FGC BOLSA- FGC FIN
Compiled: August 13, 2013 10:07:48 PM
Aug 13, 2013
Can’t the president find someone to run the economy who didn’t help create the culture that ran it into the ground?
August 13, 2013
Compiled 20:45 GMT
Compiled 20:45 GMT
By ANDREW HIGGINS
The defendants accused in the theft from the Kunsthal museum in Rotterdam are seeking an unspecified deal in return for the artwork.
By STEVEN LEE MYERS and ANDREW ROTH
The raids have reportedly ensnared nearly 1,500 foreigners, including detainees being held in a Moscow tent camp under conditions that Human Rights Watch called inhuman.
By MATT SIEGEL
An appeals court ruling could set a precedent that favors the environmental interests of local communities over the economic interests of mining companies.
By JOE ZHANG
The country's macroeconomic problems will set in motion much-needed reforms. The net result will be a stronger economy.
By C. J. CHIVERS and ERIC SCHMITT
Syrian rebels have found an unlikely source for arms in Sudan, whose government sold the weapons to Qatar, which arranged delivery through Turkey, Western officials and the rebels said.
By BEN HUBBARD
In a video, the commander of the Free Syrian Army said he was visiting President Bashar al-Assad's home province to see the "accomplishments" of rebels, who have seized villages in the area.
By THOM SHANKER
Gen. Martin E. Dempsey is visiting Israel and Jordan to discuss what further American aid could help contain the Syria conflict.
In Debt: The Future of American Airlines Stephen J. Lubben says that American Airlines' plan to exit bankruptcy - a merger with US Airways - has hit a dead end, with the antitrust case filed on Tuesday by the Justice Department and six attorneys general. But if American has to drop its merger plans, is that a better prospect for the airline?
Herbalife Safety Issue Draws Scrutiny Herbalife is at the heart of a Wall Street brawl. Now the company's response to its handling of a product safety issue in 2011 is drawing scrutiny.
Ackman Resigns From Penney's Board The activist investor William A. Ackman resigned from J.C. Penney's board days after starting an unusually public rebellion against his fellow directors.
Breakingviews: Ackman's Plate-Spinning Act Gets Dangerous If the hedge fund tycoon gets a reputation as a loose-cannon director, it will give him fewer options as an activist investor, the authors note. Backing down so quickly at J.C. Penney may help him avoid that fate, say Agnes T. Crane and Jeffrey Goldfarb.
Major Overhaul of Company Audits Is Proposed The proposal by the Public Company Accounting Oversight Board could provide investors with deeper insights into the health of corporations.
Arrests Still Pending in JPMorgan Trading-Loss Case Federal authorities, seeking to bring criminal charges against two former JPMorgan Chase employees at the center of the bank's massive trading loss in London, are facing logistical hurdles in planning their arrests.
Icahn Says He Has Large Stake in Apple "Had a nice conversation with Tim Cook today," tweets Carl C. Icahn, the longtime activist investor, as shares of Apple surge.
Paulson & Co. Said to Be Steinway Player Paulson & Company is the mystery rival bidder for Steinway Musical Instruments, Josh Kosman of The New York Post reports.
CVC Capital to Buy Extended Warranty Company for $1.2 Billion Advent International, a European private equity firm, agreed to sell Domestic and General, an extended warranty company, to CVC Capital Partners for about $1.2 billion.
Economic Data Data to be released on Wednesday will include the producer price index for July.
Corporate Earnings Companies scheduled to report on Wednesday include Deere, Macy's and Cisco Systems.
Overseas The Bank of England releases minutes of its recent meeting.
Wall Street at Close Report by MarketWatch August 13, 2013: U.S. stocks rise with help from Apple Inc.
U.S. stocks rise with help from Apple Inc
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) — U.S. stock indexes rose on Tuesday, with technology pacing the gains, after investor Carl Icahn touted his large position in Apple Inc.
Apple AAPL +4.75% jumped 4.8% after Icahn revealed his “large position” in the stock and amid reports that the consumer-technology company will unveil a new iPhone on Sept. 10.
U.S. sues to block airline merger
What’s News: Justice Department files lawsuit to block the merger of AMR and US Airways saying deal would hurt consumers. North Carolina’s governor signs voter ID law. Oprah Winfrey is ‘sorry’ over Switzerland racism flap.
“When you have a market leader, a still widely held stock being referenced by one of the most widely known and respected investors, Carl Icahn, people do want to play follow the leader,” said Robert Pavlik, chief market strategist at Banyan Partners.
After an 84-point rise and 77-point slide, the Dow Jones Industrial Average DJIA +0.20% ended at 15,451.01, up 31.33 points, or 0.2%. Hewlett-Packard Co. HPQ +2.09% paced blue-chip gains, up 2.1%, after being placed on Citigroup Inc.’s focus list.
The S&P 500 index SPX +0.28% rose 4.69 points, or 0.3%, to 1,694.16, with technology and financials the best performing of its 10 major sectors. Rafferty Capital Markets analyst Dick Bove told CNBC on Tuesday that the banking sector is on track for record profits this year.
Shares of US Airways Group Inc. LCC -13.07% declined 13% after the U.S. Justice Department filed a lawsuit challenging the airline’s merger with AMR Corp. AAMRQ -45.44% , the parent of American Airlines.
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J.C. Penney Co. JCP -3.72% retreated 3.7% after activist investor Bill Ackman resigned from the retailer’s board, ending efforts to oust CEO Mike Ullman.
Yum Brands Inc. YUM -2.01% declined 2% a day after the operator of fast-food chains KFC and Taco Bell said sales in China fell last month.
Eli Lilly & Co. LLY +2.61% rallied 2.6% after the drug manufacturer said its potential treatment for lung cancer yielded positive initial results in a late-stage study.
The Nasdaq Composite COMP +0.40% gained 14.49 points, or 0.4%, to 3,684.44.
For every two shares rising, roughly three fell on the New York Stock Exchange, where 618 million shares traded.
Composite volume topped 3 billion.
Stocks rose to session highs after Dennis Lockhart, president of the Atlanta Fed Bank, on Tuesday afternoon said the economy’s uneven performance likely means the Fed won’t commit to a “full phase-out” of its $85 billion in monthly bond buys.
“From an earnings standpoint, we’re strong enough to support a taper in September. And the jobs picture is improving, so I’ve been in the camp that it’s coming, regardless whether it’s September or December,” said Nick Raich, CEO at the Earnings Scout.
The yield on the 10-year Treasury note 10_YEAR +3.62% used to determine rates on loans including mortgages rose 10 basis points to 2.719%. That hit home builders, with PulteGroup Inc. PHM -2.29% down 2.3%, D.R. Horton Inc. DHI -1.49% off 1.5% and Lennar Corp. LEN -2.63% off 2.6%.
“Home builders got grossly overvalued. When the Fed taper comes, and interest rates rise, is the housing recovery strong enough to support rising rates? The Fed’s caught between a rock and a hard place,” said Raich.
A report released by the Commerce Department ahead of the open showed retail sales rose 0.2% last month after a 0.6% gain in June that was larger than initially estimated. Retail sales excluding cars, gasoline and building materials climbed at their fastest pace in seven months.
“Consumers are still spending, although limited income growth appears to also be holding spending increases in check,” Jim Baird, chief investment officer at Plante Moran Financial Advisors, wrote in emailed research.
The dollar DXY +0.31% gained against the currencies of major U.S. trading partners, including the yen USDJPY +1.34% and the euro EURUSD -0.28% .
Halting a four-session rise, the price of gold futures GCZ3 -1.00% fell $13.70, or 1%, to end at $1,320.50 an ounce. Crude oil for September delivery CLU3 +0.41% climbed 72 cents, or 0.7%, to $106.83 a barrel.
Kate Gibson is a reporter for MarketWatch, based in New York.
Stocks close higher, lifted by Fed's Lockhart; AAPL bounces 5% on Icahn: Wall Street at Close Report by CNBC.
Stocks close higher, lifted by Fed's Lockhart; AAPL bounces 5% on IcahnStocks finished in positive territory Tuesday, rebounding after Atlanta Federal Reserve President Dennis Lockhart downplayed the notion that the central bank would begin winding down its bond-buying program at its September meeting.
(Read more: Stars aligned for 'serious' US correction, analyst says)
Meanwhile, Apple spiked nearly 5 percent after billionaire investor Carl Icahn reported a "large position" in the iPhone maker via Twitter. Apple earlier hit a six-month high and broke above its 20-day moving average for the first time this year. Dow Jones reported that Icahn's Apple investment is worth over $1 billion.
On Monday, Apple rallied following a report that the company is expected to unveil its next-generation iPhone on Sept. 10.
(Read more: What could hurt Apple's stock price: Analyst)
|DJIA||Dow Jones Industrial Average||15451.01||31.33||0.20%|
|SaP 500||S&P 500 Index||1694.16||4.69||0.28%|
|NASDAQ||Nasdaq Composite Index||3684.44||14.49||0.39%|
The Dow Jones Industrial Average ended higher, propelled by Hewlett-Packard and Boeing, reversing two-straight days of declines.
The S&P 500 and the Nasdaq also finished in positive territory. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, ended below 13.
Among key SaP sectors, financials led the gainers, while telecoms declined.
(Read more: Cramer: Why I'm buying this stock today)
"We'll flop around and have a mildly choppy market for the next few days," said Keith Bliss, senior vice president at Cuttone and Co. "Overall, there are a few signs that are pointing to us that we could trade lower, but I'm not worried about a big pullback."
Financials the place to be: Bove
Financial stocks are about to overtake tech stocks as the most weighted sector on the S&P 500. Is it time to buy or sell bank stocks? "Banks are earning more money now than ever before," says Dick Bove of Rafferty Capital.
US Airways plunged after the U.S. Justice Department sued to block the airline company's merger with AMR, a deal that would create the world's largest airline. Other airlines including Delta, United Continental and JetBlue also slumped sharply following the news. Activist investor Bill Ackman resigned from JCPenney's board after days of turmoil, saying that a deal for his exit is "the most constructive way forward" to save the retailer. He indicated to CNBC he doesn't plan to sell his shares in the company. JCPenney shares led the S&P 500 sector decliners. Yum Brands declined after the parent company of KFC and Pizza Hut said it expects a 13 percent drop in July same-store sales in China. Among earnings, Flowers Foods climbed after the baking company topped earnings expectations, thanks to its recent acquisitions of Lepage Bakeries and some of Sara Lee's bread brands. Cree, Brocade and SeaWorld Entertainment are among notable companies slated to post results after the closing bell. In Asia, the Nikkei closed 2.6 percent higher after the Nikkei newspaper reported that Prime Minister Shinzo Abe has called for a study on the impact of lowering the current corporate tax rate, as a way to attract foreign capital and boost growth. Meanwhile, China's benchmark index, the Shanghai Composite, hit its highest level since June 20 on rising economic sentiment, Australia's S&P ASX 200 rose to its highest level in nearly three months and South Korea's Kospi hit a one-week high. In Europe, shares were higher in morning trade after Germany's closely-watched ZEW indicator of economic sentiment came in at a highest since March. The index stood at 42.0 for August, up on 36.3 in the previous month.—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter:
Toby Connor: The hidden agenda behind the bear raid
Financial blogger Toby Connor writes this week that the recent smash in the gold market likely was undertaken by big investment houses aiming to get extra-profitably long before the monetary metal's next move upward. This was manipulation, Connor writes, but he doesn't attribute it to central banks. Good enough, but if Connor can see a distinction between central banks and the big investment houses, he must have an awfully good electron microscope. His commentary is headlined "Gold: The Hidden Agenda Behind the Bear Raid" and it's posted at his Internet site, GoldScents, here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Opinionator | Draft
By JOYCE DYER
Could studying the mind change the way we write?
By I. BENNETT CAPERS
There are better ways than stop-and-frisk practices to reduce crime and respect civil liberties.
By MINKY WORDEN
The International Olympic Committee needs a president who cares about human rights.
By THE EDITORIAL BOARD
A federal court rejects unconstitutional overreach by the Bloomberg administration.
By THE EDITORIAL BOARD
Giving the green light to new settlement construction days before scheduled peace talks with the Palestinians is not a sign of being committed to the negotiations.
By THE EDITORIAL BOARD
President Obama should sign an executive order to raise the pay of millions of poorly paid employees of government contractors.
Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
By DAVID FIRESTONE
She gave an impassioned speech on voting rights. Let's hope she keeps on the issue.
Joe Nocera Blog
By JENNIFER MASCIA
A day in the life of armed America.
Paul Krugman Blog
By PAUL KRUGMAN
Grand Bargains are a bad thing if they take you in the wrong direction.
By ROSS DOUTHAT
More on Politico's rise and the Washington Post's decline.