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Aug 7, 2012

CBS NEWS | Political Hotsheet Top Stories: Galifianakis calls Koch brothers "creepy

The CBS News Political Hotsheet newsletter

CBS POLITICAL HOTSHEET TOP STORIES    



   
Koch brothers slam the actor, whose new movie parodies the conservative duo
Read full story
Galifianakis calls Koch brothers

Romney: Team Obama says Romney's attacks on the stump and in a TV ad are false

In Mo., GOP primary has high stakes for McCaskill As three Republicans go head-to-head in race for Missouri Senate nomination, political fate of Dem incumbent hangs in the balance

New Romney ad hits Obama on welfare Despite his criticism, as governor, Romney asked the federal government to implement similar waivers President Obama allowed

Rick Santorum, Rand Paul to speak at convention Most on Mitt Romney's list of possible running mates still haven't been given speaking slots

Business in Vancouver - BIV Today's Business News: Pattison sues PavCo in BC Place lawsuit





Law

Pattison sues PavCo in BC Place lawsuit

Jim Pattison Industries (Pattison) is suing a variety of companies including B.C. Pavilion Corp. (PavCo) for $707,278 for work performed as part of the BC Place renovations.

Landlord sues Little Sisters bookstore for $47,121

Being sued by a Saskatchewan landlord for $47,181 has done nothing to slow sales at 29-year-old gay-niche bookstore Little Sisters Book and Art Emporium Inc., co-owner Jim Deva told Business in Vancouver Friday.

Mining and Energy

 

Western Wind fights back in proxy battle

Vancouver’s Western Wind Energy Corp. continues its battle to prevent a group of shareholders, represented by investment manager Savitr Capital LLC, from creating a dissident board in response to the company’s July 29 announcement that it would be put up for sale.

Mining and metals deal value down 41% in Canada

Escalating capital costs and softening prices are causing mining and metals companies to rethink investment decisions, particularly when it comes to deals, according to a new Ernst & Young report.

Economy and Finance

 

Investors ready to buy Canadian equities: poll

A poll that Stockhouse Publishing Ltd. conducted between July 26 and August 1 found that 49.6% of investors intend to make new investments in Canadian equities within the next 60 days.

Real Estate and Development

National building permit fall in June attributed to B.C. declines

The total value of Canadian building permits fell 2.5% to $6.8 billion in June, following a 7.1% increase in May, according to Statistics Canada. The decline was largely the result of a decrease in the non-residential and residential sectors in B.C. and Alberta.

DealBook | DealB%K Afternoon edition: Minnesota Minefield for a Best Buy Deal



Tuesday, August 7, 2012
TOP STORY
Minnesota Minefield for a Best Buy Deal Before Richard Schulze can acquire and turn around Minnesota-based Best Buy, he needs to come to terms with the State of Minnesota. The Deal Professor, Steven M. Davidoff, notes that the Best Buy founder will have to navigate Minnesota's business combination act, one of the stricter antitakeover laws in the land. As a result, the Best Buy board holds all the cards going forward.
Jefferies Raises Questions About Schulze's Best Buy Holdings As part of his audacious takeover proposal for Best Buy, Richard Schulze said that he would contribute about $1 billion of his holdings into a leveraged buyout offer. But an analyst at the Jefferies Group wondered why the company founder wasn't rolling in more of his shares.
  • DEALBOOK »
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  • DEALBOOK HIGHLIGHTS
    Federal Judge Grudgingly Approves Morgan Stanley Price-Fixing Case A federal judge on Tuesday approved a $4.8 million settlement between the Justice Department and Morgan Stanley over allegations of price fixing in the electricity market, even as he said that the settlement amount was too low.
    In 'Squawk Box' Case, a Delicate Line for Prosecutors A case involving Wall Street traders is only the latest one in which the government failed to turn over important information to defense lawyers, writes Peter J. Henning in the White Collar Watch column.
    The Dread of the Unknown Seemingly out of nowhere, Knight Capital made a huge amount of trades last week that ended up saddling the firm with $440 million of losses. The episode tests the limits of what a market can possibly know. And that's why it's uniquely unnerving.
    Shares of Standard Chartered Slide Amid Money Laundering Inquiry Shares of the British bank tumbled on Tuesday as investors reacted to accusations that the firm schemed with the Iranian government for nearly a decade to launder $250 billion.
    BUZZ TRACKER
    Gensler Calls for a New Rate Benchmark Gary Gensler, the chairman of the Commodity Futures Trading Commission, calls for a new interest rate benchmark to replace Libor, in an op-ed article in The New York Times. "Markets work best when benchmark rates are based on observable transactions," he writes. "The public is shortchanged if Libor, the emperor of rates, is not clothed in such transactions."
    LOOKING AHEAD
    More than 1,000 Eastman Kodak digital patents will be auctioned in bankruptcy court. News Corporation and Macy's report quarterly results. 
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ADVFN III World Daily Markets Bulletin - Tuesday, 7 August 2012


ADVFN III World Daily Markets Bulletin
Daily world financial news

Tuesday, 07 August 2012

US Market Reports  
Stocks See Further Upside, Driving S&P 500 Above 1,400
After moving higher at the open, stocks have seen some further upside over the course of morning trading on Tuesday. The major averages have shown a strong upward move, adding to the gains posted in the two previous sessions.
The continued strength on Wall Street comes as traders remain optimistic that the European Central Bank will unveil additional measures to address the ongoing debt crisis following the release of disappointing economic data from the region.
With Chesapeake Energy leading the way higher after reporting strong second quarter profit growth, natural gas stocks are seeing considerable strength on the day. Reflecting the strength in the sector, the NYSE Arca Natural Gas Index has surged up by 2.4 percent.
Significant strength also remains visible among networking stocks, which are extending a recent upward move. The NYSE Arca Networking Index has advanced by 2.4 percent, climbing to its best intraday level in a month.
Health insurance, semiconductor, and oil service stocks are also posting notable gains in late morning trading, with an increase by the price of Crude oil contributing to the strength in the oil service sector.
The major averages have moved roughly sideways in recent trading, hovering near their best levels of the day. The Dow is up 74.62 points or 0.6 percent at 13,192.13, the Nasdaq is up 24.55 points or 0.8 percent at 3,014.46 and the S&P 500 is up 9.04 points or 0.7 percent at 1,403.27.

Canadian Market Report
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TSX Jumps On Commodities, Eurozone Hopes - Canadian Commentary
Canadian stocks were extending gains for a second session Tuesday morning as worries over euro zone debt situation subsided after Greece made progress on its debt bailout program, with the European Central Bank promising to step in and buy bonds to ease pressure on Spain and Italy
Meanwhile, troika - inspectors from the International Monetary Fund, the European Commission and the European Central Bank - concluded a visit to Greece and said the nation has made progress in finding budget cuts needed to continue its bailout program but cautioned that more work is needed.
The S&P/TSX Composite Index advanced to a four-week high, gaining 165 22 points or 1.42 percent to 11,827.81.
The Diversified Materials Index gained over 2 percent, with First Quantum Minerals and Teck Resources adding close to 5 percent each. Inmet Mining jumped over 2 percent
The price of Crude oil steady above $93 Tuesday morning on weak dollar and concerns over potential threats to oil supply from the Middle East. Today after the market hours, the API will release its U.S. Crude oil inventories report for the weekended August 03. Analysts expect Crude oil inventories to dip by 300,000 barrels and gasoline stocks to shed 2 million barrels last week. Crude for September was up $0.94 to $93.14 a barrel.
In the oil patch, Canadian Natural Resources and Canadian Oil Sands gathered around 3 percent each.
Cenovus Energy and Baytex Energy Corp. gathered around 3 percent each.
International energy company Gran Tierra Energy Inc. (GTE.TO)gained over 3 percent despite reporting that its second-quarter net income was $13.1 million or $0.05 per share down from $31.6 million or $0.11 per share for the comparable quarter in 2011. Analysts were expecting the company to report earnings of $0.09 per share for the quarter.
The price of gold was flat amid a weak U.S. dollar, with gold for December easing $2.20 to $1,614.00 an ounce.
Gold miner Allied Nevada gold surged close to 5 percent, while Royal gold and Agnico-Eagle Mines were adding about 2 percent each.
Precious metals miner Tahoe Resources Inc. (THO.TO) soared close to 10 percent
Aviation-training and simulation products provider CAE, Inc. (CAE.TO) edged up 0.40 percent after it said it has sold three full-flight simulators to Air China Ltd., worth a total of C$42 million at list prices.
Telecommunications company Telus Corp. (T.TO) reported a marginal rise in its second quarter net income at C$328 million or C$1.00 per share compared to C$324 million or C$0.98 per share in the prior-year quarter. Analysts were expecting the company to report earnings of C$1.01 per share for the quarter. Further, the company marginally raised its 2012 revenue guidance by C$50 million to a range of C$10.75 billion to C$11.05 billion from the prior range between C$10.70 billion and C$11.00 billion. The stock gained 2 percent.
Meanwhile, Imax Corp. (IMX.TO) lost over 3 percent. Yesterday, the company announced that India's leading cinema brand agreed to install an IMAX® theatre system.
Oil and gas industry services provider Pason Systems Inc. (PSI.TO) eased 0.25 percent after reporting second-quarter net profit of C$8.47 million or C$0.10 per share, compared to C$8.22 million or C$0.09 per share last year.
In economic news, Statistics Canada said total value of building permits fell 2.5 percent to $6.8 billion in June, after gaining 7.1 percent in May. The decline was largely the result of a decrease in the non-residential and residential sectors in Alberta and British Columbia. Contractors took out $2.5 billion worth of permits in the non-residential sector, down 12.3 percent. This decrease followed a 3.6 percent gain in May.
From the euro zone, German manufacturing orders declined more than expected in June, the latest figures from the Federal Ministry of Economy and Technology showed. Factory orders fell 1.7 percent month-on-month in June compared to expectations for a 0.8 percent drop. In May, orders recorded a 0.7 percent increase.
Meanwhile, Production in the British industrial sector shrank notably in June mainly due to extra holidays for the Queen's Diamond Jubilee celebrations, the latest figures from the Office for National Statistics showed.

European Market Report
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European Markets Mixed Amid Investor Caution
The European markets are mixed in afternoon trading Tuesday, with banks coming under pressure. While hopes of action from the European Central Bank did influence sentiment, worse-than-expected factory orders data from Germany and news concerning Standard Chartered to some extent discouraged risk appetite.
The euro Stoxx 50 index of eurozone bluechip stocks is climbing 0.78 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is rising 0.12 percent.
The German DAX is gaining 0.36 percent and the French CAC 40 is advancing 0.55 percent. The UK's FTSE 100 is falling 0.04 percent and Switzerland's SMI is dropping 0.27 percent.
In Frankfurt, Deutsche Bank and Commerzbank are moderately lower.
Credit Suisse re-initiated Fresenius with an "Outperform" rating. The stock is moderately lower.
Lanxess is falling 3.8 percent. The specialty chemicals company reported a slight fall in profit for the second quarter, even as revenue climbed over 8 percent. The company backed its profitability view for the full year.
Munich Re is gaining 1.1 percent after reporting second-quarter results.
Volkswagen, BMW and Daimler are gaining between 1.7 percent and 1.2 percent.
E.ON is rising 1.3 percent. The firm reaffirmed its increased outlook for 2012.
Kuka is climbing 4.5 percent. The firm's profit increased in the second quarter.
In Paris, Credit Agricole is advancing 1.1 percent. Societe Generale and BNP Paribas are declining notably.
Morgan Stanley cut its rating on Danone. The stock is down 0.7 percent.
In London, Standard Chartered is plunging 24 percent. The New York State Department of Financial Services accused its unit Standard Chartered Bank of hiding $250 billion in illegal dealings with Iran for more than a decade.
Barclays is falling 1.5 percent, Lloyds Banking is down 1 percent and Royal Bank of Scotland is losing 2.1 percent.
InterContinental Hotels is climbing 7.5 percent. The firm reported a surge in second-quarter profit, hiked its dividend and announced a $1 billion return of capital.
Evraz is gaining 5.1 percent and International Consolidated Airlines is rising 3 percent.
Xstrata reported a 33 percent decline in first-half profit, reflecting lower commodity prices. The stock is up over 2 percent.
DSM is falling 4.6 percent in Amsterdam. The company reported a Sharp decline in profit for the second quarter and announced elimination of 1000 jobs.
KBC is falling 2.7 percent in Brussels. The lender reported a loss for the second quarter.
Fiat Industrial is up 1.4 percent in Milan. Barclays raised the stock to "Overweight."
Danske Bank is adding 5.7 percent in Copenhagen. The lender's profit improved in the first half of the year.
In economic news, data released by the Federal Ministry of Economy and Technology showed that the country's factory orders fell more than forecast in June. Factory orders fell 1.7 percent month-on-month in June compared to expectations for a 0.8 percent drop.
U.K. industrial production decreased in June, but the rate of decline was weaker than forecast by economists, data from the Office for National Statistics showed.
Across Asia/Pacific, Australia's All Ordinaries and Hong Kong's Hang Seng gained around 0.4 percent each. China's Shanghai Composite index rose 0.1 percent and Japan's Nikkei 225 climbed 0.9 percent.
In the U.S., futures point to a higher open. In the previous session, The Dow edged up 0.2 percent, the Nasdaq rose 0.7 percent and the S&P 500 crept up 0.2 percent.
In the commodity space, Crude for September delivery is adding $0.32 to $92.52 per barrel and December gold is rising $1.4 to $1617.6 a troy ounce.

Asia Market Reports
Asian Stocks Gain On Hopes Of ECB Action
Asian stocks rose on Tuesday, as falling Spanish and Italian bond yields and continued hopes that Europe would take further action to help troubled euro-zone members kept investor mood upbeat. Expectations that the ECB may take action to ease the continent's crisis increased after German Chancellor Angela Merkel supported the European Central Bank's bond-buying plan.
But, gains came amid weak turnover as investors exercised some caution ahead of a slew of Chinese data, including inflation, retail sales, industrial production and inflation due to be released on Thursday, which will provide further clues concerning downside risks to economic growth in the world's second-largest economy. China's Shanghai Composite index rose 0.1 percent, while Hong Kong's Hang Seng index ended 0.4 percent higher.
Tokyo stocks gained ground in thin trading, with the benchmark Nikkei rising 0.9 percent to a nearly one-month closing high, as investors bet on ECB action to curb the region's high borrowing costs. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished up 1.1 percent, with power companies and steelmakers leading the gainers following their recent underperformance.
Tokyo Stock Exchange Group Inc., meanwhile, temporarily suspended trading in Topix futures as well as bonds due to a system glitch in the morning session. After halting for about half an hour, trading resumed at 10:55 a.m. local time.
Among the prominent gainers, heavyweight Fast Retailing rose 1.1 percent, Steelmakers JFE Holdings and Nippon Steel closed up about 5 percent each, power producers Kansai Electric Power and Chubu Electric Power soared 9-10 percent and Shin-Etsu Chemical rose 2 percent. Optical lens maker Hoya tumbled 3.7 percent after announcing first-quarter earnings results in line with estimates.
Australian shares rose modestly to touch a three-month high, with continued hopes that the ECB will buy euro-zone government bonds underpinning sentiment. The benchmark S&P/ASX 200 index rose about half a percent to its highest level since May 14, while the broader All Ordinaries index gained 0.4 percent. The Australian dollar hit a four-month higher after the Reserve Bank left the cash rate on hold at 3.5 percent, saying current policy settings are appropriate.
Industrial equipment maker Bradken soared 11.2 percent after posting a 49 percent jump in its full-year profit. Gloves and condom maker Ansell rallied 3.4 percent after it entered into a deal to acquire France's Comasec for 101.5 million euros. Shares of Cochlear slumped 5.1 percent after the hearing device maker posted a large fall in its full-year profit. Leighton Holdings declined 1.5 percent despite the construction firm confirming its full-year guidance.
Seoul shares ended little changed, with the benchmark Kospi rising just 0.05 percent, as investors paused for breath after recent rallies amid easing concerns over Europe's debt crisis. Among the prominent gainers, Hyundai Engineering & Construction and Daewoo Engineering & Construction rose 2-3 percent. Korea Aerospace Industries jumped 6 percent after reporting a 21 percent rise in second-quarter profit.
In economic news, government data showed that sales at the country's top three discount store chains likely dropped 8.3 percent from a year earlier, sharper than June's 7.2 percent fall and contracting for a fourth straight month. Meanwhile, most analysts expect the Bank of Korea to keep the benchmark seven-day repo rate steady at the upcoming policy meeting on Thursday after a surprise cut in July.
New Zealand shares rose to a three-month high on optimism over the earnings season. The benchmark NZX-50 index rose 0.6 percent, with Fletcher Building and Kathmandu Holding pacings the gainers.
Fletcher Building, the nation's largest construction company, rose 1.1 percent to a one-month high, outdoor clothing and equipment company Kathmandu Holdings climbed 3.1 percent and Chorus, which demerged from Telecom in November, added 1.6 percent. Telecom, the largest company listed on the exchange, rose 0.7 percent to its highest level since August 2008.
Elsewhere, India's benchmark Sensex was last trading up 1.1 percent on reform hopes after finance minister P Chidambaram unveiled a roadmap to revive economic growth. In his first formal interaction with reporters after returning to the finance ministry, he promised fine-tuning of policies and corrective measures on proposals such as the general anti-avoidance rules and retrospective amendments, helping boost investor sentiment.
The Taiwan Weighted average edged up 0.1 percent and Singapore's Straits Times index was largely unchanged, while key benchmark indexes in Indonesia and Malaysia fell about half a percent each. Commodities rose and the euro held steady near a one-month high against the dollar, supported by expectations the ECB will go ahead with bond buying.
On Wall Street, stocks rose to their highest level in three months overnight, with better-than-expected corporate earnings and some positive news out of Europe underpinning sentiment. The strong upward move seen early in the session came in the wake of news that Greece and its international creditors have agreed on the need to strengthen policy efforts and meet the country's bailout conditions.
Paring early gains, the Dow and the S&P 500 ended the session up about 0.2 percent each, while the tech-heavy Nasdaq advanced 0.7 percent.



Commodities
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Indonesia Growth Improves In Q2 On Investment
Indonesia's economic growth accelerated unexpectedly in the second quarter on robust investment and spending, weathering the weak global demand.
Gross domestic product climbed 6.4 percent from last year, slightly faster than the 6.3 percent gain logged in the first quarter, Statistics Indonesia reported Monday. Economists had forecast growth to ease to 6.1 percent due to weakening exports.
In June, exports plunged 16.4 percent annually as global demand weakened notably over the recent months. The central bank had lowered its GDP growth forecast to 6.2 percent for 2012.
The expenditure side breakdown of GDP showed weakness in foreign trade. Exports rose slightly by 1.9 percent on a yearly basis, while imports gained 10.9 percent.
Household spending climbed 5 percent and government spending logged 7 percent expansion. Investment surged 12.3 percent.
On a sequential basis, South East Asia's largest economy, grew 2.8 percent in the second quarter, faster than the 2.5 percent expected increase. All sectors except mining and quarrying expanded from the previous quarter.
During the first half of 2012, the economy expanded 6.3 percent from the same period last year.
The surprise acceleration in economic growth eases pressure on the central bank to ease its policy. Bank Indonesia is widely expected to hold its key rate at a record low 5.75 percent at the meeting on August 9.
Although inflation increased in July, it remains within the central bank's target. In July, consumer price inflation came in at 4.56 percent compared to the central bank's forecast of 3.5 percent to 5.5 percent this year

CBS NEWS | Daily News Summary: Abdullah believes Assad will "stick to his guns"

CBS News.com - Daily News Summary
August 07, 2012 | DAILY NEWS SUMMARY


CBS NEWS TOP STORIES
Jordan's King says Syrian president believes he is right, discusses possibility of civil war, fear of chemical weapons
Read full story
Abdullah believes Assad will
Stepmom: Wis. gunman was Says Wade Michael Page was gentle, kind, had black and Hispanic friends, was nothing like white supremacist described in media

Lieberman says he'd give Syrian rebels weapons On American politics, the senator said Romney should choose a running mate that can be an effective president

Obama camp cash bind deepens Romney raises more than president for third month in row, Obama burning through funds, but his messaging may be working

Fatal Okla. blaze leaves dozens homeless Residents sift through ashes after "fire tornado" hopscotches through neighborhoods razing some homes, sparing others

Medicated Jared Loughner set to plead guilty If judge finds accused in Tucson mass shooting mentally competent, plea deal would send Loughner to jail for life

Stepmom: Wis. gunman was Says Wade Michael Page was gentle, kind, had black and Hispanic friends, was nothing like white supremacist described in media

Calif. refinery fire sends scores to hospital Blaze at Chevron refinery sends thick black smoke miles into the air and the surrounding area; Fire now contained

Schieffer: D.C. now feels the pain of campaign ads Washingtonians are now getting the full barrage of TV ads aimed at neighboring battleground state

RTTNews Daily Market Analysis

RTT News: Global Financial Newswires
Daily Market Analysis
Tuesday, August 7, 2012, 09:26
The major U.S. index futures are pointing to a higher opening on Tuesday, with sentiment getting a lift from stimulus hopes. Stocks in Europe have moved uniformly higher despite the release of weak German factory goods orders data. Even amid a lack of any compelling catalysts, global markets have remained firm in recent sessions, primarily banking on hopes that the European Central Bank and the Federal Reserve will act to prevent further deterioration of economic conditions. Earlier in the day, Boston Federal Reserve Bank President Eric Rosengren called for more aggressive actions from the central bank. (Aug 7, 2012) Full Article 

RTT News Morning Market Briefing


Commentary August 7, 2012
With traders continuing to express optimism about the financial situation in Europe, stocks may extend their recent upward move in early trading on Tuesday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 37 points. (Aug 7, 2012) Full Article 
Economic News
Retail sales in the United Kingdom rose unexpectedly in July as warm weather and Olympics boosted sales of food and drinks, a report from the British Retail Consortium (BRC) revealed Tuesday. (Aug 7, 2012) Full Article 
The Reserve Bank of Australia decided to retain its benchmark cash rate unchanged at 3.5 percent for a second consecutive rate-setting meeting on Tuesday, saying it is too early to see the full impact of past policy easing. At the same time, the policy board judged that the global outlook has become more subdued than a few month ago. (Aug 7, 2012) Full Article 
Taiwan's merchandise exports decreased for the seventh successive month in July as the global economic slowdown and debt worries in Europe continued to weigh on demand. (Aug 7, 2012) Full Article
Production in the British industrial sector shrank notably in June mainly due to extra holidays for the Queen's Diamond Jubilee celebrations, the latest figures from the Office for National Statistics showed Tuesday. (Aug 7, 2012) Full Article
The Italian economy remained stuck in recession in the second quarter as austerity measures weighed heavily on economic activity. (Aug 7, 2012) Full Article 
German factory orders declined more-than-expected in June as both domestic and foreign demand deteriorated, raising fears that the economy shrunk in the second quarter. Factory orders fell 1.7 percent month-on-month, data from the Federal Ministry of Economy and Technology showed Tuesday. It was worse than expected 0.8 percent drop and reversed the 0.7 percent increase in the previous month. (Aug 7, 2012) Full Article 
Earnings News
CF Industries Holdings Inc. (CF) on Monday posted higher earnings for the second quarter on gain from natural-natural-gas derivatives, and lower natural gas prices, which helped to offset a drop in demand. The fertilizer producer's results came in below expectations. (Aug 7, 2012) Full Article
Boston Properties Inc. (BXP) on Monday reported a 14 percent rise in funds from operations for the second quarter that topped estimates, on back of increased rental revenue. (Aug 7, 2012) Full Article 
Chesapeake Energy Corp.(CHK) reported a sharp rise in earnings for the second quarter on Monday, buoyed by gains from sale of its interests in Chesapeake Midstream Partners LP and one-time non-cash gains related to hedging programs. However, adjusted profit dropped from last year and came in below consensus. (Aug 7, 2012) Full Article 
Tuesday, Office Depot Inc. (ODP) posted a significantly wider loss for the second quarter, due to lower demand in Europe and the United States. (Aug 7, 2012) Full Article 
CVS Caremark Corp. (CVS) on Tuesday raised its full-year adjusted earnings outlook, after it reported better-than-expected profit for the second quarter, on double-digit growth in revenues. (Aug 7, 2012) Full Article 
Tenet Healthcare Corp. (THC) on Tuesday reported higher second-quarter income from continuing operations, helped by growth in patient volumes and revenues. (Aug 7, 2012) Full Article 
Corporate News
Tuesday, Standard Chartered Plc (STAN.L, STAC.L, SCBFF.PK) denied the allegation made by New York regulator of illegally hiding 160 billion pounds of transfers that helped finance Iran's nuclear weapons programme. (Aug 7, 2012) Full Article 
Broker Ratings Changes
Nomura Cuts WMS Industries Inc (WMS) To Reduce From Neutral With $13 down from $22 Price Target
(Aug 7, 2012)  
Nomura Lowers Standard Chartered PLC (STAN.L) To Neutral From Buy
(Aug 7, 2012) 
Robert W. Baird Cuts Leap Wireless International Inc. (LEAP) To Underperform From Neutral With $3 down from $6 Price Target
(Aug 7, 2012)  
Robert W. Baird Lifts Targa Resources Partners LP (NGLS) To Outperform From Neutral With $46 up from $45 Price Target
(Aug 7, 2012) 
Todays WS Events
Boeing To Present At Jefferies Global And A&D Conference; Webcast At 10:00 AM
Boeing Co. [BA] CFO, Greg Smith, will speak at the Jefferies 2012 Global Industrial and A&D Conference in New York . The event is scheduled to begin at 10:00 AM ET, August 7, 2012. To access the live webcast, log on www.boeing.com/companyoffices/financial/ (Aug 7, 2012)
CVS Caremark Q2 12 Earnings Conference Call At 8:30 AM ET
CVS Caremark Corp. (CVS) will host a conference call at 8:30 AM ET on August 7, 2012, to discuss Q2 12 earnings results. To access the live webcast, log on to http://info.cvscaremark.com/investors (Aug 7, 2012)
Honeywell To Present At Jefferies Global Conference;webcast At 8:30 AM
Honeywell International Inc. (HON) will present at the Jefferies 2012 Global Industrial and A&D Conference in New York City . The event is scheduled to begin at 8:30 AM ET on August 7,2012. To access the live webcast , log on at http://www.honeywell.com/investor (Aug 7, 2012) 
Pepco Holdings Q2 12 Earnings Conference Call At 11:00 AM ET
Pepco Holdings Inc. (POM) will host a conference call at 11:00 AM ET on August 7, 2012, to discuss its Q2 12 earnings results. To access the live webcast, log on at http://www.pepcoholdings.com/investors To hear the live call, dial 1-866-314-5232 (US) or 1-617-213-8052 (International) with passcode 60898926. A replay of the call can be heard by dialing 1-888-286-8010 (US) or 1-617-801-6888 (International) with passcode 30946731 (Aug 7, 2012)  
PG&E Q2 12 Earnings Conference Call At 11:00 AM ET
PG&E Corp. (PCG) will host a conference call at 11:00 AM ET on August 7, 2012, to discuss Q2 12 earnings results. To access the live webcast, log on to www.pgecorp.com/investors/investor_info/conference/ For a replay call, dial 866-415-9493 (US) or 585-419-6446 (International) with pin 23820 (Aug 7, 2012)  
Spectra Energy Host Analyst/ Investor Meeting At 8:00 AM ET
Spectra Energy Corp. (SE) will host an Analyst/ Investor Meeting ,at the New York Palace Hotel, Drawing Room, in New York City. at 8:00 AM ET, August 7, 2012. To access the live webcast, log on at www.spectraenergy.com To access the call dial : (888) 252-3715 (US) or (706) 634-8942 (International) with ID: 99344253. For replay dial : (800) 585-8367 or (404) 537-3406 with ID : 99344253 (Aug 7, 2012)  
Walt Disney Co. Q3 12 Earnings Conference Call At 5:00 PM ET
The Walt Disney Company. (DIS) will host a conference call at 5:00 PM ET on August 7, 2012, to discuss its Q3 12 earnings results. To access the live auido webcast, log on at www.disney.com/investors (Aug 7, 2012) 

GATA | THE GATA DISPATCH: Reuters quotes CFTC's Chilton repeating gold and silver market-rigging concerns

Reuters quotes CFTC's Chilton repeating gold and silver market-rigging concerns

Four-Year Silver Investigation May Be Dropped: FT
By Stephen Mangan and Alexandra Alper
Reuters
Sunday, August 5, 2012

http://www.reuters.com/article/2012/08/06/us-silver-us-investigation-idU...

A four-year investigation into possible manipulation of the silver market looks likely to be dropped by U.S. regulators, the Financial Times reported on Monday, although a U.S. official said a decision is only expected by October.

The newspaper cited three people familiar with the situation as saying the regulator failed to find enough evidence to support a legal case.

The Commodity Futures Trading Commission announced that it was investigating "complaints of misconduct in the silver market" in September 2008, following a barrage of allegations of manipulation from a group of precious metals investors.

 "While we have not acted on our silver investigation, I am hopeful and expect the commission to do so in September or October," Bart Chilton, a CFTC commissioner, told Reuters in an emailed response to the FT report.
"I continue to believe, consistent with my previous statements and information from the public, that there have been devious efforts related to moving the price of silver. There have also been silver and gold market anomalies outside of the silver investigative window that have raised and continue to raise market concerns."
The CFTC's five commissioners have not yet formally determined the outcome of the investigation but may drop the case because it doesn't have sufficient evidence, according to people familiar with the situation, cited by the FT.
"The investigation has not reached its conclusion," a CFTC spokesman was quoted as saying by the newspaper.

* * *

DealBook | DealB%K Today's Top Headlines: Shares of Standard Chartered Slide Amid Money Laundering Inquiry



Tuesday, August 7, 2012
TODAY'S TOP HEADLINES
 
Top Story
Shares of Standard Chartered Slide Amid Money Laundering Inquiry Shares of the British bank tumbled on Tuesday as investors reacted to accusations that the firm schemed with the Iranian government for nearly a decade to launder $250 billion.

The news comes at a difficult time for British banks. In June, Barclays agreed to a $450 million settlement with American and British officials after some of its traders and senior executives were found to have alterted the London interbank offered rate, or Libor. And Rival HSBC also apologized last month for not cracking down soon enough on money-laundering activities in America.
Why Are Investors Fleeing Equities? Hint: It's Not the Computers
Why Are Investors Fleeing Equities? Hint: It's Not the Computers Analysts cite a series of recent trading blunders, including the debacle at Knight Capital, as the reason billions of dollars are flowing out of the stock market. But there might be a simpler reason, Andrew Ross Sorkin writes in his DealBook column. A lack of trust.

Investors have left the stock market because it has been a losing proposition. An entire generation of investors hasn't made a buck.

"The cult of equity is dying," Bill Gross, the founder of Pimco, the bond fund titan, wrote in his monthly letter last week.
  • DEALBOOK »
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  • MERGERS & ACQUISITIONS »
    Best Buy Founder Makes Bid for a Takeover Richard M. Schulze, who founded the company with a single audio equipment store in 1966, announced a proposal on Monday that would give the company a market value of $8.8 billion.
    Glencore-Xstrata Merger Still on Track Xstrata said on Tuesday that its merger with Glencore International PLC is still likely to close in the fourth quarter as the mining giant reported a 33 percent fall in net profit, to $1.94 billion, during the first half of the year.
    Eastman Kodak Receives Low Bids For Digital Patents Eastman Kodak, which is auctioning more than 1,000 of its digital patents through the bankruptcy process, has received two low bids of between $150 million and $250 million from two investor groups that include Apple and Google, respectively.
    Chesapeake to Sell More Assets as Profit Rises Chesapeake Energy said on Tuesday that it planned to raise cash by selling assets as the energy company reported higher profit but growing debt in the second quarter.
    DreamWorks to Open Studio in Shanghai DreamWorks Animation SKG signed plans with Chinese partners on Tuesday to build a $350 million movie studio in Shanghai as the studio looks to increase its presence in the booming Chinese movie market.
    Icahn Offers to Buy Remaining CVR Energy Stake The activist investor Carl Icahn offered to buy the remaining stake in CVR Energy after the oil refiner failed to find a buyer.
    BHP in Talks with Harry Winston of Canada Over Diamond Assets The mining giant is in discussions with the Canadian mining and retail group Harry Winston about the sale of BHP Billiton's diamond business, though talks are moving slower than expected.
    INVESTMENT BANKING »
    Quick Lunge for a Lifeline Helped Knight Capital Skirt Collapse Knight Capital was given a $400 million shot in the arm by a varied group of investors as it narrowly avoided filing for bankruptcy.
    Investors Seek Out Safer Shores With the world in financial turmoil, and Treasury bond yields at record lows, American investors are turning to places like Norway, Sweden, Canada and Australia as safe havens.
    Citigroup May Take $6 Billion Charge on Smith Barney Venture Citigroup may take a charge of around $6 billion in the third quarter tied to a write down on value of the Morgan Stanley Smith Barney venture, according to estimates from Barclays analysts.
    Morgan Stanley Sued Over Structured Notes Hong Leong Finance, the Singaporean investment company, has accused Morgan Stanley of selling the Asian firm structured investments that were designed to fail.
    Citigroup Launches Joint Venture in China Citigroup has introduced an investment banking joint venture in China with Shanghai-based Orient Securities in a bid to gain access to the country's rapidly-growing capital markets.
    Problems Halt Tokyo Derivatives Trading The Tokyo Stock Exchange stopped derivatives trading on Tuesday, blaming systems problems, in the latest in a series of technological glitches at Japan's largest exchange group.
    • FINANCIAL TIMES 
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    • PRIVATE EQUITY »
      Carlyle Said to Be in Lead to Buy DuPont Car Paint Unit The Carlyle Group has become the leading bidder for DuPont's car paint business after Apollo Global Management did not ramp up its offer, Reuters reported, citing people familiar with the matter.
      Private Equity Firms Target R.B.S.' Insurance Unit Private equity firms are in talks with banks about financing deals to fund a multi-billion dollar takeover of Royal Bank of Scotland's insurance division, Direct Line Group.
      Carlyle Said to Be in Lead to Buy DuPont Car Paint Unit The Carlyle Group has become the leading bidder for DuPont's car paint business after Apollo Global Management did not ramp up its offer, Reuters reported, citing people familiar with the matter.
      Chinese Private Equity Faces Uncertain Future Private equity firms that have invested in China are hoping the performance of their portfolio companies will pick up in the second half of the year, as concerns mount about the country's economy and the knock-on effects from the European debt crisis.
      Swander Pace Capital Said to Be Raising $450 Million Swander Pace Capital, a buyout firm focused on consumer products companies, is looking to raise $450 million in a new fund called Swander Pace Capital V.
      HEDGE FUNDS »
      Hedge Funds Report Meager Gains Last Month Hedge funds returns climbed 0.2 percent in July after global stock markets rallied following European Central Bank President Mario Draghi's promise to aid the euro.
      Paulson's Advantage Plus Fund Falls in July The billionaire hedge fund manager John Paulson posted a 2 percent loss last month in his Advantage Plus Fund, according to a monthly update to investors.
      Traders Bet Big on Commodities Traders have increased wagers on commodities for an eighth consecutive week, a probable record, as a report on U.S. job growth last week prompted the biggest price rally in a month.
      I.P.O./OFFERINGS »
      Investors Profit From Decline in Facebook's Shares The 45 percent decline in Facebook shares since its initial public offering has led to returns of more than 500 percent for those invested in structured products, which benefit from the stock's fall.
      Manchester United Said to Have Filled Orders for I.P.O. The English soccer club Manchester United has received enough orders to sell all the shares as part of its $333 million initial public offering, as the company prepares to list in New York later this month.
      Chinese Online Companies Announce I.P.O. Plans Sohu.com, China's fifth-most visited website, and its online games unit Changyou.com announced plans on Monday to list a subsidiary, 7Road.com, in the United States.
      VENTURE CAPITAL »
      Tech Start-ups Profit From Presidential Race A small group of start-ups are making millions off the most expensive presidential campaign in history by providing technology and other services to help the candidates prepare for the November election.
      Time Warner to Buy Bleacher Report Time Warner's Turner Broadcasting unit has agreed to buy the sports web site Bleacher Report for around $200 million as Turner's digital operations move to beef up its sports coverage.
      TuneIn Secures $16 Million in New Fundraising The radio app start-up TuneIn has raised $16 million in new funding from investors that include General Catalyst Partners, Google Ventures and Sequoia Capital.
      Start-up 99designs to Buy German Rival The crowdsourcing design marketplace 99designs HAS agreed to buy its European rival 12designer for an undisclosed amount in the first ever acquisition for the Accel-backed start-up.
      LEGAL/REGULATORY »
      S.E.C. to Adopt New Rules After Knight Bailout The Securities and Exchange Commission is examining new rules that would require trading firms to better test computer-code changes in the aftermath of the software glitch that forced the near collapse of Knight Capital.
      N.Y.S.E. in Settlement Talks Over Data Investigation The New York Stock Exchange is in talks with the Securities and Exchange Commission to settle an investigation into the release of trading data, Reuters reported. The case, which is expected to be resolved in the coming months, takes aim at whether the exchange distributed certain trading information more rapidly to select investors.
      Insider Trading Informant Takes Witness Stand Roomy Khan, a former Intel employee, testified on Monday against former hedge-fund manager Doug Whitman, who is on trial over accusations that he snared about $1 million in trading earnings using confidential information received from two sources, including Ms. Khan.
      Former UBS Executive Told Colleague to Forget Rigged Deal Mark Zaino, a former UBS municipal-bond executive, told an ex-colleague to forget about a transaction as they were faced with a government investigation into municipal bond bid rigging.