Absolutely staggering (and sobering) series of photos.

Market Watch

Miners hurt in London after weak China data

By Sara Sjolin, MarketWatch

LONDON (MarketWatch) — U.K. stocks were hit hard on Thursday, as mining firms dropped after weak factory data from China and banks declined on a report the sector needs to plug a multibillion-pound capital shortfall.



China is facing a slowdown as a gauge of manufacturing health hit a nine-month low and as banks become more cautious about lending. The WSJ’s Tom Orlik tells Michael Arnold what the government needs to do to stimulate growth.

Miners posted the biggest losses in the index after a disappointing update on China’s manufacturing sector ignited fears of slower growth in the country. The “flash” version of HSBC manufacturing Purchasing Managers’ Index fell to a nine-month low of 48.3, down from May’s final reading of 49.2. A reading below 50 indicates contraction.

“The implication is that Q2 growth in the economy at large is likely to have weakened further from Q1, given that the average of this index stands at 49.3 in Q2, compared with 51.5 in Q1,” said Klaus Baader, economist at Société Générale, in a note.

China is a major user of natural resources and any signs of a slowdown in the economy tend to weigh on miners.

Which serves to demonstrate that markets are very strange - what bernanke said yesterday was the most anticipated and predicted announcement of recent Fed announcements. What did the market expect?

The drop from 25 to now involves a loss of profit, not capital

Do you mark your portfolio to market?

They have decided to keep them in treasury for the time being, per the Q&A of the prospectus - page 11.

See the answer to question 35 on p11 of the prospectus.

Just saw Dew's response - best to take his as authoritative.

I can't give you a precise citation, but I believe they go into Treasury. If so, they could be used as currency in a buyout.

Just because you write an article online doesn't mean you're not a moron.


I've decided that since I don't understand the effect of the distribution on PFE's balance sheet I'll sell all my PFE.
I don't write articles online but that doesn't mean I'm not a moron.

Given the price differential between the common and the convert it would require a huge short position in the common to be delta neutral, would it not?

Has Nissen responded?

FDA Should Ease Restrictions on Avandia, Panel Says
By THOMAS M. BURTON

SILVER SPRING, Md.—A Food and Drug Administration advisory committee recommended, on a divided vote, that the agency ease restrictions on sale of the onetime blockbuster diabetes drug Avandia.

If the FDA follows this advice, it would mean a remarkable about-face for the agency, which issued sharp restrictions on Avandia in 2010 over cardiac concerns. The panel's majority said it no longer thinks the heart worries are as proven and serious as once believed.

Thirteen of 26 panelists voted to ease restrictions, and seven more wanted the curbs removed entirely. But—reflecting the complex nature of the evidence —five members wanted restrictions unchanged, and one panelist wanted the drug pulled from the U.S. market.

"There remains considerable uncertainty, but I do favor loosening the restrictions," said National Institutes of Health statistician and panel member Erica H. Brittain.

Float is higher than shares issued?

Pro forma - given the uncertainties a proforma balance sheet would not be doable. That was a wild goose chase.

I'll probably wait before deciding.

The ZTS asset on the balance sheet is eliminated (question 3 of the QandA), in return for which it receives PFE shares discounted by 7%.

The PFE balance sheet will look very different after the swap.

I'll keep reading the prospectus to see if there's a proforma anywhere.

I am, in two accounts. I've been wondering what will happen to the PFE price on the effective date of the offer. I assume it will behave like any stock that goes ex-dividend, complicated by the 7% discount?

PFE chart looks awful, fwiw. The Motley Fool suggests there might be a connection with the ZTS offer.

Like the two telecoms, Pfizer suffered its worst losses in the last part of the month. The same argument regarding dividend stocks applies just as well to Pfizer as to AT&T and Verizon. But in addition, Pfizer shareholders face an interesting decision in the near future about whether to hang onto their shares or exchange them for shares of Pfizer's 80%-owned animal-health unit Zoetis. Offering roughly a 7% discount to make the exchange, Pfizer shareholders will feel pressure to accept the Zoetis offer, but the impact it will have to both companies' shares going forward is uncertain. Some investors might well simply prefer to sell their shares now rather than facing that dilemma, especially given that Zoetis shares saw similar declines. In the long run, though, Pfizer's success depends on the success or failure of its drug pipeline, so keep an eye on news related to new drug prospects rather than getting bogged down in the Zoetis deal.

My wife is a vet tech and brings back hard to believe stories about not well off people spending large amounts on a pet who is beyond hope and should be mercifully put to sleep.

Her other pet peeve is the owner who allows his/her dog to become grossly obese, leading to joint surgery - minimum $1200 around here.

Nice validation of the tailwind.

6:03AM Amarin announces additional effects of Vascepa on lipoprotein particle concentration from the ANCHOR study presented at the National Lipid Association 2013 Annual Scientific Sessions (AMRN) 6.46 : Co presented additional data on Vascepa (icosapent ethyl) and its effect on lipoprotein particle concentration from the Phase 3 ANCHOR study at the National Lipid Association (NLA) 2013 Annual Scientific Session. The data presentation titled, "Effects of Icosapent Ethyl on Lipoprotein Particle Concentration and the Fatty Acid Desaturation Index in Statin-treated Patients with Persistent High Triglycerides (the ANCHOR Study)", reported that Vascepa 4 g/day, when added to optimized statin therapy for 12 weeks, significantly reduced median particle concentrations of total very-low-density lipoprotein (VLDL) by 12.2%, total low-density lipoprotein (LDL) by 7.7%, and small LDL particles by 13.5% across the 12 week treatment period, compared with placebo. Co also presented, or provided financial support for, research surrounding three additional topics at this year's NLA meeting, including:

pharmacokinetic data showing the lack of drug-drug interaction when Vascepa was administered with atorvastatin, a commonly prescribed cholesterol lowering medication
pharmacokinetic data showing the lack of drug-drug interaction when Vascepa was administered with warfarin, a commonly prescribed anticoagulant medication
eicosapentaenoic acid and its potential inhibition of the formation of membrane cholesterol crystalline domains

No further info - just the headline - Merrill

Note: Allergan (AGN) has been added to the US 1 list today. Today's closing price will be the addition price for the stock.

Africa as part of the tailwind - increased beer consumption accompanies growth of the middle class in developing countries.

A wide range of consumer stocks have enjoyed very strong runs in the market, and alcoholic beverage companies like Diageo (NYSE:DEO), Anheuser-Busch InBev (NYSE:BUD), and SABMiller (Nasdaq:SBMRY) have been among the strongest performers. Valuations are starting to look pretty overheated, even allowing for improving global consumer incomes, easing input costs, low rates, and so on. Even so, investors looking for relatively liquid plays on the ongoing growth of emerging economies may want to consider SABMiller for its broad exposure to markets like Africa, Latin America, and China.

SEE: An Evaluation Of Emerging Markets

Bringing The Year To A Respectable Close
Unfortunately, SABMiller is not atypical among non-U.S. companies in eschewing the quarterly reporting format that American investors typically expect. Even so, the company's full-year results came in broadly as expected, particularly given the company's update on revenues and volumes back in April.

Revenue rose 10% for the full fiscal year at the group level, or 7% on an organic basis. Likewise, revenue on an “ex-associates” basis (excluding joint ventures and so on) rose 7% and just slightly (2%) missed the average sell-side estimate. Organic growth was very strong in Africa (up 18%), while South Africa (up 8%) and Latin America (up 7%) were both respectable. Growth in Europe (up 5%), North America (up 2%), and Asia-Pacific (up 3%) was less impressive, particularly the latter two numbers. Importantly, organic growth was relatively balanced between volume, mix, and price, as organic lager volume increased 3%.

7% discount - Nice way to build a position in Zoetis if you haven't already done so. Accept the exchange and replace your PFE's in the market.

Looks like some people anticipated this trade at the open.

Thank you for your views on supplements.

Are you of the view that extracts (e.g. of curcumin) have been robbed of much of their nutritional value through the processing?

The New Science of Giving

Quite different space, but isn't this kind of focused philanthropy similar to the Gates' model?

If the risk free rate goes up, the spread between the risk free and the earnings yield will tighten, making MRK less attractive, I would think.

No, these e-mails are a zombie from when I had a Merrill account - I just get the headline. Sorry.

Merrill

Hess (HES) has been removed from the US 1 list today. Today's closing price will be the removal price for the stock .

Didn't understand a word of that.



















didn't understand a word of that.

As a regular Mayo user, I'm doing my best to lift him out of his penury.

If you believe that the market is inefficient all the time, you're probably better off taking your money to Vegas

Actually Vegas is the most efficient market one could imagine. There are no inefficiencies to exploit, as there are in the stocks.

The difference between a sin of commission and a sin of omission.

Pfizer cuts 2013 outlook for revenue, EPS

NEW YORK (MarketWatch) -- Pfizer Inc. (NYSE:PFE) said Tuesday its first-quarter profit rose 53% to $2.75 billion from $1.79 billion a year earlier. Earnings per share rose to 38 cents from 24 cents a year ago, while adjusted earnings fell to 54 cents a share versus 57 cents a share a year ago. Quarterly revenue fell 9% to $13.5 billion. Analysts polled by FactSet had expected earnings of 56 cents a share on revenue of $13.99 billion. The pharmaceutical company lowered 2013 guidance for earnings per share to $1.44 to $1.59 from a range of $1.50 to $1.65. Adjusted earnings per share was cut to between $2.14 and $2.24 from $2.20 to $2.30. Reported revenue was lowered to a range of $55.3 billion to $57.3 billion. The company said it revised its full-year outlook to reflect the initial public offering of Zoetis, its animal-health unit, and changes in foreign-exchange rates. Shares were down 3% in premarket trade.

WSJ on CAT


By James B. Kelleher

CHICAGO (Reuters) - An odd thing happened on Monday when Caterpillar Inc (CAT.N), the world's largest maker of earth-moving equipment, posted disappointing profits and cut its full-year forecast, blaming weakness in the mining industry it bet on so heavily in recent years.

Its shares rallied.

When other big U.S. companies, including General Electric (GE.N), International Business Machines Corp (IBM.N) and Textron Inc (TXT.N), have warned of slowing profit growth in recent days, the news has unnerved investors and sent their stock prices lower.

So what was different about Caterpillar?

Part of the answer, analysts said, was that its announcement was not a surprise. The company has warned repeatedly in recent months that demand from mining customers was deteriorating.

Another factor was Caterpillar's upbeat assessment of the outlook for the construction industry, especially in the United States and China.And a share buyback always helps - this one to the tune of $1 billion in stock this year and as much as $3.8 billion by the end of 2015.

But analysts said the overly bleak assessment Caterpillar provided on Monday for its sales to the global mining industry also, ironically, helped the shares. In a nutshell, no one believes it's really going to be quite as bad as it says, even given the recent slide in gold and copper prices on concerns about weak global growth.<snip>

may have underlying agendas with what he writes

Who doesn't talk his book?

The release announcing their attendance was terse. They are not the least bit inclined to give their hand away.

Further to the 4/15 release?

SRPT

The lift didn't last long...

There was a contingent on the ARIA board recently that thought a case could be brought against AF for dissing Iclusig (seriously).

I suppose that by the same token I have a cause of action against the same AF for not dissing eterplisen.

Banned in Boston takes on a whole new meaning.

Why would the stock being down on volume suggest to you that someone "knows or is hoping for good news"?

SRPT

The market is not buying AF's construct yet.