Style Underperformer:
Sector Underperformers:
- 1) Gaming -1.07% 2) Banks -1.04% 3) Homebuilders -.78%
Stocks Falling on Unusual Volume:
- RBS, TI, DLLR, LPI, WAL, E, PVTB, TOT, LOGM, AEG, ACMP, CLF, LNN, FRAN, AGU, FGP, ASH, TG, WCC, USG, TUMI, MLU, DB, ASML, VHC, NVS, SBS, FUL, EQM, QLYS, SYT and KOP
Stocks With Unusual Put Option Activity:
- 1) XLNX 2) M 3) WYNN 4) XLV 5) ALTR
Stocks With Most Negative News Mentions:
- 1) WMT 2) APOL 3) CMCSA 4) CLF 5) C
Charts:
Style Outperformer:
Sector Outperformers:
- 1) HMOs +.78% 2) Tobacco +.39% 3) Gold & Silver +.38%
Stocks Rising on Unusual Volume:
- SAI, DSX, MFRM, WAC, AOL, FBR and TPX
Stocks With Unusual Call Option Activity:
- 1) NWS 2) INFA 3) ALXA 4) APOL 5) TIVO
Stocks With Most Positive News Mentions:
- 1) FTI 2) SPW 3) PBI 4) BWLD 5) AOL
Charts:
Evening Headlines
Bloomberg:
- Cyprus Capital Controls First in EU Could Last Years. Cyprus
is on the verge of an
unprecedented financial experiment: imposing controls on money transfers
in an economy that doesn’t have its own currency. Countries from
Argentina to Iceland have used similar measures in the past to defend
against devaluation. Being part of the euro zone may make it harder for
the Mediterranean island to enforce restrictions, as any money that
leaves the banking
system can be taken out of Cyprus without losing value.
That also may make it more difficult to meet the goal set
yesterday by Finance Minister Michael Sarris to lift any
controls in “a matter of weeks.”
- Europe’s Deep Freeze Takes the Wind Out of Store Sales. As most Europeans shiver in the
grip of the coldest March in living memory, the region’s
retailers are feeling every bit as uncomfortable. Spring fashions, potted plants and garden furniture --
which normally contribute to sales at this time of year -- are
gathering dust as freezing winter temperatures show no sign of
dissipating. Kingfisher Plc, (KGF) the region’s largest
home-improvement retailer, has had a slow start this spring, the company
said yesterday. Hennes & Mauritz AB, (HMB) Europe’s second-biggest
clothing
retailer, reported last week that cold weather was among the
reasons for a 10 percent drop in first-quarter profit.
- Deutsche Bank(DB) May Have Rating Cut by S&P as Legal Costs Rise. Deutsche Bank AG (DBK), Germany’s biggest
bank, may have its credit rating cut by Standard & Poor’s after
the lender reduced its reported profit for 2012 amid rising
legal costs. Deutsche Bank’s A+ long-term rating was placed on
CreditWatch negative, S&P said today in a statement. The
Frankfurt-based firm said last week it had set aside additional
money to cover costs linked to U.S. mortgage lawsuits and other
regulatory probes, lowering 2012 profit by about 400 million
euros ($514 million) to 291 million euros.
- China Shadow Banking Hard to Squelch in City Plagued by Suicides. Zhou Xiang is playing with his
mobile phone in a room just big enough for a desk and chairs at
the year-old Wenzhou Private Lending Registration Center. Not a
single prospective customer has shown up for hours. As a government-sanctioned loan broker seeking to match
cash-strapped business owners with private investors, Zhou is
one of the few people who can even be found inside the two-story
building in a high-end residential district of Wenzhou, a city
of 9 million people in China’s southeastern Zhejiang province.
Rows of airport-like seats are empty. “Only those who are really out of options would come here
for loans,” says Zhou, a manager at Sudaibang, one of five
independent brokers operating out of the center. “Most of the
time, you would find these firms so weak financially that they
can be literally crushed by a straw. The volume of lending is so
low that we ourselves won’t be here long without expanding into
some other businesses.” One year after China’s leaders picked Wenzhou to start a
pilot program designed to curb and regulate the city’s informal
shadow-lending networks, it’s clear, based on a recent trip to
the country’s epicenter of private lending, that the plan isn’t
working.
- N. Korea Calls Combat Alert as U.S. Spurns ‘Bellicose Rhetoric’. U.S.
officials denounced North Korea’s threats after Kim Jong Un’s regime
put artillery forces on their highest combat alert and warned again it
may attack South Korea and America. “North Korea’s bellicose
rhetoric and the threats that they engage in follow a pattern designed
to raise tensions and intimidate others,” White House press secretary
Jay Carney said yesterday in Washington. It’s the highest-level combat
posture North Korea has issued, Defense Ministry spokesman Kim Min Seok
said in Seoul. The South Korean military put a border region on its highest alert
level early this morning and then retracted the order hours later,
Yonhap reported.
- Rio(RIO) CDS rises most as Rinehart joins iron glut. Rio Tinto Group’s bond risk is rising the most in Australia on
concern iron ore prices will decline as supply climbs from new mines
including billionaire Gina Rinehart’s Roy Hill project. The cost to insure Rio bonds against non-payment rose 26 basis points
this year to 111 yesterday, the biggest jump among contracts in
Australia’s benchmark index, CMA prices show. The average for 46 metals
and mining companies worldwide fell to 226 basis points from 232. Yields
on Rio’s US$1 billion (RM3 billion) of 2022 securities rose to the
highest since November relative to similar-dated U.S. Treasuries.
- Corn Supply Slumps Most Since ’75 on Ethanol Profit: Commodities. Corn supplies in the U.S., the
biggest grower, are shrinking at the fastest pace in almost four
decades as improving demand from ethanol refiners drains
reserves already diminished by drought. Stockpiles probably fell 38 percent in three months to
4.995 billion bushels (126.9 million metric tons) by March 1, the biggest drop since 1975,
according to the average of 31 analyst estimates compiled by Bloomberg.
AgResource Co. in Chicago and Northstar Commodity Investments Inc. in
Minneapolis expect prices to jump 13 percent to $8.25 a bushel before
supply rebounds with a record harvest in September.
Wall Street Journal:
- BlackRock(BLK) Cuts Spain, Italy Sovereign-Bond Holdings. BlackRock Inc.,the world's largest money manager, has cut holdings of Italy and Spain government bonds over the past three months. The
firm may shed more if the euro-zone's growth outlook deteriorates. "We have been less enthusiastic about euro-zone sovereign debt compared to
three to six months ago," said Rick Rieder, chief investment officer of
fundamental fixed income and co-head of Americas fixed income at BlackRock. "If
growth continues to deteriorate in the euro zone, due in large measure to weak
private-sector lending from a deleveraging banking sector, we would further
reduce our positions in the euro zone, such as in Italy and Spain."
- European Regulators to Charge Banks Over Derivatives. European antitrust authorities are moving soon to bring a case
against some of the world's largest banks alleging collusion in the $27
trillion dollar market for credit derivatives, people familiar with
the
investigation said. The probe by the European Commission involves 16
financial groups. It
focuses on whether they sought to stifle competition from exchanges in
the market for credit-default swaps, which pay out when a country or a
company defaults on its debts. If the European regulators press ahead
with their administrative case and win, some or all of the banks could
face fines.
- Euro's Bears Go Back On Prowl. Investors are turning against the euro—again. Some say the common currency is due for a correction in light of the
latest round of flare-ups in the euro zone, including Sunday's
last-minute deal to save Cyprus' banking sector and Italy's political
stalemate following elections last month.
These euro bears predict the currency will head to $1.20 or lower if a
fresh crisis causes investors to dump European assets. The European
Central Bank also could buy sovereign bonds to calm markets, which would
weaken the euro because it would involve printing money.
- Big Players Cash Out of Hong Kong Property.
With the government growing confident that it has halted the meteoric
rise in property prices, some of this city's biggest real-estate
investors are getting out. Several of Hong Kong's wealthiest families are planning initial
public offerings of hotels, offices and other real-estate assets in
coming months, while others are lowering prices on luxury apartments to
entice buyers.
- Sebelius: Some Could See Insurance Premiums Rise. Some people purchasing new insurance policies for themselves this
fall could see premiums rise because of requirements in the health-care
law, Health and Human Services Secretary Kathleen Sebelius told reporters Tuesday.
Ms. Sebelius’s remarks come weeks before insurers are expected to
begin releasing rates for plans that start on Jan. 1, 2014, when key
provisions of the health law kick in.
Fox News:
- What to Cut: Excess federal property costing taxpayers billions. The federal government owns or leases between 55,000 and 77,000
vacant properties. But it's impossible to tell exactly how many. No
precise inventory has been kept. Selling them off, though, could save taxpayers between $3 billion and
$8 billion a year, according to various analysts. That's nothing to
scoff at as the government grapples with a mounting debt and
sequester-tied spending cuts.
- GOP leaders voice 'grave misgivings' to Obama over key terror trial in civilian court.
The Republican chairmen of four congressional committees, with
oversight for intelligence, the armed services, the judiciary and
foreign affairs, have told President Obama they have "grave misgivings"
about his administration's decision to send Usama bin Laden's
brother-in-law to a federal court for criminal prosecution. The
lawmakers voiced their concerns to Obama in a letter obtained by Fox
News.
CNBC:
- Fed Study Says China's Growth Could Slow Sharply by 2030. Economic growth in China faces mounting headwinds and could fade
dramatically in the years ahead due to declining productivity and an
aging population, according to a U.S. Federal Reserve study.
Trend growth could slow gradually to around 6.5 percent by 2030, or it
could break much more sharply to a pace under 1 percent if forces
undermining economic activity combine in a "worst-case scenario,"
according to the study, which was published online on Monday.
- Cyprus Readies Capital Controls to Avert Bank Run. Cyprus is expected to complete capital control measures on Wednesday to prevent a run on the banks by depositors anxious about their savings after the country agreed a painful rescue package with international lenders. With banks due to reopen on Thursday, Finance Minister Michael Sarris said he expected the control measures to be ready by noon (1000 GMT) on Wednesday: "I think they will be within the realms of reason," he said, without going into details.
Zero Hedge:
Business Insider:
USA Today:
- Study: Health overhaul to raise claims cost 32%. Medical claims costs — the biggest driver of health insurance premiums —
will jump an average 32% for Americans' individual policies under the
Affordable Care Act health care law, according to a study out Tuesday by
the nation's leading group of financial risk analysts.
Reuters:
- UK banks braced for details of capital shortfall. Britain's
banks discover on Wednesday how much extra capital they need to keep
regulators happy when the outcome of an inquiry into their financial
health
is revealed. The Bank of England will release the capital requirements on
Wednesday morning.
The Economist:
- The Debt Run. INFLATE, stagnate, default. That has been the choice facing highly
indebted economies ever since the crisis broke in 2007-2008. It would be
nice if growth could lift us out of this mess, but that looks unlikely;
see how sluggish growth has become (the 2000 decade ended in 2009,
before the Greek crisis hit, so this is not just an issue of austerity).
Why is this? There has been too much focus on government debt; the
problem is total debt in an economy, including the financial sector,
corporates and consumers. Government debt usually rises sharply when
another sector is badly hit; Cypriot government debt, for example,
was only 61% of GDP in 2010. Think of debt as a claim on wealth. If a
bank extends you a loan, you now have wealth in the form of money that
you can spend on goods and services or use to buy an asset, such as a
house; the bank also has an asset in the form of its loan, which it
records on its balance sheet. Debt can thus increase rapidly relative to
GDP and can help increase
output, as the debtors spend their wealth. All is well as long as the creditor is confident that the debtor can repay the debt. We are nearly six years into this crisis and we have made precious
little progress in running down debts and thus are vulnerable to further
crises; Cyprus is just the latest example. Nor have we decided whether
default or inflation is the preferred option. Either way, savers should
beware.
Financial Times:
- Global pool of triple A status shrinks 60%. The
expulsion of the US, the UK and France from the “nine-As” club has led
to the contraction in the stock of government bonds deemed the safest
by Fitch, Moody’s and Standard & Poor’s, from almost $11tn at the
start of 2007 to just $4tn now, according to Financial Times analysis.
South China Morning Post:
- Guangzhou to Levy 20% Tax on 2nd-Hand Home Sales. City plans to impose 5 measures to control housing prices with "perseverance", citing Deputy Mayor Chen Rugui. A 20% capital-gains tax on homes "will have a tremendous impact" on speculative buying, Chen said.
- China's southern city of Guangzhou plans to limit home price increases under the level of this year's local GDP and income growth, citing Deputy Mayor Chen Rugui.
Evening Recommendations
RBC:
- Rated (WDC) Outperform, target $55.
Night Trading
- Asian equity indices are +.25% to +.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 118.50 -1.5 basis points.
- Asia Pacific Sovereign CDS Index 94.25 +3.0 basis points.
- NASDAQ 100 futures +.06%.
Morning Preview Links
Earnings of Note
Company/Estimate
Economic Releases
10:00 am EST
- Pending Home Sales for February are estimated to fall -.3% versus a +4.5% gain in January.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory build of +1,325,000 barrels versus a -1,314,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,000,0000 barrels versus a -1,476,000 barrel decline the prior week. Distillate supplies are estimated to fall by -850,000 barrels versus a -672,000 barrel decline the prior week. Finally, Refinery Utilization is expected to rise by +.45% versus a +2.5% gain the prior week.
Upcoming Splits
Other Potential Market Movers
- The Fed's Kocherlakota speaking, Fed's Rosengren speaking, Fed's Evans speaking, Fed's Pianalto speaking, Eurozone Industrial Production data, France/UK GDP reports, Italy 10Y Bond auction, Eurozone Trade Data/Consumer Confidence, 5Y T-Note auction, weekly MBA mortgage applications report and the (Z) analyst day could also impact trading today.
BOTTOM LINE: Asian indices are higher, boosted by commodity and industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.
Broad Market Tone:
- Advance/Decline Line: About Even
- Sector Performance: Mixed
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- ISE Sentiment Index 105.0 +3.96%
- Total Put/Call .77 -13.48%
Credit Investor Angst:
- North American Investment Grade CDS Index 90.56 -.57%
- European Financial Sector CDS Index 189.98 +.59%
- Western Europe Sovereign Debt CDS Index 100.50 -.17%
- Emerging Market CDS Index 258.78 +1.04%
- 2-Year Swap Spread 18.25 +.5 bp
- 3-Month EUR/USD Cross-Currency Basis Swap -20.0 +.75 bp
Economic Gauges:
- 3-Month T-Bill Yield .07% +1 bp
- China Import Iron Ore Spot $137.10/Metric Tonne +.81%
- Citi US Economic Surprise Index 25.10 -5.1 points
- 10-Year TIPS Spread 2.54 unch.
Overseas Futures:
- Nikkei Futures: Indicating +39 open in Japan
- DAX Futures: Indicating +14 open in Germany
Portfolio:
- Slightly Higher: On gains in my tech, biotech and medical sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 50% Net Long
Bloomberg:
- Slovenia’s New Cabinet Under Pressure to Avoid Cyprus Fate. Slovenia’s six-day-old government is being urged to prevent the nation becoming the euro region’s
next bailout battleground. Prime Minister Alenka Bratusek’s Cabinet must quickly carry
out a plan to revamp the country’s ailing lenders, the central
bank said yesterday. The former Yugoslav nation needs about 3
billion euros ($3.9 billion) of funding this year, while banks
need 1 billion euros of fresh capital, the International
Monetary Fund said last week. Slovenian banks such as Nova
Ljubljanska Banka d.d. are struggling with surging bad loans
that equal a fifth of economic output, fueling investor concern
that it may be next to seek aid.
- French Consumer Sentiment Drops on Stalled Economy, Unemployment. French consumer confidence dropped in March as a stalled economy and rising unemployment discouraged spending. A household sentiment index dropped to 84 this month from
86 in February, national statistics office Insee said today in
an e-mailed statement. Economists expected a reading of 86,
according to the median of 16 forecasts gathered by Bloomberg.
- Sarris Muffles Calls for Cyprus’s Exit From Euro Area. Finance Minister Michael Sarris sought to muffle calls for Cyprus to
weigh a precedent-setting exit from the euro to ease the economic pain
inflicted by the country’s 10 billion-euro ($13 billion) bailout. The option of eventually pulling out of the currency was floated yesterday by a Nobel prize winner now advising the government, Christopher Pissarides, and Nicholas Papadopoulos, head of the parliament’s finance committee.
- Dallas Fed Favoring Reduced Asset Purchases on U.S. Recovery. Dallas Fed President Richard Fisher
said he’d like the U.S. to reduce its mortgage-backed security
purchases program amid signs that the economy will probably grow
at about 3 percent by the end of the year.
“I’m personally in favor of tapering back our mortgage-
backed security purchases,” Fisher told reporters today at a
conference in Abu Dhabi.
- Home Prices in 20 U.S. Cities Climb by Most Since June 2006. The
S&P/Case-Shiller index of property values in 20 cities climbed 8.1
percent in January from the same month in 2012 after rising 6.8 percent
in the year ended in December, the group said today in New York. The increase exceeded the 7.9 percent median forecast by economists in a Bloomberg survey.
- Grain-Shipping Rates End Longest Rally Since ’03 as Demand Slows. Rates for Panamax ships carrying
grains ended their longest rally in a decade amid speculation
demand temporarily declined before holidays starting at the end
of this week. Earnings for the vessels, which also carry coal, slid 0.5
percent to $9,632 a day, according to the Baltic Exchange in London today. Rates rallied every day from Feb. 6 to yesterday,
the longest advance since 2003. The Baltic Dry Index, a wider
measure of commodity-shipping prices, also fell, as did three of
the four vessel types in the gauge.
- WTI Crude Advances to Five-Week High.
WTI for May delivery climbed $1.08, or 1.1 percent, to $95.89 a barrel
at 2:02 p.m. on the New York Mercantile Exchange after rising to $96.08,
the highest intraday level since Feb. 20. Prices are up 4.4 percent in
2013. The volume of all futures
traded was 7.4 percent above the 100-day average for the time of
day.
- Facebook’s(FB) Zuckerberg Said to Explore Forming Political Group.
Facebook Inc. Chief Executive Officer Mark Zuckerberg is exploring the
formation of a political advocacy group that would focus on topics such
as immigration, the economy, education and
scientific research funding, according to a person familiar with
the matter. Zuckerberg is considering establishing
the group with others in the technology community, according to the
person, who asked not to be identified because the plans haven’t been
made public.
- Audit Faults Stimulus-Backed $1.5 Billion U.S. Clean-Coal Effort. Poor management has hampered a U.S. program to develop technology to
capture carbon-dioxide emissions, the Energy Department inspector
general said in a report that raises new questions about a clean-energy
initiative backed by the 2009 economic stimulus. In total, the Energy Department received $1.5 billion in the American
Recovery and Reinvestment Act to invest in technology that responds to
climate-change risks.
Wall Street Journal:
- North Korea Is Running Out of Threats. When North Korea tosses out another threat of violence against one of
its neighbors or the U.S., it’s become routine to describe it as an
escalation of Pyongyang’s rhetoric. That description captures the fact that North Korea makes a lot of
threats without following through. But is there a point where it’s not
even appropriate to call new threats an escalation?
MarketWatch:
- EU to extend CDS probe to ISDA trade group. The European Union Tuesday widened the scope of its
ongoing probe into credit default swaps, or CDS, to include the
International Swaps and Derivatives Association (ISDA), an organization
of financial institutions that deals in over-the-counter trading of
derivatives. The European Commission said it had found "preliminary indications" that
ISDA may have been part of a coordinated effort of investment banks to
delay or prevent exchanges from entering the credit derivatives
business.
"Such behavior, if established, would stifle competition in the internal
market in breach of EU antitrust rules," the Commission said in a
statement.
Fox News:
- N. Korea puts artillery forces at top combat posture in latest threat on S. Korea, US. North Korea's military warned Tuesday that its artillery and rocket
forces are at their highest-level combat posture in the latest in a
string of bellicose threats aimed at South Korea and the United States.
Seoul's Defense Ministry said it hasn't seen any suspicious North
Korean military activity and that officials were analyzing the North's
warning. Analysts say a direct North Korean attack is extremely
unlikely, especially during joint U.S.-South Korean military drills that
end April 30, though there's some worry about a provocation after the
training wraps up. North Korea's field artillery forces — including
strategic rocket and
long-range artillery units that are "assigned to strike bases of the
U.S. imperialist aggressor troops in the U.S. mainland and on Hawaii and
Guam and other operational zones in the Pacific as well as all the
enemy targets in South Korea and its vicinity" — will be placed on "the
highest alert from this moment," the statement said. Kim will eventually
be compelled to do "something provocative to prove the threats weren't
empty," Lee said.
- California county administrator to get $423,644 a year -- after retirement. When local California official Susan Muranishi retires from her job
in a couple of years, she’s going to be walking away with a fat paycheck
-- $423,664 a year – for the rest of her life. Muranishi, an Alameda County administrator, makes $301,000 in annual
base pay. But in addition to that, the San Francisco Chronicle reports
she'll also receive:
CNBC:
- Has Wealth Inequality in US Sparked Fed's Interest? Recently, the Federal Reserve has also taken a greater interest in the topic. And some analysts are
asking whether financial inequality in the U.S. might soon become part
of the Fed's decision-making process.
- Cyprus Jitters: How It Could Still Go Wrong. "France is teetering between a core and a troubled peripheral
country; if it slips into the latter category, then the troubled euro
zone countries will outweigh the core and the euro will be doomed," he
said. Bill Blain, senior fixed income broker at Mint Partners,
feared the current state of Europe's banks after recent revelations
saying that Monday's comments from Dijsselbloem probably creates the
worst capital funding environment since 2008. "Let's just assume Europe's banks go back to square one," he said in a research note.
Zero Hedge:
Business Insider:
HedgeCo.Net:
- Study: The Impact Of The Obamacare Tax On Hedge Funds. The NII tax clearly is imposed on the carried
interest (i.e.incentive allocation) of a hedge fund manager. The Obamacare
legislation had hedge fund managers specifically in mind when it included income
from “trading in financial instruments” in the types of income expressly subject
to the NII tax. There do not appear to be significant planning opportunities for
hedge fund managers to avoid the NII tax on their incentive allocations, except
to the extent they have side pockets containing real estate or private equity
assets of the types noted below.
Reuters:
- Berlusconi ally says parties still far apart after Italy vote.
A senior official
in Silvio Berlusconi's centre-right party said on Tuesday there were
still wide differences with the centre-left which must be overcome this
week or Italy will have to go back to the polls after last month's
deadlocked election. "What I can tell you is that our positions are still very
distant from each other, and if they remain distant in the next
48 hours we will affirm that the only way is to go back to
vote," People of Freedom (PDL) party secretary Angelino Alfano
told reporters after talks with centre-left leader Pier Luigi
Bersani.
- Chill in car sales spreads to northern Europe. Snow is piled high on
the cars in a deserted dealership in Berlin, and it is not just
the stubborn wintry weather that is gnawing at salesman Mustafa
Kosak, shivering at his desk in a portable office. "Sales
were drastically down in January, February; sometimes
we are happy just to cover our overheads," said Kosak, 38, wrapped up in
a big overcoat. The chill in cars sales has spread from southern
Europe, where the worst of the euro zone debt crisis is crippling
economies, to the north, including the region's biggest car market,
Germany. New car sales have dropped 10 percent in 2013 so far this year
in Germany, nearly 30 percent in the Netherlands and 14.8
percent in Sweden.
- FOREX-Euro flat but vulnerable as Cyprus concerns continue. The euro
steadied versus the dollar on Tuesday, holding above a four-month low
hit the previous day, but remaining vulnerable to fears Cyprus's banking
problems may make investors shun euro zone assets or withdraw money
from banks in countries like Spain and Italy.
Telegraph:
- Mr Yen cautions on Japan's 'unsafe' debt trajectory. Japan's public debt has reached worrying levels and could lead to a bond
buyers' strike unless the government brings the budget deficit under
control, the country's top currency official has warned. "A debt ratio of 245pc of GDP is not really safe, and it is not happening
because we are investing," said Takehiko Nakao, Japan's 'Mr Yen' or
vice finance minister in charge of the exchange rate. Mr Nakao said the scope for further fiscal stimulus is running out and the
country must restore public finances to a sustainable path by the middle of
the decade. "We can't continue to expect people to lend money to us,"
he told The Daily Telegraph.
The West Australian:
- Bank of Spain sees economy shrinking further this year. Spain's economy will sink deeper into recession this year, the Bank
of Spain said on Tuesday, sending a stark message to the government as
it prepares to revise its own growth forecast. In its annual
update of economic forecasts, the central bank said it saw Spain's
economy shrinking by 1.5 percent in 2013 following a 1.4 percent
contraction last year as austerity continues to exacerbate the effects
of a burst property bubble. The central bank's new estimate is
well below the official forecast for a 0.5 percent contraction in GDP,
although the government is widely expected to revise the 2013 figure
downwards in April.
Style Underperformer:
Sector Underperformers:
- 1) Education -2.14% 2) Gold & Silver -1.31% 3) Retail -.81%
Stocks Falling on Unusual Volume:
- HA, BBVA, IRE, M, BAC, TI, CLMT, WIN, PWE, GMAN, PLCE, HCS, AMTG, AI, IEP, SPLK, TRLA, MFRM, ASH, CNW, AGU, TSRO, APOL, SLCA, AEO, BFAM, SFLY, CMCO, EVR, TECH, PNR, CRI, ROK and BPI
Stocks With Unusual Put Option Activity:
- 1) TWC 2) SVU 3) BIIB 4) JNK 5) GT
Stocks With Most Negative News Mentions:
- 1) SWN 2) COG 3) MDT 4) DELL 5) RCL
Charts:
