Eurozone leaders are in discussions this afternoon to provide as much as $125 billion to bailout Spain, the Wall Street Journal’s Gabriele Steinhauser reports.
The meeting for Spain and the greater Eurozone has been underway in Brussels for about an hour….
Developing….
No hopium read here. Read more on his thoughts from the Barron’s Roundtable.
Comments »“China’s consumer prices rose the least in two years in May and industrial output and retail sales trailed estimates, adding pressure for more loosening after this week’s interest-rate cut.
Inflation slowed to 3 percent from a year earlier, the National Bureau of Statistics said today, compared with the 3.2 percent median forecast in a Bloomberg News survey. Production increased 9.6 percent, lower than a projected 9.8 percent gain, and retail sales increased 13.8 percent, the Beijing-based bureau said in separate statements.”
Comments »There is much to do for our politicians over the next 12-18 months. S&P warns that if measures are not taken another downgrade could be on the table by 2014.
For now they maintain a negative rating for the U.S. of A.
Comments »See the results of 2012 hedge fund performance by strategy, here.
Comments »According to CNBC, UBS bought 40 million shares of Facebook, instead of their desired 1 million allocation, due to lack of reporting from Nasdaq. Some jackass trader kept putting in the order, until it reached an absurd 40 million shares.
After finding out how stupid they are, the began to sell. Rumor has it they sold most of their stock under $30, thereby booking a monstrous $350 million loss on the debacle.
UBS is preparing to sue Nasdaq for damages.
Comments »Take a look at the list and contact the curators to let them know how they may have erred. Also note that there is at least 1 con man who has made the list.
Comments »(Reuters) – Investors are losing faith in the computer-based trading models that made them millions in the bull market years, as Europe’s financial convulsions have shown how poorly they cope with the unpredictable.
Read the article here.
Comments »For Germany, being part of the European Union has always included an element of blackmail. France has been playing this card from the beginning, but now the Spanish and the Greeks have mastered the game. They’re banking on Berlin losing its nerve.
Read the article here.
Comments »Cheers on your weekend !
[youtube://http://www.youtube.com/watch?v=IHTs6NqhHHg 450 300]Former Assistant Secretary of Housing under George H.W. Bush Catherine Austin Fitts blows the whistle on how the financial terrorists have deliberately imploded the US economy and transferred gargantuan amounts of wealth offshore as a means of sacrificing the American middle class.
Fitts documents how trillions of dollars went missing from government coffers in the 90′s and how she was personally targeted for exposing the fraud.
Fitts explains how every dollar of debt issued to service every war, building project, and government program since the American Revolution up to around 2 years ago — around $12 trillion — has been doubled again in just the last 18 months alone with the bank bailouts.
“We’re literally witnessing the leveraged buyout of a country and that’s why I call it a financial coup d’état, and that’s what the bailout is for,” states Fitts.
Comments »Hopium fuels the market into the weekend thus far. We shall see how high investors get into the closing bell. My sense we close flat to down a bit given the tensions in Europe being unresolved. Make that not even close to being resolved. How about rumors of resolving the scenario are not even on the horizon. But, hey that is just me so keep buying stocks into the vortex.
Check out the latest trends, unusual volume, and price movers in the ETF world.
Comments »“US District Court Judge Richard Posner has decided, for the moment, to dismiss two-year old patent litigation involving Apple Inc. (NASDAQ: AAPL) and Motorola Mobility, now merged with Google Inc.(NASDAQ: GOOG). The trial, scheduled to begin Monday, has been cancelled by Posner.”
Comments »“Rite Aid Corp. (NYSE: RAD) has been a troubled stock in a difficult financial position for over a decade now. So, it tends to stand out when research firms act very positively on it. Credit Suisse reiterated its Outperform rating with a $2.00 price target. This implies upside of 61% from the current $1.24 share price.”
Comments »“Reports citing European sources state that Eurozone finance ministry officials, followed by finance ministers themselves, will hold conference calls on Saturday. A formal request for Spanish EFSF/ESM/IMF support, solely for the purposes of bank recapitalization, could be announced after these calls, and appears to be the motivation for them. As JPMorgan notes, while the timing of such a request would come as something of a surprise, the substance does not.”
Comments »The individual investor stepped into the market during scary sessions in May. Over $4.1 billion flowed into ETFs.
Comments »“Bank of America’s Rates and Currencies Research team has a note out this morning taking a look at Fed policy.
This chart shows that until now, futures contracts have expected the Federal Reserve to hike rates sooner than they officially project. Now, they’re right in line with Fed forward guidance, expecting no rise in rates until late 2014. ”
Comments »One question you have to ask is how will liquidation play out if the end is truly here ?
Comments »Chesapeake Energy Corp plans to sell its pipeline and related assets to Global Infrastructure Partners for more than $4 billion, as the company scrambles to plug an estimated $10 billion funding shortfall and prepares to face what promises to be a fiery annual shareholder meeting later on Friday.
The second-largest U.S. natural gas producer, whose shares have lost about half their value over the last year, is trying to convince its shareholders that it is still a good investment despite steep drops in profits and corporate governance scandals centered around Chief Executive Officer Aubrey McClendon.
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