- Comcast Agrees to Buy Time Warner Cable for $45.2 Billion (BBG)
- Italian leadership squabble weighs as shares halt hot run (Reuters)
- Russia says Syria aid draft could open door to military action (Reuters)
- China trust assets rise 46% in 2013 (WSJ), China Trust Assets Surge to $1.8 Trillion Amid Default Risks (BBG)
- Australian Unemployment Jumps to 10-Year High (BBG)
- Tea Party Scorns Republicans as House Lifts Debt Ceiling (BBG)
- Peso plunge forces Argentine soya hoarding (FT)
- BNP Paribas Net Falls After $1.1 Billion U.S. Legal Charge (BBG)
- Hacking Joins Curriculum as Businesses Seek Cyber Skills (BBG)
- Android's 'Open' System Has Limits (WSJ)
- Blackstone-Fueled Single-Family Home Boom Lifts Chicago (BBG)
While the world may be reeling in the aftermath of a horrible week for markets, which following today's largely expected $10 billion additional taper announcement, is only set to get worse (because, oops, the global economy turned out to not be in escape velocity mode as everyone simply confused the artificial level of the S&P 500 with economic output, as usual), one entity is delighted by the recent surge in volatility and market uncertainty: CNBC.
"We downgrade the US equity market to underweight relative to other equity markets over 3 months following strong performance. Our broader asset allocation is unchanged and so are almost all our forecasts. Since our last GOAL report, we have rolled our oil forecast forward in time to lower levels along our longstanding profile of declining prices. We have also lowered the near-term forecast for equities in Asia ex-Japan slightly. Near-term risks have declined as the US fiscal and monetary outlook has become clearer. Over 3 months our conviction in equities is now much lower as the run-up in prices leaves less room for unexpected events.... Our US strategists have also noted the risk of a 10% drawdown in 2014 following a large and low volatility rally in 2013 that may create a more attractive entry point later this year."
I tried to create a “Kudos List” as well but really couldn’t.
There is no quicker route to success in the USSA than to go into “public service” regulating a massive industry and then flip back over to engage in M&A in the exact industry you were in charge of regulating.
If somehow the scramble to open stores earlier and earlier on Thanksgiving day, until such time as the very Thanksgiving dinner had to be interrupted early for the annual rush out to the (un)friendly neighborhood Thug-Mart (Toys'R'Us opened at a ridiculous 5pm on Thanksgiving day) and punching people in the face just to get that 42 inch, 2010-model Plasma TV for $99, was supposed to boost overall sales instead of merely pulling them forward (see cash for clunkers), it didn't work. According to ShopperTrak, total Black Friday traffic plunged 11% and total sales fell 13.2%, the second consecutive year of declines following last year's 1.8%. The reason, as largely expected, is that a substantial portion of Friday shopping was pulled back to Thursday: as ShopperTrak founder Bill Martin said, "if retailers continue to promote Thanksgiving as the start of the holiday buying season, he thinks the holiday will eventually surpass Black Friday in sales. "We're just taking Black Friday sales and spreading them across a larger number of days," Martin said."
According to the latest Nielsen Research data, in November, CNBC's core 25-54 demographic saw its fourth consecutive month of declines, and dropped to just 31,000 - a declined of over 40% from a year earlier, and the lowest since February 1993: a fresh 20 year low.
- China Pledges Greater Role for Market in Economy (WSJ), China vows 'decisive' role for markets, results by 2020 (Reuters)
- China expected to cut growth target to 7% (FT)
- World Trade Center Tower Debuts in Manhattan Leasing Test (BBG)
- Job Gap Widens in Uneven Recovery (WSJ)
- Khamenei’s conglomerate thrived as sanctions squeezed Iran (Reuters)
- Swiss referendum on wages of high earners stirs debate (FT)
- Obama to Nominate Massad to Head CFTC (WSJ)
- Japan readies additional $30 billion for Fukushima clean-up (Reuters)
- Target Fills Its Cart With Amazon Ideas (WSJ)
- Shadow banks reap Fed rate reward (FT)
As NSA Spreads Disinformation Wooing Hoi Polloi To Shun Innovation, Dead Beat Carriers Represent Biggest Security ThreatSubmitted by Reggie Middleton on 10/24/2013 08:21 -0400
The guys that control the pipes are most likely where the NSA gets most of its data. Proft can be had in businesses that help end users proof against such blatant snooping, spying and virtual/actual eavesdropping.
- A U.S. Default Seen as Catastrophe Dwarfing Lehman’s Fall (BBG)
- Software, Design Defects Cripple Health-Care Website (WSJ)
- Gunmen kill 5 Egyptian soldiers near Suez Canal, 2 people die in blast (Reuters); Egypt death toll rises to 53, streets now calm (Reuters)
- Three retailers sell Apple iPhone 5C for $50 or less (Sun Sentinel)
- New American Economy Leaves Behind World Consumer (BBG)
- Dow's Exiles Often Have Last Laugh (WSJ)
- Macy's Puts China Online-Expansion Effort on Hold Amid Economic Slowdown (WSJ)
- Gold Befuddles Bernanke as Central Banks’ Losses at $545 Billion (BBG) - just ask the BIS gold selling team: they are unbefuffdled
- Markit Group Said to Avoid U.S. Antitrust Claims as EU Proceeds (BBG) - being owned by the banks has benefits
- Paulson leads charge into Greek banks (FT) - and scene for the Greek banking sector
If last night the year 1993 was notable for India, as the Rupee had its largest plunge since March of that year two decades ago, today 1993 is just as memorable for CNBC. The reason: according to the latest Nielsen data, in July the financial network's prime (25-54 demographic) viewership just tumbled to a fresh 20 year low of just 37,000, the lowest since, you guessed it, March of 1993. Why is this a problem? Considering CNBC came on air in its current post-FNN incarnation in 1991, the core viewership is now about as low as it has ever been for the struggling broadcaster which as recently as 2007 was ranked as the 19th most valuable cable channel in the US. Now: not so much.
When one thinks how easy it is to fool most people virtually all of the time, one must admit that the central planners, whose only remaining "policy transmission mechanism" is the manipulated stock market, are on to something. As the following chart from Nielsen shows, virtually the entire world is now more optimistic that "their country is in an economic recession" compared to last quarter for the simple reason that stock markets around the globe are much higher despite pervasive economic deterioration. Higher everywhere, except Latin America that is, and lo and behold, that is the only place where pessimism has increased.
Yesterday, in the aftermath of first Apollo then Blackstone, it was the turn of that third mega Private Equity shop, Fortress, to "say that now is the time to exit investments as stocks rally and interest rates start to rise. "This is a better time for selling our existing investments than making new investments," Pete Briger, who oversee the New York-based firm's $12.5 billion business said on a call with investors yesterday. "There’s been more uncertainty that’s been fed into the markets." Ironically, this is precisely the opposite of what one will hear on the mainstream media, but such is life: for every smart money seller, there must be a willing sheep led to the slaughter.
- Ackman Says Pershing Square Takes 9.8% Stake in Air Products (BBG) - So is APD Carl Icahn's biggest ever short yet
- Latest Hilsenplant: Summers Hedges His Doubts on Fed's Bond Buying (WSJ)
- China Stocks World’s Worst Losing $748 Billion on Slump (BBG)
- U.S. Spy Program Lifts Veil in Court (WSJ)
- Abenomics on the rock again: Japan July manufacturing PMI shows growth at 4-month low (Reuters)
- EADS to be renamed Airbus in shake-up (FT)
- Goldman's GSAM has significantly increased its exposure to European equities (FT) - there is a reason why this is Goldman's worst division
- Japanese Megabanks Post Mega Profit Gains (WSJ) - when one excludes MTM impact from rate surge of course
- Ex-workers sue Apple, seek overtime for daily bag searches (Reuters)
- Hong Kong Yuan Deposits Snap Eight-Month Increase on Cash Crunch (BBG)
- Downtown NYC Landlords Remake Offices in Shift From Banks (BBG)
- Biggest Banks Face Fed Restoring Barriers in Commodities (BBG)
- SAC to Employees: Cohen Didn't Read Dell Email at Heart of SEC's Case (WSJ)
- Second (and Third) liens are back, and so is 2005: As Banks Retreat, Hedge Funds Smell Profit (WSJ)
- Singapore funds benefit from Asian wealth (FT)
- 2 years later the lies haven't changed one bit - Tepco hit over slow admission of radioactive leak (FT)
- How big tech stays offline on tax (Reuters)
- Hilton Leads Rush to Africa in Fastest Boom (BBG)
- U.S. and UK fine high-speed trader for manipulation (Reuters)
- Key witness takes stand in SEC case against Goldman's Tourre (Reuters)
- Boomer Sex With Dementia Foreshadowed in Nursing Home (BBG)
- Bentley SUV gives £800m boost to UK car industry (FT)