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Aug 26, 2014

Al Jazeera English - August 26, 2014: Libya: The escalation of a proxy war?1



Libya: The escalation of a proxy war?1

Al Jazeera English Al Jazeera English
Published on Aug 26, 2014
War takes on new dimension after United Arab Emirates is accused of secretly bombing Tripoli with the help of Egypt. Laura Kyle speaks to Julien Barnes-Dacey – a senior policy fellow in the European Council on Foreign Relations' Middle East and North Africa Programme; Rami Khouri - director of the

SEC | Press Release - August 26, 2014: SEC Announces Pilot Plan to Assess Stock Market Tick Size Impact for Smaller Companies.

 SEC Seal
08/26/2014 04:45 PM EDT

The Securities and Exchange Commission today announced that the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) filed a proposal to establish a national market system plan to implement a targeted 12-month pilot program that will widen minimum quoting and trading increments (tick sizes) for certain stocks with smaller capitalization.  The Commission plans to use the pilot program to assess whether such changes would enhance market quality for smaller capitalization stocks for the benefit of investors and issuers.
“This is an important step for a valuable initiative that could have meaningful implications for market quality,” said SEC Chair Mary Jo White.  “I look forward to the public comment on the proposal and the expeditious development of a final pilot program.”
In June, the Commission ordered the exchanges and FINRA to develop and file a proposal for a tick size pilot program.  The SEC will seek comment on the proposed plan, which will be subject to Commission approval following a 21-day public comment period.
The pilot program will include stocks with a market capitalization of $5 billion or less; an average daily trading volume of one million shares or less; and a closing share price of at least $2 per share.  The pilot will consist of one control group and three test groups with 400 securities in each test group selected by stratified sampling.
  • Pilot securities in the control group will be quoted at the current tick size increment of $0.01 per share, and trade at the increments currently permitted. The control group would represent a baseline for analysis during the pilot period.
  • Pilot securities in the first test group will be quoted in $0.05 minimum increments.  Trading would continue to occur at any price increment that is permitted today.
  • Pilot securities in the second test group will be quoted in $0.05 minimum increments, and traded in $0.05 minimum increments subject to certain exceptions.
  • Pilot securities in the third test group will be subject to the same minimum quoting and trading increments (and the same exceptions) as the second test group, but in addition would be subject to a “trade-at” requirement. In general, a “trade-at” requirement prevents price matching by a trading center that is not displaying the best bid or offer.
The pilot also directs the exchanges and FINRA to collect and transmit data to the Commission and make the data available to the public in an agreed-upon format.  After the end of the pilot period, the exchanges and FINRA will complete an assessment of the impact of the pilot and submit the assessment to the Commission.

DealBook P.M. Edition on August 26, 2014: Burger King to Buy Tim Hortons for $11.4 Billion.

For the latest updates, go to dealbook.nytimes.com »
Tuesday, August 26, 2014
TOP STORY
Burger King to Buy Tim Hortons for $11.4 Billion As part of the deal to create one of the biggest fast-food operations in the world, the American burger giant will move its home to Canada, where Tim Hortons is based.
  • DEALBOOK
  •  
    DEALBOOK HIGHLIGHTS
    Consumers, and the politicians who represent them, could be important in whether a deal like the Burger King-Tim Hortons merger stands or falls.
    Standard Deduction: In Burger King-Tim Hortons Deal, Consumer Reaction Could Be Crucial Most Burger King customers are not looking to make a political statement when they buy a hamburger, Victor Fleischer writes.
    Burger King's shares rose nearly 20 percent after its talks to buy Tim Hortons were disclosed.
    Deal Professor: Inversion Critics and Investors May Be Misjudging Burger King Deal Tax strategy does not appear to be the primary driver of the acquisition of Tim Hortons, Steven Davidoff Solomon writes, and the reaction of investors in Burger King may be too optimistic.
    Tim Hortons was once owned by Wendy's.
    Reuters Breakingviews: Burger King Wins Support Where Wendy's Didn't in Tim Hortons Deal In 2005, the hedge fund titan William Ackman pressured Wendy's to spin off Tim Hortons, arguing it was undervalued. But in the Burger King deal, a robust dose of financial engineering can change minds, notes Rob Cox.
    Swiss Bank Pictet Reveals Results for First Time Pictet, which is privately held, switched to a traditional corporate partnership from a limited liability partnership this year. It reported a first-half profit of about $222 million.
    Buzz Tracker
    Fantasy Football, Stock Market Edition A start-up that lets people buy shares in professional football players could be seen as evidence that irrational exuberance is making a comeback.
    Google Buys Zync, Maker of Visual Effects Software Google announced Tuesday that it bought Boston-based Zync, the maker of Zync Render, a "cloud-based rendering software." That's software that helps movie studios take simple, computer-generated pictures of things like a giant robot bashing through a wall and make it look real, writes Conor Dougherty in the Bits blog of The New York Times.
    LOOKING AHEAD
    Revised Growth Data Due on Thursday The Commerce Department will release on Thursday its revised estimate of economic growth in the second quarter of 2014. The change from the advance estimate released late last month is expected to be small: Economists predict the growth rate for the economy last quarter will be reduced to 3.9 percent, from 4 percent.
    For the latest updates, go to dealbook.nytimes.com »

WSJ | Biggest Decliners Closing on August 26, 2014.

Biggest Decliners Closing
Biggest Decliners
4:47 pm ET 08/26/2014
NYSE
Issue Volume Price Chg % Chg
Xueda Education Group ADS (XUE) 552,579 $3.74 -0.89 -19.22
Doral Financial (DRL) 1,336,610 6.76 -1.60 -19.14
Trina Solar ADS (TSL) 11,916,210 12.30 -1.07 -8.00
Movado Group (MOV) 579,321 40.64 -3.40 -7.72
Best Buy (BBY) 28,654,641 29.80 -2.19 -6.85
Hyperdynamics (HDY) 286,672 2.71 -0.18 -6.23
Yingli Green Energy Holding ADS (YGE) 6,029,868 3.56 -0.22 -5.82
Empresa Distribuidora y Comercializadora Norte Cl B ADS (EDN) 138,801 11.06 -0.65 -5.55
Nu Skin Enterprises Cl A (NUS) 2,535,842 46.75 -2.62 -5.31
Orbitz Worldwide (OWW) 8,109,357 8.04 -0.39 -4.63
Regis (RGS) 1,606,209 14.09 -0.66 -4.47
Gray Television (GTN) 843,822 10.05 -0.46 -4.38
Pampa Energia ADS (PAM) 283,662 8.80 -0.40 -4.35
Burger King Worldwide (BKW) 24,134,962 31.00 -1.40 -4.32
Imprivata (IMPR) 43,440 14.60 -0.64 -4.20
Companhia Energetica de Minas Gerais-Cemig ADS (CIG) 5,295,247 8.39 -0.34 -3.89
K12 (LRN) 564,075 19.30 -0.73 -3.64
TravelCenters of America (TA) 616,728 11.13 -0.40 -3.47
BBVA Banco Frances ADS (BFR) 207,946 10.14 -0.36 -3.43
Demand Media (DMD) 765,660 8.92 -0.30 -3.25
Quiksilver (ZQK) 2,656,230 3.00 -0.10 -3.23
Danaos (DAC) 20,255 5.69 -0.18 -3.07
China Green Agriculture (CGA) 531,661 2.24 -0.07 -3.03
China New Borun (BORN) 227,896 2.24 -0.07 -3.03
VMware (VMW) 3,758,431 97.80 -2.98 -2.96
 
Nasdaq
Issue Volume Price Chg % Chg
iKang Healthcare Group ADS (KANG) 982,915 $19.58 -3.07 -13.55
Globus Maritime (GLBS) 36,755 3.17 -0.45 -12.43
Allied Healthcare Products (AHPI) 18,654 2.08 -0.17 -7.56
Eleven Biotherapeutics (EBIO) 21,798 10.87 -0.81 -6.93
Immunomedics (IMMU) 768,832 3.34 -0.22 -6.18
Noodles Cl A (NDLS) 659,818 20.33 -1.27 -5.88
Lombard Medical (EVAR) 60,475 6.45 -0.38 -5.62
Sanderson Farms (SAFM) 2,216,471 89.79 -5.33 -5.60
Cerulean Pharma (CERU) 42,735 4.07 -0.23 -5.35
Hub Group Cl A (HUBG) 601,406 44.54 -2.50 -5.31
First Financial Service (FFKY) 18,468 3.46 -0.19 -5.21
IntriCon (IIN) 14,259 6.56 -0.35 -5.07
Flamel Technologies ADS (FLML) 300,212 14.72 -0.78 -5.03
Koss (KOSS) 21,755 2.63 -0.14 -4.98
Hydrogenics (HYGS) 150,759 22.79 -1.13 -4.72
Perceptron (PRCP) 20,450 11.21 -0.54 -4.60
China XD Plastics (CXDC) 273,311 7.22 -0.34 -4.50
Intra-Cellular Therapies (ITCI) 73,770 15.19 -0.71 -4.47
Tuniu ADS (TOUR) 642,379 20.20 -0.94 -4.45
QuickLogic (QUIK) 387,480 3.47 -0.16 -4.41
EveryWare Global (EVRY) 230,683 2.30 -0.10 -4.17
Hooker Furniture (HOFT) 15,305 14.96 -0.64 -4.10
21Vianet Group ADS (VNET) 718,663 30.06 -1.23 -3.93
Hanwha SolarOne ADS (HSOL) 484,592 2.06 -0.08 -3.74
M B T Financial (MBTF) 19,228 5.15 -0.20 -3.74
 
NYSE Arca
Issue Volume Price Chg % Chg
Direxion Daily Gold Miners Bear 3x Shares (DUST) 4,121,552 $16.09 -1.12 -6.51
Direxion Daily Junior Gold Miners Index Bear 3X Shares (JDST) 2,280,088 11.01 -0.72 -6.14
Direxion Daily Brazil Bear 3X Shares (BRZS) 32,392 23.66 -1.11 -4.48
ProShares UltraShort MSCI Brazil Capped (BZQ) 23,052 50.60 -1.82 -3.47
Direxion Daily Small Cap Bear 3x Shares (TZA) 15,724,902 14.18 -0.42 -2.88
Direxion Daily Gold Bear 3X Shares (BARS) 2,198 40.20 -1.16 -2.80
ProShares UltraPro Short Russell2000 (SRTY) 809,968 36.27 -1.03 -2.76
ProShares UltraShort Russell2000 Growth (SKK) 2,531 37.87 -0.88 -2.27
PowerShares DB Crude Oil Short ETN (SZO) 2,100 38.02 -0.88 -2.26
Direxion Daily Natural Gas Related Bear 3x Shares (GASX) 14,460 16.98 -0.36 -2.08
ProShares UltraShort Russell2000 (TWM) 1,619,522 43.64 -0.83 -1.87
Direxion Daily Emerging Markets Bear 3x Shares (EDZ) 854,706 27.27 -0.50 -1.80
ProShares UltraShort MSCI Emerging Markets (EEV) 42,445 15.85 -0.28 -1.74
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) 6,874 30.09 -0.52 -1.70
VelocityShares 3x Inverse Crude ETN linked to the S&P GSCI Crude Oil Index Excess Return (DWTI) 6,500 29.72 -0.51 -1.68
Direxion Daily Japan Bull 3x Shares (JPNL) 4,165 47.88 -0.78 -1.60
Direxion Daily Energy Bear 3x Shares (ERY) 439,155 13.10 -0.21 -1.58
ProShares Ultra Utilities (UPW) 3,056 85.66 -1.30 -1.49
PowerShares DB Agriculture Double Long ETN (DAG) 33,092 6.63 -0.10 -1.48
Market Vectors ChinaAMC SME-ChiNext ETF (CNXT) 5,369 27.38 -0.39 -1.42
Direxion Daily Russia Bull 3x Shares (RUSL) 493,424 17.04 -0.22 -1.27
Credit Suisse Commodity Rotation ETN (CSCR) 2,000 19.13 -0.24 -1.24
ProShares Short 30 Year TIPS/TSY (FINF) 42,377 38.39 -0.47 -1.21
Select Sector SPDR-Utilities (XLU) 6,527,238 42.23 -0.51 -1.19
Market Neutral Global Equity ETN Linked to the HS Market Neutral Index Powered by HOLT due September 15 2031 (CSMN) 4,600 19.61 -0.22 -1.11
 
Composite
Issue Volume Price Chg % Chg
Xueda Education Group ADS (XUE) 552,579 $3.74 -0.89 -19.22
Doral Financial (DRL) 1,336,610 6.76 -1.60 -19.14
Adept Technology (ADEP) 2,163,998 9.01 -2.12 -19.05
iKang Healthcare Group ADS (KANG) 982,915 19.58 -3.07 -13.55
Aquasition (AQU) 4,410 8.60 -1.30 -13.13
Globus Maritime (GLBS) 36,755 3.17 -0.45 -12.43
Oxbridge Re Holdings (OXBR) 38,059 5.92 -0.62 -9.41
Skyline (SKY) 38,292 3.42 -0.35 -9.28
Trina Solar ADS (TSL) 11,916,210 12.30 -1.07 -8.00
Movado Group (MOV) 579,321 40.64 -3.40 -7.72
Allied Healthcare Products (AHPI) 18,654 2.08 -0.17 -7.56
Eleven Biotherapeutics (EBIO) 21,798 10.87 -0.81 -6.93
Andatee China Marine Fuel Services (AMCF) 231,161 2.58 -0.19 -6.86
Best Buy (BBY) 28,654,641 29.80 -2.19 -6.85
Advaxis (ADXS) 982,323 3.73 -0.27 -6.75
Aldeyra Therapeutics (ALDX) 24,444 3.60 -0.26 -6.74
Direxion Daily Gold Miners Bear 3x Shares (DUST) 4,121,552 16.09 -1.12 -6.51
NetSol Technologies (NTWK) 243,434 2.77 -0.19 -6.42
Hyperdynamics (HDY) 286,672 2.71 -0.18 -6.23
Immunomedics (IMMU) 768,832 3.34 -0.22 -6.18
Direxion Daily Junior Gold Miners Index Bear 3X Shares (JDST) 2,280,088 11.01 -0.72 -6.14
Alliqua (ALQA) 34,591 5.09 -0.33 -6.08
Manhattan Bridge Capital (LOAN) 92,042 2.56 -0.16 -5.89
Noodles Cl A (NDLS) 659,818 20.33 -1.27 -5.88
Yingli Green Energy Holding ADS (YGE) 6,029,868 3.56 -0.22 -5.82
 
 
Footnotes
Includes common, closed end funds, ETFs, ETNs and REITS with prior day close of $2 a share or higher, with volume of at least 2,000.
x - stock is trading ex-dividend
Source: WSJ Market Data Group