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Frontrunning: July 6
- BofA's Mortgage-Bond Pact Draws Challenge (WSJ)
- Greek Rescue Snarled by Sales (WSJ)
- Portuguese downgrade darkens euro zone rescue hopes (Reuters)
- Rare-Earth Prices Decline in China (WSJ)
- Geithner has not told Obama he wants to go (Reuters)
- Bless this mess: AGs, banks near $60B deal on foreclosures (NY Post)
- Orszag: Why We Care About Price of Water in China (Bloomberg)
- How America Ceded Capitalism’s Bastion to German Boerse (Bloomberg)
- Audit watchdog, SEC plan Beijing visit (Reuters)
- U.S. Firms Clash Over Accounting Rules (WSJ)
- Pimco Mortgage REIT Agrees to Slash Fee If New Fund Loses Money (Bloomberg)
- It is finally mainstream: How to avoid a China stock shock (Reuters)
Global highlights courtesy of Egan-Jones
- Asia stocks swing between gains, losses; China banks slide on stake sales.
- China said to discuss allowing SEC probes of Mainland firms for first time.
- Gold for August delivery rose $30.10, or 2%, to close at $1,512.70 an ounce.
- Greek banks ready for debt rollover as investors meet to discuss aid plan.
- Oil rises near $98 in Asia as traders bet on stronger crude demand.
- Temasek raising up to $3.7B in Chinese banks share sales.
- UK shop-price inflation quickens to fastest pace in almost three years.
- Advanced Energy lowers Q2 rev view to $137-140M vs. cons est of $153.35M.
- Aeon's Q1 profit gains 30%, posted operating profit of $349M.
- Anadarko Petro sells Bison gas facility to Western Gas for $130M.
- AutoNation reports June retail new vehicle unit sales increased 3% YoY.
- Cargill and Louis Dreyfus to shut down 10-yr old joint venture in Northwest US.
- DST Systems Inc. acquired the assets of IntelliSource Healthcare Solns.
- Duff & Phelps buys investment bank Growth Capital Partners for undisclosed amount.
- Equifax sees 20% increase in number of Q1 auto loans; dollar value up 21%.
- Ford Motor vehicle sales in China rose 11% in June from a year earlier to 44,442 units.
- Immucor accepts bid from TPG Capital worth $1.97B in cash, or $27 per share.
- Marvell increases share repurchase program by $500M to $1.5B.
- National Oilwell Varco to acquire Ameron International for $772M in cash.
- Steinway acknowledges unsolicited proposal for band business.
- TransUnion seeks to raise $325M in US initial offering.
- Twitter Inc. is raising "hundreds of millions of dollars" in a new round of financing.
- Vale may raise Metorex bid after Jinchuan’s $1.36B offer for miner.
- W.R. Grace & Co. buys European waterproofing firm. Terms undisclosed.
- Western Union to acquire Travelex Global Business Payments for $606M.
Economic Calendar: Data on MBA Mortgage Index, ADP Employment Change, ISM Services to be released today.
Earnings Calendar: AIR, CAVO, GRIF, LWSN, SHLM, UNFY.
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Citigroup hired the actuarial clown-boy, Orszag? Pffftt.
Well-beaten path from government to industry, bitchez.
08:20 (Dow Jones) A US repatriation tax break could be a 5% lift for the dollar, BNP Paribas strategists say. A new Homeland Investment Act,
while not yet approved, would likely lead to a dollar inflow larger than 2005's, which the bank estimated to have been around $300 billion.
Near-zero returns on the dollar and losses sustained by holding broadly depreciating currency would encourage companies to repatriate and
"would be enough to have us revisiting our call for EUR/USD at 1.50" in the second half of 2011, and could be "worth as much as a 5% lift for
the dollar vs. our current baseline forecasts," BNP says.
Nonsense, pie in the sky wishful thinking, capital will never form in a system as corrupt as this present Wall St Ponzi. Its hardly 2005 today.
What exactly is the nonsense? It's just pure supply and demand.. CSCO alone have $40 billion in cash sitting overseas. And many other Big Corps as well, another booster sort of QE3, IMHO.
OH its all just 'supply and demand' markets today? Nonsense, markets purely based upon when the next free bailout bags of crack will be handed out.
Congrats, you've found something that really is transitory...who are you? Shirikawa? Trichet?
I'd think the effect from stock buybacks would be more profound than the FX effects for short-term gain anyway.
Got GE calls?
How the market isn't down a 1,000 points on all of this news is unbelievable.
It does seem that the ratings agencies are actually doing their job now, which is a good thing.
I dont trust the rating agencies motives, I doubt theyre actually doing their job as these were the same rating agencies who missed the DotCom bubble, the Enron collapse, the mortgage meltdown...but now theyre suddenly focused like a laser beam on overseas banks and doing their job. Stinks.
Market is going up my friend, learn how to read charts. Dow did
post higher low, now previous high will be taken out in about
3-5 month or earlier.. Buy Gold/Silver miners, doomsters, while it's not too late.
What markets? Oil? PM's? Bonds not doing so hot. No 3-5 months while Stawks drift higher on fumes. I doubt thats where your 'bets' are, if so lay out what stocks you own and how much. 'Read charts' LOL its hardly Dow's heyday in the early 1930's, and I highly doubt Dow would be participating in this Ponzi farce.
Remember Dow's most famous words were 'When you find even your shoeshine boy is yapping about stocks, you know its time to get out'.
Now we have a market where everyone is a 'stock expert' because they own a 401K and they saw it on CNBC and everyone convinced stocks just continue higher due to more guaranteed bailouts and Bernank would never let it fall.
Theres no gas for your ride higher.
'Buy gold and silver miners'? Screw that, you buy miner stocks if theyre so great. You probably dont have any. Nah I'll stick to what miners mine at a discount, keep piling up PM's.
This guy knows how to relate to a Florida jury.
A former bikini salesman, high school dropout and deadbeat dad who barely made it into the Florida bar pulled off what some are calling one of the most stunning court victories in history.
http://www.miamiherald.com/2011/07/05/2301017/jose-baez-casey-anthonys-l...
http://www.palmbeachpost.com/news/crime/former-boynton-beach-police-offi...
Buh-Bye Timmay
Don't let the door hit you in your Whinny-Wanker ass on the way out the door...
And Timmay... don't clean out your desk, just take your desk...
Barry Soetoro's puppet string master Jamie Dimon will bring his own gold plated office when he moves in...