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GSXN 1-165,059,389 C 6/30
June 16, 2014, 6:08 p.m. EDT
Gasco Energy Announces Reverse Stock Split
DENVER, June 16, 2014 /PRNewswire/ -- Gasco Energy, Inc. (otcqb:GSXN) ("Gasco" or the "Company") today announced that its Board of Directors and majority stockholders, Markham LLC and Orogen Energy, Inc. ()Majority Stockholders"), have approved a 1-for-165,059,389 reverse stock split of the Company's common stock. It is anticipated that the reverse stock split will be effective on the close of business on Monday, June 30, 2014.
As a result of the reverse stock split, the Majority Stockholders will be the only stockholders of the Company and the other stockholders will receive a cash payment of $0.00288 per share in lieu of receiving a fractional share.
The Company has retained Computershare as the exchange agent for the reverse stock split.
About Gasco Energy
Denver-based Gasco Energy, Inc. is a natural gas and petroleum exploitation, development and production company engaged in locating and developing hydrocarbon resources, primarily in the Rocky Mountain region and in California's San Joaquin Basin. Gasco's principal business is the acquisition of leasehold interests in petroleum and natural gas rights, either directly or indirectly, and the exploitation and development of properties subject to these leases. Gasco is currently focusing its drilling efforts in the Riverbend Project located in the Uinta Basin of northwestern Utah, targeting the oil-bearing Green River Formation and the natural gas-prone Wasatch, Mesaverde, Blackhawk, Mancos, Dakota and Morrison formations. To learn more, visit http://www.gascoenergy.com .
SOURCE Gasco Energy, Inc.
Copyright (C) 2014 PR Newswire. All rights reserved
REAC, 1,000 to 1, July 1
Seemed to be posted @3:23pm today. First one it appears. As usual in these cases will prob stay .0001 til the R/S.
On June 10, 2014, the Board of Directors approved decreasing the authorized capital of the Company from Fifty Billion (50,000,000,000) Shares to Fifty Million (50,000,000) shares (a 1,000 to 1 reverse stock split). Common and Preferred shares are to be reduced accordingly. The effective date of the reverse split is July 1, 2014.
Accordingly, on July 1, 2014, the total authorized capital of the Company will be comprised of forty nine million nine hundred thousand (49,900,000) shares of common stock, par value $0.00001 per share; ten thousand (10,000) shares of Preferred Stock, Series A, par value $0.0001 per share; and ninety thousand (90,000) shares of Preferred Stock, Series B, par value $0.001 per share.
Each shareholder’s holdings will decrease by 1,000, but their percentage ownership in the Company shall remain the same. All fractional shares will be rounded up with no shareholder holding less than 1 share.
--------------------
Share Structure
Market Value1 $3,659,961 a/o Jun 13, 2014
Shares Outstanding 18,299,803,767 a/o Apr 30, 2014
Float 5,288,355,017 a/o Apr 30, 2014
Authorized Shares 49,900,000,000 a/o Apr 30, 2014
Par Value 0.00001
Shareholders
Shareholders of Record 95 a/o Apr 30, 2014
DANG 12 +.27 small move late into close. FST?
DANG doing bit move for another day of recovery.
FST getting a beating like AFFT. FST got d/g on basis of debt load & poor mgt. Forest Oil. Just a watcher since could go lower - at a gap down point now back at 5/5 - 5/6. Followed it but no DD done.
PTAH yes some mad Vol at 4s em
IMF cuts US growth forecast to 2% 2014
09:51 News Bot: IMF cuts their US growth forecast to 2% for 2014 (Prev. 2.8%) due to weak Q1
Says:
- Keeps 2015 growth forecast at 3.0%.
- Fed may have the scope to keep rates at 0% past the mid-point of 2015.
- Fed may need to lift inflation rise above goal temporarily.
(RTRS)
Baltic DI -2.9% to 880 pts. em
PTAH thanks.
Considering the usual 1.5B O/S the charts are decent. Not wallowing in .0001 like most. Will do more on it. Quick glance does suggest it being kind I like for a move up outa tight range.
IPRU ahha R/S on Monday 1-1K
6/16/2014 IPRU 1-1,000 R/S Innovative Product Opportunities, Inc Common Stock IPRUD Innovative Product Opportunities, Inc NEW Common Stock
Missed this today @1pm. Appears to be first one. Given the size for a first time (and the 2.7B O/S) it is likely to revisit .0001 for another time, at least.
This is kinda thing that makes Pink subs so ugly. Hate it when avoidance is better than gains. Still glad didn't get in it a week ago.
Now to find something with less of a Death Threat.
thx Mw thoughts IPRU
Did hit ya back on mem mark. Haven't followed this board, will keep it on radar.
Just stumbled on IPRU having dropped from .0003 -.0002
Passing on much hyped REAC. But IPRU might have a st bounce since unusual for a 2 pt move down, usually dips by 1 at a time.
Will try for small giggles at 1 on Monday open. If no fill by 11am ET then on to something else similar. Looks fairly 'clean' in sense of not seeing campaigns or R/S yet. Typical big OS as with Pinks but not a skull shell.
Main drawback is it did seem to have been target of a takeover while back. And now it is acting like it wants to do an acquire of some robotic stage lighting company. Who knows since just looking for the 1 to 2 pop that won't be a year long .0001 or No Bid thing.
Filed an 8-K @noon regarding a debt note that looks like .0002
http://ih.advfn.com/p.php?pid=nmona&article=62564676
The vol & drop didn't appear until eod. Thus thinking might be some quick readjustment Monday from 1 to 2 day trade?
Thanks & good weekend.
COOL 1-7 at open today
On its 4th name and now 3rd R/S. $1.81 down from open, may pop.
08:05 AM EDT, 06/11/2014 (MT Newswires) -- Majesco Entertainment Company (COOL) said that a 1-for-7 reverse stock split will be effective June 13.
The reverse split was approved by shareholders in April.
COOL closed down 4.8% on Tuesday, near the bottom of the 52-week range between $0.28 and $0.77. It was inactive in recent pre-market trade.
Every seven shares will automatically be converted into one newly issued and outstanding share. No fractional shares will be issued in connection with the reverse stock split and shareholders that would otherwise a fractional share of Majesco common stock will receive a cash payment in lieu.
Price: 0.30, Change: , Percent Change:
http://www.mtnewswires.com © 2014 MT Newswires, a Division of MidnightTrader, Inc. All rights reserved.
--------------
Capital Change=shs decreased by 1 for 10 split. Effective date=3-12-02
•Capital Change=shs decreased by 1 for 7 split Pay date=12/31/2004.
•Capital Change=shs decreased by 1 for 7 split. Ex-date=06/13/2014.
INDR Chill at TDA
I agree about the skull & O/S size as common in old shells. More concerning is the chill. Until lifted it makes trading difficult. Think there are better ways to spend time.
Order cannot be processed due to a DTC chill restricting the ability to transfer a security and settle the trade.
4 down pre & Baltic too
* Baltic Dry Index Down 3.5% to 906
8:20 am et
Finisar (NASDAQ: FNSR) dipped 21.94% to $19.71 in pre-market trading after the company reported downbeat earnings for the fourth quarter and issued a weak profit forecast for the current quarter.
Sierra Wireless (NASDAQ: SWIR) dropped 4.62% to $19.18 in pre-market trading after falling 0.69% on Thursday.
Achillion Pharmaceuticals (NASDAQ: ACHN) shares fell 3.66% to $6.58 in pre-market trading after dropping 6.32% on Thursday.
Abraxas Petroleum (NASDAQ: AXAS) shares dropped 3.48% to $4.99 in pre-market trading after the company launched an offering of 10 million shares and lifted its FY14 production outlook to 5,800-6,000 Boepd.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
WSJ: COO role fading, see TWTR case
PS Will try to be clearer MG, thx.
7:20pm ET
Is the chief operating officer becoming an endangered species in American corporations?
Twitter Inc. said on Thursday it would divide the duties of its chief operating officer among current managers after Ali Rowghani abruptly stepped down from the post.
He became the latest casualty in a yearslong trend toward executive suites without operating gurus. Instead of these generalists, who often run a business day-to-day while waiting for a chance to ascend to the top spot, companies are giving specialists in fields including risk and information management a direct line to the CEO. Companies also are leaning more heavily on finance chiefs.
The share of large companies with COOs has declined almost every year since 2001, according to an annual analysis of companies in the Fortune 500 and the S&P 500 by search firm Crist Kolder Associates . The most recent report, which was released last year and examines 668 companies, pinned COOs at their lowest rate, 35.2% of companies.
Industrial and health-care companies are least likely to have a COO, the report found, but recent examples of companies shedding the role include those in food service, retailing and technology.
Mr. Rowghani had served as Twitter's COO since 2012, when he was promoted from the CFO job. His departure from the San Francisco company came amid a clash with CEO Dick Costolo over a plan to strip away some of his key responsibilities, a person familiar with the matter has said.
In March, McDonald's Corp. and jeweler Tiffany & Co. also disclosed they were ditching the position. McDonald's plans to split the duties between its finance chief and chief brand officer when COO Tim Fenton retires June 30 . McDonald's said it wouldn't rule out a future COO. At Tiffany, where James Fernandez is both operating and finance chief, only the latter job will be filled upon his retirement.
The operating role had been a steppingstone to the CEO post at McDonald's . Don Thompson , the fast-food chain's current chief, served as COO from 2010 until his promotion in 2012.
In perhaps the most high-profile COO departure recently, Yahoo Inc. parted ways with Henrique de Castro in January, reportedly because of disappointing advertising results and clashes with chief Marissa Mayer . Ms. Mayer said at the time that she would take on some additional responsibilities on the sales side. A spokeswoman for Yahoo declined to comment.
COO "just seems to me kind of an antiquated position," said David Larcker , a corporate governance professor at the Stanford Graduate School of Business .
Companies are "slicing out" their COOs in an effort to eliminate hierarchy and control the costs of an extra layer of management, Mr. Larcker said. Often, COO jobs are handcrafted for specific executives as a "prelude to promotion," he said, but postrecession, leaner is seen as better, and a post with a murky job description may not be viewed as necessary.
Donald Hambrick , a management professor at the Smeal College of Business at The Pennsylvania State University , says companies should be reluctant to wrest important responsibilities, like strategy implementation, from the CEO. When the boss is the "idea person" and the COO is the one charged with making those ideas happen, it allows for finger-pointing, he said.
A 2004 study that he co-wrote found that companies without COOs tended to perform better than companies with them. On average, businesses with the role made tens of millions of dollars less in annual profits than comparable businesses without the position, he said.
As COOs fall out of favor, finance chiefs are gaining more responsibility and a clearer path to the top job. The number of CEO hires with finance experience rose to 22.1% last year from 13.2% in 2012, according to the Crist Kolder report. Nearly 28% of last year's CEO hires had some financial experience.
This week, Hartford Financial Services Group Inc. named CFO Christopher Swift as CEO. Rent-A-Center Inc.'s former finance chief, Robert Davis , took over the top spot earlier this year. And at Target Corp. , John Mulligan is acting as interim chief after the resignation of Gregg Steinhafel .
To be sure, powerful COOs remain. Facebook Inc.'s Sheryl Sandberg is one of the most prominent executives in technology, and her hiring was seen by many as a counterweight to Chief Executive Mark Zuckerberg's relative inexperience. She also is the social network's best paid executive.
Many chief operating officers are still finding their way to the top: Last year more than 40% of CEOs came directly from the COO role, according to Crist Kolder.
Maxwell Murphy and Lauren Weber contributed to this article.
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(END) Dow Jones Newswires
06-12-14 1920ET
Copyright (c) 2014 Dow Jones & Company, Inc.
Shale-Gas Driller MRD start Naz Friday
3 letter ones coming on.
Shale-Gas Driller Memorial Resource To Open on Nasdaq Friday Under Symbol 'MRD'
Today 6:51 PM ET (Dow Jones)
icon yes surprise & on oil up
Odd isn't it. Usually airs & transpos dump on rise in fuels.
May suggest market thinks stronger than expected underlying strength now & ahead. INTC points that way a bit too.
War drums may also be helping since more stuff will roll.
Ditto on the Shack but sure smells Bk. Best Buy in wind.
U.S. Lumber Futures Edge Higher, End Slump as Traders Assess Demand
Today 5:01 PM ET (Dow Jones) By Kelsey Gee
CHICAGO--U.S. lumber futures ended a weeks-long slump amid short-covering, as traders assess demand for building materials at relatively discounted prices.
Chicago Mercantile Exchange July lumber rose $5.20, or 1.8%, to $302.20 per 1,000 board feet, after notching the lowest closing price for any front-month contract since July 15 the day before. Lumber for September advanced $6.10 to $300.20 per 1,000 board feet.
A 3.5% slide over the past week amid weaker-than-expected demand from U.S. homebuilders was ended Thursday as investors trimmed bearish bets and covered short positions. Cash wood prices recently ranged from $305 and $310 per 1,000 board feet at the saw mill, according to traders, down sharply from the prior week.
Write to Kelsey Gee at kelsey.gee@wsj.com
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(END) Dow Jones Newswires
June 12, 2014 17:01 ET (21:01 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.
WAVX hit on offer 5M+ at 1.90
1.725 -.415 gets over done on these things.
LIVE pre near +9% news
Bit softer now but still up off lows. They really threw it out lately.
08:54 AM EDT, 06/12/2014 (MT Newswires) -- Shares in LiveDeal (LIVE) are up almost 9% pre-market after the company said its recent 35 city ad campaign has netted a 244 percent increase in site visits in its first week, compared to site traffic over the same period during the prior month.
LiveDeal operates livedeal.com, a geo-location based mobile marketing platform that enables restaurants to publish real-time and instant offers to nearby consumers.
The company said about 15% of the users to its website are return visitors, while 85% are new.
The shares recently traded at $3.80, near the bottom of a 52-week range of $5.01 - $14.84.
Price: 4.09, Change: +0.60, Percent Change: +17.19
http://www.mtnewswires.com © 2014 MT Newswires, a Division of MidnightTrader, Inc. All rights reserved.
Precious is tough now. S Africa. Retail.
Yes it's around the miner action vs wage offers to them.
Geez waiting for $5 gas in NYC. 3 hours to cross GWB after accident on top level and Martha slowed too.
Jobs still crapper and most of retail sales gone softer.
8:37 EDT - Treasury prices erase earlier declines as retail sales rose less than expected last month, though April's growth was sharply revised higher, while jobless claims increased. All told, the data remind investors about the still- uneven pace of economic growth. But still facing the bond market today is a 30-year sale, which could keep price gains in check until then. The 10-year note is 3/32 higher, yielding 2.629%. (min.zeng@wsj.com)
(END) Dow Jones Newswires
06-12-14 0837ET
Copyright (c) 2014 Dow Jones & Company, Inc.
Brazil & India some numbers
Odd to me that India would have rise in Ind Prod yet CPI off.
And Brazil retail off with Cup on horizon?
08:00 News Bot: Brazilian Retail Sales (Apr) M/M -0.4% vs. Exp. -0.1% (Prev. -0.5%)
08:04 News Bot: Indian Industrial Production (Apr) Y/Y 3.4% vs. Exp. 1.9% (Prev. -0.5%)
08:08 News Bot: Indian CPI (May) Y/Y 8.28% vs. Exp. 8.40% (Prev. 8.59%)
some pre downers, LULU
Wondering why platinum taking dump. Pal metal was up yest on the
S Africa difficulties so odd plat would turn. Workers want 3yr not 5yr deal in S Africa pal. Plat is Russian control.
But S African platium miners in talks so guess outlook is ok.
*MW July platinum down $35.10, or 2.3%, to $1,446.90/oz
Lululemon Athletica (NASDAQ: LULU) dipped 12.63% to $5.95 in pre-market trading after the company issued a weak forecast. Lululemon also announced the retirement of its CFO John Currie . The company reported better-than-expected first-quarter results and also announced a $450 million share buyback program.
Himax Technologies (NASDAQ: HIMX) dropped 4.37% to $6.35 in pre-market trading after falling 0.30% on Wednesday.
Ariad Pharmaceuticals (NASDAQ: ARIA) shares fell 4.27% to $6.72 in pre-market trading after the company announced a proposed $175 million offering of convertible senior notes due 2019.
Exelon (NYSE: EXC) shares dropped 1.40% to $35.25 in pre-market trading after the company priced 50 million shares and 20 million equity units.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
LULU & Lands' End
Lands' End good numbers.
News on them with retail #s ahead as oil on increase.
LULU I'm watching for either 10:30a or 2:30p lows. Has history of holders running on this kind of news over long term.
Lululemon Athletica Inc. on Thursday lowered its outlook for the year, as the maker of high-end yoga gear also reported a drop in profit for the fiscal first quarter amid a tax charge tied to a share-repurchase plan.
The retailer also issued a second-quarter forecast that fell short of Wall Street's expectations, helping to send shares down 8.1% to $40.70 in recent premarket trading.
Lululemon unveiled a share-repurchase program of up to $450 million , which it will fund through the repatriation of foreign earnings. The company recorded a $30.9 million tax charge in the first quarter for the planned repatriation.
The company also said Chief Financial Officer John Currie , who has been with Lululemon since 2007, plans to retire by the end of the fiscal year. The company said it would engage an executive-search firm to seek Mr. Currie's replacement.
For the quarter ended May 4 , the Vancouver, British Columbia , company reported a profit of $19 million , or 13 cents a share, down from $47.3 million , or 32 cents a share, a year ago. Excluding the tax adjustment, per-share earnings for the latest period were 34 cents .
Revenue rose 11% to $384.6 million .
The company had predicted earnings of 31 cents to 33 cents a share on revenue of $377 million to $382 million .
Total same-store sales rose 1% on a constant-dollar basis, while gross margin widened to 50.9% for the quarter from 49.4%.
Looking ahead, Lululemon lowered its earnings outlook for the year to a per-share profit of $1.71 to $1.76 , normalized for the tax adjustment in the first quarter. Lululemon also trimmed the top end of its revenue range, and now sees full-year revenue of $1.77 billion to $1.8 billion , compared with a previous outlook of $1.77 billion to $1.82 billion .
The company expects second-quarter earnings of 28 cents to 30 cents a share on $375 million to $380 million in revenue, missing estimates from analysts polled by Thomson Reuters of 36 cents a share and $387.2 million , respectively.
Chief Executive Laurent Potdevin called 2014 a "transitional year" for the company, and said Lululemon is "on track with the improvements we have set out to achieve."
The company has been working to rebound from quality-control problems last year that led to a recall of its popular yoga pants after the company found them to be too see-through. Founder and former Chairman Dennis "Chip" Wilson then made some controversial comments that seemed to suggest that some new quality issues were in part the fault of overweight customers.
In addition to Mr. Wilson stepping down from his chairman post, Lululemon changed its CEO and chief merchant, boosted its supply-chain staff and implemented new controls. The company until recently, however, still suffered weaker sales over the past year after a period of fast growth.
On Wednesday, Mr. Wilson stirred up controversy again after he said he voted against Lululemon's new chairman, Michael Casey , who has had the job for less than a month. Mr. Wilson also voted against another outside director facing re-election on Wednesday.
Mr. Wilson said board members favor short-term results at the expense of long-term goals, product and corporate culture. "Change is now needed at the board level to increase shareholder value," added Mr. Wilson, the company's biggest shareholder and a director.
In response, the company said its board members "are aligned with the company's core values and possess the necessary expertise to successfully lead Lululemon forward." Both directors Mr. Wilson opposed were re-elected at the company's annual meeting.
Write to Anna Prior at anna.prior@wsj.com
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(END) Dow Jones Newswires
06-12-14 0722ET
Copyright (c) 2014 Dow Jones & Company, Inc.
Lands' End Q1 post growth
Tripled cash position Y/Y. Nice to see a retailer for once.
LULU said doing Ok (beat revs) but soft in parts and cut outlook.
Retail #s at 8:30a will be a key ahead for direction. Not sure how the rise in Brent will impact store retail. May push more online shopping for savings.
Lands' End (NASDAQ: LE) reported a rise in its first-quarter earnings.
Lands' End posted its quarterly earnings of $10.9 million , or $0.34 per share, versus $7.3 million , or $0.23 per share, in the year-ago period. Adjusted EBITDA rose 35.2% to $23.8 million versus $17.6 million .
Its revenue increased to $330.5 million versus $319.0 million . Lands' End gross margin rose by around 60 basis points to 49.0%, while operating income climbed 57.1% to $18.8 million .
Merchandise sales and services, net jumped 3.6% y/y to $330.5 million . Same store sales in the Retail segment gained 3.4% in the quarter.
Selling and administrative expenses gained 0.9% to $138.2 million , while depreciation and amortization expense fell 11.5% to $5.0 million .
Cash was $65.0 million on May 2, 2014 , up from $21.8 million on May 3, 2013 .
Edgar Huber , Lands' End's President and Chief Executive Officer, said, "We are very pleased with our first quarter results and our progress towards growing the business and building Lands' End into a global lifestyle brand. We are encouraged by the positive customer response to our merchandising and marketing strategies and remain focused on improving the contemporary relevance of the Lands' End brand.”
Lands' End shares fell 2.10% to close at $26.63 yesterday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Asia (yen), Australia (jobs) down overnight
06-11-14 2241ET
Asian stocks fell on Thursday, with Japan leading the region lower as Tokyo was weighed by a stronger yen, while Australia was weighed by poor employment data.
The Nikkei Share Average was down 0.9%, as the dollar edged lower against the yen--at one point trading below the Yen102 mark at Yen101.98 . The dollar was last at Yen102.08 , compared with Yen102.06 late Wednesday in New York .
The yen started to firm up during Asian trade on Wednesday, after the World Bank reduced its global growth forecast. The negative sentiment carried on in European and U.S. trading, when Wall Street ended the day with a loss, with the dollar losing further ground against the yen. A stronger Japanese currency is generally seen as a headwind for local exporters.
In Australia , the S&P /ASX 200 lost 0.4%, after data showed that the number of people employed in Australia fell by 4,800 in May, well below the consensus forecast for a 10,000 increase. The unemployment rate was 5.8%, slightly lower than an expected 5.9%
The Australian dollar was a touch lower--last at US$0.9377 , compared with US$0.9384 late Wednesday in New York .
Miners in Australia were under pressure as iron ore prices lost further ground, with Rio Tinto 0.8% lower and Fortescue Metals Group down 3.5%.
"Our local benchmark has continually stumbled in recent sessions as the commodity slump piles misery on our miners," said Niall King , a sales trader at CMC Markets .
In China , stocks were lower ahead of a flurry of economic data due Friday--including industrial output figures and retail sales numbers. Hong Kong's Hang Seng Index lost 0.4% and the Shanghai Composite Index was 0.2% lower.
Elsewhere in Asia , South Korea's Kospi was 0.2% lower and Singapore's Straits Times Index was less than 0.1% lower.
Robb Stewart
contributed to this article.
Write to Daniel Inman at daniel.inman@wsj.com
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(END) Dow Jones Newswires
06-11-14 2241ET
Copyright (c) 2014 Dow Jones & Company, Inc.
ISIS grabs Turkish consulate in Mosul
Stupids should know better than to mess with the Turkman.
Second part below has Iraq military analysis, and they are blaming US for the situation.
ISTANBUL--Islamist militants' seizure of the Turkish consulate in the Iraqi city of Mosul on Wednesday stoked concerns Ankara could be forced to intervene in the fast-spreading insurgency as officials rushed to handle the matter through back-door diplomacy.
Turkey's prime minister called emergency meetings with government and military leaders after Sunni insurgents from the Islamic State in Iraq and al Sham , or ISIS, stormed the consulate and took 49 people hostage. The hostages inside included diplomats, security, administrative staff and three children, a government official said.
The developments underscored the potentially dangerous political fallout from the insurgents' dramatic battlefield gains.
Turkey's Chief of Military Staff Necdet Ozel and Prime Minister Recep Tayyip Erdogan met with President Abdullah Gul on Wednesday evening, hours after the premier gathered top national security advisers, including spy chief Hakan Fidan to evaluate the situation.
In Brussels , Turkey convened an emergency meeting of the North Atlantic Treaty Organization to inform its allies about the fighting in Mosul and the capture of the Turkish mission.
Foreign Minister Ahmet Davutoglu , who will fly home early from a New York trip to a United Nations gathering on combating terrorism, said Turkey was trying to negotiate the hostages' freedom. But he also issued a warning to the captors.
"We are using efficient crisis management to secure the safe release of our citizens...But if anything should happen to our citizens, we will retaliate. Nobody should test Turkey ," Mr. Davutoglu said.
The news came as ISIS's startling military advance continued a day after the transnational group seized Mosul, Iraq's second largest city, in a show of strength against Iraq's Shiite-led government. By Wednesday afternoon ISIS had taken the provincial capital of Tikrit , according to security forces there, and proceeded down the Tigris River toward Baghdad , leaving Iraq's battered security forces in a state of open retreat.
ISIS's capture of the mission comes after the group kidnapped 31 Turkish truck drivers Tuesday while they were carrying diesel from Turkey's southern port of Iskenderun to a power plant in Mosul .
"There is an emergency situation right now," a senior government official said. "(ISIS) is a very worrying organization and we can't be sure about how they're treating people and we don't know what to expect from them."
The storming of the consulate underscored how the gains of ISIS are reverberating beyond Iraq and Syria and threatening to draw in regional heavyweights such as Turkey , with potentially significant geopolitical consequences. Analysts said the militants appeared to specifically target the Turkish consulate, which had no obvious strategic or military value, raising the prospect that they would use the captives for political propaganda purposes.
"In the short term, our priority should be to get our diplomats freed without harm," said Sinan Ulgen , a former Turkish diplomat who is now chairman of the Center for Economics and Foreign Policy Studies . "If they are harmed, then Turkey would have no other choice but to launch a military operation to free them. In the longer term, we may be seeing the unraveling of the regional balance with far-reaching implications."
Turkey , which classifies ISIS as a terrorist organization, has long been accused of backing radical Islamist groups inside the Syrian opposition, a charge its government has repeatedly denied. Earlier this year, Turkish leaders vowed to respond militarily if ISIS militants in Syria carried out threats to attack the tomb of Suleyman Shah , whose grandson founded the Ottoman Empire. The site, just 25 kilometers (15 miles) into Syria , is Turkey's only territory outside its borders and is guarded by Turkish soldiers. Turkish security analysts have warned that the rise of ISIS has left Turkey's southern border exposed to attacks.
The concern spread to Turkish markets, where assets weakened significantly as investors digested the risks from rising regional tensions. Iraq has recently emerged as a significant trading partner for Turkey , whose annual exports to its southern neighbor since 2010 doubled to about $12 billion last year, ranking the country second only behind Germany .
Some commentators asked why the consulate wasn't evacuated given the apparent threat from the ISIS advance. Mr. Davutoglu said in a tweet Tuesday evening that "all precautionary measures are in place for the safety of our GC (General Consul) in Mosul ."
On Wednesday, Mr. Davutoglu said preparations to evacuate the consulate couldn't be carried out because of the dangerous security situation on the streets in Mosul .
The oil-rich city of Mosul , which is about 120 kilometers from Ankara , has long held strategic importance for Turkey . Ankara reluctantly ceded the territory to Iraq in 1920s after the collapse of the Ottoman Empire but has maintained strong economic and cultural links with the province, which also has a substantial population of ethnic Turkmen.
Earlier Wednesday Mr. Gul said the extremists' gains in Iraq were "unacceptable" for Turkey and that Ankara was assessing its options. " Turkey is watching it very closely, both militarily and politically; there are coordination meetings at the ministry and armed forces," he said in Ankara , according to Turkey's state news agency, Anadolu.
Ayla Albayrak contributed to this article.
Write to Joe Parkinson at joe.parkinson@wsj.com and Emre Peker at emre.peker@wsj.com
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(END) Dow Jones Newswires
06-11-14 2003ET
Copyright (c) 2014 Dow Jones & Company, Inc.
-----------------------
ISTANBUL--Islamist militants' seizure of the Turkish consulate in the Iraqi city of Mosul on Wednesday stoked concerns Ankara could be forced to intervene in the fast-spreading insurgency as officials rushed to handle the matter through back-door diplomacy.
Turkey's prime minister called emergency meetings with government and military leaders after Sunni insurgents from the Islamic State in Iraq and al Sham , or ISIS, stormed the consulate and took 49 people hostage. The hostages inside included diplomats, security, administrative staff and three children, a government official said.
The developments underscored the potentially dangerous political fallout from the insurgents' dramatic battlefield gains.
Turkey's Chief of Military Staff Necdet Ozel and Prime Minister Recep Tayyip Erdogan met with President Abdullah Gul on Wednesday evening, hours after the premier gathered top national security advisers, including spy chief Hakan Fidan to evaluate the situation.
In Brussels , Turkey convened an emergency meeting of the North Atlantic Treaty Organization to inform its allies about the fighting in Mosul and the capture of the Turkish mission.
Foreign Minister Ahmet Davutoglu , who will fly home early from a New York trip to a United Nations gathering on combating terrorism, said Turkey was trying to negotiate the hostages' freedom. But he also issued a warning to the captors.
"We are using efficient crisis management to secure the safe release of our citizens...But if anything should happen to our citizens, we will retaliate. Nobody should test Turkey ," Mr. Davutoglu said.
The news came as ISIS's startling military advance continued a day after the transnational group seized Mosul, Iraq's second largest city, in a show of strength against Iraq's Shiite-led government. By Wednesday afternoon ISIS had taken the provincial capital of Tikrit , according to security forces there, and proceeded down the Tigris River toward Baghdad , leaving Iraq's battered security forces in a state of open retreat.
ISIS's capture of the mission comes after the group kidnapped 31 Turkish truck drivers Tuesday while they were carrying diesel from Turkey's southern port of Iskenderun to a power plant in Mosul .
"There is an emergency situation right now," a senior government official said. "(ISIS) is a very worrying organization and we can't be sure about how they're treating people and we don't know what to expect from them."
The storming of the consulate underscored how the gains of ISIS are reverberating beyond Iraq and Syria and threatening to draw in regional heavyweights such as Turkey , with potentially significant geopolitical consequences. Analysts said the militants appeared to specifically target the Turkish consulate, which had no obvious strategic or military value, raising the prospect that they would use the captives for political propaganda purposes.
"In the short term, our priority should be to get our diplomats freed without harm," said Sinan Ulgen , a former Turkish diplomat who is now chairman of the Center for Economics and Foreign Policy Studies . "If they are harmed, then Turkey would have no other choice but to launch a military operation to free them. In the longer term, we may be seeing the unraveling of the regional balance with far-reaching implications."
Turkey , which classifies ISIS as a terrorist organization, has long been accused of backing radical Islamist groups inside the Syrian opposition, a charge its government has repeatedly denied. Earlier this year, Turkish leaders vowed to respond militarily if ISIS militants in Syria carried out threats to attack the tomb of Suleyman Shah , whose grandson founded the Ottoman Empire. The site, just 25 kilometers (15 miles) into Syria , is Turkey's only territory outside its borders and is guarded by Turkish soldiers. Turkish security analysts have warned that the rise of ISIS has left Turkey's southern border exposed to attacks.
The concern spread to Turkish markets, where assets weakened significantly as investors digested the risks from rising regional tensions. Iraq has recently emerged as a significant trading partner for Turkey , whose annual exports to its southern neighbor since 2010 doubled to about $12 billion last year, ranking the country second only behind Germany .
Some commentators asked why the consulate wasn't evacuated given the apparent threat from the ISIS advance. Mr. Davutoglu said in a tweet Tuesday evening that "all precautionary measures are in place for the safety of our GC (General Consul) in Mosul ."
On Wednesday, Mr. Davutoglu said preparations to evacuate the consulate couldn't be carried out because of the dangerous security situation on the streets in Mosul .
The oil-rich city of Mosul , which is about 120 kilometers from Ankara , has long held strategic importance for Turkey . Ankara reluctantly ceded the territory to Iraq in 1920s after the collapse of the Ottoman Empire but has maintained strong economic and cultural links with the province, which also has a substantial population of ethnic Turkmen.
Earlier Wednesday Mr. Gul said the extremists' gains in Iraq were "unacceptable" for Turkey and that Ankara was assessing its options. " Turkey is watching it very closely, both militarily and politically; there are coordination meetings at the ministry and armed forces," he said in Ankara , according to Turkey's state news agency, Anadolu.
Ayla Albayrak contributed to this article.
Write to Joe Parkinson at joe.parkinson@wsj.com and Emre Peker at emre.peker@wsj.com
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06-11-14 2003ET
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Baltic DI -3.1% to 973. DSX upgraded
09:10 News Bot: Baltic Dry Index falls 3.1% to 973 points
In a note released Wednesday morning, Barclays analysts upgraded Diana Shipping (NYSE: DSX) from Underweight to Equal-weight and raised the price target from $11 to $12 .
The main reason behind the team's upgrade is that Diana will be eligible to re-charter about half of its fleet over the next 12 months. The team explained this should benefit Diana, a dry bulk pure play, because it will allow the company to obtain higher contractual rates as the dry bulk market slowly recovers. According to the team, this should return Diana to profitability in 2015.
Additionally, the team sees Diana's "ample liquidity" and disciplined management as a recipe for possible acquisitions or share repurchases.
Shares of Diana Shipping closed at $11.80 on Tuesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
World Bank cuts global econ growth 2.8% vs 3.2% 1/14
7pm ET
A harsh winter in the U.S. along with the Ukraine conflict have chilled the outlook for global economic growth this year, but highly developed economies will lead a rebound later in the year, the World Bank projected.
The bank trimmed its global growth forecast to 2.8% for the year, from its 3.2% forecast in January. Still, growth in the U.S. and Europe will accelerate this year as the effect from government spending cuts recedes, labor markets improve, and pent-up demand starts to flow through high-income economies, the bank said in its Global Economic Prospects report.
Growth in emerging markets will likely face headwinds due to a reluctance to enact policy changes in many countries, a rise in military conflicts, and the specter of higher interest rates in the future, the bank said.
"We're coming to a period where growth is going to be more difficult to achieve than in the past everywhere, including in emerging markets," said World Bank economist Andrew Burns , the report's lead author.
For years, developing economies led by China were responsible for eye-popping growth that lured investment from wealthier countries and helped to lift hundreds of millions of workers out of poverty. Stung by the 2008 financial crisis, emerging markets still recovered more quickly than high-income countries because of their lower dependence on real-estate prices and bank lending.
However, after the crisis, economists at the World Bank and elsewhere say developing markets, unlike high-income nations, failed to shift toward policies that support longer-term growth--such as improving electricity grids or lifting competition-inhibiting rules.
In China , policies that curb credit growth could slow the country's export-fueled economy and infrastructure expansion while boosting risks in real estate, many economists say. But a failure to shift gears in the economy could lead to unsustainable levels of debt down the road, many economists say.
In its report, the World Bank warned of a "hard landing" in China that could weigh down East Asian countries and hurt commodity exporters.
"Rebalancing the economy, while minimizing financial instability as credit growth slows and financial reforms are implemented is a formidable task," the bank said. It highlighted China's rocky real-estate market as one area of " growing concern," noting the combined factors of "falling house prices, record-levels of unsold units, and stagnant investment."
A hard-landing scenario in China , with investment growth falling 10%, would cut 3 percentage points off growth there but would have only a small impact on non-Asian countries, unless they are commodity suppliers to China , Mr. Burns said.
Beyond China , many developing countries are concerned a return to growth in developed economies could lead the U.S. Federal Reserve and other major central banks to raise interest rates, a move likely to divert capital from higher-risk investments in emerging markets.
"For economies that have large financing needs--either because they have a lot of debt or large current account deficits--they'll come under pressure," Mr. Burns said. "You know you can't stay with this kind of monetary support forever."
Financial concerns aren't the only worries for global growth. From Egypt to Thailand , military intervention is also taking a toll on economic prospects. This year Russia moved troops into Ukraine's Crimea region and annexed the territory, contributing to instability in other parts of Ukraine and pushing Ukraine's economy toward a 5% contraction this year, the World Bank said. Russia is expected to grow at just 0.5% this year due to elevated political tensions, the bank said.
Write to William Mauldin at william.mauldin@wsj.com
(END) Dow Jones Newswires
06-10-14 1900ET
Copyright (c) 2014 Dow Jones & Company, Inc.
Fed's dot outlook from UBS
14:56 EDT - There's been plenty of analysis recently arguing that persistently low US Treasury yields are partly due to expectations that the Fed's policy rate in the future will remain below pre-crisis levels. UBS doesn't fully buy it, but says the market's focus on this topic puts the spotlight on the Fed's long-run rate projection in its dot plot. In March, average forecast for the long-run policy rate was 3.875%. UBS believes next Wednesday's updated projections will show a somewhat higher average, with new Fed governor Fischer's dot likely coming in at 4% and new Cleveland Fed chief Mester's likely at 4% or 4.25%. (cynthia.lin@wsj.com; @cynthialin_dj)
(END) Dow Jones Newswires
06-09-14 1456ET
DANG hmm 11.55 Resist, not much
Gee that's not much for the effort. Guess I was expecting more especially considering China & Japan reporting some stronger than previous signs of growth over weekend. Low vol today so maybe just a tip toe set of buyers.
Thanks be watching. Also eye on bulk shippers again.
thx didn't notice Ich cloud
hmm I was figuring enough was enough for now though could just as easily have been pushing 7.5 8 9. Still could. Ich has pinkness ahead then turns to green.
Don't have belly for a re-entry if does drop into pink for a green run then. Would need $4 and no bad news, plus growth gains from their expanded acquistions to lure me in. Backburner now.
OXGN @2.55 +.05 share offering 2.9M
Yet another share offer. Was off 5% opening but has history of recovering as is so fat. Risk is they dump it to 2.35 for shake.
Gain is they announce some drug news and miss a run (history of that). Has had active following so as long as that continues....
Stopped out MARK 6.75 finally
Now let it run to 7, 8 lol but made enough on such a thin whipper.
Watching DANG. Was beaten past month on d/grade and other things. It's a China e-commerce thing so accounting always a concern. But claims are it does fat rising business.
Sup Ct issues ruling on bk judges' powers
The Supreme Court on Monday clarified a prior ruling that effectively limited bankruptcy judges' powers but left a bigger question unanswered.
The unanimous ruling, in a case called Executive Benefits Insurance Agency v. Peter H. Arkison , helps clarify a 2011 ruling that called into question the power of bankruptcy judges to rule on key issues that arise in many bankruptcy cases.
The 2011 case, which involved an inheritance battle between the deceased Anna Nicole Smith and the son of her deceased husband, exposed a gap between claims that the bankruptcy court is allowed to issue final judgment on and claims that it isn't.
Executive Benefits, argued in January, required the Supreme Court to confront the claims that fall into the gap.
In that case, the insurance agency had fought a bankruptcy-court ruling that ordered it to return nearly $400,000 it received from its predecessor before the predecessor's bankruptcy filing. The insurance company, which lost its appeals to the district and circuit courts, argued that the bankruptcy court never had the power to enter that judgment in the first place.
At the heart of the matter is the different status of bankruptcy versus district judges. While both preside over federal courts, bankruptcy judges aren't so-called Article III judges who are confirmed by the Senate and serve for life.
Instead, bankruptcy judges are appointed by federal appeals court judges and serve 14-year terms. This inferior status is what caused the Supreme Court to rule, in 2011, that bankruptcy courts didn't have the constitutional authority to issue final rulings on certain legal claims.
In an opinion delivered by Judge Clarence Thomas , which affirmed the lower courts' rulings, the court said for claims where it isn't clear what the bankruptcy court's powers are, the bankruptcy court should propose a ruling for review and final judgment by the district court.
But the high court didn't address what many saw as a crucial question: If those involved in litigation agree to let the bankruptcy court issue a final judgment on matter it is otherwise not allowed to decide, is that consent enough?
"What's most notable about the decision is what it leaves undecided. It does not reach the constitutional questions about whether bankruptcy judges can enter judgment on the basis of litigant consent, which is now an issue that several courts of appeal have decided," said Douglas Hallward-Driemeier , who represented Executive Benefits in the case.
"Eventually, the court will have to address" this question, said Mr. Hallward-Driemeier, who leads Ropes & Gray LLP's appellate and Supreme Court practice.
John Pottow , who represented Mr. Arkison, the bankruptcy trustee, said the fact that the opinion is "very close and narrow in what it's saying" likely means the justices took different sides on the issue of consent. But he expects they will soon have another chance to revisit the issue.
"They know it's coming back," said Mr. Pottow, a University of Michigan law professor.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)
Write to Jacqueline Palank at jacqueline.palank@wsj.com.
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(END) Dow Jones Newswires
06-09-14 1234ET
Copyright (c) 2014 Dow Jones & Company, Inc.
lawyer Lewis files HFT suit vs 13 exchanges
Short video at link. Lewis is guy who did the tobacco case.
http://www.cnbc.com/id/101728440
CNBC.com staff 2 Hours Ago
High-profile attorney Michael Lewis filed a class-action lawsuit against 13 stock exchanges over high-frequency trading. The lawyer is of no relation to author Michael Lewis, whose book "Flash Boys" explained high-frequency trading earlier this year.
The case, filed on behalf of Harold Lanier, is filed in U.S. District Court for the Southern District of New York. It charges, among other things, that the exchanges discriminated against some investors by selling "advance access" to market data using private feeds and co-location services.
New York Stock Exchange, BATS Exchange, Nasdaq OMX and Chicago Board Options Exchange declined to comment.
The Guardian first reported the news Friday afternoon.
MOVE Treas volatility gauge moves
This one has mixed reactions from pros but seems it bears watching just in case.
17:06 EDT - BofA/Merrill's MOVE Index -- a Treasury volatility gauge similar to what the VIX is to US stocks -- is showing signs of life. Long suppressed by the Fed's low-rate policy, the index has been contained in the 60s through much of the post-crisis years, briefly making a run up to 117 amid last year's taper tantrum, only to fall back down to the mid-50s this year. But now as the VIX falls to its lowest since 2007, MOVE has perked up the last few sessions, now at 65. BofA says that's a break above resistance, paving the way to 80, and potentially beyond. (cynthia.lin@wsj.com; @cynthialin_dj)
(END) Dow Jones Newswires
SEC lost 2nd insider-trading trial in 7 days
Some day they'll get it right.
The Securities and Exchange Commission lost its second insider-trading trial in the space of seven days, when a federal jury on Friday cleared a former chief executive of a California chip maker.
The SEC filed a civil suit against Manouchehr Moshayedi in 2012, alleging he traded on inside information and made false and misleading statements in connection with the sale of $268 million of STEC Inc. stock owned by him and his brother, also a founder of the company. His brother wasn't accused of any wrongdoing.
STEC Inc. is based in Santa Ana., Calif.
A spokesman for the SEC said in a statement: "We respect the jury's verdict but will continue to aggressively enforce the law when we believe the evidence supports the allegations."
A lawyer representing Mr. Moshayedi didn't immediately respond to a request for comment.
The loss adds to the SEC's recent mixed record on civil insider-trading cases. The agency Wednesday dismissed its case against Atlanta businessman Parker H. Petit and last week the SEC lost an insider-trading trial against hedge-fund manager Nelson J. Obus .
Read more on WSJ.com.
More at The Wall Street Journal's Law Blog, http://blogs.wsj.com/law/
(END) Dow Jones Newswires
06-06-14 1808ET
Copyright (c) 2014 Dow Jones & Company, Inc.
SEC lost 2nd insider-trading trial in 7 days
The Securities and Exchange Commission lost its second insider-trading trial in the space of seven days, when a federal jury on Friday cleared a former chief executive of a California chip maker.
The SEC filed a civil suit against Manouchehr Moshayedi in 2012, alleging he traded on inside information and made false and misleading statements in connection with the sale of $268 million of STEC Inc. stock owned by him and his brother, also a founder of the company. His brother wasn't accused of any wrongdoing.
STEC Inc. is based in Santa Ana., Calif.
A spokesman for the SEC said in a statement: "We respect the jury's verdict but will continue to aggressively enforce the law when we believe the evidence supports the allegations."
A lawyer representing Mr. Moshayedi didn't immediately respond to a request for comment.
The loss adds to the SEC's recent mixed record on civil insider-trading cases. The agency Wednesday dismissed its case against Atlanta businessman Parker H. Petit and last week the SEC lost an insider-trading trial against hedge-fund manager Nelson J. Obus .
Read more on WSJ.com.
More at The Wall Street Journal's Law Blog, http://blogs.wsj.com/law/
(END) Dow Jones Newswires
06-06-14 1808ET
Copyright (c) 2014 Dow Jones & Company, Inc.
Gee low vol & low MACD, room to go.
YRCW trading vol up
YRCW.O's trading volume exceeds its 10-day moving average by 50.01%, trading 505.52K shares at 3:53 PM.
$23.62 +1.07 +4.75%
Amazing ain't it! B'klyn DNC '16?
One from the old days. My first thought was it would be good for HC then realizing not hearing any mention of her around locally for months now.
Given her record at getting bailout breaks in her Ark commodity trades in early years I can imagine what she'd do to what's left of the SEC. Floodgates be wide open!
Sense of how she’s played out or something. Doesn’t seem to be a fan in the new de Blasio crowd, at least not at the start.
BREAKING NEWS Friday, June 6, 2014 2:10 PM EDT
Brooklyn Will Seek to Host 2016 Democratic National Convention
Brooklyn, a nexus of the new Democratic left that has morphed from working-class enclave to a gritty, global arbiter of cool, will vie to host the Democratic National Convention in 2016, Mayor Bill de Blasio of New York City said on Friday.
In a formal bid, the de Blasio administration proposed Barclays Center, the rust-hued sports and entertainment arena in Brooklyn’s bustling downtown, as the anchor venue for the quadrennial gathering, with accommodations and other events to be spread across the city’s other four boroughs.
A Democratic convention in Brooklyn, arguably the most liberal redoubt of one of the country’s most liberal cities, would be a stark departure from the recent tradition of political parties hosting their conventions in swing states like Florida and Colorado, which can be critical to clinching a national campaign.
READ MORE »
http://www.nytimes.com/2014/06/07/nyregion/brooklyn-will-vie-to-host-2016-dnc-de-blasio-says.html?emc=edit_na_20140606
New accounting rules ahead 2017
Don't know how this will impact the Hertz types.
Accounting rule makers on Wednesday issued a long-awaited overhaul of how companies record revenue on their books-- a move 12 years in the making that will affect a broad array of companies from software firms to auto makers to wireless-communications providers.
The new rule, issued jointly by U.S. and global rule makers, will take effect in 2017, leading many companies to either speed up or slow down the rate at which they book parts of their revenue.
The aim is to simplify and make more consistent one of the most basic yardsticks of a company's performance--how much of its product or service it is selling. While companies will still record the same total amount of revenue over time, investors could see some companies' results rise or fall compared with what they are now, as the timing of how they book their revenue changes.
"It's one of the most important metrics for investors in the capital markets," said Russell Golden , chairman of the Financial Accounting Standards Board , which sets accounting rules for U.S. companies. "We wanted to make sure there was a consistent method for companies to identify revenue."
The moves could speed up the recognition of revenue for wireless-provider and software firms, while stretching them out for auto and appliance manufacturers. Other firms may see an impact, though less pronounced.
Revenue recognition has long been a focus of accounting rule makers, because it affects every company and because it can often be an area given to fraud--improperly speeding up or deferring revenue have been at the heart of many accounting-fraud allegations. Xerox Corp. , for instance, paid a big settlement to the Securities and Exchange Commission in 2002 over allegations it had improperly accelerated revenue. Xerox didn't admit or deny the SEC's allegations.
But under current rules, how revenue is booked can vary by industry, and companies' recognition of revenue often isn't in sync with their delivery to customers of the goods and services that generate it. For instance, when auto and appliance makers sell their products, they typically book the purchase price immediately, but the transactions can also include free maintenance or repairs under warranty that the company might not provide for months or years.
Under the new rules, the manufacturer would book less revenue upfront and more revenue later, because some of the revenue from the car or appliance would be assigned to the future service charges. The net effect: The company might see some of its revenue stretched out under the new rules by months or years.
Conversely, software makers such as Microsoft Corp. and Oracle Corp. may recognize some revenue more quickly. Currently, software companies often have to recognize their revenue over time, because they deliver parts of their products to customers, like upgrades to software programs, long after the initial purchase, and often have to wait until all of the pieces are delivered before they can recognize the sale. The new rules will make it easier for companies to value upgrades separately and thus recognize more of the software's overall revenue upfront, Mr. Golden said.
Similarly, wireless phone companies such as Verizon Communications Inc. and AT&T Corp. might book some revenue faster under the new rules. Currently, a wireless company basically books revenue as customers receive wireless services each month, but that doesn't taken into account the actual phone, which customers get free or for a low price when signing up. With the new changes, some of the overall revenue from each customer will be applied to the handsets they receive, and so the company will be able to book that revenue earlier.
A revenue-recognition revamp has been talked about for more than a decade. The FASB and the International Accounting Standards Board , which sets rules in most of the world outside the U.S., have been working together on the project since 2006 and it has been on the FASB agenda since 2002.
The boards signed off on the final version last year, but production matters caused months of further delays for issuance of the new rules, which run to 900-plus pages once all the supporting documents are counted.
It took so long, Mr. Golden said, because of "the breadth of the topic-this really affects every single company in the world. The boards wanted to make sure we got it right."
Write to Michael Rapoport at Michael.Rapoport@wsj.com
Corrections & Amplifications
This item was corrected at 2:12 p.m. ET on Friday, June 6, 2014 . The original incorrectly referred to a detail of current accounting rules for wireless companies. These companies currently book revenue as customers receive wireless services each month, not as they pay their wireless bills each month.
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(END) Dow Jones Newswires
05-28-14 0759ET
Copyright (c) 2014 Dow Jones & Company, Inc.