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OK Monda I took the bait @ 1.09.
giddy-up!
Big SYRX News. Muaythai would have been proud..
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=117500949
CNBC Morning Squawk
IN THE NEWS TODAY
U.S. stock futures were lower this morning, after another powerful rally on Wall Street Monday pushed the Dow, S&P 500, and Nasdaq out of correction territory and wiped out their September losses. (CNBC)
Earnings season picks up slowly this morning with PepsiCo (PEP) beating expectations on both the top and bottom lines and raising full-year growth targets. After the bell this afternoon, Yum Brands (YUM) reports. (CNBC)
In the multibillion-dollar industry of fantasy sports, DraftKings and FanDuel are defending their integrity, after accusations that employees were placing bets using information not available to the public. (NY Times)
Under pressure from activist investor Nelson Peltz, DuPont (DD) Chair and CEO Ellen Kullman announced plans to retire next week . The chemical giant also cut its outlook and accelerated plans to trim expenses. (Reuters)
With fuel prices lower, FedEx (FDX) has joined UPS (UPS) in raising its fuel surcharge ahead of the holiday shopping season. FedEx blames the move on heavier packages and a rise in residential deliveries. (WSJ-subscription)
Amazon (AMZN) is eviscerating its Internet rivals, according to a new study. More than four in 10 shoppers go to Amazon.com first when searching for products online. (Re/code)
Alphabet (GOOGL), Google's renamed parent, is set to become the latest investor to back Symphony , the effort by big banks to dislodge Bloomberg's dominant position in Wall Street messaging. (FT)
Microsoft (MSFT) is expected to unveil new Lumia smartphones today, in its latest attempt to become a dominant player in the mobile-first enterprise market. (USA Today)
Hillary Clinton's first ad to air on national cable highlights House Majority Leader Kevin McCarthy's misstep, linking the House Benghazi Committee to Clinton's political fortunes. (NBC News)
The freshly inked Trans-Pacific Partnership, the biggest trade pact in two decades encompassing 40 percent of the world economy, may take many years to yield results, analysts said. (CNBC)
South Carolina was expecting sunshine today, after days of historic and deadly rainfall. But it's still going to take weeks for the floodwaters to recede and things to return to normal. (AP)
The Nobel Prize for medicine has been shared between three scientists for groundbreaking work on key drugs used to fight parasitic diseases, one of whom becomes the first Chinese winner of the award. (FT)
BY THE NUMBERS
The government releases its August trade deficit report at 8:30 a.m. ET, with forecasts calling for a gap in goods and services of $48.5 billion versus $41.9 billion in July.
Ahead of Thursday's release of the minutes from the Fed's September meeting, San Francisco Fed President John Williams speaks at 5:30 p.m. ET.
Retailers are no longer concerned with overall consumer spending during the year's largest selling season, according to PwC, as the divide between high- and low-income shoppers widens.
Container Store (TCS) late Monday reported earnings and revenue that missed expectations, pointing to negative effects of a stronger dollar and higher marketing expenses.
Illumina (ILMN) cut its sales outlook for the remainder of the year, with the genetic sequencing products company, citing a weak European market and Japan sales that aren't recovering as fast as expected.
SunEdison (SUNE) plans to cut about 15 percent of its workforce under a restructuring plan. The solar company said it'll take a charge of up to $40 million as a result.
STOCKS TO WATCH
Sony (SNE) said it would split off its image sensor business into a separate company. The unit, whose products are used in Apple's iPhone and other products, has been one of Sony's best performers in recent years.
Chipmaker PMC-Sierra (PMCS) has agreed to be purchased by rival Skyworks Solutions (SWKS) for $2 billion, a price tag representing a 37 percent premium to PMC's closing share price Monday.
Lions Gate Entertainment (LGF) and Starz (STRZ) are in advanced merger talks, according to the Los Angeles Times , but there's no assurance a deal would be reached.
WATERCOOLER
McDonald's (MCD) officials begins selling all-day breakfast across the U.S. today, aiming to reinvigorate sluggish sales by fulfilling a longstanding customer request. (CNBC)
General Mills (GIS) is recalling 1.8 million boxes of gluten-free Cheerios and Honey Nut Cheerios, because they contained wheat , which can sicken people with wheat allergies and celiac disease. (CNBC)
Today's Markets
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CNBC | Morning Squawk
IN THE NEWS TODAY
U.S. stock futures were higher this morning, after Friday's biggest intraday reversal on Wall Street in four years. Stocks in Europe and Japan were sharply higher in Monday trading. (CNBC)
Investors are on the look-out in the week ahead for any signs of overseas weakness seeping into the U.S. economy, after surprisingly soft job growth in September. (CNBC)
With central bankers considering a rate hike, former Fed Chairman Ben Bernanke said in an op-ed policymakers have done their job, but new efforts inside and outside government are need to sustain growth. (WSJ)
With his memoir, "The Courage to Act," out today, Bernanke joins CNBC's "Squawk Box" for one hour this morning, starting at 8 a.m. ET to talk about the economy and the current Fed's exit plan.
Nelson Peltz's Trian unveiled today a $2.5 billion stake in General Electric (GE). The investment, the largest in the hedge fund's history, is generally supportive of the current management's strategy. (CNBC)
American Apparel has filed for bankruptcy protection, crippled by huge debts, a precipitous fall in sales, employee strife, and a drawn-out legal battle with the retailer's ousted founder. (NY Times)
Potash (POT) has pulled its $8.9 billion bid for German rival K+S, due to resistance to the offer and the overall commodity and equity market decline since May, when the overture was first made. (Reuters)
Glencore shares were up 7 percent in London, after rocketing 72 percent higher in Hong Kong, on hopes the beleaguered trader and miner would be able to cut debt with agricultural assets sales. (Reuters)
Two top Volkswagen engineers, who found they could not deliver as promised a clean diesel engine for the U.S. market, are at the center of a company investigation into emissions cheating. (WSJ)
Soaked South Carolina residents were still knee-deep in deadly floodwaters this morning, after an historic drenching that was supercharged by the effects of offshore Hurricane Joaquin. (NBC News)
Democratic presidential frontrunner Hillary Clinton is set to unveil a sweeping gun control proposal today, including closing the "gun show loophole" and allowing victims of gun violence to sue firearm makers. (NBC News)
Donald Trump remains ahead in the early Republican nominating contests of Iowa and New Hampshire, but his lead has shrunk from a month ago, according to new NBC News/Wall Street Journal/Marist polls of these two states.
The average out-of-network ATM fee stands now at $4.52, up 4 percent from last year and 21 percent since 2010, according to a new report from Bankrate.com, a personal finance site that tracks banking costs.
BY THE NUMBERS
This week's relatively light economic calendar kicks off this morning, with the ISM non-manufacturing index at 10 a.m. ET expected to show a 57.7 reading for September, compared to 59.0 in August. Investors will also be closely watching international trade data tomorrow, as well as weekly jobless claims and Fed minutes on Thursday.
PepsiCo (PEP) and Yum Brands (YUM) report earnings tomorrow, with Alcoa (AA) on Thursday. On today's docket, the Container Store (TCS) issues its quarterly numbers after the closing bell.
STOCKS TO WATCH
Tesla (TSLA) reported deliveries of 11,580 vehicles during the third quarter, a 49 percent increase over last year, bringing sales to just over 33,000 for the first nine months of the year. The electric automaker could need a major push to reach its goal of 50,000-55,000 vehicle sales for 2015.
Ford (F) and the United Auto Workers union reached an agreement to avoid a walkout at the Kansas City, Missouri factory that builds Ford's F-150 pickup trucks. Meanwhile, UAW members at Deere (DE) approved a new six-year labor agreement, covering workers in three states.
Gene therapy from Spark Therapeutics (ONCE) for rare, inherited forms of blindness met the goals of a late-stage study, and the company plans to file for U.S. regulatory approval next year.
St. Jude Medical (STJ) received an FDA warning letter regarding the manufacture of some devices at its Atlanta plant. St Jude said it plans to continue to make and ship product from the facility.
For the first time in the 60 years since Disneyland opened, Walt Disney (DIS) is considering switching to demand-based pricing at its domestic theme parks. That's according to the Wall Street Journal.
WATERCOOLER
Alphabet (GOOGL) replaced Google late Friday, as the publicly traded holding company that houses Google's search and other Internet businesses separate from its moonshot ventures. (Reuters)
Futures http://finviz.com/futures.ashx
Thanks binks- good to know you are viewing.
Pheww- just nixed it with 44 minutes to spare! I'm travelling from Miami to Boston. Visited a friend in Melbourne last night. In a motel in north Florida now. Completely forgot your disgusting, repulsive post- ya know, the part about pinks.
lol
I'm surprised you even let my post stay up there for 48 hours LOL!
Yeah I agree it the rise is unwarranted, I also don't think anyone should be telling you not to post on a public forum, nothing you said was offensive.
I've always been here just not posting. I like this board.
Yup- it's a fav of "players"- low PPS and not a large float.
Watch out for "timber" at some point.
Good to see you, binks.
MG
Reprinted from the board of yahoos
PACB No, still not a overly lucrative field- yet. Guessing about 1.5B divided by MANY.
Best can be said is it is growing. But we're talking about NOW. A PPS up 68% on a modest PR from a company consistently losing money and widening is beyond a natural reaction- it's a low PPS walk-up by stock market crooks, several I recognize.
I call these "low self-esteem" plays- manipulators, and those that embarrassingly ride their coattails, who have identified ways to jigger things for ill gained profits. Done by those who lack good trading skills.
Just look at the chart- every one of these walk-ups sell off.
SEC should investigate this, INO and other low PPS bios in the hands of the manipulator gang thrown off ST.
You can have the last word as I don't wish to further converse with those trying to rationalize an obvious BS play.
MG
http://stockcharts.com/h-sc/ui?s=PACB
Jump'n Joseph, jhn- your joke post will be removed around 8 or 9 PM or so, tonight!
MG
OH AND
Pacific Biosciences of California, Inc. (PACB) ?
6.02 Up +0.57(+10.48%) NASDAQ - As of 03:35pm EDT
Today's Markets
Markets close in 0 hrs 27 mins
DJIA
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NASDAQ
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Running pretty good from 3.7 to 5.9 in a week.
big volume still
I got nflx puts jan 2017 100$ strike
IMO it is overvalued by 3x at least
CNBC | Morning Squawk
IN THE NEWS TODAY
U.S. stock futures were higher this morning, ahead of the 8:30 a.m. ET release of the government's September employment report. The data could have implications on whether the Fed hikes interest rates this year. (CNBC)
Economists polled by Thomson Reuters estimated nonfarm payrolls growth of 203,000 for last month. That compares to 173,000 in August. The unemployment rate is expected to remain unchanged at 5.1 percent in September. (CNBC)
A positive Friday could put stocks near breakeven for the week, after another series of volatile swings. A gain by the S&P 500 would give the index a four-day win streak for the first time since January. (CNBC)
Bill Ackman's Pershing Square Holdings fund lost 12.5 percent in September, pushing the hedge fund down about that much for the year, after one of the major holdings Valeant (VRX) tanked. (Reuters)
Oil prices were higher this morning, after surging 4 percent in early trading Thursday before giving up those gains. The volatility can be partly attributed to a strain on U.S.-Russia relations over Syria. (Reuters)
Joaquin was stalled over the Bahamas today. But the powerful hurricane appears to be on track to head out to sea afterward, likely missing the East Coast. But another storm is set to bring heavy rain anyway. (NBC News)
At least 10 people were killed and seven others were injured when a gunman who demanded to know his victims' religions opened fire Thursday on a community college campus in southwest Oregon. (NBC News)
During a televised statement following the school shooting, President Barack Obama took those who oppose gun limits to task, saying their answer to such tragedies is more guns, not fewer. (NBC News)
T-Mobile US (TMUS) customers, some 15 million, were victims of a data breach at credit reporting agency Experian. The hack occurred from September 2013 through last month. (Reuters)
Over a billion Android devices could be at risk of being hacked by listening to an audio file or watching videos, because of a new bug in Google 's (GOOGL) mobile operating system. (CNBC)
Sprint (S) plans to cut as much as $2.5 billion in costs over the next six months. The Wall Street Journal quoted an internal memo, saying jobs would be cut and an external hiring freeze would be put in place.
The top U.S. executive at Volkwagen is set to testify next week before a congressional panel about the German automaker's emissions cheating involving 11 million vehicles worldwide. (Reuters)
With its stock still wobbly after hitting an all-time low Monday, commodity giant Glencore fought this week to reassure investors, employees and counterparties, with mixed results. (CNBC)
Health insurers will lose about $2.5 billion because patients covered through Obamacare last year were sicker than expected, according to new government figures. (AP)
Treasury Secretary Jack Lew said the federal debt ceiling is expected to be reached around Nov. 5. In a letter to lawmakers, he wrote the government would likely have less than $30 billion in cash at that point. (CNBC)
In his new memoir released Monday, former Fed Chairman Ben Bernanke recalls the September weekend in 2008 when regulators sought desperately but in vain to save the investment bank Lehman Brothers. (AP)
Bernanke joins CNBC's "Squawk Box" for one hour on Monday, starting at 8 a.m. ET, to talk about the extraordinary measures taken in the aftermath of the financial crisis and the exit plan for the current Fed.
BY THE NUMBERS
In addition to the jobs report, the government releases August factory orders at 10 a.m. ET. Economists see a 1.2 percent decline, following a 0.4 percent increase in July.
Seven Fed-related speeches are scheduled at various times today and tomorrow, including Friday addresses from Philadelphia Fed President Patrick Harker, Boston's Eric Rosengren, Minneapolis's Naryana Kocherlakota, Cleveland's Loretta Mester, St. Louis's James Bullard, and Fed Vice Chair Stanley Fischer. On Saturday morning, it's New York Fed President Bill Dudley's turn.
STOCKS TO WATCH
No major companies report earnings today, but late Thursday, Micron Technology (MU) beat on profit and revenue estimates. The chipmaker expects demand to stabilize in the near term and then improve next year.
Advanced Micro Devices (AMD) plans to cut its workforce by 500 jobs, or about 5 percent, and take a restructuring charge of $42 million. The maker of semiconductors expects to save about $58 million next year.
Nordstrom (JWN) announced a special dividend of $4.85 per share, and the retailer also unveiled a new $1 billion share repurchase program.
Bank of America's (BAC) Merrill Lynch unit must face a class action shareholder suit for the firm's role in the 2014 buyout of Zale by Signet Jewelers, with investors claiming they were short-changed.
Novartis (NVS) received FDA approval for a biosimilar copy of Amgen's (AMGN) best-swelling Enbrel rheumatoid arthritis drug.
Good morning, Paulieme, sincere appreciation for your boardwork.
I called bullchit to the run yesterday @ 5.88 when the stock was up 60% on a PR about PacBio's latest ititeration of it sequencing machine. It's improved but still too expensive- not competitive in the high volume marketplace. Company has never made money, losses are widening and has competitors by the basketful. And now it is going dark on machines sold- not a good sign.
What the company does is laudable but the stock was in the hands of manipulators yesterday. It's a low PPS bio that's a fav of "players".
Hopefully my alert will spare some sad sack from losing his family $$- lot of desperate peeps drawn to these runners.
Stock down over 6% in pre-mkt this morning.
GL,
MG
(reprinted from stock board)
PACB Short shares available for this pump & dump.
5.88 now.
http://stockcharts.com/h-sc/ui?s=PACB
Today's Markets
Markets close in 2 hrs 48 mins
DJIA
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NASDAQ
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S&P 500
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-15.57 (-0.81%)
Added to CSCO puts, Jan 15 expiration.
CNBC | Morning Squawk
IN THE NEWS TODAY
U.S. stock futures were higher this morning, the first day of the final quarter of 2015. Wall Street closed out a negative September Wednesday on a positive note. But the Dow, the S&P 500, and the Nasdaq, all in correction territory, logged their worst three month stretch in four years. (CNBC)
The fourth quarter has traditionally been positive for the market. But history shows this month can be scary. But there's hope, because in recent times, the major stock measures have rallied in four of the past five Octobers. (CNBC)
Billionaire stock pickers David Einhorn, Dan Loeb, and Barry Rosenstein are telling investors they lost money in September, as market turmoil inflicted more pain on some of America's most prominent hedge funds. (Reuters)
Oil prices were higher this morning on concern about Russian airstrikes in Syria, which targeted opposition fighters there, including at least one group trained by the CIA , eliciting angry protests from American officials. (Reuters & NY Times)
Hurricane Joaquin strengthened last night, as it moved close to the Bahamas. The prospects look increasingly worrisome for the East Coast of the U.S. But regardless of the track, expect heavy rain and possible coastal flooding. (Weather Channel)
President Barack Obama has signed a stopgap funding bill to avoid a government shutdown for now. But when the temporary spending authorization runs out in December, the threat of a shutdown could reemerge. (CNBC)
Twitter (TWTR) co-founder Jack Dorsey, who's been serving as interim CEO for the past three months, is expected to be named the new permanent chief executive as early as today. He's also CEO of Square. (Re/code)
Microsoft (MSFT) and Google (GOOGL) have dismissed all outstanding patent disputes between them, and agreed to collaborate on "certain patent matters." There had been about 20 patent cases outstanding. (Reuters)
Wal-Mart (WMT) plans to cut hundreds of jobs at its Arkansas headquarters in an effort to cut costs, according to multiple reports. The cuts would make up a small portion of the more than 18,000 people employed there. (Reuters)
The credit card industry's self-imposed deadline for chip-enabled cards is today, but a new survey shows six in 10 American card holders still don't have the new technology in their wallets. (USA Today)
A new analysis finds people who go out of their health insurance networks routinely receive bills anywhere from 118 percent to 1,382 percent higher than what the federal Medicare system gets billed for the same services. (CNBC)
GOP presidential frontrunner Donald Trump, in a CNBC interview, assessed his campaign so far, and addressed what it would take for him to exit the race. But he said: "I'm in this for the long haul."
BY THE NUMBERS
U.S. automakers release their September sales numbers throughout the morning, with analysts predicting strong gains compared to a year ago.
The Institute for Supply Management issues its September non-manufacturing index at 10 a.m. ET, with the measure of the U.S. services economy expected to come in at 50.8 compared to 51.1 in August.
The government report on August construction spending, out at 10 a.m. ET, is seen rising 0.6 percent on top of July's 0.7 percent gain.
A busy week for Fed speakers continues with a 2:30 p.m. ET speech from San Francisco Fed President John Williams in Salt Lake City, Utah.
Spice maker McCormick (MKC) is among the very few companies out with earnings this morning, while chipmaker Micron Technology (MU) leads the short after-the-bell list.
Standard & Poor's cut its outlook on Gap (GPS) to negative due to the departure of Stefan Larsson as president of its Old Navy unit. Larsson has been named Chief Executive Officer of Ralph Lauren (RL).
Risk adviser Verisk Analytics (VRSK) replaces Joy Global (JOY) in the S&P 500 after the close of trading on Oct. 7 . Joy replaces Thoratec Corporation in the S&P MidCap 400 following its acquisition by St. Jude Medical (STJ).
STOCKS TO WATCH
China's state-backed Tsinghua plans to buy a 15 percent stake in U.S. data storage firm Western Digital (WDC), a $3.78 billion deal that could draw regulatory scrutiny amid increased national security concerns.
Northrop Grumman (NOC) won a $3.2 billion Air Force contract for development and maintenance of drones.
Deere (DE) reached a tentative agreement with the United Auto Workers on a six-year contract. The prior agreement between the union and the heavy equipment maker expired Thursday.
Fiat Chrysler (FCAU) workers have rejected a proposed four-year deal with the UAW, despite endorsement from union leaders. The exact final tally was not released.
General Electric (GE) struck deals to sell two of its railroad services operations to Wells Fargo (WFC) and Marmon Holdings. Terms of the two deals were not disclosed.
United Parcel Service (UPS) is investing in tech startup Ally Commerce, which sets up websites for direct sales to consumers.
Facebook (FB) is letting users upload super-short videos to be their profile pictures, as the social networking site refreshes its design and pushes to become the center of your online life.
Futures http://finviz.com/futures.ashx
Is nothing sacred? I always thought the FED was solid, untouchable.
The Wall Street Journal News Alert
Russian Airstrike in Syria Targeted CIA-Backed Rebels, U.S. Officials Say
A Russian airstrike targeted an area in western Syria primarily held by rebel forces backed by the Central Intelligence Agency and allied spy services, U.S. officials said.
The direct targeting of U.S.-backed rebels by Russian aircraft could escalate tensions with Moscow, which said it deployed attack aircraft to Syria to help the regime of Bashar al-Assad in the fight against Islamic State.
Economy | Central Banks
WSJ PRO
Questions About Leak at Federal Reserve Escalate to Insider-Trading Probe
Firm at center of probe says it is a media organization with special legal protections
By
Aruna Viswanatha, Kate Davidson, Brody Mullins and Christopher M. Matthews
Sept. 30, 2015 5:58 p.m. ET
WASHINGTON—A high-profile investigation into a leak of sensitive information from the Federal Reserve in 2012 has escalated to an insider-trading probe led by a key market surveillance agency and federal prosecutors in Manhattan, according to people familiar with the matter.
But the firm at the center of the probe, Medley Global Advisors, has thrown up a roadblock by claiming a novel defense: It says it is a media organization entitled to special protections under the law, the people said.
Federal prosecutors in the Southern District of New York are focusing on the information leak while the Commodity Futures Trading Commission is looking into whether anyone violated insider-trading rules in 2012 when Medley disclosed to its clients details about the Fed’s plans for further economic stimulus, according to people familiar with the matter.
A spokesman for Medley said the firm “reserves complete editorial freedom in its newsletters, an integral principle for any serious newsgathering organization.” He said, “Medley’s journalists are focused on providing their readers deep insight,” and that the firm’s work is “made available to all subscribers and has a global audience from Kansas City to Madrid to Tokyo.”
The Fed declined to comment on the investigation and insider-trading probe.
The CFTC began its investigation after news of an internal Fed probe into the matter became public in December 2014. The 2010 Dodd-Frank financial regulatory law gave the CFTC the ability to pursue insider-trading charges based on confidential government information that affects the price of a commodity, including futures. The agency hasn’t yet brought any such charges.
The investigations by the Southern District of New York and the CFTC are still in the fact-finding stages, and it isn’t clear whether any insider-trading violations occurred.
Medley’s assertion that it is a news organization has raised prickly legal issues for prosecutors, the people said. Earlier this year, former Attorney General Eric Holder issued new rules requiring prosecutors to obtain additional high-level approvals to subpoena materials from reporters involved in investigations.
Medley’s claims also could impact at least three other insider-trading probes involving policy research firms that allegedly relayed confidential government information to Wall Street traders.
Traditional media firms are largely immune from insider-trading prosecution because even if they acquire private information, they publish it to a broad section of the public. But the government has no clear definition of what constitutes a media organization, in part because it is wary of being accused of infringing on the First Amendment.
Medley’s website refers to recipients of its research notes as “clients,” not readers or subscribers. It says the firm serves “the world’s top hedge funds, institutional investors, and asset managers” by delivering “unbiased intelligence on macroeconomic and political events by cultivating relationships with senior policy makers around the globe.”
In 2010, Medley was purchased by the Financial Times. Medley hasn’t disclosed how many clients receive its newsletters.
The investigation is in “uncharted territory and raises some unique issues,” said Justin Shur, a former Justice Department prosecutor now with MoloLamken LLP.
“It may be more difficult for prosecutors and regulators to obtain information from those firms given the First Amendment implications,” Mr. Shur said. “And proving the information is nonpublic could be an uphill battle if widely disseminated.”
Insider-trading law is notoriously vague, and there is no specific statute prohibiting it. Securities lawyers say it could be illegal for a government official to knowingly disclose private and market-moving information to an investor or an individual working on behalf of investors. And investors could run afoul of the rules if they trade on information they know was illegally obtained from the government.
The Justice Department and the Fed’s inspector general were previously conducting investigations to identify Fed employees who may have improperly shared details of the Fed’s deliberations in September 2012 with Medley senior managing director Regina Schleiger. House Republicans also have subpoenaed the Fed after accusing the central bank of botching its internal investigation.
The leak probe centers on a confidential Sept. 12-13, 2012, meeting of senior Fed officials. At the meetings, the Federal Open Market Committee voted to begin a new effort to spur the economy by buying $40 billion worth of mortgage-backed securities each month.
The Fed announced the move after the meetings concluded. It left open the possibility of further stimulus.
The important details of the Fed’s internal deliberations at the September meetings were supposed to be disclosed by the Fed in early October.
Before that happened, The Wall Street Journal published a story reporting that Fed officials at the September meeting were considering further action to stimulate the economy. The Sept. 28 story said there was a “strong possibility” the Fed would begin purchasing large amounts of Treasury bonds.
The next week, Medley sent a research note to its clients saying with more certainty that the Fed was “likely to vote as early as its December meeting” to begin monthly purchases of $45 billion worth of Treasury bonds.
The Oct. 3 Medley note, which came the day before the Fed released the meeting minutes, included confidential details that indicated the information came from inside the Fed.
For example, Medley stated that Fed officials debated providing an assurance that they wouldn’t consider raising interest rates until unemployment fell below 6.5% or the medium-term outlook for inflation rose above 2.5%. The language was adopted later that year.
Medley also wrote that “tomorrow’s minutes will reference a staff paper” and disclosed that staff members at the Fed worked past midnight to prepare for the meeting.
The Fed’s decision to initiate $45 billion in Treasury bond purchases, which the Fed announced after its December meeting, was intended to put downward pressure on Treasury yields and other interest rates, weaken the dollar and stoke the stock market.
After the Journal story and the Medley analyst report were made public, Ben Bernanke, then the Fed chairman, asked the Fed’s general counsel to investigate whether any information was improperly leaked by Fed employees.
In March 2013, the investigation found that Fed officials who spoke with the Journal didn’t provide details of Fed “policy proposals or actions.” Disclosures made to the Journal “appeared to be unintentional or careless,” the investigation found.
That same investigation concluded that “nearly everything” in the Medley note was previously disclosed by the Journal.
The Journal hasn’t received any subpoenas on the matter, said Colleen Schwartz, a spokeswoman for Dow Jones & Co., which owns the Journal.
When the Fed’s internal investigation was made public earlier this year, the chairman of the House Financial Services Committee called it “inadequate.” The committee chairman, Rep. Jeb Hensarling (R., Texas), later issued a subpoena to the Fed requesting more details about the investigation.
The Fed investigation said it failed to determine who provided the information to Medley.
Still, the alleged leak was surprising to some inside the central bank because the Fed had adopted a policy two years earlier to avoid such disclosures. The communications policy, written in June 2011, stated that members of its top policy-making committee “will strive to ensure” they don’t provide any profit-making entity “with a prestige advantage over its competitors.”
Policy makers “will consider this principle carefully and rigorously” when meeting with “anyone who might benefit financially from apparently exclusive contacts” with Fed officials, according to the policy, which was amended in January this year.
The Fed found that a handful of officials had in fact sat down with Ms. Schleiger, including then-vice Chairwoman Janet Yellen, who met with the Medley analyst in June 2012, long before the leak. The Fed hasn’t released the names of other officials who met with Ms. Schleiger.
After the Fed’s investigation became public, the CFTC launched its own probe, according to people familiar with the matter. Investigators asked Medley to turn over information related to the October 2012 research note. Lawyers for Medley declined to do so, saying it is a media company and entitled to protections under the First Amendment.
At issue for federal officials: Is there a legal difference between research firms that gather information about confidential government activity for clients and more traditional news organizations that publish similar information for a broader set of subscribers?
Before joining Medley in 2003, Ms. Schleiger worked for a decade as a reporter covering financial services for Knight Ridder.
There is no record of Medley applying for a media credential from the congressional press gallery, which is the traditional way journalists in Washington obtain press passes. The Fed says it hasn’t issued media credentials to Ms. Schleiger or anyone at Medley.
The firm’s spokesman said “Medley’s status as a media organization does not turn on whether it applies for media credentials.”
Write to Kate Davidson at kate.davidson@wsj.com, Brody Mullins at brody.mullins@wsj.com and Christopher M. Matthews at christopher.matthews@wsj.com
Robert Boch
The usual market manipulation for the very very rich while us "regular" investors get what is left over, if anything. The WSJ often reads like a rap sheet for the very rich because so many of them game the system. I am no liberal, but the very rich get slaps on the wrists while petty criminals get long term sentences.
CHARLES PLUSHNICK
6 minutes ago
these rich spoiled brats won't stand up to a contempt citation
Eric Arllen
6 minutes ago
Any federal investigation will be focused on finding only those FED miscreants whose involvement cannot be tied to anyone 'important' to the Political Oligarch Class that is really something smelly and disgusting you'd scrape with revulsion from the sole of your shoe. Can't have our sacred 'Nomenclatura' troubled. Wouldn't be good for the country. Or what little is left of it.
Hi zab. I think the black-box crowd clips a fraction of a penny. Huge volume, multi-trades do add up.
But, if you see a chart like GENT's GDDY or my AAPL or CSCO there's plenty of emotion and money on the table... Sitting and waiting for a trader to scoop some up.
Hang in bubeleh; ain't nothing like a breakaway gap [up or down] or the rare but terrific Island Reversal.
U.S. Court Blocks Obama Administration Fracking Rule
WSJ
A federal judge in Wyoming blocked an Interior Department rule setting stricter standards for hydraulic fracturing on public lands, the second major Obama administration environmental rule rebuked by the courts in as many months.
U.S. District Judge Scott Skavdahl issued a preliminary injunction barring implementation of the regulation, saying the Interior Department lacks the authority to issue the rule.
http://stockcharts.com/h-sc/ui?s=$BRENT
Like so many charts I follow, how does anyone play these things.
These things go up for a day or two, then trend forever. Talk about a controlled trade. Maybe the monkey eats his banana, becomes satisfied, and then rests for weeks.
You wonder why I stopped trading, because there is no emotion to trading anymore. Before these high speed machines took over you could literally feel a move, a counter move, and with them profitable trades.
Thanks GENT. Maybe you'll be able to fly us all down to Aruba for a weekend.
I'm going with CSCO GENT. Do you have a favorite? I'm just a trader with limited resources.
I have an '81 Bill Buckner card; the picture is him ready to field a ground ball at first base. Reminiscent of him at Shea in '86. For you I'll give a huge discount.
Russia always pushes south; they need warm water ports as they have trouble trading when the ice freezes the water in the winter.
Good move on the eagles.
Yeah, I'll go with the monkeys pushing the buttons.
What is enjoyable about these type of forums is the exchange of thoughts and ideas. You just might be correct about Fund Managers. But many of us have already learned that high frequency trading machines are the new norm, what is next, a monkey at the control panel.
Who is in control of those buttons that cause stocks to trade.
In reference to this latest Syrian news, I am glad Russia is taking part in military action. Let his country spill some blood for awhile. Like we have all learned these past 10 years, this region of the world is a constant battle between one Muslim group and another.
Now they will have an old enemy to battle, Russia will lose in the long run, and other countries will be threatened in the region with populations fleeing to safety.
It will also become a bigger part of the upcoming 2016 elections.
All of this means more uncertainty for the Stock Market, and oil and gold will once again prove to be no safe havens. If Saudi Arabia is bombed, then things could change quickly. But just maybe the Royal Family will have to choose sides in this conflict.
I love it that American troops are safe at home, and look forward to the troops in Afghanistan leaving soon.
On a side note, anyone looking for some 1969-1973 Nolan Ryan baseball cards, or a very nice Cal Ripken 1982 Topps Traded Rookie Card.
I do not have any more Silver Eagles, so next are my baseball cards.
Tough place to live, Syria. What's next? Locusts? A lot of innocent people will be killed.
Russia Begins Airstrikes in Syria, U.S. Official Says
WSJ
Russia has begun airstrikes in Syria, a U.S. official said hours after Russian lawmakers approved a request by President Vladimir Putin to allow the use of military force abroad.
Russia has built up forces on the ground in Syria in an effort to support Syrian President Bashar al-Assad, including deploying combat aircraft--moves that have placed Moscow at odds with Washington. Its direct intervention in the conflict would raise a host of issues for the U.S. military, which also conducts airstrikes over Syria and Iraq, and for its allies.
GL Lee- I'm shorting the pops, too.
You may be right about the fund managers zab, but an elephant is still an elephant.
Many fund managers may go the way of the dinosaurs.
After checking with the Wizard I've decided to let CSCO run for a while then buy some long term puts. Initially a few puts will be bought as CSCO moves up.
Maybe the fund managers are trying to prop up stock prices as they close their books for the month, and the quarter, so that funds appear better.
I have not watched my screens very closely these past couple of months, but after looking at them this morning, the volume is quite dismal in many issues.
http://stockcharts.com/freecharts/candleglance.html?FB,AAPL,NFLX,GOOG,AMZN,,JNUG,TVIX,WMT|B|S12,26,9|0
This very small list shows the small movement of todays action, the Dow might be op 200 points, but even these stocks can barely register a gain.
So nice to be on the sidelines.
Buy short term CSCO calls or wait for the rally to end and buy longer term CSCO puts? That's my problem for the morning.
CSCO 26.09 last.
CNBC | Morning Squawk
IN THE NEWS TODAY
U.S stock futures were sharply higher this morning on the last day of the third quarter, which has been dismal for Wall Street. The Dow, S&P 500, and Nasdaq are set to register their biggest percentage losses for a three-month period since the third quarter of 2011. (CNBC)
Europe and Asian stocks were also higher today, but global markets are headed for their weakest quarterly performance in four years after a torrid summer that saw investor sentiment rocked by developments in the world's two largest economies. (CNBC)
Ralph Lauren is stepping aside as CEO of his namesake company in November. He's going to be replaced by Stefan Larsson, the outgoing president of Gap's Old Navy brand. Lauren plans to remain design chief. Following the announcement, Gap (GPS) was downgraded to "underperform" from "neutral" at Mizuho Securities. (Reuters)
Twitter (TWTR) is said to be working on a new product to allow users to post tweets longer than the current 140-character limit , which has been a trademark of the social network since its inception. (Re/code)
Apple Music has priced its China launch today at a steep discount to what it charges in the U.S., but the music streaming service may be a tough sell . The service, at $1.57 a month, is significantly below the U.S. cost of of $9.99. (CNBC)
Chesapeake Energy (CHK) will reduce its workforce by about 15 percent, or 740 jobs, as depressed energy prices forced deeper cost cutting at the nation's No. 2 natural gas producer. (Reuters)
Tesla (TSLA) unveiled its long-awaited electric crossover last night, the Model X, with a range of about 250 miles per charge and zero to 60 mph in as little as 3.2 seconds. (USA Today)
Ferrari's expected IPO could launch as soon as Friday, according to CNBC sources, with pricing in two weeks. The sports car brand is looking to raise $1 billion.
American Airlines (AAL) in recent weeks has quietly added free, real-time online luggage tracking for checked bags, allowing customers to follow them from check-in to pickup. (Chicago Tribune)
Starting tomorrow, Amtrak passengers with more than two personal items and two carry-on bags, adding up to 150 pounds, will be charged $20 for each bag over the quantity and size limit. (Washington Post)
Move over, Jeb Bush, Carly Fiorina, and Fox News — Donald Trump has somebody else to argue with: Forbes magazine and its new estimate of his net worth at just $4.5 billion, less than half Trump's claim of more than $10 billion. (CNBC)
The House and Senate today are expected to pass a stopgap funding bill, without Planned Parenthood defunding, to avert a government shutdown. Meanwhile, GOP leaders and President Barack Obama are trying to reach a long-term spending deal. (USA Today)
Russia's upper house of parliament has approved a request by President Vladimir Putin to authorize the the use of military force abroad, paving the way to build up a presence in Syria. (CNBC)
Pope Francis met secretly in Washington, D.C., last week with Kim Davis, the county clerk in Kentucky who defied a court order to issue marriage licenses to same-sex couples, according to her lawyer. (NY Times)
Tropical Storm Joaquin is lurking in the Atlantic Ocean, on the verge of becoming a hurricane today, but meteorologists were still divided on how hard the East Coast would get hit. (NBC News)
BY THE NUMBERS
With interest rates swinging relatively widely day-to-day, due to volatility in the U.S. stock market and overseas financial markets, total mortgage application volume fell 6.7 percent last week.
Ahead of Friday's government employment report for September, the ADP private sector job numbers are out at 8:15 a.m. ET this morning, with economists expecting a 200,000 advance for September, compared to a 190,000 gain in August.
The Chicago purchasing managers index for September, released at 9:45 a.m. ET, is expected to show a reading of 52.9, compared to the 54.4 level in August.
Oil prices were under some pressure this morning, after an unexpectedly high build in U.S. crude inventories as measured by the American Petroleum Institute. Weekly stockpile numbers from the government are out at 10:30 a.m. ET.
There's no shortage of Fed-related speakers today, including central bank chief, Janet Yellen, who gives the opening remarks at a banking conference in St. Louis at 3 p.m. ET. St. Louis Fed President James Bullard and Fed Gov. Lael Brainard appears at the same event, while New York Fed President William Dudley appears at SIFMA conference in New York this morning.
Costco (COST) late Tuesday reported quarterly profit of $1.73 per share for its latest quarter, 7 cents above estimates, but revenue was below forecasts on lower fuel prices and a stronger U.S. dollar.
AT&T (T) will change the way its DirecTV unit uses to count commercial subscribers, which will trim the official subscriber count by 918,600. The company said revenue and cash flow won't be affected by the change.
STOCKS TO WATCH
Starting tomorrow, Target (TGT) will match the online prices of more than two dozen of its Internet competitors, including Amazon (AMZN) and Wal-Mart (WMT).
Amazon is testing a service called Amazon Flex, a Uber-like service for package deliveries. Drivers will be paid up to $25 per hour to deliver Amazon orders using their own cars.
JPMorgan Chase (JPM) will have to face a class action suit in the U.S. related to the London Whale case, which saw the bank take a $6.2 billion loss. That follows a court ruling in New York late Tuesday.
Ford (F) received a five-day strike notice at a key plant for its popular F-150 pickup truck. The strike authorization comes amid disagreements over a local labor contract.
Advance Auto Parts (AAP) is a target of activist hedge fund Starboard Value, according to the Wall Street Journal, which said Starboard will announce today a 3.7 percent stake in the auto parts seller.
FUTURES: Dow +177, S&P +21.50, Naz +50
Agree GENT. And his kid has rolled 13 perfect games.
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