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Jun 24, 2011

Bank Closing - Mountain Heritage Bank, Clayton, GA : FDIC



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: Reuters - Daily Investor Update





News

LATEST NEWS
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

US TOP NEWS
Lawmakers harden positions on taxes, spending
June 24, 2011 03:31 PM ET
WASHINGTON (Reuters) - Republicans and Democrats dug in their heels on Friday as President Barack Obama prepared to wade into a divisive debate over taxes and spending aimed at heading off a default on the government's debt. | Full Article
Asia moves to tap oil reserves
June 24, 2011 10:55 AM ET
TOKYO (Reuters) - Asian nations moved to release emergency oil stockpiles on Friday as part of a rare global coordinated action by consumer countries to prevent high energy prices from stunting a stuttering economic recovery. | Full Article
Banks move closer to deal on Greek bailout
June 24, 2011 02:26 PM ET
ATHENS/FRANKFURT (Reuters) - Banks and policymakers moved closer to a deal on Friday to help Athens secure funds ahead of a parliamentary vote on austerity next week that Greek Prime Minister George Papandreou must win to avert default. | Full Article
Hezbollah says finds three spies within group
June 24, 2011 04:28 PM ET
BEIRUT (Reuters) - Hezbollah leader Sayyed Hassan Nasrallah said Friday the group had captured three spies among its members, two of whom were recruited by the Central Intelligence Agency. | Full Article
Analysis: Boehner faces huge stakes in debt debate
June 24, 2011 04:38 PM ET
WASHINGTON (Reuters) - Republican John Boehner faces his greatest test yet as the leader of the U.S. House of Representatives, one that may determine his political fate and the country's fiscal well-being. | Full Article

HEALTH NEWS
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
Heart risks lower in men who get enough vitamin D

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

CMI GOLD & SILVER: Spot Prices as of the close of trading in New York As of: Friday June 24, 2011

CMI - Gold & Silver


Today Change Week Ago Month Ago Year Ago
Gold $1,501.60 -$19.30 $1,538.00 $1,524.85 $1,245.50
Silver      $34.70   -$0.34     $35.78      $36.20      $18.75
Platinum $1,679.10  -$18.10 $1,755.00 $1,764.50  $1,550.60
Palladium    $733.90  -$13.20    $744.55    $737.70     $473.00

Pain will ease at the gas pump: MarketWatch | Personal Finance Daily

MarketWatch
Personal Finance Daily
JUNE 24, 2011

Pain will ease at the gas pump

By MarketWatch



Don't miss these top stories:

Continuing with our "every little bit helps" theme, Jennifer Waters writes today that drivers can look forward to a drop in gasoline prices of as much as 10 to 15 cents per gallon in the coming weeks — even during the July 4th holiday weekend. That's a trickle-down effect of the International Energy Agency's decision to release some 60 million barrels of oil from reserves on the global markets. The move sent oil prices tumbling on the New York Mercantile Exchange. AAA spokesman Troy Green points out that "there's almost a visceral reaction to gas prices. Unlike most commodities, we're bombarded with the price of gas every day." He adds: "It's not like you're driving around and seeing a big board with the price of milk and the price of eggs on it," he said. "But you can drive to work and drive by 20 gas stations on the way.

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.


INVESTING

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.

http://link.email.washingtonpost.com/r/O914NF/WLOYJI/Y09N9S/EGFH00/9TNRH/7V/h

For more information, visit PostBusiness.com

Money Show: 10 Drug Stocks for Safety and Yields, Moby Waller.


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

Go Daddy May Be in Talks for KKR, Silver Lake Buy

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)

RTTNews Morning Market Briefing

Morning Market Briefing

Commentary
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

Economic News
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

Earnings News
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

Corporate News
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)

Oracle, Micron losses lead tech decline: MarketWatch | Market Pulse

5%
0%
-5%
-10%
-15%
10a
11a
12p
1p
2p
3p
ORCL MU NTAP HPQ ADBE

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.

RTTNews Forex Update

Top Stories
eurusd1-062411.jpg Dollar Mixed As Greek Rescue Hangs On Austerity Vote
he dollar was mixed on Friday, after Greece's neighbors pledged more financial aid if lawmakers in Athens pass an austerity plan with the blessing of the European Union, European Central Bank and the International Monetary Fund. The euro area heads of state or government agreed that required additional funding will be financed through both ....
GermanIfo-062411.jpg German Business Confidence Rises To 3-Month High, Defies Expectations
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. Survey results from the Ifo Institute showed Friday that the business climate index rose to 114.5 in June from 114.2 in May, confounding ....
EURUSD3-062311.jpg Dollar Strengthens As Fed Quells QE3 Chatter
The dollar was broadly stronger on Thursday, as comments from Federal Reserve Chairman Ben Bernanke suggested the central bank will not offer additional support measures in support of the fragile economy. Traders had been shorting the dollar in recent weeks amid growing speculation the Fed will soon announce a third round of quantitative easing ....

AngloGold looks to Ethiopian gold with stake in Stratex International: Gold Mineweb Daily News

Mineweb logo

$1,521.00

$34.73

 

TOP STORIES | Friday , 24 Jun 2011                                                     

AngloGold looks to Ethiopian gold with stake in Stratex International

AngloGold Ashanti is taking an 11.5% stake in U.K. explorer Stratex. AngloGold is already working with Stratex on an interesting gold project in Ethiopia.    Friday , 24 Jun 2011

U.S. House, Obama Administration debate transparency of U.S. gold reserves info

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

Gold steadies after Thursday's fall

After a fall of as much as 2%in the previous session, the price of gold steadied in early trade in London as investors drew support from continued concerns about Greece's ability to remain solvent.    Friday , 24 Jun 2011

Hedge funds concerned commodities may have peaked

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

No more financial assistance for Blyvoor - DRDGold

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

Revolution hits silver, gold at new discovery in Carolina slate belt

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

Eurozone and U.S. debt signals still positive for gold despite short term weakness

While the market were unmoved by the Greek confidence vote, there's been a dollar price slipback today with the dollar strong against the Euro. Daily commentary.    Thursday , 23 Jun 2011
 

COMPANY RELEASES                                                     

ECR Minerals notes THEMAC release on Copper Flat copper-moly-gold-silver project

Wits Gold - DBM scoping study positive

More retrenchments at Buffelsfontein

Five-Fold Increase in Northern Gold’s Indicated Resource to 720,000 gold ozs and Releases Preliminary Economic Assessment

GGG extends offer for Auzex Resources

Talga Gold diamond drilling Release to ASX

Stratex: AngloGold Ashanti takes 11.5% stake and potential spin out of East Africa assets

20% Increase to Gold Resource at Cannon Gold Deposit, Bulong South Project, WA

Dynacor Gold Mines Announces Best Month of Production in the Company's History

Argentex Continues To Expand Tranquilo Zone at Pinguino Project

Kalimantan Gold Extends Jelai Gold Mining Exploration Licence

SearchGold Provides Update on Swala and Burkina Faso

NovaGold Reports Progress on Galore Creek Prefeasibility Study

Brigus Gold Initiates Black Fox Mill Expansion

Wits Gold Completes Positive Scoping Study on the DBM Gold Project

Exterra near term gold production plan underway

DRDGOLD suspends financial assistance to Blyvooruitzicht gold mine

Chaarat Gold: Clarification re Press Comment

Revolution Discovers New Gold/Silver Zone at Champion Hills District

Midlands alerts shareholders to dissidents' circular


U.S. House, Obama Administration debate transparency of U.S. gold reserves info: Mineweb Top Stories

Mineweb logo

TOP STORIES | Friday , 24 Jun 2011                                                     

U.S. House, Obama Administration debate transparency of U.S. gold reserves info

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

'US economy could be one of the big surprises in H2' 2011 - SocGen

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 hits silver, gold at new discovery in Carolina slate belt

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

Sunridge Gold drilling turns to Madagascar in hunt for more VMS

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

Avoid copper (unless you're a smelter or refiner) - SocGen

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

Potash and Lithium brines from the Puna - facts and figures

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

Uranium prices no way to go but up - stocks to follow - Chang

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

Nyrstar formally commences $619mn bid for Breakwater Resources

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

Hedge funds concerned commodities may have peaked

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

Court rules ex-congressman must face publication corruption charges

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

No more financial assistance for Blyvoor - DRDGold

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

Are ETFs too much of a good thing?

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

Yesterday's Top Story: Surge in gold and silver ownership worldwide as doomsday nears

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                                                     

Bubble talk, Greece and gold's solid fundamentals - Adrian Ash

"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 continued rise of resource nationalism - Ben Cattaneo, Stratos

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

A cloudy outlook for gold at the moment

There are a lot of reasons why people should look to invest in gold at the moment, says Tiberius Asset Management's head of trading, but, there are also reasons why, in the short term, it might be best to stay away