“Unsold cars are crowding dealer lots in cities from Guangzhou in the south to Xi’an to the west,” Su said in a phone interview yesterday from Beijing. “It’s like a contagious disease that will spread.”
“While we had expected a poor first half, we did not expect to see the market deteriorate so fast that the Honda JV needed to close the factory for 16 days,” Scott Laprise, Beijing-based analyst at CLSA, said in a May 11 report.
Comments »The nation of Greece said sorry to the European Union with a present of an enormous wooden horse…A gift tag attached to the horse, which is surprisingly light for its size and has small holes along the length of its body, suggested that it should be placed in the bank’s vaults overnight to avoid it being targeted by thieves.
Read the rest here.
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Bill Luby’s analysis finds that the extreme volume of SPX put contracts traded today has typically coincided with bottom in stocks.
Read his analysis here.
Comments »Rob Hanna from Quantifiable Edges and ETF Prophet has posted the results of an interesting setup which requires that SPY close in the bottom third of its range for five days in a row.
See the results here.
Comments »Related: Alex Jones
Comments »http://www.youtube.com/watch?v=BfZdlfzEXSA&feature=g-all-lik
Comments »Here are today’s hybrid movers, click here for charts.
Comments »Gold prices are shooting up the roof, but its also the time for the coin collectors to reap their investment. And for the investors, its never too late to extend their investment portfolio. We had earlier told you about the 1792 Silver Center Cent, from the first group of coins ever struck in the U.S. Mint, that fetched $1.15 Million. And, now another rare coin in American history 1870 ‘S’ could become one of the most expensive coins ever. Supposedly one of the rarest coins, only two of this kind were made, and the other one has already been sold years ago.
Comments »Breitbart News has obtained a promotional booklet produced in 1991 by Barack Obama’s then-literary agency, Acton & Dystel, which touts Obama as “born in Kenya and raised in Indonesia and Hawaii.”
The booklet, which was distributed to “business colleagues” in the publishing industry, includes a brief biography of Obama among the biographies of eighty-nine other authors represented by Acton & Dystel.
Shortly after the close, FB’s 421.1 mln share IPO priced at $38, which is at the high end of the $34-$38 expected price range, to raise gross proceeds of about $16 bln. FB had raised the amount of shares to 421.1 mln from 337.4 mln, and also increased the expected price range to $34-$38 from $28-$35. The lead underwriters on the deal were Morgan Stanley, JP Morgan, and Goldman Sachs.
FB is the world’s largest social networking company. FB has unprecedented reach with over 900 mln MAUs, and penetrating an astounding 10% of the world’s population. It generates its revenue from two primary means: advertising (~88% of rev) and from fees associated with its Payments infrastructure (~12% of rev) that enables users to purchase virtual and digital goods from third party developers. At the moment, essentially all of the revenue generated in this business comes from sales of virtual goods used in social games, most notably from Zynga (ZNGA). Opening up its Payments business to other product & service providers, besides games, is one of FB’s most important growth strategies going forward.
Mobile, of course, is another focal-point for the company and represents an area of significant growth potential. Mobile Monthly Active Users (MAUs) have been growing rapidly, increasing by 69% year/year to 488 million as of March 31, 2012. Its user growth is the good news. The not so good news is that FB has been pretty clear that monetizing this growing mobile base is not going to be easy. In fact, on May 10, in another amended filing, FB warned that “growth in mobile may negatively affect the company’s revenue and results.”
Looking at its financials, in FY11, FB’s rev increased by 88% y/y to $3.71 bln, after growing by 154% in the year before. The growth was fueled by a 39% increase in MAUs and a 48% boost to DAUs. Its operating income jumped by 70% to $1.76 bln. For its 1Q12, FB’s revenue was up 45% annually to $1.06 bln, but down 6% sequentially, and its operating income fell by 2% y/y to $381 mln. FB’s balance sheet is strong with cash & equivalents of $3.9 bln and no long term debt. In terms of valuation, FB’s $38/share pricing gives its a trailing P/S of roughly 28x and a P/E north of 100x.
Comments »Comments »MOODY’S CUTS 16 SPANISH BANKS, SANTANDER UK PLC
-Bloomberg
BE THERE!
Comments »I wrote not too long ago that a close below 1354 S&P would not be good. I also wrote it is not worth getting long until we close above 1380; but of course i tried to catch a few falling knives.
No worries since they are minor positions. But shame on me for ignoring gut instinct.
The markets tried to pare losses all day as hopes for QE crack from the fed is still holding markets up.
With Spanish bank run rumors, Fitch downgrading Greece, and Moody’s all but telling the markets they will downgrade Spanish banks the markets could not stop its attraction to the 200 day of 1275.
The 10 year closed with a record low yield of 1.69%…WOW
DOW down 156
NASDAQ down 60
S&P down 20
WTI down $0.26
Gold up $37
At any rate, the FLY beat me to it so I’ll just slap up the chart; we seem to be headed for the 200 day. Perhaps a washout will occur. Oh and expect a small bounce b4 getting there. Looking at the chart, it seems this will be a confirmation of the recent uptrend. So it is crucial the market defends the 200 day ma or else it is curtains.
Click chart to enlarge for a better view.
[youtube://http://www.youtube.com/watch?v=np0solnL1XY 450 300] Comments »
