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May 28, 2010

Nick Nicolaas : From the Desk of Nick Nícolaas: Zeal Intelligence Weekly - Copper: SPX Usurps Stockpiles by Scott Wright : May 28th., 2010


Dear Friends:
Scott Wright 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
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CNBC: Evening Brief : What Happens When a Hurricane Meets an Oil Spill?. May 28th, 2010

LATEST STORIES


»click here to see the latest top stories from CNBC.com






Personal Finance Daily: Good news on gas prices, but stocks? Not so much . May 28th., 2010

MarketWatch

Personal Finance Daily
MAY 28, 2010

Friday's Personal Finance stories

By MarketWatch



Don't miss these top stories:

Looks like gasoline prices will be on the low side this weekend, and maybe even through June, but whatever money you save at the pump probably won't make up for what you lost in the stock market this month, what with the Dow Jones Industrial Average ($INDU) notching a 7.9% drop for May -- its worst monthly drop since February 2009.

Consider a portfolio that's set up to weather these ill winds. Read Jonathan Burton's Weekend Investor for more on bear-market funds and other tools to help you avoid a mauling.

Meanwhile, if you're the parent of a college-age kid, you might celebrate the House's passage of a tax-breaks bill Friday. If the Senate joins the party, then the extension of the above-the-line deduction for college-tuition costs may come in handy when you do your 2010 taxes. Of course, that's not going to help you on that tuition bill coming due in the next month or so. Read Jennifer Openshaw's column for some tips on what to do if you're in that situation.

If all else fails, maybe you'll win some money on your World Cup bet? See William Spain's story for more on the billions of dollars going to betting on that tournament.

Happy Memorial Day Weekend, readers.

-- Andrea Coombes , Personal Finance editor

Memorial Day ushers in a summer of cheap gas

Here's a switch in gears: The Memorial Day weekend is the traditional start to the summer driving season -- and higher gas costs, but this year pump prices have been on a steady decline and are expected to fall further by midsummer.
See story on drivers may enjoy lower prices at the pump through June.


CONSUMERS

What Libor's rise means for you

The London interbank offered rate, used by banks to lend to each other in dollars, is tied to variable-rate loans in the United States and is hitting 10-month highs. Should you refinance? How should you plan ahead? Andrea Coombes reports.
 Watch Personal Finance Minute.


SPORTS

The World Cup: Biggest gambling event in history?

In what could well turn out to be the biggest gambling event in history, untold billions in scores of different currencies will change hands through everything from British betting shops and Las Vegas sports books to office pools, handshakes and the Web by the time the 2010 World Cup comes to a close on July 11.
See SportsWatch.


Stanley Cup ticket prices soar, on par with NBA

For the first time, Stanley Cup ticket prices are shooting past those for NBA championship games as hockey takes center rink with two big-name teams and the lingering fervor since the Winter Olympics.
See SportsWatch.


TAXES

House extends jobless benefits, tax breaks

The House of Representatives voted Friday, 215 to 204 to extend unemployment-insurance benefits through November as part of a wide-ranging bill that includes a tax hike on hedge-fund managers plus the renewal of a slew of expired middle-class tax perks.
See story on House votes to extend jobless benefits, tax breaks.


INVESTING

Make sure your portfolio profits in losing markets

With the U.S. stock market in May sliding to its biggest monthly drop in more than a year, the bears are back. Is your portfolio prepared?
See Weekend Investor.


Five-star mutual funds don't live up to their past

Tim Courtney decided he'd had enough. In meeting after meeting this year, he and his colleagues at Burns Advisory Group had recommended mutual funds to prospective clients, only to be hit with the same response almost every time: Why are you telling me to invest in a three-star rated fund?
See story on five-star mutual funds don't live up to their past.


Commentary: Don't gush over oil-spill stock plays

BP PLC (BP) said Thursday it has slowed the flow of oil gushing from a ruptured well in the Gulf of Mexico, but not even a warning from regulators has quelled the gusher of money flowing into stocks that purportedly are going to clean up, financially speaking, from the crisis.
See Chuck Jaffe's Stupid Investment of the Week.


COLLEGE COSTS

Got a steep college bill? What to do now

If you're a parent who's been hit with financial body blows because of a job loss, depreciated assets or even just higher-than-expected tuition, you may be worried about how to pay the college bills coming due now.
See Jennifer Openshaw.


Congress may tweak some college-savings plan rules

Parents are busy prepping their high-school graduates for college -- that should include catching up on the latest rules for 529 plans.
See story on college may tweak some college-savings-plan rules.


REAL ESTATE

Credit-score tips for the best mortgage rates

In a misguided attempt to improve their credit scores, too many mortgage borrowers are taking steps that end up doing more harm than good.
See Realty Q&A.


ECONOMY & POLITICS

Income growth outpaces spending

Consumer spending was weaker than expected in April, but rising personal incomes hinted that the economy could actually be on firmer ground, the Commerce Department estimated Friday.
See story on income growth outpaces spending.


Consumer sentiment rises in May

U.S. consumer sentiment rose in May from the prior month, according to the Reuters/University of Michigan consumer sentiment index.
See story on consumer sentiment rises in May.

MarketWatch : Weeky Roundup..- Top Ten stories May 24 - 28

MarketWatch
Weekly Roundup
MAY 28, 2010

MarketWatch Top Ten stories May 24 - 28

By MarketWatch



NEW YORK (MarketWatch) - Most U.S. stocks ended the week with very small gains after a fairly volatile week that was marked by more worries about European sovereign debt and unhappiness about the oil spill in the Gulf.

The Dow Jones Industrial Average (.DJI) fell 122.36 points or 1.2% on Friday to close at 10,136.63 and recorded a drop of 0.6% for the week. The Nasdaq Composite Index (.COMP) dropped 20.64 points or 0.9% to close at 2,257.04. For the week the index rose 1.3%. The benchmark Standard & Poor's 500 Index (.SPX) fell 13.65 points or 1.2% to close at 1,089.41. For the week the index eked out a 0.2% gain.

Please click through to MarketWatch this weekend, where we'll have the latest on the Gulf oil spill and all the other news you need. Our weekend investor gives readers a guide to how to invest in a stock market that is correcting.

Please remember to watch the week ahead videos for the U.S., Europe and Asia.

 U.S. Week Ahead: Unemployment Tops Data Slate

 Europe's Week Ahead: Ryanair and Ahold Report

 Asia's Week Ahead: Australia GDP, Rate Decision

-- Greg Morcroft assistant managing editor.

Libor jump underscores market tensions

The rate that banks charge each other for short-term loans in U.S. dollars hit another 10-month high Tuesday, underlining growing unease over the possibility that Europe's crisis in sovereign debt could turn into a banking crisis. Libor is the benchmark most widely used for short-term interest rates around the world. The steady, ongoing rise in Libor and other key measures of tensions in the money markets were blamed for undermining sentiment in equity markets around the world this week. Read about Libor creeping back up and what that means for markets.

Treasury sells part of its stake in Citi for $6.2 billion

The U.S. Treasury Department said Wednesday that it sold almost a fifth of its stake in Citigroup Inc. (C) for more than $6 billion as the government continues extricating itself from its massive bailout of the financial sector. Treasury said it sold 1.5 billion shares of Citigroup common stock for gross proceeds of $6.2 billion. That works out at roughly $4.13 each. Read more about Treasury's sale on MarketWatch.

Shell acquires shale assets in $4.7 billion deal

Royal Dutch Shell said Friday that it's agreed to buy the operations of exploration company East Resources in a $4.7 billion deal as part of a plan to expand the oil giant's North American natural-gas assets. Based in Warrendale, Pa., closely held East Resources is one of the biggest players in the Marcellus Shale, an exploration area that stretches across much of Ohio, West Virginia, Pennsylvania and New York. See MarketWatch coverage of Shell's buy-in in the Marcellus shale.

BP's well fix costs top $900 mln, 'top kill' efforts continue

BP Plc. (BP) said Friday its price tag for the worst oil spill in U.S. history climbed close to $1 billion as the firm continues its effort to plug the blown out well that's been gushing at least 12,000 barrels a day for five weeks. BP said it has spent $930 million on the project since the well blew out after the Deepwater Horizon rig exploded on April 20 and sank two days later. Estimates for the total clean-up costs have yet to be made by BP, but it's expected to range well into the billions. Read the latest on the efforts to defeat BP's blown out well.

Spain debt downgraded

Fitch Ratings on Friday downgraded Spain's long-term foreign and local currency issuer default ratings to AA+ from AAA. "The downgrade reflects Fitch's assessment that the process of adjustment to a lower level of private sector and external indebtedness will materially reduce the rate of growth of the Spanish economy over the medium-term," the rating agency said. See MarketWatch story on latest woes for Spain's economy.

Income growth outpaces spending in April

Consumer spending was weaker than expected in April but rising personal incomes hinted that the economy could actually be on firmer ground, the Commerce Department estimated Friday. Consumer spending was flat in April after six straight monthly increases. Spending was weaker than the 0.1% gain forecast by economists. See full story about Americans spending and savings habits on MarketWatch.

Prudential attempting to renegotiate $35.5 billion AIG deal

U.K. life insurer Prudential said Friday that it's renegotiating its $35.5 billion deal to acquire the Asian operations of American International Group (AIG) following growing unrest among its shareholders. The announcement came after several reports that some of Prudential's biggest shareholders have misgivings about both the cost of the deal and the difficulties the company will face trying to integrate the business, known as AIA. Read full story on Prudential efforts on MarketWatch.

Amy Hoak's Home Economics: Home buyers, get the most for your money

The nation's housing inventory is cluttered with foreclosures, short sales, and home builders willing to make a deal. If you're in the market to buy a home today, you're likely weighing the benefits of each type of property available for purchase. Don't be fooled. Not all bank-owned foreclosures are sold at deep discounts. Not all builders are slashing prices. Short sales can be a crapshoot -- with some buyers enduring months of waiting and still not getting the property. See full story.

Nick Godt's Market Medics: End of correction nears - but respite won't last

Markets might be moved by fear and greed, but they're still far from being reflections of human mechanisms. Needless to say, markets are also far from being perfect discount mechanisms. After the stock market rallied more than 80% from its March 2009 lows through last month, many were pointing out that it seemed to be pricing in a perfect global economic recovery. But now, the acceleration of the crisis in Europe brought home the deep issues likely to continue affecting global growth for years to come. Please read commentary on latest stock pullback on MarketWatch.

Apple sees iPhone 3GS prices slashed at Wal-Mart

Apple Inc.'s (AAPL) popular iPhone 3GS was available for half its current price at Wal-Mart Stores (WMT) on Tuesday, signaling a potential clearing out of inventory before the company refreshes the product line later this summer. Retail giant Wal-Mart began selling the 16GB version of the iPhone 3GS for $97 on Tuesday, according to the company's web site. The device still sells for $199 over Apple's own Web site and that of its partners, including electronics retailer Best Buy Co and AT&T, the exclusive wireless carrier for the device in the U.S.

MarketWatch: Industry Financial Services,- Stocks to Watch / Weekend Investor. May 28th., 2010




INDUSTRY: FINANCIAL SERVICES

Stocks to Watch: Stocks in focus Tuesday: Morgan Stanley, AIG
By MarketWatch
5/28/2010 5:49:00 PM



SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to see active trade in Tuesday's session are Morgan Stanley, Fifth Third Bancorp, AIG, and Oracle. The Nasdaq and NYSE markets are closed Monday in observance of Memorial Day.  See full story

Weekend Investor: Make sure your portfolio profits in losing markets

By Jonathan Burton MarketWatch
5/28/2010 3:38:00 PM



With the U.S. stock market on pace to close out May with its biggest monthly drop in more than a year, the bears are back. Is your portfolio prepared? See full story

FDIC: Bank Closing - Bank of Florida - Southwest, Naples, FL. May 28th., 2010

GovDelivery, Inc. sending on behalf of FDIC Subscriptions · 3501 Fairfax Drive · Arlington VA 22226 · 877-275-3342 begin_of_the_skype_highlighting              877-275-3342     

Bank Closing - Bank of Florida - Southwest, Naples, FL

On Friday, May 28, 2010, Bank of Florida - Southwest (CERT #35106), Naples, FL was closed by the Florida Office of Financial Regulation. All deposits, excluding certain brokered deposits, were transferred to the acquiring institution. For further information, please visit the FDIC web site: Bank of Florida - Southwest (www.fdic.gov)


Bank Closing - Bank of Florida - Southeast, Ft. Lauderdale, FL

On Friday, May 28, 2010, Bank of Florida - Southeast (CERT #57360), Ft. Lauderdale, FL was closed by the Florida Office of Financial Regulation. All deposits, excluding certain brokered deposits, were transferred to the acquiring institution. For further information, please visit the FDIC web site: Bank of Florida - Southeast (www.fdic.gov).

Bank Closing - Bank of Florida - Tampa Bay, Tampa, FL

On Friday, May 28, 2010, Bank of Florida - Tampa Bay (CERT #57814), Tampa, FL was closed by the Florida Office of Financial Regulation. All deposits, excluding certain brokered deposits, were transferred to the acquiring institution. For further information, please visit the FDIC web site: Bank of Florida - Tampa Bay (www.fdic.gov).


GovDelivery, Inc. sending on behalf of FDIC Subscriptions · 3501 Fairfax Drive · Arlington VA 22226 · 877-275-3342 begin_of_the_skype_highlighting              877-275-3342     

NASDAQ : Latest ETF News / Featured ETF Commentary. May 28th., 2010

NASDAQ

Latest ETF News

RTTNews: Evening Market Wrap.- Stocks Post Sharp Losses As Spain Sees Credit Downgrade - U.S. Commentary . May 28th., 2010

Evening Market Wrap Fri May 28 17:01 2010 

Commentary

May 28, 2010 Stocks Post Sharp Losses As Spain Sees Credit Downgrade - U.S. Commentary Stocks saw sharp losses to close out the week on Friday, as a downgrade of Spain's credit rating had traders unwilling to remain long in the market ahead of the Memorial Day weekend. The major averages all closed in negative territory, moving back towards Wednesday's three-month closing lows. Full Article

Economic News

May 28, 2010 Personal Savings Rate Increases In April As Spending UnchangedWhile the Commerce Department released a report Friday morning showing another modest increase in personal income in April, the report unexpectedly showed that personal spending came in unchanged compared to the previous month. Full Article
May 28, 2010 Chicago Manufacturing Activity Expands At Slower Pace In May Manufacturing activity in the Chicago-area expanded for the eight consecutive month in May, according to a report released by the Institute for Supply Management - Chicago on Friday, although the pace of growth showed a notable slowdown compared to the previous month. Full Article

Corporate News

May 28, 2010 Toys "R" Us Files For $800 Mln IPO To Go Public AgainToy retailer Toys "R" Us, Inc. (TOYS) announced Friday that it has applied for an initial public offering of its common stock to raise up to $800 million. Toys "R" Us intends to have its stock listed on the New York Stock Exchange under the ticker symbol "TOYS." Full Article
May 28, 2010 Royal Dutch Shell To Buy East Resources For $4.7 Bln In CashRoyal Dutch Shell plc (RDS-A, RDSA.L, RDS-B, RDSB.L) has agreed to buy East Resources Inc., a privately-held U.S. natural-gas explorer, for $4.7 billion in cash, the company said Friday. Full Article
May 28, 2010 Héroux-Devtek Q4 Profit Declines On Lower SalesCanadian manufacturer of aerospace and industrial products Héroux-Devtek Inc. (HRX.TO) reported Friday a decline in fourth-quarter profit, as sales dropped in its Aerospace and Industrial Products segments. Full Article
May 28, 2010 Electrocomponents FY10 Pre-tax Profit Declines; Chairman To Step DownHigh service electronic, electrical and industrial distributor Electrocomponents Plc (ECM.L, EENEF.PK) Friday announced preliminary results for fiscal 2010, reporting a 21% decline in full-year pre-tax profit, impacted by lower revenues and economic conditions, particularly in the first half. Full Article
May 28, 2010 Severn Trent FY10 Underlying Pre-tax Profit Up Nearly 24%Severn Trent Plc (SVT.L) reported Friday a 23.7% increase in underlying profit before tax for the fiscal ended March 31, helped by growth in turnover, mainly due to price increases in the Severn Trent Water segment. Full Article

Forex Top Story

May 28, 2010 Dollar Firms As Fitch Downgrades Spain The dollar was generally stronger on Friday, taking back some of its losses from the previous session and moving back toward its yearly highs versus a basket of key majors. Stocks fell and safe haven currencies got a boost when ratings agency Fitch downgraded Spain's credit rating, noting that austerity measures would cause the nation to lag behind the global economic recovery. Full Article

Political News

May 28, 2010 House And Senate Panel Vote To Repeal 'Don't Ask, Don't Tell'The House of Representatives and the Senate Armed Services Committee both voted to repeal the 'Don't Ask, Don't Tell' military policy Thursday. In a 234-194, the House voted to adopt an amendment from Rep. Patrick Murphy, D-Penn., that revokes the policy that prevents homosexuals from openly serving in the military. Full Article
May 28, 2010 White House Says Clinton Spoke With Sestak About Advisory RoleIn an effort to beat back accusations of impropriety, the White House released a memo Friday detailing its internal review of allegations that they sought to induce Senate candidate Joe Sestak to abandon his primary challenge to the party switching Sen. Arlen Specter, D-Penn. Full Article
May 28, 2010 Ohio Senate And Gubernatorial Races Remain CloseA new poll conducted by the Institute for Policy Research at the University of Cincinnati showed very close races in both Ohio's U.S. Senate and gubernatorial races. In the senate race, Democratic Lt. Governor Lee Fisher holds a very slim 47% to 46% lead among voters over former Republican Rep. Rob Portman. Full Article
May 28, 2010 Republican Senators Call For Transparency In Financial Reform ConferenceA group of five Republican Senators sent a letter to Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Committee Chairman Barney Frank, D-Mass., Friday, calling for transparency in the upcoming financial regulatory reform conference committee proceedings. Full Article
May 28, 2010 Poll Shows Reid Making Up Ground In Nevada Senate RaceA new Mason-Dixon poll sponsored by the Las Vegas Review Journal showed that Senate Majority Leader Harry Reid, D-Nev., has made up considerable ground against his Republican opponents in Nevada's U.S. Senate race. Full Article
May 28, 2010 Senate Passes Supplemental Spending Bill For Troop Surge In AfghanistanThe Senate voted Thursday to pass a supplemental spending bill to help support a surge in troops in Afghanistan. By a 67-28 vote, the Senate passed the $60 billion measure. About half of the money will go to the Pentagon to help fund the addition of 30,000 troops to Afghanistan. Full Article
May 28, 2010 Hatch Urges Obama Administration To Look To Energy Sources In The WestSenator Orrin Hatch, R-Utah, urged the Obama administration Thursday to look at energy resources throughout the Western U.S. and to overturn a decision by the Department of Interior to withdraw leases that would have allowed access to these resources on federal lands. Full Article

REUTERS: Daily Investor Update.- Indexes end down; Spain downgrade weighs. May 28th, 2010


Daily Investor Update

Indexes end down; Spain downgrade weighs
Fitch downgrade caps miserable week for Spain
Spending stalls but confidence and incomes gain
Berkshire confirms Buffett subpoenaed to testify
Fed to test new tool for withdrawing stimulus
Judge gives Toyota 30 days to produce documents
Jobless aid set to expire despite House approval
Wal-Mart holders seek answers on keeping customers

U.S. Commodity Futures Trading Commission: Historical Commitments of Trading Reports. May 28th., 2010


The current reports for the week of May 25, 2010 are now available.

See previous weeks in Historical Commitments of Traders Reports.

NFA : takes emergency enforcement action against Oregon firm System Capital LLC and its principal. May 28th., 2010



For Immediate Release
For More Information Contact:
Larry Dyekman (312) 781-1372 begin_of_the_skype_highlighting              (312) 781-1372      end_of_the_skype_highlighting, ldyekman@nfa.futures.org
Karen Wuertz (312) 781-1335 begin_of_the_skype_highlighting              (312) 781-1335      end_of_the_skype_highlighting, kwuertz@nfa.futures.org

NFA takes emergency enforcement action against Oregon firm System Capital LLC and its principal
May 28, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action against System Capital, LLC (System Capital) and Joshua W. Wallace. System Capital is a Commodity Trading Advisor (CTA) located in Lake Oswego, Oregon and Wallace is the firm's sole principal and associated person.
NFA issued the Member Responsibility Action (MRA) and Associate Responsibility Action (ARA) to protect the customers of System Capital because System Capital and Wallace solicited customers with false and misleading information and misled and lied to NFA in its investigation of the firm. The investigation was prompted by documents received by NFA from another NFA Member which contradicted the information NFA had on file for System Capital. During the investigation, Wallace admitted to preparing and distributing a fabricated report that purported to show that System Capital was audited by a nationally recognized public accounting firm and to providing information to potential investors that showed significant profitable performance which had been falsely represented as actual.
System Capital and Wallace are prohibited from soliciting or accepting any funds from customers or investors, soliciting investments for any commodity pools or other investment vehicles, or placing any trades on behalf of customers, commodity pools, or investors except liquidation or risk reducing trades. Additionally, System Capital and Wallace are prohibited from disbursing or transferring any funds of customers, investors, or commodity pools over which they exercise control, or participants in any such commodity pools, without prior approval from NFA.
Wallace and System Capital may request a hearing before NFA's Hearing Committee.
The complete text of the MRA/ARA is available on NFA's website (www.nfa.futures.org).
The following Compliance staff members are responsible for this case: Lauren Brinati (312-781-1215 begin_of_the_skype_highlighting              312-781-1215      end_of_the_skype_highlighting) and Brandon Tasco (312-781-1379 begin_of_the_skype_highlighting              312-781-1379      end_of_the_skype_highlighting).
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.

RTTNews : Daily Market Analysis.-Traders Look To More Data As Markets Recover From Oversold Levels. May 28th, 2010

Daily Market Analysis Fri May 28 09:11 2010 

May 28, 2010 Traders Look To More Data As Markets Recover From Oversold Levels - RTTNews Daily Market Analysis The major U.S. index futures are pointing to a slightly higher opening on Friday, with futures trimming some of their gains following the release of a report that showed consumer spending remained flat with last month in April. With the pre-occupation over the European debt crisis abating, traders may now focus on the state of domestic economy. Therefore, the results of the Institute for Supply Management-Chicago's manufacturing survey and the final reading of the Reuters/University of Michigan's consumer sentiment index assume importance. Full Article

RTTNews : Daily Stocks to Watch . May 28th, 2010

Daily Stocks to Watch Fri May 28 09:02 2010 

Stocks To Watch

May 28, 2010 Alimera Says Iluvien Phase 3 Data Analysis Demonstrates Improved Vision – Stocks to WatchThursday after the bell, ophthalmic drug maker Alimera Sciences, Inc. (ALIM) said a new analysis of data from the phase 3 trial of Iluvien, its investigational intravitreal insert for treating diabetic macular edema, showed patient vision continuing to improve significantly over 30 months. The analysis of the phase 3 trial focused on the primary efficacy variable of the number of patients who improved by 15 letters or more, based on observed cases. Full Article
May 28, 2010 Esterline Anticipates Strong FY10 – Stocks to WatchEngineered products and systems maker Esterline Technologies Corp. (ESL) lifted its earnings view for fiscal 2010 above the current estimates of Street analysts, as well as reported second-quarter profit and sales that beat the consensus estimates of analysts. Looking ahead to fiscal 2010, the Bellevue, Washington-based company raised its earnings outlook to $3.45 to $3.65 per share from the earlier range of $3.20 to $3.45 per share. Full Article
May 28, 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 Likely To Open Little Changed As Traders Digest Data - U.S. Commentary . May 28th., 2010

Morning Market Briefing Fri May 28 09:01 2010 

Commentary

May 28, 2010 Stocks Likely To Open Little Changed As Traders Digest Data - U.S. Commentary Stocks are poised for a lackluster open on Friday, as traders are digesting mixed consumer income and spending data while awaiting reports on Chicago-area business activity and consumer sentiment. The major index futures are little changed, with the Dow futures up by 8 points. Full Article

Economic News

May 28, 2010 Personal Income Rose 0.4% In April, Spending Unchanged While the Commerce Department released a report Friday morning showing another modest increase in personal income in April, the report unexpectedly showed that personal spending came in unchanged compared to the previous month. Full Article
May 28, 2010 Japan Core CPI Down 1.5% On Year In AprilCore consumer prices in Japan were down 1.5 percent in April, the Ministry of Internal Affairs and Communications said in a preliminary report on Friday, falling for the 14th consecutive month. Full Article
May 28, 2010 Swedish Economic Growth Accelerates In Q1 Sweden's economic growth accelerated in the first quarter at a time when most other European economies exhibited poor performance. Full Article
May 28, 2010 U.K. Consumer Confidence Waned On Election Woes: GfK NOPConsumers in the United Kingdom turned increasingly cautious in May even after the formation of a coalition government following the general election. Full Article

Earnings News

May 28, 2010 Novell Q2 Profit Up 25% Despite Lower RevenuesSoftware solutions provider Novell Inc. (NOVL) reported Thursday a 25% increase in second-quarter profit, despite lower quarterly revenues. However, adjusted earnings declined from last year, reflecting weak performances across all segments. The company also provided a third-quarter revenue guidance, which is below analysts expectations. Full Article
May 28, 2010 J. Crew Q1 Profit Rises On Improved MarginsApparel retailer J. Crew Group, Inc. (JCG) Thursday reported a more-than-doubled increase in first-quarter profit, benefiting from a 20% growth in revenues and improved margins. Both earnings and revenues surpassed Wall Street estimates. The company also initiated a second quarter guidance and lifted its 2010 outlook. Full Article
May 28, 2010 Guess Q1 Profit Up 55%International fashion house Guess?, Inc. (GES) on Thursday reported a 55% growth in its first-quarter profit, benefiting from a 22% increase in revenues led by strong growth in Europe and Asia. Earnings per share, excluding items, handily beat analysts' estimate. However, the group forecast second quarter earnings below analysts' current consensus and also lowered its full year earnings outlook. Full Article

Corporate News

May 28, 2010 Shell To Buy Privately-Held East Resources For $4.7 Bln CashBritish oil giant Royal Dutch Shell plc (RDS-A, RDSA.L, RDS-B, RDSB.L) Friday said it has signed deal to acquire privately-held US natural-gas explorer East Resources Inc., for $4.7 billion in cash. Shell has agreed to buy the subsidiaries, which own substantially all of the business of Pennsylvania-based East Resources from East Resources, its private equity investor Kohlberg Kravis Roberts & Co. and advisors Jefferies & Co. Full Article
May 28, 2010 Prudential Confirms Renegotiation Talks With AIG On Terms Of AIA TakeoverIn response to recent media speculations, British insurer Prudential Plc (PUK, PRU.L) Friday confirmed that it is renegotiating with insurance giant American International Group Inc. (AIG) regarding the purchase terms of AIG's Asian insurance unit American International Assurance Co. Ltd., or AIA. Yesterday, press speculated that Prudential is in talks with AIG to reduce the $35.5 billion purchase price for AIA. Full Article

Todays WS Events

May 28, 2010 Constellation Energy Group Annual Meeting Of Shareholders At 9:00 AM ET Constellation Energy Group, Inc. (CEG) will hold its 2010 Annual Meeting of Shareholders. The event will be held at Sky Lobby Conference Room, 100 Constellation Way, Baltimore, MD 21202 The event is scheduled to begin at 9:00 AM ET, May 28, 2010. To access the live audio webcast, log on to www.constellation.com To listen to the call by dialing (888) 455-2894 begin_of_the_skype_highlighting              (888) 455-2894      end_of_the_skype_highlighting (US) or (773) 681-5899 begin_of_the_skype_highlighting              (773) 681-5899      end_of_the_skype_highlighting (International) with password "ENERGY". A replay of the call, dial (888) 568-0361 begin_of_the_skype_highlighting              (888) 568-0361      end_of_the_skype_highlighting (US) or (203) 369-3911 begin_of_the_skype_highlighting              (203) 369-3911      end_of_the_skype_highlighting (international).
May 28, 2010 Lowe's Annual Meeting Of Shareholders At 10:00 AM ET Lowe''s Companies, Inc. (LOW) will host its 2010 Annual Meeting of Shareholders, on May 28, 2010. The event is scheduled to begin at 10:00 AM ET. To access the live webcast, log on at www.Lowes.com/investor
May 28, 2010 Ford Motor Sell-Side Analyst Meeting At 11:00 AM ET Ford Motor Co (F) CEO, Alan Mulally, will conduct a Sell-Side Analyst Meeting. The event is scheduled to begin at 11:00 AM ET, May 28, 2010. To listen to the live audio webcast, log on to www.shareholder.ford.com

FOX BUSINESS : U.S. PERSONAL SPENDING UNCHANGED IN APRIL, INCOME UP 0.4%. May 28th, 2010


trading floor 276
Futures Continue to ClimbFutures posting modest gains Friday as oil climbed above $75 a barrel and global markets rose for a third-straight day.
THE MOST POWERFUL NAME IN BUSINESS NEWS

Official: Gulf Oil Flow Halted, For Now

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Money Norning: The Shift Toward De-globalization is Bullish for Gold . May 28th., 2010

May 28, 2010
China's Back-Door Push Into Our Front Yard

By Dr. Kent Moors, Contributing Analyst

Li Hui - we all call her Nancy - is one smart young lady. But don't let the pleasant smile and social graces fool you. As one of the new South American project managers for China Petroleum & Chemical Corp., or Sinopec (NYSE:SHI), Nancy is one of the shrewdest energy business negotiators I have ever met - and the only woman at a level still controlled by rapidly rising Chinese male execs.

What she's doing will change the way you need to think about oil and gas investment opportunities in both North and South America. As you'll see, vast new wealth is about to come pouring into our corner of the world.

Read full story...



The Shift Toward De-globalization is Bullish for Gold

By Martin Hutchinson, Contributing Editor, Money Morning

You can see signs of de-globalization everywhere. Just look at the intense shareholder opposition to Prudential PLC's proposed takeover of the Asian operations of American International Group Inc. (NYSE: AIG).

And that's just one example.

The market scare on news that North Korea had, indeed, sunk a South Korean Naval vessel was another. The "flight to safety" in U.S. Treasuries - sparked by the increasing concern about the future of the euro and the viability of Greek government finances - is a third.

All over the world, little by little, the apparently inexorable tide of "globalization" - making the world "flat" in the words of Thomas L. Friedman - is retreating.  If a full-scale financial crisis breaks out in the next few months, that retreat will become a rout. And the world will become de-globalized.

For the warning signs of de-globalization, please read on...
Hutchinson on...
- The Tobin Tax: The Fix-It Plan Wall Street Hates ... But Can't Seem to Kill
- U.S. Treasury Bonds: The Not-So-Safe "Safe Haven"


In a Remote Part of Chile, One Company's Mines Threaten OPEC's Very Existence

There, under a dried up lakebed, lies the future of world fuel demand. And it's not oil. In fact, many companies are all but ignoring OPEC as they scramble to lock up supplies of the "wonder-substance" that could replace up to 148 billion barrels of oil.

The riches buried here could generate 6 times the money oil will produce - even if oil reaches $200! And one company owns all of these high quality reserves - making it the world's go-to supplier. Estimates show as much as 2,840% gains for early investors.

Read on...




Hot Stocks: Can Apple Be a Gentle Giant?

By Jason Simpkins, Managing Editor, Money Morning


Apple Inc. (Nasdaq: AAPL) yesterday (Thursday) supplanted Microsoft Corp. (Nasdaq: MSFT) as the largest technology company in the United States. Apple now trails only Exxon Mobil Corp. (NYSE: XOM) in size, but that size will only make the company a bigger target if it fails to use its newfound market position prudently.

Just last month, Microsoft's market capitalization exceeded Apples by some $25 billion. But Apple has finally overtaken one its great archrivals. But being the new standard bearer for the technology sector brings with it more than bragging rights. It also will make Apple a bigger target for its competitors and government scrutiny.

As far as competition is concerned, there's no question that Apple has outdone Microsoft.

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Money Morning Mailbag: Wall Street Expects Money to Arbitrate Financial Reform

By Kerri Shannon, Associate Editor, Money Morning

Financial regulation overhaul cleared another hurdle last week when the Senate approved its financial reform bill. However, the inclusion of a derivatives trading restriction left Wall Street wondering why its political contributions weren't doing the talking.

The financial industry was surprised when a provision created by Sen. Blanche Lincoln, D-AR, requiring banks to spin off their derivatives trading arms remained in the Senate's proposal. Wall Street lobbyists are now reaching out to the members of the Senate and House conference committee who will reconcile the two bills. The Senate named its committee appointees Tuesday, which included Lincoln.

The Financial Services Roundtable, a lobbying group representing financial companies, has already started meeting with House members who it believes will be involved in the final process and could help cut the provision.

Read full story...