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Monthly Archives: June 2012

Bernanke Testimony Before Joint Economic Committee Live Webcast: More Operation Twist Hints

“Headlines from the Bernanke speech:

  • BERNANKE SAYS FED READY TO ACT, REFRAINS FROM DETAILING STEPS
  • BERNANKE: `FISCAL CLIFF’ IN 2013 POSES A `SIGNIFICANT THREAT’
  • BERNANKE SAYS U.S. BUDGET TREND `IS CLEARLY UNSUSTAINABLE’
  • BERNANKE: EUROPE CRISIS IMPAIRING EXPORTS, CONSUMER CONFIDENCE
  • BERNANKE SAYS EUROPE CRISIS POSES `SIGNIFICANT RISKS’ TO U.S.

But the kicker, as we explained a few days ago, is the Chairman’s hint that more QE would come in the form of additional Twist, not LSAP:”

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Virgin Mobile Launches Pre Paid Mobile iPhone

“Today, Virgin Mobile has finally put months of rumors and speculation to rest — on June 29, the prepaid Sprint subsidiary will start selling Apple’s iPhone 4 and 4S, joining Cricket as the second prepaid carrier to stock Apple’s tiny mobile juggernaut.

Virgin customers can expect to shell out $549 for the off-contract 8GB iPhone 4, and $649 for a 16B iPhone 4S. The duo of prepaid iPhones are paired with Virgin’s existing slew of Beyond Talk plans, which will set customers back $35, $45, and $55 a month for 300, 1200, and unlimited voice minutes, respectively.”

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U.S. Markets Go Parabolic Out of the Gate on Updated Merkel Comments

“Update 2: In her own words – dispelling rumors of new instruments: “In view of the current difficulties, it’s important to emphasize that we havecreated the instruments of support in the euro zone, that Germany is ready to work with these instruments whenever that is necessary and that this is an expression of our firm desire to keep the euro area stable,”

Update: here is the counterrumor, just as expected courtesy of the summer and fall of 2011: Merkel willing to back use of EXISTING Euro-area instruments… Where Euro-Bonds just happen not to figure.

Just out from Bloomberg:

  • MERKEL SAYS GERMANY READY TO BACK USE OF EURO-AREA INSTRUMENTS”   

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Crime Pays as Bear Sterns Reaches a Settlement Over Shareholder Lawsuits; No Guilt Admitted and No Jail Time Administered

Crime pays in a world of cronyism as Bear Sterns settles a lawsuit for $275 million over omitting information and misleading investors over the firm’s financial position during it’s debacle to $0.00. No mention of guilt or jail time.

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FLASH: $LULU Down 10% in Pre-Market on Weak Guidance

anney notes the stock is trading down due to lower than expected guidance and sequentially slowing comp. As they expected, the co guided 2Q12 conservatively (but even lower than they were expecting. Most concerning is the deceleration in comp from 25% in 1Q12 to a guided comp of positive low double digits. LULU remains an attractive longer term growth story, and they believe earnings growth is still above 30% annually for the next several years. However, they point out the earnings growth vs. valuation disparity that has existed is likely to converge, and we expect that stock appreciation from today’s corrected levels may be more measured and more in line with actual earnings growth prospects from the co; Buy.
LULU is at $61.83 in the premarket.

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