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May 21, 2010

THE WALL STREET JOURNAL: PM Report: Market Free Fall 5/20/2010 4:00:00 PM The Dow closes down more than 360 points. Barron's Bob O'Brien and WSJ's Grainne McCarthy joins the News Hub with more. Plus, the financial overhaul heads to the finish line; and a historic look at all the stars that passed through the doors of "Law & Order."

WHY ONE LEGENDARY iNVESTOR IS MORE WORRIED THAN EVER. MAY 21, 2010

THE WALL STREET JOURNAL

Seth Klarman is worth listening to, especially when markets go mad.
Mr. Klarman is president of the Baupost Group, an investment firm in Boston that manages $22 billion. His three private partnerships have returned an annual average of around 19% since inception in 1983—and nearly 17% annually over the past decade, as stocks went nowhere.
To measure Mr. Klarman's importance as an investor, you need only see the value his rivals place upon his words. You could have earned at least a 20% average annual return since 1991—better than twice the performance of the market—merely by buying and holding Mr. Klarman's book, "Margin of Safety": Published that year at a cover price of $25, hard copies now fetch up to $2,400.
Christophe Vorlett
But the professorial Mr. Klarman speaks in public about as often as the Himalayan yeti. He made an exception last Tuesday, when I interviewed him in front of a standing-room-only crowd of 1,600 financial analysts at the CFA Institute annual meeting in Boston. He then made another exception, speaking with me over the phone later to clarify points that he feared had been misconstrued.
Mr. Klarman specializes in buying securities that nauseate other investors. As the credit crisis exploded, he put more than a third of his assets into high-yield bonds and mortgage-related securities. I asked him what he had meant, in a recent letter to his clients, when he compared the financial markets to a Hostess Twinkie. "There is no nutritional value," he said. "There is nothing natural in the markets. Everything is being manipulated by the government." He added, "I'm skeptical that the European bailout will work."
Some members of the audience gasped audibly when Mr. Klarman said, "The government is now in the business of giving bad advice." Later, he got more specific: "By holding interest rates at zero, the government is basically tricking the population into going long on just about every kind of security except cash, at the price of almost certainly not getting an adequate return for the risks they are running. People can't stand earning 0% on their money, so the government is forcing everyone in the investing public to speculate."
"We didn't get the value out of this crisis that we should have," Mr. Klarman told the audience. "For our parents or grandparents, it was awful to have had a Great Depression. But it was in some ways helpful to carry a Depression mentality throughout their later lives, because it meant they were thrifty with their money and prudent in their investment decisions." He added: "All we got out of this crisis was a Really Bad Couple of Weeks mentality."
You could have heard a pin drop as Mr. Klarman proclaimed, "I am more worried about the world, more broadly, than I ever have been in my career." That's because you can make good investing decisions and still end up with bad results if you reap your profits in currencies that do not hold their purchasing power, he explained.
"Will money be worth anything," asked Mr. Klarman, "if governments keep intervening anytime there's a crisis to prop things up?"
To protect against that "tail risk," said Mr. Klarman, Baupost is buying "way out-of-the-money puts on bonds"—options that have no value unless Treasury bonds plummet. "It's cheap disaster insurance for five years out," he said.
Later, I asked Mr. Klarman what he would suggest for smaller investors who share his worries.
"All the obvious hedges"—commodities and foreign currencies, for example—"are already extremely expensive," he warned.
Especially gold. "Near its all-time high, it's a very hard moment to recommend gold," said Mr. Klarman.
Mr. Klarman pointed out that his own ideas "on bottom-up opportunities in undervalued securities are more likely to be accurate than my top-down views on what's going to happen in the world at large." In other words, while you might want to insure against a disaster scenario, you shouldn't bet the ranch on it.
And, said Mr. Klarman, one of the best ways to protect against a decline in purchasing power is to buy whatever is "out of favor, loathed and despised." So forget about gold or other trendy hedges. Instead, wait patiently for markets—European stocks, perhaps—to get so cheap that they turn most investors' stomachs. Then you can pounce.
As Mr. Klarman put it, "Sometimes, when you can't figure out a good defense, the best thing to do is to go on offense."
Write to Jason Zweig at intelligentinvestor@wsj.com

Gerald Celente :Gerald Celente on Wall St Shuffle CNN 5/19/2010

Form The Desk of Nick Nicolaas: Zeal Intelligence Weekly - Euro Panic Buying Op by Adam Hamilton



Dear Friends:
Adam Hamilton has posted his weekly Zeal Intelligence Newsletter on the Mining Interactive Website. Click here:
Have a great weekend and - - - Stay Tuned!!

Regards,
Nick L. Nicolaas
Mining Interactive “Ahead of the Pack”
Nick L. Nicolaas
President & CEO
Mining Interactive Corp.
www.mininginteractive.com
Direct 24/7: +1 (604) 657-4058
Main Office: +1 (604) 569-0800
Fax: +1 (604) 569-0758
Skype: nicknicolaas
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Suite 818 - 475 Howe Street
Vancouver, BC, Canada V6C 2B3

MarketWatch: Personal Finance Daily. May 21rst,, 2010


MarketWatch

Personal Finance Daily
MAY 21, 2010

Friday's Personal Finance stories

By MarketWatch



Don't miss these top stories:

New laws affecting consumers are coming fast and furious. (Well, maybe not all that fast.)

The U.S. Senate overhauled the nation's financial-services regulatory system late Thursday. Now lawmakers must reconcile that bill with the House's version, passed in December. The bill takes some giant steps in terms of regulating banks - those changes will affect all of us going forward, and probably in ways we haven't even dreamed of yet.

As for the provisions specifically aimed at consumers, the most significant change is the new consumer financial-product agency, which will write rules for mortgage lenders, credit-card issuers and more. Consumer advocates cheered that provision, though some in the banking industry note that it could well lead to reduced access to credit and higher prices down the road. I think I've heard that line before. (Remember the credit-card law? And to some degree it's true -- we have seen some major changes in credit-card offers and terms. On the other hand, some limits on credit-card rate hikes and the like still make sense.)

Meanwhile, the health-care overhaul is slowly seeping into our everyday lives: Starting later this year, recent high-school and college graduates will be able to stay on or jump back onto their parents' health-insurance plans.

Read our Personal Finance pages today for more on how these new rules are coming your way soon, plus don't miss our story today on how some filers are meeting with delays and rejections on their home-buyer tax credit claims.

-- Andrea Coombes , Personal Finance editor

BANK REFORM

Consumers win protections in bank-reform bill

Borrowers will be better protected from unscrupulous lenders and predatory loans thanks to the far-reaching bank-reform bill the U.S. Senate passed Thursday night, consumer advocates said Friday.
See story on consumers win protections in bank-reform bill.


Bank bill strengthens SEC, but maybe not enough

The Securities and Exchange Commission, besieged on all sides by critics and infuriated constituents, is undergoing its biggest overhaul in 30 years, one that crescendoed with the passage of the historic financial regulatory reform bill this week.
See story on bank bill strengthens SEC, but maybe not enough.


Commentary: Don't blame Washington for Wall Street reform

Wall Street, with all of its proud qualitative and quantitative prowess, has blown the biggest trade of the last 65 years.
See David Weidner's Writing on the Wall.


HEALTH CARE

Keeping your adult kids on your health plan

About 1.2 million young adults stand to gain health insurance next year as new rules that allow them to join or stay on their parents' employer-based plans until age 26 take effect in the next four months, according to a new study.
See Vital Signs.


Health Minute: Improving mental health care

Adults who suffer from depression during their childhoods are less likely to be married and tend to earn less money later in life, a new study finds. Kristen Gerencher talks about the far-reaching impact of psychological disorders.
 Watch Health Minute.


Primaries deliver mixed messages on health care

Moments after the House approved the health-care overhaul in March, Republicans insisted it would haunt Democrats this election year. Democrats hoped the historic bill would help them with voters.
See Capitol Report.


TAXES

Delays, denials hit home-buyer tax credit filers

While TaxMama is being deluged with calls and emails from taxpayers wondering where their refund went, the IRS has been busy processing over 1.8 million claims for home-buyer tax credits, according to IRS data through February.
See TaxWatch.


RETIREMENT

Retirement calculators don't factor in risk of outliving assets

Retirement calculators have many flaws, and now a new study finds yet another glitch in the ubiquitous tools that help Americans figure out how much to save for retirement.
See Robert Powell.


SAVING AND SPENDING

Six personal-finance tips for college graduates

College graduates entering the job market will find there's much to learn about managing their personal finances but taking immediate steps to budget and save, and maintaining those good habits, will help protect them should a spate of bad luck come their way.
See story on six money tips for college graduates.


Steps to a higher credit score can be mystifying

Question: I enjoy your articles on credit reports. There is so little good information available about how these are determined, and the positive and negative factors. Several years ago, I closed two credit-card accounts for arbitrarily raising their rates. I have been paying off the balances of both on a monthly basis. I have a little money and want to improve my credit score. Should I pay off in full these two closed accounts now, or should I use the money to pay all my accounts down?
See Realty Q&A.


INVESTING

Commentary: This fund is a winner --- just not for investors

With the market in a frenzy, investors are looking for alternatives to stocks and bonds. They may not be ready to go the route of classic cars as hyped on television Thursday by CNBC, but they can get pretty comfortable with an old stand-by, real estate.
See Chuck Jaffe's Stupid Investment of the Week.


What Dow Theory says about the sell-off

How now, Dow Theory? Was Thursday's plunge enough to trigger a sell signal, indicating that a major bear market has now begun? Or is the jury still out, which in effect means we should give the bull market the benefit of the doubt?
See story on what Dow Theory says about the sell-off.


Exploiting the next 'flash crash'

Nothing rattles investors quite like the storm after the calm. From its trough in March 2009, the market had been rising as smoothly as an escalator--until the "flash crash" on May 6 and its shocking 9.6% intraday swing. The next trading day, the Dow Jones Industrial Average swung 3.3%; the day after that, 4.2%. Over the previous 12 months, the typical daily swing had averaged just 1.4%.
See story on exploiting the next "flash crash."


PERSONAL TECH

AT&T to increase early-termination fees on smartphones

AT&T Inc. plans to raise the fee it charges customers trying to get out of their smartphone wireless contracts early, a move that comes amid expectations that the carrier will lose exclusivity on the iPhone over the next year.
See story on AT&T to hike early-termination fees on smartphones.

MarketWatch: Weekly Roundup.- Top Ten Stories May 17-21.


MarketWatch

Weekly Roundup
MAY 21, 2010

MarketWatch Top 10 stories May 17 - 21

By MarketWatch



NEW YORK (MarketWatch) - U.S. stocks had a volatile week. Ok, not as volatile as last week, but the way stocks gyrated wasn't exactly reassuring. Next week could be just as messy, depending on how the euro zone's problems shake out.

The Dow Jones Industrial Average (.DJI) rose 125.38 points or 1.3% on Friday to close at 10,193.39. For the week the blue-chip index was off 4%. The Nasdaq Composite Index (.COMP) rose 25.03 points or 1.1% on Friday to close at 2,229.04. The index lost 5% for the week. The benchmark Standard & Poor's 500 Index (.SPX) gained 16.10 points or 1.5% on Friday to close at 1,087.69 and notch a 4.2% loss for the week.

Stay tuned to MarketWatch all weekend for all the news you need. We'll be following developments out of Europe and monitoring U.S. officials' trips to China. Our weekend investor will take a look at what strong corporate results from technology companies including Cisco, Dell and Hewlett-Packard say about the state of corporate IT spending and how you can profit from the trend.

Meanwhile, please take a few minutes to view our week ahead videos:

 U.S. Week Ahead: Housing Data In Spotlight

 Asia's Week Ahead: Geithner's China trip in focus

 The Week Ahead in Europe with Aude Lagorce

-- Christopher Noble , assistant managing editor.

Initial jobless claims jump by 25,000

The number of people applying for unemployment benefits shot up 25,000 in the latest week, indicating continued weakness in the U.S. job market, government data showed. Economists surveyed by MarketWatch predicted initial claims would drop on the week, falling to a seasonally adjusted 440,000 from last week's revised reading of 446,000. A Labor Department official said there were no unusual factors to explain the latest increase. See latest employment data news on MarketWatch.

Housing starts up 5.8%, while permits plunge 11.5%

U.S. housing starts increased for the second straight month in April, the government estimated Tuesday, but building permits fell sharply, casting doubts on the momentum of the housing recovery as a federal subsidy to stimulate buyers expires. Financial markets focus primarily on the numbers for housing starts, but most economists consider the permit data to be less volatile and thus more accurate as a gauge of housing activity. See full story at MarketWatch.

EU finance ministers weigh tougher budget enforcement

European Union finance ministers met in Brussels Friday in an attempt to find common ground on how to coordinate fiscal policy and strengthen budget discipline across the 27-nation bloc in the midst of a sovereign debt crisis in the euro zone. "I could feel a sense of urgency. There was a strong political will present," EU Council President Herman Van Rompuy said in a news conference following the meeting. See full story at MarketWatch.

The nuclear option is back on the table

For 30 years Sweden stood proudly at the forefront of the world's antinuclear movement. Now, in one of the clearest signs of a nuclear-power renaissance sweeping the globe, it's striving to lift a decades-old ban on new reactors. And it's not alone. Ballooning energy needs, volatile oil and gas prices, increased competition for dwindling supplies, and rising concerns about global warming are all pushing countries around the world to reconsider nuclear energy. Read full story from MarketWatch's Nuclear Option Special Report.

Senate passes sweeping reform of big banks, credit ratings

Senate lawmakers on Thursday approved the most significant increase in the regulation of U.S. banks since the Great Depression, placing new restrictions on the nation's biggest banks, reining in the Federal Reserve and crafting a major new consumer-protection division for mortgage and credit-card products. See full report on MarketWatch about the latest on financial regulatory reform plans.

Fund industry reform is overdue, Bogle says

Jack Bogle, founder of the Vanguard Group, said the mutual fund industry must take steps to improve itself and serve the investing public better, with money managers caring more about shareholders, corporate governance and long-term investing. Read full story at MaketWatch.com.

Mortgage rates fall to lowest levels this year

Mortgage rates dropped again this week, with both the 15-year fixed-rate mortgage and the 5-year adjustable-rate mortgage falling to record lows, according to Freddie Mac's weekly survey of conforming mortgage rates. The recent drop in fixed-rate mortgage rates is due largely to the economic crisis in Europe, said Keith Gumbinger, vice president of HSH Associates, a publisher of consumer loan information. See full story on MarketWatch about mortgage rates.

Tablets are a hot, but still undefined, market for PC makers

With the iPad a runaway success, other personal computer makers are gearing up to challenge Apple Inc. (AAPL) in what has emerged as technology's hot new market. But would-be competitors appear to be moving cautiously into what is turning out to be a complex, shifting market, one that has helped define, but may not necessarily dominate in the long run. Read about Apple rivals' strategies at MarketWatch.

China-U.S. deal on yuan reform may be in 'final round'

Beijing may offer a major concession on its foreign-exchange policy in talks with U.S. officials early next week, though analysts say it's unlikely any official Chinese announcement on its currency would immediately follow the three days of meetings. The upcoming talks amount to the final yards of a deal, wherein China will drop its de facto currency peg to the U.S. dollar in favor of linking the Chinese yuan to a basket of trade-weighted major currencies, according to Bank of America-Merrill Lynch economist Ting Lu, in Hong Kong. "It's the final big meeting before China allows the yuan to move," he said. Read more about China, currency policy, and Tim Geithner's visit, at MarketWatch

Default rate hits record high in first quarter, bankers association reports

The percentage of loans in foreclosure or with at least one payment past due was a non-seasonally-adjusted 14% in the first quarter, down from 15% in the fourth quarter of 2009, the Mortgage Bankers Association said Wednesday. But mortgages in the foreclosure process hit a record high at a non-seasonally-adjusted 4.63%, up from 4.58% in the fourth quarter. The percentage of loans in the foreclosure process was 3.85% in the first quarter of 2009. Read about rising default rate for U.S. homeowners at MarketWatch.com.

From The Desk Of Nick Nicolaas: FDNN Alert 67 - Hard Asset Buying Opportunity, Market Confirms the Financial Bear, June 13, 2011 Turnaround. May 21rst 2010



From the Desk of Nick Nicolaas begin_of_the_skype_highlighting     end_of_the_skype_highlighting (FDNN)
Alert #67
May 19, 2010
Buying Opportunity!!!
Financial Market Confirmation of the Continuation of
“the Financial Bear”
&
Martin Armstrong Turnaround Date
June 13, 2011

Dear Friends:
We all have our crystal balls and this is mine. But remember, it is always - - “listener or viewer beware”. Challenge yourself and always be comfortable with the authority of those that give you advice (including me). Invest knowledgeably and prudently. Be patient and not greedy.
I believe that you, the investor, has to take control of your equity investments going forward. The buck stops with YOU - - - and nobody else!
It is my view that “for the long-term you’ve got to be in the Hard Assets - - - to protect your wealth!!
During this summer, I suggest, use your cash reserve and - - - cease the opportunity as I will be doing - - buy while the doldrums last!
As always - - Stay Tuned!!

Regards,
Nick L. Nicolaas
Mining Interactive "Ahead of the Pack"
Skype: nicknicolaas

MiningInteractive Videos
Stay tuned for the most recent updates on leading junior exploration companies through the MiningInteractive Video & Radio Interviews.
Nick L. Nicolaas
(604) 657-4058
nick@mininginteractive.com

NYT: Afternoon Business Update. Another Back-and-Forth Day on Wall Street. May 21rst, 2010

The New York Times
May 21, 2010

            

                        Afternoon Business Update


Another Back-and-Forth Day on Wall Street

By MATTHEW SALTMARSH and CHRISTINE HAUSER
Stocks on Wall Street were unsettled in early trading on Friday following declines in Europe and Asia amid continued fears about Europe's debt crisis.
DealBook

Calculating A.I.G.'s Big European Exposure

By MARY WILLIAMS WALSH
As Europe grapples with economic turmoil, the American International Group remains exposed to the continent's banks through a big portfolio of credit default swaps.

Regulators Approve Google Deal for Mobile Ad Firm

By BRAD STONE
The surprising endorsement by the Federal Trade Commission of Google's deal for AdMob follows Apple's purchase of Quattro Wireless, an AdMob rival.

Lawmakers in Germany Back Rescue for Europe

By NICHOLAS KULISH
Angela Merkel's coalition pushed through a measure that allows Germany to contribute toward the debt package.

Obama Mandates Rules to Raise Fuel Standards

By PETER BAKER
The new rules seek to create an aggressive national policy requiring cars and trucks to get better gas mileage.

REUTERS: Goldman Shares Rise On False SEC Settlement Rumor. May 21rst, 2010


Goldman shares rise on false SEC settlement rumor

NEW YORK
Fri May 21, 2010 3:29pm EDT
Traders work in the Goldman Sachs booth on the floor of the New 
York Stock Exchange in New York May 10, 2010. REUTERS/Lucas Jackson
Traders work in the Goldman Sachs booth on the floor of the New York Stock Exchange in New York May 10, 2010.
Credit: Reuters/Lucas Jackson
NEW YORK (Reuters) - Goldman Sachs Group Inc shares rose as much as 5.4 percent on Friday on rumors of a possible settlement with regulators and a feeling that the stock could be oversold.
The shares were up 3.5 percent at $140.80 in afternoon trading on the New York Stock Exchange, off an earlier high at $143.44. Goldman's share rise came as bank stocks reversed losses and rose shortly after the open.
Goldman shares were further helped by a broader rally that sent the KBW Banks index up 2.6 percent. Goldman's rival Morgan Stanley was also up, gaining 4.84 percent.
Goldman Sachs and the SEC declined to comment.
But Washington sources familiar with the matter said the SEC and Goldman Sachs have not reached a settlement.
The SEC has accused Goldman of creating and marketing a debt product linked to subprime mortgages without telling investors that a prominent hedge fund helped choose the underlying securities and was betting against them.
Market sources confirmed that the early jump in Goldman shares -- following Thursday's slump in U.S. stocks -- was based on rumors that the bank might be close to a settlement with the U.S. Securities and Exchange Commission and because the stock is oversold.
Zero Hedge first reported rumors of a Goldman-SEC settlement were spreading through Wall Street.
"We are seeing some signs that we may be close to a settlement. I think that the key here is conciliatory comments that we've been hearing from the CEO of Goldman, Lloyd Blankfein, where he's taken a far more apologetic tone to what has happened," said David Dietze, President and Chief Investment Strategist at Point View Financial Services in Summit, New Jersey.
Blankfein told India's Economic Times on Friday that he regrets participating in transactions that "brought too much leverage into the world."
"He's basically admitting that they didn't do some things as well as they could have and that is suggesting that there is some posturing to be able to come to an accord with the SEC," Dietze said.
Salem, Massachusetts-based Cabot Money Management fixed income manager William Larkin, who owns Goldman bonds, said Goldman stock has been oversold.
"Goldman has been oversold, and the bonds have been widening pretty substantially the last couple days," he said.
(Reporting by Clare Baldwin, Jonathan Spicer, Rachelle Younglai, Joe Rauch and Edward Krudy, editing by Matthew Lewis, Leslie Gevirtz)

RTTNews: Evening Market Wrap: Stocks Rally Off Three Month Lows To Close Out Week - U.S. Commentary . May 21rst, 2010

Evening Market Wrap Fri May 21 17:01 2010 

Commentary

May 21, 2010 Stocks Rally Off Three Month Lows To Close Out Week - U.S. Commentary Stocks rose by notable margins to close out the week on Friday, driven higher by bargain hunting that took place after the Nasdaq and the S&P 500 took out their "flash crash" intraday lows in early trading. The major averages all closed firmly higher after another volatile outing, bouncing off of the three-month closing lows set on Thursday. Full Article

Corporate News

May 21, 2010 FTC Clears Google's Proposed Buyout Of AdMobThe U.S. Federal Trade Commission Friday closed its investigation of Internet search giant Google Inc.'s (GOOG) proposed acquisition of mobile advertising network company, AdMob. The FTC concluded that the deal is unlikely to harm competition in the emerging market for mobile advertising networks. Full Article
May 21, 2010 Tech Data Q1 Profit Tops Estimates; Sees Higher Sales In Q2Information technology products distributor Tech Data Corp. (TECD) Friday reported an increase in first-quarter profit, helped by a stronger demand and disciplined cost management. Earnings per share as well as revenues exceeded analysts' expectations. Full Article
May 21, 2010 British Airways Reports Record Annual Loss For FY10British Airways PLC (BAIRY.PK, BAY.L) Friday announced preliminary results for fiscal year 2010, reporting a record loss, despite aggressive cost-cutting efforts. The airline's revenues declined by double digits affected by a slew of factors, including pension deficit and lower premium travel. Full Article
May 21, 2010 Abbott To Buy Domestic Formulations Business Of India's Piramal Healthcare For $3.72 BlnHealth care company Abbott Laboratories (ABT) Friday announced a definitive deal to acquire full ownership of the Healthcare Solutions business of Indian generics drugs company Piramal Healthcare Ltd. for an up-front payment of $2.12 billion. Full Article
May 21, 2010 AnnTaylor Swings To Profit In Q1 On Strong Comp. Sales, MarginWomen's specialty retailer AnnTaylor Stores Corp. (ANN) Friday reported a profit for the first quarter of fiscal 2010, driven by double digit comparable sales increase at both brands, and margin improvement. On an adjusted basis, earnings per share topped analysts' expectations. Full Article
May 21, 2010 Statoil To Sell 40% Stake In Brazil Oil Field To China's SinochemNorwegian oil and gas company Statoil ASA (STO) on Friday said it has signed a deal with Chinese oil major Sinochem Group, pursuant to which Statoil will sell 40% of its Peregrino field offshore Brazil to Sinochem for a total of US$3.07 billion in cash. Full Article
May 21, 2010 Johnson Controls Offers $1.25 Bln For Visteon's Interiors And Electronics BusinessesAuto parts and building systems maker Johnson Controls, Inc. (JCI) Friday revealed that it has expressed an interest to acquire automotive systems and components supplier Visteon Corp.'s (VSTNQ.PK) interiors and electronics businesses for $1.25 billion in cash. The company did not reveal any other terms or details of the proposed transaction. Full Article

Commodities

May 21, 2010 Oil Ends Choppy Session Lower At $70, Posting Third Successive Weekly Decline Oil prices struggled for direction Friday, before ending lower. While short covering and the dollar's slide supported the prices, slowdown in demand as indicated by rising inventory levels continued to exert downward pressure. Traders seemed hesitant to take fresh positions even after oil prices plummeted more than 20% since the start of the month, as euro-zone debt problems continue to pose threat to global economic recovery. Full Article

Forex Top Story

May 21, 2010 Greenback Fades As Germany Kicks In To Prop Up Euro The dollar failed to fight back versus the euro on Friday, staying away from a 4-year high reached earlier this week. The German parliament approved the nation's contribution to a massive rescue package designed to backstop the euro and prevent Greece's debt crisis from spreading to other vulnerable European nations. Full Article

Political News

May 21, 2010 Obama Calls For New Fuel Efficiency And Emissions Standards For TrucksPresident Barack Obama signed a Presidential Memorandum Friday, directing the Environmental Protection Agency and the Transportation Department to create a national policy to increase fuel efficiency and decrease greenhouse gas pollution from medium and heavy-duty trucks. Full Article
May 21, 2010 House Leaders Ponder Ramifications Of Pa. Special ElectionPolitical leaders in Washington Thursday continued to ponder the significance of the Democratic victory in Tuesday's special election in Pennsylvania. House Speaker Nancy Pelosi, D-Calif., said the win, coming in a year when many predicted a backlash against Democrats over controversial legislation, was a "big, big victory." Full Article
May 21, 2010 Boehner Calls For Financial Reform Conference To Be Broadcast On C-SpanHouse Republican Leader John Boehner, R-Ohio, sent a letter to Speaker Nancy Pelosi, D-Calif., Friday, urging her to support an open, bipartisan House-Senate conference on the financial regulation reform bill that would be broadcast live on C-SPAN and include live webcasting. Full Article
May 21, 2010 SEC Appoints Kenneth Johnson As Chief Financial OfficerThe Securities and Exchange Commission announced Friday that Kenneth Johnson has been named Chief Financial Officer for the agency. Johnson has been serving as acting CFO for much of the past year, with today's announcement giving him the position full-time. Full Article
May 21, 2010 House Republicans Question Health Reform Benefits For Small BusinessesHouse Republicans Friday renewed their call for an investigation into the costs and benefits of a tax credit to help small business owners buy health insurance. The program was highly touted by Democrats as a key selling point for the health insurance reform law that was signed by President Barack Obama earlier this year. Full Article
May 21, 2010 New Survey Shows Sheheen With Lead In S.C. Democratic Gubernatorial PrimaryA new survey from conservative-leaning Rasmussen Reports released Friday showed state Senator Vincent Sheheen with a modest lead over two other Democratic candidates in South Carolina's Democratic gubernatorial primary. Full Article
May 21, 2010 Obama Hails Vote On Financial Regulation Reform President Barack Obama Thursday hailed the Senate's vote that set the stage for final passage of a Wall Street reform bill. Obama, speaking to reporters in the Rose Garden, noted that there is still much to be done before he can sign the bill, as it must first be reconciled with the House version and then passed again by both chambers. Full Article
May 21, 2010 Poll Shows Bloomberg With Lowest Approval In Five Years A new Quinnipiac University poll released Friday showed New York City Mayor Michael Bloomberg hitting his lowest approval rating among New York voters in five years. According to the poll, which surveyed 797 New York City voters May 17 - 19, Bloomberg holds a 57% approval rating. This is down from the 61% approval he held in a poll from March. Full Article
May 21, 2010 U.S. Senate Approves Financial Regulation BillThursday night, the U.S. Senate approved a comprehensive bill to regulate the nation's financial institutions and provide strong new protection to consumers and investors to forestall financial crises similar to the one that hit the country in 2008. Full Article

Reuters Wall St. Adds to gains, led by Bnaks. May 21rst, 2010




Wall St adds to gains, led by banks

NEW YORK
Fri May 21, 2010 11:44am EDT
Traders work on the floor of the New York Stock Exchange, May 7, 
2010. REUTERS/Shannon Stapleton
NEW YORK (Reuters) - Stocks added gains on Friday, with the Dow and S&P 500 rising more than 1 percent, lifted by shares of banks and basic materials companies.
The Dow Jones industrial average .DJI was up 93 points, or 0.9 percent, at 10,159. The Standard & Poor's 500 Index .SPX was up 10.31 points, or 0.96 percent, at 1,081.90. The Nasdaq Composite Index .IXIC was up 23.44 points, or 1.06 percent, at 2,227.45.
(Reporting by Angela Moon, Editing by Kenneth Barry)

FOX BUSINESS


stock traders Oct 2009 01 276
Futures Continue to FallFutures were pointing toward another day of declines on Friday, with the Dow expected to open within a knife's edge of the 10000-point mark.


THE MOST POWERFUL NAME IN BUSINESS NEWS

Abbott to Buy Piramal Unit for $3.7 Billion

Abbott Laboratories will buy Piramal Healthcare's generic-medicine unit in India for $3.72 billion.

Bill Aims to Expand Jobless Benefits

People out of work for long stretches would get benefits through the end of the year under a new bill.

China, U.S. Look to Close Trade Gap

The world's largest bilateral trade gap will be the focus of high-level China-U.S. talks in next week.

The Next Battle for the EU

Regulators are now turning to the divisive issue of tightening economic policy coordination.

Fed's Kohn: Inflation Expectations Vital

The Fed member said keeping expectations of future price levels intact is vital with low interest rates.

BP Still Scrambles to Contain Spill

Accused by the government of failing to share information quickly, BP is working to stop the leak.

RTTNews: Daily Stocks to Watch.- May 21rst, 2010

Daily Stocks to Watch Fri May 21 09:02 2010 

Stocks To Watch

May 21, 2010 Nordson Sees Q3 EPS Above Street - Stocks to WatchDispensing equipment maker Nordson Corp. (NDSN) said Thursday after the bell that it expects third-quarter earnings above the current estimates of the Street. The Westlake, Ohio-based company also revealed its second-quarter earnings and revenue, which came in above the consensus estimates of analysts. Looking forward to the third quarter, Nordson said it anticipates sales in the range of $259 million to $267 million while earnings per share are expected to be in the range of $1.08 to $1.18. Full Article
May 21, 2010 Introducing RTT Growth & Value StocksThe Growth & Value Stocks service is designed with a disciplined approach of extensive fundamental analysis to cater swing traders and investors. The service identifies growth stocks that are generally overlooked and value stocks that are usually undervalued by the market. The growth and value stocks we select have significantly outperformed the broader market indices. Full Article

RTTNews Morning Market Briefing.- Stocks Poised For Additional Losses Amid Correction - U.S. Commentary May 21rst, 2010

Morning Market Briefing Fri May 21 09:01 2010 

Commentary

May 21, 2010 Stocks Poised For Additional Losses Amid Correction - U.S. Commentary Stocks are on pace for a notably lower open on Friday, as the markets are likely to remain under pressure in the face of significant headwinds from the European debt crisis. The major index futures are all in negative territory, with the Dow futures down by 80 points. Full Article

Economic News

May 21, 2010 Eurozone Private Sector Activity Growth Weakens Eurozone private sector activity growth eased in May due to a slowdown in the manufacturing sector performance, a closely watched survey showed Friday. Full Article
May 21, 2010 German Parliament Nod For Eurozone Rescue PackageGerman lawmakers have given the go-ahead for the country's contribution to a 750 billion euro ($938billion) rescue plan for the eurozone. Full Article
May 21, 2010 German Q1 Growth Confirmed At 0.2% The Germany economy expanded as initially estimated in the first quarter, underpinned by government spending and exports. Full Article
May 21, 2010 Bank Of Japan Holds Rates, Announces New Loan Scheme The Bank of Japan maintained its key interest rate at near-zero at the end of its two-day policy meeting on Friday and announced that it will offer one-year loans to commercial banks to encourage lending and pull the country out of deflation. Full Article
May 21, 2010 German Business Confidence Drops Slightly Germany's business climate indicator pulled back slightly in May, indicating a stabilization in business conditions in Europe's largest economy. Full Article
May 21, 2010 U.K. Logs Record Budget Deficit For April The U.K. budget deficit hit its biggest level for April on record, while the borrowing figure for last year was sharply revised lower due to higher tax receipts. Full Article

Earnings News

May 21, 2010 AnnTaylor Q1 turns to profit in Q1, tops estimateFriday, AnnTaylor Stores Corp. (ANN) said it swung to profit in the first quarter, reflecting a 11.6% rise in revenue. Both earnings and revenue came in above the Street view. Comparable store sales went up 14.1% and gross margin expanded 390 basis points to 59.4% to boost the quarterly results. Full Article
May 21, 2010 Tech Data Q1 profit up 44%, beats estimateFriday, Tech Data Corp. (TECD) posted a 43.6% rise in first-quarter profit, as sales grew 12.6% from the previous year. Both earnings and revenue came in above the Street view. A weaker U.S dollar also boosted the quarterly results. Operating income margin widened 28 basis points to 1.24%, while gross margin for the quarter inched down 2 basis points to 5.21% from last year. Full Article
May 21, 2010 Dell Q1 profit up 52%, beats estimateThursday, Dell Inc. (DELL) reported a 52% jump in first-quarter profit, as revenue grew 21% amid increase in demand from commercial customers. However, gross margin for the period came down 70 basis points to 16.9%. Both adjusted earnings per share and revenue came in above the Street view. Dell’s services revenue rose 32%, while its product revenue rose 18% during the quarter. Full Article
May 21, 2010 Gap Q1 profit up 40%, beats estimate; lifts FY10 EPS viewThursday, Gap Inc. (GPS) reported a 40.5% climb in first-quarter profit, as sales grew 6% from the past year. Comparable store sales for the period increased 4% year-over-year. Both earnings and revenues came in above the Street view. Gross margin improved 250 basis points to 42.1%, and operating margin climbed 290 basis points to 14.2%. Looking ahead, the company lifted its earnings outlook for fiscal year 2010, with the range still below the current estimate of analysts. Full Article
May 21, 2010 Intuit Q3 profit up 19%; raises FY10 outlookThursday, Intuit Inc. (INTU) reported a 18.7% rise in third-quarter profit, as revenue grew over 13% from the previous year as more and more customers availed the company's online financial services. Both earning and revenues came in above the Street view. Looking ahead, Intuit yet again lifted its earnings and revenue guidance for the full year. Full Article
May 21, 2010 Marvell swings to profit in Q1, beats estimateThursday, Marvell Technology Group Ltd. (MRVL) said it swung to a profit in the first quarter, helped by a revenue growth of 64% and better margins. Both earnings and revenue came in above the Street view. Gross margin for the period improved to 59.8% from 50.6% a year ago Full Article
May 21, 2010 Salesforce.com Q1 profit declines marginally, meets estimate; guides Q2, lowers FY10 ESP viewThursday, Salesforce.com (CRM) reported a small dip in in its first-quarter profit, despite a 24% growth in revenue, as results were hurt by the recent acquisition of Jigsaw Data Corp. Adjusted earnings came in line with the Street view, while revenues surpassed expectations. Looking ahead, the company provided earnings outlook for the second quarter, while lowering its guidance for fiscal 2010. Full Article
May 21, 2010 Brocade Communications posts net profit in Q2, adj. EPS drops 33%, yet tops estimateThursday, Brocade Communications Systems, Inc. (BRCD) said it returned to profit in the second quarter, chiefly reflecting the absence of hefty acquisition-related impairments that hit year-ago results. Adjusted earnings dropped 33.3%, as revenue for the period dipped 1.1% from the previous year. Adjusted earnings surpassed the Street view by a penny, while revenue fell short of expectations. Full Article
May 21, 2010 Foot Locker Q1 profit zooms 74%Thursday, Foot Locker, Inc. (FL) reported a 74% leap in first-quarter profit, reflecting a 5.3% growth in sales, as well as the company's cost control measures. Both earnings and revenue came in above the Street view. Comparable store sales for the period increased 4.8% year-over-year. Full Article
May 21, 2010 Aeropostale Q1 profit up 43%, beats estimate; guides Q2 EPSThursday, Aeropostale Inc. (ARO) posted a 43% advancement in its first-quarter profit, reflecting a 14% growth in sales as well as improved gross margin. Same store sales increased by 8% year-over-year. Earnings came in above the Street view. Gross margin for the period expanded 3.2 percentage points to 39.4%. Looking ahead, the company provided earnings outlook for the second quarter. Full Article

Corporate News

May 21, 2010 Abbott to buy Piramal's healthcare unit for $3.7 blnFriday, Abbott Laboratories (ABT) said it agreed to buy the healthcare business division of India's Piramal Healthcare Ltd. for $3.72 billion. As per the deal, Abbott will pay $2.12 billion up-front and make annual payments of $400 million for the next four years, starting from year 2011. The company expects the deal to close in the second half of 2010. Further, Abbott revealed that it would fund the purchase with cash on hand and also said it does not expect the acquisition to affect its earnings guidance. Full Article
May 21, 2010 Statoil to sell 40% of its Brazilian oilfield to Sinochem for US$3.07 blnFriday, Statoil ASA (STO) said it agreed to sell 40% of the Peregrino field offshore Brazil to Sinochem Group in return for US$3.07 billion cash. Statoil clarified that it maintains 60% ownership and the operatorship of the field, which is set to commence production in early 2011. Full Article

Broker Ratings Changes

May 21, 2010 FBR Capital Markets Upgrades Signature Bank (SBNY) To Outperform From Market Perform With $44 Price Target

Todays WS Events

May 21, 2010 AnnTaylor Stores Q1 10 Earnings Conference Call At 8:30 AM, ET AnnTaylor Stores Corp. (ANN) will host a conference call at 8:30 AM, ET, to discuss Q1 10 earnings results, on May 21, 2010. To access the live webcast, log on at www.anntaylor.com
May 21, 2010 Aon Annual Meeting Of Shareholders At 9:30 AM ET Aon Corp. (AON) will host its Annual Shareholder meeting in Chicago. The event is scheduled to begin at 9:30 AM ET, May 21, 2010. To listen to the live webcast, log on to www.aon.com
May 21, 2010 Pepco Holdings To Present At The Annual Meeting Of Shareholders; Webcast At 10:00 AM ET Pepco Holdings Inc. (POM) will hold its Annual Meeting of Shareholders. The event is scheduled to begin at 10:00 AM ET, May 21, 2010. To access the live audio webcast, log on to www.pepcoholdings.com/investors
May 21, 2010 FPL Group 2010 Annual Meeting Of Shareholders At 10:00 AM ET FPL Group Inc. (FPL) will host its 2010 Annual Meeting of Shareholders. The event is scheduled to begin at 10:00 AM ET, May 21, 2010. To access the live webcast, log on to www.FPLGroup.com
May 21, 2010 Intel Investor Update Conference Call At 11:00 AM, ET Intel Corporation (INTC) will host a Investor Conference Call at 11:00 AM, ET, to Update on CE Partnership with Google TV Platform, on May 21, 2010. To access the live webcast, log on at www.intel.com
May 21, 2010 Time Warner Annual Meeting Of Stockholders At 1:00 PM, ET Time Warner Inc. (TWX) will host its Annual Meeting of Stockholders on, May 21, 2010. The event is scheduled to begin at 1:00 PM, ET. To access the webcast, log on at www.timewarner.com
May 21, 2010 Abbott's Piramal Healthcare Acquisition Update Conference Call At 8:30 AM, ET Abbott Laboratories(ABT) will host a conference call at 8:30 AM, ET, on May 21, 2010, to provide an overview of the Piramal Healthcare acquisition. To access the live webcast, log on at www.abbottinvestor.com