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Comments »Monthly Archives: August 2012
Proctor & Gamble Beats Estimates on Higher Pricing
“Procter & Gamble Co. (PG), the consumer products company targeted by activist investor Bill Ackman, reported fourth-quarter profit that beat analysts’ estimates, helped by price increases.
Net income in the period ended June 30 rose 45 percent to $3.63 billion, or $1.24 a share, from $2.51 billion, or 84 cents, a year earlier, Cincinnati-based P&G said today in a statement. Profit excluding some items totaled 82 cents a share. Analysts projected 77 cents, the average of 21estimates compiled by Bloomberg.”
Comments »Non Farm Payrolls: Prior 84k, Market Expects 105k, Actual 163k…Unemployment Rate 8.3%
Asia Trades Mixed, Europe Bounces Hard, and U.S. Futures Look to Take Back Yesterday’s Losses
Always my first choice for financial advice…
No offense to the great “The Fly”, but how can you go wrong with a financial advice book penned by rapper Slim Thug? You can’t make this shit up.
[youtube:http://www.youtube.com/watch?v=SKfTTGnWnKA 450 300]
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Hybird Movers
Here are today’s hybrid movers, click here for charts.
Comments »Beware the Jobs Report of July
The government has estimated an average change of 149,700 jobs in the last 10 July jobs reports, but it has since revised those estimates by an average of 92,900 jobs per year. In other words, the initial estimate is generally off by about 62 percent.
In three of those 10 years — 2002, 2003 and 2007 — the agency wasn’t even correct about whether the economy gained or lost jobs.
So take Friday’s report with a measure of caution.
Read the rest here.
Comments »Robert Shiller Senses Housing Bubbles Forming In Two US Cities
In the wake of the biggest housing bust ever, it’s hard to imagine that we would be walking right back into a housing bubble.
But that’s just the nature of bubbles: you don’t know if you’re in one until after the fact.
Robert Shiller, the economist who famously predicted the dotcom and housing bubbles, was on Fox Business News discussing the Case-Shiller home price index, which recently rose faster than expected.
Read the rest here.
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GASPARINO: A $5 Billion Trade That Was Supposed To Happen Over 5 Weeks Is What Doomed Knight Capital
Charlie Gasparinoreportson the trade that caused markets to go haywire yesterday, and which caused market maker Knight Capital to lose $440 million.
Read the article here.
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New York Yankees Facebook Page Announces Derek Jeter To Miss Rest Of Season Due To Sex Change
Read about this and other team Facebook fuckery here.
Comments »Fallout From KCG Colossal Fail Just Beginning
The Knight Capital trading fiasco, bad as it is, looms even worse because similar high-speed trading problems are likely to keep on roiling the markets and fueling investor mistrust.
Anger and gloom swept across trading floors Thursday, the day after the New York-based trading firm reported a software malfunction that caused a surge in volume at the market open Wednesday and violent price swings for nearly 150 stocks.
Few if any were cheering the misfortunes of Knight (KCG), whose very survival is challenged by the scandal.
But the biggest concerns were for the retail investors who are likely to continue to flee the market.
“You can only assume that these glitches are going to continue into the future,” says Todd Schoenberger, managing director of the BlackBay Group in New York. “This is a huge, huge negative. It’s another black eye for Wall Street. This is not good for the retail investor. How are they supposed to trust what we do?”
Knight blamed the malfunctions on a software upgrade and said the episode would cost a whopping $440 million, a burden that will force the company to raise capital to cover.
The price tag on a market that already had been bleeding investor money is yet to be determined.
“So many good people are getting hurt in a very bad way, so many people in many industries. This hurts all of us,” says Sal Arnuk, partner at Themis Trading, an independent brokerage in Chatham N.J. “It hurts folks like us because when confidence is diminished people pull their money out of the market. When people pull their money out of the market my customers – institutions, mutual funds – trade less.”
Read here:
Comments »Hey Cuba Gooding, Jr., SHOW ME THE MONEY!
CUBA GOODING JR.
Female Bartender
DROPS Battery Charges
Female Bartender
DROPS Battery Charges
Comments »BREAKING NEWS
Cuba Gooding Jr. just caught a huge break after allegedly pushing a female bartender in New Orleans this week — the bartender has decided to drop her battery charges against the actor.TMZ broke the story … an arrest warrant was issued for Cuba for allegedly roughing up the bartender at The Old Absinthe House on Bourbon Street early Tuesday morning when she asked him to leave.
The bartender told police Cuba had grown irate at several bar patrons for taking his photo … and that’s when she told him to take a hike.
Cuba met with police officials yesterday and the arrest warrant was revoked — but he was issued a summons to appear in court to answer to the allegations.
Lucky for Cuba, it now looks like he’ll get off scot-free — because bar managers at the Old Absinthe have released a statement, saying the bartender involved in the dispute has decided not to press charges.
BIG SURPRISE: Facebook Has 83 Million Fake Users $FB
via sfgate.com
Comments »There may be more than 83 million fake users on Facebook, the giant social network has revealed.
In company filings published this week, it said 8.7% of its 955 million active users might not be real,according to the BBC.com.
Duplicate accounts, people who have an account in addition to a principal account, make up 4.8 percent of the “fake” accounts, as of June 30, 2012.
There are also “user-misclassified accounts” (2.4 percent) — pet accounts or a personal profile for business — and “undesirable accounts” (1.5 percent) that are intended for spamming, etc.
Fake users are a huge concern to Facebook because it generates a majority of its revenue from advertising. BBC.com says Facebook is coming under increased scrutiny over the worth of its advertising model which promotes the gathering of “likes” from users.
Market Update
Markets remain weak after no action out of the ECB. While they are working on reform for the debt crisis, markets see this as a possibility for trouble to emerge. U.S. equities pared half their losses by 10:30 am, but have since fallen back to the lows of the day.
Considering all that has happened in the last two days the markets should get a teflon grade A rating as we could have tanked hard. Wait for the close to see where we really end up.
The clam put has been pushed off for September. Markets are awaiting their fix.
[youtube://http://www.youtube.com/watch?v=N6uEMOeDZsA 450 300] Comments »Comedy Relief: LISTEN TO THE FUCKING MORON CEO OF $MWW MAKE A FOOL OUT OF HIMSELF ON EARNINGS CALL
Today’s Winners (with short interest data)
Art Cashin: The End of an Error
The End Of An Error – The conversation on both the floor and the financial media was dominated Wednesday morning
by a series of apparently erroneous trades.
Between the 9:30 opening and about 10:15, a series of larger than normal orders spewed onto the floor. A later post
mortem would reveal that there were approximately 150 different companies involved.
The orders were so large that in some cases they represented the average volume for 10 or even 20 days. Some may have
been subdivided into a series of smaller lots.
Things almost got ugly as the sharp price movements in the stocks produced sharp movements in the options for those
stocks. That set up a possible feedback loop with stocks influencing options which in turn influenced the stocks again.
That could have turned into a flash crash style chain reaction.
Luckily, the system worked, as humans intervened and several circuit breakers kicked in. Some stocks were temporarily
halted and the negative chain reaction was interrupted briefly but effectively. A notable victory for the humans.
Knight Trading, through whose system most of the orders appeared to have been transmitted, was said to turn away
further orders, presumably to limit client risk. The market seemed to interpret that as the problem was unresolved, and
leaned on the stock.
In five decades, we have seen all manner of errors. Some are simple misunderstandings. “Buy 5 million dollars worth of
IBM” becomes “Buy 5 million shares of IBM.”
Some are the results of short cuts. Several decades back, when program trading was in its infancy, some traders at Kidder
Peabody tried to reduce the number of key strokes. Since we only traded in round lots of 100 shares or more, the last two
zeroes were redundant. So, they taught the computer that when you hit a 1, the computer should automatically add two
zeros to make it 100.
That worked fine until one lazy summer day, a trader told an intern to sell 1700 shares of Boeing (BA) The unknowing kid
naturally typed in 1700 and the computer added 00 making the 1700 into 170,000 shares.
It might have been caught but the computer had been taught another shortcut. To keep their orders from being caught
up in a “large order net” and handed to a human, they taught the computer to slice and dice large orders into multiple
orders of 500 shares.
So, on a lazy summer afternoon, the auto-routing mechanism at the Boeing post began to shoot orders out like a machine
gun. Luckily, the day was slow enough that a human caught it before more than 50,000 had been executed.
Errors on Wall Street have a long history, unfortunately.
Comments »Buy or Sell? S&P Chart Analysis
Australia’s Finance Minister Says Bruce Springsteen Is Better At Reading The US Economy Than Actual Economists
“Where might finance ministers find economic inspiration? The works of John Maynard Keynes, perhaps? Paul Krugman or Nouriel Roubini? Not Australia’s treasurer Wayne Swan.
The man named Finance Minister of the Year in 2011 by Euromoney magazine turns instead to the Boss.
Swan has named Bruce Springsteen as one of his economic heroes.
“You can hear Springsteen singing about the shifting foundations of the US economy which the economists took much longer to detect, and which of course everyone is talking about now,” Swan said in a lecture to members of the ruling Labor party.”
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