Person of Interest Wanted in Boston Bombing Video

“Boston official says surveillance footage shows man dropping off bag at blast site

BOSTON (AP) — In what could be a major break in the Boston Marathon case, investigators are on the hunt for a man seen in a department store surveillance video dropping off a bag at the site of the bombings, a local politician said Wednesday.

Separately, a law enforcement official confirmed that authorities have found an image of a potential suspect but don’t know his name.

The development — less than 48 hours after the attack, which left three people dead and more than 170 wounded — marked a possible turning point in a case that has investigators analyzing photos and videos frame by frame for clues to who carried out the twin bombings and why.

City Council President Stephen Murphy, who said he was briefed by Boston police, said investigators saw the image on surveillance footage they got from a department store near the finish line and matched the findings with witness descriptions of someone leaving the scene.

“I know it’s very active and very fluid right now — that they are on the chase,” Murphy said. He added: “They may be on the verge of arresting someone, and that’s good.” …”

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“NEW YORK (AP) — Morgan Stanley says profit and revenue dipped in the first quarter. Results beat Wall Street’s expectations, but the stock still dipped in pre-market trading.

Revenue from the investment bank slipped, while revenue from asset management rose.

Earnings totaled $1.2 billion, down about 12 percent from a year earlier. Per share, those earnings amounted to 61 cents, beating the 57 cents expected by analysts polled by FactSet.

Revenue totaled $8.5 billion. That was down 5 percent from a year earlier, but it beat analysts’ expectations of $8.3 billion.

The earnings and revenue exclude the effect of an accounting charge related to the value of the bank’s debt.

The stock dipped in pre-market trading, down 7 cents to $21.40.”

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“NEW YORK (MarketWatch) — Verizon Communications Inc. VZ +1.53% reported first-quarter net profit rose 15.8% to $1.95 billion, or 68 cents per share, from $1.69 billion, or 59 cents per share, a year earlier. Revenue rose 4.2% to $29.42 billion from $28.24 billion, the company said Thursday. Analysts had expected profit of 66 cents a share on revenue of $29.55 billion. The company said it added a net 677,000 retail postpaid customers, up 35% from a year earlier, and had a 1.01% churn rate for that category. Verizon shares were higher in premarket trading.”

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“–Core1 EPS $0.77, up 12 percent. Reported EPS $0.69, a decline of 3 percent reflecting the impact of the devaluation of net monetary assets in Venezuela
–Organic1 revenue grew 4.4 percent. Reported net revenue increased 1 percent reflecting the impacts of foreign currency translation and structural changes
–Core operating margin expanded 80 basis points. Reported operating margin declined 70 basis points reflecting the Venezuela devaluation
–Company expects to return approximately $6.4 billion to shareholders through dividends and share repurchases in 2013
–Company reaffirms 7 percent core constant currency1 EPS growth guidance for 2013…”

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“Finnish mobile phone maker Nokia trimmed its losses in the first quarter, thanks to stronger Lumia smartphone sales.

But the shares fell 10.7 percent in Helsinki because of weaker than expected guidance for the second quarter.

Nokia, which has fallen behind Samsung and Apple in the smartphone race, said it sold 5.6 million units of Lumia handsets in the first quarter, up from 4.4 million in the previous quarter….”

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“AutoNation Inc. (SAH), the largest U.S. retailer of new cars and trucks, reported quarterly profit that beat analysts’ estimates as the housing and energy industries helped boost demand for vehicles.

First-quarter net income rose to $83 million from $73 million a year earlier, the Fort Lauderdale, Florida-based company said today in a statement. Profit from continuing operations climbed 21 percent to 68 cents a share, topping the 64-cent average estimate of 13 analysts surveyed by Bloomberg. Sales increased 12 percent to $4.1 billion.

AutoNation benefited from stabilization and recovery in the housing market, particularly in states such as California, Nevada, Arizona and Florida, Chief Executive Officer Mike Jackson said in a telephone interview. The retailer also is getting a boost from growth in the energy sector inTexas, as well as a broader U.S. auto market that Jackson forecasts will increase by about 1 million new-vehicle sales this year.

“Those three bright spots in the economy — energy, housing and automotive — all work for us,” Jackson said. “For the automotive recovery, we still think we’re in the early innings.”

AutoNation began to rename all of its mass-market brand franchises in the first quarter of this year after posting record profit for 2012. The dealership group’s non-luxury domestic and import franchises will use the AutoNation moniker.

The company has shifted about 30 percent of those franchises to names such as AutoNation Chevrolet of Pembroke Pines, a store between Miami and AutoNation’s headquarters in Fort Lauderdale. The franchise was previously Maroone Chevrolet of Pembroke Pines.

Marketing Costs….”

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“Group of 20 nations will affirm a commitment to avoid weakening their currencies to gain a trade advantage, according to a draft statement prepared for a meeting this week in Washington, Bloomberg BNA reported.

The statement, seen by a Bloomberg BNA reporter, maintains a February pledge to “move more rapidly toward more market- determined exchange rate systems and exchange-rate flexibility” and to refrain from competitive devaluations. Meetings of finance ministers and central bankers start today….”

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“A scary head-and-shoulders pattern could be building in the S&P 500, and this negative chart formation would be created if the market stalls just above current levels.

“It’s developing and it’s developing fast,” said Scott Redler of T3Live.com on Wednesday morning.

Redler follows the short-term technicals of the market, and he says the head and shoulders should be proven either way in the next few trading days. “Anticipating this type of pattern has been painful this year,” he said. The head and shoulders is seen by technicians as a signal of more selling to come.

“The bears are hanging their hat on the idea that this bounce back will lead to a lower high, potentially a right shoulder that continues in the 1575 area,” said Redler, describing the pattern after Tuesday’s close. “The first pullback of the year was March 20 with the Italian election. The left shoulder was built during the month of March, with the peak being around 1573. Then you had a head when it hit its high at 1597.”

CNBC

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“A massive explosion at the West Fertilizer Co. rocked the small town of West, Texas, late Wednesday night, leaving more than 100 people reported injured and many feared dead.

“It was like a nuclear bomb went off,” said West Mayor Tommy Muska to CNN.

According to Sgt. Patrick Swanton of the Waco Police Department, the first call of a fire came in at 7:29 PM local time.  Firefighters and other emergency workers responded to the call and began evacuating the area.

Minutes later, the devastating explosion occured. The first call of the explosion came in at 7:53 PM local time said Swanton.

More than 100 victims have been treated at Hillcrest Hospital in Waco, Texas.  And at least 60 more have been treated at Providence Hospital.

“I will confirm there have been fatalities,” said Swanton who estimated 5 to 15 were thought to be dead.

Swanton also said that between 3 and 5 firefighters were missing.

There were a “tremendous amount of injuries and we do have confirmed fatalities,” said D.L. Wilson, a spokesman for the Texas Department of Safety at a conference late Wednesday night, He was not able to provide specific numbers.

The blast was so massive that it registered as a 2.1 magnitude earthquake, according to the USGS.

Wilson said the aftermath resembled a war zone….”

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“UnitedHealth Group says its first-quarter net income dropped 14 percent, as the health insurer’s medical costs climbed, and it booked a smaller gain due to leftover insurance claims.

The Minnetonka, Minn., insurer also says it still expects 2013 earnings to range between $5.25 and $5.50 per share.

In the three months that ended March 31, UnitedHealth earned $1.19 billion, or $1.16 per share. That’s down from $1.39 billion, or $1.31 per share, a year ago. Revenue rose 11 percent to $30.34 billion.

Analysts expect earnings of $1.14 per share on $30.54 billion in revenue.

The nation’s largest insurer booked a $280 million gain because claims left over from previous quarters came in lower than expected. That compares to a $530 million gain in last year’s quarter.”

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“American Express Co. (AXP), the biggest U.S. credit-card issuer by customer spending, reported a first- quarter profit that exceeded analysts’ estimates as consumers boosted purchases.

Net income rose 1.9 percent to $1.28 billion, or $1.15 a share, from $1.26 billion, or $1.07, a year earlier, the New York-based lender said yesterday in a statement. The average estimate of 25 analysts surveyed by Bloomberg was $1.12.

Chairman and Chief Executive Officer Kenneth I. Chenault, 61, is cutting about 5,400 jobs this year to contain expenses as AmEx rolls out products such as a prepaid card sold by Wal-Mart Stores Inc. to broaden the lender’s client base beyond more affluent credit and charge-card customers….”

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“Gold gained for a third day in London as prices near the lowest in more than two years attracted jewelry buyers and global economic data disappointed.

Jewelry demand in India and China surged as consumers rushed to take advantage of the price drop. Retail sales tripled across China April 15-16, the China Gold Association reported. The U.S. Federal Reserve, which buys $85 billion of securities a month to support economic recovery, said in its Beige Book business survey that the U.S. expansion remained moderate. Data this week showed slower-than-expected Chinese economic growth and European car sales slid to a 20-year low.

“Due to the latest turn to bearish macro sentiment, a further fall in gold has been prevented for now,” Bjarne Schieldrop, the Oslo-based head of commodity research at SEB AB, said today by e-mail. A surge in physical demand is “positive for gold and supportive,” he said.

Immediate-delivery gold climbed 0.8 percent to $1,387.23 an ounce by 9:50 a.m. in London trading. Prices fell to $1,321.95 on April 16, the lowest since January 2011. Gold for June delivery added 0.4 percent to $1,387.90. Futures trading volume was more than double the average for the past 100 days for this time of day, according to data compiled by Bloomberg….”

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“Brazil’s central bank raised its benchmark rate for the first time since July 2011, as policy makers seek to slow inflation levels jeopardizing an economic recovery.

The bank’s board, led by President Alexandre Tombini, voted 6-to-2 to increase the Selic rate 25 basis points to 7.50 percent from a record low, matching the median forecast from 58 economists surveyed by Bloomberg.

Policy makers said that “the high level of inflation” and “resilience of inflation” required a response, which was tempered by the central bank’s recognition that “external uncertainties” also required “that monetary policy be managed with caution,” according to the board’s statement posted on Banco Central do Brasil’s website.

President Dilma Rousseff’s government is facing renewed pressure to contain consumer prices after annual inflation in March breached the central bank’s target range for the first time since November 2011. Rising prices are sapping purchasing power and eroding demand even after officials cut taxes on consumer goods and lowered the Selic to 7.25 percent in October. Retail sales in February fell for the second time in three months.

“Inflation has clearly become detrimental to growth,” Gustavo Rangel, chief Latin America economist at ING Bank NV in London, said in a telephone interview before today’s decision. “Both the retail figures and investors’ confidence levels are signaling that inflation is a big concern.”…”

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“European stocks rose after the biggest four-day selloff since July as Italian and Spanish bonds gained. Copper fell for a second day, poised to enter a bear market.

The Stoxx Europe 600 Index advanced 0.6 percent at 10:40 a.m. in London, while Standard & Poor’s 500 Index futures added 0.4 percent. Italy’s 10-year bond yield fell four basis points to 4.21 percent and Spain’s dropped six basis points to 4.62 percent. The euro strengthened 0.2 percent to $1.3055. Copper slumped 1.4 percent.

More than $1 trillion has been erased from the value of equities worldwide this week as concern deepened the global recovery was weakening and companies from Bank of America Corp. to Textron Inc. reported disappointing results. Finance ministers from around the world prepared to gather in Washington to discuss policies to support the economy and strengthen financial systems. Spain sold 4.71 billion euros ($6.14 billion) of bonds, more than its maximum target of 4.5 billion euros.

“It’s an important earnings season, with market participants trying to see if corporate earnings and forecasts are going to be in line with the weakening global macro data,” Serge Berger, a Zurich-based trader at Blue Oak Advisors LLC, said in a phone interview.

Three shares gained for each one that fell in the Stoxx 600 (SXXP), as the gauge rebounded from the lowest close this year. The index tumbled 3.8 percent in the previous four days, the most since a 4.4 percent slump ended July 25….”

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“Japan’s swap market is already starting to anticipate central bank Governor Haruhiko Kuroda’s endgame even as he makes his first monetary easing moves.

Two-year overnight-index swap rates that reflect investor expectations for the Bank of Japan’s benchmark rate are set for the biggest monthly jump since November 2010 and reached 0.095 percent this week, according to data compiled by Bloomberg. The contract has climbed from a low of 0.039 percent in January to the highest since July 2011, approaching the 0.1 percent upper range of the Bank of Japan’s benchmark rate target. The comparative swap rate in the U.S. was at 0.163 percent…”

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“China’s property rebound gathered pace in March as new home prices in the southern city of Guangzhou jumped the most in more than two years, underscoring concerns that a bubble may be building.

Guangzhou prices rose 11.1 percent from a year earlier while those in Beijing climbed 8.6 percent and Shanghai posted a 6.4 percent increase, the National Bureau of Statistics said in a statement today, all showing the biggest gains since January 2011 when the government changed its methodology for the data. Prices rose in 68 of 70 cities tracked by the government, the most since September 2011….”

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“Asian stocks fell, with the regional benchmark index set for its biggest drop in a month, led by mining companies as commodities slumped on concern weaker global economic growth will crimp demand for raw materials.

BHP Billiton Ltd. (BHP), the world’s biggest miner, sank 4.3 percent in Sydney. LG Display Co., which supplies touch screens for Apple Inc., dropped 4.8 percent in Seoul after audio-chip maker Cirrus Logic Inc. reported an inventory glut that suggests iPhone sales may fall short of expectations. Softbank Corp., Japan’s third-largest wireless carrier, lost 1.6 percent as a rival’s bid for Sprint Nextel Corp. gained shareholder support.

The MSCI Asia Pacific Index slipped 1.1 percent to 135.89 as of 5:08 p.m. in Tokyo, heading for its biggest drop since March 18. All 10 industry groups fell on the gauge, which is set for its third decline in four days after China’s economy expanded less than economists estimated. The International Monetary Fund this week cut its global growth forecast as Europe sinks deeper into recession.

“Weak corporate earnings results and renewed concerns about the global economy saw traders switch to a risk-off mode,” said Matthew Sherwood, Sydney-based head of markets research at Perpetual Investments, which manages about $25 billion.

The MSCI Asia Pacific Index (MXAP) advanced 6.2 percent this year through yesterday amid signs the U.S. economy is recovering and as Japanese shares rallied on optimism theBank of Japan will step up efforts to stimulate the economy. Shares on the gauge traded at 13.8 times average estimated earnings compared with 14 for the Standard & Poor’s 500 Index and 12.3 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg…..”

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“Japan’s exports exceeded estimates in March and the trade deficit narrowed from the previous month after declines in the yen made the nation’s products more competitive in overseas markets.

Overseas shipments rose 1.1 percent from a year earlier, the Finance Ministry said in Tokyotoday. The median estimate of 22 economists surveyed by Bloomberg News was for a 0.2 percent increase. The trade shortfall was 362.4 billion yen ($3.7 billion) from 777.5 billion yen in February….”

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“Morgan Stanley, previously the most bullish brokerage on Japanese stocks, says the Topix Index (TPX) will fall about 10 percent as investors await corporate earnings and progress on promised economic reforms.

Japan’s broadest equity measure may fall to 1,020 “in the near term,” according to Morgan Stanley which in March had a year-end estimate for the Topix of 1,270, the highest among brokerages and asset managers surveyed by Bloomberg News. The company isn’t changing its outlook even as others including Nomura Holdings Inc. (8604) and Goldman Sachs Group Inc. (GS) raise their forecasts, Jonathan Garner, Hong Kong-based chief strategist for Asia andemerging markets, said by phone….”

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