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Jun 25, 2010

ABCNews : Autralia Business : Miners reverse gains, drag market down. June 25th., 2010



PNG attorney-general stifles environment debate
Papua New Guinea's attorney-general has taken the extraordinary step of telling people to stop talking about controversial environment laws.

Miners reverse gains, drag market down
The mining sector has reversed yesterday's gains, leading the overall share market almost 1.5 per cent lower.

Rio declares RSPT dead
The head of Rio Tinto in Australia says the mining super profits tax, in its previous form, is dead.

More News

CNBC : Evening Brief: New Rules to Change Banks, But Not Ability to Make Profits. June 25th., 2010



LATEST STORIES


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

LATEST VIDEO

  • CNBC.com Market Outlook
    CNBC's Courtney Reagan highlights the week's top business news stories, tells viewers what stocks the pros are recommending and looks ahead to next week's headlines.
    » Watch Video
Stop Trading! Listen to Cramer
Mad Money host Jim Cramer shares his take on the markets.
» Watch Video  

Rep. Frank on FinReg
Insight on the sweeping deal on financial reform, with Rep. Barney Frank (D-Mass.)
» Watch Video

Obama On FinReg
President Obama makes comments on the passage of the financial regulatory bill.
» Watch Video 

Why Stocks Will Rally: Bove
Discussing why the passage of financial regulation will spark a rally in the next weeks, with Richard Bove, Rochdale Securities financial strategist.
» Watch Video

THE GATA DISPATCH : Today's Dispatches. June 25th., 2010

Lawrence Williams: Is China manipulating gold UP?

4:02p ET Friday, June 25, 2010
Dear Friend of GATA and Gold:
MineWeb's Lawrence Williams today has posted excellent and incisive commentary about China's agreement to buy gold concentrates from a Coeur d'Alene mine in Alaska, seeing it as evidence that China cannot obtain all the gold it wants from domestic production and wants to build its gold reserves without the market-exploding publicity that might result from buying gold from the International Monetary Fund.
But Williams concludes with a puzzling reference to GATA: "The move has to be seen as long-term bullish for the gold price and is yet another way of limiting downside risk for gold investors. GATA has for a long time been railing against what it sees as gold price suppression by the gold banks and governments, but probably none of this has the potential impact for control of the gold market which can be and probably is being exerted by the Chinese. But because this is broadly positive for gold it may not be in that organisation's interests to comment. Yet it is an equally manipulative policy if indeed it is in effect!"
In the context of its work, GATA would define "manipulative" as involving interference against a free market -- like the coordinated dishoarding of gold by central banks at strategic moments to knock gold's price down, or the sale of more promises of gold than can realistically be delivered or than even exists. GATA has documented this sort of market manipulation:
http://www.gata.org/taxonomy/term/21
Is it "manipulative" for a buyer to try to arrange his buying so it doesn't proclaim the danger of shortages and invite front-running by other buyers? Not in the sense of what GATA has complained about. As Williams notes, China's careful acquisition of gold is hugely bullish for the long term and spells doom for the Western central bank gold price suppression scheme -- eventually, when China thinks it has adequately hedged its huge dollar reserve exposure, but not necessarily soon. But if China means to get all the gold it can and has decided to stagger its purchases to minimize their market impact, such a policy just as easily can be said to be manipulatively suppressive.
In any case China's gold policy seems somewhat more transparent than that of the U.S. Treasury and Federal Reserve, whose determined secrecy in gold matters probably secures for them for all time the prize for gold market manipulation.
Williams' commentary is headlined "Now China Sources Newly Mined Gold from the USA" and you can find it at MineWeb here:
http://www.mineweb.co.za/mineweb/view/mineweb/en/page33?oid=106850&sn=De...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Treasury claims power to seize gold and silver -- and everything else

2:30p ET Friday, June 25, 2010
Dear Friend of GATA and Gold:
Because of recent inquiries to GATA about the possibility of an attempt by the U.S. Government to confiscate privately held gold and silver bullion and coins and shares in companies mining the precious metals, we're republishing here the correspondence between GATA and the U.S. Treasury Department on the subject in 2005.
The Treasury Department was surprisingly candid in that correspondence, asserting the U.S. Government's authority, in declared emergencies, to confiscate precious metals and to restrict ownership of mining shares -- and to confiscate and restrict every other financial asset as well. So perhaps precious metals investors shouldn't feel too paranoid.
Confiscation has never seemed to GATA to be a serious or imminent threat. While the U.S. Government in 1933 did demand the exchange of circulating government-issued coins for paper money (proceeding to devalue the paper money after the gold was surrendered), that gold then was a huge part of the country's money supply, and amid the national economic collapse at that time the government could make a plausible complaint against "hoarding." There are no such circumstances today, gold no longer being in general circulation as currency. (Yes, we're working on that.) But of course lately the arrogance and imperiousness of the U.S. government have far exceeded even the paranoia of precous metals investors. Certainly capital controls may be imposed in the United States in the next currency crisis, and it's not far from capital controls to even more brutal interventions in the economy. GATA is not an investment adviser, but if we were, we might suggest that you accumulate all the gold and silver you can and then find a safe planet to keep it on. (And when you do, please let us know what it is.)
GATA's correspondence with the Treasury Department on the subject of confiscation is appended, along with the preface that appeared with the correspondence when it first was published.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Many GATA favorites at this year's New Orleans conference

2:21p ET Friday, June 25, 2010
Dear Friend of GATA and Gold:
It's time to start thinking of the granddaddy of all U.S. investment conferences, the New Orleans Investment Conference, to be held Wednesday throughSaturday, October 27-30, at the beautiful Hilton New Orleans Riverside hotel.
Being four days long and presenting some internationally known speakers, the New Orleans conference isn't cheap, but there's a big discount if you register by next Wednesday, June 30.
GATA Chairman Bill Murphy and your secretary/treasurer will be among this year's speakers, and we'll join GATA favorites Gene Arensberg of the Got Gold Report, Doug Casey of Casey Research, newsletter editor Marc Faber, Frank Holmes of USGlobal Investors, Gold Newsletter editor Brien Lundin, and Sprott Asset Management CEO Eric Sprott.
Also speaking will be former U.S. Comptroller General David Walker, who may have done more than anyone to warn the country about its coming debt catastrophe.
Dozens of resource companies will be exhibiting at the conference, and of course there is no conference backdrop like New Orleans, whose hospitality, restaurants, scenery, and amusements are spectacular.
The conference is a great investment opportunity as well as a great vacation opportunity. You can learn all about it here:
http://www.neworleansconference.com/index.html
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

 Support GATA by purchasing a colorful GATA T-shirt:
http://gata.org/tshirts
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
http://www.goldrush21.com/
* * *
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
http://www.gata.org
To contribute to GATA, please visit:

http://www.gata.org/node/16

 

Mining Interactive : Mawson Rompas NI43-101 Technical Report and Significant Land Position Increase. June 25th., 2010



MAWSON RESOURCES LTD.
ROMPAS NI43-101 TECHNICAL REPORT RELEASED AND LAND POSITION SIGNIFICANTLY INCREASED AT MAWSON’S 100% OWNED BONANZA GOLD AND HIGH-GRADE URANIUM DISCOVERY IN FINLAND 

  • Mawson now has 95,919Ha (237,015 acres) in the Rompas area, an eight (8) time increase from the original 11,870Ha (29,330 acres) acquired from Areva NC
Michael Hudson, Mawson President & CEO:
“Rompas is a significant new discovery for Finland and Mawson has taken the initiative to secure a large claim area over the key prospective areas. Given grades of up to 12,800 g/t gold and 43.6% uranium from surface grab sampling, the high density of these showings and their distribution over a wide area, initial indications suggest that mineralization-forming processes have been intensive and widespread.”  
Dear Friends:

Exciting days and months ahead for Mawson and its well managed exploration team.

A new discovery of this merit deserves securing such a large ground – in this case Mawson has increased it ground holding by 8 times to a whopping 95,919 hectares in the Rompas district.

Mawson has also acted quickly to provide further information to investors interested to learn more about this exciting project in Finland by submitting a NI43-101 Technical Report.

"BREAKING NEWS"
Swedish Parliament Decides On Re-Introduction Of Nuclear Energy
Dear Friends:
Exciting days and months ahead for Mawson and its well managed exploration team.
A new discovery of this merit deserves securing such a large ground – in this case Mawson has increased it ground holding by 8 times to a whopping 95,919 hectares in the Rompas district.
Mawson has also acted quickly to provide further information to investors interested to learn more about this exciting project in Finland by submitting a NI43-101 Technical Report.
Native gold and uraninite Rompas project Finland
Stay Closely Tuned - - There is much more to come from Mawson!!!

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



METALS AND ENERGY IN SCANDINAVIA.


MiningInteractive Videos
Click Here

Stay tuned for the most recent updates on Mawson Resources and other leading mining companies through the MiningInteractive Video Interviews.
Nick L. Nicolaas
(604) 657-4058
nick@mininginteractive.com

Mining Interactive:- Zeal Intelligence Weekly - PM Summer Doldrums 2 by Adam Hamilton. June 25th., 2010



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
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
nick@mininginteractive.com
Vancouver Stock Exchange Building (1929)
Suite 818 - 475 Howe Street
Vancouver, BC, Canada V6C 2B3

MarketWatch : Weekly Roundup.- Top Ten Stories, June 21 - 25

MarketWatch
Weekly Roundup
JUNE 25, 2010

MarketWatch Top Ten stories, June 21 - 25

By MarketWatch



NEW YORK (MarketWatch) -- U.S. stocks finished a listless trading session fractionally higher Friday, as relief over congressional legislation boosted the financial sector but economic worries still took a heavy toll on the week, which was the first down week in three.

The Dow Jones Industrial Average (DJIA) fell 8.99 points, or 0.1%, to 10,143.81 on Friday and it slumped 2.9% this week. The broad S&P 500 Index (SPX) rose 3.07 points, or 0.3%, to 1,076.76, as the financial sector jumped 2.8%. The Nasdaq Composite Index (COMP) rose 6.06 points, or 0.3%, to 2,223.48. For the week, both the S&P 500 and the Nasdaq fell 3.7%.

Get ahead of the coming week with our video previews for Asia, Europe and the United States.

Greg Morcroft, assistant managing editor

 Asia's Week Ahead: Focus on Japan, China

 Europe's Week Ahead: Standard Chartered

 U.S. Week Ahead: Jobs, Banks and Manufacturing

China relaxes yuan peg

China's central bank announced plans to loosen the yuan's de-facto peg to the U.S. dollar. It also ruled out a one-time revaluation and said any strengthening of its currency would be gradual. The United States had long pressured China to let its currency move more freely against the dollar. The peg effectively has tied the yuan, also known as the renminbi, at 6.83 to the U.S. dollar for 23 months. Read MarketWatch story on China's currency move.

U.K. sets budget tightening

U.K. Chancellor George Osborne on Tuesday announced further spending cuts and tax increases that will total 40 billion pounds ($59 billion) a year by 2015, in a budget that he said would eliminate the country's structural deficit by the end of the current parliament. Osborne said total borrowing would fall from £149 billion this year to £37 billion in fiscal 2015, and that borrowing as a percentage of gross domestic product would drop to 1.1% over that period. The chancellor said it was an "unavoidable budget," and that promises of early action to cut the deficit had earned the country credibility in international markets. See MarketWatch coverage of the U.K. budget.

Home sales take a dive

Sales of new single-family homes plunged 33% in May to a record-low level after a federal subsidy for home buyers expired, according to data released Wednesday by the Commerce Department. Sales dropped to a seasonally adjusted annual rate of 300,000, the lowest since records began in 1963. April's sales pace was revised down to 446,000 compared with the 504,000 originally reported. March's sales also were revised lower. The results were much worse than expected, and economists had expected a 20% decline to a seasonally adjusted annual rate of 405,000. Read MarketWatch coverage of new-home sales data.

Apple rolls out iPhone 4

As some lucky consumers start to receive their new iPhones in the mail and others line up at Apple Inc. (AAPL) stores, speculation has returned that the company is talking about adding another carrier. It's about time. The demand for the new iPhone 4, even before it goes on sale, has exceeded Apple's and AT&T's expectations. The companies received more than 600,000 preorders last week and AT&T Inc.'s (T) site was overburdened with the deluge. Apple said it was the largest number of preorders it had ever seen for a product. Read MarketWatch coverage of Apple's latest gadget.

Congress reaches compromise, settles financial-regulation bill

House and Senate lawmakers early Friday approved the most significant increase in the regulation of U.S. banks since the Great Depression, placing new restrictions on the nation's biggest lenders, reining in the Federal Reserve and crafting new consumer protections. The mammoth legislative package, hammered out in marathon Capitol Hill negotiations that carried through the night, gives the Obama administration a significant triumph in its efforts to rein in Wall Street after a financial crisis drove the economy to the brink in September 2008. Read MarketWatch coverage of landmark financial reform legislation.

Lowest rate on 30-year, fixed-rate mortgage since records began in 1971

Rates on fixed-rate mortgages and the 5-year adjustable-rate mortgage dropped to record lows this week, according to Freddie Mac's weekly survey of conforming mortgage rates, released on Thursday. The 30-year fixed-rate mortgage averaged 4.69% for the week ending June 24, down from 4.75% last week and 5.42% a year ago. Fifteen-year fixed-rate mortgages averaged 4.13%, down from 4.2% last week and 4.87% a year ago. Read MarketWatch coverage of record-low mortgage rates.

Consumer agency will clarify financial products' costs, terms

A new consumer financial-protection agency aimed at protecting Americans on a wide range of personal-finance transactions seems to be a likely result of the current congressional effort to overhaul the banking industry and prevent future economic crises -- but will the agency succeed? "Credit-card agreements, bank-overdraft notices and mortgages are all loaded with tricks and traps," said Elizabeth Warren, a Harvard law professor and chairwoman of the Congressional Oversight Panel, who has been an advocate for creating the agency. Read MarketWatch's Q&A with Elizabeth Warren.

Hit to BP's market cap gushes past $100 billion

BP PLC (BP) shares dropped as much as 9% in London on Friday, putting the drop the oil major's market capitalization at more than $100 billion since the Gulf of Mexico oil spill began, as an analyst suggested the company needs to sell stock to assure counterparties of its financial health. Nomura analyst Alastair Syme said in a note Friday that the company's funding could be threatened as the ill-fated Macondo well continues to leak oil. Read the latest from MarketWatch about BP's financial hit from the spill.

Oil spill forces businesses to rethink strategies; imagining a $23 po' boy

There are a few broken links in the food chain that stretches from sea to warehouse to plate in the Big Easy. It starts with the fishermen and oyster shuckers who are seeing firsthand how the BP oil spill in the Gulf of Mexico is leaving them idle, perhaps forever. It then goes to the processors and distributors who are scrambling to find new sources of seafood. Restaurant owners across New Orleans -- the next link -- are wondering if the Gulf seafood that has lured so many diners in the past will now drive them away. Read MarketWatch story on the seafood industry and the oil spill.

Google victorious in Viacom's YouTube lawsuit

A federal judge has ruled in favor of Google Inc. (GOOG) in the company's courtroom battle with Viacom Inc. over alleged copyright violations on Google's YouTube video service. Judge Louis Stanton wrote in a 30-page ruling filed in New York on Wednesday that Google qualifies for so-called "safe harbor," and is therefore granted summary judgment that it's protected against Viacom's "claims for direct and secondary copyright infringement." Viacom (VIA) had sued Google in 2007, alleging massive copyright infringement on YouTube and seeking $1 billion in damages. Read about Google's victory on MarketWatch.

MarketWatch : Personal Finance Daily . June 25th., 2010

MarketWatch
Personal Finance Daily
JUNE 25, 2010

Friday's Personal Finance stories

By MarketWatch



Don't miss these top stories:

In the main, consumers win under the sweeping new rules House and Senate lawmakers hammered out into the wee hours Friday morning. In addition to reining in some of banks' riskiest practices, consumers will have a brand-new agency all for themselves. If the full House and Senate agree to the bill as put forth by negotiators Friday, a new Consumer Financial Protection Bureau will write rules and monitor loan products to keep consumers safe.

Consumer advocates cheered portions of the legislation. "The bill sets up an autonomous consumer bureau with independent funding, which are key elements for an effective regulator," said Susan Weinstock, financial reform campaign director at the Consumer Federation of America.

Also, the bureau will have a single director which will allow it "to act quickly if problems arise," according to the CFA statement Friday.

Plus, states will be able to go beyond the new federal bureau's rules -- though federal regulators will be able to block state consumer protections.

One sticking point: Requiring brokers to abide by a fiduciary standard when they give investment advice. The bill requires a six-month study of the issue, after which the SEC can impose that standard on brokers. The bill also would create a new investor advocate within the SEC, according to the CFA.

The new bureau will oversee payday lenders, but auto dealers who sell or broker loans are not under the bureau's jurisdiction. Still, the Federal Trade Commission will be able to write rules quickly to protect consumers from such auto dealers' deceptive practices.

One major downside: The bill takes away oversight of indexed annuities -- complex products with hefty fees -- from the SEC. "It is unfortunate that Congress is taking away an important protection for the average consumer by stripping the SEC of its authority to regulate indexed annuities," said Tom L. Potts, a certified financial planner and president of the Financial Planning Association, in a statement Friday.

"Now there will be a high burden on the elderly and their children to use the utmost diligence when seeking advice about this type of financial product," he said.

For more on the bank-reform overhaul bill, read Amy Hoak's story today on how mortgage loans will change, and see Ron Orol's story on how the rules governing banks will change. Next step: The bill goes back to the House and Senate. Stay tuned next week for more on that.

Say what you will about new regulation possibly leading to less access to credit for consumers, it can also be said that rules like this can help bring back some much-needed confidence in the U.S. financial system.

Meanwhile, Congress voted Thursday to spare doctors from Medicare-payment cuts. But extending jobless benefits? Not yet.

-- Andrea Coombes , Personal Finance editor

P.S. The bank-reform bill also includes an amendment to regulate debit-card "swipe fees." For more on that, see our story from earlier this week: Swipe-fee compromise won't help consumers. And for one expert's take on the new agency, see this story from earlier this week: New agency will help consumers save money: Elizabeth Warren.

BANK REFORM

How bank reform will change mortgage shopping

Nestled within the massive financial-reform package that a House-Senate panel approved early Friday morning are consumer protections that could change the way people shop for a mortgage.
See story on how bank reform will change mortgage shopping.


Upheaval sweeps consumer finance

Even before Congress unveils a consumer-protection agency, new state and federal laws are ushering in the most sweeping changes in consumer finance since the 1960s.
See story on upheaval sweeps consumer finance.


Negotiators in Congress OK sweeping reform of big banks

House and Senate lawmakers early Friday approved the most significant increase in the regulation of U.S. banks since the Great Depression, placing new restrictions on the nation's biggest lenders, reining in the Federal Reserve and crafting new consumer protections.
See story on U.S. bank regulatory overhaul OK'd by negotiators.


Reaction to bank reform ranges from exultation to dismay

Reactions to the sweeping bank regulation bill approved by congressional negotiators ranged from exultation to condemnation Friday.
See story on D.C. airs range of reactions to financial reform.


Commentary: Wall Street will complain, but it got off light

Washington's plan for Wall Street will disappoint the financial industry, but its grieving should be short lived.
See MarketWatch First Take.


HEALTH CARE

A Silicon Valley hospital bets big on technology

What does it take to bring a hospital up to California's earthquake-safety standards while also endowing it with the kind of technology that sets it apart in tech-savvy Silicon Valley?
See Vital Signs.


High-Tech Health Care

Robots are in the halls delivering supplies and in the operating rooms helping with surgeries, but the $80 million this Silicon Valley hospital recently invested in technology works behind the scenes as well. MarketWatch's Kristen Gerencher reports.
 Watch Video Report.


Health reform's new rules

The first phase of the new health-reform law is likely to affect millions of Americans later this year, with the Obama administration releasing new rules to protect patients, according to Kristen Gerencher.
 Watch Health Minute.


REAL ESTATE

What to do when you inherit a mortgage problem

Question: My husband and I hold the deed to my father-in-law's home due to his personal tax issues. Upon his passing this past September, we were fortunate enough to get renters in right away to cover half the mortgage payment. However, the loan is underwater and we can no longer afford to pay even half out of our own pockets.
See Realty Q&A.


INVESTING

Don't hang on these technology stock HOLDRs

Since January, two HOLDRs -- an acronym for "Holding Company Depositary Receipts" -- have been attracting attention with hot performance. These investments are so hot, in fact, that B2B Internet HOLDRs and Internet Infrastructure HOLDRs are the year's two best science and technology funds.
See Chuck Jaffe's Stupid Investment of the Week.


First half says little about second half

Is the past prologue? We had better hope not, since the stock market over the first half of 2010 has been a disappointing performer -- falling far short of its long-term average pace of around 10% a year.
See Mark Hulbert.


The small-cap stock trap

Watch out for small-cap stocks. Yes, they're having another good year so far. They've racked up profits even while the Dow Jones Industrial Average has lost ground and overseas markets have tanked. And this is nothing new: Small caps have been booming for a decade.
See Brett Arends.


SPORTS

England vs. Germany: a World Cup classic in the making

If a neutral observer was to judge the teams ahead of Sunday's clash between England and Germany just on their performances in this World Cup, they'd be very likely to offer one simple prediction: Germany to win.
See SportsWatch.


Team USA headed to World Cup semifinals?

For the U.S. national team, the path to the World Cup semifinals is wide open. There. I said it.
See SportsWatch.


ECONOMY & POLITICS

Consumer sentiment rises to 2-year high

U.S. consumer sentiment was the most optimistic in more than two years in June, but remained far below normal levels, according to a survey released Friday by Reuters and the University of Michigan.
See Economic Report.

NYT: Afternoon Business Update. June 25th., 2010



Business

Bank Stocks Are Up in a Quiet Session

By THE ASSOCIATED PRESS
Strength in the financial sector helps offset weakness from the G.D.P. report and disappointing earnings from Research in Motion.

Policy Conflicts Seen as Obama Arrives at Meeting of Leaders

By SEWELL CHAN and JACKIE CALMES
President Obama arrived Friday for back-to-back meetings of world leaders that will test international unity on how to restore global economic growth.

Chinese Currency Hits New High Ahead of G-20 Meeting

By BETTINA WASSENER
The gains in the renminbi are expected to take the heat off China at this weekend's summit meeting.

Economy Faces Tough Road Ahead With Slower Growth

By THE ASSOCIATED PRESS
Gross domestic product rose by 2.7 percent in the period, less than the 3 percent previously estimated, the government said, noting that consumers spent less than previously believed.

Foxconn Decides to Outsource Its Dormitories

By DAVID BARBOZA
The decision comes as Foxconn, one of the world's largest contract electronics manufacturers, faces pressure to improve conditions for its workers following several suicides.

FGC BOLSA - FGC FINANCIAL MARKETS : U.S. Markets at Close. June 25th., 2010



U.S. MARKETS AT CLOSE

Market Snapshot
Index Last Change %Change  
DJIA 10,143.81 -8.99 0.09% Hilighted
Nasdaq 2,223.48 +6.06 0.27%  
S&P 500 1,076.76 +3.07 0.29%  
FOX 50 782.49 -4.52 0.57%  
DIJA Chart
 

6/25/2010 4:30:00 PM ET DJ30 PointChange: -8.99 Level: 10143.81 NASDAQ PointChange: +6.06 Level: 2223.48 NQ100 PercentChange: -0.3 R2K PercentChange: +1.9 SP400 PercentChange: +1.1 SP500 PointChange: +3.07 Level: 1076.76 NASDAQ-Adv:1800 Dec: 827 NYSE-Adv:2212 Dec: 810
[BRIEFING.COM] A finalized financial reform bill drove banks and a bevy of other financial services firms sharply higher Friday, but the broader market had to fight for even a modest gain.
The House and Senate reached an agreement on financial regulation this morning. The bill, which is expected to be passed in coming weeks, will prohibit banks from making risky bets with their own money, but some will still be able to participate in hedge funds and private equity funds. Though there are still some uncertainties related to the bill's implications, its finalization removes an overhang from the financial sector. Diversified financial services spiked 3.4%, investment banks and brokerages bounced 3.1%, and specialized finance stocks climbed 3.0%. The overall financial sector settled with a 2.8% gain, which was twice the 1.4% gain of the next best performing sector -- materials.
The materials sector was led by strength in gold and silver stocks like Newmont Mining (NEM 61.67, +2.72) and diversified metals plays like Freeport McMoRan (FCX 66.57, +3.13). Their gains came partly in response to a pullback by the greenback, which fell to a 0.5% loss against competing currencies.
The dollar's decline and the euro's resulting climb also coincided with an afternoon advance by the broader market, but the move proved difficult to sustain as stocks chopped lower into the close. Still, stocks were able to settle with a modest gain that snapped their recent losing streak at four sessions.
While the broader market saw mixed interest, small caps in the Russell 2000 spiked 1.9% ahead of the annual reconstitution of the Russell indices. The rebalancing occurs after the close, but preparation for the change stoked trading volume.

Read more: http://www.nasdaq.com/aspx/market-summary.aspx#ixzz0ru1Lurbn

FOX BUSINESS : Breaking News.- FIRST-QUARTER GDP UNEXPECTEDLY REVISED DOWN TO +2.7%

GDP 276
1Q Growth Revised Down Gross domestic product expanded at a 2.7% annual rate in the first quarter instead of the 3% pace it reported last month.




THE MOST POWERFUL NAME IN BUSINESS NEWS

G8 to Take Stock of Development Needs

Is the World Broke? Rich countries came up short on fund-raising promises for poor nations.

Stocks Tick Higher at Start

Wall Street posted slight gains at kickoff as reform enthusiasm offset a downward revision of GDP.

Bank Reform: Finally Ready

In a marathon session, legislators hammered out a rewrite of Wall Street rules. | WATCH

Europe Has Run out of Deficit Spending

The European commission president said Europe can't spend through increased budget deficits.

BP: $2.35B to Date on Oil Spill

The embattled oil major said a total of 364,500 barrels of oil have been recovered or flared so far.

Gold Extends Gains

Gold was buoyed by investors looking for refuge from financial market uncertainty and currency concerns.

RTTNews : Daily Market Analysis .- Consumer Sentiment Data In Focus As Markets Languish At Oversold Levels. June 25th., 2010

Daily Market Analysis Fri Jun 25 09:11 2010 


Jun 25, 2010 Consumer Sentiment Data In Focus As Markets Languish At Oversold Levels - RTTNews Daily Market Analysis The major U.S. index futures are pointing to modestly higher opening on Friday, with the modest strength relayed by the futures coming about due to the oversold levels of the market. The downward revision to first quarter GDP growth reported by the Bureau of Economic Analysis earlier in the day should hurt sentiment to some extent. The consumer sentiment report to be released shortly after the markets open may give a decisive direction to the markets in today's session, even as traders look ahead to the weekend's G20 meeting, anticipating some tougher regulatory measures on financial institutions to be discussed in the summit. Full Article

RTTNews: Daily Srocks to Watch.- AZZ Expects FY11 Results Above Street Consensus on Acquisition Gains. JUne 25th., 2010

Daily Stocks to Watch Fri Jun 25 09:02 2010 

Stocks To Watch

Jun 25, 2010 AZZ Expects FY11 Results Above Street Consensus on Acquisition Gains - Stocks to WatchBefore the bell on Friday, AZZ Inc. (AZZ) revealed that it expects much higher earnings and revenue for fiscal 2011, compared to the Street's current expectations, as the company benefitted from the acquisition of North American Galvanizing. For fiscal year 2011, the company now expects earnings to be within the range of $2.65 - $2.80 and revenues to be in the range of $380 million to $395 million. Full Article
Jun 25, 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 May See Further Downside On Disappointing GDP Data - U.S. Commentary . June25th., 2010

Morning Market Briefing Fri Jun 25 09:01 2010 

Commentary

Jun 25, 2010 Stocks May See Further Downside On Disappointing GDP Data - U.S. Commentary After coming under considerable selling pressure in the previous session, stocks could see some further downside in early trading on Friday. The major index futures are currently indicating a modestly lower open, with the Dow futures down by 10 points. Full Article

Economic News

Jun 25, 2010 Japan May Core CPI Falls 1.2%Core inflation in Japan was down 1.2 percent on year in May, the Ministry of Internal Affairs and Communications said on Friday, falling for the 15th consecutive month. Full Article
Jun 25, 2010 Bank Of England Warns Of Challenges Facing Banks The Bank of England has warned that U.K. banks face a number of serious challenges ahead and that they must build up higher reserves to be more resilient to shocks. Banks also face a "substantial" refinancing challenge over the next couple of years, it said. Full Article
Jun 25, 2010 Singapore Manufacturing Soars On Strong Pharmaceuticals Output Industrial production in Singapore rose sharply in May, mainly due to a surge in production in the pharmaceuticals sector, an official report showed on Friday. The strong output figures are the latest in a series of impressive economic data from the island economy and justifies the consensus that Asia is leading the global recovery. Full Article
Jun 25, 2010 French Q1 Economic Growth Confirmed At 0.1% The French economy recorded weak growth in the beginning of 2010 as the improvement in foreign trade position was largely neutralized by the fall in investment, while household as well as government spending stagnated. Full Article
Jun 25, 2010 GDP Grew By Downwardly Revised 2.7% In Q1 Economic activity in the first three months of the year grew by less than previously estimated, according to the Commerce Department's revised estimated on first quarter gross domestic product, with this marking the second downward revision to the pace of growth. Full Article

Earnings News

Jun 25, 2010 ConAgra Foods Q4 Profit Down 48%; Guides 2011 Profit In Line With EstimatesConAgra Foods, Inc. (CAG) Thursday reported a 48% decline in fourth-quarter profit, hurt primarily by one week less in the latest quarter and higher expenses. Excluding items, the quarter's earnings per share from continuing operations dropped two cents, and missed analysts' expectations by a penny. The group also provided an earnings guidance for the full-year 2011, which was in line with consensus estimate. Full Article
Jun 25, 2010 Discover Financial Q2 Profit Up 14%Discover Financial Services (DFS) reported Thursday a 14% year-on-year growth in second-quarter net profit, reflecting a reduction in delinquency rates and lower loan-loss provisions. However, on a per share basis, net profit allocated to common stockholders declined 23%. “Our very strong results this quarter were driven by a significant improvement in the credit performance of our loyal customer base along with continued solid growth in cardmember spending,” said David Nelms, chairman and chief executive officer. Full Article
Jun 25, 2010 Accenture Q3 Profit Up Over 10%Accenture (ACN) Thursday reported a more than 10% increase in third-quarter profit on robust demand for its products and financial service operations. Both earnings and revenues for the quarter came in ahead of Street expectations. Going forward, the group warned that revenues for the fourth quarter could come below market estimates. Full Article
Jun 25, 2010 Oracle Q4 Profit Up 25%Oracle Corp. (ORCL) said Thursday after the markets closed that its fourth-quarter profit increased 25% from prior year, helped primarily by a 39% growth in total revenues, aided by higher software sales and new revenues from Sun Microsystems that was acquired in late January. Excluding items, earnings per share came in above Wall Street view as did quarterly revenues. Full Article
Jun 25, 2010 Tibco Software Posts Higher Q2 ProfitTibco Software Inc. (TIBX) Thursday reported a year-on-year increase in profit for the second quarter, driven by a 21% rise in revenues, reflecting higher license and service revenues, as well as lower tax provisions. Both earnings and revenues for the quarter came in ahead of analysts' expectations. Full Article
Jun 25, 2010 H&R Block Q4 Profit DeclinesH&R Block, Inc. (HRB) reported Thursday a decrease in its fourth-quarter profit amid challenging economic conditions during this tax season, caused by record levels of sustained unemployment that led to fewer returns being filed. However, the quarter's earnings per share rose from the prior year and came in above Wall Street expectations. The group did not provide a detailed earnings guidance, citing the seasonality of its business and the current uncertainty in external variables like employment levels, changing settlement product environment and tax law changes. Full Article
Jun 25, 2010 Lennar Turns To Profit In Q2 Despite Lower RevenuesLennar Corp. (LEN, LEN.B) reported Thursday a profit for the second quarter, as compared with a loss last year. The turnaround reflected margin improvement, lower SG&A expenses and an income tax benefit. Quarterly revenues dropped 9% as the federal homebuyer tax credit expired in April, which led to a 10% decline in new orders, with the entire reduction coming in May. Full Article
Jun 25, 2010 McCormick Q2 Profit Rises; Reaffirms FY10 Sales Growth OutlookMcCormick & Co., Inc. (MKC) Thursday reported an increase in its second-quarter profit, reflecting strong sales, driven by favorable currency exchange rates, and improved margins. Both earnings per share and sales exceeded analysts' expectations. Based on its first-half performance, the company backed its full-year sales growth guidance and said it currently estimates earnings to be at the upper end of its prior guidance range. Full Article
Jun 25, 2010 Research In Motion Q1 Profit Up 20%; Sees Q2 Earnings Above Street ViewResearch In Motion Ltd. (RIMM, RIM.TO) Thursday said its first-quarter profit grew around 20% year-on-year, driven primarily by strong sales of BlackBerry devices. Quarterly revenues rose 24%, but fell short of Street estimates. Moving ahead, the company provided second quarter earnings guidance, which is above analysts' current consensus. The board also authorized the buyback of up to 31 million of its common shares. Full Article
Jun 25, 2010 KB Home Q2 Loss Narrows Significantly Despite Lower RevenuesKB Home (KBH) Friday reported a significantly narrower net loss for the second quarter, reflecting lower costs and expenses, despite a slight decline in revenues. Number of homes delivered during the quarter rose 1% from last year, while average selling price was down 4% year-on-year. Full Article

Corporate News

Jun 25, 2010 Autodesk Raises Lower End Of Q2 GuidanceAutodesk Inc. (ADSK) Thursday raised the lower end of its second quarter earnings and revenue outlook, saying it was pleased with global demand levels. The revised outlook is within analysts' expected range. Further, the company said it has set a target long-term business model of 12% to 14% compound annual revenue growth and adjusted operating margin of at least 30% in the next five years. Full Article
Jun 25, 2010 Wabco Holdings Boosts FY10 GuidanceWabco Holdings Inc. (WBC) Friday raised its fiscal 2010 earnings and revenue guidance on a performance basis, citing stronger than anticipated market developments across most of the regions it serves globally. Full Article

Todays WS Events

Jun 25, 2010 Finish Line Q1 11 Earnings Conference Call At 8:30 AM ET Finish Line Inc. (FINL) will host a conference call at 8:30 AM ET June 25, 2010, to discuss its Q1 11 financial results. To access the live webcast, log on at www.finishline.com
Jun 25, 2010 KB Home Q2 10 Earnings Conference Call At 11:30 AM ET KB Home (KBH) will host a conference call at 11:30 AM ET June 25, 2010, to discuss its Q2 10 financial results. To access the live webcast, log on at www.kbhome.com