Bloomberg:
- Merkel Warns Against Debt Perils as She Begins Re-Election Bid. Chancellor
Angela Merkel warned against the perils of excessive debt as she began
campaigning for Germany’s Sept. 22 election, seeking to defend her lead
in the polls to clinch a third term. Addressing a crowd of more than
1,000 in the Hessian city
of Seligenstadt today, Merkel embraced a report that the 17-nation euro
area had emerged from recession as “good news,”
though she said growth must not be based on debt. “We’ve seen what can happen if you accumulate too much
debt,” Merkel said. Higher borrowing costs spur rising interest
rates, putting businesses in danger, she said. “Then you have
unemployment -- and at that point you have a spiral."
- European Stocks Climb for Fifth Day on Euro-Area Growth.
European stocks rose for a fifth day, with the benchmark Stoxx Europe
600 Index advancing to a 12-week high, as a report showed the euro
area’s economy emerged from a record-long recession in the second
quarter. Subsea 7 SA, an offshore oil services provider, surged the most
in three years after reporting a smaller-than-expected quarterly loss.
Rentokil Initial Plc (RTO) jumped to the highest price in more than two
years after reporting an
increase in first-half earnings and sales. RWE AG lost 4.5 percent after
second-quarter net income missed analysts’ estimates. The Stoxx 600 rose 0.3 percent to 308.62 at the close of trading.
- India Inflation Tops Estimates as Rupee Plunge Tests Rajan. Indian inflation accelerated more
than economists estimated in July as a plunging rupee stoked
import costs, with the central bank today announcing curbs on
foreign-exchange outflows to try and support the currency. The
wholesale-price index rose 5.79 percent from a year earlier, a
five-month high that exceeded the median 5 percent estimate in a
Bloomberg News survey of 34 analysts, a government report showed today. The Reserve Bank of India later reduced the
amount some companies can invest overseas, as well as the limit
on resident individuals’ remittances abroad.
- Cathay Profit Misses Estimates on Cargo Slump, North Asia.
Cathay Pacific Airways Ltd. (293), Asia’s biggest international
carrier, reported first-half profit that missed analyst estimates as
cargo revenue dropped and declining yields in North Asia masked gains
from carrying more passengers. Net income totaled HK$24 million ($3.1
million) in the six months ended in June, Cathay said in a stock
exchange statement today, compared with the HK$590 million median profit
estimate in a Bloomberg News survey of five analysts. It was the
smallest profit in at least 15 years for the Hong Kong-based airline.
- S&P
500 Valuation vs VIX Shows Concern Lacking: Chart of the Day. Investors
are becoming overly content about the prospects for stocks after more
than four years of gains, according to David Bianco, chief US equity
strategist at Deutsche Bank AG. Bianco's P/E-VIX ratio closed yesterday
at 1.2. At that level, a lack of concern that share prices may fall
starts to supplant "realistic and disciplined" investing, he wrote.
- Janus Funds Post Highest Withdrawals in More Than Three Years.
Janus Capital Group Inc. (JNS) had its biggest monthly mutual-fund
withdrawals in more than three years after a large client pulled money
from the money manager’s oldest fund. Investors pulled a net $2.2
billion from the Denver-based company’s long-term funds in July, the
most since May 2010, according to research firm Morningstar Inc. (MORN) A
single client redeemed $1.3 billion from the now $7 billion Janus Fund
in July, John Groneman, head of investor relations at Denver-based
Janus, said today in a telephone interview.
Wall Street Journal:
- Egypt's Deadly Crackdown Spurs Street Violence. Health Ministry Says 149 Killed in Effort to Clear Antigovernment Sit-Ins in Cairo. Egypt's efforts to end Muslim Brotherhood protests turned deadly
Wednesday morning, with well over 100 people killed across the country
in violence set off when police, later backed by Egyptian soldiers,
moved in against two antigovernment sit-ins in Cairo. The move to clear supporters of former President Mohammed Morsi,
which had been anticipated since his ouster by the military on July 3,
set off violent upheaval across Cairo. Protesters tried to storm police
stations across Egypt's capital, while entire neighborhoods succumbed to
fighting between neighbors on opposite sides of the political divide,
an early taste of the bloodshed that has been feared for weeks by many
Egyptians. Several observers worried that the violence has spiraled
out
of control and taken on sectarian shadings. Egypt's interim president
declared a monthlong national state of emergency to start Wednesday
afternoon.
Fox News:
- Former Rep. Jesse Jackson Jr. sentenced to 30 months in prison. Former Rep. Jesse Jackson Jr. was sentenced to two and a half years
in prison Wednesday after pleading guilty to scheming to spend $750,000
in campaign funds on TV's, restaurant dinners, an expensive watch and
other costly personal items. His wife received a sentence of one year. Jackson, the 48-year-old son of civil rights leader Jesse Jackson,
had been a Democratic congressman from Illinois from 1995 until he
resigned last November. In an emotional speech to the judge during which
he became choked up and used tissues to blow his nose, he apologized
and said he wanted to "take responsibility for my actions." "I misled the American people," he said.
CNBC:
- Mortgage apps defy rate dip, hit lowest in more than a month. Applications for U.S. home loans fell last week to their lowest level in
more than a month despite a slight decline in interest rates, data from
an industry group showed on Wednesday. The gauge of loan requests for home purchases, a leading indicator of
home sales, fell 5.4 percent, resuming a downward trend that was
interrupted with a slight rise the prior week.
- Newly revealed Obamacare delay draws fire. Obamacare
might not be a "train wreck," but the wheels sure do keep coming off of
it. Yet another delay in a key part of the Affordable Care Act gave
critics more ammunition and raised further questions about the Obama
administration's authority to delay implementing sections of the law
without congressional approval.
Zero Hedge:
Business Insider:
Minyanville:
Yahoo:
- Away from Egypt, Bahrain’s Own Arab Spring Uprising Heats Up Again. While violence rages in Cairo, the dysfunctional epicenter of the Arab
Spring, another unresolved conflict from that season of unrest in the
region is flaring. Amid increasing tension and violence in the tiny Gulf
kingdom of Bahrain, pro-democracy protesters planned to mass in
nationwide demonstrations on Wednesday that marked the
two-and-a-half-year anniversary of the nation’s own frustrated Arab
Spring moment.
Derivatives Intelligence:
- Asian Emerging Markets Spreads Widen On China Fears. Spreads
on Asia's emerging market credit default swaps have widened in the last
three months, as prices on developed market CDS have tightened,
according to data from Markit. And China's economic situation suggests
the trend may be set to strengthen.
Reuters:
- Deere(DE) posts strong profit, but farmbelt spending a concern. Deere &
Co (DE.N) reported a much higher-than-expected quarterly profit on
Wednesday on strong sales of its tractors and harvesters in the
Americas, but some
analysts said the results represented the high-water mark for the
company in the current farm cycle.
Deere also said sales for the current quarter would be 5 percent lower than a year earlier. Its shares fell more than 1 percent.
- Macy's(M) same-store sales fall 0.8 percent. Macy's
Inc on Wednesday reported lower-than-expected sales and profit, citing
consumers' limited willingness to spend on non-essentials, leading the
department store chain to reduce prices on items.
Macy's, which also operates the upscale Bloomingdale's
chain, reported net income of $281 million, or 72 cents a share,
for the quarter that ended Aug. 3, up slightly from $279
million, or 67 cents per share a year earlier. That was six
cents per share less than expected, according to Thomson Reuters
I/B/E/S, The retailer said comparable sales and overall sales fell
0.8 percent. Analysts expected comparable sales to be up 2.3
percent.
Style Outperformer:
Sector Outperformers:
- Gold & Silver +4.39% 2) Steel +.81% 3) Biotech +.39%
Stocks Rising on Unusual Volume:
- WAGE, HMIN, JKS, GDP, TTM, AG, PAAS, ZLC and IMGN
Stocks With Unusual Call Option Activity:
- 1) PAYX 2) BRCD 3) CREE 4) XLU 5) M
Stocks With Most Positive News Mentions:
- 1) TXN 2) MRVL 3) SCHW 4) DE 5) PGR
Charts:
Evening Headlines
Bloomberg:
- Whither China Seen in Australia as RBA Notes Slowdown: Economy.
From his Manhattan office, Steven Englander looks to commentary from
policy makers and executives
in Sydney, not Beijing, for the best take on China’s economy. “They get a
direct, immediate view of China demand for highly cyclical products and
have an incentive to give it a close read, so if they are sensing an
extended slowdown I would take their views seriously,” said Englander,
58, head of Group of 10 currency strategy at Citigroup Inc. “It may
be better to have an accurate view of a limited but important segment of
Chinese demand, than an uncertain view of aggregate demand.” Doubts
over the accuracy of Chinese data focus attention on readings and
statements more than 3,500 miles south of Beijing, to Australia, China’s
biggest iron-ore supplier. The Reserve Bank of Australia said Aug. 9
China’s growth isn’t likely to “pick up much, if at all, in coming
quarters,” while Prime Minister Kevin Rudd has flagged the danger of a
Chinese credit
crunch in a re-election pitch based on economic management.
- Japan Studies Ice Wall to Halt Radioactive Water Leaks. Turning soil into virtual permafrost with refrigerated coolant piped
through the earth was first used in the 1860s to shore up coal mines.
One hundred and fifty years on, it’s the newest idea for containing the
Fukushima nuclear disaster.
- Indian Submarine Sinks After Explosion With 18 Sailors Aboard. An Indian submarine sank at a navy
facility near Mumbai with 18 sailors trapped on board after an
internal explosion triggered a fire. The cause of the blast and the sailors’ condition wasn’t
yet known, the Indian Navy said in an e-mailed statement. The
explosion occurred shortly after midnight and the submarine is
partially submerged in a navy dock, the navy said.
- Dollar Strengthens as Commodities Fall; Asia Stocks Mixed.
The dollar strengthened and most
commodities declined, while Asian stocks swung between gains and
losses. Bonds fell in Asia after the 30-year Treasury yield
approached a two-year high on signs of faster U.S. growth. The Bloomberg
Dollar Index advanced for a third day, the
longest winning streak since June. South Korea’s won slid 0.4 percent
versus the greenback as of 11:50 a.m. in Tokyo, Brent crude fell 0.4
percent and Aluminum dropped 0.5 percent. The MSCI Asia Pacific Index rose less than 0.1 percent
as a storm delayed trading in Hong Kong. Australia’s 10-year bond yield
climbed to a one-month high after the 30-year Treasury yield
added 13 basis points in the last two days.
- Rebar Snaps 10-Day Rally in Shanghai as Steel Mills Sell Futures.
Steel reinforcement-bar futures in Shanghai fell for the first time in
11 days as steel mills and investors sold to take advantage of prices at
the highest level in four months. Rebar for January delivery on the
Shanghai Futures Exchange fell 0.6 percent to 3,815 yuan ($623) a metric
ton at 10:33 a.m. local time. The contract closed at 3,838 yuan yesterday, the highest close for a most-active contract since April 12.
- Rubber Climbs to Highest in 11 Weeks as Weaker Yen Boosts Appeal. Rubber advanced to the highest level
in 11 weeks as a weakening Japanese currency made yen-based
contracts more attractive and data yesterday added to signs the
global economy is improving. Rubber for delivery in January on the Tokyo Commodity
Exchange rose as much as 1.5 percent to 269 yen a kilogram
($2,739 a metric ton), the highest level for a most-active
contract since May 29. Futures traded at 266.6 yen at 10:54 a.m.
and have lost 12 percent this year.
- Mexico Plans Oil Reserve Sweetener to Lure Exxon(XOM), Chevron(CVX). Mexico
has come up with an
inducement for private companies such as Exxon Mobil Corp. (XOM) to bid
on contracts that would end a 75-year state energy monopoly. Though the government will retain ownership of oil, President Enrique Pena Nieto plans to lift restrictions on
companies registering the value of contracts with the U.S.
Securities and Exchange Commission, Deputy Energy Minister
Enrique Ochoa said in an interview today. Those values could
then be converted into volume and recognized on balance sheets.
- Merkel Blasts Tax Increases as ‘Poison’ as She Starts Campaign. German
Chancellor Angela Merkel blasted tax increases as “poison” as she waded
into the German election campaign vowing to remain in office for the
full four-year legislative period if she wins a third term. Speaking
in Berlin after returning from a two-week vacation, Merkel rebuffed the
charge that her election effort is excessively cautious. She cited
“very clear” differences with the opposition Social Democrats over
taxes, which SPD chancellor candidate Peer Steinbrueck has pledged to
raise.
- Fed Seen Slowing QE in September by 65% of Economists in Survey. Sixty-five percent of economists in
a Bloomberg survey said Federal Reserve Chairman Ben S. Bernanke
will probably reduce the central bank’s $85 billion in monthly
bond purchases in September. The Federal Open Market Committee’s first step will
probably be small, with monthly purchases tapered by $10 billion
to a $75 billion pace, according to the median estimate in a
survey of 48 economists conducted Aug. 9-13. The Fed will end
the buying by the middle of 2014, they said. In a survey last
month, half of economists predicted a Fed reduction in bond
buying at the next scheduled meeting Sept. 17-18.
Wall Street Journal:
- U.S. Agrees Not to Prosecute 'London Whale'. Criminal Charges Against Two Others Could Come as Early as Wednesday.
The J.P. Morgan Chase & Co. trader known as the "London whale"
has reached an agreement with federal authorities to avoid criminal
prosecution over a $6 billion
trading loss, but two former colleagues are expected to be charged as
soon as Wednesday, according to people close to the case.
- Buyers Tackle a Fear of Debt.
After Selloff in May and June, Money Is Pouring Back Into Corporate
Bonds. Investors aren't afraid of the bond market anymore. After a broad
selloff in May and June, investors are pouring money
back into corporate bonds and riskier types of debt, some with complex
structures and favorable terms for issuers. Pension funds, insurance
companies, mutual funds and hedge funds are resuming a hunt for higher
yields that petered out earlier this spring when the Federal Reserve
said it may begin to wind down its $85 billion-a-month bond-buying
program, known as quantitative easing.
- Strassel: Behind an Ethanol Special Favor. An Alon USA Energy refinery in Louisiana was the only one—out of 143—exempted from an EPA mandate. Why? Why does the public demand transparency in government? Read on.
- Problems With Authority. Lawless regulators and the White House earn a judicial rebuke. President Obama asserted the unilateral power to "tweak" inconvenient
laws in last Friday's news conference, underscoring his Administration's
increasingly cavalier notions about law enforcement. So it's good that
the judiciary—a coequal branch of government, in case the Administration
forgot—is starting to check the White House.
MarketWatch.com:
CNBC:
- As bears growl, fund managers' optimism shoots up. Global fund managers are more upbeat about the world economy, and
optimism about the euro zone doubled in the last month to a nine-year
high, according to a new survey. The Bank of America Merrill
Lynch monthly global fund manager survey showed more fund managers were
upbeat in August than at any time since December 2009. A net 72 percent
of managers were optimistic that the world's economy would pick up over
the next 12 months, up 20 percent from July.
Zero Hedge:
- US Treasury Finally Admits The Truth: It's All POMO. So, thanks to the US Treasury, we know that between January 2009
and April 2013, on days in which the Fed POMO was more than $5 billion,
the stock market rose a total of 570 points, on days in which the POMO
was less than $5 billion, the cumulative stock market gain was "only"
141 points, and when there was no POMO, the S&P gained... -51 points.
Business Insider:
New York Times:
- Few Clues to Regulatory Goals of Fed Rivals. Lawrence H. Summers, as Treasury secretary, presided over the group of
senior Clinton administration officials who reached the fateful decision
in the late 1990s that there was no need to regulate a new family of
financial transactions known as over-the-counter derivatives. Janet
Yellen attended some of those meetings, too, as chairwoman of President
Clinton’s Council of Economic Advisers. But she did not speak.
Reuters:
- Textron Systems(TXT) eyes rising foreign demand for drones, weapons. Textron
Systems, a unit of Textron Inc , says strong demand from the Middle
East and Asia for unmanned systems, ground vehicles and smart weapons
will help expand foreign sales to about half of the division's total
revenues in coming years. Ellen Lord, president and
chief executive officer of Textron Systems, said international sales
had already grown to about 35 percent of total revenues from less than
10 percent in 2009, and would continue to expand toward a 50-50 split in
coming years.
- China investigating carmakers over pricing: industry body. A Chinese automotive
association is collecting data on the price of all foreign cars
sold in the country for a government agency that has fined
companies for price-fixing in sectors ranging from milk powder
to jewellery, officials at the industry body said.
- Euro zone may exit from recession yet give little to cheer about.
The euro zone economy may learn later on Wednesday that it has moved
out of its longest recession, needing seven quarters to dig up modest
growth in the three months to June. Data is expected to show growth in
the quarter - but just 0.2 percent, according to economists polled by
Reuters. In the first quarter it shrank by that amount. The overall
picture is expected to be mixed. Peripheral countries, such as Spain,
Greece and Portugal are struggling with high double-digit unemployment,
on-and-off political rows and painful austerity. By contrast, the
bloc's largest economy, Germany, is expected to have gathered speed.
France, the bloc's second-largest economy, and Germany release
second-quarter data early. They will be followed by overall euro zone
figures at 0900
GMT.
Financial Times:
- Tarnished outlook for Brazil steelmakers. Stagnant
demand for scrap metal, the raw material used in about 30 per cent of
Brazil’s steel production, according to the industry body Inesfa, is one
of the many signs that the long-awaited recovery of the country’s
steelmakers is yet to materialise.
Kyodo:
- Panel
to Propose Japan Defend Allies Under Attack. A Japanese govt panel on
security issues will propose that Japan help defend U.S. and other
allied nations when under attack by exercising its right to collective
self-defense, citing an interview with Shinichi Kitaoka, acting chairman
of the panel.
Shanghai Securities News:
- China 2H Fixed Asset Investment May Grow 19%-20%. China's 2H
fixed asset investment growth may be about 19%-20%, according to a
research report. China can't greatly expand fixed asset investment in
short-term because the government doesn't have much room in terms of
fiscal and monetary policy, the report said. Investment growth in
manufacturing and infrastructure will continue to slow, while real
estate may remain stable, according to the report.
Evening Recommendations
Night Trading
- Asian equity indices are -.50% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 138.0 -2.5 basis points.
- Asia Pacific Sovereign CDS Index 107.25 -1.5 basis points.
- NASDAQ 100 futures -.04%.
Morning Preview Links
Earnings of Note
Company/Estimate
Economic Releases
8:30 am EST
- The Producer Price Index for July is estimated to rise +.3% versus a +.8% gain in June.
- The PPI Ex Food and Energy for July is estimated to rise +.2% versus a +.2% gain in June.
10:30 am EST
- Bloomberg
consensus estimates call for a weekly crude oil inventory decline of
-1,500,000 barrels versus a -1,320,000 barrel decline the prior week.
Gasoline supplies are estimated to fall by -1,600,000 barrels versus a
+135,000 barrel gain the prior week. Distillate inventories are
estimated to rise by +1,000,000 barrels versus a +469,000 barrel gain
the prior week. Finally, Refinery Utilization is estimated to fall by
-.2% versus a -.4% decline the prior week.
Upcoming Splits
Other Potential Market Movers
- The
Fed's Bullard speaking, China FDI data, Eurozone gdp report, German gdp
report, BoE minutes, NY Fed Household Debt/Credit report, weekly MBA
mortgage applications report and the Canaccord Growth Conference could
also impact trading today.
BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and commodity shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.
Broad Equity Market Tone:
- Advance/Decline Line: Slightly Lower
- Sector Performance: Mixed
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 12.49 -2.50%
- Euro/Yen Carry Return Index 135.71 +.98%
- Emerging Markets Currency Volatility(VXY) 9.25 +1.31%
- S&P 500 Implied Correlation 47.64 -3.33%
- ISE Sentiment Index 122.0 -2.40%
- Total Put/Call .75 -1.32%
Credit Investor Angst:
- North American Investment Grade CDS Index 75.48 -.17%
- European Financial Sector CDS Index 134.23 -1.67%
- Western Europe Sovereign Debt CDS Index 82.0 -1.20%
- Emerging Market CDS Index 292.17 -.18%
- 2-Year Swap Spread 18.25 +1.25 bps
- 3-Month EUR/USD Cross-Currency Basis Swap -8.75 unch.
Economic Gauges:
- 3-Month T-Bill Yield .05% unch.
- China Import Iron Ore Spot $141.80/Metric Tonne +2.24%
- Citi US Economic Surprise Index 40.20 +2.2 points
- Citi Emerging Markets Economic Surprise Index -29.60 +.2 point
- 10-Year TIPS Spread 2.25 unch.
Overseas Futures:
- Nikkei Futures: Indicating +120 open in Japan
- DAX Futures: Indicating +23 open in Germany
Portfolio:
- Slightly Higher: On gains in my retail/tech/biotech sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 50% Net Long
Bloomberg:
- Euro-Area Industrial Production Expands Less Than Estimated.
Euro-area industrial output expanded less than economists estimated in
June as the currency bloc’s economy struggles to emerge from a
record-long recession. Factory production in the 17-nation euro area
rose 0.7 percent from May, when it decreased a revised 0.2 percent, the
European Union’s statistics office in Luxembourg said today.
That was less than the gain of 1 percent projected by
economists, according to the median of 37 forecasts in a
Bloomberg News survey. June production rose 0.3 percent from the
year-earlier month, the first annual increase in 20 months.
- European Stocks Climb as German Confidence Rises.
European stocks gained for a fourth day, extending a 10-week high, as
companies posted better-than-estimated earnings and German investor
confidence climbed. EON SE rose the most in six weeks after Germany’s
biggest utility posted first-half profit that exceeded analysts’
projections. GAM Holding AG, a Swiss asset manager, surged the
most in four years as earnings more than tripled. Banca Monte
dei Paschi di Siena SpA led Italian banks higher as the nation’s
10-year yield premium over benchmark German bunds shrank to the
lowest in two years. The Stoxx Europe 600 Index climbed 0.6 percent to 307.79 at the close of trading, the highest level since May 28.
- Dollar Gains as Increase in Retail Sales Boosts Fed-Taper Bets. The Bloomberg U.S. Dollar Index added 0.6 percent to
1,026.25 at 2:42 p.m. New York time after rising 0.7 percent,
the biggest intraday gain since Aug. 1.
- WTI Trades Near One-Week High on U.S. Supply, Mideast. WTI for September delivery advanced as much as $1.09 to
$107.20 a barrel in electronic trading on the New York Mercantile Exchange and was at $106.38 as of 12:52 p.m. London
time. The volume of all futures traded was 8 percent above the
100-day average. Prices have climbed 16 percent this year.
- Copper Rises for 3rd Session in 4 on Signs of Demand Gain. Copper futures for delivery in September rose 0.4 percent
to settle at $3.317 a pound at 1:15 p.m. on the Comex in New
York, after earlier climbing to $3.343, the highest for a most-active contract since June 7. Prices gained 4.2 percent last
week, the most since September.
- Li & Fung Profit Misses Estimates on Weaker U.S. Demand. Li & Fung Ltd., the world’s largest supplier of clothes and toys to retailers, reported first-half profit that missed analyst estimates amid sluggish demand from
U.S. retail customers.
- Nigerian Islamist Leader Vows Attacks as 56 People Killed. At least 56 people died in two
attacks in the northeastern Nigerian state of Borno, as the
leader of the militant Islamist Boko Haram group vowed to
continue its fight against the country’s military.
- Novartis Is Said to Be Out of Bidding for Onyx(ONXX). Novartis AG is out of the bidding
for Onyx Pharmaceuticals Inc., according to a person familiar
with the situation. Onyx’s current valuation made it too expensive for
Novartis, said the person, who declined to be identified because
the matter is private. Lori Melancon, a spokeswoman for Onyx,
said the company wouldn’t comment on rumors and speculation.
Novartis spokesman Eric Althoff also declined to comment.
Wall Street Journal:
Fox News:
CNBC:
- A limit on consumer costs is delayed in health care law. In another setback for President Obama's health care initiative, the
administration has delayed until 2015 a significant consumer protection
in the law that limits how much people may have to spend on their own
health care.
- Too early to lay out asset-buying exit: Fed's Lockhart. U.S.
economic performance remains too mixed for Federal Reserve policymakers
to lay out a detailed path for reducing and eventually halting their
asset-purchase stimulus plan at their September meeting, a
top Fed official said on Tuesday.
Zero Hedge:
Business Insider:
NY Post:
- Ripe for picking. BlackBerry(BBRY) looking to sell out to white knight. BlackBerry is searching for a strategic white knight with a big bankroll. The
struggling smartphone company put itself on the sales block yesterday
and hired JPMorgan to advise it, sending the shares up more than 10
percent. The Canadian firm is aiming ideally for a “Google-like” investor rather than a private-equity firm, The Post has learned.
Reuters:
Telegraph:
LiveMint.com:
- Jim Rogers: Why I’m shorting India. The hedge fund manager on the financial
crisis, his bets for the future and his decision to be extremely
negative about India in his just-released book.
Xinhua:
- China to Punish Extravagant Spending in Official Galas. All
government departments should encourage frugal event planning, citing a
government notice. No government funds should be used to invite
high-cost entertainers. Those who create waster will be severely
punished, the report said.
Style Underperformer:
Sector Underperformers:
- 1) Airlines -3.97% 2) Gold & Silver -2.31% 3) Oil Tankers -2.22%
Stocks Falling on Unusual Volume:
- CATY, NRG, FBP, CPN, IOC, NGD, LPI, LCC, ACMP, LVB, MAIN, OWW, UAL, DAL, NOAH, VAL, VIPS, ALK, IHS, SOHU, SA, NS and SAVE
Stocks With Unusual Put Option Activity:
- 1) DAL 2) YUM 3) NKE 4) JNK 5) ITB
Stocks With Most Negative News Mentions:
- 1) NAT 2) UPL 3) ATHN 4) MSFT 5) BBY
Charts:
