Translate

Search This Blog

Search Tool




Aug 12, 2011

FDIC Press Release: Enterprise Bank & Trust, Clayton, Missouri, Assumes All of the Deposits of First National Bank of Olathe, Olathe, Kansas


Press Release


FOR IMMEDIATE RELEASE
August 12, 2011
Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

First National Bank of Olathe, Olathe, Kansas, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Enterprise Bank & Trust, Clayton, Missouri, to assume all of the deposits of First National Bank of Olathe.
The six branches of First National Bank of Olathe will reopen on Saturday as branches of Enterprise Bank & Trust. Depositors of First National Bank of Olathe will automatically become depositors of Enterprise Bank & Trust. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of First National Bank of Olathe should continue to use their existing branch until they receive notice from Enterprise Bank & Trust that it has completed systems changes to allow other Enterprise Bank & Trust branches to process their accounts as well.
This evening and over the weekend, depositors of First National Bank of Olathe can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of June 30, 2011, First National Bank of Olathe had approximately $538.1 million in total assets and $524.3 million in total deposits. Enterprise Bank & Trust will pay the FDIC a premium of 1.5 percent to assume all of the deposits of First National Bank of Olathe. In addition to assuming all of the deposits of the failed bank, Enterprise Bank & Trust agreed to purchase essentially all of the assets.
The FDIC and Enterprise Bank & Trust entered into a loss-share transaction on $419.6 million of First National Bank of Olathe's assets. Enterprise Bank & Trust will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
Customers with questions about today's transaction should call the FDIC toll-free at 1-800-913-3067. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/fnbo.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $116.6 million. Compared to other alternatives, Enterprise Bank & Trust's acquisition was the least costly resolution for the FDIC's DIF. First National Bank of Olathe is the 64th FDIC-insured institution to fail in the nation this year, and the first in Kansas. The last FDIC-insured institution closed in the state was Hillcrest Bank, Overland Park, on October 22, 2010.
# # #
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,575 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-134-2011

FDIC Press Release: Bank Closing - The First National Bank of Olathe, Olathe, KS




On Friday, August 12, 2011, The First National Bank of Olathe (CERT #4744), Olathe, KS was closed by the Office of the Comptroller of the Currency. All deposits, excluding certain brokered deposits, were transferred to the acquiring institution. For further information, please visit the FDIC web site: The First National Bank of Olathe (www.fdic.gov).   

Reuters - Technology Report: Technology Report: Google and Facebook face-off in social games





News
A mobile security expert says he has discovered serious security flaws in Google's Android operating system.

Riley Hassell, who caused a stir when he called off an appearance at a hacker's conference last week, told Reuters he and colleague Shane Macaulay decided not to lay out their research at the gathering for fear that criminals would use it attack Android phones.

Felix Salmon explains why the so called porous NYT paywall is working so well, due in large part to their emphasis on the “pay” rather than on the “wall”.

China's microblog sites, which claim 195 million users and allow people to shoot out short bursts of often strongly worded opinion, have put China's Communist rulers in a difficult spot. Fearing an uproar if they block the sites outright, the censors struggle to keep ahead of the rapid-fire messages that often spread news and opinion the government would like to contain.

Wal-Mart is shaking up its e-commerce structure, putting the people who run stores in developed markets such as the United States in charge of the websites in those countries, according to an internal memo.

NFA Enforcement Actions: NFA levies $2,000,000 monetary sanction against FXCM and orders refunds to customers

From The Desk of Nick Nicolaas: http://FDNN Alert #76 - Pulling the Foundations Stones out of the Global Financial System



From the Desk of Nick Nicolaas – (FDNN)
Alert #76
Amsterdam, August 12, 2011

Pulling the Foundations Stones out of the Global Financial System
by Martin Armstrong


Dear Friends:

The timing of the downgrading by the S&P certainly is highly suspect and it now makes the S&P ‘a Forecaster’ instead of what is has always been ‘a Hindcaster’

States Martin Armstrong in his August 11, 2001 essay:
“What makes this S&P Downgrade bogus and a likely market manipulation is the fact that it is political and not economic driven.  When S&P downgraded AIG taking away their AAA status, the stock had already collapsed by at least 50% and the market had rendered its judgment. S&P simply does NOT downgrade in anticipation.  It reacts ALWAYS to market movement.  Something ain’t right in Kansas on this one Dorothy.”

As you are all aware, I have been enamoured with Martin Armstrong since the early 80’s and have stood by him, as much as I could, when he was jailed and was made a political prisoner in the good old US of A (not so good now since, it has become a police state and the playing field for a few well-connected insiders).  I have met Marty and shook hands with him and I can tell you, I still had all my fingers.  He then already left me with an unwavering feeling that this man knew what he was talking about.  He was a burr under the saddle of the Elite and his seminars and writing could of course not be allowed and consequently he landed in jail and was left there to rot.  However, he kept up his writing on a typewriter (some of you may recall that, after we used pencil and paper, a typewriter was a contraption that we used before the computer).

Now that he is out of jail and can access his computers once more he keeps on writing the way it is and here is his latest.  He is absolutely right and we all know it, “Something ain’t right in Kansas on this one Dorothy”


http://www.10sigma.com/files/Foundation%20Stones%2008-11-2011.pdf

As always - - Stay Tuned – the Cycle, as noted below, is unfolding as it should!!




*       *      *

Regards from Amsterdam,
 
MINING INTERACTIVE CORP.
www.mininginteractive.com
Nick L. Nicolaas
(604) 657-4058
nick@mininginteractive.com

Marketwatch: Weekly Rounfup | Top Ten Stories, Aug. 8 - 12

MarketWatch
Weekly Roundup
AUGUST 12, 2011

MarketWatch top 10 stories, Aug. 8 - 12

By Greg Morcroft, MarketWatch



NEW YORK (MarketWatch) — U.S. stocks capped a turbulent week with solid gains Friday, bolstered by a dash of optimism that Europe would find some stability in coming sessions.

But the day's gains weren't enough to erase two deep selloffs that knocked more than 1% off the indexes for the week.

The Dow Jones Industrial Average (DJIA) lost 1.5% for the week. The S&P 500 (SPX) was down 1.7% for the period, and the Nasdaq Composite Index (COMP) shed 1% for the week.

Oil (CL1U) lost 1% on the week, which follows losses of 9.2% in the previous five-day period.

Gold extended its losses for a second straight day, following a stellar record run earlier in the week. Those earlier rallies guaranteed a gain: Gold (GC1Z) rose 5.5% for the five-day period, which included an intraday record of $1,801 an ounce and a settlement record on Wednesday.

Wrapping up the wild week, Treasury prices rose on Friday, pushing yields down and adding to the week's big decline, after a report showed U.S. consumer sentiment fell to its lowest level since 1980 this month.

For the week, 10-year yields(10_YEAR) have fallen from 2.56% to 2.25% — the third straight weekly decline and the biggest since December 2008.

Also, please be sure to watch our Week Ahead videos on Asia, Europe and the U.S.

 U.S. Week Ahead: H-P, Dell, housing data

 Asia Week Ahead: Japan's economic outlook

 Europe's Week Ahead: German, euro-zone GDP, data

Greg Morcroft, assistant managing editor

Fed: Low rates to stay till at least mid-2013

The Federal Reserve on Tuesday expressed much more concern about the economic outlook and said it would hold interest rates at ultralow levels "at least" through mid-2013 — the first time the central bank put a time frame on their duration. "They are saying the prospects are somewhat grim. They are saying hang it up for two years. That is about the best job of killing confidence that I have seen," said Joel Naroff, president of Naroff Economic Advisors. Read MarketWatch coverage's on the Fed

ECB joins fight amid questions over firepower

After firing a dud last week, the European Central Bank unleashed a salvo of bond buying Monday that pulled Italy and Spain back from the brink of financial meltdown, and bought European policy makers time to convince investors they can finally contain a debt crisis that threatens to sink the euro. Despite the bold move, big questions remain about whether an internally divided ECB has the wherewithal to sustain a battle against market forces while seeking to preserve its own independence, economists said. Read MarketWatch coverage of ECB debt-buying plan

U.K. looks at blocking social-media sites

To clamp down on rampages that have stricken cities across England, Prime Minister David Cameron said Thursday he is considering blocking social-networking sites and messaging services that rioters reportedly have used over the past week. Cameron made the remarks Thursday in a session of Parliament after police said protest leaders used social-media sites such as Twitter and Research In Motion Ltd.'s (RIMM) BlackBerry messages to organize some of the riots. See full story about U.K. rioting and social networks

Commentary: Technicians see stocks heading into bear country

Up 500 points one day, down 500 the next. That's the way the market is these days. Unfortunately, I think stocks have still lower to go. How low? Later in this column I'll tell you what some respected technical analysts think. But let's start with the fundamentals. Read Howard Gold's commentary on MarketWatch

Mortgage rates fall on European debt fears

Mortgage rates hit new lows this week, as worries about European debt markets drove investors to U.S. Treasurys, Freddie Mac's chief economist said on Thursday. Rates on the 30-year fixed-rate mortgage averaged 4.32% for the week ending Aug. 11, the lowest the rate has been in 2011, according to Freddie Mac's weekly survey of conforming mortgage rates. The mortgage averaged 4.39% last week and 4.44% a year ago. Meanwhile, 15-year fixed-rate mortgages, as well as 5- and 1-year adjustable-rate mortgages, hit record lows this week. Read MarketWatch coverage of record low mortgage rates

10 IPOs pushed back on market volatility

Several companies have pulled back their planned initial public offerings this week on the extreme market volatility, though it remains unclear how the moves may impact planned debuts later in the year. As of Thursday morning, at least 10 initial public offerings originally planned to price this week had been postponed. A few others managed to squeeze out of the gate — most notably data-storage provider Carbonite (CARB), which saw its share price jump 23.5% by the close of trading Thursday, though the company had to slash the price from its originally planned range of $15 to $17 to $10 per share. Read MarketWatch's IPO report

Cisco report good sign for Hewlett-Packard, Dell

Cisco Systems Inc.'s (CSCO) latest quarterly report pointed to what still appears to be a relatively robust market for corporate-technology products and services, despite looming uncertainty in the broader economy, analysts say. That's good news for Hewlett-Packard Co. (HPQ) and Dell Inc. (DELL), two tech titans scheduled to report their own results next week. While both are primarily known for their PC businesses, each has been pushing hard to strengthen their position in faster-growing markets, like the segment for corporate data centers. Read about Cisco earnings report and the support it may lend the broader tech sector

U.S. 10-year yields fall most since 2008 this week

Treasury prices rose Friday, pushing yields down and adding to the week's big decline, after a report showed U.S. consumer sentiment fell to its lowest level since 1980 this month. Investors piled into U.S. debt this week as worries about growth and a dour outlook from the Federal Reserve increased uncertainty, and sent major financial markets toward violent and volatile moves. Yields on 10-year notes, which move inversely to prices, fell 8 basis points to 2.27%, down from 2.29% before the report. A basis point is 1/100th of a percentage point.Thirty-year bond yields declined 6 basis points to 3.74%. Read about rally in bond prices this week on MarketWatch

How investors can handle the market's turmoil

Stock-market reports this week needed to come with a warning, something like "Don't try this at home" or "Turn off the sound if you don't want to spoil the ending." Lacking that cautionary note, investors were adrift in a sea of conflicting data and emotions. They didn't need to be. Clearly the investing public has passed the point of denial — there is no way to minimize the governmental, societal and economic problems that have created the latest worldwide financial crisis — but is not yet at the point of capitulation, where they throw in the towel and abandon the financial planning ship they've been sailing on. Read Chuck Jaffe commentary on the tortured psychology of retail investors in this market

10 tips for back-to-school savings

The back-to-school shopping season is in session and parents have been reining in spending as they grapple with the sluggish economy and weak jobs outlook. Spending for the back-to-school season — the second most-important shopping period of the year — looks to be slightly down compared with last year, according to the National Retail Federation. Parents told pollsters in an NRF/BIGresearch survey that they expect to dole out an average of $603.63 on clothing, supplies and electronics, nudging below the $606.40 average a year ago. Total spending on children in kindergarten to 12th grade is on track to reach $22.8 billion. Add in the big bucks college kids students spend, and that total skyrockets to $68.8 billion. But there are ways to curb your spending on the needs first and still be able to sneak in a few wants with these tips. Read Jennifer Waters' Consumer Confidential column on MarketWatch

The Economist Selected New Articles: Banyan / Baobab / Free exchange.... and more



Banyan: An account of Ai Weiwei's imprisonment

Baobab: Does the government in Beijing control the China International Fund?

Free exchange: How close is Europe to a double dip?

Blighty: Phone hacking—who benefited

Babbage: The web turns 20

Democracy in America: A live-blog of the Republican debate

Free exchange: Don't you miss the Greenspan put?

Daily chart: Business blues

Online debate: Alongside the rebuttals, Robert Guest explains what's wrong with Europe's immigration policy

Reuters - Daily Investor Update: Wild week on Wall St ends with subdued gains

News
LATEST NEWS
Wild week on Wall St ends with subdued gains
NEW YORK (Reuters) - After one of the most volatile weeks in memory, U.S. stocks ended higher on Friday in a tentative sign that the worst of the selling may be over. | Full Article

Consumer sentiment slumps, retail sales jump
August 12, 2011 01:57 PM ET
WASHINGTON/NEW YORK (Reuters) - Consumer sentiment worsened sharply in early August, falling to the lowest level in more than three decades, even though retail sales posted the biggest gains in four months in July, separate reports on Friday showed. | Full Article
Europe short-selling ban reveals divisions
August 12, 2011 02:23 PM ET
PARIS/MILAN (Reuters) - A piecemeal ban on short-selling of financial stocks in Europe sparked a rush of alternative proposals from countries and regulators Friday, while stronger bank shares pulled Europe's stocks higher. | Full Article
Top bankers to see sharp drop in bonuses: report
August 12, 2011 04:37 PM ET
NEW YORK (Reuters) - Top bank executives may see their bonuses cut by as much as 30 percent this year compared with 2010, according to a projection from a compensation consulting firm released on Friday. | Full Article
Italy delivers tough austerity measures
August 12, 2011 04:23 PM ET
ROME (Reuters) - Italian Prime Minister Silvio Berlusconi announced a painful mix of tax hikes and spending cuts Friday to meet European Central Bank demands for action on shoring up Italy's strained public finances. | Full Article

All eyes turn to Iowa straw poll: The Washington Post | Politics Afternoon Edition

The Washington Post
Politics Afternoon Edition

HEADLINES

  1. All eyes turn to Iowa straw poll

    Just a few hours after sparring heatedly in a televised debate, Republican presidential candidates on Friday turned their attention to the real showdown in Iowa this week: Saturday's Ames straw poll.
    » Read full article
  2. Romney worth up to $264 million

    New records suggest that Romney has seen a small, but limited, drop in wealth during one of the nation's worst economic downturns, with his maximum assets worth about 8 percent less than he reported during his White House bid in 2007.
    » Read full article
  3. Appeals court rejects health-care individual mandate

    A federal appeals court panel on Friday struck down the requirement in President Barack Obama’s health care overhaul package that virtually all Americans must carry health insurance or face penalties.
    » Read full article
  4. Rick Perry's entry sets up clash with Obama

    The Texas governor, who is expected to announce his run for president on Saturday in South Carolina, offers the potential for the clearest contrast with President Obama of governing approaches, whether Perry ultimately claims his party’s nomination or not.
    » Read full article
  5. Does Iowa really need the straw poll?

    It’s difficult to say that the straw poll has no role or meaning. As political theater, it remains a good summer show. But as a way station on the road to the Republican presidential nomination, its limitations are as obvious as its benefits.
    » Read full article

Kitco New York Market Close Report


New York Market Close Aug 12/11 05:22 PM EDT
Metals
Bid
Ask
Change
Low
High
Gold
1746.30
1747.30
-21.30
-1.21%
1722.50
1768.50
Silver
39.07
39.17
0.43
1.11%
38.12
39.31
Platinum
1792.00
1802.00
5.00
0.28%
1783.00
1833.00
Palladium
743.00
750.00
2.00
0.27%
731.00
754.00

MoneyShow Investors Daily Alert : Welcome To the Contrarian MoneyShow




  www.moneyshow.com

Investors Daily Alert 

NEW! THE DAILY GURU—Candid Daily Interviews with Top  Experts
Stay The Course with Index Funds, Jeff Teach


Jim Jubak on MoneyShow.com
Banking on Empty

Today's Top Pros' Top Picks
3 Bargains…and More to Come, Curtis Hesler
Bonds That Look Better Than Treasuries, Dave Sekera

Today's Gurus' Views & Strategies
Selling Volatility Into Panicked Market, Igor Greenwald
What it Means to Be Contrarian, Esther Pak

Today's Charts in Play
Follow the Tech Leaders?, Tom Aspray

Ideas from Around the World
5 Plays That Avoid US Markets Entirely, Benjamin Shepherd

Today's Featured Videos
Diversification Strategy for Income Investors, Richard Lehmann
Let the Market Come to You, Jim Collins

NYT: Afternoon Business News: Stocks Hold On to Day’s Modest Gains to End a Wild Week


Stocks Hold On to Day’s Modest Gains to End a Wild Week  

By CHRISTINE HAUSER:

As a week of volatile trading drew to a close, investors focused on retail sales figures that suggested some spending momentum in the second quarter.


Economic Memo

G.O.P. on Defensive as Analysts Question Party’s Fiscal Policy

By JACKIE CALMES
One time standard-bearers of Republican economic philosophy are among those saying the short-term focus should be on stimulus. 

Your Money

All the Ways That Stocks Churn Your Stomach

By RON LIEBER
It's valuable to look closely at the range of feelings stirred by wild market swings, and deploy some countermeasures.

French Economy Ground to Halt in 2nd Quarter

By LIZ ALDERMAN
The slowdown poses a challenge to President Nicolas Sarkozy as France struggles with the growing costs of managing Europe's debt crisis.
Off the Charts

In Europe, Spreading Brushfires in Bonds

By FLOYD NORRIS
As the European Central Bank began buying Italian and Spanish bonds, French debt came under pressure.
Wealth Matters

Volatility as an Asset

By PAUL SULLIVAN
Smart investors are figuring out ways to smooth out the peaks and valleys of volatile markets.
DealBook

Facing Complaints, S.E.C. Opens Whistle-Blower Office

By BEN PROTESS
The new program will issue cash rewards to employees who report fraud to the government, an effort by the S.E.C. to expose corporate crime in the aftermath of the financial crisis.



 

 

 


DealBook

Facing Complaints, S.E.C. Opens Whistle-Blower Office

By BEN PROTESS
The new program will issue cash rewards to employees who report fraud to the government, an effort by the S.E.C. to expose corporate crime in the aftermath of the financial crisis.

MarketWatch | Personal Finance Daily: 5 investment strategies to help you sleep

MarketWatch
Personal Finance Daily
AUGUST 12, 2011

5 investment strategies to help you sleep

By MarketWatch



Don't miss these top stories:

Given all the tumult, how can we add more sheep to our evenings?, asks Dave Kansas today in his SmartMoney column. Ultimately, a smart, long-term investment strategy should enable us to weather — and even take advantage — of these kinds of storms, he writes. He offers five investment strategies to help you feel a little more calm, without upending your portfolio.

In his commentary column today, Thomas Kostigen writes that microcredit could be safer than a Treasury bond right now. Kostigen points out that investors may want to buy debt instruments in companies in the developing world. He writes: People need to repay their loans, quite literally, to survive. Microloans are small loans extended most often to people in poverty who operate small businesses but who can't qualify for traditional banking. Shop owners, farmers and the like are the typical borrowers. As their businesses are linked closely to their ability to earn an income and survive, their likelihood of repaying loans is often higher than larger businesses. Of course, there is risk of nonpayment. A less-risky way to invest in these is through a fund that has a portfolio of loans, Kostigen says. Read more about microcredit investment opportunities in today's Impact Investor.

Anne Stanley , Managing Editor, Personal Finance

5 investment strategies for better sleep

Given all the tumult, how can we add more sheep to our evenings? Ultimately, a smart, long-term investment strategy should enable us to weather — and even take advantage — of these kinds of storms.
Read more: 5 investment strategies for better sleep.


Microcredit could be safer than a Treasury

If the U.S. stock market is driving you crazy, consider investing in a fund that provides microcredit to the world's entrepreneurs.
Read more: Microcredit could be safer than a Treasury.


View model homes with a critical eye

Typically decked out with every conceivable option and upgrade, model homes seem to beckon: "This is how you could live!" But potential buyers need to look at these models with a critical eye, Lew Sichelman writes.
Read more: View model homes with a critical eye.


INVESTING

How investors can handle the market's turmoil

Stock market reports this week needed to come with a warning, something like "Don't try this at home" or "Turn off the sound if you don't want to spoil the ending." Lacking that cautionary note, investors were adrift in a sea of conflicting data and emotions. They didn't need to be.
Read more: How investors can handle the market's turmoil.


Markets Hub: New rules helping prevent another flash crash

New rules put in place since the May 2010 "flash crash" have helped the markets avoid succumbing to volatility, Brendan Conway reports, and despite a few problems, the markets have not seen any major trading glitches.
 Watch the video: New rules helping prevent another flash crash.


ECONOMY & POLITICS

Retail sales post biggest gain in four months

Government data illustrate consumers' willingness to shell out money in July, mainly on gas, autos, clothing and electronics, as retail sales rise a seasonally adjusted 0.5%.
Read more: Retail sales post biggest gain in four months.


August sentiment drops to lowest since 1980

Latest survey by University of Michigan and Thomson Reuters finds consumers in a funk, as sentiment indicator comes in sharply below the consensus view, with the expectations barometer also trending decidedly lower.
Read more: August sentiment drops to lowest since 1980.


Bernanke is bold; now it's Obama's turn

It is time for President Obama to take the lead: Call Congress back into session and take real steps to rein in government spending and budget deficits. Now is not the time for modest adjustments — it's time for bold action.
Read more: Bernanke is bold; now it's Obama's turn.

Money Show Traders Daily Alert: Jackie Ann Patterson, The “Big 4” Market Indicators




Traders Daily Alert
Tips for Traders
Trading on Gann Theory (Part 1), Brandon Wendell

Options Idea
Option Trader Bets Big on Coach (COH), Andrea Kramer

Charts in Play
Follow the Tech Leaders?, Tom Aspray

Currency Corner
USD Traders: Here’s What Comes Next, Michael Radkay

Trading Idea of the Day
New Catalyst Can Send Apple to $500, Ryan Mallory

Daily Market Studies
Trading Outlook for Today: August 12, Daniel Gramza

MoneyShow.com Exclusive Interviews
The “Big 4” Market Indicators, Jackie Ann Patterson

Today's Featured Videos
Finding ETFs Using Relative Strength, Deron Wagner
The Best (and Worst) Times to Trade, Fausto Pugliese


Reuters U. K. - Evening News | Europe short-selling ban reveals divisions


News
Europe short-selling ban reveals divisions
12 AUG 2011 14:56 BST
PARIS/MILAN (Reuters) - A piecemeal ban on short-selling of financial stocks in Europe sparked a rush of alternative proposals from countries and regulators on Friday and investors said the row undermined a rally in bank shares. | Full Article
Short-selling ban spurs tentative recovery
12 AUG 2011 15:14 BST
LONDON (Reuters) - European stock markets rallied on Friday as a ban on the short-selling of financial shares tempted investors back into the battered banking sector, although concerns over the health of French banks kept the mood edgy and trading remained volatile. | Full Article
Republican Tim Pawlenty - No more Mr. Nice Guy
12 AUG 2011 15:18 BST
AMES, Iowa (Reuters) - No one will accuse Republican Tim Pawlenty of being too nice anymore. | Full Article
Murdoch rival closure lifts Trinity Mirror
12 AUG 2011 13:15 BST
FRANKFURT (Reuters) - Trinity Mirror said it benefited from the closure of the News of the World last month and was satisfied none of its senior executives had hacked phones or bribed police since 2000, lifting its shares. | Full Article

Reuters Deals Today


NewsShadows that started to fall over the pitch books of European dealmakers in the second quarter are darkening, threatening to rob banks of a few billion dollars in potential M&A fees.

After a robust first quarter boosted by mega transactions like Deutsche Telekom's $39 billion exit from the U.S., fears about stuttering growth and Europe's mounting debt crisis slowed the rise to only 24 percent in the second quarter, reversing hopes of a robust rebound and several years of rising M&A.

Analysts are pointing toward September as a key time frame if M&A's have any hope of rebounding, with SABMiller's expected renewed assault on Australian bid target Foster's coming later this month.

In other news, Bank of America Corp has held exploratory talks with the principal investment funds of Kuwait and Qatar about selling part of its $17 billion stake in China Construction Bank, three sources with direct knowledge of the talks told Reuters.

BofA, the largest U.S. bank by assets, is likely to sell half its stake to shore up its Tier 1 capital, one of the sources said. Analysts believe Bank of America needs about $50 billion to meet new capital requirements.

Finally, from the WSJ.com comes a report that Wal-Mart is exploring a potential acquisition of the Brazilian unit of French retailer Carrefour SA, two years after a previous attempt to strike a deal ended over a disagreement on price.

Investment bank UBS AG is advising Wal-Mart on the possibility of making an offer for Carrefour's Brazilian stores, which could be valued at between $6 billion and $8 billion, they added

MANUFACTURING AND TRADE INVENTORIES AND SALES June 2011


Fernando Guzmán Cavero






MANUFACTURING AND TRADE INVENTORIES AND SALES
June 2011

 

 Sales. The U.S. Census Bureau announced today that the combined value of distributive trade sales and manufacturers’shipments for May, adjusted for seasonal and trading-day differences but not for price changes, was estimated at $1,187.8 billion, up 0.4 percent (±0.2%) from May 2011 and up 12.4 percent (±0.4%) from June 2010.Inventories. Manufacturers’ and trade inventories, adjusted for seasonal variations but not for price changes, wereestimated at an end-of-month level of $1,518.5 billion, up 0.3 percent (±0.2%) from May 2011 and up 11.1 percent(±0.4%) from June 2010.

Inventories/Sales Ratio. The total business inventories/sales ratio based on seasonally adjusted data at the end of June
was 1.28. The June 2010 ratio was 1.29.




RTTNews Morning Market Briefing

Morning Market Briefing

Commentary
After showing a strong upward move in the previous session, stocks could see some further upside in early trading on Friday. The major index futures are currently pointing to a notably higher open, with the Dow futures up by 83 points. (Aug 12, 2011) Full Article
Economic News
The Japanese government on Friday said that the economic growth this fiscal year may be slower than estimated earlier, due to slump in industrial output after March's deadly earthquake. (Aug 12, 2011) Full Article
The French economy recorded zero growth in the second quarter largely due to a decline in consumer spending, while the authorities are struggling to put together a plan to meet the deficit goals amid heightened concerns that the country will lose its triple-A rating. (Aug 12, 2011) Full Article
The Securities and Exchange Commission is exploring any potential insider trading linked to Standard & Poor's downgrade of U.S. debt, the Financial Times newspaper reported Friday, citing people familiar with the matter. (Aug 12, 2011) Full Article
Eurozone industrial production declined unexpectedly in June on widespread decreases in sub-sectors, indicating a sharp slowdown in economic activity in the currency bloc at the end of the second quarter. (Aug 12, 2011) Full Article
U.S. retail sales grew slightly less than anticipated in month of July, according to figures released Friday by the Commerce Department, although sales rose by more than expected when excluding auto sales. (Aug 12, 2011) Full Article
Earnings News
Nordstrom Inc. (JWN) Thursday reported a 20 percent increase in second-quarter profit thanks to promotional events and a 7.3 percent climb in same-store sales. The results beat analysts’ estimates. The company also lifted its 2011 financial outlook. (Aug 12, 2011) Full Article
NVidia Corp. (NVDA) announced Thursday a second-quarter profit, turning around from the prior-year loss on the back of higher revenues and sharply lower cost of revenues. The company also issued its third-quarter financial guidance. (Aug 12, 2011) Full Article
J.C. Penney Co. Inc. (JCP) Friday said second-quarter profit was flat year-over-year with lower revenues this year and bond premiums and unamortized costs last year. The company also issued its third-quarter financial outlook. (Aug 12, 2011) Full Article
Broker Ratings Changes
FBR Capital Markets Initiates SYNCHRONOSS TECHNOLOGY (SNCR) At Outperform With $35 Price Target
(Aug 12, 2011) 
RBC Capital Markets Cuts Adobe Systems Inc. (ADBE) To Underperform From Sector Perform With $22 down from $32 Price Target
(Aug 12, 2011) 
RBC Capital Markets Cuts Niska Gas Storage Partners LLC (NKA) To Sector Perform From Outperform With $16 down from $23 Price Target
(Aug 12, 2011) 
RBC Capital Markets Cuts Oracle Corp. (ORCL) To Sector Perform From Outperform With $30 down from $36 Price Target
(Aug 12, 2011)
RBC Capital Markets Cuts VOCUS, INC. (VOCS) To Sector Perform From Outperform With $25 down from $33 Price Target
(Aug 12, 2011) 
RBC Capital Markets Lowers Concur Technologies Inc (CNQR) To Underperform From Outperform With $30 down from $54 Price Target
(Aug 12, 2011)
RBC Capital Markets Raises Discover Financial Services LLC (DFS) To Top Pick From Outperform With $30 up from $29 Price Target
(Aug 12, 2011) 
RBC Capital Markets Upgrades Capital One Financial Corp. (COF) To Outperform From Sector Perform With $56 up from $49 Price Target
(Aug 12, 2011) 
RBC Capital Markets Upgrades Weyerhaeuser Co (WY) To Sector Perform From Underperform With $18 Price Target
(Aug 12, 2011) 
Robert W. Baird Cuts DeVry Inc (DV) To Neutral From Outperform With $53 down from $71 Price Target
(Aug 12, 2011) 
Robert W. Baird Lifts Wisconsin Energy Corp (WEC) To Outperform From Neutral With $32 Price Target
(Aug 12, 2011) 
Robert W. Baird Lifts Xcel Energy Inc (XEL) To Outperform From Neutral With $25 Price Target
(Aug 12, 2011) 
Robert W. Baird Raises Aqua America Inc. (WTR) To Outperform From Neutral With $24 Price Target
(Aug 12, 2011) 
Robert W. Baird Upgrades Southwestern Energy Co. (SWN) To Outperform From Neutral With $45 down from 47 Price Target
(Aug 12, 2011)
Todays WS Events
J. C. Penney Q2 11 Earnings Conference Call At 9:30 AM ET
J. C. Penney Company, Inc. (JCP) will host a conference call at 9:30 AM ET, August 12, 2011, to discuss its Q2 11 earnings results. To access the live webcast, log on at jcpenney.net To hear the live call, dial (877) 407-0778 (US) or (201) 689-8565 (International). A replay of the call can be heard by dialing (877) 660-6853 with account code 286, ID 376851. (Aug 12, 2011)