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Fed. Ops: 33.25B Matures this week.
Mon: 6.25B 3day
Thur.
(1) 6.00B 14day
(2) 21.00B 7day
Float: 41.25B
==================================================
Temp Ops:
Perm Ops:
=========================================================
Public Debt:
Limit ~ $9,815. T
11/1 ~ $9,080. T
.
Fed. Ops: 33.25B Matures this week.
Mon: 6.25B 3day
Thur.
(1) 6.00B 14day
(2) 21.00B 7day
Float: 41.25B
==================================================
Temp Ops:
Perm Ops:
=========================================================
Public Debt:
Limit ~ $9,815. T
11/1 ~ $9,080. T
.
Contrarylvest: The Most Wonderful Time Of The Year?
November 2007 Edition
The Most Wonderful Time Of The Year?…Yes, that’s right, the holidays are upon us. The most wonderful time of the year? Usually that’s the case, especially in terms of family time. But this year it very well may not be the most wonderful time of the year if you happen to be in the retail business. We’ll just have to see what happens. A number of week’s back, the good folks at the National Retail Federation put out their forecast for upcoming holiday season retail sales gains. Cutting right to the bottom line, the sales gain estimate for this year from this industry group heavyweight is 4%. Not wildly bad in nominal terms, but if the NRF is even close to being correct, this number would translate into being the lowest holiday retail sales growth gain in five years. And if you believe, as we do, that headline inflation stats are not reflective of true domestic cost of living increases, then this growth rate is not positive in real terms. Not too happy a thought. As per the NRF commentary, “with the weak housing market and the current credit crunch, consumers will be forced to be more prudent with their holiday spending”. Imagine that. No, not that housing will affect consumer spending, as we’ve personally maintained for many a moon. The NRF actually had the guts to use the words "consumer" and "prudent" in the same sentence. That’s somber sentence structure and characterization if we’ve ever seen it. These folks must really be bearish, no?
Anywhere You Go, I'll Follow You Down?...A quick few comments on the most recent retail sales numbers for September. Why? As we've been arguing, if history is to be any guide at all, US consumption trends follow peaks (and troughs for that matter) in housing market cycles. So too do retail sales trends. Below is simply a little reminder. As always, the National Association of Home Builders Index in blue representing conditions in the residential real estate sector, which recently hit a record low. Along side is the year over year change in the twelve-month moving average of total retail sales; a statistical method of smoothing out what can be volatile monthly retail numbers. The lead-lag relationships between housing and consumption (directional change in retail sales) are crystal clear.
Headline retail sales grew 0.6% in September, but stripping out the volatile auto and gasoline influence leaves us with 0.2% growth. Nothing to write home about. Importantly, the standout characteristic of the this report was that discretionary retail spending was weak. Down month over month numbers in furniture, clothing, and general merchandise retailers. Restaurants flat for the second month in a row, quite unusual for late summer. Lastly, building materials was a complete non-event, barely registering a positive number. Alternatively, non-discretionary retailing held up, as you'd imagine it would. Importantly, we need to keep a very close eye on the discretionary components of retail sales as we move ahead. That's where weakness will clearly show up first if indeed macro consumer spending is now in the process of slowing from here. And after all, holiday retailing is all about discretionary spending. Remember, forget the retail sales headlines. It's the details underneath the glowing red neon headline that will be most important looking forward. The bottom line being that as we move ahead, all eyes should be glued to the discretionary components of the retail sales report.
As a bit of a corollary to these comments, it's absolutely our impression that as the headline equity indices have moved higher over the recent past, the rise is being built on the back of ever narrower participation. As a very generic comment, in the domestic equity markets it's the big caps that have led the way (those companies capable of generating meaningful foreign revenue and earnings growth), along with a number of momentum favorites that have experienced near vertical price runs since summer. As you know, the big caps are academically weak dollar beneficiaries. Very quickly, here's a rather lengthy chart showing you exactly what we're talking about. Yes, new highs for the large cap dominated SPX recently, but the Transports, Banks, Retailers, Techs (as measured by the SOX), and smaller caps have not followed. Of course this list of sectors is far from being comprehensive, but neither has been the character of the equity rally to date. A rally also lacking in volume conviction, except on downside days, which is more than clear.
As of now, it just so happens that the retail sector is yet another large equity sector not following the major averages to new highs recently, at least not yet. Are new highs in the retail sector stocks as a group in the cards somewhere down the road? Usually the fourth quarter is a period of seasonal strength for retailing stocks, for very obvious reasons. History is pretty clear on this consistency, in good macro market environments and bad. For now, no 4Q retail rally in sight. A break with historical rhythm.
For a number of retailers, the entire year is really made in 4Q in terms of fiscal earnings. Our answer to the question as to whether the retailers will catch up to the major averages would be "it depends". It depends on whether retail sales turn back up on a trend basis from the clear decline you saw in the first chart. And that's going to have to happen fast. Will the holiday season ahead do the trick? Not according to the NRF. Although we hate to sound like we're stretching for a rationale or coincident relationships, as we look at the transports and the bank index (BKX) in the chart of equity sector relative price movements above, to us they symbolize two concepts central to the reality of the US economy – the credit cycle (banks) and consumption (transportation of consumer goods). Both are much nearer to their August lows than not. What are they saying in a collective sense? And is the NRF telling us exactly the same thing vis-à-vis the US consumer?
Below, we're again looking at the smoothed retail sales trends used above in the top portion of the graph. This time it’s being compared to the longer-term directional movement with the S&P retail index itself. It just so happens that in early 2000, the peak in the actual retail data we prefer to use coincided almost directly with the peak in the S&P retail sector. In like manner, the bottom in 2003 for real retail trends coincided with the bottom for the stocks that represent the sector. The point being that stock prices followed industry fundamentals. As you'll see, interestingly the latest retail sales trend peak in 2006 was not a peak for the retail stocks, that along with the major equity market averages blasted off in the summer of last year. So we now have a prior twelve month divergence between the direction of stock prices that represent the sector and actual fundamental results.
It virtually goes without saying at this point that if indeed the macro equity markets are to move higher in a very healthy manner ahead, multiple lagging equity sectors of the moment have one heck of a lot of catching up to do. Retail included, especially important for an economy driven by credit and dominated by consumption. As of the end of October, the S&P retail index is barely off of the summertime August closing lows. In the following chart you can see exactly where we stand at the moment. Moreover, as we've noted, the retail sector participated meaningfully in the broader equity market celebration rally post the first Fed rate cut in September. Price response of the retailers post the second rate cut in late October? The S&P retail index couldn't even muster a mildly positive day. The retailers are telling a story to those who choose to listen.
One last comment before we head off into this most wonderful time of the year. We've suggested many a time in the past that some of the market's most meaningful messages are found in divergences. As we've shown you above, our current environment is littered with such divergences. Divergence between the headline equity averages and the transports, the banks, many a non-bank financial sector, the techs as represented by the semis, and the retailers. Additionally and quite importantly, at least as has been true historically, in monetary easing cycles past, top equity sector performance has been seen in the financials and the consumer discretionary stocks (the retailers). So far in our current rate cutting cycle, the financials and the consumer discretionary stocks are in an all out race for dead last in terms of relative S&P sector performance. This is clearly a major divergence with past macro equity market response in prior monetary easing cycles. And so we're to believe this is a normal Fed rate cutting cycle where the domestic economy is stimulated, borrowing and spending increases in response to lower rates, and everyone lives happily ever after? At least for now, the collective message found in these glaring divergences of the moment is that the equity market itself begs to differ.
http://www.contraryinvestor.com/mo.htm
Thank you George, l did listen to his
broadcast last Saturday, had interesting guest last hour.
Out...ty 4God, back to the dirts 'gold'
#msg-23914781
Russ Winter -- The Sh!t is Hitting the Fan
http://wallstreetexaminer.com/blogs/winter/?p=1201
The news from the Milky Way is coming on fast. It just seems that finally the truth may be revealed that financial institutions actually have exposure to hundred of billions in dicey securities and fictitious capital. Who’d da thunk, they weren’t on Mars after all. Naturally we are only now starting to see clues about the attempts to put fictitious capital on Mars. I guess what shocks me is that the evidence of Milky Way machinations was apparent last spring, and here it is November before the sleazy truth is barely revealed. There is at least some justice in the fact the “money managers” who bought into the Milky Way theory have had their heads handed to them on the performances of these stocks.
Let’s go through the latest litany of dealings. First we have a report that Merill Lynch engaged in paper shuffling exercises with hedge funds. Apparently the SEC wonders why?
LONDON (CNNMoney.com) — Merrill Lynch & Co. Inc. may have engaged in transactions with hedge funds to to buy time before reporting losses tied to risky mortgage securities, according to a published report. The Wall Street Journal said the Securities and Exchange Commission is likely to investigate the deals to see whether the bank disclosed enough information about its mortgage exposure to investors during the summer. One transaction the newspaper reported involved a hedge fund buying $1 billion in commercial paper containing mortgages issued by an entity related to Merrill. The hedge fund was guaranteed a minimum return and had the right to sell the debt back to Merrill after one year, the report said.
Next we have stories making the rounds about how various “AAA” companies need “capital injections” to cover losses. Now maybe I’m just a good ole simple Kansas boy at heart compared to these “slickers”, but isn’t there something inconsistent about “needing more capital”, and a AAA rating? Aren’t companies with AAA rating suppose to be the ones “injecting the capital”, and not in need of capital? And if AAA companies need capital on the order described in the Citigroup story, who exactly ponies up that kind of manna, and on what terms?
A longtime banking analyst said late last night that Citigroup may be forced to cut its dividend or sell assets to stave off what she said was a $30 billion capital shortfall, moves that could pull down its shareholder returns for several years. The analyst, Meredith A. Whitney of CIBC World Markets, downgraded Citigroup’s stock to sector underperform, from sector perform, and called for the bank to bring precariously low capital levels more in line with its peers.
Elsewhere in the tangled web are increasing questions about another so called AAA franchises, the bond insurers. One small credit rating agency even had the moxie to downgrade one, Ambac. No shit Sherlock! Actually when one considers the sheer amounts of fictitious capital these Boyz have on their balance sheets, and insure for, this one has especially scary implications. Again there is talk about the need for more “capital” to shore these firms up. This Business Week article gets into the need for more capital tit for tat on MBIA. We shall see won’t we? And if they need new capital who provides it, Merrill Lynch and Citigroup?
Meanwhile, MBIA and its rivals may have to set aside more capital to cover potential losses from CDOs or risk a possible downgrade on their own corporate debt. On Oct. 29, S&P, announced that it is “reviewing new data in order to test the bond insurers’ ability to withstand further subprime stress,” although so far S&P sees no need for more capital.
Others are more skeptical. Kathleen Shanley, an analyst at bond research service Gimme Credit, says it’s likely that MBIA will need to raise capital to keep its AAA rating, given the insurer’s position “on the front lines of the credit crunch.” MBIA’s stock has fallen 23% since early September, which could make it more costly to raise money. In an e-mail, MBIA says it “has a very healthy capital position and does not foresee the need to raise capital. The company also believes that if the need arises, it will be able to raise capital.”
Incidentally the credit rating agency Moody’s has met the challenge of monitoring and reviewing the ocean of fictitious capital by laying off staff. I guess just rubber stamping new debt is far more lucrative and easier?
Elsewhere on the beat goes on front, New York’s Attorney General charges WaMu and First American Title with sleazy appraisal practices.
Finally, inquiring minds want to know how every one day rout in the stock market is met overnight with a calm bid under the futures? What’s that one all about, what are the odds of it, and who is it? Mark my word, a cartel of these Pig Men is behind it and that will make their other scams pale in significance.
Fed. 3day RP + 6.25B [ net Taketh -5.75B ]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 3day RP + 6.25B [ net Taketh -5.75B ]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
W@G 12/24/07 @ 1:10pm
Merrill Lynch in deals to delay mortgage losses
By Steve Goldstein
Last Update: 5:24 AM ET Nov 2, 2007
Edit: Oh ok, we can trust these guys now ;)
LONDON (MarketWatch) -- Merrill Lynch
MER) has engaged in deals with hedge funds to delay when it had to record losses on risky mortgage-backed securities, and the Securities and Exchange Commission has started a probe looking at how Wall Street is valuing mortgage securities, The Wall Street Journal reported Friday, citing people close to the situation. In one deal, a hedge fund bought $1 billion in commercial paper issued by a Merrill-related entity containing mortgages, the newspaper said. In exchange, the hedge fund had the right to sell back the commercial paper to Merrill itself after one year for a guaranteed minimum return, it added, citing an anonymous source. In recent weeks, Merrill has been scrambling to line up hedge funds to take as much as $5 billion in mortgage-related securities, people close to the situation said, the report added.
just hello from the old guy /
Great story LMAO, that is so funny !!
China's Gold Output Grows 13% in First Nine Months
By David Harman
01 Nov 2007 at 09:11 AM GMT-04:00
SHANGHAI (Interfax-China) -- China produced a total of 191.46 tonnes of gold in the first nine months of this year, up 13.10% from the same period last year, according to National Development and Reform Commission statistics released Tuesday.
Gold mining enterprises produced a total of 153.34 tonnes of gold from January to September, up 9% year-on-year, while nonferrous smelting companies produced 38.12 tonnes of gold over the period, up 30% from the same period last year.
The top 10 gold mining provinces in China produced 78% of the sector's total gold output in the first three quarters of this year.
The top five nonferrous metals smelters produced 86.34% of the sector's total gold output over the nine-month period.
China's entire gold industry reached an industrial output value of RMB 50.1 billion ($6.71 billion) in the first nine months of the year based on current gold prices, representing an increase of 35.9% year-on-year, with profits from sales up 41.9% to RMB 5.54 billion ($741.71 million) over the period.
The following table shows gold production in China by region from January to September this year.
The following table shows China's top five nonferrous metals smelters from January to September this year.
Gold spot prices pushed higher on the Shanghai Gold Exchange (SGE) today. Shanghai Au (T+D), the most traded product on the SGE, gained 1.16% to end at RMB 190.55 ($25.56) per gram.
Commentary
With output increasing 14.25% in September, total production for the year may reach 280 tonnes. Still, domestic demand is increasing at a faster pace and there will be a shortfall.
Similar picture globally, with demand rising by over 20% as supply decreases. This will not only support current high prices but will also encourage exploitation of significant domestic reserves which have hitherto been economically unviable.
Uncertainties regarding utilization of reserves will be addressed once the gold futures platform is formalized.
http://www.resourceinvestor.com/pebble.asp?relid=37344
China's Gold Output Grows 13% in First Nine Months
By David Harman
01 Nov 2007 at 09:11 AM GMT-04:00
SHANGHAI (Interfax-China) -- China produced a total of 191.46 tonnes of gold in the first nine months of this year, up 13.10% from the same period last year, according to National Development and Reform Commission statistics released Tuesday.
Gold mining enterprises produced a total of 153.34 tonnes of gold from January to September, up 9% year-on-year, while nonferrous smelting companies produced 38.12 tonnes of gold over the period, up 30% from the same period last year.
The top 10 gold mining provinces in China produced 78% of the sector's total gold output in the first three quarters of this year.
The top five nonferrous metals smelters produced 86.34% of the sector's total gold output over the nine-month period.
China's entire gold industry reached an industrial output value of RMB 50.1 billion ($6.71 billion) in the first nine months of the year based on current gold prices, representing an increase of 35.9% year-on-year, with profits from sales up 41.9% to RMB 5.54 billion ($741.71 million) over the period.
The following table shows gold production in China by region from January to September this year.
The following table shows China's top five nonferrous metals smelters from January to September this year.
Gold spot prices pushed higher on the Shanghai Gold Exchange (SGE) today. Shanghai Au (T+D), the most traded product on the SGE, gained 1.16% to end at RMB 190.55 ($25.56) per gram.
Commentary
With output increasing 14.25% in September, total production for the year may reach 280 tonnes. Still, domestic demand is increasing at a faster pace and there will be a shortfall.
Similar picture globally, with demand rising by over 20% as supply decreases. This will not only support current high prices but will also encourage exploitation of significant domestic reserves which have hitherto been economically unviable.
Uncertainties regarding utilization of reserves will be addressed once the gold futures platform is formalized.
http://www.resourceinvestor.com/pebble.asp?relid=37344
Today could be an interesting day ... There in a rumor in New York city this morning that Standard & Poor's is going to down grade all the CDOs (Collateralized Debt Obligations) today.
The implications of this is ... that banks and financial stocks will be under duress. This affects the rest of the market, especially since the S&P 500 which has a bank/financial stock weighting of 20%.
Bad news this morning, added to the financial sector weakness. The two largest U.S. banks were downgraded by equity analysts. At 10:02 AM, Citigroup dropped to its lowest level in 4.5 years. All these problems should increase the credit crunch, which would affect consumers down the road. Bernanke's interest rate cut yesterday was an important band-aid, but not a fix.
Since the banking sector is under duress, we are posting its 5 year chart this morning The chart shows the clear 5 year up trend that the Banking index enjoyed ... until its long term support was broken on July 24th. of this year.
After that, the Banking Index struggled for weeks in a consolidation, trying to make it back above its resistance. It was unable to, and on October 16th., it broke another support line to the downside.
The Banking Index is clearly in a correction, and it will offer no upward support on the S&P 500 until its correction ends.
Please click this link for today's update and chart(s):
http://www.stocktiming.com/Thursday-DailyMarketUpdate.htm
(If you are having trouble with the link, copy and paste it in your browser.)
Regards,
Marty Chenard
StockTiming.com
Fed. 2)3) 7day RP + 21.00B [net Panic add 10.50B ]
Fed. 3) 1day RP + 12.00B
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 2)3) 7day RP + 21.00B [net Panic add 10.50B ]
Fed. 3) 1day RP + 12.00B
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 14day RP + 8.00B [net add sofar
See rely to:
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 14day RP + 8.00B [net add sofar
See rely to:
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Drbob512 10/31/2007 3:38:24 PM
To: almita who wrote (96926) Read Replies (2) of 96940
almita: Goldman Sachs just showed once again what crooks they are by their SELL signal on crude oil and oil stocks. They were almost certainly short crude futures and had to cover their butts today. Nice to see, LOL!
I have a friend who has traded recently on Morgan Stanley's recommendations cuz he has a managed account with them, and they have been wrong almost every single time, and he is in the process of leaving them for Schwab and do more of his own trading.
Their brokers are incompetent, as are all of them. Add to that that some are crooked/corrupt.
jmho,
Nice work EZ, you guys deserve it.
Yep, McClellan wins again /
Keep in mind 30.50B Fed RP's tomo
thats alot of power to keep this run going...jmo
Thur.
(1) 6.00B 14day
(2) 19.00B 7day
(3) 5.50B 1day
Keep in mind 30.50B Fed RP's tomo
thats alot of power to keep this run going...jmo
Thur.
(1) 6.00B 14day
(2) 19.00B 7day
(3) 5.50B 1day
Fed. 1day RP + 5.50B [Net add + 0.50 ]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 1day RP + 5.50B [Net add + 0.50 ]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
W@G2 QQQQ 10/31/07 for a 11/02/07 close
56.00 frenchee
55.25 bob3
54.26 The Cap'm
53.49 Farooq
52.70 AZ123
My W@G #3 factored to EOM action, wizard of Oz/
Coeur Provides Update on Ninth Circuit Court of Appeals Ruling
Tuesday October 30, 7:01 pm ET
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Coeur d'Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) said today that a three-judge panel of the United States Court of Appeals for the Ninth Circuit has issued a ruling that denies the Petitions for Rehearing En Banc filed by Coeur Alaska, the State of Alaska and Goldbelt, Inc. as well the limited Petition for Rehearing filed by the Department of Justice, representing the U.S. Forest Service and the U.S. Army Corps of Engineers.
ADVERTISEMENT
The same Ninth Circuit three-judge panel had previously ruled on the legal challenge filed by Southeast Conservation Council, the Sierra Club and Lynn Canal Conservation challenging the Kensington Section 404 Permit issued by the U.S. Army Corps of Engineers. The Federal District Court in Alaska had upheld the permit, and the Plaintiffs appealed that decision to the Ninth Circuit in August, 2006. The Ninth Circuit three-judge panel reversed the District Court on May 22, 2007. The Department of Justice, representing the U.S. Forest Service and the U.S. Army Corps of Engineers, as well as Coeur Alaska, the State of Alaska and Goldbelt, a native corporation, all asked the Ninth Circuit Court to reconsider the prior May 22 decision. Today’s order denies the reconsideration by this Court.
The Company is continuing its discussions with the Plaintiffs to explore options for the Kensington Mine to begin production as well as reviewing a possible appeal to the Supreme Court of the United States.
Coeur says court won't rehear Alaska case
Tue Oct 30, 2007 7:31pm EDT
NEW YORK, Oct 30 (Reuters) - Coeur d'Alene Mines Corp (CDE.N: Quote, Profile, Research) said on Tuesday a U.S. court denied requests to rehear a case in which the court found the gold mining company could not dump rock waste into a lake on federal land in Alaska.
The company said it is continuing discussions with the plaintiffs to explore options for the mine in question to begin production. It is also considering an appeal to the U.S. Supreme Court.
Coeur said a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit denied petitions filed by the company's Alaska subsidiary and the state of Alaska, as well as the Justice Department on behalf of the U.S. Forest Service and the Army Corps of Engineers.
In 2005, the U.S. Army Corps of Engineers granted the firm a permit to put 4.5 million tons of rock waste, or mine tailings, into the lake over a decade. The deposits would have raised the height of 23-acre Lower Slate Lake by 50 feet, so the company proposed building a 90-foot-high dam at the site in the scenic Tongass National Forest.
The U.S. 9th Circuit Court of Appeals said no to the plan in May, overturning a lower court ruling.
Coeur had hoped the underground Kensington mine north of Juneau -- a site mined from 1897 to 1928 -- would produce 100,000 ounces of gold annually with operations starting later this year. (Reporting by Michael Erman)
© Reuters 2006. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and
Coeur says court won't rehear Alaska case
Tue Oct 30, 2007 7:31pm EDT
NEW YORK, Oct 30 (Reuters) - Coeur d'Alene Mines Corp (CDE.N: Quote, Profile, Research) said on Tuesday a U.S. court denied requests to rehear a case in which the court found the gold mining company could not dump rock waste into a lake on federal land in Alaska.
The company said it is continuing discussions with the plaintiffs to explore options for the mine in question to begin production. It is also considering an appeal to the U.S. Supreme Court.
Coeur said a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit denied petitions filed by the company's Alaska subsidiary and the state of Alaska, as well as the Justice Department on behalf of the U.S. Forest Service and the Army Corps of Engineers.
In 2005, the U.S. Army Corps of Engineers granted the firm a permit to put 4.5 million tons of rock waste, or mine tailings, into the lake over a decade. The deposits would have raised the height of 23-acre Lower Slate Lake by 50 feet, so the company proposed building a 90-foot-high dam at the site in the scenic Tongass National Forest.
The U.S. 9th Circuit Court of Appeals said no to the plan in May, overturning a lower court ruling.
Coeur had hoped the underground Kensington mine north of Juneau -- a site mined from 1897 to 1928 -- would produce 100,000 ounces of gold annually with operations starting later this year. (Reporting by Michael Erman)
© Reuters 2006. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and
Exactly, he knew it was comming & cnbc
could ony talk about mer.Lynch, who cares about the crooks.
Fed.(1)&(2) 2day RP + 12.00B [net Add + 8.25B]
Fed.(2) 1day RP + 5.00B
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed.(1)&(2) 2day RP + 12.00B [net Add + 8.25B]
Fed.(2) 1day RP + 5.00B
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Futures (2) + World Indices
http://www.cme.com/dta/del/globex.html
http://money.cnn.com/data/premarket/
=================================
World Indices (2) Mini Charts
Updates every 60sec ~ Watch the dates!!
http://www.wwfn.com/commentary/oscharts.html
http://www.allstocks.com/markets/World_Charts/Asian_Stock_Markets/asian_stock_markets.html
Demand a seat on the Board, tell em
'Flip' said so.
Fed. 1day RP + 8.75B [ Net Add + 1.25B ]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 1day RP + 8.75B [ Net Add + 1.25B ]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
WorldWater & Solar Technologies Corp. Signs Full Merger Agreement with ENTECH, Inc.
Monday October 29, 3:01 am ET
Construction of 50-MegaWatt Plant to Begin Immediately for Spanish Projects
EWING, N.J.--(BUSINESS WIRE)--WorldWater & Solar Technologies Corp. (WWAT), developer and marketer of proprietary high-power solar systems, and ENTECH, Inc. of Keller, Texas, a high- tech supplier of solar technology to NASA for space operations, announced today the execution of an Agreement and Plan of Merger pursuant to which ENTECH will merge with and into a wholly-owned subsidiary of WorldWater. Under the terms of the Agreement and Plan of Merger, WorldWater will pay the following consideration to ENTECH stockholders:
$5 million in cash;
Shares of common stock of WorldWater based on a formula which, assuming a $2.00 per share price of our common stock, would result in issuance to ENTECH stockholders of common stock valued at approximately $39,300,000; and
Earn-out consideration calculated as 5% of WorldWater’s gross revenues determined in accordance with generally accepted accounting principles which will be paid until the accumulated total of such earn-out payments to the ENTECH stockholders equals $5,000,000.
In addition to the consideration to be paid to ENTECH’s stockholders, WorldWater will pay $1.3 million of ENTECH’s liabilities at closing and provide $5 million of working capital to commence the manufacture of the ENTECH 20x concentrator systems for a 50 MegaWatt plant in Spain. As a result of this transaction, it is anticipated that ENTECH’s current stockholders will own approximately 6.6% of the fully-diluted post-transaction common stock of WorldWater upon completion of the merger, which is conditioned upon obtaining the requisite stockholder approval to increase WWAT authorized common stock.
As a WorldWater subsidiary, ENTECH will maintain its identity, location, and business operations in both terrestrial and space solar energy. The Company anticipates that ENTECH will continue to perform its contract work for NASA, the U.S. Department of Defense, and other customers, as well as its internal R&D programs.
Starting immediately, the company will begin construction of a 50 MegaWatt plant in Spain, which is expected to be in full production of the ENTECH 20x concentrator solar systems beginning in the second quarter of 2008. WorldWater has signed a Letter of Intent with the Spanish firm M & G Promociones for installation of ENTECH systems for 10 MW in 2008, 10 MW in 2009, 10 MW in 2010 and 50 MW in each of 2011 and 2012. WorldWater also has signed an agreement with Prime Solar Senergy S.L. of Madrid and Barcelona to represent the company in obtaining further business in the burgeoning Spanish solar market.
“This complex merger has taken considerable time since we signed the original Letter of Intent in July 2006, and I appreciate the patience of our shareholders and employees, but we firmly believe that the transaction will prove to be a pivotal point in our company’s history. Together, we expect to become one of the lowest cost providers of solar energy in the world,” said Quentin T. Kelly, Chairman and CEO of WorldWater & Solar Technologies. “This year, we’ve seen explosive interest and tremendous growth opportunities in large solar installations, particularly in places like Spain and the Southwestern United States, and we are now in a position to take the lead in providing multi-megawatts of electricity for major projects.”
Dr. Walter Hesse, CEO of ENTECH, commented, “With the combined technologies of WorldWater and ENTECH, our solar systems will be capable of generating and delivering electrical and thermal energy on site to our customers at prices that are competitive with retail electric levels. ENTECH’s 20x patented concentrator technology combined with WorldWater’s proprietary control devices allow for the installation of large solar ‘farms’ with greatly reduced requirements for solar cell materials, and decreased reliance on rebates or other incentives for the funding of economically competitive installations.”
http://biz.yahoo.com/bw/071029/20071029005405.html?.v=1
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