- Small-Cap Value -.02%
- Coal +2.98% 2) Gold & Silver +1.78% 3) Steel +1.46%
- TI, PACW, BSBR, NBS, ARRY, MTG, FIRE, CSE, LXK, SANM, IRWD, FSL, BTU, WLT, FTNT and PII
- 1) MTW 2) DFS 3) WLP 4) BRCM 5) AEGR
- 1) TXN 2) HAS 3) PII 4) BTU 5) LMT
Tuesday, July 23, 2013
Bull Radar
Style Outperformer:
Tuesday Watch
Evening Headlines
Bloomberg:
RBC:
Earnings of Note
Company/Estimate
9:00 am EST
Bloomberg:
- BRIC Bust Seen in Emerging Market Discontent With Growth. Stretched budgets and sluggish growth are putting emerging-market governments on a collision course with rising pressures from recently empowered middle classes for more spending and better services. From Jakarta to Brasilia, policy makers face the end to an era of abundant global liquidity that helped fuel the fastest expansion in three decades. In the eight weeks through July 17, investors pulled $40.3 billion from emerging-market bond and equity funds amid signs the Federal Reserve may begin reducing stimulus later this year. In 2012, $111 billion poured into these asset classes, according to EPFR Global in Cambridge, Massachusetts, which tracks money flows. The Fed’s plans didn’t trigger the slump -- after a decade of prosperity, the BRIC economies of Brazil, Russia, India and China (SHSZ300) have been slowing since 2010. Developing nations are punished more during downturns than their European counterparts because they depend on growth to mitigate social tensions, said Angel Gurria, secretary-general of the Organization for Economic Cooperation and Development. “The needs are much more elementary and brutal,” said Gurria, a former Mexican finance secretary, in a July 19 interview in Moscow. Families live with “vermin because they don’t have cement on the floor, and when there’s a big wind it blows off the roof. This isn’t the problem the middle class in the Netherlands face.”
- Rate-Cut Ammo Running Low Challenges RBA as China Slows: Economy. Australia entered its last recession with the benchmark interest rate at 12 percent. Now, as a once-in-a-century mining-investment boom wanes, the central bank finds itself with little conventional ammunition.
- Asian Stocks Extend Two-Month High on China Growth, Fed Stimulus. Asian stocks rose, extending a two-month high, after Premier Li Keqiang said China’s economy won’t grow any slower than 7 percent and as U.S. housing data damped concerns the Federal Reserve will reduce stimulus measures. Nippon Steel & Sumitomo Metal Corp. (5401) climbed 3 percent in Tokyo after the Nikkei newspaper reported the world’s biggest steelmaker agreed to a 10 percent price increase with Toyota Motor Corp. Yanzhou Coal Mining Co., China’s fourth-largest producer of the fuel, added 3.8 percent in Hong Kong after saying its chairman and vice chairman resigned. ZTE Corp., China’s No. 2 makerof equipment for phone networks, jumped 17 percent after reporting higher first-half earnings. The MSCI Asia Pacific Index climbed 0.9 percent to 137.24 as of 12:18 p.m. in Tokyo, with almost four stocks rising for each that fell.
- Swaption Drop Signals Treasury Market Prepared for Fed Tapering. Options are signaling that the Federal Reserve can reduce its bond-purchase program without causing a spike in price swings in the Treasury market. Three-month implied volatility on 10-year interest-rate swaps dropped to a one-month low of 89.4 basis points from 122.6 basis points on July 5, which was the highest since November 2011, according to data compiled by Bloomberg. The gauge is a measure of projected yield fluctuations over the next 90 days. Half of the economists surveyed by Bloomberg say the Fed will begin trimming its $85 billion in monthly bond purchases in September.
- Fed Seen Tapering QE in September by Half of Economists Surveyed. A growing number of economists surveyed by Bloomberg News say the Federal Reserve will begin trimming its $85 billion in monthly bond purchases in September. That was the view of half of those who participated in the July 18-22 survey, up from 44 percent in last month’s poll. Even as expectations of a September taper rose, 10-year Treasury yields continued to fall last week from an almost two-year high after Fed Chairman Ben S. Bernanke said reducing bond-buying wouldn’t constitute policy-tightening.
- MillerCoors Sees Metal-Warehouse Delay Costing Buyers $3 Billion. Global aluminum costs were inflated by $3 billion in the past year through unfair rules that allow Goldman Sachs (GS) Group Inc. and other warehouse owners to slow deliveries, said a risk executive at brewer MillerCoors LLC. The practices of warehouse owners authorized to hold aluminum by the London Metal Exchange created artificial limits on available supply, leaving prices “inflated relative to the massive oversupply and record production,” Tim Weiner, a global risk manager at Chicago-based MillerCoors, said in written testimony before his appearance today at a U.S. Senate subcommittee hearing in Washington.
- Southwest(LUV) Jet’s Gear Collapses, Snarls LaGuardia Traffic. A Southwest Airlines Co. (LUV) jet’s nose gear collapsed on landing at New York’s LaGuardia airport, snarling traffic in the nation’s busiest air-travel market as flights were sent to other airports in the region. Eight of the 150 people on board the Boeing Co. (BA) 737-700 from Nashville, Tennessee, were injured today, Michelle Agnew, a spokeswoman for Dallas-based Southwest, said in a telephone interview. CNN video showed the plane sitting with its front end on the runway and the emergency evacuation slides extended.
- Housing Recovery Increasingly Prices Out First-Time Buyers. Financial Factors Keeping Lid on Initial Purchases. First-time home buyers, long a key underpinning of the housing market, are increasingly getting left behind in the real-estate recovery. Such buyers, typically couples in their late 20s or early 30s, have accounted for about 30% of home sales over the past year. They represented 40% of sales, on average, over the past 30 years, and accounted for more than 50% in 2009, when recession-era tax credits fueled the first-time market, according to data from the National Association of Realtors.
- Economic Casualties: 'Missing Households'. The number of Americans living in someone else's home for economic reasons rose in the past year despite an improving labor market, posing a challenge for the housing market and the broader recovery. The number of so-called missing households—representing adults who would be owning or renting their own home if household formation had stayed at normal rates since the recession—has increased 4% over the past year, according to an analysis for The Wall Street Journal.
- SAC to Employees: Cohen Didn't Read Dell Email at Heart of SEC's Case. SAC gave employees a memo that is a detailed rebuttal to U.S. allegations that CEO Steven A. Cohen failed to take proper steps to prevent insider trading.
- As Banks Retreat, Hedge Funds Smell Profit. Private investment funds, facing diminished returns in some other areas, have piled into the business of lending to struggling companies, part of a so-called shadow-lending system that operates under different rules than commercial banks. Hedge funds D.E. Shaw Group and Oaktree Capital Management, for example, recently set up funds to lend to small and midsize businesses, including distressed ones.
- Portugal's Bond-Market Recovery Veers Off Track. If Portugal Can't Win Back Investors' Confidence, Another Bailout Could be Near. Only a few months ago, investors were betting on Portugal as Europe's next bond-market recovery story. Now, despite the apparent resolution of a political row that sparked this summer's debt selloff, the future looks more complicated.
- A Global Revenue Grab. The G-20 unveils a plan to limit international tax competition. After five years of failing to spur a robust economic recovery through spending and tax hikes, the world's richest countries have hit upon a new idea that looks a lot like the old: International coordination to raise taxes on business. The Organization for Economic Cooperation and Development on Friday presented its action plan to combat what it calls "base erosion and profit shifting," or BEPS. This is bureaucratese for not paying as much tax as government wishes you did. The plan bemoans the danger of "double non-taxation," whatever that is, and even raises the specter of "global tax chaos" if this bogeyman called BEPS isn't tamed. Don't be fooled, because this is an attempt to limit corporate global tax competition and take more cash out of the private economy.
- Will IRS scandal lead all the way to Obama? It took a mere two months and eight days for the Obama administration’s spin on the growing scandal of the IRS targeting Tea Party and conservative groups to completely collapse.
- Detroit bankruptcy raises concerns about other US cites under huge retiree debt. The recent bankruptcy filing in Detroit is raising red flags about other major U.S. cities also dealing with billions in under-funded retiree benefits, prompting the question -- who might be next? Just last week, Chicago’s credit rating was downgraded as a result of its $19 billion in under-funded pension liabilities. Moody's Investors Service called the liabilities “very large and growing" and warned that Chicago, the country’s third-largest city, faces a “tremendous strain’’ in trying to meet future funding requirements and public safety demands.
- Japan PM Abe's mandate is much smaller than it looks. Japanese Prime Minister Shinzo Abe's landslide election victory at the weekend was anything but a ringing endorsement from voters. The vast majority never voted for his coalition. Abe's mandate is much smaller than his ruling bloc's win in the upper house poll suggests: only about one in four voters gave their support. Three-quarters of the electorate either did not vote at all or backed opposition parties.
- About Those "Strong Fundamentals"... (graphs)
- HUGE PRISON BREAK IN IRAQ: 500 Escape Including Senior Al-Qaeda Members Who Were Due To Be Executed.
- Spain taps social security reserve fund to pay pensions. Spain tapped its social security reserve fund for the second time in a month on Monday, the Labour Ministry said, to help with extra summer pension payments as unemployment and retirement costs deplete government funds. The government turned to the fund for 3.5 billion euros ($4.6 billion) on July 1 then for a further 1 billion euros on Monday. Spanish pensioners receive two cheques in summer and two over the Christmas holidays.
- Brazil tries to lift fiscal credibility, markets don't buy it. Brazil announced on Monday it will freeze an additional 10 billion reais ($4.4 billion) in budgeted spending, in an effort that is unlikely to dispel investors' mistrust in the government's commitment to fiscal austerity. The new freeze, which was originally expected to reach up to 20 billion reais, is aimed at helping the central bank battle inflation, which hit a 20-month high in June. Brazil's planning ministry on Monday raised its projection for 2013 inflation to 5.7 percent from 5.2 percent previously -- closer to market expectations.
- Italy says to press ahead with divisive tax decisions. Italy's fragile coalition government said on Monday it would press on with plans to reform a hated housing levy and resolve differences over sales tax, despite earlier reports it might have to postpone decisions on the divisive issues. Disagreements over tax policy have tested the left-right coalition, which has seen its public support tick down steadily since it was formed in April.
- Texas Instruments(TXN) upbeat about revenue, chip demand. Texas Instruments Inc gave a third-quarter revenue forecast that was stronger than some analysts expected and said customers seem more confident about placing orders for chips. Orders picked up in the first half of 2013 and Chief Financial Officer Kevin March told Reuters on Monday that business continues to improve, following weak demand last year due to concerns about the global economy. Texas Instruments' book to bill ratio, a measure of orders filled, was 1.03 in the second quarter, unchanged from the prior quarter.
- Brazil firms boost hedges as currency swings, debt soars. Brazilian companies, seeking to buffer their growing foreign debt from the impact of a surging U.S. dollar, are stepping up demand for hedges known as non-deliverable forward contracts, data by Cetip SA Mercados Organizados showed on Monday.
- IWH Forecasts Eastern German Economy Will Stagnate This Year. IWH Halle institute expects the German economy to grow .7% this year, citing IWH projections. Cos. in eastern Germany less protected from recession in neighboring countries. Unfavorable demographic trend one of the reasons for stagnation in eastern Germany; more than 500,000 people emigrated from the region from 2000-2011. Economic slowdown has cut chances eastern German regions will reduce financial arrears owed to western German states.
- China Premier Says GDP Growth Bottom Line is 7%. China Premier Li Keqiang said China's "bottom line" for GDP growth is 7% and the nation can't let growth go below that, citing comments at a recent meeting with economists and businesspeople. China's economy is at a "reasonable" level as a whole, Li said. China's policy makers don't simply loosen fiscal and monetary policies or adopt short-term stimulus when downward economic pressure increases, citing Chen Yulu, a central bank adviser.
RBC:
- Rated (LRCX) Outperform, target $61.
- Asian equity indices are +.50% to +1.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 126.50 -1.5 basis points.
- Asia Pacific Sovereign CDS Index 98.25 -3.75 basis points.
- FTSE-100 futures +.20%.
- S&P 500 futures +.30%.
- NASDAQ 100 futures +39%.
Earnings of Note
Company/Estimate
- (AMTD)/.31
- (BTU)/-.05
- (APD)/1.36
- (CIT)/.91
- (TRV)/1.60
- (FRX)/.08
- (LXK)/.87
- (UTX)/1.57
- (LMT)/2.20
- (R)/1.23
- (AKS)/-.32
- (VLO)/.96
- (WEN)/.06
- (DD)/1.27
- (RF)/.21
- (MO)/.63
- (DPZ)/.56
- (UPS)/1.13
- (FCX)/.45
- (PCAR)/.74
- (ITW)/1.09
- (AVY)/.70
- (RHI)/.43
- (BCR)/1.38
- (ALTR)/.31
- (LLTC)/.42
- (AAPL)/7.30
- (JNPR)/.25
- (ILMN)/.39
- (DFS)/1.15
- (PNRA)/1.77
- (T)/.68
- (BRCM)/.69
- (NSC)/1.49
- (VMW)/.77
- (IGT)/.31
- (EA)/-.59
- (HMA)/.21
9:00 am EST
- The House Price Index for May is estimated to rise +.8% versus a +.7% gain in April.
- The Richmond Fed Manufacturing Index for July is estimated to rise to 9.0 versus 8.0 in June.
- None of note
- The Japanese Cabinet Office Monthly Economic report, Eurozone Consumer Confidence report, 2Y T-Note auction, HSBC Manufacturing PMI report, Australian inflation data and the weekly retail sales reports could also impact trading today.
Monday, July 22, 2013
Stocks Slightly Higher into Final Hour on Central Bank Hopes, Less Eurozone/Asian Debt Angst, Healthcare/Metals & Mining Sector Strength
Broad Equity Market Tone:
- Advance/Decline Line: Modestly Higher
- Sector Performance: Mixed
- Volume: Below Average
- Market Leading Stocks: Underperforming
- Volatility(VIX) 12.51 -.24%
- Euro/Yen Carry Return Index 136.93 -.66%
- Emerging Markets Currency Volatility(VXY) 9.08 -3.51%
- S&P 500 Implied Correlation 50.11 -2.43%
- ISE Sentiment Index 123.0 -7.53%
- Total Put/Call .95 +20.25%
- NYSE Arms .76 -5.97%
- North American Investment Grade CDS Index 72.59 -.01%
- European Financial Sector CDS Index 140.98 -5.90%
- Western Europe Sovereign Debt CDS Index 93.0 unch.
- Emerging Market CDS Index 271.92 -2.41%
- 2-Year Swap Spread 18.0 +.25 bp
- TED Spread 26.0 +1.5 bps
- 3-Month EUR/USD Cross-Currency Basis Swap -9.25 -.25 bp
- 3-Month T-Bill Yield .01% -1 bp
- Yield Curve 218.0 unch.
- China Import Iron Ore Spot $131.50/Metric Tonne -.15%
- Citi US Economic Surprise Index -9.10 +.4 point
- Citi Emerging Markets Economic Surprise Index -29.30 +1.7 points
- 10-Year TIPS Spread 2.20 unch.
- Nikkei Futures: Indicating +68 open in Japan
- DAX Futures: Indicating -3 open in Germany
- Slightly Higher: On gains in my medical/biotech/retail sector longs
- Disclosed Trades: None
- Market Exposure: 50% Net Long
Today's Headlines
Bloomberg:
CNBC:
c/net:
El Mundo:
- China One-Year Swap Rate Rises on Capital Outflow Concerns. China’s one-year interest-rate swap rose to a three-week high on concern capital will head overseas as a slowdown in the world’s second-largest economy erodes the creditworthiness of local companies. Yuan positions at Chinese financial institutions accumulated from sales of foreign exchange, an indication of capital inflows, rose 67 billion yuan ($10.9 billion) in May, the least in six months, the People’s Bank of China reported June 14. The nation’s rating firms cut the most bond issuer rankings on record in June, according to Guotai Junan Securities Co., the nation’s third-biggest brokerage. “Concern about capital outflows is rising because of fear of default and increasing non-performing-loan ratios,” said Wee-Khoon Chong, a strategist at Societe Generale SA in Hong Kong.
- India 10-Year Bonds Fall After Worst Weekly Decline Since 2009. India’s 10-year bonds fell after posting their biggest weekly loss since 2009 as the nation’s central bank raised two interest rates to steady the currency. “The central bank is clearly aiming to raise short-term rates,” said Arvind Chari, a senior fund manager at Quantum Asset Management Co. in Mumbai. “The market’s expectations of a rate cut have been pushed back significantly.” The yield on the 7.16 percent bonds due May 2023 rose two basis points to 7.96 percent as of 10:30 a.m. in Mumbai, according to the central bank’s trading system. The rate surged 41 basis points last week, the most for a benchmark 10-year government note since December 2009, data compiled by Bloomberg show.
- EU Bank Sovereign Debt and Capital Holdings to Be Published. The European Union’s top banking regulator will reveal data on the sovereign debt and types of capital held by the bloc’s biggest lenders as it forgoes a stress test for a second year. The European Banking Authority, set up in 2011 to harmonize banking rules, may publish the data as early as October and include additional information on banks’ cross-border investments across the EU.
- European Stocks Rise for Fourth Day as UBS, Philips Gain. European stocks rose for a fourth day, extending a seven-week high, as companies from UBS AG to Royal Philips (PHIA) Electronics NV reported increased profit. UBS, Switzerland’s largest bank, rallied to a two-year high. Philips, the Dutch maker of light bulbs and electric toothbrushes, gained for an eighth day. Portugal’s PSI-20 Index (PSI20) advanced 2.3 percent as President Anibal Cavaco Silva affirmed that he doesn’t want to call early elections. Mobistar (MOBB) SA slumped the most on record after the Belgian mobile-phone company cut profit forecasts and suspended its dividend. The Stoxx Europe 600 Index rose 0.2 percent to 300.3 at the close of trading, having swung between gains and losses at least 20 times.
- Gold Futures Advance Most in a Year on U.S. Stimulus Outlook. Gold gained the most in more than a year on speculation that the Federal Reserve will maintain U.S. economic stimulus, boosting the appeal of the precious metal as a store of value. Silver also surged. Gold futures for December delivery rose 3.3 percent to settle at $1,337.30 an ounce at 1:43 p.m. on the Comex in New York, the biggest gain since June 29, 2012. Earlier, the metal reached $1,340.50, the highest for a most-active contract since June 20.
- Egypt Islamist Calls for U.S. Embassy Siege Amid Unrest. A Muslim Brotherhood leader called on Egyptians to lay siege to the U.S Embassy in Cairo to protest what he said was American support for the ouster of Islamist President Mohamed Mursi. U.S. diplomats should leave Egypt, Essam El-Erian told Brotherhood supporters today in Cairo’s Nasr City suburb, where they’ve been staging a sit-in since Mursi’s July 3 removal by the army. He said he hoped they wouldn’t be harmed. The U.S., which gives more than $1 billion a year to the Egyptian military, hasn’t labeled its intervention as a coup, though it has called for a quick transition to democracy.
- Euro-Zone's Debt Load Swells. Government Debt as Proportion of Economy Rises to 92.2%. The figures are a signal that the euro zone's strategy of spending cuts and tax increases aimed at curbing debts isn't yet having the desired effect, in part because of falls in economic output across the bloc. A recession lasting 18 straight months, which critics say has been the result in large part of austerity measures, has caused tax revenues to wither and benefits payments to rise, forcing governments to borrow more. Figures Monday from the EU's official statistics agency, Eurostat, showed that the government debt of euro-zone countries grew to represent 92.2% of their combined gross domestic product at the end of March, from 90.6% at the end of December and 89.9% at the end of September. That represents a significant step up in the bloc's accumulation of debt. The figures showed continued rises in the government debt levels of euro-zone countries at the heart of the fiscal crisis. Irish government debt rose to 125.1% of GDP, some 7.7 percentage points higher than three months earlier, the figures showed. Spain's debt rose 4.0 percentage points to 88.2% of GDP and Portugal's rose 3.5 percentage points to 127.2%. Greek government debt rose 3.7 percentage points to 160.5% of GDP. Only two of the 17 euro-zone countries, Germany and Estonia, reported falling levels of debt as a proportion of their economy.
- Apple(AAPL) Tests Larger Screens for iPhones, iPads. Tests Suggest Apple Exploring More Ways to Draw Consumers.
- Obama tries to refocus message on economy amid summer setbacks. ObamaCare is getting rickety. The IRS scandal is expanding. And every few days, a new leak emerges about another U.S. surveillance tactic. Time to change the subject?
CNBC:
- Doctors are skeptical and confused about Obamacare, survey finds. The doctor is . . . skeptical about the Affordable Care Act. And clueless, too. A new survey shows that an overwhelming percentage of physicians don't believe that their states' new health insurance exchanges will meet the Oct. 1 deadline for those key Obamacare marketplaces to begin enrolling the uninsured. Just 11 percent of doctors believe those exchanges will be open for business that day. But those doctors, by a wide margin, also said they are "not at all familiar" with how a number of important aspects of those exchanges and plans offered on them will work—aspects that will directly affect their bottom lines. More than 65 percent of them gave that answer to all but one of the questions asking their familiarity with plan benefits levels, contracted rates with insurers, patient coverage terms and the claims process.
- Pump prices jump 12 cents, AAA sees further rise. American motorists are bracing for further increases in gas pump prices this summer after average national prices rose 12 cents in the past week alone. AAA says drivers are experiencing "sticker shock" as increased summer demand, unrest in Egypt and production disruptions in the U.S. and other countries push up the price of crude oil and gasoline. The national average price for regular unleaded gasoline was $3.67 a gallon on Friday.
- Investors are moving out of housing, here's why. They swarmed the distressed housing market, buying thousands of foreclosed properties and pushing prices higher faster than anyone expected. Now investors are pulling back, dissuaded by the higher prices they themselves brought about.
- Portugal Explained. (graphs)
c/net:
- So long, Loeb: Yahoo(YHOO) buying back 40M Third Point shares. The company will pay $29.11 per share, according to Yahoo, and three directors appointed by Third Point have resigned.
- Regulators begin HFT crack down on market spoofing algorithms. Regulators on both sides of the Atlantic have levelled their first fines against high frequency traders who deployed computer algorithms to spoof the markets by placing and immediately cancelling bids and offers in futures contracts.
- EBay(EBAY) expands same-day delivery in local battle with Amazon(AMZN). EBay Inc unveiled a big expansion of its eBay Now same-day delivery service on Monday as the company battles with rival Amazon.com Inc for dominance of the emerging online local commerce market. EBay Now, which delivers products from stores including Target, Walgreen and Best Buy in as little as an hour, was launched last year in San Francisco and San Jose, California and Manhattan, New York.
- Russia's car market to fall 2-4 pct in 2013 - government official. Russia's car market is expected to decline by up to 4 percent this year, Russia's deputy Minister of Trade and Industry said on Monday, as the country's $2 trillion economy falters.
- Fukushima nuclear plant leaking radioactive water into ocean. A Japanese utility said Monday its crippled Fukushima nuclear plant is likely leaking contaminated water into sea, acknowledging for the first time a problem long suspected by experts.
El Mundo:
- Spain Opinion Poll Shows PP Support Plunging. Support for Spain's ruling People's Party plunges, citing opinion poll. Electoral support for PP fell to 30.7%, 13.9 pps below support level gained to win Nov. 2011 general elections, citing poll by Sigma Dos; PP had 35.4% support in May. Support for Socialists reached 27.8% in July vs 28.8% in 2011 elections; Izquierda Unida party has 14.3% support. 60.2% of those polled had a bad or very bad opinion of Prime Minister Mariano Rajoy, citing poll.
Echoing fears that
European policymakers remain in a state of cognitive dissonance –
recognizing the need for root-and-branch overhaul of peripheral banks,
but backtracking on joint liability plans – Christopher Flowers, the
legendary FIG investor who now runs the £2.3 billion ($3.5 billion)
private equity group JC Flowers, sounded the alarm over the negative
sovereign-bank feedback loop.
In a shot across the bows of market bulls, who cite the return of
capital flows to weaker eurozone states, Flowers issued a stark warning:
"There is a scenario where we have a Lehman-type event: we wake up some
Thursday and a big country is in trouble.
"And the ECB will have to decide to support banks x, y, z. And then the
ECB will, in fact, decide to own bank x, y, z.
While we want you to share, we ask you use the functions on-site rather than copy/paste. See T's & C's for details. http://www.euromoney.com/Article/3211790/CurrentIssue/88924/Restructuring-Flowers-slams-Europe-over-inaction.html?copyrightInfo=true
Efimerida ton Syndakton:While we want you to share, we ask you use the functions on-site rather than copy/paste. See T's & C's for details. http://www.euromoney.com/Article/3211790/CurrentIssue/88924/Restructuring-Flowers-slams-Europe-over-inaction.html?copyrightInfo=true
- Opposition Syriza Party Leads New Democracy, Greek Poll Shows. Syriza with 23.5% support, up rom 22.5% the month before. New Democracy at 21.5%, down from 23% in June. Nationalist Golden Dawn party in third place with 14.5%.
- China’s Banking Practices Threaten Economy, Harm Customers, Experts Say. Risky lending practices swell balance sheet assets and generate huge paper profits, but China’s state-owned banks are losing favor with markets, due to concerns over property bubbles, inflation, and slow economic growth.
Bear Radar
Style Underperformer:
- Large-Cap Growth -.12%
- 1) Homebuilders -1.51% 2) Restaurants -1.48% 3) Semis -.63%
- MCD, CVBF, MKC, CVI, INFN, NTLS, TOWR, BHLB, SILC, MAN, MLNX, DWA, YHOO, UTEK, SAP, SKS, CKEC, SSTK, RCII, CAKE, CPHD, YELP, BC, SRE, RLI, IR, TGP, NGVC, KMB and VFC
- 1) MCD 2) HCA 3) JNK 4) AMTD 5) ITB
- 1) BKW 2) MAT 3) DELL 4) YHOO 5) WFC
Bull Radar
Style Outperformer:
- Small-Cap Value +.39%
- Gold & Silver +5.38% 2) Alt Energy +1.56% 3) Steel +1.16%
- MCP, UBS, FDML, PETS and NQ
- 1) EA 2) NSC 3) TAP 4) TXN 5) CY
- 1) SON 2) DKS 3) TWX 4) LMT 5) HAL
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