Lululemon Chairman Sold $50 Million In Stock Right Before The CEO’s Surprise Departure
Wilson, the founder of the struggling yogawear company, set up the sales plan in December, which called for him to sell up to 5.7 million shares over an 18-month period, according to the Wall Street Journal.
He sold 607,545 shares at $81.50 on Friday (the day the board learned of Day’s departure), cashing in $49.5 million.
http://www.businessinsider.com/lulu-chairman-sold-50-million-in-stock-2013-6
Lululemon Chairman Sold Stock [...]
Steve Collins‏@TradeDesk_Steve37 m
IMF cuts French Growth forecasts to -0.2% in 2013, 0.8% 20124 (down from -0.1%, 0.9% previously)
Dealingroom_EN‏@Dealingroom_EN18 h
Fitch Downgrades Cyprus FC IDR to ‘B-’; Negative Outlook; LC IDR Downgraded to ‘CCC’
zerohedge‏@zerohedge1 min
JUNCKER IN EXCLUSIVE MNI INTERVIEW: CANNOT EXCLUDE THIRD LOAN FOR GREECE – MNI
zerohedge‏@zerohedge1 min
French culture minister calls Amazon ‘destroyer of bookshops’ in latest attack on web companies
zerohedge‏@zerohedge3 min
The facts about Japan’s Govt Pension Investment Fund Plan B
http://www.zerohedge.com/news/2013-06-03/problems-japans-plan-b-government-pension-investment-funds-house-bonds
Luisport
DEFLATION: CONSUMER PRICES FALL 0.4% (Est. -0.3%)
http://www.businessinsider.com/consumer-price-index-april-2013-5
BIG MISS: HOUSING STARTS FALL TO 853k (Est. 970k)
http://www.businessinsider.com/april-housing-starts-2013-5
MISS: INITIAL JOBLESS CLAIMS JUMP TO 360k (Est. 330k)
http://www.businessinsider.com/initial-jobless-claims-may-11-2013-5
zerohedge‏@zerohedge1 min
Economic data is so bad today we may get S&P 1700
zerohedge‏@zerohedge2 min
Housing Starts 853K, Exp. 970K
zerohedge‏@zerohedge3 min
Claims 360K, Exp.330K. Random()
zerohedge‏@zerohedge9 min
S&P Downgrades Berkshire From AA+ To AA, Outlook Negative
Obviously with Buffett a major shareholder of Moody’s, the only place where a downgrade of Berkshire could come from [...]
Credit default swaps (CDSs) are one instrument that has shown a marked decline. The BIS report showed the total notional outstanding for CDS contracts for H2 2012 dropped 6.91% to US$25.069 trillion, from US$26.93 trillion for H1 2012.
This means the cumulative reduction for CDSs’ outstanding notional since June 2011 is US$7 trillion – partly due to contract compression, whereby economically redundant derivatives trades are terminated without changing the net position [...]
Switzerland Revises 1934 Banking Act to Allow Bail-in Deposit Confiscations!
The Swiss Financial Market Supervisory Authority (FINMA) has quietly joined the growing parade of western nations who have quietly re-written banking laws to allow depositor bail-ins upon the next banking crisis.
If Switzerland, the once ultimate safe haven for banking deposits across the world is preparing to confiscate depositors funds, there truly is no protection anywhere other than physical gold and silver [...]
Gregor Peter‏@L0gg0l21 min
ITALY CENTRE LEFT WILL NOT SUPPORT MARINI FOR PRESIDENT, DEFYING BERSANI — Reuters
Gregor Peter‏@L0gg0l10 h
3 rumors: 1) German downgrade 2) Italy may sell Gold as well 3) Cyprus parliament vote
Reinman_MT‏@reinman_mt55 min
Grillo denounces other parties’ candidates as ‘monsters’, vai ANSA
(ANSA) – Rome, April 17 – Beppe Grillo, leader of the anti-establishment 5-Star Movement (M5S), denounced two potential presidential candidates from other parties as “monsters” on Wednesday.
http://www.ansa.it/web/notizie/rubriche/english/2013/04/17/Grillo-denounces-parties-candidates-monsters-_8569759.html
Egan-Jones downgrades Germany rating [...]
Faisal Islam‏@faisalislam12 min
Pissarides: have to think of the whole economy… Looks like we get a compromise tonight or tomorrow morning. Not going to be a good one
Faisal Islam‏@faisalislam13 min
Pissarides: 2 biggest banks lost money in Greek debt. Caused to a large extent by haircut. so capitalise from ESM
Faisal Islam‏@faisalislam14 min
Pissarides: decision has to be reached today or tomorrow. Accept haircut,
hedge‏@zerohedge2 min
Comic interlude time from Buffett’s rating agency: MOODY’S DOWNGRADES CYPRIOT [...]
Roubini: Correction in second half
Dr. Doom says U.S. fiscal drag will eventually catch up with the stock market in the second half of 2013.
Dollar rally just getting started: Societe Generale
Faber: Rally will end ‘badly’
Is It Really 2007 Again?
Don’t Lose Sight of The Macro Message: U.S. Personal Income Fell $505.5 Billion, Sales Plunge, French Unemployment Rises Again to Highest Since 1999, Fitch Downgrades Italy, China’s Economic Crisis Looming, Dollar Breaks 10-year Falling [...]
US Consumers Forced To Record Borrowing For Student Loans As Income Plummets Most In Twenty Years in January
The personal income drop fell $505.5 billion in January or 3.6% compared to December, marking the most dramatic decline since January 1993, according to the Commerce Department. This has led to economics watching consumer spending, which accounts for approximately two-thirds of the US economy.
The mainstream media is blatantly trying to cover up the [...]
Bank Of America Sees First Signs That The Rally Could Reverse
The S&P 500 has been grinding steadily higher in 2013 as no real bearish catalyst has yet given investors reason enough to sell stocks.
For weeks, while Wall Street strategists have mused that this may be the beginning of a “Great Rotation” out of bonds and into equities, they’ve also warned that a correction is near.
…
The chart below shows that historically, [...]
IMF Cuts Global Growth, Sees 2013 European Recession
As with every piece of potentially bad news in the here and now, the IMF provides some bone for bulls to gnaw on by offering hope that 2014 will be considerably better. What at first glance is a broad-based slashing of global growth outlooks for 2013 ends up being yet another hockey-stick expectation dangled out in front of the world’s investors. With Europe now downgraded [...]
Egypt’s long-term credit rating was cut to the same junk level as Greece by Standard & Poor’s as escalating political tension in the North African nation may render aid from the International Monetary Fund “inactive.”
The most-populous Arab country’s rating was lowered by one level to B-, six steps below investment grade, with a negative outlook, S&P said in a statement today. The rating, which is also on par with Pakistan, [...]
AFP - Standard & Poor’s on Wednesday cut its credit rating for troubled Italian bank Monte dei Paschi di Siena — the world’s oldest surviving lender — to speculative-grade status of BB+ from BBB-.
The ratings agency said it was also placing the bank on negative outlook.
“Deteriorating trends in Banca Monte dei Paschi di Siena’s financial position make it unlikely that the bank would restore profitability and improve its capital and funding [...]
 from KWN:
Fasten your seat belts, here is what Egon von Greyerz, founder of Matterhorn Asset Management in Switzerland, had this to say: “Eric, I’m looking around the world and what is happening in France is quite amazing. We all know Hollande is in charge and he is now threatening French steel producer ArcelorMittal. Business is weak and they are looking to lay off some employees.”
Egon von Greyerz continues:
“ArcelorMittal is the biggest [...]
from Zerohedge:
After hours shots fired, with Moody’s hitting the long overdue one notch gong on France:
MOODY’S DOWNGRADES FRANCE’S GOVT BOND RATING TO Aa1 FROM Aaa
FRANCE MAINTAINS NEGATIVE OUTLOOK BY MOODY’S
Euro tumbling.
From the release:
Moody’s decision to downgrade France’s rating and maintain the negative outlook reflects the following key interrelated factors:
1.) France’s long-term economic growth outlook is negatively affected by multiple structural challenges, including its gradual, sustained loss of
competitiveness and the long-standing [...]
Italian prosecutors have filed charges against Deven Sharma, the former president of Standard & Poor’s, and six other credit rating officials for issuing downgrades that destablised the country and fuelled the debt crisis.
by Louise Armitstead, The Telegraph:
Prosecutor Michele Ruggiero has asked a court in Trani, Italy to indict five S&P employees and two from Fitch Ratings for market manipulation, in a move that could trigger a raft of similar claims against [...]
1. Mentions of derivatives bubble being in trouble
2. Sudden surge in metals prices
3. Surge in other commodities
4. Companies issuing warnings in their future guidance on earnings — particularly companies with heavy FX exposure
5. Problems in the 90 day futures
6. Collapse of Euro and/or EU
7. Sudden uptick in inflation (first seen at the pump)
8. Movements of “smart money” from equities
9. Insider selling, such as execs of major Fortune 50 corporations selling [...]
Moody’s just downgraded the credit ratings of five Spanish regions and confirmed current ratings on five others.
The downgrade comes on the heels of regional elections in Spain. The outcomes today were seen as favorable for Spanish PM Mariano Rajoy’s ruling government.
Catalunya, one of the regions downgraded by Moody’s and perhaps Spain’s most economically important region, doesn’t hold elections until late November.
There are fears that Catalunyans, who like to distinguish between themselves [...]
france24.com
October 18, 2012
Moody’s credit rating agency on Thursday downgraded the world’s oldest bank, Italy’s Banca Monte dei Paschi di Siena, to “junk” status on worries government recapitalisation plans will prove insufficient.
The lowering of BMPS’s rating by two notches to “Baaa3?, a non-investment grade, reflects Moody’s view that “there remains a material probability that the bank will need to seek further external support,” the agency said.
Critically exposed to the eurozone debt [...]
As the United Nations General Assembly gets underway and leaders from around the world begin to congregate in New York City, President Obama seemingly downgraded Israel’s traditional status as the closest U.S. ally in the Middle East. In a “60 Minutes” interview Sunday night, Obama simply called Israel “one of” America’s closest allies in the region.
Responding to a question about Israel’s request that he explain his “red lines” on the [...]
Despite the government’s best efforts at pushing them to boost lending, flush U.K. banks find it easier (and less risky) to profit by paying a premium to buy back their bonds. Why make a loan and be forced to reserve precious capital against it when you can be assured of a gain by cutting interest expense?
From WSJ:
Flush with cash but wary of making any more bad loans, U.K. banks are [...]
Morgan Stanley continues to be one of the most bearish big shops around, and the latest Global Asset Strategy report from Gregory Peters drives that home.
The report is titled Fundamental Disconnect and the gist is that the market represents a battle right now between deteriorating fundamentals and central bank liquidity actions, and that the deteriorating fundamentals are likely to trump the easing in the end.
The general view on markets is summed [...]
Egan-Jones rains on Fed’s/market’s parade, downgrades U.S. rating to AA- from AA on concerns QE3 may hurt economy.
@wmwitkowski
From Egan Jones:
Synopsis: UNITED STATES (GOVT OF) EJR Sen Rating(Curr/Prj) AA-/ N/A Rating Analysis – 9/14/12 EJR CP Rating: A1+ Debt: $15.2B EJR’s 1 yr. Default Probability: 1.2% Up, up, and away – the FED’s QE3 will stoke the stock market and commodity prices, but in our opinion will hurt the US economy [...]
rt.com
September 4, 2012
Only days after the United States announced that it will be scaling down its role in a joint-missile exercise with Israel scheduled for later this year, the US has sent CIA Director David Petraeus overseas to handle damage control.
Petraeus, the 59-year-old former commander of the International Security Assistance Force in Afghanistan, arrived in Israel on Monday to deal with what the Jewish state’s Debka news agency calls the [...]
Not entirely surprising following the outlook changes for Germany, France, UK, and Holland but still an intriguing move right before Draghi’s big unveiling: Moodys maintains AAA rating but shifts to outlook negative.
“Moody’s believes that it is reasonable to assume that the EU’s creditworthiness should move in line with the creditworthiness of its strongest key member statesconsidering the significant linkages between member states and the EU, and the likelihood that the large Aaa-rated [...]
Morgan Stanley Prepares To Be Tri-sappointed; Sees No Policy Boost From US, Europe, Or China
Despite high-flying equity indices, there is some underlying concern that all is not rosy in the global economy (and that Fed/ECB/PBoC might not save the day this time). As Morgan Stanley notes, the overcrowded trades are overweight US and within US overweight defensives – implying cyclicals are starting to reflect the current global macro weakness and that there [...]
Despite high-flying equity indices, there is some underlying concern that all is not rosy in the global economy (and that Fed/ECB/PBoC might not save the day this time). As Morgan Stanley notes, the overcrowded trades are overweight US and within US overweight defensives – implying cyclicals are starting to reflect the current global macro weakness and that there are further downgrades to global growth forecasts to come. Expectations for a repeat [...]
From MSN News:
Spain’s borrowing costs tumbled Tuesday as it tapped the debt market for cash, but analysts warned the lull could be brief as Madrid faces a huge repayment crunch in October.
For now, Spain is enjoying a drop in interest rates sparked by European Central Bank chief Mario Draghi’s promise to preserve the euro and possibly resume purchases of government bonds.
The Treasury raised 4.51 billion euros ($5.6 billion) in a sale [...]
Athens (MNI) – A growing number of Eurozone countries, led by Germany, are reluctant to release the first two loan tranches of the second bailout package to Greece, as they doubt about Athens’ commitment to reform, according to senior Eurozone officials.
The International Monetary Fund is also sceptical, fearing that the baseline scenario of the bailout is no longer realistic and that another debt restructuring may be inevitable, the top-ranking officials [...]
Bill Gross’ latest message to investors – don’t put your money into Europe because they are not going to get out of their debt crisis any time soon.
Gross, Founder and Co-Chief Investment Officer of Pimco, manager of the world’s largest bond fund, wrote in an editorial in the Financial Times on Monday that the ultimate aim of European leaders is to get their hands on private-sector money because they know [...]
Athens - Greece, long thought of as the gateway to Western Europe for Asian, African and Turkish immigrants, has rolled up the red carpet by rounding up thousands of illegal immigrants in a single operation.
Chronic and intense economic downgrades and high unemployment are behind a large-scale deportation effort that is picking up momentum in Greece, according to an Associated Press report.
The government of Greece likens its illegal immigrant situation to a “prehistoric invasion,” [...]
Just because one foreign – note: not local because US bankers know very well where the bodies are buried - bank (whose CEO forgot to bribe American congressmen as efficiently as some other bank CEOs), namely HSBC, was not enough to convince Americans just how active America’s corrupt political muppets are when it comes to eradicating the evil banking scourge, here comes redirection target #2:
STANDARD CHARTERED MAY FACE SUSPENSION OVER IRAN TRANSACTIONS
BANK HAD $250 [...]
London Telegraph
August 4, 2012
“With Italy facing a potentially deeper and more prolonged recession than we had originally anticipated, we think Italian banks’ vulnerability to credit risk in the economy is rising,” S&P said in a statement.
“In this context, the combined effect of mounting problem assets and reduced coverage of loan loss reserves makes banks more vulnerable to the impact of higher credit losses particularly in the event of deterioration in [...]
NO CHANGE. STOCKS FALLING. DOLLAR RISING. HAWKISH. NO HELP FOR MARKETS!!!
WASHINGTON (MarketWatch) — The Federal Reserve on Wednesday downgraded its view on the economy but otherwise didn’t make make any changes to its key interest rate, low-rate pledge, or asset-buying plans. The Federal Open Market Committee now says “economic activity decelerated somewhat over the first half of the year,” vs. a prior description of saying the “economy has been expanding [...]
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