No. Ticker % Change Market Cap
1 MCHP -13.13 7,140,000,000
2 MXIM -7.12 7,510,000,000
3 NXPI -6.92 6,260,000,000
4 ADI -5.60 11,550,000,000
5 ATML -5.33 6,350,000,000
6 LRCX -5.31 5,580,000,000
7 INFY -4.87 37,190,000,000
8 ASML -4.55 16,120,000,000
9 AVGO -4.41 9,230,000,000
10 XLNX -4.23 9,470,000,000
11 AUO -4.21 5,460,000,000
12 STM -4.16 8,470,000,000
13 LLTC -4.14 7,430,000,000
14 GMCR -3.97 13,440,000,000
15 ARMH -3.88 39,270,000,000
16 YPF -3.81 17,740,000,000
17 MCO -3.80 8,570,000,000
18 DAL -3.72 7,610,000,000
19 FAST -3.56 10,610,000,000
20 TXN -3.39 37,670,000,000
21 ASX -3.36 6,520,000,000
22 ALU -3.23 12,630,000,000
23 KLAC -3.22 7,100,000,000
24 ADSK -3.21 9,000,000,000
25 DOW -2.79 41,240,000,000

As per FOMC minutes.

“A few members noted that, depending on how economic conditions evolve, the Committee might have to consider providing additional monetary policy stimulus, especially if economic growth remained too slow to meaningfully reduce the unemployment rate in the medium run.”

No. Ticker % Change
1 CDTI 62.47
2 RADS 30.51
3 GBE 26.02
4 CABL 18.18
5 FTWR 16.79
6 CLNE 15.32
7 GMR 13.33
8 SYMX 12.67
9 RXII 12.10
10 BMTI 11.70
11 PRKR 11.10
12 FUEL 9.56
13 MASC 9.14
14 IPSU 8.80
15 OWW 8.76
16 MBI 8.51
17 SYSW 8.33
18 WPRT 8.22
19 CPTS 7.32
20 UTSI 7.30
21 RITT 7.15
22 CHCI 7.14
23 ALN 7.02
24 ARWR 7.00
25 VALV 6.99
———————————
No. Ticker % Change
1 JVA -20.95
2 TREX -14.36
3 ADLR -14.18
4 MCHP -12.70
5 TSL -12.35
6 QSFT -11.51
7 ORCT -11.49
8 NVLS -11.13
9 ALTI -11.11
10 FARM -9.55
11 EFOI -8.77
12 PARD -8.70
13 CPRX -8.54
14 ENTG -8.30
15 AXTI -8.05
16 SOLR -8.03
17 KLIC -7.95
18 DQ -7.88
19 HSOL -7.88
20 WWW -7.82
21 FFHL -7.57
22 UTEK -7.55
23 DGLY -7.50
24 ANO -7.43
25 ASYS -7.38

Italian markets opened down 4%+, pushing the envelope on risk aversion.

Futures are now down 10, as the dollar continues to strengthen, now up almost 0.3%.

Related: Asian markets are sharply lower.

7,000 to be axed by August.

Full article

The NIKKEI opened down 1.25%.

Insurance firms have massive exposure to both equity and bond markets. When markets get tough, they tend to lead to the downside. Here are the worst performers, intra-day.

No. Ticker % Change Industry Market Cap
1 ING -9.24 Life Insurance 45,430,000,000
2 AEG -6.71 Life Insurance 12,330,000,000
3 PUK -4.97 Life Insurance 29,920,000,000
4 GNW -4.58 Life Insurance 5,140,000,000
5 LNC -4.24 Life Insurance 8,940,000,000
6 PNX -3.95 Life Insurance 294,240,000
7 MFC -3.64 Life Insurance 31,310,000,000
8 SLF -3.35 Life Insurance 17,460,000,000
9 MET -3.13 Life Insurance 46,000,000,000
10 PRU -3.01 Life Insurance 31,420,000,000
11 PL -2.80 Life Insurance 1,990,000,000
12 RGA -2.44 Life Insurance 4,690,000,000
13 DFG -2.30 Life Insurance 1,650,000,000

No. Ticker % Change Industry Market Cap
1 HIG -4.07 Property & Casualty Insurance 11,700,000,000
2 XL -3.03 Property & Casualty Insurance 6,840,000,000
3 EIG -3.01 Property & Casualty Insurance 628,540,000
4 TRH -2.63 Property & Casualty Insurance 3,090,000,000
5 AWH -2.55 Property & Casualty Insurance 2,170,000,000

No. Ticker % Change Industry Market Cap
1 DB -6.77 Foreign Money Center Banks 52,860,000,000
2 NBG -6.15 Foreign Money Center Banks 6,210,000,000
3 BCS -5.95 Foreign Money Center Banks 47,100,000,000
4 STD -5.94 Foreign Money Center Banks 96,000,000,000
5 LYG -5.76 Foreign Money Center Banks 49,970,000,000
6 AIB -5.06 Foreign Money Center Banks 2,180,000,000
7 ITUB -4.21 Foreign Money Center Banks 102,640,000,000
8 UBS -3.85 Foreign Money Center Banks 67,090,000,000
9 WBK -3.72 Foreign Money Center Banks 70,740,000,000
10 CS -3.62 Foreign Money Center Banks 45,720,000,000
11 GGAL -3.09 Foreign Money Center Banks 1,810,000,000
12 HBC -2.17 Foreign Money Center Banks 174,630,000,000

No. Ticker % Change Industry Market Cap
1 BBVA -7.08 Foreign Regional Banks 49,400,000,000
2 IRE -3.77 Foreign Regional Banks 1,400,000,000
3 BBD -3.65 Foreign Regional Banks 76,450,000,000
4 BMA -3.50 Foreign Regional Banks 2,340,000,000
5 BPOP -3.44 Foreign Regional Banks 2,820,000,000
6 HDB -3.08 Foreign Regional Banks 28,150,000,000
7 SHG -2.95 Foreign Regional Banks 22,760,000,000
8 BFR -2.91 Foreign Regional Banks 1,840,000,000
9 IBN -2.33 Foreign Regional Banks 27,640,000,000

Italian markets are down 4.3% and the euro is down 1.6%. The main beneficiary: U.S. dollar.

Loyalists to Assad broke into both French and U.S. embassies today. Iran all over again.

Full article

No. Ticker % Change
1 TVIX 12.03
2 CVOL 8.13
3 TVIZ 7.61
4 EDZ 7.35
5 BXDC 7.27
6 DPK 6.89
7 LHB 6.42
8 ERY 6.21
9 FAZ 6.02
10 EPV 6.02
11 VIXY 5.91
12 VIIX 5.88
13 YANG 5.87
14 VXX 5.85
15 BZQ 5.34
16 FXP 5.24
17 RUSS 5.11
18 MWN 4.85
19 EEV 4.81
20 SRTY 4.77
21 DRV 4.59
22 SMK 4.48
23 SMN 4.46
24 SPXU 4.44
25 BGZ 4.40

10yr yields are now 5.95%, the highest since 1997.

If you are short 0.2% of company market cap: you file forms. Every 0.1% increase: you file more papers.

Full article

“I can tell you this: Democrats need a lot more tax revenue to make their long-term budget plans works. This is why Obama has not offered a long-term budget plan. The need for massive tax increases would then be clear to all. In private, liberal economists all talk about a need for a value-added tax to raise the additional revenue.

But a liberal think with close ties to the White House, the Center for American Progress, recently released a budget plan that goes out to 2035. It shows taxes as a share of the economy rising dramatically to nearly 24% of GDP vs. around 18-19 percent historically. And I am guessing they would go even higher if the table went beyond 2035. If Boehner and the Republicans don’t hold the line now on taxes, this is the American future.”

Read the rest, including the graphs, here.

“The White House dished out the spin that suddenly the Tea Party crowd had nixed a deal. In reality, the White House had upped the ante on taxes. A Republican House aide told me that the White House “started to backpedal on entitlement reforms too.” He explained, “They [the White House] had started to go back on some of the Medicare and Medicaid reforms they had previously said they were ok with.” In other words, either the White House never intended to present a viable grand bargain, or, if Obama did, the left got to him.”

….

On Friday he proclaimed: “And over the past few months, the economy has experienced some tough headwinds — from natural disasters, to spikes in gas prices, to state and local budget cuts that have cost tens of thousands of cops and firefighters and teachers their jobs.”

In the Rose Garden last summer he proclaimed: “And that’s why today we’re trying to pass a law that will save hundreds of thousands of additional jobs in the coming year. It will help states avoid laying off police officers, firefighters, nurses and first responders. And it will save the jobs of teachers like the ones who are standing with me today.”

In other words, Obama’s policies have flopped, and the flops now are supposed to justify more of the same.”

Read the rest here.

“Aides to Obama and Boehner were discussing revenue increases that would have been achieved in part by a streamlining of the tax code. Democrats were seeking $1 trillion in additional revenue, an increase that many rank-and-file Republicans appeared loath to support.”

Read the rest here.

S&P futs are 5.5 points below fair value, partly thanks to the growing concerns that Italy is next up on the European debt chopping block.

“Senate Democrats have drafted a sweeping debt-reduction plan that would slice $4 trillion from projected borrowing over the next decade without touching the expensive health and retirement programs targeted by President Obama.

Instead, Senate Democrats are proposing to stabilize borrowing through sharp cuts at the Pentagon and other government agencies, as well as $2 trillion in new taxes, primarily on families earning more than $1 million year, according to a copy of the plan obtained by The Washington Post.”

Read the rest here.