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Mar 5, 2013

Money Show March - Calendar of Live Online Events


March 2013 – Calendar of live online events


Mar
7
WEBINAR - LIVE in 2 Days
Creating Monthly Cash Flow with Covered Call Writing
Date: Mar 7, 2013
Time: 4:30 pm - 5:30 pm EST
Alan><br />Ellman Photo
Alan
Ellman
In this detailed webinar, you'll learn a low-risk, wealth-building strategy for average investors which utilizes stocks and options to create monthly cash flow. The presentation is an easy-to-understand approach to mastering covered call writing. This...
Mar
20
WEBINAR - LIVE in 15 Days
2013 Trader Tax Law: What You Need to Know NOW
Date: Mar 20, 2013
Time: 4:30 pm - 5:30 pm EST
Robert><br />Green,<br />CPA Photo
Robert
Green,
CPA
Tax changes and reform are in the works, including ObamaCare 3.8% Medicare tax on unearned (investment) income starting Jan. 1. This is an updated version of the tax workshop Robert Green gave at The New York Traders Expo, focusing more this time on 2012 tax preparation tips and pitfalls. Don't file your 2012 tax return until you see this important class.
Mar
25-26
- LIVE in 20 Days
Stocks & ETFs eMoneyShow
Date: Mar 25 – 26, 2013
Time: Open Virtually 24hrs a day
Harry Dent Photo
Harry Dent
•  Watch 7 FREE Webinar presentations from top industry experts like:
•  Is the Great Crash Ahead? - live with Harry Dent
•  How to Use Portfolio Grader Like a Pro - live with Louis Navellier
•  Small and Mid-Cap Stocks: The Time to Invest Is Now - live with James Fink
•  American Water Works (NYSE:AWK): The Nation's Largest Investor Owned Water Utility - live with Edward Vallejo
•  Finding Income with ETFs in a Low-Yield World - live with Samuel Lee
•  Timing Your Entries In and Out of the Market - live with Harold Morris and Eduardo Ramirez
•  Stock Market Timing, Cycles, and Forecasts 2013 - live with Jay DeVincentis
•  Browse the virtual Education Hall with its great variety of virtual exhibitor eBooths
•  Chance to WIN a mini iPad and other valuable prizes from participating sponsors and exhibitors
Mar
27
WEBINAR - LIVE in 22 Days
Stocks: Buy, Sell or Wait?
Date: Mar 27, 2013
Time: 4:30 pm - 5:30 pm EST
Tom Aspray Photo
Tom Aspray
MoneyShow's Tom Aspray, a pioneer in computerized technical analysis, explains how one important technical tool can keep you on the right side of the stock market as well as showing you an indicator that can help you decide when you should be buying,...

NYT | Politics March 5 , 2013.: Senate Committee Approves Brennan for C.I.A. Director

The New York Times

March 5, 2013

Politics

Senate Committee Approves Brennan for C.I.A. Director

By SCOTT SHANE
The White House's decision to provide more information on targeted killings and the attack in Benghazi eased the confirmation process for John O. Brennan.

Jeb Bush's Rocky Re-Entry in Immigration Debate

By MICHAEL D. SHEAR
Having sat largely on the sidelines for years, Jeb Bush opened the door a bit to a 2016 White House bid.
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More Politics

White House Suspending Tours Over Budget Cuts

By ASHLEY PARKER
As the spring tourism season nears, the White House said it would cease offering tours starting on Saturday.

Kerry Says Administration Backs Mideast Efforts to Arm Syrian Rebels

By MICHAEL R. GORDON
Secretary of State John Kerry said that the Obama administration had gained new confidence that the Syrian opposition can minimize the risk of weapons falling into extremists' hands.
Ernest J. Moniz, nominated to the Energy Department, and Gina McCarthy, named to the E.P.A.

Cabinet Picks Could Take On Climate Policy

By JOHN M. BRODER and MATTHEW L. WALD
In nominating Gina McCarthy to head the E.P.A. and Ernest J. Moniz for the Energy Department, President Obama showed his intent to use all the tools at his disposal to tackle climate change.
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The Caucus

Obama Recruits Republicans for Budget Talks With Personal Calls

By JONATHAN WEISMAN and JACKIE CALMES
Amid onset of across-the-board spending cuts and an impasse with Republican leaders, President Obama is looking to rank-and-file Republican senators.

Multimedia

Video: Support for Israel
The Times's Mark Landler reports from the Aipac conference, where attendees offer thoughts on President Obama's scheduled visit to Israel.
Video: Spending Cuts Begin
The Times's Michael D. Shear on how federal cuts in connection with the sequester will unfold.
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NYT | Breaking News March 5, 2013.: President Hugo Chavez of Venezuela Has Died, Vice President Says



The New York Times | BREAKING NEWS ALERT
BREAKING NEWS Tuesday, March 5, 2013 5:19 PM EST


Hugo Chávez, who rose from poverty in a dirt-floor adobe house to unrivaled influence in Venezuela as its president, consolidating power and wielding the country’s oil reserves as a tool for his Socialist-inspired change, died Tuesday, Vice President Nicolás Maduro said. He was 58.
Mr. Maduro said Mr. Chávez died at the military hospital in Caracas, where he had been treated for complications arising from his long struggle with cancer.

READ MORE »

http://www.nytimes.com/2013/03/06/world/americas/hugo-chavez-venezuelas-polarizing-leader-dies-at-58.html?emc=na


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Copyright 2013 | The New York Times Company |NYTimes.com 620 Eighth Avenue New York, NY 10018

DealBook P.M. Edition March 5, 2013.: Mark Cuban May Face S.E.C. Insider Trading Trial



NYTimes.com Home |Business Day| Video The New York Times


Tuesday, March 5, 2013
TOP STORY
Mark Cuban May Face S.E.C. Insider Trading Trial A Federal District Court judge in Dallas denied a request by Mark Cuban to dismiss a nearly five-year-old insider-trading lawsuit brought against him by federal securities regulators. A June trial is scheduled.
  • DEALBOOK »
  • DEALBOOK HIGHLIGHTS
    Former Wells Fargo Broker Is Sentenced to 2 Years A former Wells Fargo broker who pleaded guilty to defrauding more than a dozen clients was sentenced to two years in jail.
    Private Equity and Venture Capital Investments Rise in Latin America Private equity and venture capital firms last year committed $7.9 billion to invest in Latin America, although fund-raising was down significantly as smaller firms raised more than big firms.
    Relational Urges Hess to Talk With Elliott Relational Investors wrote in a letter to Hess's board on Tuesday that, like Elliott Management, it has found the company's response lacking.
    In Video Series, Wall St. Leaders Reflect on Their Careers Hamilton E. James, president and chief operating officer of the Blackstone Group, discusses his life and career in a video series created by OneWire, a financial services recruitment firm.
    HSBC Sells U.S. Loan Portfolio for $3.2 Billion The British banking giant is making progress in shrinking its consumer loan portfolio in the United States, which has been a drag on its earnings.
    British Regulators Slow to Respond to Libor Scandal, Audit Says British officials were too focused on containing the financial crisis to analyze information connected to potential interest-rate manipulation, an audit by the Financial Services Authority said on Tuesday.
    Still-Unhappy Southeastern Seeks Dell Shareholder List Southeastern Asset Management is seeking a list of shareholders and other books and records from Dell, according to a letter to the computer maker's board sent on Tuesday.
    Standard Chartered's Profit Rises Despite U.S. Fine The British bank said its annual net profit rose slightly, to $4.8 billion, as the firm's businesses in emerging economies offset a $667 million fine in the United States connected to illegal money transfers.
    Buzz Tracker
    Paying Bonuses From His Own Pockets Guy Hands, the British private equity titan best known for the disastrous 2007 buyout of EMI, told Bloomberg Television that he personally financed about £20 million ($30 million) of bonuses last year at his firm, Terra Firma Capital Partners.
    Glencore Extends Deadline for Xstrata Takeover Glencore International said on Tuesday that it had extended the completion deadline for its $33 billion takeover of the mining company to April 16 from March 15. The companies are still awaiting approval from Chinese authorities after European and South African antitrust regulators agreed to the takeover.
    LOOKING AHEAD
    Economic Reports Information to be released on Wednesday includes A.D.P. employment for February, factory orders for January and the Federal Reserve beige book.
    Corporate Earnings Companies scheduled to report their quarterly results on Wednesday include Hovnanian Enterprises and Staples.
    In the United States On Wednesday, the Walt Disney Company will have its annual meeting in Phoenix; a House Financial Services subcommittee will conduct a hearing on Fannie Mae and Freddie Mac; a House Energy and Commerce subcommittee will conduct a hearing on auto manufacturing; and the House Small Business Committee will conduct a hearing on the effect of the Obama health care law on small businesses.
    Overseas On Wednesday, Mervyn King, the governor of the Bank of England, and Andrew Bailey, the deputy governor-designate, will be questioned by a parliamentary committee.



    Quotation of the Day
    "We very much look forward to trial where we will demonstrate that the S.E.C.'s 'evidence' is nothing but fabrication and speculation."
    Mark Cuban's lawyers, on a judge's ruling denying a request to dismiss an insider-trading lawsuit.
     









Wall Street at Close Report March 5, 2013.: U.S. stock rally lifts Dow to record finish by Kate Gibson and Barbara Kollmeyer, MarketWatch

By Kate Gibson and Barbara Kollmeyer, MarketWatch 

NEW YORK (MarketWatch)The Dow Jones Industrial Average leapt to a new high on Tuesday, surpassing levels reached more than five years ago, on indications of an improving U.S. economy. 

Up 8.8% for the year so far, the more than century-old blue-chip index posted its first finish above the record closing high of 14,164.53 set on Oct. 9, 2007, ahead of the global financial meltdown. 

“I think of it as the ‘Rip Van Wrinkle’ event; five years ago the Dow was at its previous high and then we had a nightmare called the ‘Great Recession,’ and now we are waking up from it,” said James Angel, an associate professor of finance at Georgetown University’s McDonough School of Business. 

“The market is basically saying there is not a lot of bad news out there. The sequester came, and the world did not end on March 1; the war in Afghanistan is winding down; the energy situation seems to be improving; and the housing market is on the mend. The world is not ending and I think that is being reflected in stock prices,” Angel added. 

The Dow industrials DJIA +0.89%   gained 125.95 points, or 0.9%, to end at 14,253.77, after rising to 14,286.37, easily topping its all-time intraday high of 14,198.10, set on October 11, 2007. See: IBM led gains in Dow’s return to record territory.
 
The market’s four-year climb off the 2009 lows that followed has Wall Street bidding farewell to losses that came with the financial crisis, as monetary stimulus from the Federal Reserve and corporate-profit expansion supported Wall Street’s recovery.

Art Cashin on Dow all-time high
UBS Director of Floor Operations and veteran stock trader Art Cashin joins The News Hub as the Dow closes at an all-time record high to describe the mood on the floor of the New York Stock Exchange. Photo: Getty Images.

The Dow industrials fell 34% in 2008 as the housing bubble burst and the federal government moved to rescue the U.S. banking system. 

“Last time we were here the economy was heading in a different direction, it was peaking and heading off a cliff,” said Art Hogan, market strategist at Lazard Capital Markets. 

“The good news is the market has put in a new high, and we’re actually at a better place than the last time we were at this level,” he added. 

The S&P 500 index SPX +0.96%   rose 14.59 points, or 1%, to 1,539.79, with technology leading gains among its 10 major industry groups, all of which advanced. It closed 25 points from all-time high hit on Oct. 9, 2007.

 

What's driving Dow’s record setting?
The Dow's march toward record levels has sparked a debate over whether the four-year rally for stocks has been driven more by Ben Bernanke or corporate profits. Steven Russolillo and Fusion IQ's Barry Ritholtz joins Markets Hub. 

The Nasdaq Composite COMP +1.32%  climbed 42.10 points, or 1.3%, to 3,224.13. See: Apple’s not in the Dow, thank goodness.
 
For every stock that fell, roughly three gained on the New York Stock Exchange, where composite volume approached 3.6 billion.

Performance anxiety

“Momentum and the fear of underperformance are the driving forces that take on a life of their own,” noted Elliot Spar, market strategist at Stifel, Nicolaus & Co., in afternoon commentary. 

The price of commodities also rose, with oil futures for April delivery CLJ3 +0.76%   adding 70 cents, or 0.8%, to end at $90.82 a barrel. Gold gained for a second session, with futures for March delivery GCH3 +0.15%   rising $2.50, or 0.2%, to end Tuesday’s session at $1,574.60 an ounce. Futures for the more active April contract GCJ3 +0.17%   also rose $2.50, or 0.2%, to finish at $1,574.90 an ounce. Read more on gold futures.
 
Equities extended their rally after the Institute for Supply Management released its index of nonmanufacturing activity, which climbed to 56% in February from 55.2% the month before. See: Index of business conditions jumps to highest level in one year.
 
“It’s a very solid reading that usually doesn’t get much attention,” said Hogan . 

Noteable movers included shares of Qualcomm Inc. QCOM +2.01%   up 2% after the computer-chip maker raised its dividend by 40% and created a $5 billion share-buyback program. 

American Apparel Inc. APP +18.60%   rallied nearly 19% after the retailer projected 2012 sales that beat estimates; J.C. Penney Co. JCP +0.60%  shares fell almost 11% after a large shareholder sold a portion of its holdings. 

Kate Gibson is a reporter for MarketWatch, based in New York. Barbara Kollmeyer is an editor for MarketWatch in Madrid.

ADVFN III Evening Euro Markets Bulletin March 5, 2013.


ADVFN III Evening Euro Markets Bulletin
Daily world financial news Tuesday, 05 March 2013


London Market Report
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London close: FTSE soars to close at record high
Market Movers
  • techMARK 2,353.14 +0.91%
  • FTSE 100 6,431.95 +1.36%
  • FTSE 250 13,861.28 +1.37%
UK equity markets charged higher on Tuesday, driven by comments from the US Federal Reserve, Services data, and a raft of upbeat company reports.

Janet Yellen, the Vice Chair of the Board of Governors of the Federal Reserve, said on Monday that she believed the Fed needs to continue with its monthly bond buying programme, while keeping track of potential cost risks.

Meanwhile, company results have been largely supportive, with positive statements coming from the likes of Regus, Ophir, Standard Chartered and Wood Group.

Adding to the gains, the Markit/CIPS service sector purchasing managers index for the month of February came in at the 51.8 point mark, slightly ahead of last month´s reading of 51.5 and expectations for a small slide to 51.3. The reading has eased concerns of a triple dip recession.

The FTSE was also boosted by the news that the Dow Jones index leapt to a record high not seen since 2007, lifted by positive services data.

Of interest, it was today revealed that at least 25% of FTSE 100 groups have now attained the government's target of having at least a quarter of the board made up by female directors. However, the report from BoardWatch warned that as many as 19 out of every 20 full-time executive roles are still held by men.

The organisation also suggested that the movement towards equality in boardrooms "seems to have fizzled out".

Yellen's comments
"Turning to the potential costs of the Federal Reserve's asset purchases, there are some that definitely need to be monitored over time. At this stage, I do not see any that would cause me to advocate a curtailment of our purchase programme," the Vice Chair said.

Speaking at the National Association for Business Economics annual policy conference, she continued: "I view the balance of risks as still calling for a highly accommodative monetary policy to support a stronger recovery and more-rapid growth in employment.

"At this stage, there are some signs that investors are reaching for yield, but I do not now see pervasive evidence of trends such as rapid credit growth, a marked buildup in leverage or significant asset bubbles that would clearly threaten financial stability."

Company news
British outsourcing group Serco was a big riser after revealing that full year revenue rose 5.7% to £4.9bn, underpinned by a strong performance in international markets.

International energy services company Wood Group rose after it posted a 20% rise in revenue from continuing operations in its full year ended December 31st, boosted by growth in all three divisions.

Xstrata was a strong riser after its net income came in ahead of analyst expectations and despite the results being less-than-impressive.

Meggitt, the global engineering group, was also heading higher after it posted an upbeat set of results for 2012, with revenue and profit up, net debt lower, and a 12 per cent increase in the dividend.

Meawhile, defensive stocks, including Centrica and SSE, were sitting in the red, as a riskier appetite pushed the market higher.

Intu Properties was one of the day's weaker performers after Bank of America gave it a less-than-glowing report, although it did upgrade the company to neutral from sell.

Revenue rose 9.2% to £1.2bn at Regus in the year ended December 31st, prompting shares to rise. The group, which provides flexible workplaces, reported that operating profit rose by 66% to £90.2m and total overheads increased 4.1% at constant currency.

Shares in Ophir Energy made strong gains on Tuesday, as the group reported a 100 per cent operational success rate for 2012.

Meanwhile, valve engineering group Rotork delivered a strong set of full year results on Tuesday, but shares dipped as the group warned on the likelihood of weakness within some regions as a result of the current economic conditions. Revenue for the 12 months came in at £511.7m, up 14.3% from £447.8m in 2011, giving a pre-tax profit of £124.2m, up 10.3% from £112.6m a year earlier.




FTSE 100 - Risers
Serco Group (SRP) 630.50p +8.89%
Wood Group (John) (WG.) 818.00p +7.92%
Xstrata (XTA) 1,174.00p +6.78%
Glencore International (GLEN) 391.20p +5.74%
Eurasian Natural Resources Corp. (ENRC) 340.50p +4.03%
Rio Tinto (RIO) 3,438.50p +3.69%
CRH (CRH) 1,514.00p +3.63%
Antofagasta (ANTO) 1,095.00p +3.50%
BHP Billiton (BLT) 2,107.50p +3.46%
International Consolidated Airlines Group SA (CDI) (IAG) 245.90p +3.41%

FTSE 100 - Fallers
Intu Properties (INTU) 334.00p -1.50%
Admiral Group (ADM) 1,267.00p -0.71%
SSE (SSE) 1,461.00p -0.54%
Centrica (CNA) 360.50p -0.25%
Shire Plc (SHP) 2,090.00p -0.10%
Rexam (REX) 519.50p -0.10%
British American Tobacco (BATS) 3,566.00p +0.06%
Sainsbury (J) (SBRY) 344.90p +0.06%
Reckitt Benckiser Group (RB.) 4,522.00p +0.11%
Severn Trent (SVT) 1,631.00p +0.18%

FTSE 250 - Risers
Regus (RGU) 149.80p +15.68%
Ophir Energy (OPHR) 513.00p +11.11%
Tullett Prebon (TLPR) 280.00p +7.78%
Ashtead Group (AHT) 561.00p +6.96%
Centamin (DI) (CEY) 53.25p +6.73%
Hunting (HTG) 905.00p +6.47%
Supergroup (SGP) 642.00p +5.59%
Ferrexpo (FXPO) 215.20p +5.54%
Menzies(John) (MNZS) 785.00p +4.95%
Dialight (DIA) 1,310.00p +4.80%

FTSE 250 - Fallers
Moneysupermarket.com Group (MONY) 199.10p -2.02%
Anite (AIE) 154.00p -1.91%
Lancashire Holdings (LRE) 908.00p -1.89%
COLT Group SA (COLT) 126.30p -1.64%
Barr (A.G.) (BAG) 506.00p -1.56%
Bumi (BUMI) 307.80p -1.44%
Lonmin (LMI) 331.50p -1.43%
Rathbone Brothers (RAT) 1,382.00p -1.29%
Daejan Holdings (DJAN) 3,456.00p -1.26%
Devro (DVO) 348.50p -1.22%




Europe Market Report
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Europe midday: Stocks hold higher ahead of US ISM data
- Ireland and Portugal may receive more time to return aid
- Some countries´ deficit targets may be eased
- China maintains growth target, to boost spending

FTSE-100: 0.85%
Dax-30: 1.71%
Cac-40: 1.36%
FTSE Mibtel 30: 1.82%
Ibex 35: 1.09%
Stoxx 600: 1.34%

Stocks are holding higher on the back of indications that authorities in Europe and China will move to buttress economic growth.

Following last night´s meeting of European Union finance ministers the bloc´s Economics Affairs Commissioner, Olli Rehn, signaled that several countries may be given more time to meet their budget deficit reduction goals.

As well, countries such as Ireland and Portugal may be granted greater breathing room in order to return the funds which they borrowed from international creditors - at the height of the financial crisis - to prop up their economies.

In short, Europe seems headed towards a degree of fiscal stimulus or, perhaps more correctly, less fiscal austerity.

Acting as a backdrop, overnight authorities in Beijing announced an increase in this year´s fiscal deficit target, which is now projected to pass from -1.5% to -2.0%.

Now all eyes turn to this afternoon's US ISM services sector data.
Cyclicals pedal higher
Deutsche Post has unveiled fourth-quarter net income amounting to €542m, far more than analysts had expected, although its guidance for 2013 was a tad less than expected.

Spanish banks will be in focus after Spain was forced to halt its auction of nationalised lender Catalunya Banc for a second time, due to the lower than desired bids.

Italy's Banco Popolare has warned investors to expect a much larger full-year loss than they had penciled in.

From a sector stand-point the best performance on the DJ Stoxx 600 is now to be seen in the following industrial groups: Automobiles (2.85%), Basic resources (2.64%) and Insurance (2.02%).
Eurozone service sector stronger than expected, but weakens in Spain
The Eurozone service sector purchasing managers´ index for the month of February recovered to the 47.9 point level after a reading of 47.3 for the month before (Consensus: 47.3).

All of the national gauges either beat or met economists´ expectations, save for Spain, where activity weakened in that sector last month.
Single currency bounces
The euro/dollar is now only nudging higher , after sharper gains earlier, rising by 0.05%, to the 1.3036 dollar mark.

Front month Brent crude futures are now gaining by 0.623 dollars to the 110.78 dollar per barrel level on the ICE.




US Market Report
US open: Dow Jones hits a new all-time high
The major US equity market averages have started the day moderately higher, with gains of 0.7%, and the Dow Jones Industrials at its best levels ever.

That comes ahead of the release of this afternoon's ISM services data and a speech from the President of the US Federal Reserve bank of Richmond, Jeffrey Lacker, tonight.

Chip maker Qualcomm has announced a 40% rise in its dividend policy and a $5bn share repurchase program.

Helping stocks along is news that China will increase its deficit spending this year so as to meet its target of 7.5% GDP growth.

Fashion retailer JC Penney is off after people familiar with the matter said Vornado Realty Trust sold 10m shares in the department-store company at $16.40 apiece through Deutsche Bank AG, Bloomberg reports.

Google is rising on the back of a price target upgrade from Jefferies up to $1,000 per share.

Yahoo may benefit from an upgrade out of analysts at Cantor.

American Apparel is moving 14% higher after pleasing traders with its revenue guidance

Front month West Texas crude futures are now 0.32% higher at $90.43 per barrel on the NYMEX.

10 year US Treasury yields are now up by 2 basis points to the 1.89% mark.




Broker Tips
Broker tips: Stanchart, Intertek, Ophir Energy
Analysts at Credit Suisse expect shares of Intertek to gain, as margins recover in the second half of the year.

Hence, they have lifted their target on the firm's stock to 3,850p from 3,550p before, while reiterating their outperform rating.

The Swiss broker is forecasting that the quality and safety services outfit will see its rate of revenue growth weighed down in the first half of the year by continued weakness in Minerals (circa 5% of sales) and tough comparables.

"However, as growth accelerates in the second half, and aided by further BPO efficiencies and European restructuring, Intertek appears well placed for further material margin expansion," their analysts add.

As well, Intertek is expected to be a significant beneficiary from weakness in the Sterling/US dollar exchange rate, which affects approximately 55% of its sales and 65% of the company's profits.

"Quality results from a quality bank. STAN [StanChart] is our top pick. Buy." That was Ian Gordon from broker Investec this morning.

The broker reiterated its "buy" recommendation for Standard Chartered after the bank unveiled "quality" results on Tuesday morning. The lender's normalised earnings per share were 225.2 cents, or 2% ahead of consensus, while its revenues were bang in-line.

Gordon then goes on to add that "the dividend per share is up a massive 10.5% to 84 cents – in line with us, 3.0% ahead of consensus."

He added: "The outlook statement is reassuringly robust. In 2013 we believe that delivery against the 'usual' targets of double-digit revenue growth, flat jaws and double-digit EPS growth will be a breeze. Standard Chartered targets mid-teens stated return on equity in the medium term – we expect return on tangible equity to hit 15% in 2013. Such performance metrics have no comparator group!"

The group also reitered its 1,900p target for StanChart, explaining that "as a unique, top-line led, high growth stock we regard the valuation as undemanding."

Broker Nomura has today given FTSE 250 listed oil&exploration outfit Ophir Energy a new price target of 727p (down from 750p), reflecting a 3% dilution from the placing.

However, Tom Robinson, the analyst who authored the research note from the aforementioned broker, commented that a proposed placing and rights issue at Ophir Energy "provides visibility on financing."

More specifically, he explained that "Nonetheless, if successfully completed it: 1) Removes an overhang which has seen the shares decline circa 15% Year-to-date (Peer group SXEP: -2.5%); 2) Leaves Ophir fully funded to at least mid-2014 on current equity levels; and 3) Places Ophir in a stronger negotiating position to complete asset farm-downs on favourable terms and add to the current E&A program."