China PMI gains, private one said not so good.

China Manufacturing Gauge Climbs in Sign of Pickup

"Another private report today showed China’s economic slowdown deepened this quarter"

By Bloomberg News - Jun 22, 2014 10:09 PM ET

A Chinese manufacturing gauge rose to a seven-month high in June, indicating the economy is picking up after the government rolled out measures to support growth.

A preliminary Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics was at 50.8, exceeding the 49.7 median estimate of analysts surveyed by Bloomberg News and a final reading of 49.4 in May. A number above 50 indicates expansion.

Asian stocks and the Australian dollar rose after the report suggested the government’s measures will protect its 2014 growth target of about 7.5 percent even as the property market slumps. Premier Li Keqiang said last week China won’t have a hard landing and that his officials are making adjustments to aid expansion without resorting to “strong” stimulus.

“We expect policy makers to continue their current path of accommodative policy stance until the recovery is sustained,” Qu Hongbin, HSBC’s chief China economist in Hong Kong, said in a statement. The government’s so-called mini-stimulus is “filtering through to the real economy,” Qu said.

The MSCI Asia Pacific Index of stocks advanced 0.6 percent at 10:55 a.m. in Tokyo, while the Australian dollar jumped 0.4 percent to 94.27 U.S. cents. China’s Shanghai Composite Index rose 0.3 percent.

Final Reading

The report, known as the Flash PMI, is typically based on 85 percent to 90 percent of responses to surveys sent to purchasing managers at more than 420 companies. The final reading is due July 1. Estimates of today’s number from 17 analysts ranged from 49.0 to 50.4.

A separate manufacturing PMI from the National Bureau of Statistics and China Federation of Logistics and Purchasing will also be published July 1. That gauge rose to 50.8 in May, the highest reading since December, from 50.4 in April.

Another private report today showed China’s economic slowdown deepened this quarter, as capital spending showed weakness and fewer companies applied for credit. The slowdown hurt hiring and wages, and interest rates offered by shadow lenders fell below levels offered by banks, according to the China Beige Book, a quarterly survey modeled on the U.S. Federal Reserve report of the same name.

Data released this month painted a mixed picture of the economy after Premier Li’s targeted measures to support growth that fell below his 2014 target in the first quarter. Efforts to aid expansion have included accelerating infrastructure spending, tax cuts, and limiting money-market interest rates.

Industrial Output

Gains in industrial production and retail sales accelerated in May, exports rose a more-than-estimated 7 percent from a year earlier, and new loans and money supply topped estimates.

At the same time, January-May fixed-asset investment grew 17.2 percent, the weakest pace for that period since 2000, according to data compiled by Bloomberg, and a decline in home sales and new construction persisted. Property is the biggest risk to the economy, according to Societe Generale SA and JPMorgan Chase & Co.

The central bank announced a cut in some lenders’ reserve requirements on June 9 to help boost funding for smaller companies and agriculture. China Merchants Bank Co., Industrial Bank Co. and China Minsheng Banking Corp. said last week that they got half percentage-point reductions.

Speaking in London on June 18, Li said China will rely on “smart and targeted regulation” rather than strong stimulus to protect the official growth target. “I can promise everyone honestly and solemnly, there won’t be a hard landing.”

To contact Bloomberg News staff for this story: Xiaoqing Pi in Beijing at xpi1@bloomberg.net

To contact the editors responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net Nerys Avery, Scott Lanman

AKBA me neither. 3D printers Jeff

AKBA has presentation upcoming said 5/29. Cambridge, Mass
Company to Present Data from Phase 2a Study of Lead Clinical Compound, AKB-6548, a Potentially Novel Approach to Treat Anemia Related to Chronic Kidney Disease
----------------
Earlier Friday, analysts at Jefferies issued comments on three notable players in the 3D printing sector.
The analysts at Jefferies believe the growth potential for prototyping is not fully appreciated based on the RAPID trade show and noted that Stratasys (NASDAQ: SSYS) is the most leveraged in the way of prototyping. Additionally, the team pointed to 3D Systems (NYSE: DDD) exposure to prototyping in manufacturing, but cautioned that manufacturing might take longer to ramp up.
In addition to prototyping, the firm noted that sentiment from RAPID suggested prosumer has higher margins than consumer and again pointed to Stratasys as being best positioned for benefit.
The firm made the following adjustments to 3D printer stocks:
3D Systems: Reiterate Buy, lowered price target from $102 to $67
Stratasys: Reiterate Buy, maintained price target at $140
The ExOne Company : (NASDAQ: XONE) Downgraded from Buy to Hold,
Despite the reiterated confidence in Stratasys and 3D Systems, as well as a pair of Seeking Alpha articles suggesting a potential rally in the sector, shares of both companies are trading stable to down in Friday's session.
Alternatively, ExOne shares have seen as much as a five percent bump and were trading $33.37 at last check.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

icon sumtin bout Alibaba warning

Think the Alibaba & related Chinese IPOs warning to investors today may have hurt too.

HERO yes bounce likely hmm

Thx been looking for an oily type play. Shocking drop would have put me off since I usually wait for the uptick to form. Then the restest for buy on second bounce.
Def on radar alert.

AKBA $28.94 +1.66 +6.09% ?? em

DANG 11.32 - .60 -5.1%

China plays hit on the warning today. Think was SEC on Alibaba & such.

RSH lifetime low .91 value $0?

10:36 AM EDT, 06/20/2014 (MT Newswires) -- Shares of RadioShack (RSH) slumped more than 10% in Friday's morning session to reach a new lifetime low of $0.91, despite a lack of newsworthy information that could affect the stock.
On Thursday, the Motley Fool's Timothy Green claimed that RSH shares are on their way to $0, citing the electronics retailer's weak Q1 earnings report and the fact that company creditors have shot down RSH's original plan to close more than 1,000 stores.
After hitting a new lifetime low, RSH shares recently traded at $0.93, down 10% relative to Thursday's close. The stock has a new 52-week range of $0.91 to $4.36.
Price: 0.93, Change: -0.10, Percent Change: -9.76
http://www.mtnewswires.com © 2014 MT Newswires, a Division of MidnightTrader, Inc. All rights reserved.

AEGY.ob .pk trading today? had SEC suspend

Looks like 0.0007 -0.0002 open. Maybe was a halt?
This has OTCBB (used to mean .OB) & PK listed? Might even be Grey as ToSwim has OTC OTHER.

LOS ANGELES, CA -- ( Marketwired ) -- 06/09/14 -- The SEC determined on June 6, 2014 to impose a temporary suspension in trading of the stock of Alternative Energy Partners, Inc. (OTCBB: AEGY) (OTC Pink: AEGY) (PINKSHEETS: AEGY) ("the Company") that may extend through June 19, 2014 . The purpose of this statement is to inform shareholders about the information currently available to the Company and to address, to the extent possible, several of the questions we have received from shareholders and investors.
The Company did not have any advance warning, hint, or knowledge of the impending SEC suspension order. The Company learned of the SEC's actions at the same time as the market, on the morning of June 6, 2014 and has not received any direct communication from the SEC . The Company has no knowledge of irregularities that may warrant a suspension of trading in its securities but the fact remains that the SEC ordered a trading halt, as it is permitted to do by law.
The Company has reached out to the SEC to learn the SEC's concerns and then endeavor to address them. The Company will not speculate about the reasons, and the Company recommends that investors, even though they are disappointed by this temporary result, not speculate either but wait to see what happens as a result of this process. As soon as any regulatory concerns are identified for the Company, the Company will address them fully.
The Company understands that the SEC has expressed concerns with the market sector, medical cannabis, in which the Company operates and has shut down several companies in that space before its recent order affecting the Company. We are operating a viable, established, and visible business in California , as we have been doing for over a year, and are distinguishable from the many companies in the medical marijuana space that are little more than stock promotions.
The Company continues and will continue to operate its business in all of its forms, notwithstanding the SEC order. The SEC order does not affect the Company's core and day-to-day business operations and we will continue to deliver high quality products and services that enhance the lives of medical cannabis patients in California .
If the history of other stocks in the marketplace is any guide, after the SEC order expires or when trading resumes there is likely to be a negative impact on the market price of the Company's stock. The Company will do everything it reasonably can do, within the regulatory requirements, to minimize the impact of the SEC's decision on its shareholders and business relationships. We urge our shareholders, customers, and partners to engage in calm consideration of information as it becomes available but we do understand that this is a very difficult time for all involved. We appreciate your frustration, as we are similarly frustrated. We have operated in this space for more than a year and are perplexed after having built a lawful new business, in a new and growing space, that is viable, visible, active, and objectively confirmable, to find that the SEC has as yet undisclosed concerns, but they are engaging in their role as provided by law and we respect that. While the SEC did not provide more than formalistic language justifying the suspension in its order, that too is their prerogative. We look forward to working with the SEC to identify its concerns and address them proactively.
We are confident that we are building an industry leading business in the medical cannabis space and we will continue to do so. Undoubtedly those on the investor boards who accomplish some form of investment reward by spreading fear, uncertainty, and doubt, will use this as an opportunity to do so with even louder volume; but do not be misled, they too lack any information as to why the SEC did what it did, as only the SEC knows that. We certainly are not going to opine on that subject and we would caution you to view with a great deal of skepticism anyone on any investor board who does so.
We are committed to launching the products and services we have already announced we will launch -- they are under development and some are nearly finished. We are also continuing to move ahead with the merger we have already announced and hope to complete that shortly but in due course given the current situation.
We remain fully dedicated to finding out what gave rise to the SEC concerns and to keeping shareholders fully informed when reliable information is obtained. In the meanwhile, we ask that our shareholders and investors maintain a demeanor of calm and patience notwithstanding frustrations that we all feel in this challenging time. Acting on frustration will not accelerate our path through this process and may actually hinder it.
Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission . The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
investors@aegy.net
Investor Relations


Source: Alternative Energy Partners, Inc.

SIRI been active lately. em

ADCS no chill now TDA

Don't know when a chill was removed at TDA but seems ok this am.
Just tried for giggles. Listed as Pink. Serial repeated 4 RS and whole bunch of name changes, 8 at least. Unusual one for TDA to be allowing Buy. These usually would say Chill or even Sells Only for those trapped in them.
Maxed out the AS of 5B in OS. That too is a red flag. Maybe since it has the listing of below Current Information that has helped?

Alternative Reporting OTC Pink Current Information

Your limit order to Buy 1000 ADCS at 0.0001 will be submitted prior to the market opening. Your order number is:

Russia CB takes more gold reserves May.

fwiw Canada numbers coming across. With rise in oil & Precious I would expect it to be running hotter as it is.
-- CANADA ECONOMICS: Core CPI Up 1.7% YoY in May; Vs RBC and Mkt Call For +1.5%

08:19 News Bot: Russian central bank says gold reserves rose to 34.7mln ounces M/M in May (Prev. 34.4mln ounces)

08:19 News Bot: Russian Unemployment Rate (May) M/M 4.9% Exp. 5.2% (Prev. 5.3%)

08:19 News Bot: Russian Retail Sales (May) M/M 1.7% Exp. 2.2% (Prev. -1.3%)
- Russian Retail Sales (May) Y/Y 2.1% Exp. 2.7% (Prev. 2.6%, Rev. 2.7%)
(BBG)
------------
08:33 AM EDT, 06/20/2014 (MT Newswires) -- The Bank of Canada's core index rose 1.7% in the 12 months to May, after increasing 1.4% in April. Meat, traveller accommodation and electricity were notable contributors to the faster rise in May compared with April, Statistics Canada said Friday. The forcast was for +1.5%
The seasonally adjusted core index rose 0.2% on a monthly basis in May, matching the increase in April and forecasts for the month.
http://www.mtnewswires.com © 2014 MT Newswires, a Division of MidnightTrader, Inc. All rights reserved.

MIAGent speeding trucker in Morgan crash

NEWARK, N.J. --The driver of a tractor-trailer truck that plowed into a limousine van carrying comedian Tracy Morgan and several friends, killing one person and severely injuring Morgan and two others, was speeding in the final moments before the crash, according to a preliminary report released on Thursday.
Wal-Mart driver Kevin Roper was going 65 mph in a 45 mph zone just before the June 7 crash on the northbound New Jersey Turnpike , according to the National Transportation Safety Board's report. The crash killed 62-year-old James McNair of Peekskill, N.Y. .
The NTSB used the truck's electronic engine-control system to calculate how fast Mr. Roper was driving. "A preliminary review of the data showed that the Peterbilt combination vehicle was traveling at 65 mph for the 60 seconds preceding the collision with the Mercedes-Benz limo van," the report concluded.
Traffic was slowed by construction that blocked two of the highway's three lanes. According to the NTSB report, a sign warned of the lane closures about a mile south of where the accident occurred, and another sign a half-mile closer directed motorists to reduce their speed from 55 mph to 45 mph.
Wal-Mart Stores Inc. trucks are equipped with devices that limit the vehicles' speed to 65 mph, a spokeswoman said, so Mr. Roper, who was driving for the retailer, was going at the top speed possible.
Drivers are required to follow the posted speed limit under Wal-Mart policy, spokeswoman Brooke Buchanan said on Thursday.
"Of course we expect our drivers to comply with the laws, whether it's a speed limit, or (something else)," she said. "We don't condone speeding."
She otherwise declined to comment on the report, citing the continuing investigation.
The truck struck Morgan's limo from behind, sending it into other vehicles and eventually onto its side. Morgan is hospitalized in fair condition with a broken leg and other injuries.
Mr. Morgan's assistant, Jeffrey Millea , of Shelton, Connecticut , has also been upgraded to fair condition, according to Mr. Morgan's spokesman. Hospital officials said Monday that comedian Ardie Fuqua , of Jersey City , remains in critical condition.
Mr. Roper, 35, of Jonesboro, Georgia , has pleaded not guilty to death by auto and assault by auto charges. A criminal complaint accuses him of not sleeping for more than 24 hours before the crash, a violation of New Jersey law.
The NTSB report said investigators were still probing Mr. Roper's activities in the days leading up to the crash to determine the amount of rest he received.
It concluded that Mr. Roper left a Wal-Mart facility in Smyrna, Delaware , at about 11:30 a.m. local time on June 6 and made stops in Delaware, New Jersey and Pennsylvania during the day. Just after midnight on June 7 he left Bristol, Pennsylvania , en route to Perth Amboy, New Jersey , when the crash occurred about 30 minutes into his trip.
The timetable appears to show Mr. Roper wasn't in violation of federal rules that permit truck drivers to work up to 14 hours a day, with a maximum of 11 hours behind the wheel. He had been on duty about 13 1/2 hours at the time of the accident, according to the report.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires
06-19-14 1240ET
Copyright (c) 2014 Dow Jones & Company, Inc.

COCO in trouble, 'going concern' phrase

9:38am $0.45 -0.40

Form 8-K for CORINTHIAN COLLEGES INC

19-Jun-2014

Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure.
In January 2014, Corinthian Colleges, Inc. (the "Company," "Corinthian," "we," "us" or other similar terms) received a letter from the U.S. Department of Education ("ED") regarding several matters, including a request for extensive information from the Company about placement results and attendance and grade changes for certain prior periods. The Company subsequently received additional letters from ED in April and May, which, among other matters, expanded the scope of the information requests. Since its receipt of the first letter in January 2014, the Company has expended substantial resources in making rolling production of responsive documents and data to ED, and expects to devote even more extensive resources to do so as it cooperates with ED in its ongoing review.

On June 12, 2014, the Company received a letter from ED (the "June Letter") in which ED noted outstanding documentation and data that the Company had yet to provide, and asked questions regarding the data and documents provided to date. The June Letter also adds additional information requests and seeks action with respect to many of the requested items. In subsequent communications with ED, the Company has committed to redouble its efforts to provide the requested information and has provided a timetable within which it expects to do so. To accelerate document production, the Company has re-organized the project, increased executive-level oversight and assigned an additional approximately 100 employees to the effort.

In addition to the foregoing information requests with respect to historical matters, the June Letter also requires the Company to provide additional information to ED, including (i) monthly updates regarding certain student information and disclosures, including as to placements, (ii) disclosure within 10 days of the Company's receipt of notification with respect to certain categories of adverse regulatory, accreditor or business actions, should they occur in the future, and (iii) immediate notice of the Company's intent to close or sell any location, among other matters.

In the June Letter, ED also informed the Company that it has transferred all Company schools from Advance Payment to Heightened Cash Monitoring 1 (HCM1), effective immediately, as a result of the extended time the Company has taken to provide requested documents and data. Under the HCM1 payment method, the Company must, contemporaneous with making disbursements to eligible students and parents, provide ED with certain documentation of the students' eligibility for Title IV program funds in support of its request for payment from ED in the amount of those disbursements. The Company's existing practices substantially conform to these additional requirements.




In the ordinary course such funds are available for drawdown by the Company within 24 to 72 hours of the request. However, ED has imposed an additional stipulation delaying drawdown of the requested funds for a period of 21 days. ED's transfer of the Company's schools from the Advance Payment method to HCM1 status, plus the imposition of the 21-day waiting period before drawing down funds, will adversely affect the timing of the Company's operating cash flows and is expected to result in a significant shortfall in the Company's operating cash flows. The Company is seeking relief from ED for the 21-day waiting period required by the June Letter, but has been unsuccessful to date in its efforts to obtain such relief. If such relief is not provided, the Company's existing cash balances will be insufficient to sustain it through this transition period, and therefore the Company would need to immediately obtain other sources of liquidity, which may not be available. The Company has engaged in discussions with its credit facility lenders in order to obtain financing to bridge the shortfall in operating cash flows during this transition period, but the lenders have indicated they will not provide any such financing. If the Company is unable to timely obtain alternate financing, the Company's cash flows will not be sufficient to meet its obligations as they become due, which would cause the Company to be unable to continue as a going concern.

COCO crashes on credit & going concern comments

9:35am
Form 8-K for CORINTHIAN COLLEGES INC

19-Jun-2014

Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure.
In January 2014, Corinthian Colleges, Inc. (the "Company," "Corinthian," "we," "us" or other similar terms) received a letter from the U.S. Department of Education ("ED") regarding several matters, including a request for extensive information from the Company about placement results and attendance and grade changes for certain prior periods. The Company subsequently received additional letters from ED in April and May, which, among other matters, expanded the scope of the information requests. Since its receipt of the first letter in January 2014, the Company has expended substantial resources in making rolling production of responsive documents and data to ED, and expects to devote even more extensive resources to do so as it cooperates with ED in its ongoing review.

On June 12, 2014, the Company received a letter from ED (the "June Letter") in which ED noted outstanding documentation and data that the Company had yet to provide, and asked questions regarding the data and documents provided to date. The June Letter also adds additional information requests and seeks action with respect to many of the requested items. In subsequent communications with ED, the Company has committed to redouble its efforts to provide the requested information and has provided a timetable within which it expects to do so. To accelerate document production, the Company has re-organized the project, increased executive-level oversight and assigned an additional approximately 100 employees to the effort.

In addition to the foregoing information requests with respect to historical matters, the June Letter also requires the Company to provide additional information to ED, including (i) monthly updates regarding certain student information and disclosures, including as to placements, (ii) disclosure within 10 days of the Company's receipt of notification with respect to certain categories of adverse regulatory, accreditor or business actions, should they occur in the future, and (iii) immediate notice of the Company's intent to close or sell any location, among other matters.

In the June Letter, ED also informed the Company that it has transferred all Company schools from Advance Payment to Heightened Cash Monitoring 1 (HCM1), effective immediately, as a result of the extended time the Company has taken to provide requested documents and data. Under the HCM1 payment method, the Company must, contemporaneous with making disbursements to eligible students and parents, provide ED with certain documentation of the students' eligibility for Title IV program funds in support of its request for payment from ED in the amount of those disbursements. The Company's existing practices substantially conform to these additional requirements.




In the ordinary course such funds are available for drawdown by the Company within 24 to 72 hours of the request. However, ED has imposed an additional stipulation delaying drawdown of the requested funds for a period of 21 days. ED's transfer of the Company's schools from the Advance Payment method to HCM1 status, plus the imposition of the 21-day waiting period before drawing down funds, will adversely affect the timing of the Company's operating cash flows and is expected to result in a significant shortfall in the Company's operating cash flows. The Company is seeking relief from ED for the 21-day waiting period required by the June Letter, but has been unsuccessful to date in its efforts to obtain such relief. If such relief is not provided, the Company's existing cash balances will be insufficient to sustain it through this transition period, and therefore the Company would need to immediately obtain other sources of liquidity, which may not be available. The Company has engaged in discussions with its credit facility lenders in order to obtain financing to bridge the shortfall in operating cash flows during this transition period, but the lenders have indicated they will not provide any such financing. If the Company is unable to timely obtain alternate financing, the Company's cash flows will not be sufficient to meet its obligations as they become due, which would cause the Company to be unable to continue as a going concern.

Baltic up 4% to 902 pts

Large % rise. fwiw Bberg radio saying black flag seen over that Icrap refinery that had fighting in north.

09:06 News Bot: Baltic Dry Index rises 4.0% to 902 points

Dutch truck firm wants self-drive in 5 yrs

Made me wonder what YRCW & peers would gain here since decreases union power. Labor as well as fuel are key costs. Likely see tax raised on industry to help pay for road repairs? Personal vehicles already getting such suggestions in Congress. Infrastructure could stand the help especially with the big loads and more shale oil shipping.

Dutch trucking firm wants self-driving trucks in five years

Read more at http://www.tweaktown.com/news/38509/dutch-trucking-firm-wants-self-driving-trucks-in-five-years/index.html

WSJ: 5 takeaways from Fed & Yellen conf

Short & sweet

5 Takeaways From Fed Decision, Yellen News Conference

http://blogs.wsj.com/briefly/2014/06/18/5-takeaways-from-fed-decision-yellen-news-conference/

JBL beats Q3 eps, revs up, sales down y/y
Jabil Circuit, Inc. (NYSE: JBL) reports Q3 EPS of $(0.06) versus the estimated $(0.09) , beating by $0.03 . EPS were Down 111% from the same quarter last year. Revenue came in at $3.79B versus the estimated $3.60B . Sales were Down 15% year over year.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
-------
Jabil Circuit Beats on Q3, Reiterates 2015 Outlook, Sets Q4 Guidance in Range that Straddles Street View - Shares up 3% in After-Hours------

04:07 PM EDT, 06/18/2014 (MT Newswires) -- Jabil Circuit (JBL) reported Q3 revenue of $3.8 billion, better than the analyst consensus of $3.60 billion on Capital IQ. Core loss per share was $0.06 per share, vs. expectations of a loss of $0.08 per share.
The company reiterated its FY 2015 EPS guidance of $1.65 to $1.95. The Street is at $1.74 per share.
For Q4, the company expects its diversified manufacturing services to decline 6%, its enterprise and infrastructure to decline 7%, and its high velocity systems to decline 38%, all year-over-year projections. Revenue is seen in the range of $3.7 to $3.9 billion and core earnings are seen between a loss of $0.10 per share and a gain of $0.10 per share. The Street is at $3.79 billion in revenue and earnings of $0.02 per share.
Price: 20.70, Change: +0.60, Percent Change: +2.9
http://www.mtnewswires.com © 2014 MT Newswires, a Division of MidnightTrader, Inc. All rights reserved.

couple naz Payday lenders hit
3:37 pm et
Some of the few publicly traded companies that participate in the $89 billion , so-called payday loans industry hit a rough patch lately, potentially because of a recent spate of bad press.
Among the largest of such companies, EZCORP (NASDAQ: EZPW) fell 4.26 percent Tuesday to $11.90 ; shares have fallen another 2.6 percent in Wednesday's session. The shares are off over eight percent from a week ago.
QC Holdings (NASDAQ: QCCO) was off nearly two percent Tuesday at $2.62 ; shares are nearly unchanged Wednesday.
Ohio Sen. Sherrod Brown sent a letter Monday to the Consumer Finance Protection Bureau urging greater vigilance and enforcement actions against the ultra-high interest loans. Brown took his stance after the Ohio Supreme Court struck down a 2008 law that severely restricted the process.
But the industry is fighting.
A consortium of the lenders filed suit June 6 against a raft of federal agencies, charging the agencies' so-called "operation choke point" initiatives are trying to drive the lenders out of an honest business.
The initiatives date from 2013, and last month the Justice Department said it's engaged in 15 investigations concerning banks and processors who may have abetted illegal lending.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

GLUU 3.94 R1 4.10 R2 4.30 low vols

Move has come on low vols. 2 big drop days came on 10/11M size. So keep on any early open red vol day. Until that looks ok to test those prior points.
Now > st down trend line. Long term 4.80 & 5.60 were tops.
DANG reddish pause on thin vol $12.56
FST 2.30 inside day thin. 2.50 ceiling needs testing.

Some tips for migraines & headaches

CHICAGO , June 18, 2014 /PRNewswire/ -- Migraines, often considered to be the most debilitating of all headaches, are believed to affect approximately 37 million people in the U.S.  Sufferers frequently live in fear of the next headache onset, experience a disrupted sense of well-being, have a restricted ability to work and can develop family and other relationship problems.

For relief, many turn to over-the-counter pain medication, including acetaminophen, ibuprofen and aspirin while others utilize prescription medication. However, if taken too often - or incorrectly - for prolonged periods of time, these medications can sometimes lead to ulcers, gastrointestinal bleeding and medication-overuse headaches. 
During June, which is Headache Awareness Month, Accelerated Rehabilitation is encouraging headache sufferers to visit their physician and consider physical therapy as an integral part of treatment.
"We see many headache patients in our centers," explains Denise Schneider , PT, head of the Accelerated headache program.  "As specially-trained physical therapists, we are very successful in evaluating and treating headaches and, in some cases, reducing the pain to a point where medical intervention is no longer required."
Physical therapy can sometimes enhance and prolong the pain-reducing effects of pharmaceuticals.  Also, medication sometimes does not resolve headaches caused by mechanical or soft tissue dysfunction or postural deficits.
"There are specific techniques we use, including soft tissue massage, head/space orientation exercises, deep neck muscle exercises, manual traction and joint-specific mobilizations that are highly beneficial," Schneider explains. 
Schneider offers these tips for migraine and other headache sufferers to try at home:
-- Eat regular meals
-- Get regular sleep
-- Exercise regularly
-- Avoid known triggers such as foods and smells
-- Use a good pillow
-- Try hot showers or heating pad
-- Try cold pack or ice
-- Watch your posture
-- Drink plenty of water

Schneider recognizes that physical therapy can't treat all headaches. "It has to have a musculo-skeletal or mechanical component," she explains.  This is also why she recommends a medical evaluation first to rule out causes that may require medical intervention, such as a tumor, vascular disease or infection.
If you would like to schedule an Accelerated Free Injury Screen1 to discuss your headache, visit www.acceleratedrehab.com.
About Accelerated Rehabilitation Centers, Ltd.
Chicago -based Accelerated Rehabilitation Centers, Ltd. is a premier provider of a wide array of comprehensive patient services and specialized rehabilitation programs. Since 1989, Accelerated has grown to more than 300 outpatient rehabilitation centers in Illinois , Indiana , Iowa , Wisconsin , Michigan , Missouri , Ohio and Arizona , becoming one of the top choices for many professional athletes, large employers, and busy professionals.
1 Not available for federally funded payers
_____________________________
|CONTACT:|Ann Pitcher |
|________|____________________|
| |PS Medical Marketing|
|________|____________________|
| |630.234.4150 |
|________|____________________|



Logo - http://photos.prnewswire.com/prnh/20120118/CG37630LOGO  
SOURCE Accelerated Rehabilitation Centers, Ltd.

Express Scripts CET Sells 26% Holdings -2.7%
Express Scripts CEO Sells 26% of Holdings -- Shares Slip 2.7%

11:48 AM EDT, 06/18/2014 (MT Newswires) -- Express Scripts Holding (ESRX) CEO and Chairman George Paz sold 681,508 ESRX shares for approximately $48.5 million on June 13, which is equal to 26% of Paz's current holdings, according to a Form 4 filing submitted on June 17.
Shares of the provider of pharmacy benefit management services slipped 2.7% to $68.00 in morning trading Wednesday. The stock has a 52-week range of $59.20 to $79.37.
Price: 67.91, Change: -1.94, Percent Change: -2.78
http://www.mtnewswires.com © 2014 MT Newswires, a Division of MidnightTrader, Inc. All rights reserved.

DCIX 2.48 down again. em

Fraud Research Tweet on LIVE

* Fraud Research Tweet: 'Why is $LIVE seeking to increase the # of shares authorized from 30M to 60M on July 11th? Also, why ratify their accounting firm?'

E-zone individual consumpation gap rises

Might be good time for Portugal fast summer vaca tho the food is pretty rough there - uses lots heavy oils in everything. That 77%/76% AIC is eye-opening. They'd welcome the tourist.

8:47 am ET
The gap between individual consumption in Germany and those euro-zone countries pursuing austerity programs continued to widen last year, according to figures from the European Union's official statistics agency Wednesday.
Within the currency area, individuals in Greece , Ireland , Italy , Portugal and Cyprus suffered relative declines in consumption of goods and services in 2013, while their counterparts in Germany , Belgium and Estonia saw their relative consumption increase, the data from Eurostat showed.
The euro zone's twin government debt and banking crises have eased since mid-2012, and the currency area's economy returned to growth in early 2013. But growth remains very weak, unemployment is near record highs and governments continue to shrink their budget deficits in an effort to halt a rise in already very high debt levels.
Although the pace of budget cuts slowed in 2013 and is likely to do so again this year, the figures show that individuals in many parts of the bloc continued to consume less relative to the EU average, while Germans continued to consume more.
Eurostat Wednesday published figures for Actual Individual Consumption, which is a comprehensive measure of the volume of goods and services consumed. While income-per-capita records only what individuals can spend themselves, AIC adds in goods and services provided by the state, such as health and education.
Using the AIC measure, household consumption in Cyprus slumped in 2013, to 92% of the EU average of EUR18,455 ($ 25,000) from 97% in 2012. Italian household consumption fell to 97% of the average, from being exactly on the average in 2012; while Portuguese household consumption fell to 76% of the average from 77%. In Greece , consumption once again fell sharply, to 82% of the average from 86% in 2012, while In Ireland it dropped slightly to 97% from 98%.
By contrast, German household consumption rose to 125% from 123%.
Greece , Ireland , Portugal and Cyprus have had to take bailouts from the EU and the International Monetary Fund after investors became unwilling to buy their government bonds. Under those programs, they had to cut government spending and raise taxes. In Spain , whose banking system required a bailout, there was no change in AIC
The changes in relative household consumption are part of the rebalancing of the euro zone's economy. Many of the nations that have embarked on austerity had consumed more than they produced in the years running up to the fiscal and banking crisis, accruing large current-account deficits and borrowing heavily from abroad.
The widening of the gap between consumption in Germany and southern Europe since the start of the 2008 financial crisis has been marked. In 2007, Germany's AIC was 113% of the EU average, while Greece's AIC was 99%, a gap of 14 percentage points. That gap is now 43 percentage points.
But Germany has also widened the gap with the euro zone's second-largest economy, France . In 2007, France's AIC stood at 112% of the EU average, almost level with Germany's . Last year, the gap was 12 percentage points.
Write to Paul Hannon at paul.hannon@wsj.com

(END) Dow Jones Newswires
06-18-14 0847ET
Copyright (c) 2014 Dow Jones & Company, Inc.

Baltic +1% to 867 pts

08:30 News Bot: Baltic Dry Index rises 1.0% to 867 points

Crude oil climbs again.

P.E. dry powder record $1.141T globally

16 Jun 2014 at 4:50 PM

P.E. Firms Are Gonna Need A Bigger Shovel

By Jon Shazar, NYT Dealbreaker

We’re at $1.141 trillion and counting.

The amount of money raised by private-equity firms but not yet invested—known as dry powder—hit a record high of $1.073 trillion globally at the end of 2013, according to data provider Preqin, an increase of $130 billion from 2012. The total has continued to grow this year, reaching $1.141 trillion globally as of the start of June….

That’s not deterring investors. They committed $431 billion to private-equity funds in 2013, the highest amount since the financial crisis that started in 2007, according to Preqin. And that is set to continue, as 90% of investors surveyed by Preqin in December said they intend to invest either the same amount or more in private equity this year compared with last year, and 92% said they would maintain or increase their private-equity allocation over the longer term.

True Roach Motel but on TheLion list

http://www.thelion.com/bin/forum.cgi?cmd=most_searched

Likely to be back at .000000001 again rather than .001 unless someone is nibbling thinking a symbol sale ahead. Or some floor trader is short on his child support?
Will know soon enough. Usually a short term runner doesn't pop so much. They do a fast series .0002 .0003 maybe skip .0004 then end at 6 or a rare 7 before collapse.
Matter of fact one data feed has a neg in front of last trade.
Looks like just some bookkeeping.

06/17/14 14:42:28 0.0005 0.0001 0.2501 -125005

API crude oil inventories W/W down

16:35 News Bot: API Crude Oil Inventories (June 13) W/W -5700k vs. Prev. 1500k

EIA is Weds 10:30 am ET. Been below zero too lately.

Iraq PM blaming Saudi Sunni support
15:00 ET
By Ali A. Nabhan , Ayla Albayrak and Margaret Coker
Iraqi forces on Tuesday repelled an attack by suspected Sunni extremists in a strategic city north of capital Baghdad , as the government lashed out at alleged foreign supporters of the rebels.
The Shiite-dominated government of Prime Minister Nouri al-Maliki accused Saudi Arabia of financing Sunni fighters and fomenting genocide of the country's Shiite community.
The allegations, contained in statement issued by Mr. Maliki's cabinet, were the latest bid by the Iraqi premier to explain the weeklong military offensive by Sunni extremists that has succeeded in seizing control of major Iraqi cities and towns and pushing the country to the edge of sectarian war.
The government pronouncement was likely to be viewed dimly by the United Nations and Western countries, including the U.S., who have urged Mr. Maliki to reach out to Sunnis and ethnic Kurds and to reshape his government, saying it is the only way to prevent the disintegration of Iraq .
As the Iraq crisis heated up on the diplomatic front, pro-government forces remained in control of the city of Baquba late Tuesday after they turned back an attack by fighters of the Islamic State of Iraq and al-Sham.
Baquba, the capital of Diyala province, is 38 miles north of Baghdad and sits on the main north-south highway leading to the capital.
Iraqi authorities said 28 ISIS fighters were killed in the daylong fighting, which centered on the city's main police station. The pro-government forces included military units, police and volunteer Shiite militias.
Dozens of Sunni prisoners held at the station were killed, with some bodies reportedly bearing wounds suggesting they were executed.
Baquba's police chief, Jameel al Shamarri , said that the prisoners were killed in mortar fire that originated from positions held by suspected ISIS fighters. Some Baquba residents, however, said pro-government forces killed the prisoners.
In recent days, Mr. Maliki has blamed Sunni officials in northern Iraq , the governor of Nineveh province and some Kurdish authorities for colluding with ISIS to carry out their operations.
The statement issued by Mr. Maliki's cabinet on Tuesday said the Baghdad government was holding Saudi Arabia responsible for supporting Sunni extremist groups "financially and morally."
These groups, the statement said, had committed crimes that "may qualify as genocide," including the "spilling of Iraqi blood, the destruction of Iraqi state institutions and historic and religious sites."
The vitriolic declaration came a day after the Saudi government said that Mr. Maliki and his discriminatory policies were responsible for Iraq's turmoil.
The inflammatory rhetoric has prompted words of caution to Mr. Maliki, whose party narrowly won parliamentary elections last month and who needs to negotiate a new coalition government.
U.N. Secretary-General Ban Ki -moon urged calm on Tuesday, saying there was a "real risk of further sectarian violence on a massive scale, within Iraq and beyond its borders."
"I have been urging Iraqi government leaders including Prime Minister al-Maliki to reach out for an inclusive dialogue and solution of this issue," Mr. Ban said in Geneva , adding that Iraq should remain one nation made up of Sunnis, Shiites and Kurds.
Mr. Maliki, who has been Iraq's premier since 2006, has been accused of the minority Sunni and Kurdish politicians of furthering sectarian tensions in the nation by promoting hard-line Shiite politicians and military officers whose main credential is loyalty to him.
Elsewhere in Iraq on Tuesday, government forces also were mounting an offensive to retake the strategic city of Tal Afar from ISIS militants.
ISIS fighters seized Tal Afar a day earlier, as they continued their drive to link areas under their control on both sides of the Iraq - Syria frontier.
A provincial official said Tuesday that the Iraqi military was using Tal Afar's airport, its only foothold, to beef up government forces before they attempt to retake the city.
Up to 700 ISIS fighters--many of them armed with weapons they seized from government arsenals in the city of Mosul last week--were concentrated in the eastern part of Tal Afar, a city of about 200,000 people 37 miles east of Iraq's border with Syria .
Government aircraft were conducting airstrikes against ISIS fighters controlling the city's center, according to Tal Afar's mayor, Abd el Al Abbas .
In Ankara , Turkish Prime Minister Recep Tayyip Erdogan said that 80 Turkish diplomatic personnel taken hostage last week in Mosul were safe and that the Foreign Ministry was watching their situation closely and in contact with "all involved parties." The hostages were being held by ISIS fighters in an unknown location, Mr. Erdogan said.
Also on Tuesday, a criminal court in Ankara ordered a ban on all news reports and photographs regarding the hostage crisis, which has brought withering criticism on the government from opposition parties less than two months before critical presidential elections in Turkey .
The decision, which bans all news material regarding the crisis from appearing in print, on television or on the Internet, was taken to protect the safety of the hostages, the state-run Anadolu news agency said.

(END) Dow Jones Newswires
06-17-14 1500ET
Copyright (c) 2014 Dow Jones & Company, Inc.

GMCR very active days CNBC ticker

Been noticing it fly by past several days. Didn't realize was so active though, and AHs too.

GLUU had 06:40 coverage Investor-Edge

Chart looks ok with some upper resist to break through. 6/4 closed on $34.5M public offer. Could be on recovery now. Pretty good names mentioned in piece.

LONDON , June 17, 2014 /PRNewswire/ --
On Monday, June 16, 2014 , the NASDAQ Composite ended at 4,321.11, up 0.24%, the Dow Jones Industrial Average edged 0.03% higher, to finish the day at 16,781.01, and the S&P 500 closed at 1,937.78, up 0.08%. The gains were broad based as seven out of ten sectors ended the session in positive. The S&P 500 Information Technology Sector Index ended the day at 625.45, up 0.03%, with the index also advancing 7.06% in the previous three months. Investor-Edge has initiated coverage on the following equities: Activision Blizzard Inc. (NASDAQ: ATVI), Electronic Arts Inc. (NASDAQ: EA), Glu Mobile Inc. (NASDAQ: GLUU) and Take-Two Interactive Software Inc. (NASDAQ: TTWO). Free technical research on ATVI, EA, GLUU and TTWO can be downloaded upon signing up at: http://www.investor-edge.com/3851-register Activision Blizzard Inc.'s stock finished the Monday's session 0.09% higher at $21.43 . A total of 4.06 million shares were traded, which was below its three months average volume of 6.46 million shares. The stock moved between $21.29 and $21.55 during the session. Over the last one month and the previous three months, Activision Blizzard Inc.'s shares have advanced 5.31% and 2.05%, respectively. Additionally, from the beginning of 2014, the company's stock has gained an upside of 20.19%. The company's shares are trading above their 50-day and 200-day moving averages. Moreover, the stock's 50-day moving average of $20.25 is greater than its 200-day moving average of $18.51 . Activision Blizzard Inc.'s stock traded at a PE ratio of 22.18 and has a Relative Strength Index (RSI) of 63.63. Sign up today to read free research on ATVI at: http://www.investor-edge.com/3851-ATVI-17Jun2014.pdf On Monday, shares in Electronic Arts Inc. fluctuated between $35.37 and $35.90 before ending the session 0.06% higher at $35.70 . Electronic Arts Inc.'s stock reported a trading volume of 2.31 million shares, below its three months average volume of 4.26 million shares. Shares of the company traded at a PE ratio of 235.58. Electronic Arts Inc.'s shares have gained 3.66% in the last one month, 20.61% in the previous three months and 55.62% on YTD basis. The stock is trading above its 50-day and 200-day moving averages of $31.71 and $27.16 , respectively. Moreover, shares of the company have an RSI of 67.15. Sign up today to read free research on EA at: http://www.investor-edge.com/3851-EA-17Jun2014.pdf Glu Mobile Inc.'s stock advanced 1.07%, to close the day at $3.79 . The stock recorded a trading volume of 1.35 million shares, below its three months average volume of 2.96 million shares. The stock oscillated between $3.71 and $3.82 during the session. Over the last three trading sessions and over the past one month, Glu Mobile Inc.'s shares have gained 4.41% and 2.16%, respectively. However, the stock has lost 2.34% since the start of this year. The stock is trading below its 50-day and 200-day moving averages. Further, the stock's 50-day moving average of $3.94 is greater than its 200-day moving average of $3.80 . Additionally, the stock has an RSI of 46.68. Sign up today to read free research on GLUU at: http://www.investor-edge.com/3851-GLUU-17Jun2014.pdf On Monday, shares in Take-Two Interactive Software Inc. recorded a trading volume of 1.51 million shares, lower than its three months average volume of 2.23 million shares. The stock ended the day at $20.63 , which was 0.86% above its previous day's closing of $20.46 , and registered an intraday range of $20.17 and $20.73 . Shares of the company traded at a PE ratio of 9.00. Take-Two Interactive Software Inc.'s shares have gained 2.23% in the previous three trading sessions and 8.07% in the last one month. Additionally, the company's stock has gained 18.77% since the beginning of this year. The company's stock is trading above its 50-day and 200-day moving averages of $20.19 and $18.80 , respectively. Furthermore, shares of the company have an RSI of 55.60. Sign up today to read free research on TTWO at: http://www.investor-edge.com/3851-TTWO-17Jun2014.pdf =============== EDITOR'S NOTES: =============== 1. This is not company news. We are an independent source and our views do not reflect the companies mentioned. 2. Information in this release is produced on a best efforts basis by Rohit Tuli , a CFA charterholder. The content is then further fact checked and reviewed by an outsourced research provider. However, we are only human and are prone to make mistakes. If you notice any errors or omissions, please notify us below. 3. This information is submitted as a net-positive to companies mentioned, to increase awareness for mentioned companies to our subscriber base and the investing public. 4. If you wish to have your company covered in more detail by our team, or wish to learn more about our services, please contact us at pubco [at] http://www.investor-edge.com. 5. For any urgent concerns or inquiries, please contact us at compliance [at] http://www.investor-edge.com. 6. Are you a public company? Would you like to see similar coverage on your company? Send us a full investors' package to research [at] http://www.investor-edge.com for consideration. COMPLIANCE PROCEDURE Content is researched, written and reviewed on a best-effort basis. This document, article or report is prepared and authored by Investor-Edge, represented by Rohit Tuli , CFA. An outsourced research services provider has only reviewed the information provided by Investor-Edge in this article or report according to the procedures outlined by Investor-Edge. Investor-Edge is not entitled to veto or interfere in the application of such procedures by the outsourced provider to the articles, documents or reports, as the case may be. NOT FINANCIAL ADVICE Investor-Edge makes no warranty, expressed or implied, as to the accuracy or completeness or fitness for a purpose (investment or otherwise), of the information provided in this document. This information is not to be construed as personal financial advice. Readers are encouraged to consult their personal financial advisor before making any decisions to buy, sell or hold any securities mentioned herein. NO WARRANTY OR LIABILITY ASSUMED Investor-Edge is not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted by Investor-Edge whatsoever for any direct, indirect or consequential loss arising from the use of this document. Investor-Edge expressly disclaims any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Investor-Edge does not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute .
http://Investor-Edge.com
SOURCE Investor-Edge

long coverage of HFT Senate today

http://blogs.marketwatch.com/capitolreport/2014/06/17/flash-boys-vs-the-exchanges-live-blog-of-high-frequency-trading-hearing-in-senate/?siteid=bnbh

Ameritrade, Schwab shares climb as Senate hears high-frequency-trading testimony
06/17/2014 11:59:25 AM
Get the latest news on our mobile site: http://marketwatch.com/m

long coverage of HFT Senate today

http://blogs.marketwatch.com/capitolreport/2014/06/17/flash-boys-vs-the-exchanges-live-blog-of-high-frequency-trading-hearing-in-senate/?siteid=bnbh

Ameritrade, Schwab shares climb as Senate hears high-frequency-trading testimony
06/17/2014 11:59:25 AM
Get the latest news on our mobile site: http://marketwatch.com/m

Yes Najarian on Fast Money does that. TWTR

He seems to often flag unusual/abnormal options activity for clues. Has to be outstanding vol or movement to get his attention.
Quite often, within a month common, comes the final story.

Pete Najarian
Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.
-------------------------------
Check out this site-story on call action in TWTR, It's up today.

http://www.traderplanet.com/commentaries/view/166658-massive-call-buying-in-twitter-twtr/?utm_source=newsletter&utm_medium=email&utm_content=7&utm_campaign=1960

Massive Call Buying In Twitter $TWTR

by John Voorheis

Twitter (NYSE: TWTR) has been preceded by a sell hashtag so far in 2014, with shares falling nearly 44% so far this year. The stockhas traded a 52-week range of $29.51-$74.73, having reached its all-time high on December 26 of last year.
At least one institution would seem to believe there is
room to the upside. Last week in the Thursday and Friday session, we saw massive call buying in the TWTR Sep 50 Strike line, with over 70,000 contracts being bought between $0.80 and $0.90. With the potential to control 7 million shares of TWTR, this is massive speculation the stock will be trading above $50 on the third Friday in September.

With $5.6 million of risk capital invested in this position, this is one of the biggest orders we have seen so far this year. Twitter stock trades an average daily volume of 23 million shares, so this order has the potential to control nearly one third of the float.

Current open interest in the Sep 50 line is over 90,000 contracts, as we continued to see smaller blocks come across the Trade-Alert scanner Friday afternoon going into the close. The Sep 50 Calls were $1.15-$1.25 at the close of Monday's session, meaning the call buyer has seen profits of around $0.35, or $2.45 million dollars.

Traders take note: an order of this size (relative to average daily volume) will push stock higher as the market makers selling these calls must hedge their position with long stock.
= = =

KeeneOnTheMarket.com is beta testing our own UOA scanner Option Hacker, developed with Trade-Alert LLC using our proprietary filters.

SEC fines firm for punishing a whistle-blower

Just so know what up against.

Aaron Elstein Crains's New York Business

June 16, 2014 2:50 p.m.

In 2012, the head of trading at a hedge fund advisory firm noticed that his fund’s president was making improper trades with a brokerage firm that she controlled. The trader notified federal authorities and then told his employer what he had done. His superiors weren't happy to learn they had a whistle-blower within their ranks and demoted the trader, contending that he had violated a confidentiality agreement by spilling the beans.

Here’s where the story gets really interesting: The government sided with the whistle-blower.

On Monday, the Securities and Exchange Commission charged the hedge fund adviser, Paradigm Capital Management, and President Candace King Weir with engaging in prohibited trading and retaliating against the whistle-blower. Paradigm and Ms. Weir settled the case by agreeing to pay $2.2 million in restitution and penalties—about $700,000 of which could wind up in the pocket of the whistle-blower, James Nordgaard.

The case is significant in the financial world because it represents the first time the SEC has penalized a Wall Street firm for retaliating against a whistle-blower. The agency was granted the authority to bring such cases under 2010’s Dodd-Frank Act.

"I often advise my clients that it's not always easy or glamorous to be a corporate whistle-blower, but the SEC has their back," said Jordan Thomas, a partner at law firm Labaton Sucharow who helped establish the SEC's whistle-blower program and represented Mr. Nordgaard.

The improper trading flagged by Mr. Nordgaard involved Paradigm making certain trades between 2009 and 2011 through a brokerage firm called C.L. King in order to reduce tax liabilities for hedge fund investors. A five-member committee was created to oversee the trades for conflicts of interest because Paradigm and C.L. King were both controlled by Ms. Weir. But the conflicts committee was itself conflicted, the SEC said, because three of the members reported to Ms. Weir. Paradigm is based in Albany and has offices in New York.

After Mr. Nordgaard got in touch with the SEC, Paradigm responded by removing him from the trading desk and telling him to write a report offsite detailing the problematic trading he’d described to the government.

"Paradigm had no legitimate reason for removing [Mr. Nordgaard] from his position as head trader, tasking him with investigating the very conduct he had reported to the [SEC], changing his job function from head trader to a full-time compliance assistant, stripping him of his supervisory responsibilities, and otherwise marginalizing him," the SEC said.

A spokesman for Paradigm and Ms. Weir said: “We are pleased to resolve this matter and have it behind us.”

SEC fines firm for punishing a whistle-blower

Just so know what up against.

Aaron Elstein Crains's New York Business

June 16, 2014 2:50 p.m.

In 2012, the head of trading at a hedge fund advisory firm noticed that his fund’s president was making improper trades with a brokerage firm that she controlled. The trader notified federal authorities and then told his employer what he had done. His superiors weren't happy to learn they had a whistle-blower within their ranks and demoted the trader, contending that he had violated a confidentiality agreement by spilling the beans.

Here’s where the story gets really interesting: The government sided with the whistle-blower.

On Monday, the Securities and Exchange Commission charged the hedge fund adviser, Paradigm Capital Management, and President Candace King Weir with engaging in prohibited trading and retaliating against the whistle-blower. Paradigm and Ms. Weir settled the case by agreeing to pay $2.2 million in restitution and penalties—about $700,000 of which could wind up in the pocket of the whistle-blower, James Nordgaard.

The case is significant in the financial world because it represents the first time the SEC has penalized a Wall Street firm for retaliating against a whistle-blower. The agency was granted the authority to bring such cases under 2010’s Dodd-Frank Act.

"I often advise my clients that it's not always easy or glamorous to be a corporate whistle-blower, but the SEC has their back," said Jordan Thomas, a partner at law firm Labaton Sucharow who helped establish the SEC's whistle-blower program and represented Mr. Nordgaard.

The improper trading flagged by Mr. Nordgaard involved Paradigm making certain trades between 2009 and 2011 through a brokerage firm called C.L. King in order to reduce tax liabilities for hedge fund investors. A five-member committee was created to oversee the trades for conflicts of interest because Paradigm and C.L. King were both controlled by Ms. Weir. But the conflicts committee was itself conflicted, the SEC said, because three of the members reported to Ms. Weir. Paradigm is based in Albany and has offices in New York.

After Mr. Nordgaard got in touch with the SEC, Paradigm responded by removing him from the trading desk and telling him to write a report offsite detailing the problematic trading he’d described to the government.

"Paradigm had no legitimate reason for removing [Mr. Nordgaard] from his position as head trader, tasking him with investigating the very conduct he had reported to the [SEC], changing his job function from head trader to a full-time compliance assistant, stripping him of his supervisory responsibilities, and otherwise marginalizing him," the SEC said.

A spokesman for Paradigm and Ms. Weir said: “We are pleased to resolve this matter and have it behind us.”

NYU study, near 1 in 4 trades are inside deals

The link to study .PDF is
http://irrcinstitute.org/pdf/Informed-Options-Trading_June-12-2014.pdf

Mergers & Acquisitions | DealBook Column

Study Asserts Startling Numbers of Insider Trading Rogues

By ANDREW ROSS SORKIN
June 16, 2014 8:55 pm 19 Comments

A new report looks at insider trading ahead of takeover announcements, including the deal to buy H.J. Heinz.

DealBook Column

There is often a tip.

Before many big mergers and acquisitions, word leaks out to select investors who seek to covertly trade on the information. Stocks and options move in unusual ways that aren’t immediately clear. Then news of the deals crosses the ticker, surprising everyone except for those already in the know. Sometimes the investor is found out and is prosecuted, sometimes not.

That’s what everyone suspects, though until now the evidence has been largely anecdotal.

Now, a groundbreaking new study finally puts what we’ve instinctively thought into hard numbers — and the truth is worse than we imagined.

A quarter of all public company deals may involve some kind of insider trading, according to the study by two professors at the Stern School of Business at New York University and one professor from McGill University. The study, perhaps the most detailed and exhaustive of its kind, examined hundreds of transactions from 1996 through the end of 2012.

The professors examined stock option movements — when an investor buys an option to acquire a stock in the future at a set price — as a way of determining whether unusual activity took place in the 30 days before a deal’s announcement.

The results are persuasive and disturbing, suggesting that law enforcement is woefully behind — or perhaps is so overwhelmed that it simply looks for the most egregious examples of insider trading, or for prominent targets who can attract headlines.

The professors are so confident in their findings of pervasive insider trading that they determined statistically that the odds of the trading “arising out of chance” were “about three in a trillion.” (It’s easier, in other words, to hit the lottery.)

But, the professors conclude, the Securities and Exchange Commission litigated only “about 4.7 percent of the 1,859 M.&A. deals included in our sample.”

The S.E.C. and the Justice Department have publicly made prosecuting insider trading a priority. Judging from the headlines about traders at Steven A. Cohen’s hedge fund or the hedge fund manager Raj Rajaratnam or the investigation involving the activist investor Carl C. Icahn, they do appear to be focused on it. The S.E.C. recently hired Palantir Technologies, a firm that has helped the government analyze data to find terrorists, to help it uncover illegal trading activity. And with the mini-merger boom — the first quarter of merger activity this year was the most active since 2007, according to Mergermarket — there should be fresh evidence of more insider trading.

Yet if history is any guide, based on the results of the study over 16 years, the government has a lot of catching up to do.

The professors found that “it takes the S.E.C., on average, 756 days to publicly announce its first litigation action in a given case. Thus, assuming that the litigation releases coincide approximately with the actual initiations of investigations, it takes the S.E.C. a bit more than two years, on average, to prosecute a rogue trade.” The average “rogue trade” the professors found, was worth about $1.6 million.

A spokeswoman for the S.E.C. had no immediate comment.

The professors — Menachem Brenner and Marti G. Subrahmanyam at N.Y.U. and Patrick Augustin at McGill — began their study, which won the Investor Responsibility Research Center Institute’s annual investor research competition, two years ago.

“We became intrigued by reports of a number of illegal insider trading cases in options ahead of takeover announcements, in particular, the leveraged buyout of Heinz by Warren Buffett and 3G Capital,” Professor Augustin said in a statement. In that case, two Brazilian brothers were caught using inside information on that deal to trade options ahead of the announcement through a Swiss Goldman Sachs brokerage account owned by an entity based in the Cayman Islands. The men were fined $5 million.

“The statistical evidence we present is consistent with informed trading strategies, and is too strong to be dismissed as just random speculation,” Professor Augustin said.

The study found that “informed trading is more pervasive in cases of target firms receiving cash offers.” The professors surmise that is because cash deals are more definitive and stock deals are harder to bet on.

The professors found that the bigger the deal and the more trading volume in the stock of the target company, the more likely there will be insider trading. “Over all, our interpretation of the evidence is that informed traders are more likely to trade on their private information when the anticipated abnormal stock price performance upon announcement is larger and when they have the opportunity to hide their trades due to greater liquidly of the target companies.”

The study also found, perhaps surprisingly, that there weren’t more leaks to investors based on the number of advisers — bankers and lawyers — involved in the deal. The professors had expected to find a correlation, and other studies have shown that there can be more leaks to the media when more advisers are involved. But the data, the professors said, was “not statistically signi?cant.”

Of the deals the S.E.C. pursued, the professors found that the agency usually investigated cases of insider trading when deals had been completed and often missed those in transactions that later collapsed.

“Completed deals are strong predictors of options litigation, as a withdrawn or rumored deal is about 22 times less likely to be investigated,” the professors found.

“The S.E.C., being resource-constrained, pursues larger-sized cases that provide the biggest ‘bang for the buck’ from a regulatory perspective.”

Perhaps oddly, the professors say that the S.E.C. is more inclined to pursue cases involving a foreign buyer than a domestic one.

The professors also suggested that the S.E.C. may be looking in the wrong place when it comes to insider trading.

The S.E.C., according to the study’s findings, found “102 unique cases involving insider trading in options ahead of M.&A.’s from January 1990 to December 2013, with an average of about four cases per year.” The study found that the S.E.C., though, is more focused strictly on stock trading, not options: “We ?nd 207 M.&A. transactions investigated in civil litigations because of insider trading in stock only.”

The professors concluded, “The large number of investigations for stock trades relative to option trades stands in contrast to our ?nding of pervasive abnormal call option trading volumes that are relatively greater than the abnormal stock volumes.”

While we all may have suspected that insider trading was going on, who knew it was this pervasive?

NYU study, near 1 in 4 trades are inside deals

The link to study .PDF is
http://irrcinstitute.org/pdf/Informed-Options-Trading_June-12-2014.pdf

Mergers & Acquisitions | DealBook Column

Study Asserts Startling Numbers of Insider Trading Rogues

By ANDREW ROSS SORKIN
June 16, 2014 8:55 pm 19 Comments

A new report looks at insider trading ahead of takeover announcements, including the deal to buy H.J. Heinz.

DealBook Column

There is often a tip.

Before many big mergers and acquisitions, word leaks out to select investors who seek to covertly trade on the information. Stocks and options move in unusual ways that aren’t immediately clear. Then news of the deals crosses the ticker, surprising everyone except for those already in the know. Sometimes the investor is found out and is prosecuted, sometimes not.

That’s what everyone suspects, though until now the evidence has been largely anecdotal.

Now, a groundbreaking new study finally puts what we’ve instinctively thought into hard numbers — and the truth is worse than we imagined.

A quarter of all public company deals may involve some kind of insider trading, according to the study by two professors at the Stern School of Business at New York University and one professor from McGill University. The study, perhaps the most detailed and exhaustive of its kind, examined hundreds of transactions from 1996 through the end of 2012.

The professors examined stock option movements — when an investor buys an option to acquire a stock in the future at a set price — as a way of determining whether unusual activity took place in the 30 days before a deal’s announcement.

The results are persuasive and disturbing, suggesting that law enforcement is woefully behind — or perhaps is so overwhelmed that it simply looks for the most egregious examples of insider trading, or for prominent targets who can attract headlines.

The professors are so confident in their findings of pervasive insider trading that they determined statistically that the odds of the trading “arising out of chance” were “about three in a trillion.” (It’s easier, in other words, to hit the lottery.)

But, the professors conclude, the Securities and Exchange Commission litigated only “about 4.7 percent of the 1,859 M.&A. deals included in our sample.”

The S.E.C. and the Justice Department have publicly made prosecuting insider trading a priority. Judging from the headlines about traders at Steven A. Cohen’s hedge fund or the hedge fund manager Raj Rajaratnam or the investigation involving the activist investor Carl C. Icahn, they do appear to be focused on it. The S.E.C. recently hired Palantir Technologies, a firm that has helped the government analyze data to find terrorists, to help it uncover illegal trading activity. And with the mini-merger boom — the first quarter of merger activity this year was the most active since 2007, according to Mergermarket — there should be fresh evidence of more insider trading.

Yet if history is any guide, based on the results of the study over 16 years, the government has a lot of catching up to do.

The professors found that “it takes the S.E.C., on average, 756 days to publicly announce its first litigation action in a given case. Thus, assuming that the litigation releases coincide approximately with the actual initiations of investigations, it takes the S.E.C. a bit more than two years, on average, to prosecute a rogue trade.” The average “rogue trade” the professors found, was worth about $1.6 million.

A spokeswoman for the S.E.C. had no immediate comment.

The professors — Menachem Brenner and Marti G. Subrahmanyam at N.Y.U. and Patrick Augustin at McGill — began their study, which won the Investor Responsibility Research Center Institute’s annual investor research competition, two years ago.

“We became intrigued by reports of a number of illegal insider trading cases in options ahead of takeover announcements, in particular, the leveraged buyout of Heinz by Warren Buffett and 3G Capital,” Professor Augustin said in a statement. In that case, two Brazilian brothers were caught using inside information on that deal to trade options ahead of the announcement through a Swiss Goldman Sachs brokerage account owned by an entity based in the Cayman Islands. The men were fined $5 million.

“The statistical evidence we present is consistent with informed trading strategies, and is too strong to be dismissed as just random speculation,” Professor Augustin said.

The study found that “informed trading is more pervasive in cases of target firms receiving cash offers.” The professors surmise that is because cash deals are more definitive and stock deals are harder to bet on.

The professors found that the bigger the deal and the more trading volume in the stock of the target company, the more likely there will be insider trading. “Over all, our interpretation of the evidence is that informed traders are more likely to trade on their private information when the anticipated abnormal stock price performance upon announcement is larger and when they have the opportunity to hide their trades due to greater liquidly of the target companies.”

The study also found, perhaps surprisingly, that there weren’t more leaks to investors based on the number of advisers — bankers and lawyers — involved in the deal. The professors had expected to find a correlation, and other studies have shown that there can be more leaks to the media when more advisers are involved. But the data, the professors said, was “not statistically signi?cant.”

Of the deals the S.E.C. pursued, the professors found that the agency usually investigated cases of insider trading when deals had been completed and often missed those in transactions that later collapsed.

“Completed deals are strong predictors of options litigation, as a withdrawn or rumored deal is about 22 times less likely to be investigated,” the professors found.

“The S.E.C., being resource-constrained, pursues larger-sized cases that provide the biggest ‘bang for the buck’ from a regulatory perspective.”

Perhaps oddly, the professors say that the S.E.C. is more inclined to pursue cases involving a foreign buyer than a domestic one.

The professors also suggested that the S.E.C. may be looking in the wrong place when it comes to insider trading.

The S.E.C., according to the study’s findings, found “102 unique cases involving insider trading in options ahead of M.&A.’s from January 1990 to December 2013, with an average of about four cases per year.” The study found that the S.E.C., though, is more focused strictly on stock trading, not options: “We ?nd 207 M.&A. transactions investigated in civil litigations because of insider trading in stock only.”

The professors concluded, “The large number of investigations for stock trades relative to option trades stands in contrast to our ?nding of pervasive abnormal call option trading volumes that are relatively greater than the abnormal stock volumes.”

While we all may have suspected that insider trading was going on, who knew it was this pervasive?

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