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Apr 1, 2013

DealBook P.M. Edition April 01, 2013.: Wall Street Lessons From Sallie Krawcheck


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


Monday, April 1, 2013
TOP STORY
Sallie Krawcheck says women need sponsors more than mentors. Mentors will offer advice and guidance; sponsors will actually pull women's careers along.
Wall Street Lessons From Sallie Krawcheck Sallie Krawcheck, veteran of meteoric rises and falls, says women need sponsors to counteract the comfort zones in which men seek out other men because they have more in common. The interview with Ms. Krawcheck kicks off the latest DealBook special section.
For the latest updates, go to dealbook.nytimes.com »
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DEALBOOK HIGHLIGHTS
White Collar Watch: In Libor Ruling, a Big Win for the Banks Peter J. Henning says that a judge's dismissal of the bulk of the claims filed by private plaintiffs against banks involved in a rate-manipulation scandal is certainly a major victory, but the banks should not get too far ahead of themselves.
China Insider: Apple of Discord in China Bill Bishop says that there are a number of theories about why official Chinese media outlets are attacking Apple. And while many Chinese commentators online are mocking the state media, the company does appear to have a problem with Beijing.
After 'Dishonorable Discharge,' Blodget Muses About a Wall Street Comeback Henry Blodget, the Business Insider co-founder and a former Merrill Lynch analyst, has told Ken Auletta that some day he may explore trying to overturn a lifetime ban from the securities industry.
American Greetings to Be Taken Private American Greetings, the greeting card and "social expression" products company, said on Monday that it had agreed to be taken private by its founding family in a deal it valued at $878 million.
Taylor Morrison Sets I.P.O. Price at $20 to $22 a Share The home builder Taylor Morrison said on Monday that it planned to raise as much as $602 million in an initial public offering, seeking to take advantage of a nascent revival in the housing markets.
Little Chance for a Dell Bidding War Michael S. Dell can choose whether to roll his 15 percent stake in the company into any other takeover bid, and that makes him the kingmaker, write Robert Cyran and Richard Beales of Reuters Breakingviews.
Buzz Tracker
Hess to Sell Russian Subsidiary for $2.1 Billion The Hess Corporation said on Monday that it would sell its Russian subsidiary, Samara-Nafta, to Lukoil for $2.1 billion as Hess continued a string of asset sales to focus its operations. Hess, which is under pressure from the activist investors Elliott Management and Relational Investors, has already announced the sale of assets in Europe, Azerbaijan and Texas.
LOOKING AHEAD
Economic Reports Data to be released on Tuesday includes factory orders for February.
In the United States On Tuesday, automakers will report their North American sales for March.
Overseas On Tuesday, the euro zone will report unemployment for February.
For the latest updates, go to dealbook.nytimes.com »
Quotation of the Day
"A mentor is someone you go to, you have a cup of coffee, you give them advice, you shoot the breeze for a while and away you go. A sponsor is someone who pulls people along."
Sallie L. Krawcheck on helping women with their careers on Wall Street.


Wall Street at Close Report April 01, 2013.: U.S. stocks slip with manufacturing data; by Kate Gibson, MarketWatch.:

By Kate Gibson, MarketWatch 
 
NEW YORK (MarketWatch) U.S. stocks lost ground on Monday, with two benchmark indexes retreating from record highs, after a closely watched manufacturing gauge unexpectedly declined in March. 

The Institute for Supply Management’s factory index fell to 51.3% in March from 54.2% in February. Economists polled by MarketWatch had forecast the ISM to match February’s level of 54.2%. Any figure over 50% signals expansion.

Keep your eye on Apple stock
Steven Russolillo has three key stocks to keep an eye on for Monday's trading session, including Apple.

Separately, Markit’s reading of U.S. manufacturing in March came in at 54.6%, less than the 55% level analysts had expected.ç

Another report had construction spending climbing in February. 

“The ISM number is a little bit of a disappointment. Construction is still good. Don’t fight the Fed on the construction front: they want to prop up the builder and that part of the economy,” said Nick Raich, chief executive officer at the Earnings Scout.
“Right now, it seems people are waiting for employment numbers and earnings season,” he added. The Labor Department will release its March report on nonfarm payrolls and the unemployment rate on Friday.
After rising as much as 27 points and falling as much as 47 points, the Dow Jones Industrial Average DJIA -0.04%  ended down 5.69 points, or less than 0.1%, at 14,572.85. 

Eighteen of its 30 components finished in the red, led by Intel Corp. INTC -1.85% , down 1.9%, and Hewlett-Packard Co. HPQ -2.22%  , off 2.2%. 

The S&P 500 index SPX -0.45%  fell 7.02 points, or 0.5%, to 1,562.17, with industrials and technology hardest hit among its 10 major sectors. 

After ending March at an all-time high, and recording its best quarterly rise in a year, the S&P 500 remains below its intraday high of 1,576.09. 

The Nasdaq Composite index COMP -0.87%  lost 28.35 points, or 0.9%, to 3,239.17 on Monday, as Apple Inc. shares AAPL -0.07%  dropped 3.1%.

Decliners outpaced advancers by a more than 2-to-1 ratio on the New York Stock Exchange, where almost 560 million shares traded. Composite volume approached 2.7 billion. 

The Chicago Board Options Exchange Volatility Index VIX +6.93% , which gauges the price of employing options as a hedge against losses in the S&P 500, leapt 7.3% to 13.63. 

In corporate news, Dell Inc. DELL -0.21%  warned it would be risky to take on a significant amount of debt and remain a public company given its darkening profit forecast. The comments made Friday, a holiday for Wall Street, were seen as signaling the computer maker considers bids from Blackstone Group LP BX -2.02%  and billionaire investor Carl Icahn as potentially dangerous. Dell shares fell 0.2%.
Telsa Motors Inc. TSLA -0.07%   jumped almost 16% after the electric-car maker projected a profitable first quarter, pointing to robust sales of its Model S sedan. 


Getty Images Enlarge Image
EBay Inc. EBAY +2.75%  climbed 2.8% after Canaccord Genuity Corp. upgraded shares of the online auctioneer to a buy rating and J.P. Morgan raised its price target to $64. 

General Mills Inc. GIS -1.28%  declined 1.3% after Morgan Stanley downgraded the food manufacturer to equalweight from overweight.
In a piece for the New York Times on Sunday, David Stockman, ex-budget director for President Ronald Reagan, said a market crash is just a few years away. The piece drew its share of detractors, including Princeton University economist and New York Times columnist Paul Krugman. 

Kate Gibson is a reporter for MarketWatch, based in New York.

BIV Today's Businews News April 01, 2013.: B.C. bids farewell to HST; Sumas border to get $25m upgrade; B.C. oil and gas rights sales revenue plummets 50%

 

Economy and Finance

B.C. says goodbye to the HST today

Today is the day British Columbia returns to the PST/GST system and bids farewell to ... READ MORE

Transportation

 

Sumas border crossing to get $25m upgrade

The provincial and federal governments and the City of Abbotsford will jointly fund a $25 million upgrade to the Sumas border crossing, it was announced ... READ MORE

Mining and Energy

 

B.C. oil and gas
rights sales revenue plummets 50%

Oil and gas rights sales netted the B.C. government $115 million for the fiscal year just ending, which is about half of what they were in ... READ MORE

More News...

   

Mining sector IPOs at record low

Restaurant sales increase Canada-wide in January but drop in B.C.: StatsCan

Richmond engineer joins UN disaster-mitigation effort

This Week's Issue

 

BlackBerry Jam pushes recipe for app success

BlackBerry’s new Z10 smartphone has a lot going for it – a speedy browser, a superb keyboard and a new perimeter that allows ... READ MORE


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Canadian Payroll Association

Video on BIV.com

BIV on Global BC: YVR fees drive customers away

BIV has launched its video platform with clips of the team's daily appearances on Global BC Morning News. Here, Timothy Renshaw discusses how YVR fees are driving customers away ... CLICK HERE






The Conscience of a Liberal I NYT Opinion Today April 01, 2013.: Bond Bubble Brouhaha ; by Paul Krugman

The New York Times

April 1, 2013

Opinion Today

Op-Ed Contributor

The Tar Sands Disaster

President Obama will be doing Canada a favor if he blocks the Keystone XL pipeline once and for all.
King Cotton's Long Shadow
Opinionator | The Great Divide

King Cotton's Long Shadow

Slavery was crucial to the development of global capitalism.
Op-Ed Contributor

On the Economy, Think Long-Term

Our underlying economic problems aren't temporary. To fix them, we need a strategy for the next 20 years.
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OPINION

Interactive: A Gallery of Economic Villains and Heroes

A gallery of "heroes" who championed sound money and fiscal rectitude and "villains" who led the United States down the path of insolvency.
Bringing Home Less Bacon
Room for Debate

Bringing Home Less Bacon

As more women become the primary breadwinners, why does income disparity still exist? And what can be done about it?
Op-Ed Contributor

When We Loved Form 1040

Filing tax returns can be an act of civic virtue.
On Being Catholic
Opinionator | The Stone

On Being Catholic

Can reflective and honest intellectuals actually believe in the church's teachings?
The Ways I've Worried
Opinionator | Anxiety

The Ways I've Worried

With Stephen, there were lung collapses and hospital visits that stacked up like rush-hour cars. But strangely, I slept well then.
The Kurdish Factor
Latitude

The Kurdish Factor

A strategic neighborhood of Aleppo falls to the rebels after Kurdish fighters join them against the Assad regime. Where next?
Editorial

The Immigration Spring

A breakthrough agreement on guest workers raises hopes for a broader deal.
Editorial

Using Medicaid Dollars for Private Insurance

There are major benefits and big risks in what some Republican-led states want to do.
Editorial

Mexico's Ambitious Economic Agenda

Proposals to increase competition and reform taxes have the potential to transform the country.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
Bond Bubble Brouhaha
The Conscience of a Liberal

Bond Bubble Brouhaha

Martin Feldstein is not making sense.
Fresh Thoughts from Authors of a Paper on 11,300 Years of Global Temperature Changes
Dot Earth Blog

Fresh Thoughts from Authors of a Paper on 11,300 Years of Global Temperature Changes

The authors of an important new study comparing recent warming with the last 11,300 years answer questions.
'Game of Thrones' and the Fantasy Author's Challenge
Evaluations

'Game of Thrones' and the Fantasy Author's Challenge

Why George R.R. Martin broke out, and other fantasists don't.