Obey and Spend…

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In business as usual on Wall St. Citigroup settled a lawsuit for $490 million. $C was accused of not writing down losses in a timely fashion and hiding risks from shareholders.

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http://www.youtube.com/watch?v=yI0q7xZWXqo&feature=relmfu

Occupy Wall Street, the global movement against inequality that ignited in Manhattan last year, will mark its first anniversary by trying to block traffic in the financial district and encircle the New York Stock Exchange.

Planning for the Sept. 17 protest, dubbed S17, follows months of internal debate and flagging interest, according to interviews with organizers. The morning action may include attempts to make citizens’ arrests of bankers, and some activists intend to bring handcuffs, they said.

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“(AP) LEXINGTON, Ky. – Lexmark (LXK) is cutting 1,700 jobs, or almost 13 percent of its workforce, and says it will stop making inkjet printers as part of a drive to cut costs as it deals with shrinking sales of inkjets.

The printer and software company said Tuesday that it will close its inkjet supply plant in the Philippines by the end of 2015. It is also putting its inkjet technology up for sale.”

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“MANILA/PARIS (Reuters) – Airbus won a $7 billion order to help more than triple Philippine Airlines Inc’s fleet , beating Boeing Coto a deal despite U.S. support for Manila in a diplomatic dispute with China.

The flag carrier plans to buy up to 100 new jets in total within the next five to seven years, its biggest ever fleet expansion in its 71-year history, as it restructures operations to become a low-cost carrier and regain dominance of the local market from arch-rival Cebu Air Inc .”

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http://www.youtube.com/watch?v=ApvlmAvSBDE&feature=youtube_gdata_player

” Samsung Electronics has been knocked hard on mobile phone design innovation in the last few days, but in what might be a spectacular display of diversionary tactics, it is also doubling down on another significant part of its business — chipmaking. Today, the Dutch semiconductor machine maker ASML announced that Samsung would be investing close to $1 billion — yes, more or less the same amount for which the jury in California held it liable over Apple patent violations on Friday — towards R&D and an equity stake in the business. In doing so, Samsung will be joining Intel, which took a 10% stake in ASML in July for $2.1 billion.”

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“AOL Inc. (AOL) announced a $600 million accelerated stock buyback agreement and a special cash dividend of $5.15 a share, the final steps in returning about $1.1 billion to shareholders.

The Internet company will purchase $600 million worth of common stock under an agreement with Barclays Plc, according to a statement today. The one-time dividend will be payable Dec. 14, New York-based AOL said.

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A great read from iBC’s own Redman.

Volume tends to be the go-to excuse for bears as this market keeps grinding higher.  While I have nothing new to say, I wanted to share two articles that highlight on why volume on the indices should not be a factor in your bull/bear case.

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See the satellite here.

Down 2.2% as we speak.

August

September

October

He’s gone mad.

On August 21, 2012, Icahn Enterprises delivered a letter to the Issuer’s board of directors withdrawing its previous offer to take the Issuer private. The letter read:

“At the time we made our original offer on August 6th to take CVR Energy private, we stated that we were willing to pay $29.00 per share but in no event would we consider paying more than $30 per share. Since then a number of market conditions have changed, including a significant widening of crack spreads. We no longer think that the proposed transaction is feasible at this time and we hereby withdraw it.”

“Samsung Electronics said on Tuesday it will spend about $4 billion at its chip plant in Austin, Texas, to renovate an existing chip producing line and boost production of system chips, widely used in popular smartphones and tablets.

Jung Yeon-Je | AFP | Getty Images Samung flag flies in Seoul

The investment comes on top of 2.25 trillion won ($1.98 billion) in spending that Samsungannounced in June to build a new logic chip plant in South Korea, and the conversion of two memory chip lines into logic chip production earlier this year to meet growing demand from mobile gadget customers such asApple [AAPL  673.31    8.16  (+1.23%)   ].”

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