Apr 18, 2008

Friday, April 18, 2008

End Federal Authority to Arrest Adults for Pot Possession - NORML

Federal Decriminalization Bill Introduced -- Bill Would End Federal Authority to Arrest Adults for Pot Possession
Share This Page del.icio.us | digg | Stumble Upon | Facebook

April 17, 2008 - Washington, DC, USA

Washington, DC: US Congressman Barney Frank (D-MA) introduced legislation in Congress today to strip the federal government of its authority to arrest responsible adult cannabis consumers. The measure, H.R. 5843, known as an “Act to Remove Federal Penalties for Personal Use of Marijuana by Responsible Adults,” is the first federal decriminalization legislation introduced in 24 years.

“It's time for the politicians to catch up with the public on this [issue],” Frank said. "The notion that you lock people up for smoking marijuana is pretty silly."

Frank's pending bill, co-sponsored by presidential candidate Rep. Ron Paul (R-TX), seeks to eliminate all federal penalties prohibiting the personal use and possession of up to 100 grams (3 1/2 ounces) of marijuana. Under this measure, adults who consume cannabis would no longer face arrest, prison, or even the threat of a civil fine. The bill also eliminates all penalties for the not-for-profit transfers of up to one ounce of pot.

NORML Legal Counsel Keith Stroup, who worked closely with Frank's staff to draft this legislation, said, "If passed by Congress, this legislation would legalize the possession, use, and non-profit transfer of marijuana by adults for the first time since 1937." The bill incorporates the basic recommendations of the National Commission on Marijuana and Drug Abuse (also known as the Shafer Commission).

Currently, twelve states have enacted various versions of marijuana decriminalization, eliminating criminal penalties for minor pot violations. According to federal data, passage of these laws has not subsequently led to increased marijuana use.

“This newly introduced legislation seeks to bring the federal government into line with the over 100 million Americans who currently live in a state or municipality that has already decriminalized cannabis possession,” NORML Executive Director Allen St. Pierre said today. “This year, the masses in the U.S. celebrating 4/20 really have something to rejoice, and to now lobby for.”

Similar statewide legislation is pending in New Hampshire and Vermont. Additionally, Massachusetts voters will decide on a statewide decriminalization measure this November.

According to a nationwide CNN/Time Magazine poll, more than three-quarters of American adults favor decriminalizing marijuana.

For more information, please contact Keith Stroup, NORML Legal Counsel, at (202) 483-5500. Supporters can write their Representatives in favor of this bill at:
http://capwiz.com/norml2/issues/alert/?alertid=11280301&type=CO

updated: Apr 18, 2008

Federal Decriminalization Bill Introduced -- Bill Would End Federal Authority to Arrest Adults for Pot Possession - NORML

Federal Medical Marijuana Bill Introduced by Rep. Ron Paul - NORML

Federal Medical Marijuana Bill Introduced by Rep. Ron Paul
Share This Page del.icio.us | digg | Stumble Upon | Facebook

April 17, 2008 - Washington, DC, USA

Washington, DC: Representative Ron Paul (R-TX) introduced H.R. 5842, the “Medical Marijuana Patient Protection Act,” earlier today. This bill would make federal authorities respect states' current laws on medicinal cannabis and end DEA raids on facilities distributing medical marijuana legally under state law.

Representative Paul, whose presidential campaign prominently featured the ending of the drug war as a platform plank, was joined by Representative Barney Frank (D-MA) in sponsoring this bill.

“I think marijuana is a helpful medical treatment for the people who have intractable nausea,” Paul said in a 2004 House debate regarding a similar measure. “I would like to point out this is not something strange that we are suggesting here. For the first 163 years of our history in this country, the federal government had total hands off, they never interfered with what the states were doing.”

Twelve states have approved the use of medical marijuana, beginning with California in 1996 with the passage of Proposition 215. The DEA continues to raid and harass medicinal cannabis dispensaries operating within these states' laws. Presidential candidates Hillary Clinton and Barack Obama have both indicated they would end such raids should they be elected.

Michigan will vote on an initiative to adopt medical cannabis legislation this November. Minnesota and Rhode Island's respective legislatures are also considering pro-reform legislation this year.

For more information, contact NORML Legal Director Keith Stroup at (202) 483-5500. Supporters can write their Representatives in favor of this bill at:
http://capwiz.com/norml2/issues/alert/?alertid=11280351&type=CO

updated: Apr 17, 2008

Federal Medical Marijuana Bill Introduced by Rep. Ron Paul - NORML

Pre Market - Trader Talk with Bob Pisani - CNBC.com

Citi is providing the main upside impetus, but relief that big industrials like Caterpillar and Honeywell did not repeat GE's

General Electric Co

32.37 0.35 +1.09%

NYSE

Quote | Chart | News | Profile

[GE 32.37

0.35 (+1.09%)

] concern that last two weeks of March fell apart, is also a big help; the dollar has rallied. Today is an options expiration day.

For Citigroup

Citigroup Inc

25.46 1.43 +5.95%

NYSE

Quote | Chart | News | Profile

[C 25.46 1.43 (+5.95%) ], similar to Merrill Lynch [MER 48.18 1.47 (+3.15%) ] : earnings a tad worse than expected, but not much (loss of $1.06 vs. estimated loss of $0.95), writedowns a bit worse but not dramatically so. Non performing assets were up 16 percent, but that seems less than expected. Perhaps most importantly, CEO Vikrim Pandit is out on the conference call saying the leveraged loan market is beginning to trade. Citi up 8 percent pre-open.

What's up in China? Reported strong GDP growth of over 10 percent this week, but you wouldn't know it looking at the Chinese stock market: the Shanghai Composite Index is at a 52-week low, though Hong Kong is holding up a bit better. The Chinese government has been tightening its monetary policy to slow economic growth.

What happened to the deterioration in the last two week of March that GE talked about? It didn't happen to Caterpillar

Caterpillar Inc

CAT

81.15 2.56 +3.26%

NYSE

Quote | Chart | News | Profile

[CAT 81.15

2.56 (+3.26%)

]. They reported earnings of $1.45, 12 cents ahead of expectation, revenues ahead of expectations as well. Maintaining 2008 guidance. Again, look at the U.S. vs. international machinery sales: North America up 3 percent, but Europe/Australia/Middle East up 27 percent, Asia/Pacific up 35 percent, and Latin America up 18 percent. Caterpillar now gets two-thirds of its sales outside the U.S. Up 4 percent.

Honeywell

Honeywell International Inc

HON

59.6 2.20 +3.83%

NYSE

Quote | Chart | News | Profile

[HON 59.6

2.20 (+3.83%)

] also beat expectations, and raised its full-year guidance. Stronger growth overseas. Aeorpsace (about 35 percent of sales) up 7 percent, Automation and Control Solutions (also about 35 percent of sales) up 14 percent, Transportation Systems (about 15 percent of sales) up 14 percent, and Specialty Materials (also about 15 percent of sales) up 18 percent. Up 4 percent.

Citi, Industrials Providing Some Relief - Trader Talk with Bob Pisani - CNBC.com

Pre Market Trading Indications

Gapping up in reaction to strong earnings/guidance: OSTK +35.7%, GOOG +17.9% (also upgraded to Buy from Hold at Collins Stewart and upgraded to Buy at Jefferies), MF +11.7% (also added to Focus List at JPMorgan), ETFC +10.5%, C +8.2%, TPX +7.8%, PMCS +7.7%, MAN +7.2%, DOX +6.8%, ELY +6.4%, TLB +5.9%, SNDK +4.6%, CAT +4.5%, INFA +3.8% (also announced that its Board of Directors has authorized a $75 mln increase in its common stock repurchase program), HON +3.7%, COF +2.2%, XRX +1.0%...

Select financial names showing strength following C earnings: WM +4.0%, LEH +3.3%, BAC +3.1%, MS +3.1%, GS +2.9%, JPM +2.6%, COF +2.6%, MER +2.3%, WFC +1.8%...

Select tech stocks rebounding, boosted by GOOG earnings results: CRM +9.2%, BIDU +8.8%, AMZN +3.3%, RIMM +2.8%, FMCN +2.6%, AAPL +2.3%, MSFT +2.1%, EBAY +1.9%,... Other news: VOD +2.6% (still checking), SHPGY +2.6% (still checking), CHL +1.6% (profiled in Barron's Online), ISIS +1.6% (reports reduction of apoB-100 levels in a murine model resulting in up to 92% reduction of atherosclerosis)...

Analyst upgrades: TTHI +6.0% (initiated with Buy at Piper), AVNX +4.3% (initiated with Buy at Merriman), ROST +2.4% (upgraded to Overweight at Lehman), UTEK +2.1% (upgraded to Buy at Brean Murray), ADS +1.8% (upgraded to Outperform at Piper), CSCO +1.7% (initiated with Buy at Lazard).

NYSE Arca Pre Market Trading

NYSE Arca Morning Update for Friday, Apr 18, 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	Thursday's Close	Current Price	Pct Chng	Current NYSE Arca Vol
GOOG	$449.88	$533.32	19%	224,988

10 Most Active stocks on NYSE Arca as of 08:30:00 ET

Based on Dollar Volume:

Based on Share Volume:

Stock	Dollar Volume
SPY	$394,823,423
GOOG	$119,010,084
QQQQ	$91,481,837
C	$49,452,542
IWM	$21,190,843
GLD	$14,131,782
USO	$10,862,122
AAPL	$10,602,330
BIDU	$10,042,570
CAT	$8,499,382

Stock	Share Volume
SPY	2,851,951
QQQQ	1,978,724
C	1,916,257
XLF	299,756
IWM	295,205
NOK	289,050
GOOG	224,988
GLD	155,557
MTH	138,150
USO	119,450

NYSE Arca Morning Update

Pre Market Gaps

Gapping up:

GOOG +16.3%, TPX +10.0%, ETFC +7.7%, PMCS +7.1%, BIDU +6.9%, C +6.1%, SNDK +5.0%, HON +4.5%, CAT +4.3%, WM +4.0%, INFA +3.8%, VOD +2.6%, SHPGY +2.6%, ICO +2.6%, DOX +2.5%, AAPL +2.3%, RIMM +2.3%, POT +1.8%, WFC +1.8%, FMCN +1.8%, MSFT +1.4%, EBAY +1.2%...

Gapping down:

TOMO -29.2%, GRRF -14.6%, ATRM -14.4%, ISRG -11.0%, SCOR -8.4%, VASC -4.7%, CYN -3.9%, ESLR -3.6%, SLB -3.5%, ATN -2.4%, ICUI -1.8%.