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Jul 23, 2013

NYT I ALERTS FGC BOLSA - FGC FINANCIAL MARKETS JULY 23, 2013: House G.O.P. Sets New Offensive on Obama Goals.



Compiled: July 23, 2013 10:09:54 PM

House G.O.P. Sets New Offensive on Obama Goals
As President Obama prepares to lay out his economic plans, Republicans are proposing the biggest cuts since 1995, delivering blow after blow to programs he will promote as vital.

GATA I THE GAT DISPATCH JULY 23, 2013: Outsider Club's Adam English: Silver prices are blatantly rigged.

Outsider Club's Adam English: Silver prices are blatantly rigged

10p ET Tuesday, July 23, 2013

Every market is manipulated these days, Outsider Club editor Adam English writes today, and none is rigged less than silver is, thanks to JPMorganChase & Co. English's commentary is headlined "Why Is Silver Manipulation So Absurd? Silver Prices Are Blatantly Rigged" and it's posted at the Outsider Club's Internet site here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

GATA I THE GATA DISPATCH JULY 23, 2013: FOFOA: The funeral for the gold futures market

FOFOA: The funeral for the gold futures market

9:45p ET Tuesday, July 23, 2013

Blogger FOFOA writes today that manipulation of the gold market is starting to be as recognized as manipulation of other markets; that unlike other commodities, gold really doesn't need a futures market as intermediary between producers and end users; and that the current construction of the gold market, in which manipulators assume the role of intermediary, is likely coming to an end -- a prediction made emphatically lately by Jim Sinclair. FOFOA's commentary is headlined "The Funeral" and it's posted at his blog here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

NYT I ALERTS FGC BOLSA - FGC FINANCIAL MARKETS JULY 23, 2013: Economic Scene Pro-Baby, but Not in an Economic Sense



Compiled: July 23, 2013 07:07:04 PM

Economic Scene

Pro-Baby, but Not in an Economic Sense
Conservatives claim to have a soft spot for babies, but they also support sharp cuts to programs that benefit families and children.

CNBC Latest Stories I Evening Brief July 23, 2013.


NYT International Herald Tribune Global Update July 23, 2013: Drug Research in China Falls Under a Cloud.

July 23, 2013
Compiled 20:45 GMT

Global Update


Drug Research in China Falls Under a Cloud

GlaxoSmithKline's problems in China may be not just about its sales practices. They may also concern its research, an internal audit indicates.

Al Qaeda Asserts Responsibility for Iraqi Prison Breaks

The audacity of the assaults on Sunday, in which hundreds of inmates escaped, underscored the deterioration of Iraq's stability in recent months.

China Orders Halt to Construction of Government Buildings

The directive is the latest in a series of initiatives by President Xi Jinping to discourage corruption and grandiosity among widely mocked officials.

Video: Brazil's Seeds of Protest

Brazilians express their grievances with the lack of resources invested in education and health care.

Op-Ed Contributor

Britain's Baby Bump

For the British, the royal birth symbolically perpetuates the endurance of their own country.

Royal Couple Make First Appearance with Infant Son

The Duchess of Cambridge and Prince William took turns cradling the newest royal heir in their arms to the screaming delight of onlookers.

Pentagon Lays Out Options for U.S. Military Effort in Syria

For the first time, the Pentagon provided explicit details to Congress about the logistics, costs and risks of options for intervening in Syria's two-and-a-half-year-old war.

6 Die in Egypt as Morsi Supporters Continue Protests

In the latest sign of Egypt's political impasse, at least six people were killed Tuesday, bringing to at least nine the number of deaths in clashes over the last 24 hours.

Starbucks and Danone Joining Forces to Sell Yogurt

The two companies decided to work together as Americans grow more interested in healthy foods, like yogurt.

Prices Fuel Outrage in Brazil, Home of the $30 Cheese Pizza

From bus fare to rent, the price of living in Brazil keeps rising, and the push-back against increases has escalated from shopping abroad for cheaper goods to staging protests.

Senate Panel Examines Potential Risks in Banks' Involvement in Commodities

Some witnesses warned a congressional subcommittee that taxpayers, as well as the economy, could be vulnerable to banks' actions in the commodities market.
Bits Blog

Big Data Analysis Adds to Guest Worker Debate

A private job placement company said that there are plenty of job seekers in the United States for thousands of tech jobs, raising doubts over appeals for more foreign guest workers.

Cisco to Buy Sourcefire, a Cybersecurity Company, for $2.7 Billion

Cisco Systems has agreed to buy Sourcefire, a provider of cybersecurity services, for about $2.7 billion in cash, amid a growing fervor for companies that can help guard against computer-based attacks.
Square Feet

For Tech Start-Ups, Sublets Upon Sublets in Manhattan

Many tech companies in their early stages rent modest spaces from bigger tech companies, and then rent out any leftover space in turn.

Martino May Feel Right at Home With Barça

Tested in South America, Barcelona's new coach, Gerardo Martino, brings a sense that it's a players' game.

It's Not More Science, but Magic, That Soccer Needs

Coaches may try to come up with systems that will ensure success, but improvisation, coming from artful players like the young Romelu Lukaku, more often than not wins the day.

Fresh Face Is Leading England to Glory at Ashes

Joe Cook is just 22, but he is already a batter who is striking fear into the hearts of Australian players and fans.

Back-to-Back Crimes Threaten Hollywood's Destination Appeal

Two recent high-profile crimes have threatened the image of Hollywood Boulevard as a tourist destination, presenting an early challenge to Los Angeles' new mayor.

As Clock Ticks, Fierce Turnout Effort for Health Law

With the health care rollout on Oct. 1, an Obama administration team of political operators and data-crunching technocrats is working to sell the law to Americans.
Juneau Journal

Alaska Looks for Answers in Glacier's Summer Flood Surges

Torrents of water shooting out from beneath the thinning Mendenhall Glacier have become a new element of Juneau's brief, high summer season, threatening property.
Opinionator | Draft

Should We Write What We Know?

The command is not perfect, implying, as it does, that one's written output should be limited to one's passions.
Op-Ed Columnist

The Faithful's Failings

The Catholic Church isn't the only place where child sexual abuse cases have exposed religious communities as havens for wrongdoing.

The Two-State Imperative

If Israelis and Palestinians cling to their illusions of holding or recovering all the land, new talks will die.

DealBook P.M. Edition July 23, 2013: S.E.C. Says Texas Man Operated Bitcoin Ponzi Scheme

Tuesday, July 23, 2013
S.E.C. Says Texas Man Operated Bitcoin Ponzi Scheme The regulator also warns investors that "the rising use of virtual currencies in the global marketplace may entice fraudsters."
    Hedge Fund Drama, Appearing on Your Screen In the latest incarnation of the hedge fund billionaires' public spat over the nutritional supplements company Herbalife, one hedge fund manager (briefly) taunts another in a message on the Bloomberg terminal.
    Ryanair Says It's Open to Selling Stake in Aer Lingus The airline's conditional offer was seen by some analysts as more maneuvering in its pursuit of Aer Lingus.
    Cisco to Buy Sourcefire, a Cybersecurity Company, for $2.7 Billion Cisco Systems has agreed to buy Sourcefire, a provider of cybersecurity services, for about $2.7 billion in cash, amid a growing fervor for companies that can help guard against computer-based attacks.
    Telefónica to Buy E-Plus of Germany From KPN The cash and stock deal, worth an implied $10.7 billion, comes amid signs of accelerating consolidation in Europe's telecommunications sector.
    Thai Billionaire Plans $2.3 Billion Infrastructure Fund I.P.O. The True Corporation, a 3G and broadband network operator in Thailand, said it planned to use proceeds from the proposed spinoff of telecommunications assets to reduce debt.
    Breakingviews: KPN's $10.7 Billion Retreat From Germany The deal is also heartening for investors in Europe's fragmented, cutthroat and heavily regulated telecommunications industry, says Quentin Webb.
    Economic Data Reports on Wednesday will include sales of new homes for June.
    Corporate Earnings Companies scheduled to report results on Wednesday include Facebook, Ford, Boeing, Daimler, GlaxoSmithKline, PepsiCo, Caterpillar, Visa, Eli Lilly, EMC, LG Electronics and Canon.
    In the United States On Wednesday, Dell shareholders are scheduled to vote on the $24.4 billion buyout offer by the company's founder, Michael S. Dell, after the initial vote was postponed last week.
    Quotation of the Day
    "New HLF product: The Herbalife Enema administered by Uncle Carl."
    Daniel S. Loeb, a hedge fund manager, used his profile on the Bloomberg data terminal to taunt Bill Ackman on Herbalife.
    DealBook Video
    Intersection: Keeping Cool on Wall St.
    Intersection: Keeping Cool on Wall St. Jose De Haro skips the suit on most days, but pays special attention to fit and tailoring when dressing for his broadcast job on Wall Street.


Wall Street at Close Report by MarketWatch July 23, 2013: U.S. stocks end mostly lower; Dow rises to record

U.S. stocks end mostly lower; Dow rises to record

By Kate Gibson, MarketWatch 
NEW YORK (MarketWatch)U.S. stocks ended mostly lower on Tuesday after a decline in a regional manufacturing gauge prompted concern, but the Dow industrials climbed to a record close. 

Snapping a four-session winning streak, the S&P 500 index SPX -0.19%  fell 3.14 points, or 0.2%, to 1,692.39, with information technology leading losses and telecommunications leading gains among its 10 major sectors. The S&P 500 rose to its 23rd record close this year on Monday. 

The Nasdaq Composite COMP -0.59%  lost 21.11 points, or 0.6%, to end at 3,579.27 on Tuesday.
After a 58-point climb to an intraday record of 15,604.22, the Dow Jones Industrial Average DJIA +0.14%  ended up 22.19 points, or 0.1%, at 15,567.74, its 28th record close this year. 

More than 620 million shares traded on the New York Stock Exchange. Composite volume topped 3 billion. 

Reasons to expect inflation

With inflation across much of the developed world stuck at well below 2%, economists are starting to worry about deflation. But there are some reasons why inflation, rather than deflation, is more likely. Alen Mattich joins MoneyBeat. 

Wall Street had begun modestly higher as companies from DuPont DD -0.09%  to Texas Instruments Inc. TXN +4.04%  beat earnings expectations. 

Stocks relinquished much of their gains after the Federal Reserve Bank of Richmond said manufacturing activity in the central Atlantic region declined in July, with a seasonally adjusted composite index of manufacturing activity down 18 points in July to a reading of −11. The Richmond Fed also said that activity in the service sector softened in July

“While the Richmond manufacturing survey is never market moving itself, its weakness following the better New York and Philly reports points to a still mixed bag in manufacturing,” emailed Peter Boockvar, chief market strategist at the Lindsey Group LLC. 

United Technologies Corp. UTX -0.02% paced gains for the Dow average after reporting quarterly earnings above Wall Street estimates

United Technologies’ share movement “alone is worth some 20-odd Dow Jones points,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott. “The market is a bit overbought at this juncture. It charged to new highs in a basically straight line before running into a wall of mixed earnings,” he added. 

Dow component Travelers Cos. TRV -3.77%  fell 3.8% as rising interest rates weighed on its bond portfolio, with the company saying it would cut jobs and auto-insurance prices. 

Shares of DuPont ended slightly lower after the chemical producer reported a drop in quarterly earnings and said it was considering a spinoff or potential sale of its performance-chemicals business.
“As I watch stock prices move up a lot faster than earnings, it causes me to be a lot more cautious,” said Alan Skrainka, chief investment officer at Cornerstone Wealth Management in Des Peres, Mo. 

“It’s a wonderful time to rebalance portfolios; I think I’ll feel pretty good about that come September. 

Unless things change dramatically, September is the month that we start tapering,” said Skrainka, referring to potential reductions in the Federal Reserve’s $85 billion in monthly bond purchases. 
In the aerospace and defense sector, shares of Lockheed Martin Corp. LMT +1.96%  gained 2% after an earnings beat

Freeport-McMoRan Copper & Gold Inc. FCX +2.88%  climbed 2.9% after the biggest publicly traded copper producer reported second-quarter earnings that topped estimates. 

Netflix Inc. NFLX -4.47%  dropped 4.5% a day after the online-entertainment service reported subscriber growth below some estimates in the second quarter. 

CapitalSource Inc. CSE +21.77% jumped 22% after PacWest Bancorp PACW +7.05%  said it would acquire the commercial lender for about $2.29 billion in cash and stock. Sourcefire Inc. FIRE +27.78%  shares rallied 28% after Cisco Systems Inc. CSCO -0.62%  agreed to buy the cybersecurity company in a deal worth about $2.7 billion

Tech giant Apple AAPL -1.72%  will likely garner much of the attention on Tuesday evening after weak results from Microsoft Corp. MSFT -0.59%  and Google Inc. GOOG -0.76% last week. Apple will release quarterly earnings after the market close on Tuesday. 

The dollar DXY -0.27%   declined against the currencies of U.S. trading partners and Treasury yields rose, with the 10-year yield 10_YEAR +0.12%  rising two basis points to 2.50%. 

Oil futures CLU3 +0.41%  rose above $107 a barrel and gold fell 0.1% to $1,334.70 an ounce after an impressive run on Monday, when the August contract GCQ3 +0.83%  posted the heftiest one-day rally in more than a year. 

Getty Images Image
Netflix was one of the biggest S&P 500 decliners Tuesday, when the broad index broke a string of gains.
Short-covering likely factored into gold’s bounce after prices fell more than 30% from late 2012, with Federal Reserve Chairman Ben Bernanke’s pushback against monetary tightening a factor driving the action, wrote Marc Chandler, global head of currency strategy at Brown Brothers Harriman & Co., in emailed commentary. 

But the impact could be short-lived. 

“Despite the market’s recent misinterpretation of the Fed’s tone regarding QE [quantitative easing] exit, genuine inflation concerns are nowhere on the horizon, neither is systemic risk — two key variables that typically support sustained gold rallies. On the demand side, India has just placed yet more restrictions on gold imports,” he wrote. 

Tuesday’s data calendar also had the Federal Housing Finance Agency’s home-price index for May rising 0.7%. 

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

Wall Street at Close Report by CNBC July 23, 2013: Dow closes at record high, S&P snaps 4-day winning streak; techs drag

Dow closes at record high, S&P snaps 4-day winning streak; techs drag

Stocks finished narrowly mixed in lackluster trading Tuesday, but the Dow posted a fresh closing high, as investors weighed a handful of upbeat earnings against a weak regional factory report.
(Read more: After-hours buzz: Apple, AT&T, Broadcom & More)

"This week, we're entirely focused on a market that is luckily treating earnings on a case-by-case basis," said Art Hogan, managing director at Lazard Capital Markets. "You've got a general market trend where investors are comfortable with stocks for now—for now, we've a better understanding of Fed tapering means."

Name Price Change %Change
DJIA Dow Jones Industrial Average 15567.74
22.19 0.14%
S&P 500 S&P 500 Index 1692.39
-3.14 -0.19%
NASDAQ Nasdaq Composite Index 3579.27
-21.11 -0.59%

The Dow Jones Industrial Average rose 22.19 points to close at a record high of 15,567.74, lifted by United Tech and Boeing. The blue-chip index traded in a tight 60-point range.

The S&P 500 dipped 3.14 points to finish at 1,692.39. Earlier, the S&P 500 traded within two points of touching the 1,700 mark. The Nasdaq slipped 21.11 points to end at 3,579.27. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, dipped near 12.
(Read more: 'Walking Dead'market: Why the rally keeps going)

Among key S&P sectors, telecoms led the gainers, while consumer staples dipped.

Apple's tough quarter, 'lost year': analyst
Daniel Ernst, Hudson Square Research Inc., says he continues to see fiscal year 2013 as Apple's "lost year." He says he's not excited about a cheap iPhone, because it's like asking Audi to sell a cheap car.
DuPont rallied after the chemical company edged past earnings expectations by a penny and said it is exploring selling its performance chemicals unit. Fellow Dow component United Technologies rose after the multinational conglomerate beat profit estimates and lifted the lower end of its yearly forecast and said it is well positioned for a return to organic growth in the second half of the year. Travelers reported quarterly results that topped forecasts as the firm saw fewer catastrophic losses. Still, shares of the insurance company slid. Peabody Energy reported a lower profit due to weak prices, but shares of the coal company soared to lead the S&P 500 gainers as the results still topped analysts' expectations. Texas Instruments jumped after the chipmaker posted better-than-expected quarterly results and handed in current-quarter guidance that exceeded expectations. Netflix declined after the online entertainment company posted a smaller-than-expected quarterly subscriber growth, though the company topped earnings expectations. (Read more: 'The big picture isgreat': Netflix's Hastings) After the closing bell, investors will be focused on Apple as the iPhone maker is due to post results. Analysts expect the tech giant to post earnings of $7.32 a share on sales of $35 billion. (Read More: Why investors should look past Apple's 'horrendous' earnings) So far this quarter, technology has been one of the most disappointing sectors so far, with results from Microsoft, Google, and Intel missing analysts' forecasts. In addition, AT&T, VMWare, Broadcom, and Discover Financial are among other notable companies to post earnings after the bell. (Read More: Earnings delugebegins today—here's what to expect.
Cisco Systems announced it will acquire software maker Sourcefire in a deal worth nearly $2.7 billion in an effort to beef up network security offerings. The network equipment company said the deal would likely close during the second half of the year. Sourcefire shares surged nearly 30 percent following the announcement. On the economic front, manufacturing activity in the central Atlantic region contracted in July, dropping to -11 from a downward revised 7 in June, according to the Federal Reserve Bank of Richmond. A above zero indicates an expansion. Treasury prices remained lower after the government auctioned $35 billion in 2-year notes at a high yield of 0.336 percent. The bid-to-cover ratio, an indicator of demand, was 3.08, versus a recent average of 3.54. In global markets, Chinese stocks boosted shares across Asia following market rumors that China could take stimulus measures to boost its economy. Chinese shares outperformed after state newspaper Beijing News reported that Chinese Premier Li Keqiang had said the government would not allow the country's gross domestic product growth to fall below 7 percent. Comments from China's vice-premier, Zhang Gaoli, also bolstered sentiment this week. He reiterated Beijing's commitment to supporting the export and services industries, while steering the economy towards consumer-oriented growth, according to Reuters. The Shanghai Composite rallied 2 percent on Tuesday, while the Hang Seng Index jumped 2.5 percent. Elsewhere, South Korea'sKospi hit a five-week high. "Momentum remains positive for equities, which were given a further boost this morning as Premier Li confirmed that the minimum level for growth in China would be 7 percent, raising the potential prospect of stimulus measures to support the Chinese economy and its bottom line growth target," Rebecca O'Keeffe, head of investment at Interactive Investor, said on Tuesday.
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter:

Invitation to a Dialogue: Why Pay Off the Debt?: NYT ALERTS FGC BOLSA - FGC FINANCIAL MARKETS JULY 23, 2013.



Compiled: July 23, 2013 04:07:23 PM


Invitation to a Dialogue: Why Pay Off the Debt?
A mathematician argues that we are too focused on debt reduction. Readers are invited to respond.