitte Touche Tohmatsu (“DTT”) has formally resigned its engagement by the Company as of March 11, 2011. Following the receipt of the DTT resignation letter, on March 13, 2011, the Company received notice of the resignation of Jacky Lam from his position as Chief Financial Officer and director of the Company, effective immediately. As a result, CME will delay its fourth quarter earnings release and will not file its Form 10-K for the fiscal year ended December 31, 2010 by March 16, 2011, its original due date.