Wednesday, March 12, 2008
People And Power: Death of the Dollar
Former wall street broker and HSX co-founder, Max Keiser, investigates the US economy and reveals how the American officials have maintained the image of a strong dollar since coming off the Gold Standard. We hear from authors and leading economists who claim Former wall street broker, Max Keiser, investigates the US economy and reveals how the American officials have maintained the image of a strong dollar since coming off the Gold Standard. We hear from authors and leading economists who claim that central banks have been helping to manipulate the gold markets and keep the prices down.
How will all this unravel? Max looks at the current US debt levels, the shift away from the dollar as a reserve currency and the move to price oil in Euros.
24/7 Wall St.: $5 Gas By Labor Day
24/7 Wall St.: $5 Gas By Labor Day
$5 Gas By Labor Day
If gasoline prices move from their current average price of $3.20 to $5, the cost of fuel for a family that spends $50 a week for gas would move up over $1,000 a year. That would wipe out any tax rebate payments from the Federal government and drive the economy deeper into its currently slowdown. It would also further fracture already delicate P&Ls and balance sheet at large auto makers and airlines. Retailers would get less traffic. Very few industries would be spared some effect.
Rising oil prices cannot be fixed by the Fed, That means that the most crushing blow to the economy, higher fuel prices, is largely beyond the control of the government. Rising crude is driven by futures speculation, the falling dollar, and an imbalance of supply and demand.
more on the article if you click the linkPolice make new arrest in SocGen trading scandal
Police make new arrest in SocGen trading scandal
PARIS (Reuters) - Police arrested another employee of Societe Generale on Wednesday as part of its inquiry into an alleged rogue trading scandal at France's second-biggest listed bank, the Paris prosecutor's office said.
The prosecutor identified the person being held as a trader from a subsidiary of SocGen.
In January, SocGen unveiled 4.9 billion euros ($7.53 billion) of losses which the bank blamed on rogue deals carried out by Jerome Kerviel, a 31-year old junior trader at the bank. The losses have made SocGen a possible bid target.
Earlier, Europe 1 radio station reported that police had arrested an employee from SocGen's trading room as part of their investigation into the affair.
"A former colleague of Jerome Kerviel was arrested this morning," the radio station reported.
A spokeswoman for Societe Generale said that police had searched the bank's trading room on Wednesday and added that one person was being held for questioning.
Kerviel has been placed under investigation for breach of trust, computer abuse and falsification. He is currently being held in a Paris prison. The fresh arrest comes ahead of a hearing on Friday on whether he should remain in custody.
Europe 1 radio added that the person held was among one of Kerviel's friends listed on the Facebook Internet social networking site. The radio station did not give the full identity of the individual.
Pre Market - Trader Talk with Bob Pisani - CNBC.com
Pre Market Trader Talk with Bob Pisani - CNBC.com
So the only thing that matters here is whether we have broken the back of the "sell the rally" trade that has been so successful for the past two months. It's too early to tell.
How bearish has the Street been? Institutional Investor, which has conducted a weekly Bull/Bear survey of financial newsletter writers for decades, today noted that the percentage of writers Bullish fell 10 percent to 31.1 percent and Bears rose almost 7 points to 43.3 percent. It's the first time since 2002 that Bears exceeded Bulls.
Did the Fed move just in time? Home loan demand is dropping, and mortgage rates have hit their highest levels since October, according to the Mortgage Bankers Association.
Freddie Mac's analyst meeting [FRE 20.16 --- UNCH (0%) 
] has started. Their CEO has said that the U.S. housing market is the worst in about a century. Their CFO said "there is no dilutive capital raise planned."
A day after Wellpoint [WLP 47.26 --- UNCH (0%) ] cut its guidance and initiated a bloodbath among HMOs, Humana [HUM 47.38 --- UNCH (0%) ] has done the same for the full year. They are now talking about full year guidance of $4.00-$4.25, compared to previous guidance of $5.35-$5.55. The culprit: higher claims volumes. Humana down 21 percent pre-open (after dropping 24 percent yesterday!), United Healthcare down 9 percent, Aetna down 7 percent. Humana, unlike Wellpoint, is primarily a Medicare provider.
Caterpillar's CEO [CAT 72.61 --- UNCH (0%) ] said everything was going to be great for the next several years. He talked about significant new infrastructure projects all over the world. Unfortunately, he forgot to raise guidance, so Cat is only up 3 percent.
24/7 Wall St.
Top 10 Pre-Market Analyst Calls (DVR, GHDX, KLAC, KR, LCAPA, LOW, NOK, PBT, TMA, UBS)
Below are the top calls that 247WallSt.com is focusing on in pre-market trading this Wednesday:
- Cal Dive International (NYSE: DVR) Raised To Overweight at JP Morgan.
- Genomic Health (NASDAQ: GHDX) Cut To Neutral at JP Morgan.
- KLA-Tencor (NASDAQ: KLAC) cut to Underperform at Oppenheimer.
- Kroger (NYSE: KR) cut to Underweight at at JPMorgan.
- Liberty Capital (NASDAQ: LCAPA) cut to Hold at Deutsche Bank.
- Lowe's (NYSE: LOW) cut to Underperform at Morgan Keegan.
- Nokia (NYSE: NOK) raised to Outperform at Oppenheimer.
- Permian Basin (NYSE: PBT) cut to Hold at Citigroup.
- Thornburg Mortgage (NYSE: TMA) Raised to Peer Perform at Bear Stearns.
- UBS (NYSE: UBS) cut to Underperform at KBW.
NYSE Arca Morning Update
NYSE Arca Morning Update for Wednesday, Mar 12, 2008 :
Stocks trading on NYSE Arca at a price more than 15% away from the previous trade day's consolidated close price. (As of 08:30:00 ET)
Stock | Tuesday's Close | Current Price | Pct Chng | Current NYSE Arca Vol |
|---|---|---|---|---|
PGNX | $13.55 | $5.84 | ( 57%) | 657,602 |
DIVX | $10.04 | $7.25 | ( 28%) | 1,000 |
BLUD | $27.55 | $21.00 | ( 24%) | 3,500 |
HUM | $46.95 | $37.63 | ( 20%) | 612,184 |
DNDN | $4.92 | $5.82 | 18% | 442,967 |
CFSG | $5.45 | $6.38 | 17% | 5,800 |
10 Most Active stocks on NYSE Arca as of 08:30:00 ET
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Pre-Market Most Active Stocks - NASDAQ Premarket
Pre-Market Most Active Stocks - NASDAQ Premarket
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