Jun 24, 2011
On Friday, June 24, 2011, Mountain Heritage Bank (CERT #57593), Clayton, GA was closed by the Georgia Department of Banking and Finance. All deposits, excluding certain brokered deposits, were transferred to the acquiring institution. For further information, please visit the FDIC web site: Mountain Heritage Bank (www.fdic.gov).
|Wall Street sinks on Europe's debt misery|
|NEW YORK (Reuters) - Wall Street dropped for a third day on Friday on worries about the Italian banking sector and Greece's debt crisis, but the S&P 500 managed to hold its 200-day moving average in a sign buyers still see value. | Full Article|
|Data points to underlying factory strength|
|June 24, 2011 03:13 PM ET|
|WASHINGTON (Reuters) - New orders for U.S. manufactured goods and a gauge of business spending plans rose in May, easing fears of a sharp slowdown in factory activity. | Full Article|
|Ex-media mogul Conrad Black sent back to prison|
|June 24, 2011 04:20 PM ET|
|CHICAGO (Reuters) - A U.S. judge on Friday ordered former media baron Conrad Black back to prison for 13 more months, cutting his original 6 1/2-year sentence nearly in half for remaining fraud and obstruction of justice convictions. | Full Article|
|China blurs A380 order, backs 747 amid EU row|
|June 24, 2011 02:20 PM ET|
|LE BOURGET, France (Reuters) - China downgraded the announcement of an Airbus superjumbo order and signed up for the Boeing 747-8 as deals worth $9 billion coincided with a row over European emissions trading rules, industry sources said. | Full Article|
|Antitrust fixes loom as D.Boerse/NYSE vote nears|
|June 24, 2011 12:28 PM ET|
|NEW YORK (Reuters) - Complex antitrust questions hang over Deutsche Boerse AG and NYSE Euronext just weeks before shareholders decide whether to endorse a blockbuster exchange merger, though no significant regulatory fixes are expected. | Full Article|
|Canada, others block asbestos from U.N. hazardous list|
|Weight loss surgery may cure diabetes in many cases|
|FDA urges caution on Amgen, J&J anemia drugs|
|Resident doctors still work too long: report|
The Economist: Selected NewsArticles: The Greek Opposition comes under fire / Google and Anti Trust ... and more
Charlemagne: The Greek opposition comes under fire
Google and anti-trust: Searching for evidence
Japan: Hiroshi Mikitani walks out of Keidandren
Oil: The IEA opens the taps
Buttonwood: A record devaluation
Language: Mama said there would be days like this
Daily chart: The cost of coke
Online debate: This house believes we are in a new tech bubble
|Today||Change||Week Ago||Month Ago||Year Ago|
Personal Finance Daily
JUNE 24, 2011
Pain will ease at the gas pump
- Gas prices are going to fall
- Discouraged by scheming real-estate agents
- How 2011's top money ideas have fared so far
- Betting on last six months' momentum
— Anne Stanley , Managing Editor, Personal Finance
Gas prices are going to fall
Consumers can expect to see prices for gasoline drop — and by as much as 15 cents a gallon on a national basis — in the coming weeks.
Read more: Gas prices are going to fall.
Discouraged by scheming real-estate agents
The vast majority of real-estate agents are honest, if not always capable, Lew Sichelman says. But there are some bad apples who will do anything to "earn" a commission.
Read more: Discouraged by scheming real-estate agents.
How 2011's top money ideas have fared so far
It's been one of those volatile weeks where you wish the stock market would make up its mind — and one of those years so far where you're glad it hasn't. So it's time for a midyear checkup on the 10 investment themes for 2011 that we highlighted last December.
Read more: How 2011's top money ideas have fared so far.
New recession begins next year, Shilling says
Howard Gold looked up one of the few people who saw the housing bust and financial crisis coming years before they happened: Gary Shilling, economist and author of "The Age of Deleveraging." While his steadfast bearishness didn't surprise me, his blunt assessment did.
Read more: New recession begins next year, Shilling says.
Business investment is strengthening
Today's durable-goods report should help allay some of the fears that business investment is collapsing, writes Rex Nutting.
Read more: Business investment is strengthening.
Nuclear energy still won't die
In the wake of the world's second-worst nuclear disaster, confidence in what had been one of the most promising forms of alternative energy has faded. But, writes Myra Saefong, talk of nuclear energy's demise has been greatly exaggerated.
Read more: Nuclear energy still won't die.
Where the rich are keeping their money
New study reveals their portfolios, writes Brett Arends
Read more: Where the rich are keeping their money.
Betting on last six months' momentum
With the market set to mark its first January-June gain in four years, can we draw any inferences about the market's likely course for the second half of this year? Mark Hulbert has the answers.
Read more: Betting on last six months' momentum.
ECONOMY AND POLITICS
In charts: Subtrend growth, Fed's jobless forecast
The week's economic data shows below-trend economic growth and a continued drop in housing market activity, which helps to explain why the Federal Reserve was cautious.
Read more: In charts: Subtrend growth, Fed's jobless forecast.
U.S. durable-goods orders rise 1.9% for May
Orders for big-ticket items show a 1.9% increase for May on stronger airplane orders, continuing the data's recent choppy pattern. The government's final estimate of first-quarter GDP gets revised slightly higher, to a 1.9% growth rate.
Read more: U.S. durable-goods orders rise 1.9%
Technology News Alert: Google confirms FTC antitrust probe: The Washington Post Technology Breaking News
Technology News Alert: Google confirms FTC antitrust probe
June 24, 2011 ----------------------------------------
Federal regulators have begun a formal antitrust investigation into Google’s business practices.
In a blog post Friday, the Internet search giant said it received notification from the Federal Trade Commission of the review on Thursday.
For more information, visit PostBusiness.com
Traders Daily Alert
|Tips for Traders |
Commodity Outlook: Early-Summer 2011, Phil Flynn
| Options Idea |
Trade Option Volatility with ETFs, Michael Johnston
| Charts in Play |
Sweet Summer Sectors, Tom Aspray
| Currency Corner |
What Traders Can Expect from the Euro, Greg Harmon
| Trading Idea of the Day |
10 Drug Stocks for Safety and Yields, Moby Waller
| strong>Daily Market Studies |
Trading Outlook for Today: June 24, Daniel Gramza
| MoneyShow.com Exclusive Interviews |
How to Overcome Indicator Overload, Alexander Elder
| Today's Featured Videos |
Texas-Sized Iron Condors, Dan Passarelli
Achieve Peak Trading Performance, Rande Howell
June 24 (Bloomberg) -- Go Daddy Group Inc., an Internet domain-name and hosting company, is in talks to be bought by a group led by KKR & Co. and Silver Lake Partners for more than $2 billion, according to a person with knowledge of the discussions. Cristina Alesci reports in this edition of Deal Desk on Bloomberg Television's "In the Loop." (Source: Bloomberg)
Morning Market Briefing
With traders reacting positively to an upbeat batch of U.S. economic data, stocks may move to the upside at the start of trading on Friday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 24 points. (Jun 24, 2011) Full Article
European Union leaders pledged more financial aid to Greece to avoid a bankruptcy on condition that the Greek Parliament passes an austerity plan agreed with the EU, European Central Bank and the International Monetary Fund. (Jun 24, 2011) Full Article
Fitch ratings has upgraded its credit rating on the Philippines, citing the progress made on fiscal consolidation. (Jun 24, 2011) Full Article
Confidence among French consumers remained stable after a modest improvement in the previous month, but their expectations regarding the broader economy improved slightly, latest survey by the statistical office INSEE showed Friday. (Jun 24, 2011) Full Article
The debt crisis in the Eurozone periphery poses significant threat to the financial stability in the United Kingdom, the Bank of England said Friday. (Jun 24, 2011) Full Article
Sentiment among German businesses improved unexpectedly in June, rising for the first time since February, suggesting Eurozone's largest economy is undeterred by the ongoing turbulence in the periphery. (Jun 24, 2011) Full Article
The U.S. Gross Domestic Product figures for the first quarter of 2011 were upwardly revised slightly, according to figures released Friday by the Commerce Department. (Jun 24, 2011) Full Article
New orders for U.S. durable goods rebounded in May, according to figures released by the Commerce Department on Friday, with revised figures also showing that the April decline was not as steep as initially estimated. (Jun 24, 2011) Full Article
Bank of Italy Governor Mario Draghi was appointed the President of the European Central Bank, the European Council said Friday.(Jun 24, 2011) Full Article
Oracle Corp. (ORCL) announced Thursday a 36 percent jump in fourth-quarter profit as a result of a 19 percent growth in new software licenses. Both adjusted earnings and adjusted revenues beat the market view. (Jun 24, 2011) Full Article
Accenture plc (ACN) Thursday announced a 24 percent growth in third-quarter profit thanks to double-digit revenue growth in all geographic regions. The result exceeded Street expectations. The company issued its fourth-quarter revenues revenues outlook, with the estimate above consensus. Further, it also raised its fiscal 2011 financial guidance. (Jun 24, 2011) Full Article
H&R Block Inc. (HRB) said Thursday fourth-quarter profit declined year-over-year on lower product and other revenues and an after-tax litigation charge. While earnings missed analysts' estimates, revenues topped. (Jun 24, 2011) Full Article
Micron Technology Inc. (MU) Thursday reported a sharp decline in third-quarter profit reflecting a drop in net sales and lower margins, and also a large acquisition-related gain in the prior-year. The results fell short of the Street view. (Jun 24, 2011) Full Article
The Williams Companies Inc. (WMB) Thursday revealed making a proposal to acquire Southern Union Co. (SUG) for $39 per share in cash. The proposal, outlined in a letter to Southern Union's directors, offers an 18 percent premium and an enterprise value of $8.7 billion. (Jun 24, 2011) Full Article
Campbell Soup Co. (CPB) said Thursday its Board of Directors has promoted executive vice president and chief operating officer Denise Morrison to President and Chief Executive Officer, or CEO, effective August 1, 2011. She will replace Douglas Conant. The Board has also approved a $1 billion share repurchase program, the company said separately. (Jun 24, 2011) Full Article
Broker Ratings Changes
FBR Capital Markets Upgrades Diamond Offshore Drilling Inc. (DO) To Outperform From Market Perform With $85 Price Target
(Jun 24, 2011)
RBC Capital Markets Initiates American Electric Power Co Inc (AEP) At Underperform With $38 Price Target
(Jun 24, 2011)
RBC Capital Markets Initiates Exelon Corp (EXC) At Outperform With $48 Price Target
(Jun 24, 2011)
RBC Capital Markets Initiates Southern Co. (SO) At Sector Perform With $43 Price Target
(Jun 24, 2011)
RBC Capital Markets Starts Duke Energy Corp (DUK) At Underperform With $19 Price Target
(Jun 24, 2011)
Todays WS Events
Finish Line Q1 12 Earnings Conference Call At 8:30 AM ET
The Finish Line, Inc. (FINL) will host a conference call at 8:30 AM ET on June 24, to discuss its Q1 12 earnings result. To access the live webcast, log on at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=81647&eventID=3924583 (Jun 24, 2011)
By Rex Crum
SAN FRANCISCO (MarketWatch) -- Declines from Oracle Corp. ORCL -3.29% and Micron Technology Inc. MU -12.34% weighed on the tech sector in Friday's trading session. Oracle shares fell 3.5% and Micron shares were off by 11% following disappointing reaction to those companies' quarterly earnings reports, which came out late Thursday. Losses also came from NetApp Inc. NTAP -2.38% , Hewlett-Packard Co. HPQ -0.60% and Adobe Systems Inc. ADBE -0.99% . The Nasdaq Composite Index COMP -0.40% fell 12 points to 2,674.
U.S. House, Obama Administration debate transparency of U.S. gold reserves info: Mineweb Top Stories
TOP STORIES | Friday , 24 Jun 2011
|The Feds say the Gold Reserve Transparency Act of 2011 is redundant while the bill's chief sponsor argues every single bar of U.S. gold reserves should be accounted for. Friday , 24 Jun 2011|
|Although SocGen takes a relatively sanguine view of the prospects for the global economy it nonetheless remains friendly towards gold and silver given the investment markets' frame of mind Thursday , 23 Jun 2011|
|Revolution Resources is proving there are more gold-silver discoveries to be had in the prospective Carolina slate belt that hosts Romarco Minerals' Haile gold project. Thursday , 23 Jun 2011|
|While it continues to advance volcanogenic massive sulphide (VMS) projects in Eritrea, Sunridge Gold has turned its drill-sights to Madagascar, where it is putting VMS expertise to work. Thursday , 23 Jun 2011|
|Constrained supply has been a major price prop for copper in recent years, rather than growing demand and, as such the bank argues, copper prices might struggle as supply swells. Thursday , 23 Jun 2011|
|An overview of the extraction of key metals and minerals, notably lithium and potash, from the salars of the Argentinian/Bolivian/Chilean Puna plateau Friday , 24 Jun 2011|
|While uranium prices fell after the Japanese earthquake and tsunami, Versant Partners Analyst Rob Chang says in the long term, prices must rise due to a supply shortfall and the economic necessity of using nuclear power. Energy Report interview Thursday , 23 Jun 2011|
|As Nyrstar Resources Canada formally commenced its bid for Breakwater Resources, Breakwater's board declared a special dividend of C$0.50 for its shareholders. Friday , 24 Jun 2011|
|A number of hedge fund managers attending the GAIM conference in Monaco this week say they are a worried that metals markets are beginning to peak and the sharp sell-off seen last month could herald further falls Friday , 24 Jun 2011|
|A U.S. appeals court ruled Thursday that former Arizona congressman Richard Renzi must face public corruption charges over allegations he coerced Resolution Copper to buy land from a former business partner Friday , 24 Jun 2011|
|DRDGold says it planned to stop providing financial assistance to the mine, which it has been trying to sell, and instead, begin business rescue proceedings. The miner added it was still planning on selling the operation. Friday , 24 Jun 2011|
|The risks created by complicating a simple idea - with $1.5 trillion in assets could ETFs and similar investment products be the source of the next financial scandal. Friday , 24 Jun 2011|
|The doomsday scenario resulting from multiple national defaults is horrific to contemplate and more and more people are at last beginning to climb into gold and silver as protection . Thursday , 23 Jun 2011|
PODCASTS / RADIO
|"I often get anxious when I can't see a problem with the gold market... But just looking at monetary policy and looking at the outlook, it is difficult to see it coming off any time soon"|
|The election of Ollanta Humala in Peru has created another, in what is a long list of debates about resource nationalism but, it does hold some challenges for mining companies|