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Apr 27, 2016

The Guardian | World | Australia | Victorian Politics - April 27, 2016: Victorian Budget Criticized by Environment and Community Legal Groups.

theguardian.com

Melissa Davey
 
Environment groups, the community legal sector and those fighting for affordable housing say they have been left behind by Victoria’s budget handed down by the state treasurer, Tim Pallas, on Wednesday.

WSJ | Forex Closing on April 27, 2016.

The Wall Street Journal Forex Closing
Major Currencies
Wednesday, April 27, 2016

WSJ | Major Indexes Closing on April 27, 2016.

The Wall Street Journal Major Indexes Closing
Major Indexes 5:46 p.m. EDT 04/27/16

RT Max Keiser Report: Debt Slavery (E906) Originally Published on April April 26, 2016.

WSJ | Most Actives Closing on April 27, 2016.

The Wall Street Journal Most Actives Closing
Most Active Stocks by Volume
4:31 pm ET 04/27/2016
NYSE

WSJ | Biggest Gainers Closing on April 27, 2016.

The Wall Street Journal Biggest Gainers Closing
Biggest Gainers
4:46 pm ET 04/27/2016
NYSE

WSJ | Biggest Decliners Closing on April 27, 2016.

The Wall Street Journal Biggest Decliners Closing
Biggest Decliners
4:46 pm ET 04/27/2016
NYSE

NYT | The Upshot - April 27, 2016: Donald Trump Beat Expectations Everywhere, Suggesting a Broad Shift, by Nate Cohn

nytimes.com

Nate Cohn
 
After just about every primary night this year, I’ve written something like “Donald Trump stayed on a narrow but clear path to the Republican nomination.”

DealBook P.M. Edition on April 27, 2016: Highlights: Yahoo Agrees to Give 4 Boards to Star boar Value.

 
Wednesday, April 27, 2016
TOP STORY
Fed Keeps Interest Rates Steady and Says Labor Market Is Improving While policy makers noted some weak points in the domestic economy, the central bank appears on course to increase rates later in the year.

Wall Street at Close Report on April 27, 2016, by CNBC: Stocks Mixed; Telecoms, Utilities Lead

cnbc.com
 
Evelyn Cheng
 
U.S. stocks closed mixed Wednesday, amid sharp declines in Apple shares on disappointing earnings, as investors eyed the Fed statement.

The Federal Reserve kept rates unchanged and continues to expect "only gradual increases" in the Fed funds rate.

The U.S. dollar index struggled for direction in volatile trade after the Fed statement release. The euro was last near $1.13 and the yen at 111.4 yen against the greenback.
"The Fed was a non-event. The market continues to decouple on oil prices and the market is continuing to focus on fundamentals and earnings," said Kevin Mahn, president and CIO at Hennion & Walsh Asset Management.
He said the Fed maintained a "hovish" stance, meaning "they're caught in this hybrid hawkish, dovish stance."
Treasury yields held lower after briefly edging off session lows after the Fed statement release.
"Nothing takes June off the table here," said Art Hogan, chief market strategist at Wunderlich Securities. "At the end of the day we want June on the table. We want economic data to be improving."
The Federal Open Market Committee's post-meeting statement said, "economic activity appears to have slowed" and that "growth in household spending has moderated, although households' real income has risen at a solid rate and consumer sentiment remains high."
"I think it's going to be difficult for the Fed to hold court with their prior guidance of two hikes this year," said Brian Muench, vice president of investment management at Allianz Investment Management (AIM).

The latest statement removed the line pointing to risks from global economic and financial developments.
The Dow Jones industrial average extended earlier gains to trade about 50 points higher. Apple contributed the most to declines, with Boeing and Goldman Sachs the top contributor to gains.
The S&P 500 attempted to trade in positive territory again, with telecoms and energy leading, and tech lagging.
U.S. crude oil futures settled up $1.29, or 2.93 percent, at $45.33 a barrel. Earlier, WTI hit a fresh high going back to Nov. 6. WTI initially pared gains after weekly oil inventories from the EIA showed a build of about 2 million barrels.
The Nasdaq composite erased gains for April so far and held more than half a percent lower, weighed by declines in Apple, Amazon.com, Alphabet, Microsoft and Facebook, which is due to report earnings after the close.
"Probably the biggest news overhanging the market today (is) Apple's revenue miss and certainly revenue decline, ending a pretty long stretch of growth and it sort of just underscores the trouble the Nasdaq's had over the last few months," said Jack Ablin, chief investment officer at BMO Private Bank.
The Nasdaq is more than 7 percent below its 52-week intraday high, while the Dow and S&P 500 are about 2 percent below that level. On Tuesday, the Nasdaq composite posted its first four-day losing streak since January and information technology joined health care and financials as the only S&P 500 sectors in negative territory for the year so far.
Apple revenues missed expectations and dropped roughly 13 percent from the same period last year, falling for the first time since 2003 as iPhone sales had their first year-over-year decline. Earnings were 10 cents short of expectations at $1.90 a share. The firm did increase its dividend by 10 percent and raised its capital return program by $50 billion.

Shares briefly fell more than 8 percent before holding about 6 percent lower in late-morning trade. Trade volume was nearly double average only about 2 hours into the trading session.
The Bank of Japan is set to release its statement on monetary policy Thursday.
Read MoreThe Fed's dance to avoid volatility

In other earnings news, Boeing reported earnings that missed but revenues that beat.
Comcast briefly rose more than 2 percent in morning trade for the most positive impact on the Nasdaq 100. The NBCUniversal and CNBC parent posted earnings that beat on both the top and bottom line. Comcast saw growth across virtually all its business segments, and its biggest first quarter jump in TV customers in nine years.
Separately, overnight there were reports that Comcast is in talks to buy DreamWorks.
In economic news, pending home sales rose 1.4 percent in March.
Total mortgage application volume decreased 4.1 percent last week on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association.

The U.S. advance March goods trade deficit came in at $56.90 billion, narrowing from the $62.86 gap reported in the prior month.
Treasury yields held lower after hitting fresh highs since late March Tuesday, with the 2-year yield near 0.84 percent and the 10-year yield around 1.89 percent as of 12:57 p.m. ET.
The U.S. dollar index traded mildly lower, with the euro near $1.133 and the yen at 111.30 yen against the greenback.



 

DJIA Dow Jones Industrial Average 18043.67
53.35 0.30%
S&P 500 S&P 500 Index 2095.37
3.67 0.18%
NASDAQ Nasdaq Composite Index 4863.14
-25.14 -0.51%
European stocks close slightly higher.
Asian stocks closed slightly lower, with the Nikkei 225 and Shanghai composite both ending almost 0.4 percent lower.
Read MoreEarly movers: CMCSA, BHI, UTX, BA, ANTM, NOC, GD, GRMN, AAPL & more

In midday trade, the Dow Jones industrial average gained 21 points, or 0.1 percent, to 18,012, with Boeing leading advancers and Apple the greatest laggard.
The S&P 500 fell 2 points, or 0.1 percent, to 2,081, with information technology leading four sectors lower and utilities the top advancer.
The Nasdaq composite declined 42 points, or 0.86 percent, to 4,846.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, climbed above 14.5.

About nine stocks advanced for every five advancers on the New York Stock Exchange, with an exchange volume of 435 million and a composite volume of nearly 1.9 billion in midday trade.
U.S. crude oil futures for June delivery were up 1.7 percent near $44.80 a barrel on the New York Mercantile Exchange.
Gold futures for June delivery gained $6.80 to $1,250.20 an ounce as of 1:02 p.m. ET.
CNBC's Robert Hum contributed to this report.
On tap this week:

Wednesday
Earnings: Facebook, Paypal, Ameriprise, Marriott, SanDisk (being bought by WDC), Texas Instruments, Cheesecake Factory
2 p.m. FOMC statement
Thursday
Earnings: AbbVie, Altria, Bristol-Myers Squibb, Celgene, Colgate-Palmolive, ConocoPhillips, Deutsche Bank, Dow Chemical, Ford, Honda Motor, MasterCard, UPS, Volkswagen, Aetna, CME Group, Domino's Pizza, Marathon Petroleum, Sirius XM Radio, Sony, Time Warner Cable, Viacom, Waste Management, Beazer Homes, Cliffs Natural Resources, Dunkin Brands, Amazon.com, Amgen, Baidu, Gilead Sciences, Samsung Electronics, Eastman Chemical, Expedia, Hartford Fincl., Juniper Networks, LinkedIn, Western Digital, Groupon, LPL Financial, Outerwall, Pandora Media
8:30 a.m. Jobless claims
8:30 .m. Real GDP Q1
10 a.m. Housing vacancies
1 p.m. $28 billion seven-year note auction
Friday
Earnings: AstraZeneca, Chevron, Exxon Mobil, Novo Nordisk, Sanofi
6:30 a.m. Dallas Fed President Rob Kaplan
8:30 a.m. Personal income; employment cost index
9:45 a.m. Chicago PMI
10 a.m. Consumer sentiment
*Planner subject to change.

FRB Press Release - April 27, 2016: Federal Reserve Issues FOMC Statement

 

Press Release

Release Date: April 27, 2016

Information received since the Federal Open Market Committee met in March indicates that labor market conditions have improved further even as growth in economic activity appears to have slowed.

CMI Spot Prices at Close on April 27, 2016:

Spot Prices as of traditional New York closing times

Wednesday, April 27, 2016


 

NYT | Opinion Pages - April 27, 2016: Obama's Last Chance to End the"Forever War", by Jennifer Daskal.

nytimes.com

Jennifer Daskal
Illustration by Adam Maida; Photo by Zach Gibson/The New York Times
WASHINGTON — THE United States is fighting an unauthorized war. Over the past 19 months, American forces have launched more than 8,800 strikes against the Islamic State in Iraq and Syria and hit the group’s affiliate in Libya. The United States continues aerial assaults against Al Qaeda in the Arabian Peninsula in Yemen, is going after militants in Afghanistan and Pakistan, and killed more than 150 suspected Shabab fighters in Somalia just last month.

FTC Scam Alerts - April 27, 2016: Eat, Drink and be Wary, by Lisa Lake.

Federal Trade Commission Consumer Information

consumer.ftc.gov

by Lisa Lake
 
Looking for a good time and good eats at a good price? Getting a deal on a food festival or other event is terrific. But don’t let scammers leave a bad taste in your mouth by taking a big bite out of your money — and giving you nothing in return.

The Guardian | Opinion | Refugees - April 27, 2016: These Refugees are Children, Cold and at Risk. That's Why I voted to Help Them by Stephen Phillips

theguardian.com

Stephen Phillips

Bits | The Business of Technology - April 27, 2016: All Eyes on Facebook to Lift Tech's Dismal Spirits.

Wednesday, April 27, 2016

The New York Times


The New York Times 

All Eyes on Facebook to Lift Tech’s Dismal Spirits | It’s up to Facebook to bring some light to what has been a dark and stormy tech earnings season.

European Markets at Close Report on April 27, 2016, by CNBC: Stocks Slightly Up; Adidas Up 7%; Oil Wavers; Fed Meeting Eyed

cnbc.com

Arjun Kharpal, Holly Ellyatt, Alexandra Gibbs
 
European stocks finished slightly higher on Wednesday, as investors remained cautious ahead of the latest central bank decision from the U.S. Federal Reserve and digested a slew of earnings.
The pan-European STOXX 600 closed up some 0.2 percent, with sectors pointing in different directions by the close.

FTC Press Release - April 27, 2016: Federal Court Finds Liable for Billing Parents for Children's Unauthorized In-App Charges.

FTC@100 Banner

Court Will Decide Amount of Monetary Relief Amazon Owes in Coming Months

A federal judge has granted the Federal Trade Commission’s request for summary judgment in the agency’s lawsuit against Amazon, Inc., for billing consumers for unauthorized in-app charges incurred by children.

U.S. Stock Market Future Indications Update - April 27, 2016, by MarketWatch: Dow Futures Drop After Apple Whiffs on Earnings

marketwatch.com

Anora Mahmudova, Victor Reklaitis
U.S. stock futures slumped Wednesday, hurt by Apple Inc.’s 8% premarket drop after the largest company by market value delivered quarterly results that disappointed investors.
The stock market could get a jolt in the afternoon, when the Federal Reserve’s latest policy announcement is due.

Bloomberg Politics - April 27, 2016: Trump - Clinton Sparring on "Women Card" Previews Contentious Fall Theme, by Margaret Talev.

bloomberg.com

Margaret Talev

GATA | THE GATA DISPATCH - April 27, 2016: Venezuela Doesn't Have Enough Money to Pay for Its Money


Submitted by cpowell on April 27, 2016. Bloomberg News Wednesday, April 27, 2016

NYT First Draft on Politics - April 27, 2016: Big Wins Send Trump and Clinton Barreling Toward Each Other, by Patrick Healy and Jonathan Martin.

Wednesday, April 27, 2016

The New York Times

NYTimes.com/FirstDraft »

The New York Times

Wednesday, April 27, 2016

Supporters of Hillary Clinton at a primary night event in Philadelphia.
Supporters of Hillary Clinton at a primary night event in Philadelphia. Eric Thayer for The New York Times
Big Wins Send Trump and Clinton Barreling Toward Each Other
By PATRICK HEALY AND JONATHAN MARTIN

DealBook Today's Top Headlines - April 27, 2016: Comcast in Talks to Buy DreamWorks Animation | Apple's 13-Year Surge Ebbs | André Esteves Freed From House Arrest.

 
Wednesday, April 27, 2016
TODAY'S TOP HEADLINES
By AMIE TSANG
COMCAST IN TALKS TO BUY DREAMWORKS ANIMATION Comcast is in talks to buy the boutique studio DreamWorks Animation in a deal that could value the company at about $3 billion, according to two people with knowledge of the talks, Brooks Barnes reports in DealBook.

The deal would value DreamWorks Animation, which has struggled to move past a boom-and-bust cycle of sporadic film releases, at 30 percent more than its current market value.

DreamWorks Animation has a checkered history with potential deals, but Comcast would combine it with its own animation division, Illumination Entertainment, these people said. The operation would be run by Christopher Meledandri, the chief executive of Illumination, which has found success with hits like "Despicable Me." This would most likely lead to the departure of Jeffrey Katzenberg, who runs DreamWorks Animation, as well as layoffs at the studio, which is based in Glendale, Calif.

The Wall Street Journal, which earlier covered the discussions, reported that one person with knowledge of the talks said that DreamWorks and Illumination Entertainment would remain separate brands. It also reported that Mr. Katzenberg would receive a payout of about $21.9 million if he left.

DreamWorks Animation, spun off from Steven Spielberg's DreamWorks Studios, probably attracted Comcast with its intellectual property. It owns movie franchises like Shrek as well as a library of older cartoon characters like Casper the Friendly Ghost, and it supplies television cartoons to buyers like Netflix.
APPLE'S 13-YEAR SURGE EBBS Apple's dazzling 13-year run of quarterly revenue growth ended on Tuesday when the company reported that revenue in the quarter ending in March dropped 13 percent to $50.6 billion, Vindu Goel reports in The New York Times.

Sales of its flagship iPhone fell 16 percent from the same quarter the year before and there was little to make up for the decrease. Nearly half the smartphones sold in the United States are iPhones and Apple may be reaching saturation point, while rivals making less-expensive devices that run on Android continue to challenge the company.

Sales also plummeted in greater China, which includes Hong Kong and Taiwan, falling 26 percent compared with the year before. Apple's prospects in mainland China remain uncertain after the government recently shut down Apple's e-book and digital movie services.

Tim Cook, the chief executive, however, did point out that there was more demand for the iPhone SE than the company could currently fulfill. This latest model went on sale too late for sales to be reflected in these earnings.

Net income fell 22 percent to $10.5 billion, or $1.90 a share. The earnings were well short of Wall Street expectations and shares dropped as much as 8 percent in after-hours trading, wiping about $47 billion off the stock market value.

Apple still generates tens of billions of dollars of cash each year, and it said it would pass along more of that money to shareholders, raising its quarterly dividend 10 percent to 57 cents a share and increasing the amount of stock it buys back to $175 billion.

Apple's disappointing earnings follow a string of bad reports from the biggest technology companies, which have struggled to keep up momentum as they have grown into giant companies.
ON THE AGENDA The Federal Open Market Committee concludes its monetary policy meeting today. Several companies will hold conference calls on their quarterly results including Mondelez at 10 a.m., Comcast at 11:30 a.m. and Facebook at 5 p.m. The House Financial Services Committee will hold a hearing on how the United States can make development banks more accountable at 10 a.m.
ANDRÉ ESTEVES FREED FROM HOUSE ARREST A justice on Brazil's high court has freed André Esteves, the former chief executive of the Brazilian investment bank BTG Pactual, Vinod Sreeharsha reports in DealBook. Justice Teori Zavascki lifted orders placing Mr. Esteves under house arrest and barring him from work, said Antonio Carlos de Almeida Castro, his lawyer.

Mr. Esteves is accused of obstructing justice in a corruption investigation of the state-owned oil company Petrobras. The investigation has led to accusations that members of the leftist Workers Party conspired with top Petrobras executives and outside contractors in an elaborate money laundering and bribery ring. The scandal has hit Brazil's political and business establishment. Dilma Rousseff, the president, faces impeachment proceedings.

Mr. Esteves, who built BTG Pactual into a banking powerhouse, is accused of conspiring with a leader of the Senate to interfere with testimony over kickbacks at Petrobras. The investigation is still underway.

BTG shares rose over 6 percent after reports of the judge's ruling.

Mr. Esteves's lawyer declined to comment on his next moves. Mr. Almeida Castro said that Mr. Esteves could return to BTG Pactual if he wanted to, but that was a decision for him and the bank's current management to make.
MERGERS & ACQUISITIONS »
The fight for Darty began in March, when Steinhoff of South Africa offered to buy the retailer at a price that exceeded the one in a previous merger agreement with Fnac.
Conforama Declines to Raise Offer for Darty, Ending Bidding War Conforama, the French household goods unit of Steinhoff International Holdings, said it would not try to match Groupe Fnac's increased offer.
Sale of ING Life Korea Kicks Off The Asian private equity firm MBK Partners hired Morgan Stanley to start the sale of ING Life Korea, one of South Korea's largest life insurers, in a deal that could fetch more than $3 billion, The Wall Street Journal reports, citing people familiar with the situation.
INVESTMENT BANKING »
In the three months ended March 31, Barclays reported a profit of 433 million pounds, or about $630 million, down from a profit of £465 million in the first quarter of 2015.
Barclays Profit Down 7% The lender is accelerating the sale of businesses it does not consider core operations and is focusing on its British consumer bank and corporate and investment bank.
Deutsche Bank Board Uproar Pits Lonely Lawyer Against Chairman The lawyer, Georg Thoma, started an investigation into the role of Paul Achleitner, the chairman, over how the bank responded to a British inquiry of the company's Libor-setting practices. This has created tension on the board, Bloomberg News reports, citing people familiar with the matter.
Nomura Reports Surprise Quarterly Loss Nomura Holdings unexpectedly posted a quarterly loss for the first time in more than four years, as trading income and brokerage commissions slumped and it set aside cash for payouts tied to job cuts.
Santander Beats Profit Estimates Santander plans to eliminate as many as 1,660 jobs in the country this year and has put acquisitions on hold to concentrate on increasing revenue from existing businesses.
Nordea Prepares for Sanctions Related to Panama Papers Nordea Bank, Scandinavia's biggest bank, said it was preparing for the risk of penalties as the authorities in Sweden investigated its role in creating shell companies that clients were said to have used to evade taxes.
Standard Chartered's Pretax Profit Down 59% on 'Challenging' Conditions The bank said that its first-quarter results reflected depressed commodity prices, volatility in China and weak market sentiment.
Bank of New York Mellon in Talks Over DBV-X Bank of New York Mellon is planning to move into repurchase trading in Europe with the acquisition of DBV-X, a start-up trading venue.
For the latest updates, go to NYTimes.com/DealBook
ADVERTISEMENT
PRIVATE EQUITY »
Lone Star Raises New $5.9 Billion Real Estate Fund Low interest rates in major economies around the world have helped lift global property prices in recent years, fueling the popularity of real estate private equity funds.
I.P.O./OFFERINGS »
China Forestry Liquidators Sue IPO Underwriters and Advisers Liquidators for China Forestry Holdings sued the investment banks and other advisers on its 2009 initial public offering in Hong Kong, accusing them of offenses including breach of contract and misrepresentation.
VENTURE CAPITAL »
Ant Financial's Different Breed of Unicorn A $4.5 billion funding round implies a staggering $60 billion valuation, but Ant Financial's fortunes seem closely tied to Chinese state capitalism, John Foley writes in Breakingviews.
Elizabeth Holmes, founder of Theranos
Don't Blame Silicon Valley for Theranos The troubled testing company dazzled the news media, but Palo Alto investors were the first to see the potential flaws, Randall Stross writes in an op-ed in The New York Times.
LEGAL/REGULATORY »
Making a Cable Merger Safe for Consumers Regulators are right to seek important conditions before approving a deal that would combine three cable companies, The Times editorial board writes.
Treasury's Head of Antilaundering to Join HSBC The Treasury Department's top antilaundering official is resigning to take a top post at HSBC, Reuters reports, citing two sources familiar with her plans. The official, Jennifer Shasky Calvery, a former federal prosecutor, has been director of the Financial Crimes Enforcement Network since 2012.
N.Y.S.E. Assails Plan to Overhaul Trading Fees The head of the New York Stock Exchange said a proposal to overhaul the fee-and-incentive system it uses to get paid for trading would hurt investors and drive trading into the shadows.
Beyoncé at the Super Bowl in 2013 in New Orleans. An investigation found that TicketToad had illegally bought 520 tickets to a Beyoncé concert at the Barclays Center in August 2013 within three minutes.
Ticket Brokers in Settlement With New York Over Scalping Laws The New York attorney general took aim at brokers who use "bots" and other methods that keep tickets out of the hands of ordinary fans.
The Volkswagen logo on a Nasdaq screen. Admissions of cheating on emissions tests have weighed on the company's stock.
VW Presentation in '06 Showed How to Foil Emissions Tests The proposal, discovered as part of the investigations into Volkswagen, provides a direct link to the genesis of the diesel deception.
Drug makers have raised prices on brand-name drugs by double-digit percentages since the start of the year, according to two major drug-benefit managers.
Drug Prices Keep Rising Despite Intense Criticism The burden of drug pricing often falls most heavily on the uninsured, who must pay list price.
The Justice Department last year dropped all charges against Xiaoxing Xi, head of Temple University's physics department; he had been accused of sharing sensitive American-made technology with China.
After Missteps, U.S. Tightens Rules for Espionage Cases Prosecutors in Washington will have greater oversight after the collapse of several cases led to allegations that Chinese-Americans were being singled out as spies.