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Aug 19, 2011

The Economist | Selected New Articles: Newsbook Reports on pressure over Syria / Schumpeter on H.P Overhaul / Eastern Approches... and more

Newsbook reports on the pressure intensifying on Syria's president

Schumpeter says Hewlett-Packard's overhaul marks a seismic shift in Silicon Valley

Eastern approaches marks the 20th anniversary of the failed Soviet coup

Free exchange wonders why American homes aren't selling

Blighty reckons the British approach to treasure-hunting benefits both seekers and the nation

Babbage explains why choosing a big-screen TV has become harder than ever

The Economist Asks: Should Ron Paul be considered a serious contender for the Republican nomination?

Daily chart: HBO's seasons of success

Online debate: This house does not believe that immigration is endangering European society

GATA - THE GATA DISPATCH: Gene Arensberg: Silver close to a 'short-murdering rocket launch'.

Gene Arensberg: Silver close to a 'short-murdering rocket launch'

4:09p ET Friday, August 19, 2011
Dear Friend of GATA and Gold (and Silver):
On his way out the door for a little vacation, the Got Gold Report's Gene Arensberg updates his charts and concludes that silver is "very close to a short-murdering rocket launch again." Arensberg's commentary is headlined "Gone Fishing; We Stand Pat for Now" and you can find it at the Got Gold Report here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Join GATA here:
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Thursday-Friday, September 15-16, 2011
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Thursday-Friday, October 20-21, 2011
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Hilton New Orelans Riverside Hotel
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NYT: Afternoon Business News: U.S. Plans First Sale of Offshore Oil Leases Since Gulf Disaster


U.S. Plans First Sale of Offshore Oil Leases Since Gulf Disaster

The proposed sale, scheduled for Dec. 14, will be the first sale in the part of the gulf bordering Texas since the summer of 2009 and the first sale of any kind in the gulf since March 2010.

Quake in Japan Is Causing a Costly Shift to Fossil Fuels

With some nuclear plants idled, Japan has fired up fossil fuel plants and imported coal, natural gas and oil at great environmental and economic costs.

Icahn Seeks to Replace Clorox Board

After the company rejected two takeover offers, the activist investor is threatening a proxy battle with a full slate of director candidates -- including himself.

Chinese Premier Sounds Confident Note on U.S. Economy

In a second day of meetings Friday with Vice President Joseph R. Biden Jr., Vice President Xi Jinping called for new measures to restore confidence in global financial markets.

Norilsk Offers Share Buyback to End Long Dispute

Russia's largest mining operator offered to buy most of the shares held by one of the company's two feuding owners.

From The Desk of Nick Nicolaas- Mining Interactive :Zeal Intelligence Weekly - "Gold Overbought" by Adam Hamilton

Dear Friends:
Adam Hamilton has posted his weekly Zeal Intelligence Newsletter on the Mining Interactive Website.
Zeal Intelligence Weekly

Regards from The Netherlands

Kitco New York Market Close Report

New York Market Close Aug 19/11 05:22 PM EDT

Palin debuts Iowa video: The Washington Post | Politics Afternoon Edition

The Washington PostPolitics Afternoon Edition


  1. Palin debuts Iowa video

    The former Alaska governor's political action committee released a video alluding to her next visit to Iowa on Sept. 3.
    » Read full article
  2. Is Rick Perry the GOP field's heartthrob?

    He doesn't like to be called Governor Perry, so the folks in South Carolina call him Rick.
    » Read full article
  3. Huntsman is in Vogue

    Republican presidential hopeful Jon Huntsman gets the full, glossy treatment in the September issue.
    » Read full article
  4. Ten Senate races to watch in 2012

    After a flurry of retirements in the first five months of the year, no Senator has announced plans to leave office in more than three months.
    » Read full article
  5. Bachmann and the buzz factor

    Rick Perry has sapped some of Michele Bachmann's early buzz.
    » Read full article

Reuters - Daily Investor Update: Wall Street ends lower in fourth week of losses

Wall Street ends lower in fourth week of losses
NEW YORK (Reuters) - Wall Street stocks ended a fourth week of losses on a down note on Friday as most buyers left the market ahead of the weekend on growing fears of another U.S. recession and destabilization in Europe's financial system. | Full Article

PIMCO: Treasuries reflect likelihood of recession
August 19, 2011 04:06 PM ET
NEW YORK (Reuters) - Bill Gross, manager of the world's largest bond fund, said on Friday the decline in Treasury yields to 60-year lows reflect a high probability of recession in the United States. | Full Article
Belgium adds to call for euro bonds, bigger bailout
August 19, 2011 01:59 PM ET
VIENNA/BRUSSELS (Reuters) - Pressure on Germany and France to take radical action on the euro zone debt crisis mounted on Friday, as financial markets sagged further and Belgium added its support to calls for the region to issue debt jointly. | Full Article
HP sinks as investors flee business revamp
August 19, 2011 02:35 PM ET
NEW YORK/BANGALORE (Reuters) - Shares of Hewlett-Packard slumped by more than 20 percent to a six-year low on Friday as investors wiped about $16 billion off the market value of the world's biggest PC maker in a resounding rejection of its plan for a major shake-up. | Full Article
Police payment emails growing worry for Murdoch executives
August 19, 2011 01:49 PM ET
WASHINGTON (Reuters) - Executives at Rupert Murdoch's UK-based News International are concerned that emails discussing questionable payments made to police by the News of the World may prove more problematic than those that discuss phone hacking, sources familiar with investigations into the shuttered tabloid's reporting practices said. | Full Article

Biden seeks to reassure China on U.S. debt
August 19, 2011 11:17 AM ET
BEIJING (Reuters) - U.S. Vice President Joe Biden on Friday said China had "nothing to worry about" concerning the safety of its vast holdings of Treasury debt, while China's Premier Wen Jiabao gave a ringing endorsement of the resilience of the debt-ridden U.S. economy. | Full Article
Syrian forces kill 20 despite Assad pledge
August 19, 2011 11:14 AM ET
AMMAN (Reuters) - Syrian forces shot dead 20 protesters on Friday despite a pledge by President Bashar al-Assad that a crackdown was over, activists said as thousands marched across Syria, spurred on by U.S. and European calls for him to step down. | Full Article
Strauss-Kahn accuser mulls dropping case for money: report
August 19, 2011 03:55 PM ET
NEW YORK (Reuters) - Lawyers for the woman who accused former IMF chief Dominique Strauss-Kahn of sexual assault have explored a deal in which they would scuttle the criminal case in exchange for a monetary settlement in the civil lawsuit, the Wall Street Journal reported on Friday. | Full Article
Murdoch tabloid private eye to reveal hacking orders
August 19, 2011 12:48 PM ET
LONDON (Reuters) - A private detective jailed for illegally intercepting voicemail messages on behalf of a journalist at one of Rupert Murdoch's British newspapers has been ordered to reveal who asked him to carry out the phone-hacking. | Full Article
Israel-Gaza attacks stoke tension with Cairo
August 19, 2011 04:23 PM ET
GAZA (Reuters) - Israel struck militants in Gaza and Palestinians fired rockets back Friday following deadly gun attacks along the desert border with Egypt that have raised tensions between Israel and the new rulers in Cairo. | Full Article

Scientists find how "sticky" egg captures sperm
Women who take vitamins have fewer preemies: study
Shift work may have little effect on pregnancy
CDC urging all Americans to get flu shots
Medicare costs rise at slowest pace in six years: S&P

MarketWatch Weekly Roundup | Top Ten Stories Aug. 15 - 19


Weekly Roundup
AUGUST 19, 2011

MarketWatch top 10 stories Aug. 15 - 19

By Greg Morcroft, MarketWatch

NEW YORK (MarketWatch) — U.S. stocks dropped Friday and lost ground for the fourth straight week, paced by a 6.6% weekly decline in the Nasdaq Composite (COMP) as investors slashed their expectations for economic growth and corporate spending.

The Dow Jones Industrial Average (DJIA) slid 4% for the week. The S&P 500 (SPX) fell 4.7% for the week.

The dollar fell against the major currencies Friday, pushing it toward a weekly decline, while the greenback hit a new low against the Japanese yen.

Gold (GC1Z) futures surged to another record Friday as investors held a dim view of global growth prospects and sought instead the perceived safety of the metal.

Gold added 6.4% in the week and closed at $1,852.20 an ounce. It has gained 14% this month, having ended July at $1,631.20 an ounce. On Friday, it traded as high as $1,881.40 an ounce, an intraday record for the metal.

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

 Europe week ahead:German data, Glencore Earnings

 Asia week ahead: Banks and energy majors report

 U.S. week ahead Jackson Hole, GDP

Greg Morcroft, assistant managing editor

Hewlett-Packard heads for the PC exits

Hewlett-Packard (HPQ) , the undisputed king of the personal computer market, now wants out of PCs.Analysts say the planned exit could be painful, even chaotic, especially since H-P came out this week saying it was thinking about the move — before having any clear idea how to pull it off. In any case, the confusion was evident in H-P shares which plummeted more than 20% on Friday to their lowest level in six years. Read MarketWatch coverage of latest H-P moves

Google's Motorola buy likely to boost its shares' volatility

There's a good chance that Google Inc. (GOOG) overpaid for Motorola Mobility Holdings Inc.(MMI) , given that the premium was 63% in an overall stock market looking for direction. Also, the acquired company's competitive position was far from certain, especially given the fickle nature of the market for smartphones.If you're a short-term trader in Google , the transaction is likely to add some volatility to the stock, because transactions of this size come with a built-in news feed. The resulting occasional volatility will yield opportunity, especially for those who play Google both short and long, with or without options. Read MarketWatch coverage of Google's $12.5 billion Motorola Mobility purchase

Gold's charge toward $2,000 an ounce continues

Gold rose to a record Friday, inching closer to $1,900 as investors remained wary of stocks and piled up on the metal in search of safety. Gold for December delivery (GC1Z) added $30.20, or 1.7%, to settle at $1,852.20 an ounce on the Comex division of the New York Mercantile Exchange. Bullion gained 6.3% this week. Read MarketWatch coverage of gold's stunning rally

Europe's powerhouse Germany sees economy weaken

Germany's economic growth nearly ground to a halt in the second quarter, highlighting fears that the so-called Wirtschaftswunder in Europe's largest economy may be coming to an end. Gross domestic product rose 0.1% in the April-June quarter from the preceding three months, the German statistics institute reported Tuesday, citing seasonally adjusted data. The figures mark a sharp slowdown after German GDP expanded 1.3% in the first quarter. "The German economy, accustomed to success, is unable to decouple from slowing global economic growth," said Joerg Kraemer, chief economist at Commerzbank AG, in a note. Read MarketWatch coverage of German economic slowdown

Dr. Doom says this market is worse than 2008's

Mr. Market, the doctor will sell you now. "Dr. Doom," that is — also known as Marc Faber, the Hong Kong-based investment manager, author, and publisher of "The Gloom Boom & Doom Report," his monthly musing about the state of global economics and geopolitics. Faber is to financial-market optimists what the Grinch is to Christmas. He doesn't often like what he sees, and nowadays he finds even less to like about the world's economic situation than he did in 2008 — as if that wasn't bad enough. Read MarketWatch interview with Marc Faber

Market bottoms are messy

Bottoming is a process, not an event.If you had any doubt about the truth of this statement, Thursday's plunge should have put it to rest. If I had to pick one historical parallel to what we're in the midst of now, I am increasingly inclined to pick the period after the Oct. 19, 1987, stock market crash. The closing low of that year's Fall correction, as it turned out, didn't come until early December, six weeks later. Read Mark Hulbert commentary on how market bottoms usually form, on MarketWatch

Bank of America's busy week ends with promised job cuts

Bank of America Corp. (BAC) Chief Executive Brian Moynihan has faced plenty of skepticism recently due to concerns about capital levels, but the bank's moves this week suggest he is making progress on his pledge to cut costs and sharpen the bank's focus.On Thursday, Moynihan told the bank's senior leaders there would be 3,500 job cuts during the third quarter. That is on top of 2,500 already made this year, with likely thousands more to come as part of a cost-saving effort dubbed Project New BAC.On Monday, the bank said it would shed its international consumer credit-card operations. Meanwhile, according to people familiar with the matter, Bank of America also is in discussions to sell some private-equity holdings. Read MarketWatch coverage of Bank of America's busy week

Confidence is one commodity that's falling sharply

Confidence, the foundation of our economy and our markets and our democracy, is collapsing around us.You can see it in the extreme volatility in the stock market, where 2% declines (interrupted occasionally with a 2% gain) have become commonplace. Investors are in a panic, rushing for the safest assets, such as cash, bonds, and gold.And we're seeing it in the economic data. Manufacturing firms in the Philadelphia region reported Thursday morning that business is horrible. Wasn't the big fight in Washington and Europe over debts supposed to restore confidence?
Read MarketWatch commentary on sagging confidence across the markets, and the country

5 lessons from the stock market's turmoil

The stock market had people gasping last week, seemingly losing or gaining roughly 5% every day. It would be folly to assume the worst is over, because most market observers agree that the one thing they can expect from this market — even as they argue over its future direction — is volatility. lessons from the stock market's turmoil. But as most investors are catching their breath, it makes sense to look at five things they might have learned about the market, had they been able to focus in the middle of the chaos. Read MarketWatch commentary on lessons to learn from wild markets

Folks who held on during the crash made out better in their 401k than sellers did

Did you stick with your investment plan through the madness that was the stock market in 2008 and early 2009? If you did, new evidence suggests your 401(k) account balance grew by a much larger amount than savers who jumped out of equities, even temporarily. For 401(k) investors who kept with their equity allocation and continued to contribute to their plan as the financial markets went into free-fall in late 2008, their average account balance grew by 64% in the period from Oct. 1, 2008, through June 30, 2011, according to a Fidelity Investments study published Thursday. But the average account balance grew just 2% in that time period for retirement savers who moved their money entirely out of equities between Oct. 1, 2008 and March 31, 2009. Read MarketWatch report on investors who gained by sticking with a messy market

CMI | NY Trading - Spot Prices at Close

  CMI - Gold & Silver

Spot Prices as of the close of trading in New York
As of: Friday August 19, 2011

  Today Change Week Ago Month Ago Year Ago
Gold $1,851.65 +$30.10 $1,742.70 $1,601.25 $1,234.20
Silver $42.43 +$1.69 $39.19 $40.28 $18.35
Platinum $1,878.00 +$27.10 1,801.00 $1,777.40 $1,528.00
Palladium $750.60 -$7.45 $751.50 $799.20 $484.20

MarketWatch | Personal Finance Daily: 5 money moves ‘Dr. Doom' is making now


Personal Finance Daily
AUGUST 19, 2011

5 money moves ‘Dr. Doom' is making now

By MarketWatch

Don't miss these top stories:

"Financial conditions are today worse than they were prior to the crisis in 2008," investment manager and author Marc Faber told MarketWatch's Jonathan Burton in a phone interview earlier this week from Thailand. Faber, also known as "Dr. Doom," added: "The fiscal deficits have exploded and the political system [in both the U.S. and Europe] has become completely dysfunctional." Right. So what's he doing about it? Well, as Burton explains in his Money Talks column, Faber outlines his moves to be prepared for capital preservation in the face of hyperinflation, the dollar's demise and civil unrest.

Also in today's Personal Finance lineup, Kristen Gerencher tells bed bugs to move over. Dust mites are the most common indoor allergen and she has a set of six easy tips to help rid your home — especially your bedroom — of these microscopic monsters.

Anne Stanley , Managing Editor, Personal Finance

5 money moves ‘Dr. Doom' is making right now

Investment adviser and author Marc Faber, also known as "Dr. Doom," doesn't take a contrarian stance in the strict sense; it's more of a constant vigilance — capital preservation over capital appreciation — so that one can live now to fight for investment gains another day.
Read more: 5 money moves ‘Dr. Doom' is making right now.

Atchoo! How to battle dust-mite allergies

As summer turns to fall, you might want to spend a few dollars protecting your indoor air from the little critters that can cause big allergy and asthma problems at this time of year: dust mites.
Read more: Atchoo! How to battle dust-mite allergies.

Makers of high-end goods try to lure budget buyers

While the market upheaval and economic uncertainty have encouraged many people to tighten their budgets, shoppers lusting after that "it" bag, a first-class airline seat or a pricey car may now find those luxuries are more affordable than before.
Read more: Makers of high-end goods try to lure budget buyers.


In real estate, everybody's an expert

These days, it seems like when it comes to real estate, everybody's an expert. In reality, many buyers — and some sellers — labor under any number of misconceptions that could sink their housing aspirations.
Read more: In real estate, everybody's an expert.

Upheaval reduces home-buyer's urgency to do a deal

Prospective home buyers are turning the stock-market turmoil and fresh worries about the economy into an opportunity to lower their offers on properties.
Read more: Upheaval reduces home-buyer's urgency to do a deal.

Mortgage fraud: an industry that won't quit

Through all the ups and downs of the U.S. economy, writes columnist Al Lewis, at least one industry continues to thrive: mortgage fraud.
Read more: Mortgage fraud: an industry that won't quit.


Hewlett-Packard sums up worst of Corporate America

Hewlett-Packard is everything that's wrong with corporate America right now — stupidity, a lack of innovation, bloated operations and no leadership.
Read more: Hewlett-Packard sums up worst of Corporate America.


Gold's not the only safe-haven commodity

Gold has climbed by $339 an ounce since the start of July, but the yellow metal isn't the only commodity that can offer a refuge for investors, writes columnist Myra P. Saefong.
Read more: Gold's not the only safe-haven commodity.

Bottoming is a messy process

Mark Hulbert says that bottoming is a process, not an event — and it can be a messy one at that. But, he says, the eventual low for this market is likely to be met with more skepticism than newsletter editors are currently showing.
Read more: Bottoming is a messy process.

No bear market, no recession, smart bull says

James Stack, who has a good record beating the market, says he's crunched the numbers and he's not ready to declare the bull market over yet, writes columnist Howard Gold.
Read more: No bear market, no recession, smart bull says.

Money Show Traders Daily Alert: Corey Rosenbloom, Know When to Close Out a Trade

Traders Daily Alert
Tips for Traders
Know When to Close Out a Trade, Corey Rosenbloom

Options Idea
3 Great Equity Market Leading Indicators, Chris Vermeulen

Charts in Play
Can Stocks Hold the Lows?, Tom Aspray

Currency Corner
New China Policy Is Game Changer for FX Market, Andy Waldock

Trading Idea of the Day
The Stock Bill Gates Loves, Peter Cohan

Daily Market Studies
Trading Outlook for Today: August 19, Daniel Gramza Exclusive Interviews
Core Traits of Successful Traders, Darren Miller

Today's Featured Videos
How Harmonics Can Help Your Trading, Leslie Jouflas
Minimize Losses Every Time, Courtney Smith
Tips for Traders
Know When to Close Out a Trade, Corey Rosenbloom

Options Idea
3 Great Equity Market Leading Indicators, Chris Vermeulen

Charts in Play
Can Stocks Hold the Lows?, Tom Aspray

Currency Corner
New China Policy Is Game Changer for FX Market, Andy Waldock

Trading Idea of the Day
The Stock Bill Gates Loves, Peter Cohan

Daily Market Studies
Trading Outlook for Today: August 19, Daniel Gramza Exclusive Interviews
Core Traits of Successful Traders, Darren Miller

Today's Featured Videos
How Harmonics Can Help Your Trading, Leslie Jouflas
Minimize Losses Every Time, Courtney Smith

Gold futures continue meteoric rise: MarketWatch | Gold Futures

By Claudia Assis and William L. Watts, MarketWatch 

SAN FRANCISCO (MarketWatch) — Gold futures surged to another record Friday, as global equities continued to slide amid investor fears about global growth prospects and the health of the European banking sector. 

Gold for December delivery GC1Z +2.03%  advanced $37.50, or 2.1%, to $1,859.20 an ounce on the Comex division of the New York Mercantile Exchange, after hitting an intraday record of $1,881.40 an ounce, according to FactSet Research data.
In regular trading hours on Thursday, the precious metal added $28.20, or 1.6%, to end at $1,822 an ounce, a record settlement. Gold traded as high as $1,829.70 an ounce. 

Investors fled to the perceived safety of gold after a downbeat reading on factory activity in the Philadelphia region, among other weak macroeconomic reports, and as Europe’s banks saw heavy losses on Thursday.
Europe’s banks may see more pressure on Friday.
“News that the New York Federal Reserve lent the Swiss National Bank $200 million via its U.S. dollar swap lines in the week ending 17 August has done little to quell concerns over the European financial sector,” said strategists at RBC Capital Markets.
They noted that the lines have not been tapped since March, when the European Central Bank used the facility. 

Even news that Venezuela intends to nationalize its gold industry and repatriate its overseas gold reserves is unlikely to dent gold’s appeal, said strategists at Capital Economics.
“Venezuela is running desperately low on dollars, suggesting that the repatriation of the gold reserves would be a precursor to their sale,” they said. 

However, “we suspect that Venezuela would find some very willing buyers elsewhere given the continuing high demand for gold as a safe haven,” the strategists added.
Most metals traded higher on Friday, with silver for September delivery SI1U +3.61%  adding $1.50, or 3.7%, to $42.22 an ounce. September copper HG1U +0.53%  advanced 2 cents, or 0.6%, to $3.99 a pound. 

Claudia Assis is a San Francisco-based reporter for MarketWatch. William L. Watts is a reporter for MarketWatch in Frankfurt. Sarah Turner in Sydney contributed to this report.

RTTNews Morning Market Briefing

Morning Market Briefing 

Economic News August 19, 2011
Japan's Finance Minister Yoshihiko Noda said he would continue to monitor the foreign exchange markets carefully and would take necessary action, if required, to halt the gains in yen, reports said. (Aug 19, 2011) Full Article
The U.K. budget deficit narrowed sharply in July on higher revenue from taxes and a new bank levy, official data revealed Friday. (Aug 19, 2011) Full Article
The U.S. economy is set to grow at a weaker than expected pace in coming quarters, reports said citing a research note from J.P. Morgan on Friday. (Aug 19, 2011) Full Article
Earnings News
Gap Inc. (GPS) Thursday posted a drop in second-quarter profit on the back of lower comparable store sales and shrinking margins. However, the results exceeded Street expectations. The company also reaffirmed its 2011 earnings guidance. (Aug 19, 2011) Full Article
Autodesk Inc. (ADSK) Thursday announced a higher second-quarter profit on “strong” demand in all geographic and business divisions. Both adjusted earnings and revenues beat analysts' estimates. The company also issued its third-quarter financial guidance and lifted its fiscal 2012 revenues outlook. (Aug 19, 2011) Full Article
Intuit Inc. (INTU) reported Thursday a wider fourth-quarter loss primarily reflecting a large goodwill and asset impairment charge. Both adjusted earnings and revenues, however, topped the market view. The company also issued its first-quarter 2012 financial outlook. (Aug 19, 2011) Full Article Inc. (CRM) posted Thursday a second-quarter loss as sharply higher operating expenses, impacted by stock-based expenses, offset the 38 percent jump in revenues. Adjusted earnings were on par with the Street view, but revenues topped. The company also issued its third-quarter financial outlook and raised its fiscal 2012 revenues guidance. (Aug 19, 2011) Full Article
Hewlett-Packard Co., or HP (HPQ) Thursday reported a rise in third-quarter profit thanks to higher revenues and reduced restructuring charges. Earnings topped market expectations, but revenues were on par. The company also issued its fourth-quarter financial guidance, and trimmed its full year outlook. HP also revealed plans for a transformation that may see a spin-off of its Personal Systems Group, and the acquisition of UK-based Autonomy plc. (Aug 19, 2011) Full Article
Ann Inc. (ANN) reported Friday a jump in second-quarter profit reflecting an 8.6 percent growth in comparable store sales and an improved selling, general and administrative expense rate. The results surpassed analysts' estimates. The company also issued its third-quarter revenues forecast, with an estimate above analysts' consensus. Further, it raised its full-year 2011 revenues guidance. (Aug 19, 2011) Full Article
Broker Ratings Changes
FBR Capital Markets Cuts Gaylord Entertainment Co (GET) To Market Perform From Outperform With $31 down from $42 Price Target
(Aug 19, 2011) 
Robert W. Baird Cuts Hewlett-Packard Company (HPQ) To Neutral From Outperform With $30 down from $51 Price Target
(Aug 19, 2011) 
Todays WS Events
Microchip Technology Annual Shareholder Meeting At 12:00 PM ET
Microchip Technology Inc. (MCHP) will host its Annual Stockholders' Meeting at 12:00 PM ET, August 19, 2011. To access the live webcast, log on at (Aug 19, 2011)

H-P backing from tablet market; shares tank 14%: MarketWatch - Bulletin Aug. 19, 2011, 8:21 a.m. EDT

By Dawn Lim 

NEW YORK (MarketWatch) -- Shares of Hewlett-Packard Co. HPQ -16.57% fell 15% in pre-market trading on Friday after the personal-computer maker cut its full-year sales outlook and said it was abandoning efforts to compete in the tablet and smartphone market on Thursday. Palo Alto, Calif.-based H-P also said its board is exploring a spinoff of its PC business. At least two brokerage firms downgraded the stock Friday. H-P stock has been down 30% this year.

Reuters - Before The Bell: HP falls on lowered outlook, business overhaul

HP falls on lowered outlook, business overhaul
August 19, 2011 07:10 AM ET
BANGALORE (Reuters) - Shares of Hewlett-Packard slid 11 percent premarket on Friday, a day after the world's biggest PC maker said it may spin off the business, and cut its outlook, signaling a massive overhaul in the wake of bleak tech spending across the board. | Full Article