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Frontrunning: September 11
- Germany says U.S. debt levels "much too high" (Reuters)
- Netanyahu ramps up Iran attack threat (Reuters)
- Burberry plummets by most ever, slashes guidance, rattles Luxury-Goods Industry as Revenue Growth (Bloomberg)
- FoxConn Again Faces Labor Issue on iPhones (NYT)
- Southern whites troubled by Romney's wealth, religion (Reuters)
- China's Xi not seen in public because of ailment (Reuters)
- Another California muni default: Oakdale, Calif., Restructuring Debt, Planning Rate Raise After Default (Bond Buyer)
- Spain's PM expects "reasonable" terms for any new aid (Reuters)
- Bernanke Proves Like No Other Fed Chairman on Joblessness (Bloomberg) - Ineffective like no other?
- John Lennon’s Island Goes on Sale as Irish Unpick Property Boom (Bloomberg)
- Wen vows no concession (China Daily)
- New Deutsche Bank leaders to flesh out strategy and cuts (Reuters)
- Canadian Banks Grow Amid Cutbacks in London-New York (Bloomberg)
Global front page summary:
- Stricter troika hardens assessement of Portuguese government: Portugal
- IMF plans to hit our pockets even harder: Ireland
- Negotiations with troika on retirement at 66: Greece
- EU plan: ECB must close national banks: Eurozone
- A ‘Diada’ that looks to Europe: Spain
- Free at last: Sweden
Overnight Media Digest
WSJ
* Apple Inc is expected to introduce the next iPhone model on Wednesday, setting the stage for a critical test of wireless carriers' efforts to bend the economics of the popular device to their advantage.
* Four years before a scandal erupted over banks' attempts to manipulate an important interest rate, the head of a private association of giant banks suggested that perhaps the group shouldn't be responsible for what had come to be known as "the world's most important number."
* Glencore International Plc officially put its revised offer for Xstrata Plc to the miner's board and shareholders, seeking to win their approval for new terms and keep the huge merger deal from turning hostile or collapsing.
* Eastman Kodak Co replaced its chief financial officer and moved to cut another 1,000 jobs in an effort to slow its consumption of cash and better position the company to emerge from bankruptcy court.
* Speculation gathered steam about the health and whereabouts of the man expected to take the reins as China's top leader in a matter of weeks as Chinese authorities keep their usual tight grip on information about the nation's leaders.
*On Monday, Chinese authorities failed to explain why Vice President Xi Jinping, who hasn't been seen in public since Sept. 1, had missed another meeting with a visiting foreign dignitary, Denmark's prime minister.
FT
BARCLAYS TO SHRINK CONTROVERSIAL TAX UNIT
Barclays will take the axe to its controversial tax structuring unit, as it seeks to clean up its image in the wake of a succession of scandals.
'HIGH-RISK' GROUPS FACE OUTSOURCING BAN
The performance of troubled Olympics contractor G4S will be reviewed "very carefully", the British government has warned.
TRAIL BEGINS OF FORMER UBS TRADER
Former UBS trader Kweku Adoboli appeared in court on Monday at the start of his fraud trial in a case involving losses of $2.3 billion.
RUMOURS SWIRL AS CHINA'S XI VANISHES
Xi Jinping has disappeared from public view weeks before his expected takeover of the Chinese Communist Party.
GLENCORE MAKES FINAL OFFER FOR XSTRATA
Glencore laid out what it said was a final $36 billion takeover offer for Xstrata, warning it would not improve the terms again.
UK GOVT BROKER DEAL TO ALLOW 4G PEACE TALKS
A deal between the UK's mobile operators has been brokered that will allow for next-generation 4G mobile broadband services to be rolled out.
FAST LIBOR REFORM 'RISKS CAUSING CHAOS'
Radical and rapid reform of Libor rates could trigger chaos for $300 trillion in existing debt and derivative contracts based on the interbank lending benchmarks.
APP DEVELOPER EMERGES AS APPLE LEAK SOURCE
A small app developer in Florida was the source of the Apple leak by the hacktivist group Anonymous last week.
NYT
* As Apple Inc prepares to unveil the latest iPhone this week, the company's manufacturing partner in China, Foxconn Technology, is coming under renewed criticism over labor practices after reports that vocational students were being compelled to work at plants making iPhones and their components.
* Glencore International, the world's largest commodities trader, officially unveiled its new offer for the mining company Xstrata Plc on Monday, although the outcome of the merger remains uncertain.
* A supporter of Anonymous, the loose confederation of rogue hackers, claimed responsibility on Monday for an attack that brought down GoDaddy, a Web hosting service, and its customers.
* Exports from China inched up in August and imports shrank unexpectedly, data released on Monday showed, cementing the view that the Chinese economy has slowed abruptly in recent months despite a string of government measures devised to bolster it.
Canada
THE GLOBE AND MAIL
* An NDP MP is turning to the internet to cover his legal bills in the face of a lawsuit for wrongly accusing an Alberta company of electoral fraud. Supporters and friends of Pat Martin are trying to raise C$250,000 after the Winnipeg MP was sued for comments he made about the 2011 election robo-calls scandal.
Reports in the business section:
* BCE Inc on Monday began its defence of a proposed C$3.4-billion takeover of Astral Media Inc and immediately faced the pointed scrutiny of the avowedly populist new CRTC boss.
* A torrent of oil pumped from new wells across the U.S. is setting in motion a decade of dramatic change that promises to wean the country off OPEC, and threatens the growth of energy imports from Canada.
NATIONAL POST
* Toronto police have linked the Galloway Boys, a notorious Scarborough street gang, to the July 16 block party shooting that killed two people and injured 23 others, as well as to the December murder of a 24-year-old man and six other shootings around the Toronto area.
* The family of a Canadian soldier who committed suicide spent just over C$10,800 in court costs to correct mistakes made in the young soldier's death certificate and registration, errors for which they blamed National Defence.
FINANCIAL POST
* Talisman Energy Inc on Monday signaled it is changing course rather than putting itself on the block. President and Chief Executive John Manzoni stepped down, and Talisman is now under the steady hand of Hal Kvisle, the former TransCanada Corp president and CEO and a Talisman board member.
European Economic Summary
- Hungary CPI +0.1% m/m +6.0% y/y – lower than expected. Consensus +0.2% m/m +6.0% y/y. Previous: -0.1%m/m +5.8% y/y
- Turkey Current Account Balance -$3.9bn – higher than expected. Consensus -$4.0bn. Previous -$4.2bn.
- Czech Republic Current Account Balance -CZK11.5bn – lower than expected. Consensus -CZK8.7bn. Previous: -CZK6.8bn.
- UK Trade Balance -£1.3bn. Previous -£4.3bn.
- UK Trade in Goods -£7.1bn – higher than expected. Consensus £-9.0bn. Previous -£10.1bn.
Fly on the Wall 7:00 AM Market Snapshot (new service starting as of today)
ANALYST RESEARCH
Upgrades
Bristol-Myers (BMY) upgraded to Conviction Buy from Buy at Goldman
Catamaran (CTRX) upgraded to Conviction Buy from Buy at Goldman
Corporate Office Properties (OFC) upgraded to Neutral from Underweight at JPMorgan
PacWest Bancorp (PACW) upgraded to Outperform from Neutral at Macquarie
Synacor (SYNC) upgraded to Neutral from Sell at Citigroup
Downgrades
AmerisourceBergen (ABC) downgraded to Neutral from Conviction Buy at Goldman
Bemis (BMS) downgraded to Neutral from Buy at Citigroup
Coach (COH) downgraded to Hold from Buy at Brean Murray
Majesco (COOL) downgraded to Hold from Buy at Needham
Owens-Illinois (OI) downgraded to Neutral from Buy at Citigroup
Quaker Chemical (KWR) downgraded to Neutral from Buy at Janney Capital
Watson Pharmaceuticals (WPI) downgraded to Buy from Conviction Buy at Goldman
Initiations
AngloGold (AU) initiated with an Outperform at Credit Suisse
Bristol-Myers (BMY) reinstated with a Neutral at Credit Suisse
Cabot Oil & Gas (COG) initiated with an Outperform at Bernstein
Gold Fields (GFI) initiated with a Neutral at Credit Suisse
Harmony Gold (HMY) initiated with an Underperform at Credit Suisse
Intellipharmaceutics (IPCI) initiated with a Buy at Brean Murray
Intrepid Potash (IPI) initiated with a Buy at Wunderlich
Life Technologies (LIFE) initiated with a Buy at WallachBeth
QEP Resources (QEP) initiated with an Outperform at BMO Capital
Range Resources (RRC) initiated with an Outperform at Bernstein
Southwestern Energy (SWN) initiated with an Outperform at Bernstein
Yelp (YELP) initiated with a Neutral at Piper Jaffray
HOT STOCKS
AIG (AIG) said Treasury Department priced offering to sell AIG stock at $32.50 per share
Philips (PHG) to cut 2,200 more jobs, raised cost-cutting target to EUR1.1B
MasterCard (MA) expanded U.S. electronic payments to ATM channel
General Electric (GE) and Xtreme Power formed strategic alliance
General Dynamics (GD) bought Open Kernal Labs
Sunstone Hotel (SHO) to sell three properties for about $107M
Emerald Oil (EOX) to acquire about 4,500 net operated acres in North Dakota
Old Line Bancshares (OLBK), WSB Holdings (WSB) execute merger agreement
KEYW Holding (KEYW) to acquire Poole & Associates
CareerBuilder (GCI, MNI) acquired Economic Modelin Specialists International
H.B. Fuller (FUL) acquired Engent
Navidea (NAVB) received complete response letter from FDA for Lymphoseek
Five Below (FIVE) sees FY12 SSS increasing 6%-6.5%
Citrix Systems (CTXS) acquired Beetil
Genesee & Wyoming (GWR) sees Q3 farm and food traffic lower by 4,000 carloads
Acacia Research (ACTG) subsidiary acquired patent on stent graft technology
EARNINGS/GUIDANCE
Companies that beat consensus earnings expectations last night and today include:
Five Below (FIVE), Casey's General Stores (CASY)
Companies that missed consensus earnings expectations include:
Majesco (COOL), Shuffle Master (SHFL)
NEWSPAPERS/WEBSITES
Apple’s (AAPL) new iPhone will likely break previous sales records. It also may prove the moment to dump the shares, the Wall Street Journal reports
Chrysler Group LLC (FIATY) showed dealers over six new models due to arrive over the next 18 months as part of phase two of CEO Sergio Marchionne’s turnaround plan, the Wall Street Journal reports
Qatar, Xstrata's (XSRAY) second biggest investor, has held back immediate support for Glencore's (GLNCY) increased bid for the miner, despite an apparent rapprochement last week, saying in a rare statement today it was still considering its position, Reuters reports
Nokia Siemens Networks (NOK, SI) is in talks with several companies to sell its business support systems unit, CEO Rajeev Suri said, Reuters reports
JPMorgan Chase (JPM) and Bank of America (BAC) are helping clients find an extra $2.6T to back derivatives trades amid signs that a shortage of quality collateral will erode efforts to safeguard the financial system, Bloomberg reports
Oil traded near the highest close in nearly three weeks in New York amid speculation the U.S. will add to measures to revive its economy, countering concern that Europe’s bailout plan will falter. The Fed begins a two-day meeting tomorrow where it may announce stimulus measures, Bloomberg reports
SYNDICATE
AIG (AIG) 553.8M share Secondary priced at $32.50
El Paso Pipeline (EPB) files to sell 7.1M common units for limited partners
Emerald Oil (EOX) commences public offering of 82M shares of common stock
Fifth Street Finance (FSC) commences offering of 7.5M shares of common stock
Sun Communities (SUI) commences offering of 3M shares of common stock
Textainer (TGH) files to sell 7.5M shares of common stock
ACTIVIST/PASSIVE FILINGS
Lavazza raises stake in Green Mountain (GMCR) to 6.8% from 5%
Lone Pine Capital reports 6.7% passive stake in Dunkin' Brands (DNKN)
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Zionist extremist concedes Israel's involvement in 9-11:
"Barry Chamish is one of the most radical, out-of-control Zionists you’ll ever meet. Chamish is so extreme right-wing pro-settler, pro-Greater-Israel, pro-Jabotinsky, pro-Zio-terrorist, he makes Netanyahu look like a peace-loving statesman.
But one thing you can say about Chamish: He’s not stupid, he has guts, and he pretty much calls it the way he sees it. At the personal level, I actually like the guy.
So when Chamish recently wrote what he intended as a hostile review of Christopher Bollyn’s Solving 9-11, but couldn’t help admitting that Bollyn was basically right, that the big-money Zionist mob did 9/11 with the help of Mossad and its American assets…well, that’s about the highest praise Bollyn could ever get."
http://www.veteranstoday.com/2012/08/15/zionist-extremist-chamish-admits...
A bit inaccurate about Barry Chamish ...
Chamish believes the Israeli government is hopelessly corrupt, and Israeli leaders are stooges of the American oligarchs ...
He is very much an anti-New World Order writer, denounces the President of Israel as a liar and murderer, etc. ...
He was the leading journalist exposing what is now generally accepted even by most Israelis, that the assassination of Israeli Prime Minister Rabin was an 'inside job'
He does excellent documentation of how dissident Jews are killed inside Israel, and he sees the Israeli government as a gang of atheist murderers out to exterminate really religious Jews
tho Chamish is personally stuck, as a deeply religious Jew, in some fantasies of Zionism ... but he has written that both Arabs and Jews are victims of the same global-oligarch manipulators
Thanks for that. Would you have any sources for further reading?
Blackrock fined by UK FSA for mishandling client money....(paperwork not in order)
The great Mark Haines Sept 11, 2001
http://www.youtube.com/watch?v=kkfkd0X9gPA#t=3m01s
http://www.youtube.com/watch?v=xj7QDgS4KxM
Our economies can only fall from here on out because half of our institutions work on the interest of outstanding loans at low rates and investments at high rates. Now the outstanding debt is at high rates and investments at low rates and this circle is here to stay untill we find a floor and investments become profitable again, more profitable than the high rates they pay. And for that, the stockmarket needs to break down so profitable EPS figures appair and divs are at 10 to 15%.
And exactly that is what the FED has been fighting!!
THEY KNEW THIS EFFECT WOULD BANKRUPT THE WORLD!!!
I am sure that sometime today Tyler will give an acknowledgement of 9/11
I would encourage ZHers to set aside any and all discussions on who did it and instead think of those who perished in a most horiffic way. I pray for each and every soul who died this day.
"Coal miners in resource-rich nation Australia, in the midst of a mining slowdown, have slashed down 900 jobs just this week alone.
Global miner BHP Billiton announced it will be shutting down the Gregory Crinum open-pit coal mine near Emerald, Queensland, where 300 jobs will be affected. Coal mining firm Xstrata Plc, meanwhile, will likewise reduce off 600 jobs, including office-based positions in Sydney."
http://au.ibtimes.com/articles/382320/20120910/xstrata-bhp-coal-mining-j...
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House prices fall to record low across Australian capital citieshttp://www.news.com.au/money/property/house-prices-fall-to-record-low/st...
China's slowdown trickles down to Australia.
Anyone got a link for the Oakdale, CA story? There's no link posted and Google is just spitting foreclosed properties at me when I search for "Oakdale CA default". I love to read stories about how the People's Republic of Kalifornia is self-destructing, so much schadenfreude there.
How come this story isn't in frontrunning?:
http://cnsnews.com/news/article/mrs-obama-s-back-school-message-exciting...
"We can't just leave it up to the parents," Mrs. Obama said.
What a diseased cunt. You want to parent my kids, you have to do it alllllll, not just the easy stuff.
can anyone help me out on what time details of this weeks FED meeting will be released on thursday, is it after market close?
cheers in advance, fruity
Can someone please "Net Net" the whole AIG / Gov't exchange from 2008 to present?
Who were the winners, losers, etc. - lost track, and can't figure out exactly whats happening now. In other words, who got raped, and who made out like a bandit? The whole thing smells fishy.
Thank you, and apologize for the foggy memory.. all these bailouts tend to get cris-crossed in my mind...