$RY, $BAC, & SocGen Subpoenaed in Libor Probe

“Societe Generale SA (GLE), Royal Bank of Canada, and Bank of America Corp. are among nine additional banks that were subpoenaed in New York and Connecticut’s probe of alleged manipulation of Libor, a person familiar with the matter said.

The subpoenas, issued by New York Attorney General Eric Schneiderman starting in August, bring to 16 the total number of banks that have been subpoenaed in the states’ investigation, said the person, who asked not to be identified because there wasn’t authorization to speak publicly.

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“China Unicom (Hong Kong) Ltd. (762), the nation’s second-largest mobile-phone company, dropped the most in more than three years in Hong Kong trading after third- quarter profit missed analysts’ estimates.

Unicom fell 7.6 percent to HK$12.72, its largest decline since April 1, 2009. The stock has lost 22 percent this year while the benchmark Hang Seng Index has gained 17 percent.

Net income rose 27 percent to 2.02 billion yuan ($324 million), compared with the 2.21 billion-yuan median of seven analysts’ estimates in a Bloomberg News survey. Chairman Chang Xiaobing turned to low-cost smartphones priced at 1,000 yuan or less, luring price-conscious users such as students, after losing the advantage as the only Chinese carrier to offer Apple Inc.’s iPhone with a service plan.

“Monthly data usage of its 3G subscribers appears lackluster,” Steven Liu, an analyst at Standard Chartered Bank, said in a report as he cut his recommendation to underperform.”

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Apparently milk decline has New Zealand showing the worst fall in exports since 2009. Exports fell by 0.1% while exports grew by 3.4%.

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“Japan announced 750 billion yen ($9.4 billion) of fiscal stimulus to shore up growth as bond investors told the government they’re worried about delays in financing more spending.

With lawmakers in the Diet blocking financing legislation, some of the extra money will come from tapping discretionary budget funds, the government said in Tokyo today. The Finance Ministry said the impasse may affect a debt sale planned for December after an emergency meeting today with primary bond dealers.”

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The bank index is down 1.5% in France as BNP and other banks were downgraded by S&P. BNP took the brunt of the ratings downgrade while SocGen and Credit Agricole were only placed on negative watch from a stable outlook.

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“European stocks dropped, with the Stoxx Europe 600 Index heading toward the second weekly decline in three, as investors awaited data on American gross domestic product growth amid concern company earnings are deteriorating. U.S. index futures and Asian stocks also declined.”

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Earnings out of $AAPL took Asian markets down from the open. Markets never really recovered and the sell off spilled over in to Europe.

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World Markets

Currencies

Commodities

USD Libor

Euribor

Yields for Italy, Spain, France,  and Germany …

Four former LSU football players, including 2011 Heisman Trophy finalist Tyrann Mathieu and quarterback Jordan Jefferson, were arrested for possession of marijuana Thursday in Baton Rouge.

Full Story Courtesy of nola.com

Fun times….

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“The U.S civil action seeks at least $1 Billion.US Federal prosecutors sued Bank of America with a $1 billion-plus civil mortgage fraud lawsuit Wednesday, accusing the bank of engineering a scheme that defrauded federally backed mortgage buyers Fannie Mae and Freddie Mac during the national financial crisis.

The U.S complaint filed in U.S. District Court in New York accuses the Bank of America of using a loan origination program called the “Hustle” to process mortgage applications at high speed with little checking for fraud, misstatements or other wrongdoing.”

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” Only a few months ago, traders and investors were fretting about whether tensions in the Middle East and production problems elsewhere would lead to a shortage of crude oil. Now, many are worried there may be too much.”

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“Chief executives of more than 80 big-name U.S. corporations, from AetnaInc. AET +0.66% to Weyerhaeuser Co., WY -1.12% are banding together to pressure Congress to reduce the federal deficit with tax-revenue increases as well as spending cuts.

The CEOs, in a statement to be released on Thursday, say any fiscal plan “that can succeed both financially and politically” has to limit the growth of health-care spending, make Social Security solvent and “include comprehensive and pro-growth tax reform, which broadens the base, lowers rates, raises revenues and reduces the deficit.”

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Gapping up

SYNC +13.6%, ANGI +13.3%, ZNGA +13.2%, SYMC +10.5%, INFN +9.6%,

AKAM +8.6%, SKX +5.7%, LOGM +5.2%, RYL +5.2%, UN +4.9%, WYNN +3.8%,

BVSN +3%, GOLD +2.8%, CAKE +2.3%, DB +2.1%, MGM +2%, SLW +2%, EGHT +2%,

HBC +1.9%, CDNS +1.9%, AEM +1.9%, CTXS +1.8%, GDX +1.5%, NPSP +1%

Gapping down 

FFIV -11.1%, LOGI -9.4%, FIO -8.8%, BBY -6.6%, TSCO -6.5%, CLF -6.5%, POT -5.3%,

TRN -4.4%, CROX -4.3%, OREX -3.6%, EXL -3.2%

AKAM, BCH, BSAC, BA, BP, BRCD, CIEN, CROX, CBST, EMC, FB, HIBB, HON, INTC, ISIL, NBR, NSC,

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In Play ,

On the Wires

You must be pure….

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Beyond just expansion and contraction is economic theory and more in depth descriptions of cycles. See what the cycles say about the global economy.

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“NEW YORK (AP) — Prescription drug distributor McKesson Corp. is expanding its medical supplies business by buying PSS World Medical Inc. for about $1.46 billion.

McKesson said Thursday it will pay $29 per share for PSS World, a 34.3 percent premium over Wednesday’s closing price. PSS World shares finished at $21.60 Wednesday and advanced $7.09, or 32.8 percent, to $28.69 in premarket trading.

San Francisco-based McKesson values the deal at $2.1 billion including PSS World’s debt.

PSS World, of Jacksonville, Fla., had $2.1 billion in revenue in its latest fiscal year. It will become part of McKesson’s medical-surgical business. The deal requires the approval of PSS World shareholders.

McKesson expects $100 million in annual savings in the fourth year after closing.”

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“RICHMOND, Va. (AP) — Marlboro maker Altria Group Inc.’s third-quarter net income fell 44 percent on charges for a loss on early extinguishment of debt. But it sold more cigarettes at higher prices and expanded its industry-leading share of the U.S. market.

The owner of the nation’s biggest cigarette maker, Philip Morris USA, on Thursday reported net income of $657 million, or 32 cents per share, for the three-month period ended Sept. 30, down from $1.17 billion, or 57 cents a share, a year earlier.

Earnings were impacted by previously announced plan to buy back $2 billion in debt, which resulted in a charge of $874 million in the third quarter. Adjusted earnings were 58 cents per share, matching Wall Street expectations.

The Richmond, Va.-based company said revenue, excluding excise taxes, rose about 3 percent to $4.46 billion as higher costs to promote its top-selling Marlboro brand were offset by higher prices and volumes. Analysts polled by FactSet expected revenue of $4.36 billion.

Its shares rose 22 cents to $32.35 in premarket trading. Its shares hit a 52-week peak of $36.29 in early August.”

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