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Showing posts with label investments. Show all posts
Showing posts with label investments. Show all posts
Stock futures showed little loss
"We're in a post-earnings season environment, and it would take a pretty major catalyst to move us significantly higher from here," said Art Hogan, managing director at Lazard Capital Markets in New York.
Dow Jones industrial average futures fell 30 points and Nasdaq 100 futures dipped 2 points.
The S&P's 50-day moving average, currently at 1,692.77, could serve as a support level in any market decline.
A number of analysts downgraded the stock.
Cognizant Tech (CTSH.O) rose 4.9 percent to $77 in premarket trading after reporting a 20 percent rise in second-quarter revenue, while Fossil Group Inc (FOSL.O) rose 9.2 percent to $117.31 after its results.
Archer Daniels Midland (ADM.N) reported a drop in profits as U.S. crop supplies tightened, the sending shares 1.4 percent lower to $37.33 in premarket trading.
Of the 391 companies in the S&P 500 that reported earnings for the second quarter through Monday, 67.8 percent have topped analysts' expectations, in line with the average beat over the past four quarters, data from Thomson Reuters showed. The firm cut its price target on the Dow component by $25 to $175.
Shares of IBM fell 1.4 percent to $192.80.
The U.S. trade deficit narrowed sharply in June to its lowest level in more than 3-1/2 years as imports reversed the prior month's spike, suggesting an upward revision to second-quarter growth.
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German Industrial Orders level up to 3.8%
German industrial orders, a key measure of demand for goods at home and abroad, rose 3.8 percent in June from the level in May, the economy ministry said on Tuesday.
The increase, after two months of falling orders, spells a boost for the country's key manufacturing sector as Europe's biggest economy recovers from a decline late last year amid the eurozone crisis.
The seasonally-adjusted June rise was mainly due to some big-ticket orders, including at the Paris air show, said the ministry. Without major contracts, orders declined 0.7 percent.
Capital goods orders in June rose 6.8 percent while orders for consumer and semi-finished goods fell slightly, by 0.2 percent each.
Overall, domestic orders were up 3.3 percent and export orders rose 4.2 percent.
The revised figure for May was a monthly decline of 0.5 percent, less than the previously reported fall of 1.3 percent.
For the second quarter as a whole, German industrial orders rose 1.2 percent after a smaller first-quarter rise of 0.5 percent.
The ministry noted that "throughout the second quarter, the upward trend in new industrial orders continued both overall and adjusted for major contracts".
More detail news
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Sony experienced decline
Jonathan Krinsky, the chief technical market analyst at Miller Tabak, published a note Monday saying that the New York Stock Exchange composite volume on Monday was running 22% below Friday's pace, which had already been 17% below Thursday's pace. Futures for the Dow Jones Industrial Average were falling 13 points, or 9.13 points below fair value, to 15,541. Futures for the Nasdaq were up 0.25 points, or 1.14 points below fair value, to 3,136.25.
Sony (SNE_) was slumping 3.95% to $20.90 after the company's board unanimously rejected a proposal from U.S. hedge fund manager Daniel Loeb, CEO of Third Point, that the Japanese company sell part of its entertainment business. Sony, in a letter to Loeb, said continuing to own 100% of Sony Pictures and Sony Music is "fundamental" to the company's success.
Third Point owns about 6.5% of Sony was slipping 1.05% to $562.73 in premarket trading. Icahn's latest purchase makes him the second-largest shareholder of Dell shares behind founder and CEO Michael Dell, who owns about 14% of the company.
The company spun off its publishing segment into a separate publicly traded company on July 1. The publishing company has retained the name News Corp.
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Obama Care Consequence Doctor Steer Clear of Medicare
The Wall Street Journal reports that “Fewer American doctors are treating patients enrolled in the Medicare health program for seniors, reflecting frustration with its payment rates and pushback against mounting rules, according to health experts.” Joe Baker, president of the Medicare Rights Center, said his patient-advocacy group has had an increase in calls from seniors who can’t find doctors willing to treat them—mainly from affluent urban and suburban areas where many patients can pay out of pocket if their doctor doesn’t accept Medicare.
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Steer Clear of Medicare
Fewer American doctors are treating patients enrolled in the Medicare health program for seniors, reflecting frustration with its payment rates and pushback against mounting rules, according to health experts.
Other doctors are limiting the number of Medicare patients they treat even if they don't formally opt out of the system.
CMS said 9,539 physicians who had accepted Medicare opted out of the program in 2012, up from 3,700 in 2009. That compares with 685,000 doctors who were enrolled as participating physicians in Medicare last year, according to CMS, which has never released annual opt-out figures before.
Meanwhile, the proportion of family doctors who accepted new Medicare patients last year, 81%, was down from 83% in 2010, according to a survey by the American Academy of Family Physicians of 800 members. Joe Baker, president of the Medicare Rights Center, said his patient-advocacy group has had an increase in calls from seniors who can't find doctors willing to treat them—mainly from affluent urban and suburban areas where many patients can pay out of pocket if their doctor doesn't accept Medicare. "Medicare has really been pushing its luck with physicians," said economist Paul Ginsburg, president of the nonpartisan Center for Studying Health System Change. Some doctors say Medicare's reimbursement rates—as low as $58 for a 15-minute office visit—force them to see 30 or more patients a day to make ends meet. By disengaging with Medicare and other third-party payers, he says doctors can practice based on what patients need, not what insurers will pay.
Other doctors are dropping out of Medicare to avoid deeper government involvement in medicine, much of which is occurring in Medicare. For example, Medicare is now paying incentives to doctors who switch to electronic medical records and who send data on quality measures to the federal government. Doctors who are part of the Medicare program who don't do so will face penalties starting in 2015.
Some doctors are particularly concerned about patient privacy. Doctors have three options for dealing with Medicare. Those who participate bill Medicare directly and must agree to accept its reimbursement rates for all covered services. So-called nonparticipating doctors still file Medicare reimbursement claims but can charge as much as 10% over Medicare's rates for some services, and they must bill patients for the difference. Those who opt out can charge patients whatever they want, but they must forgo filing Medicare claims for two years, and their Medicare-eligible patients must pay out of pocket to see them.
"I couldn't do that if I took Medicare. Dr. Madrigal-Dersch is president of the Association of American Physicians and Surgeons, a conservative group that advocates private-pay medicine. When the Mayo Clinic's small family practice office in Glendale, Ariz., stopped taking Medicare in 2009, only about 500 of its 3,500 Medicare patients stayed on. Physicians say dropping out isn't easy, and some medical specialties are more dependent on Medicare than others.
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S&P 500 Tops 1,700 for First Time Ever
In the meantime, with the risk of the Fed tapering its bond purchases put off, investors have at least a seven-week window of opportunity until the central bank's next meeting on September 17th and 18th.
"I don't think it's going to be the last time we say 'all time high' this year," says Jeff Kleintop, chief market strategist at LPL Financial in the attached video. Officially, the big change in the Fed's economic assessment was that it now says growth in the first half of the year was "modest", where previously it had said it was "moderate."
First, because it will be a quarterly meeting, there will be updated FOMC economic projections as well as a press conference. For now, the rally that started June 24th in the aftermath of the last Fed meeting is showing no signs of collapsing, and is quickly closing in on the 10% mark.
Viewer Pic
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Investing George Soros' In Herbalife
The Soros investment means that in continuing his massive bet against Herbalife’s stock, Ackman’s Pershing Square hedge fund is on the opposite side of arguably the two greatest traders in the history of Wall Street. The other legend Ackman is up against in his Herbalife trade is the only guy on Wall Street who is richer than Soros. Carl Icahn, whose net worth is $20 billion, invented the investment strategy that Ackman now practices, now known as activist investing. Icahn owns 16.5% of Herbalife and has two representatives on the company’s board.
According to CNBC, Soros’ position in Herbalife is large enough to be one of his top three positions. Soros is involved in the managing of his money but the chief investment officer at Soros Fund Management is Scott Bessent, who handles the day-to-day operations. The forces of Ackman claim that the man responsible for Soros’ Herbalife investment is Paul Sohn. Nevertheless, Ackman is shorting 20 million shares of Herbalife, a $1 billion bet, because he thinks the company is a pyramid scheme that will collapse once people realize the fraud and regulators shut it down. The optics of the Soros investment in Herbalife get even worse for Ackman because his short investment thesis includes a strong moral component. Ackman has said he has a “moral obligation” to fight Herbalife, claiming the company takes advantage of low-income people and minority groups, and will give his personal profits from the short trade to charity.
Ackman’s lawyers have reportedly asked the Securities & Exchange Commission to investigate how Soros’ position in Herbalife was leaked to CNBC’s Scott Wapner, the star reporter who orchestrated Ackman’s televised verbal brawl with nemesis Carl Icahn in January by getting Icahn to make a surprise call during Ackman’s interview with Wapner. Ackman’s surrogates are suggesting that the leaking of Soros’ position potentially constituted improper market manipulation designed to create a short squeeze. Herbalife’s stock is now up by 100% in 2013 and continued to rise in Thursday morning trading. That means that the Pershing Square hedge fund’s Herbalife position has suffered estimated paper losses of some $650 million in 2013, given that Ackman has said he shorted 20 million shares and told CNBC on Wednesday that he has not covered a share.
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Ex-Goldmanite 'Hebat Fab' Tourre
Amid a broader crackdown on the securities industries, the Securities and Exchange Commission secured one of their most high profile victories on Thursday, as a jury in New York found former Goldman Sachs trader Fabrice Tourre liable of civil-fraud. Tourre is one of the most visible faces of Wall Streethubris during the financial crisis, having been found to mislead investors in a mortgage-backed securities deal that netted billionaire John Paulson’s hedge fund $1 billion just as the housing bubble was bursting.
The jury’s decision puts the focus on Tourre’s defense team, bankrolled by Goldman Sachs, which days ago chose not to call any witnesses to the stand in an apparent show of confidence.
The case was centered on Abacus 2007 AC1, a mortgage-backed security (MBS) that Goldman helped to build and Tourre sold, and hits at the core of what major Wall Street banks were doing in the buildup to the financial crisis.
Goldman Sachs then brought in financial firm ACA to work with Paulson in selecting the mortgages that made up the MBS.
Tourre then turned around and offered the security to clients, using language the jury found to be purposefully misleading, masking Paulson’s intention to short the security, and in some cases masking his involvement in the deal. Andrew Ceresney, co-director of the SEC’s enforcement division, said: “we are gratified by the jury’s verdict finding Mr. Tourre liable for fraud. Goldman Sachs had settled the case with the SEC for half a billion dollars in 2010, while Tourre chose to fight the charges.
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LinkedIn income climbed $ 363.7 M
SAN FRANCISCO (Reuters) - LinkedIn Corp (LNKD) reported revenue of $363.7 million in second quarter, a 59 per hundred jump, after its members numbers proceeded to soar after some quarters of slowing down development.
The San Francisco business, one of the few social newspapers stocks that have fulfilled its hype since going public, now brags 238 million users, a 37 per hundred boost from a year before.
LinkedIn shares, which shut at an all-time high of $213 on Thursday before the newest results, have roughly increase two-fold in the past year.
LinkedIn posted earnings per share of $0.38 on revenue of $363.7 million. Analysts expected 31 cents per share on revenue of $354 million. In the year-ago period, LinkedIn posted earnings per share of 16 cents on revenue of $228 million.
Premium subscriptions generated $73.0 million in the quarter, up 68% from the year-ago period and represented 20% of total revenue, up from 19% a year ago.
U.S. business was 62% of total revenue, while international was 38%.
Total LinkedIn users were 238 million, up 37% from the year-ago period, and the first sequential acceleration of growth since LinkedIn’s 2011 IPO. Monthly unique visitors were 189 million, including LinkedIn’s SlideShare unit. LinkedIn has beaten analysts’ expectations in every quarter as a public company since pricing its IPO at $45 per share in 2011.
(Reporting by Gerry Shih; revising by Bernard Orr)
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TAIM - declares distribution for 2 funds
TA Investment Management Bhd has declared a gross income distribution of 3 sen per unit for TA Income Fund (TI) and 0.5 sen per unit for TA Asian Dividend Income Fund (TADIF) for its unitholders.
The company remains positive on Asia for the medium to long term, given the strong economic fundamentals and compelling valuations.
"We believe market corrections are healthy and investors will have to ride out these bumps," TA Investment Management added.
As at June 28, 2013, TA Investment Management, a subsidiary of TA Securities Holdings Bhd, has total assets of RM733 million, being a combination of unit trust funds and direct mandate portfolios under its management.
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EGIM - LLC Announces Regional Center
DALLAS, Aug. 1, 2013 /PRNewswire/ — Encore Global Investment Management, LLC, (Encore Global) a division of the Dallas-based Encore Enterprises, Inc., plans to develop multiple real estate projects in the Nashville area as part of its EB-5 Regional Center program.
Encore Global will develop, construct, operate and manage commercial real estate projects in the counties of Cheatham, Davison, Robertson, Rutherford, Sumner,Williamson and Wilson. These projects include office buildings, neighborhood shopping centers, hotels, multi-family residential properties, healthcare facilities, and entertainment/recreation facilities.
"The potential for successful real estate development in the Nashville region is tremendous," said Kevin R. Rogers, Senior Managing Director of Encore Global. "The Nashville Regional Center will offer incredible opportunities to immigrant investors and will attract millions of dollars of foreign capital to the Nashvilleregion. It will promote economic growth and create hundreds of local jobs."
About Encore Global Investment Management, LLC
Encore Global Investment Management, LLC was created to provide an EB-5 investment vehicle for qualified foreigners seeking to obtain permanent residency status in the United States. Encore's legal and finance professionals deliver full-service support for its foreign investors to guide them through the entire immigration process.
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