• williambanzai7
    01/25/2015 - 14:27
    A Banzai7 salute to the Greeks for signaling the bankster $hitheads of the world (and their Eurocrat enablers) to shove it where the sun don't shine.

BAC

Tyler Durden's picture

Frontrunning: August 28





  • Merkel Blames SPD’s Schroeder for Letting Greece Into Euro (BBG)
  • U.S. Bank Legal Bills Exceed $100 Billion (BBG)
  • U.K. to Request U.N. Action to Protect Syrians From Chemical Weapons  (WSJ) - and Russia to veto any decision
  • U.N. inspectors in new Syria mission as West prepares to strike (Reuters)
  • Emerging-Market Rout Intensifies on Syria Jitters (WSJ)
  • Rebels Without a Leader Show Limit to U.S. Role in Syria War (BBG)
  • Anger at IRS Powers Tea-Party Comeback (WSJ)
  • China has much at risk but no reach in Middle East (Reuters)
  • 'London Whale' Penalties Put at $500 Million to $600 Million (WSJ)
  • U.S. lawmaker says 'compelling' evidence of Syrian chemical attack (Reuters)
 
Tyler Durden's picture

Little Excitement Following NASDARK Day





It was a quiet overnight session, in which the Nikkei was catching up to USDJPY weakness from the past two days, while China dipped once more despite the NDRC's chief economist stating China may cut RRR or conduct more reverse repos in H2 to maintain stable credit as loan growth slows down (or in other words things go back to normal). In Europe ECB's Nowotny decided to undo some of Draghi's recent work when he said that "good economic news" removes the need for a rate cut which in turn pushed the EURUSD higher (and European exports lower), even as former Cyprus central bank Orphanides said the Euro crisis may flare up after the German elections. In the UK Q2 GDP came in slightly stronger than expected at 0.7% vs 0.6% Exp. letting the GBP outperform since a need for the BOE to ease, at least in the short run, is becoming less pertinent. In amusing news, Moody’s late yesterday put six largest U.S. banks on review as it considers the effect of evolving bank resolution policies under Dodd-Frank and international regulations. As such GS, JPM, MS and WFC may be cut.

 
Tyler Durden's picture

Bank Of Amerca Downgrades JCP Unsecured Notes On Dimishing Liquidity





While we recognize that JCPenney currently has adequate liquidity, we anticipate that this liquidity will diminish in FY14. We estimate that JCPenney will produce negative free cash flow of $399 million during 2H13 and produce negative free cash flow of $394 million in FY14. We believe that the company still has potential options to increase its liquidity, including selling equity or modest  sale/leasebacks. We believe that liquidity of $1.5 billion at year end is sufficient, but leaves little room for error in a turn-around. Therefore, we are reducing our rating on all JCP Sr Unsecured Notes to UW-70%.

 
Tyler Durden's picture

Hedge Fund Second Quarter 13F Summary





It's a Carl iCahn world, and 13-Fs are nothing more than 45 day old tweets. Also, with Ben Bernanke Chief Risk Manager of the developed world, there is absolutely no point to be invested in hedge funds (why - there is simply no risk, until Ben loses control, then no amount of hedging will help anyone), and as such what "hedge" funds are buying is irrelevant. But since the cottage industry of alphacloners still exists, here, via RanSquawk and Fly, is the full June 30 holding recap of the usual suspects.

 
Tyler Durden's picture

Frontrunning: August 14





  • Vocal billionaire activist IRR - 150x: Icahn bought $1 billion of AAPL stock, seeks $150 billion buyback (BBG)
  • BlackBerry Said to Have Sought Buyers Since 2012 (BBG) - for a phone or the entire company?
  • IPhone Fingerprint Reader Talk Boosting Biometric Stocks (BBG) - also, the NSA will need to grow its Utah data center
  • UPS Jet Crashes in Birmingham, Ala. (WSJ)
  • America's Farm-Labor Pool Is Graying (WSJ)
  • Hong Kong Lowers Storm Signal as Typhoon Closes on China (BBG)
  • Indian submarine explodes in Mumbai port (FT)
  • BofA Banker Sued by Regulator Later Joined Fannie Mae (BBG)
  • Software that hijacks visits to YouTube uncovered (FT)
  • Chinese Billionaire Huang Readies Iceland Bid on Power Shift (BBG)
  • China to launch fresh pharmaceutical bribery probe (Reuters)
  • Defeat at J.C. Penney Hurts Ackman as Performance Trails (BBG)
 
Tyler Durden's picture

China Is Ending Its "One-Child Policy" - Here Are The Implications





Back in 1978, the Chinese politburo enacted the "one-child policy", whose main purpose was to "alleviate social, economic, and environmental problems" in China as a result of the soaring population. According to estimates, the policy prevented more than 250 million births between 1980 and 2000, and 400 million births from about 1979 to 2011. And while not applicable to everyone, in 2007 approximately 35.9% of China's population was subject to a one-child restriction. Regardless of the numbers, things are about to change: with the Chinese economy now having peaked and suddenly finding itself in rapid deceleration with excess credit growth providing virtually no boost to marginal growth, the Chinese government is forced to reexamine 35 years of social policy in order to extract growth from the one place where for nearly 4 decades it had tried to stifle: demographics.  According to the 21st Business Herald which cited sources close to the National Population and Family Planning Commission, China may relax its one-child policy at end-2013 or early-2014 (read end) by allowing families to have two children if at least one parent is from a one-child family.

 
Tyler Durden's picture

Frontrunning: August 2





  • Low Wages Work Against Jobs Optimism (WSJ)
  • Tourre’s Junior Staff Defense Seen Leading to Trial Loss (BBG)
  • Russia gives Snowden asylum, Obama-Putin summit in doubt (Reuters)
  • Fortress to Blackstone Say Now Is Time to Sell on Surge (BBG)
  • Brazil backs IMF aid for Greece and recalls representative (FT), previously Brazil refused to back new IMF aid for Greece, says billions at risk (Reuters)
  • Google unveils latest challenger to iPhone (FT)
  • Swaps Probe Finds Banks Manipulated Rate at Expense of Retirees (BBG)
  • Academics square up in fight for Fed (FT)
  • Potash Turmoil Threatens England’s First Mine in Forty Years (BBG)
  • Dell Deal Close but Not Final (WSJ)
 
Tyler Durden's picture

Frontrunning: August 1





  • Headlines only idiots, Schrodinger and Goebbels could love:
    • China Manufacturing Gauge Shows Unexpected Strength (WSJ)
    • China's factory activity shrank for a third straight month in July to its lowest level in nearly a year as new orders fell (Reuters)
  • For nuns and analysts alike, bank commodity earnings are a mystery (Reuters)
  • US spying comes under fresh attack (FT)
  • Summers Backed Yellen for Fed Before Rivals Now Prove More Alike (BBG)
  • Good Luck Leaving Your Wireless Phone Plan (WSJ)
  • Spain's Rajoy says he was wrong to trust treasurer in party funding scandal (Reuters)
  • Shell's Profit Falls on Shale Write-Down (WSJ)
  • Why Rand Paul and Chris Christie went to war  (Politico)
  • Sony Returns to Profit Aided by TV Business (WSJ)
 
Tyler Durden's picture

Frontrunning: July 29





  • More Doctors Steer Clear of Medicare (WSJ)
  • Syrian Looters in Bulldozers Seek Treasure Amid Chaos (BBG)
  • Siemens CEO Peter Löscher Is Set to Leave His Post After Series of Earnings Misses (WSJ)
  • Silver Vault for 200 Tons Starts in Singapore as Wealthy Buy (BBG)
  • Omincom and Publicis merger shows that advertising is now firmly in the business of Big Data: collecting and selling the personal information of millions of consumers (NYT)
  • Apple supplier accused of labour violations (FT)
  • 'BarCap was the Wild Wild West – that’s what we called it’ (Telegraph)
  • P&G chief seizes opportunity in era of three-day stubble (FT)
  • Federal Reserve 'Doves' Beat 'Hawks' in Economic Prognosticating (WSJ) - LOL: Fed "hawks"
 
Tyler Durden's picture

No One Buys Retail Anymore





When is the last time you got a stock tip from a cab driver or chatty not-in-the-business neighbor?  It’s probably been the better part of a decade, if not longer.  Yes, that’s probably the most bullish argument for owning stocks just now, but, as ConvergEx's Nick Colas notes, it also raises a question.  What investments are retail investors considering, exactly?  Various online tools and resources provide some answers.  From Yahoo! Finance’s analysis of number of requested price quotes last week: AAPL, BAC, TSLA, INTC and CALL.  From Google Trends: AAPL, GOOG, and YHOO.  And from one very popular online brokerage for today’s volume: AAPL, F, BRCM, BAC, and NUGT.  Whether this interest indicates a top or a crowded momentum trade is in the eye of the beholder, of course.  But in a light volume period like summer, Nick notes, tracking individual investor attention can be an important piece of the day-to-day trading puzzle.

 
Tyler Durden's picture

Frontrunning: July 22





  • Earthquake Sends Kiwis Screaming From Wellington Buildings (BBG)
  • China quake death toll more than doubles to 54, hundreds hurt (Reuters)
  • In 2011, Michigan Gov. Snyder said bankruptcy wasn't an option for Detroit. Two years later, he changed his mind (WSJ)
  • GlaxoSmithKline says Chinese laws might have been violated (FT)
  • SEC Tries Last Ditch Move to Put SAC’s Cohen Out of Business (BBG)
  • Detroit’s Bankruptcy Reveals Dysfunction Common in Cities (BBG)
  • Obama to start new offensive on economy (FT)
  • As WTI and Brent reunite, Gulf of Mexico faces squeeze, not glut (Reuters)
  • Extended Stay Files for Public Offering (WSJ)
  • Apple Developer Website Hacked: Developer Names, Addresses May Have Been Taken (MacRumors)
  • Treasuries Not Safe Enough as Foreign Purchase Pace Slows (BBG)
 
Tyler Durden's picture

Frontrunning: July 18





  • MSM always "ahead" of the curve: Fed’s Messages Raise Volatility in Threat to Profits (BBG)
  • Bernanke Plays Down Link Between Jobless Rate, Fed Moves (WSJ)
  • Draghi to Carney Face Test Backing Guidance on Rates (BBG)
  • House Republicans Vote to Delay Obamcare Mandates (Reuters)
  • China media accuses Japan PM of dangerous politics (Reuters)
  • China will replace America as the leading superpower, global attitudes survey finds (SCMP)
  • Nonqualified mortgages make up as much as $1.5 trillion of the $10 trillion home-loan market (BBG)
  • Dell $24.4 Billion Buyout Plan Is a Nail-Biter as Vote Looms (BBG)
  • Republicans could see more bruising Senate primaries (Reuters)
  • GM delays Chevy Cruze debut by a year (Reuters)
  • Peltz needs support for PepsiCo restructuring dealsa (FT)
  • Sweaty Wall Streeters Skip Booze for Spin-Class Meetings (BBG)
 
Tyler Durden's picture

Bank Of America: From Loss To Profit Thanks To Mark-To-Unicorn





Page 5 of BAC's Financial Supplement lays it out for all to see: the "Net change In available-for-sale debt and marketable equity securities" in Q2 was $4.233 billion. How does this compare to the firm's reported Net Income of $4 billion? It compares as follows: absent Mark-To-Unicorn, Bank of America's "Net Income" of $4 billion would have been a loss of $200 million. Which, incidentally, is what BAC reveals is its Comprehensive Income at ($209)MM. Of course, since every other firm is in the same boat of hiding epic losses the second the market stop acting according to every whim of the central planners, nobody cares and certainly nobody wants to bring attention to this little fact.

 
Tyler Durden's picture

Bank Of America Beats Helped By $0.9 Billion Loan Loss Reserve Release





Moments ago Bank of America was the last TBTF bank to report earnings, which came in at $4 billion or $0.32 per diluted share compared to expectations of a $0.26 print. Revenue was $22.9 billion net of interest expense which was just a fraction above the $22.7 billion expected. The immediate reason for the beat: the usual accounting fudge to net interest losses which came in at $1.2 thanks to yet another $900 Million (well above the $804MM in Q1 and the same as Q4 2012) loan loss reserve reduction to the total net charge off number of $2.1 billion. And with $21.2 billion in credit loss "buffer" allowance still left on the books from those torrid days of 2008, expect the accounting fudges to continue for a long time.

 
Syndicate content
Do NOT follow this link or you will be banned from the site!