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Frontrunning: March 18
- Hilsenrath: Fed to Markets: No More Promises (WSJ)
- Fed set to ditch 'patient' rate vow as it eyes U.S., world growth (Reuters)
- Fannie, Freddie could need another bailout (Reuters)
- Alibaba Stock-Sale Lockup Is Ending (WSJ)
- Netanyahu Sweeps Aside Herzog’s Challenge to Win Israel Vote (BBG)
- Oil Bonds Lose Investors $7 Billion in 10 Days (BBG)
- There’s a mysterious $1.1 trillion in spending cuts in the House GOP’s budget (WaPo)
- ECB's Celebration of Its New $1.4 Billion Tower Is Spoiled by Protesters (BBG)
- IMF Considers Greece Its Most Unhelpful Client Ever (BBG)
- Facebook enters money transfer market (FT)
- Billions in Mortgage Aid Flow Through Group in Turmoil (BBG)
- Greece rejects 'blackmail', seeks meeting with top EU leaders (Reuters)
- Three dead, four hurt in shooting at northern California market (Reuters)
- Investors Waiting for U.S. Consumer Profits to Match Share Hype (BBG)
- Everyone Hates U.S. Stocks (BBG)
- U.S. to roll back 'lost pleasure' approach on health rules (Reuters)
Overnight Media Digest
WSJ
* Conservative Prime Minister Benjamin Netanyahu pulled ahead of his main challenger in Israeli elections with most of the votes counted early Wednesday, a strong showing after he hammered away at security issues in the final hours of the campaign. (http://on.wsj.com/1bet0hw)
* Moshe Kahlon, who left Likud after a personal falling out with Prime Minister Benjamin Netanyahu, led his new center-right party, Kulanu, to a strong finish in a tight race. (http://on.wsj.com/1besZKj)
* American Express Co will unveil plans Wednesday to team up with big-name companies such as Macy's Inc and Exxon Mobil Corp to launch a loyalty program this spring, the latest move by the credit card company to appeal to a wider customer base. (http://on.wsj.com/1betYdz)
* Car makers such as Audi favor Mexico over the U.S. South as a site for North American plants partly owing to Mexico's free-trade agreements. (http://on.wsj.com/1ADl9jh)
* After years of reassuring the public that interest rates would stay low, the Federal Reserve is about to create some uncertainty by veering away from such promises. (http://on.wsj.com/1MIrtxx)
* Citigroup Inc and Barclays Plc are expected to pay as much as $800 million combined to settle a lawsuit with investors who say the banks manipulated foreign-exchange rates. (http://on.wsj.com/19x8zM1)
* Mortgage-finance companies Freddie Mac and Fannie Mae on Tuesday said they are changing the way they modify some loans in anticipation of an influx of borrowers struggling to make payments on loans with rising interest rates. (http://on.wsj.com/1EpwlkR)
* French fashion house Chanel said it would increase prices in Europe on some handbags while slashing them in China in a bid to eliminate a growing price gap caused by the weakened euro. (http://on.wsj.com/1HYczRd)
* The boards of cement companies Holcim and Lafarge met separately on Tuesday to try to save their proposed $44-billion tie-up, and discussions on both sides hinged on the future of one man: Lafarge CEO Bruno Lafont. (http://on.wsj.com/1EuNNXJ)
* Alibaba Group Holding Ltd's executives often tout their 102-year vision for the Chinese e-commerce company. But some investors don't have to stick around past Wednesday. That is when several big institutional investors who bought stakes in Alibaba before its September initial public offering will be free to sell about 340 million shares when some "lockup" agreements expire. (http://on.wsj.com/1MM8hx6)
* A proposed mall merger turned into a battle royal, with two of the country's largest retail landlords trading barbs and jostling for better position in a $16 billion takeover offer. Los Angeles-based Macerich Co, the third-largest mall owner in the U.S. by market value, on Tuesday rejected an offer by its larger rival, Indianapolis-based Simon Property Group Inc , to buy the company for $91 per share in cash and stock. (http://on.wsj.com/1GUJapS)
FT
France's Orange will spend 15 billion euros ($15.89 billion) to upgrade its fibre and mobile networks for the next three years as it continues to tackle with competition from low-cost rivals in its domestic market.
Russian billonaire Mikhail Fridman is preparing to sell North Sea gasfields, at the heart of a fierce clash in Britain over his ownership, in a move to side step a legal battle with the UK government.
The UK financial watchdog has taken its maiden public enforcement actions against a trader, accusing him of manipulating the London interbank offer rate. The accused, a former trader at Dutch lender Rabobank, will be banned from financial services industry.
($1 = 0.9440 euro) (Compiled by Rama Venkat
NYT
* Top officials from Emirates Airline and Etihad Airways on Tuesday praised the virtues of open-skies agreements between countries, saying passengers had benefited from more competition, better service and lower fares. They shot back at American rivals who had accused them of unfair competition, saying attempts to review the agreements amounted to protectionist measures by United States carriers.(http://nyti.ms/1EuKvnl)
* Facebook Inc, the social networking company, announced Tuesday that American users of its Messenger app would be able to link their debit cards to the service and use it to message money to one another just as easily as they send a snapshot or text. (http://nyti.ms/1GTgQEl)
* Nintendo Co Ltd said on Tuesday it had formed a partnership with another Japanese company that specializes in mobile games, DeNA, to develop games based on Nintendo brands for smartphones and tablets. (http://nyti.ms/1Bwe4jI)
* Biomet disclosed on Tuesday that the Justice Department is investigating whether the company helped bribe government officials in Mexico and Brazil, a painful reminder of an earlier bribery case it settled in 2012. (http://nyti.ms/1FyMFUG)
China
CHINA SECURITIES JOURNAL
- A plan for three trial free-trade zones in the Chinese cities of Guangdong, Tianjin and Fujian has been passed to the State Council for review, a spokesman for the country's commerce ministry said on Tuesday.
CHINA DAILY
- China is planning third-party audits of foreign assets owned by the country's powerful state-owned enterprises, according to a notice from the State-owned Assets Supervision and Administration Commission on Tuesday.
- Chinese eastern metropolis Shanghai will spend 100 billion yuan ($16 billion) on environmental protection over the next three years, according to the city's government.
- A Chinese local government has approved Shandong Hi-Speed Group Co Ltd's purchase of a 49.9 percent stake in France's fourth-largest airport, Toulouse-Blagnac.
SHANGHAI DAILY
- Chinese authorities have arrested a man who allegedly cheated investors out of 30 million yuan (US$4.8 million) through a spurious foreign exchange trading scheme, Shanghai district prosecutors said on Tuesday.
Britain
The Times
E-CIGS DROP INTO ONS NEWLY UPDATED SHOPPING BASKET
E-cigarettes and craft beer have become so popular that they have been included in the basket of goods by the Office for National Statistics to calculate the cost of living in Britain.(http://thetim.es/1bedkut)
FITNESS FIRST FOR MICROSOFT AS IT TAKES ON APPLE
Microsoft Corp is to launch its fitness band in the UK next month, a week before the Apple Watch goes on sale. While the Microsoft Band does not compete with the Apple Watch on style, it performs many of the same functions, including telling the time, and the company hopes it will appeal to users who value utility and cost over glamour and kudos.(http://thetim.es/1bedv9p)
The Guardian
NEW BHS OWNERS CONSIDER SALE OR CLOSURE OF 50 STORES
Just days after taking over the BHS store chain its new owners have enlisted property agents to review options for nearly a third of the chain's 171 stores, including sale or possible closure.(http://bit.ly/1AUW9TR)
OFCOM FINES BT FOR DELAY IN PROVIDING TEXT-TO-VOICE SERVICE
The telecoms regulator has fined BT Group Plc 800,000 pounds ($1.18 million) for failing to provide an improved text-to-voice service for customers with hearing or speech impairments between April and September last year.(http://bit.ly/1bee1Eb)
The Telegraph
UBER OFFICES RAIDED BY POLICE IN PARIS
French police have raided the Paris offices of the Uber taxi app company as part of an investigation into its controversial ride-sharing service. The headquarters of the French branch of the US-based firm was targeted at the request of the Paris prosecutor's office.(http://bit.ly/18EoBCK)
YOU CAN NOW USE FACEBOOK TO SEND MONEY TO YOUR FRIENDS
Facebook Inc is to start letting users send money to friends via its Messenger mobile app. The free service will be offered "in the coming months", according to a Facebook statement, and will put the social network in direct competition with services such as Square Cash and Venmo.(http://bit.ly/1BRSsDq)
Sky News
OSBORNE CRITICISED OVER NEW BANK SWITCH PLAN
A Government-backed scheme to stimulate competition in one of the most concentrated areas of the banking sector is being launched prematurely in order for ministers to claim that they are helping consumers, the industry is warning.(http://bit.ly/1MLm1Z1)
The Independent
GREEK BAILOUT CRISIS: WE SHOULD PAY REPARATIONS FOR NAZI WAR CRIMES, SAY TOP GERMAN POLITICIANS
Senior German politicians have broken ranks with Angela Merkel's government to demand that Germany pay reparations to Greece for Nazi crimes committed during the Second World War.(http://ind.pn/1MLmOJm)
INTERNET EXPLORER BRAND KILLED OFF BY MICROSOFT, MAKING WAY FOR NEW, RENAMED BROWSER
Microsoft Corp has confirmed that it will not use the Internet Explorer name for its new browser, putting an end to the well-known - if not always well-liked -brand.(http://ind.pn/1MLna2C)
Fly On The Wall Pre-market Buzz
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
DOE petroleum inventory reports for week of March 13 at 10:30
FOMC meeting announcement at 14:00
Fed Chair Yellen to hold press conference at 14:30
ANALYST RESEARCH
Upgrades
Calumet Specialty Products (CLMT) upgraded to Outperform at RBC Capital
Kronos Worldwide (KRO) upgraded to Neutral from Reduce at SunTrust
Lifeway Foods (LWAY) upgraded to Outperform from In-Line at Imperial Capital
Monro Muffler (MNRO) upgraded to Buy from Neutral at SunTrust
Pandora (P) upgraded to Buy from Fair Value at CRT Capital
T2 Biosystems (TTOO) upgraded to Outperform from Market Perform at Leerink
Downgrades
FX Energy (FXEN) downgraded to In-Line from Outperform at Imperial Capital
iRobot (IRBT) downgraded to Outperform from Strong Buy at Raymond James
Macerich (MAC) downgraded to Sell from Neutral at UBS
MercadoLibre (MELI) downgraded to Neutral from Overweight at JPMorgan
Navistar (NAV) downgraded to Underweight from Equal Weight at Morgan Stanley
RSP Permian (RSPP) downgraded to Neutral from Buy at Roth Capital
Ryerson (RYI) downgraded to Neutral from Overweight at JPMorgan
Salix (SLXP) downgraded to Hold from Buy at Jefferies
St. Jude Medical (STJ) downgraded to Market Perform from Outperform at Wells Fargo
USG (USG) downgraded to Neutral from Outperform at RW Baird
Vectrus (VEC) downgraded to Fair Value from Buy at CRT Capital
Initiations
Columbia Pipeline (CPPL) initiated with a Buy at Citigroup
Columbia Pipeline (CPPL) initiated with a Neutral at Goldman
Columbia Pipeline (CPPL) initiated with an Equal Weight at Barclays
Columbia Pipeline (CPPL) initiated with an Overweight at JPMorgan
Crown Holdings (CCK) resumed with a Buy at Citigroup
Genocea (GNCA) initiated with an Overweight at Piper Jaffray
NiSource (NI) initiated with a Neutral at JPMorgan
NiSource (NI) reinstated with an Outperform at Credit Suisse
On Deck Capital (ONDK) initiated with a Sell at Compass Point
Shutterfly (SFLY) initiated with a Buy at Axiom
COMPANY NEWS
JPMorgan (JPM) formally authorized $6.4B equity repurchase program
Kraft Foods (KRFT) voluntarily recalling approximately 242,000 cases of the Original flavor of Kraft Macaroni & Cheese Dinner due to the possibility that some boxes may contain small pieces of metal
Oracle (ORCL) raised its quarterly dividend 25% to 15c per share and said it is growing faster than Salesforce.com (CRM)
Terry Myerson, executive VP of Windows at Microsoft (MSFT), announced that Windows 10 will launch in 190 countries and 111 languages around the world this summer
Vermillion (VRML) announced a new commercialization and services agreement with Quest Diagnostics (DGX) related to Vermillion's OVA1 ovarian cancer test
Ignyta (RXDX) acquired four oncology R&D assets from Teva (TEVA) in exchange for 1.5M shares of common stock
Akorn (AKRX) said it will restate 2Q14, 3Q14 financial statements
Nektar Therapeutics (NKTR) said NKTR-102 trial did not achieve statistical significance
CARBO Ceramics (CRR) cut quarterly dividend to 10c from 33c per share
Chimera (CIM) announced 1-for-5 reverse stock split and raised quarterly dividend 7% to 9.6c per share
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Tenax Therapeutics (TENX), Aeterna Zentaris (AEZS), Quiksilver (ZQK), CareDx (CDNA), Entellus Medical (ENTL), Celator Pharmaceuticals (CPXX), Adobe (ADBE)
Companies that missed consensus earnings expectations include:
Leju (LEJU), Five Prime (FPRX), Macrocure (MCUR), Navigator Holdings (NVGS), Papa Murphy's (FRSH), Evolving Systems (EVOL), Great Ajax (AJX)
Companies that matched consensus earnings expectations include:
Oracle (ORCL)
NEWSPAPERS/WEBSITES
American Express (AXP) to launch Plenti loyalty program this spring, WSJ reports (M, XOM, T, RAD)
Google (GOOG) sees self-driving car on market within five years, Re/code reports
iPhone 6 (AAPL) shipments expected to reach 53M, DigiTimes reports
Herbalife (HLF) wins dismissal of 'pyramid scheme' lawsuit, Bloomberg reports
Time Warner (TWX), CBS (CBS) CEOs discussed possible merger last year, Bloomberg reports
Discovery (DISCA), Viacom (VIA) in talks to be on Apple TV (AAPL) service, WSJ reports
SYNDICATE
Anthera Pharmaceuticals (ANTH) files to sell common stock, no amount given
Atlas Resource Partners (ARP) files to sell 24.71M common units for holders
DryShips (DRYS) files to sell 180M shares of common stock for holders
Epizyme (EPZM) 6M share Secondary priced at $20.75
Esperion (ESPR) files to sell $150M of common stock
Goldman Sachs BDC (GSBD) 6M share IPO priced at $20.00
HubSpot (HUBS) 4.114M share Secondary priced at $37.00
Ocean Rig UDW (ORIG) files to sell 90M shares of common stock for holders
RSP Permian (RSPP) 9M share Spot Secondary priced at $25.80
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My gawd, the Israelis voted for Bibi.
That means more Collin Powell-esque charades at the UN involving giant placards of ticking timebombs and red lines.
Diebold
Israel doesn't use voting machines. They don't even use pencils.
(You pick up a piece of paper pre-printed with the name of your favoured party, put it in your envelope and drop it in.)
As if we wouldn't have gotten those anyway. The banksters have always found ways to start wars.
The real news here is how defiant the Israelis (including Bibi) have become. They weren't about to vote the way the CIA ordered them to. An example to us all.
Not at all surprised. Certainly free and fair too. And all he had to do was tell the voters "Fuck the Palestinians and their mothers."
Other deals
Riverwood Solutions of Plano Texas Opens Software Devt. Center in St Petersburg Russia
Finland’s Fortum Sells Power Grid To Make Way For Russian Power Source
IBM Opens Finance Processing Center In Russia
Renault’s Russian Lada Division Takes Over Crimeas Auto Market
* "Facebook Inc, the social networking company, announced Tuesday that American users of its Messenger app would be able to link their debit cards to the service and use it to message money to one another just as easily as they send a snapshot or text".
Faceplant devotees will be all over this!
It appears that the sandnigger "Joint List's" price for propping up the Zionist Union, the CIA front, was to throw Bibi in prison after the election.Fortunately the people of Israel had other ideas, in spite of the Israeli MSM and election bureaux being in on the joke, and gave the actual Zionists a voter fraud free victory.
Congratulations to Israel for showing their own Maidanists how. Now for the hard part---purging Mossad of the fifth-columnists who plotted against Bibi in league with the CIA.
https://fee.org/freeman/arena/voting-advances-liberty-voting-does-not-advance-liberty By Joseph S. Diedrich Few pillars of American society are regarded as highly as the right to vote. Yet, at the end of the day, voting does not advance liberty. Rather, it sanctions the status quo and encourages uncivilized behavior. It’s also a waste of time — time that could be spent actually advancing liberty.
An interesting read.