“Remember the selective disclosure problem before Facebook’s IPO?
That was when Facebook cut its earnings outlook during the IPO roadshow but only told big institutional investors about it. (Specifically, Facebook told the stock analysts at its IPO underwriters, who then cut their “estimates” and verbally told their big clients about this–leaving everyone else in the dark).”
Comments »“News Corp. (NWSA), the media company controlled by Rupert Murdoch, said it plans to split into two after its board approved the move separating publishing assets from entertainment businesses.
The publishing business consists of newspapers in the U.S., U.K. and Australia, as well as book, education and marketing assets, according to a statement from the company today. The media and entertainment company includes film and TV assets. Murdoch will be chairman of both companies and Chief executive officer of the media business.”
Comments »Yesterday’s fine of Barclays has opened up renewed vigor to discover who else was involved with manipulation LIBOR. Comments out of the U.K. suggest Osbourne will pursue U.S. banks and may bring criminal charges.
Comments »Italy’s borrowing costs have risen consistently over the past few days. Today Spain’s bond yields popped above 7%.
Comments »The reference rate was taken down 0.3% against the dollar. The Yuan fell as a result..
Comments »“The Australian and New Zealand dollars climbed for a third day as U.S. economic reports eased concern the world’s largest economy is faltering, boosting demand for higher-yielding assets.
The so-called Aussie headed for its biggest monthly gain versus its U.S. counterpart since January as traders added to bets the Reserve Bank of Australia will keep rates unchanged next week as long as Europe’s debt crisis doesn’t worsen. New Zealand’s currency, nicknamed the kiwi, was set for the second- biggest gain in June among the greenback’s 16 major peers as Asian stocks extended a global advance.”
Comments »South Africa’s PPI remained unch at 6.6%; a good sign that inflation is in check worldwide despite all the money printing.
Comments »Hopium is fading quickly lately. A few weeks ago the Euro would have rallied into a meeting like this, but now expectations are falling fast.
Comments »“Oil declined in London for the first time in five days amid speculation that the European Union’s economy will fail to grow, as the region’s leaders gathered in Brussels for a two-day summit.
Brent crude fell as much as 1.2 percent as the EU continued to battle the financial crisis that claimed Cyprus this week as its fifth victim. Economic confidence in the euro area slumped to the lowest in more than 2 1/2 years in June, the European Commission said. Germany reported that unemployment in the region’s biggest economy rose for a fourth month this year.
“The oil price is a reflection of the market’s expectation that there will be no growth in Europe for the next few years,” said Michael Hewson, analyst at London-based CMC Markets UK Plc who predicts Brent may fall as low as $76 a barrel in the next six months. “Although Iran could provide potential for prices to move higher in the short term, the overall outlook is down, based on the lack of economic growth.”
Comments »As expected, when you do not have many options to choose from you deliberate and disagree over how to move forward; this is the folly that continues at the European financial summit of 27 leaders.
Comments »Outflows: $XRT, $SHY, $IGOV, $KIE, $EWA, $OIH
Inflows: $TZA, $FAZ, $TLT, $KOL, $AAXJ, $UVXY, $USMV, $IVE, $IBB, $LQD,
Comments »“Here are some big numbers for Google’s Android platform out of the company’s developer conference today in San Francisco: Android has seen 400 million device activations and is adding 1 million per day. That’s up from the 100 million number the company announced last year around the same time.
That’s 12 new Android devices every second, said Hugo Barra, who serves as a product management director of Android at Google.
How does that compare to Apple’s iOS platform? Well, earlier this month, Apple said it had cumulatively sold 365 million devices. Although we don’t know the active installed base of both platforms, this presumably makes Android’s footprint larger — especially since its growth spurt has been more recent.”
Comments »
“Energy stocks rallied on Wednesday, lifting U.S. markets ahead of a two-day summit of European leaders.
The Dow Jones Industrial Average tacked on 80 points, or 0.6%, to 12614, while the Standard & Poor’s 500-stock index rose 10 points, or 0.8%, to 1330, and the Nasdaq Composite added 16 points, or 0.6%, to 2870.”
Comments »“Securities regulators have sued Philip Falcone and Harbinger Capital Partners LLC, accusing the hedge-fund manager and his firm of a raft of violations, including misappropriating client assets, manipulating bond prices and favoring certain customers over others.
The U.S. Securities and Exchange Commission filed civil fraud charges Wednesday against Harbinger, Mr. Falcone and Peter Jenson, the firm’s former chief operating officer, in U.S. District Court.”
Comments »“(Reuters) – U.S. health regulators on Wednesday approved Arena Pharmaceuticals Inc’s pill to treat obesity, making it the first new weight-loss drug in 13 years as public health advocates push for new solutions to the nation’s growing obesity epidemic.
Arena shares jumped more than 45 percent following the announcement.
Arena’s lorcaserin, which will be sold under the brand name Belviq, was one of three experimental weight-loss drugs seeking U.S. Food and Drug Administration approval after initial rejections by the agency. Vivus Inc and Orexigen Therapeutics Inc are still hoping to bring their medicines to market.”
Comments »U.S. equities are holding gains made off good durable goods and housing data earlier in the day. My sense we try for 1340 S&P over the next couple of days given we get no Molotov Cocktails from Europe.
Oil is back above $80 per barrel, gold is up .13% while other metals are down.
The Euro is down a bit while the dollar is stronger.
All in all the bulls are enjoying cautious upside.
[youtube://http://www.youtube.com/watch?v=0UjsXo9l6I8 450 300] Comments »An image of Google’s 7-inch tablet, the Asus-built Nexus 7, has appeared on Google’s image servers, The Verge reports.
Comments »
