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Monthly Archives: May 2012

So Much For Decoupling

Yesterday was the calm before the storm. Perhaps this is the sell in May and go away scenario playing out. You had to wonder how long the markets could remain resilient in the face of bad news on multiple fronts.

[youtube://http://www.youtube.com/watch?v=edLhkzAynY4 450 300]

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US Postal Services Requires $34B Bailout

What really infuriates me about this is that I remember last summer, when the debt limit was being argued over, and every Democrat was insistent that the US Postal Service was off limits because their budget was, I quote, “separate from the US budget.”

How separate are they now?

The U.S. Postal Service is often the butt of jokes, but there’s nothing funny about the agency’s bottom line.

The USPS is losing up to $25 million dollars a day. Until now, taxpayers have not been on the hook for its mounting losses, but that could be about to change. A bailout recently approved by the Senate would appropriate $34 billion in federal money.

“If the post office was a business, it would be in bankruptcy,” said Rep. Dennis Ross, R-Fla. “It’s insolvent.”

Ironically, however, Congress shares much of the blame. For years, the Postal Service begged Washington for the freedom to cut its own budget by closing post offices and cutting employees. But Congress, under pressure from rural constituents and labor unions, prevented the cuts, and the service continued to bleed red ink.

In December, the USPS said it wanted to close more than half of its mail processing centers, eliminate 28,000 jobs, end overnight delivery of first-class mail, close 3,700 local post offices and end Saturday delivery.

The Senate said no, prohibiting the Postmaster General from taking those actions altogether, or delaying them for two to three years.

For the time being, the Postal Service has a moratorium on office closings — but that moratorium expires on May 15, absent an elusive compromise between the House and Senate.

Read more:

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Greek Leader Tsipras Lays Out Agenda

Athens, Greece (CNN) — Greek leftist leader Alexis Tsipras on Tuesday laid out the radical agenda he hopes to pursue if he becomes prime minister, including the cancellation of severe budget-cutting measures forced on the country by international lenders.

Laws which cut pensions and salaries and those which “cancel basic workers’ rights” must be annulled, Tsipras said as he started efforts to form a governing coalition in the wake of parliamentary elections on Sunday.

He also called for state control of the banks, which “remain in the hands of the managers who bankrupted the system,” he said.

The Greek people voted clearly to reject the austerity demanded by international lenders, Syriza Party leader Tsipras said.

The two parties that made the agreement with international lenders “don’t have a majority any more to vote for the plundering of the Greek people,” Tsipras told lawmakers.

Tsipras met Greek President Karolos Papoulias earlier on Tuesday to get instructions to try to cobble together a government in the wake of elections that left the country’s political system in chaos.

Syriza will have three days to form a government.

Read more here:

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52 Week Highs and Lows

NYSE

New Highs 18 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
BlackRock NY Municipal Tr     BNY         16.54                  951 
Church & Dwight               CHD         52.49               51,772 
Everest Re                    RE          101.45              14,485 
Fedl Ag Mtge Corp Cl B        AGM         25.60                3,800 
First Republic Bk Pfd A       FRCpA       26.53                1,847 
Hercules Tech Nts 2019        HTGZ        25.25                1,500 
Invesco VK PAValMun           VPV         15.19                4,407 
NV Engy                       NVE         17.38            1,230,755 
National Grid                 NGG         54.52               20,377 
Nuveen NJ Premium Income      NNJ         15.98                8,753 
PionrMuniAdv Tr               MAV         15.55                6,161 
Post Properties               PPS         49.56               38,522 
Prudentl Sh Dur Hi Yd Fd      ISD         20.14                6,230 
Putnam Muni Opportunities     PMO         12.90                3,440 
TX Pacific Land Tr            TPL         61.51                3,741 
Textainer Group Hldg          TGH         36.20               13,797 
TransDigm Group               TDG         132.69              71,868 
Vitamin Shoppe                VSI         50.64              292,604 

New Lows 43 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
ASA Gold & Prec Metals        ASA         22.36               14,460 
Alumina ADS                   AWC         4.02                88,554 
Barrick Gold                  ABX         36.69            1,268,887 
Best Buy                      BBY         20.09              402,773 
CARBO Ceramics                CRR         80.43               10,004 
Checkpoint Sys                CKP         8.40                23,611 
Christopher & Banks           CBK         1.65                23,755 
Coeur D'Alene                 CDE         18.33              226,229 
Dolan                         DM          6.49                18,878 
Ducommun                      DCO         9.83                14,300 
Edgen Group Cl A              EDG         8.16                 3,230 
EldoradoGold                  EGO         12.26              620,678 
Enerplus                      ERF         17.10              216,977 
GFI Group                     GFIG        2.98                24,579 
Genco Shipping Trading        GNK         4.03                72,318 
Goldcorp                      GG          34.75              786,967 
Hecla Mining                  HL          3.82               623,740 
Hill Intl                     HIL         3.10                11,941 
IamGold                       IAG         10.76              300,177 
Ivanhoe Mines                 IVN         9.90               441,737 
Jaguar Mining                 JAG         2.17                58,580 
Kinross Gold                  KGC         8.01               919,791 
Memc Elec Materials           WFR         3.26               313,333 
Mechel OAO                    MTL         7.26               195,980 
Moneygram Intl Inc            MGI         15.23                1,925 
Newmont Mining                NEM         44.50            1,047,627 
No Amer Engy Ptnrs            NOA         3.54                 8,080 
Nuveen Glbl Val Opp Fd        JGV         15.04                8,028 
Pacific Coast Oil Trust       ROYT        19.55               45,900 
Panasonic Cp                  PC          7.11                40,625 
Petrobras Argentina ADS       PZE         10.41                6,863 
Phillips 66                   PSX         28.75            1,311,914 
Pitney Bowes                  PBI         15.11            1,231,938 
RadioShack                    RSH         4.91               195,431 
Resolute Energy wt            REN/WS      0.87                 5,200 
Seabridge Gold                SA          14.59               72,868 
Sony Corp ADS                 SNE         15.04              117,113 
STMicroelec                   STM         5.33               266,341 
Telecom Argentina             TEO         13.11               28,449 
Thompson Creek Metals         TC          4.30             1,780,251 
Vale Cap II 6.75%             CJS         56.70                5,780 
Vanguard Health Systems       VHS         8.45                11,210 
Xerium Tech                   XRM         4.14                 3,750

NASDAQ

New Highs 21 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
Ada-es                        ADES        28.99               22,090 
Amer Cap Agency Pfd A         AGNCP       25.60                  470 
Arena Pharmaceuticals         ARNA        3.49            12,079,411 
Aware                         AWRE        7.50                50,824 
BofI Hldg                     BOFI        18.94                2,950 
CaesarStone SdotYam           CSTE        13.88               73,950 
Carmike Cinemas               CKEC        15.41               86,724 
Carrols Restaurant Group      TAST        5.28                60,879 
China Growth Eqty Inv Wt      CGEIW       0.60                 2,100 
Churchill Downs               CHDN        61.47               13,676 
CommVault Systems             CVLT        55.49              273,055 
Homeownrs Choice              HCII        15.48                6,737 
Kingold Jewelry               KGJI        2.84               550,998 
MidWestOne Fincl Group        MOFG        22.20                5,525 
MutualFirst Fincl             MFSF        11.42                8,691 
NASB Fincl                    NASB        18.46                  600 
PDI                           PDII        8.87                   700 
PhotoMedex                    PHMD        17.25               10,255 
Reading Intl A                RDI         5.42                 1,024 
Span-America Medical Sys      SPAN        18.00                3,019 
Vertex Pharm                  VRTX        61.73            2,999,816 

New Lows 42 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
APCO Oil and Gas              APAGF       28.88                  100 
Amyris                        AMRS        2.30                39,961 
Atmel                         ATML        7.23               602,821 
Blue Nile                     NILE        27.69               26,445 
Carbonite                     CARB        7.03                 9,067 
China Valves Technology       CVVT        1.76                53,170 
Compressco Partners           GSJK        12.17                1,100 
Cypress Semi                  CY          13.50              411,591 
Daktronics                    DAKT        7.70                   740 
RR Donnelley                  RRD         11.01              266,369 
Electronic Arts               EA          14.25            2,502,265 
Ezcorp  (Cl A)                EZPW        25.18                8,910 
Fiesta Restaurant Group       FRGI        10.95               21,343 
Flir Systems                  FLIR        21.32               42,449 
GT Advanced Technologies      GTAT        6.18                88,635 
Home Inns & Hotels Mngmt      HMIN        22.00               85,068 
iRobot                        IRBT        21.51               36,220 
iSh MSCI Emg Mkts Value       EVAL        48.40                  100 
James River Coal Co           JRCC        3.87               117,262 
Knightsbridge Tankers         VLCCF       11.66               10,116 
Lincoln Educational Svcs      LINC        6.30                 9,452 
ManTech Intl  (Cl A)          MANT        24.43               75,845 
Merge Healthcare              MRGE        2.73               548,984 
Oclaro Inc                    OCLR        2.51                33,503 
Peerless Manufacturing Co     PMFG        11.94                4,908 
Pan American Silver           PAAS        16.81              196,371 
Planar Systems                PLNR        1.69                24,608 
Polycom                       PLCM        12.01               94,154 
PwrShs Gbl Gld & Prec Mtl     PSAU        33.90                  100 
Quality Systems               QSII        32.38              141,762 
QuinStreet                    QNST        7.91                10,108 
Research in Motion            RIMM        11.67            2,280,314 
Rimage                        RIMG        8.58                   500 
STEC                          STEC        7.90                35,163 
ShoreTel                      SHOR        4.20                26,348 
Sify Techs  (ADS)             SIFY        2.58                19,179 
Synchronoss Techs             SNCR        20.74              601,890 
Tecumseh Products A           TECUA       3.22                29,387 
Telestone Techs               TSTC        2.76                 1,406 
Tellabs                       TLAB        3.63               110,085 
Global Investors              GROW        5.66                10,050 
Wet Seal  (Cl A)              WTSLA       2.94               182,726

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Most Active Options Trades

-CALLS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
ARNA       5/19/12           4.0000        4343            0.8400      up 0.2500 
BAC        5/11/12           8.0000        2414            0.0800      dn 0.0400 
SPY        5/19/12         135.0000        1832            2.4400      dn 0.6200 
SPY        5/19/12         139.0000        1734            0.4900      dn 0.2700 
SPY        5/19/12         140.0000        1639            0.2900      dn 0.1500 
SPY        5/11/12         137.0000        1631            0.6200      dn 0.4300 
ARNA       7/21/12           7.0000        1576            0.4800      up 0.1200 
SPY        5/11/12         136.0000        1518            1.1700      dn 0.5300 
SPY        5/19/12         138.0000        1497            0.8400      dn 0.3200 
SPY        5/19/12         137.0000        1443            1.2400      dn 0.4600 

 -PUTS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
SPY        5/19/12         136.0000        5443            1.5200      up 0.3100 
SPY        5/19/12         137.0000        5382            2.0000      up 0.4100 
ARNA       5/19/12           4.0000        4310            1.6400      dn 0.2500 
SPY        5/11/12         133.0000        3520            0.2100      up 0.0500 
SPY        5/19/12         139.0000        2615            3.2700      up 0.6100 
SPY        6/16/12         138.0000        2581            4.3200      up 0.5800 
SPY        5/11/12         136.0000        2571            0.8800      up 0.2500 
SPY        5/11/12         134.0000        2274            0.3700      up 0.1400 
MAKO       11/17/12         30.0000        2037            6.9000      up 4.1500 
SPY        6/16/12         135.0000        1654            2.9000      up 0.3900 

 -VOLUME- 
 CALLS      PUTS           TOTAL 
270189    255910        526099
-CALLS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
ARNA       7/21/12           7.0000         491            0.4500      up 0.0900 
ARNA       5/19/12           4.5000         392            0.6800      up 0.3000 
GLD        5/19/12         158.0000         373            0.8700      dn 1.3000 
AMZN       5/19/12         205.0000         315           19.1000      dn 1.7900 
X          5/11/12          31.0000         200            0.0200      dn 0.0300 
GM         5/11/12          25.0000         200            0.0100      dn 0.0100 
HPQ        6/16/12          24.0000         146            0.7000      dn 0.2100 
HPQ        5/19/12          24.0000         146            0.2300      dn 0.1800 
EA         5/19/12          15.0000         142            0.2200      dn 0.6500 
DNDN       5/19/12          14.0000         126            0.0900      dn 0.4200 

 -PUTS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
EA         5/19/12          13.0000         349            0.1200      dn 0.0400 
X          5/11/12          22.0000         200            0.0200      dn 0.0200 
GM         5/11/12          19.0000         200            0.0100      dn 0.0200 
ARNA       5/19/12           1.5000         173            0.2200      dn 0.0700 
DNDN       5/11/12           9.0000         138            0.3300      up 0.0100 
ARNA       5/19/12           3.0000         132            0.9800      dn 0.2100 
AAPL       5/11/12         530.0000         128            0.3900      up 0.1900 
AAPL       5/11/12         535.0000         127            0.5100      up 0.0500 
PCX        6/16/12           4.0000         123            0.1200      dn 0.0700 
X          6/16/12          28.0000         104            2.6000      up 0.1900 

 -VOLUME- 
 CALLS      PUTS           TOTAL 
20165    33219        53384

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America’s Fortune 500 Post a New Record in Profits; $824.5 Billion

Increased productivity and inventory controls have helped the largest companies book record profits. Per diem work, underpay, avoiding healthcare, pensions, and a living wage has put companies on the map and  a feather in the cap of “capitalism.”

Full article

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This Just in from the Land of Sodomy: New Greek Leader Calls Bailout ‘Null’ by ‘Popular Edict’

At a press conference in parliament, Alexis Tsipras has said that the country’s commitment to an EU/IMF rescue deal has become null after voters rejected pro-bailout parties in Sunday’s election. “The popular verdict clearly renders the bailout deal null.”

He said said that Antonis Samaras and Evangelos Venizelos must take back their written support for the memorandum – by writing a letter to Brussels informing them of this. He presented his policy platform which he said was based on 5 pillars:

1. Immediate begation of the memorandum
2. Negation of all coming measures that will affect all aspects of employment law
3. Immediate changes to election legislation and negation of the ministerial culpability law
4. State control of banks
5. The creation of an international auditing body, with the purpose of finding a serious and logical solution to Greece’s debt repayment.

He once again extended his hand to all powers of the left, praising KKE’s position on protecting the unemployed and said that he still aimed at forming a government with all parties supporting leftist and eco-friendly ideology.

He noted that the formation of a coalition government with New Democracy and Pasok, was not possible for they were not looking at saving the nation, but saving the memorandum.

Full article

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FLASH: SHARES OF FOSL ARE BEING CLOWN-RAPED POST LARGE EARNINGS MISS

-26%!
Fossil beats by $0.01, misses on revs; guides Q2 EPS below consensus, revs above consensus; lowers FY12 EPS below consensus, raises revs in-line (guidance includes Skagen) (125.77 )
Reports Q1 (Mar) earnings of $0.93 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.92; revenues rose 9.8% year/year to $589.5 mln vs the $617.61 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.77-0.79 vs. $0.94 Capital IQ Consensus Estimate; sees Q2 revs up ~19% YoY to ~$662.5 mln vs. $651.34 mln Capital IQ Consensus Estimate. Net sales of Skagen, included in this estimate, are expected to benefit overall sales growth by 6% during 2Q12. While the Company expects Skagen to deliver approximately $0.03 of operational earnings for the second quarter 2012, it is also expecting transaction related costs and other transition/integration activities to negatively impact second quarter diluted earnings per share by approximately $0.07. Co issues mixed guidance for FY12, lowers EPS to $5.30-5.40 from $5.40-5.50 vs. $5.57 Capital IQ Consensus Estimate; raises FY12 revs to up ~18% to ~$3.03 bln (up from +15%) vs. $3 bln Capital IQ Consensus Estimate. Net sales of Skagen, included in this estimate, are expected to benefit overall sales growth by 5%. Within this fiscal year 2012 earnings estimate the Company is including a diluted earnings per share benefit of $0.22 related to Skagen operational activities, partially offset by transaction and other transition/integration costs of $0.15 per diluted share. The co’s forward guidance is based upon the current prevailing rate of the U.S. dollar compared to other foreign currencies for countries in which the Company operates.

 

 

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Richmond Fed President: More Easing Won’t Fix Unemployment, May Fuel Inflation

“Federal Reserve Bank of Richmond President Jeffrey Lacker said much of U.S. unemployment results from structural weaknesses like inadequate training that can’t be fixed by additional Fed stimulus.

“Some commentators are urging the Fed to take additional action as long as the unemployment rate remains elevated,” Lacker said Monday in Greensboro, North Carolina. “But if elevated unemployment reflects largely fundamental factors rather than insufficient spending, such stimulus might have little impact on unemployment and instead just raise the risk of pushing inflation up.”

Full article

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Gapping Up and Down This Morning

Gapping up 

NLS +9.9%, CHDN +5.5%, IVR +3.5%, SNHY +2.7%, ULTA +2.3%, AIG +1.1%, GNRC +16.3%,  GTXI +9%,

HBC +1%, PT +4.1%, TEF +2.8%, TI +2.3%, CTSH +1.2%,  CCL +1%,

Gapping down

MAKO -25.1%, SNCR -18%, RAX -11.7%, DNDN -10.2%, KKD -6.3%, CLMT -6.2%, WWWW -4.7%,

CLNE -4.4%, PMT -3.3%, MT -3%, SBH -2.3%, RDS.A -2%, BP -1.9%, WYNN -1.5%, VVUS -1.2%,

ATVI -1.1%, EA -0.8%, FOSL -23.7%, MCD -2.6%, PCX -1.9%, ING -3.3%, DB -2.3%, CS -1.6%,

BHP -1.9%, RIO -1.4%, SLV -1.4%, GFI -1.4%, GLD -0.7%, SO -3.9%, TOT -2.2%, SDRL -1.5%, E -0.5%,

KKD -6.3% , CLMT -6.2%,  KORS -4.8% , ATVI -1.1%, SYNC -7.3%

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