• williambanzai7
    08/29/2014 - 01:05
    “I call upon all nations to do everything they can to stop these terrorist killers. Thank you. Now watch this drive.” – George W. Bush

Hertz

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Frontrunning: August 21





  • FTW: Europe Stocks Rise as Data Signals Need for Stimulus (BBG)
  • More de-escalation: Dozens die in Ukraine in street battles, Donetsk shelling (Reuters)
  • Calm largely holds in Missouri after grand jury opens shooting investigation (Reuters)
  • Attorney General Eric Holder Vows Thorough Probe of Ferguson Shooting (WSJ)
  • World’s Biggest Wealth Fund Slows Emerging Market Investment (BBG)
  • Market Chilly to Argentine Debt Proposal (WSJ)
  • Israeli air strike kills three Hamas commanders in Gaza (Reuters)
  • Retooled Hamas Bloodies Israel With Help From Hezbollah (BBG)
  • Investors Pour Into Vanguard, Eschewing Stock Pickers (WSJ)
  • Fed Debates Early Rate Increases (WSJ)
 
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Frontrunning: August 20





  • Ferguson at Turning Point After Night of Relative Calm (BBG)
  • Gaza war rages on, Hamas says Israel tried to kill its military chief (Reuters)
  • Surge in Putin Patriotism Masks Pain of Sanctions (BBG)
  • Bank of England splits over rate hike for first time in 3 years (Reuters)
  • Putin Meeting Leaves Kiev With Tough Choices (WSJ)
  • European Gas Reverses Biggest Drop Since 2009 on Ukraine (BBG)
  • "Isolation"  Mongolia Seeks Economic Lifeline With Pivot to China, Russia (BBG)
  • Uber Picks David Plouffe to Wage Regulatory Fight (NYT)
  • China Levies Record Antitrust Fine on Japanese Firms (BBG)
 
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After 18% Rise & 8 Days Up In A Row, Hertz Withdraws 2014 Guidance & Crashes





Presented with little comment... because if this doesn't wake people up to the unreality of the stock 'market', nothing will. Hertz has ripped higher 8 days in a row, surging over 18% in that period as analysts and talking heads piled on proclaiming how wonderful it is.. and then:

*HERTZ HAS DECIDED TO WITHDRAW 2014 FINANCIAL GUIDANCE
*HERTZ EXPECTS TO BE WELL BELOW LOW END OF 2014 GUIDANCE

Must be a one-off idiosyncratic issue right?

 
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This Wasn't Supposed To Happen: European Cab Protests Lead To 850% Increase In New Uber Users





It appears that the European taxi driver protest has led to the one outcome which not only none of the protest participants anticipated, but had desperately hoped to avoid: a sharp surge in Uber popularity and further cannibalization of the legacy taxi customer base which disgusted by the taxi protest looked for, and found, alternative means of transportation. According to the Independent, "Uber said it experienced an 850 per cent increase new users today as London's black cabs staged a protest that brought gridlock to the city centre."

 
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Frontrunning: May 14





  • Vietnam mobs set fire to foreign factories in anti-China riots (Reuters)
  • Recession-Baby Millennials Scarred by U.S. Downturn Spurn Stocks (BBG)
  • U.S. Agents Start Hunting for Sanctioned Russians’ ‘Shiny Toys’ (BBG)
  • Russia moves to oust US from International Space Station (FT)
  • China Central Bank Calls for Faster Home Lending in Slump (BBG)
  • Geithner Must Give S&P Documents in U.S. Fraud Suit (BBG)
  • Samsung's 'crown prince' in focus as father hospitalized (Reuters)
  • Yahoo buys mobile 'self-destruct' messaging app Blink only to shut it down (Reuters)
  • Goldman’s Twitter banker joins hedge fund (FT)
  • Keyword being "unexpectedly": Sony Unexpectedly Forecasts Loss Amid PC Restructuring Costs (BBG)
 
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The Complete Ira Sohn Conference Post-Mortem





From 110 slides of Ackman-inspired Fannie Mae bullishness to Tudor-Jones "Central Bank Viagra", and from Jim Grant's "Buy Gazprom because it's the worst-managed company in the world" to Jeff Gundlach's housing recovery bearishness and "never seeing 1.5 million home starts ever again"... there was a little here for every bull, dick, and harry at the Ira Sohn conference. Perhaps noted behavioral psychologist said its best though: "be careful about the quality of advice you get."

 
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Frontrunning: May 5





  • Fed’s Fisher Says Economy Strengthening as Payrolls Rise (BBG)
  • Russia Knows Europe Sanctions Ineffective With Tax Havens (BBG)
  • EU Cuts Euro-Area Growth Outlook as Inflation Seen Slower (BBG)
  • U.S. Firms With Irish Addresses Get Tax Breaks Derided as ‘Blarney’ (BBG)
  • Portugal exits bailout without safety net of credit line (Euronews)
  • Puzzled Malaysian Air Searchers Ponder What to Try Now (BBG)
  • Barclays, Credit Suisse Battle Banker Exodus, Legal Woes (BBG)
  • Germany says euro level not an issue for politicians (Reuters)
  • Alibaba-Sized Hole Blown in Nasdaq 100 Amid New Stock (BBG)
  • Obamacare to save large corporations hundreds of billions (The Hill)
 
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Visualizing The Collapse Of Chicago's Middle Class





As Daniel Kay Hertz explains, the goal of these maps is not merely to depress you (you’re welcome!), but to suggest just how dramatically the reality of Chicago’s “two cities” has changed over the last few generations, how non-eternal its present state is, and that a happier alternate reality isn’t just possible, but actually existed relatively recently.

 
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Frontrunning: March 18





  • Lost Jet’s Path Seen as Altered via Computer (NYT)
  • Fed Links Low Rates to “Persistent Headwinds” in Economy (Hilsenrath)
  • Top German Court Clears Euro-Zone Bailout Fund (WSJ)
  • U.S., EU set sanctions as Putin recognizes Crimea "sovereignty" (Reuters)
  • Indian wealth effect: Sensex, Nifty hit life highs as domestic-focused firms rally (Reuters)
  • China bond default has positive effect on local government groups (FT) - unless it's negative
  • Russia tensions  risk higher gas prices (FT)
  • China Home-Price Growth Slows in Big Cities on Tight Credit (BBG)
  • ECB's Weidmann says German surpluses "here to stay" (Reuters)
  • Microsoft Office for iPad (AAPL) to be introduced this month (The Verge)
 
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Frontrunning: March 17





Putin Is No Mad Man to Russians as Power Play Trumps Economy (BBG)
Alibaba picks U.S. for IPO; in talks with six banks for lead roles (Reuters)
Russia hearts selling German energy: Billionaire Fridman’s L1 Buys RWE Unit for $7.1 Billion (Bloomberg)
Malaysia plane search straddles continent as police focus on crew (Reuters)
Saudi Crown Prince’s visit to China set to bolster investment (Al-Awsat)
Bugatti-Driving 26-Year-Old Tied to Penny-Stock Website (BBG)
Vodafone agrees $10 billion deal to buy Spain's Ono (Reuters)
The Hidden Rot in the Jobs Numbers (WSJ)
SocGen Ex-Trader Kerviel Walks to Forget Loss as Judgment Looms (BBG)
U.S. Banks’ $75 Billion Payout at Stake in Fed Tests (BBG)

 
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Morgan Stanley Underwrites TSLA Convertible Offering Day After 100% Stock Price Upgrade





Tesla has just announced it intends to issue a $1.6 billion convertible note offering "for the development of a "Gigafactory" and a "Gen III" vehicle." While not that unusual - and of course, why not take advantage of low cost financing and a surging momentum in your stock - what we did find at least intriguing was the underwriters included Morgan Stanley. This is the same firm (though we would be very sure that Chinese walls ensured total lack of knowledge) that doubled their price target (from $153 to $320) for TSLA yesterday (following the analyst's now almost clairvoyant questions during the earnings conference call). Paging Henry Blodgett?

 
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As David Tepper Was Pitching A 20x P/E, He Was Selling (And Buying) These Stocks





On October 15, well into the fourth quarter, David Tepper appeared on CNBC for his semi-annual stock pumpfest, most memorable for his suggestion that a 20x P/E multiple on the S&P was perfectly acceptable. Which would suggest Tepper was very bullish on risk. Which would suggest buying more stocks, not selling. Yet selling is precisely what he did between September 30 and December 31 for the vast majority of his top holdings according to his just released 13F. So what did he sell or liquidate?

 
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Frontrunning: December 31





  • Firms to Face new Rules Over Pay, Taxes (WSJ)
  • US to test commercial drones at six sites (CNN)
  • China’s Local Debt Swells to 17.9 Trillion Yuan in Audit (BBG) - which is about 2 trillion less than where it actually is (Reuters)
  • Fears after key China debt level soars 70% (FT) and in reality the debt level is saoring far more
  • Pot Shops in Denver Open Door to $578 Million in Sales (BBG)
  • China Says It Will Shun Abe After Shrine Visit (WSJ)
  • De Blasio Taking Office Citing Wealth Gap as Crime Falls (BBG)
  • China Approves $353 Million of Share Sales as IPOs Resume (BBG)
  • Obama Seeks Way to Right His Ship (WSJ)
  • Netflix Tests Subscription Fees Based on Number of Account Users (BBG)
  • Three big macro questions for 2014  (FT)
 
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Frontrunning: December 11





  • Wall Street Exhales as Volcker Rule Seen Sparing Market-Making (Bloomberg)
  • GM to End Manufacturing Down Under, Citing Costs (WSJ)
  • U.S. budget deal could usher in new era of cooperation (Reuters)
  • Ukraine Police Back Off After Failing to Stop Protest (WSJ)
  • First Walmart, now Costco misses (AP)
  • Dan Fuss Joins Bill Gross Shunning Long-Term Debt Before Taper (BBG)
  • China New Yuan Loans Higher Than Expected (WSJ)
  • China bitcoin arbitrage ends as traders work around capital controls (Reuters)
  • Blackstone’s Hilton Joins Ranks of Biggest Deal Paydays (BBG)
 
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Frontrunning: December 9





  • Glass-Steagall Fans Plan New Assault If Volcker Rule Deemed Weak (BBG) ... "if"? The banks control the legislators and regulators...
  • Cellphone data spying: It's not just the NSA (USA Today)
  • Major tech companies push for limits on government surveillance (Reuters)
  • Shanghai Warns Kids to Stay Indoors for Seventh Day on Smog (BBG)
  • Protesters fell Lenin statue, tell Ukraine's president 'you're next' (Reuters)
  • Everyone must be flying private these days: EADS to cut 5000-6000 jobs, close Paris HQ in restructuring (FT)
  • Big Players Trade 'Upstairs' (WSJ)
  • There’s no way to tell how many people who think they’ve signed up for health insurance through the U.S. exchange actually have (BBG)
  • Slower China inflation reduces worries of tighter policy (Reuters)
 
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