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oil, inflation, CFTC long oil specs rises
Russia Responds to U.S. Proposal to Coordinate Aircraft Operations Over Syria
In terms of economic releases, next week we have the OPEC's monthly oil market report, the BoJ minutes release on Tuesday, the US Retail Sales (Advanced reading) on Wednesday, Empire Manufacturing on Thursday and US JOLTS on Friday.
(RANsquawk)
14:29 News Bot: Japanese finance minster Aso states that the BoJ will maintain QQE as long as it is required in order to reach 2% inflation at stable levels
14:51 News Bot: Fed's Evans says that first rate hike mid-2016 is consistent with hitting inflation mandate of 2%
15:28 News Bot: CFTC says oil speculators increased their WTI net long position by 19,298 contracts to 167,072 for the last weeks data
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Russia Responds to U.S. Proposal to Coordinate Aircraft Operations Over Syria
WASHINGTON -- Moscow responded to Washington's proposal to coordinate aircraft movements over Syria , in a sign that Russia takes seriously the effort to avert a midair collision and other dangers.
Pentagon officials declined to describe the content of the Russian response to the U.S. military's proposals. They believe a second round of talks between the two militaries could happen as early as Saturday.
" The Department of Defense has received a formal response from the Russian ministry of defense regarding DoD's proposal to ensure safe air operations over Syria ," Pentagon press secretary Peter Cook said. "Department leaders are reviewing the Russian response, and talks are likely to take place as soon as this weekend."
Concerns over air safety were triggered after Russia began conducting airstrikes over Syria against forces unfriendly to the regime of Syrian President Bashar al-Assad late last month.
In recent days, two American fighters that were part of the U.S. airstrike campaign in Syria had to change course when a Russian jet came too close. An American drone and Russian jet also came close to each other, but in that incident, the distance was a few miles, U.S. officials said.
The Pentagon welcomed the Russian response to talk further about how to maintain safe skies over Syria even as they fear a larger diplomatic and military crisis in Syria with Russia's muscular intervention there.
The Pentagon and the Russian defense ministry have communicated little since Russia's annexation of Crimea in 2014, and there is little if any coordination between the two militaries on any other issue.
Given Russia's active airstrike operations over Syria , U.S. officials feared that coalition and Russian aircraft could collide or pose other dangers to one another.
At Moscow's request, the two governments set up a video teleconference Oct. 1 to discuss how they could avoid the same airspace. The U.S. made a series of what American officials described as basic proposals about how to avoid each other's aircraft that are common for any aircraft operating in the same area.
Moscow hinted publicly earlier this week that it sought to cooperate with the U.S., but made no concrete response until Friday.
Write to Gordon Lubold at Gordon.Lubold@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
10-09-15 2113ET
Copyright (c) 2015 Dow Jones & Company, Inc.
Russia Responds to US Proposal to Coordinate Aircraft Operations Over Syria
WASHINGTON -- Moscow responded to Washington's proposal to coordinate aircraft movements over Syria , in a sign that Russia takes seriously the effort to avert a midair collision and other dangers.
Pentagon officials declined to describe the content of the Russian response to the U.S. military's proposals. They believe a second round of talks between the two militaries could happen as early as Saturday.
" The Department of Defense has received a formal response from the Russian ministry of defense regarding DoD's proposal to ensure safe air operations over Syria ," Pentagon press secretary Peter Cook said. "Department leaders are reviewing the Russian response, and talks are likely to take place as soon as this weekend."
Concerns over air safety were triggered after Russia began conducting airstrikes over Syria against forces unfriendly to the regime of Syrian President Bashar al-Assad late last month.
In recent days, two American fighters that were part of the U.S. airstrike campaign in Syria had to change course when a Russian jet came too close. An American drone and Russian jet also came close to each other, but in that incident, the distance was a few miles, U.S. officials said.
The Pentagon welcomed the Russian response to talk further about how to maintain safe skies over Syria even as they fear a larger diplomatic and military crisis in Syria with Russia's muscular intervention there.
The Pentagon and the Russian defense ministry have communicated little since Russia's annexation of Crimea in 2014, and there is little if any coordination between the two militaries on any other issue.
Given Russia's active airstrike operations over Syria , U.S. officials feared that coalition and Russian aircraft could collide or pose other dangers to one another.
At Moscow's request, the two governments set up a video teleconference Oct. 1 to discuss how they could avoid the same airspace. The U.S. made a series of what American officials described as basic proposals about how to avoid each other's aircraft that are common for any aircraft operating in the same area.
Moscow hinted publicly earlier this week that it sought to cooperate with the U.S., but made no concrete response until Friday.
Write to Gordon Lubold at Gordon.Lubold@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
10-09-15 2113ET
Copyright (c) 2015 Dow Jones & Company, Inc.
B-H rigs & also Evans on inflation
Got super busy today to post earlier. /CLZ5 & UWTI bit dip afternoon then flat into close & ah. DWTI moved up some.
13:11 News Bot: US Baker Hughes U.S. Rig Count (09-Oct) W/W 795 (Prev. 809); 7th consecutive decline
- US Rotary Oil Rigs (9 Oct) 605 vs Prev. 614; 6th consecutive decline.
?- US Rotary Gas Rigs (9 Oct) 189 vs. Prev. 195.
(BBG)
13:11 News Bot: Fed's Evans states that it may be appropriate for rates to remain under 1% at the end of next year
- He also states that core inflation issues may not cease until the middle of next year
(BBG/RTRS)
B-H rigs & also Evans on inflation
Got super busy today to post earlier. /CLZ5 & UWTI bit dip afternoon then flat into close & ah. DWTI moved up some.
13:11 News Bot: US Baker Hughes U.S. Rig Count (09-Oct) W/W 795 (Prev. 809); 7th consecutive decline
- US Rotary Oil Rigs (9 Oct) 605 vs Prev. 614; 6th consecutive decline.
?- US Rotary Gas Rigs (9 Oct) 189 vs. Prev. 195.
(BBG)
13:11 News Bot: Fed's Evans states that it may be appropriate for rates to remain under 1% at the end of next year
- He also states that core inflation issues may not cease until the middle of next year
(BBG/RTRS)
Petrobras cuts Brent forecast for 2015 and 2016 to USD 54/bbl and USD 55/bbl respectively
UWTI up $0.04 from 2 hrs ago
Petrobras above just news. If oil were to hang there it's still a tough call for Fed. I mean it would certainly take large wage increases to trigger inflation start, no runaway for sure.
Low oil, low inflation. No Social Security raise once again for only maybe the third such time.
In theory $100 barrel would be bullish since powers that be would be figuring economy strong enough to handle it. But not a rational market right now with Russia & Saudis in price proxy war.
Read something like half of Russian revs comes from gas & oil which explains their moves in Mid East. It's matter of life and death for them.
Good for US if they play the Enforcer role instead of the US make nice policy that gets no respect.
Petrobras cuts Brent forecast for 2015 and 2016 to USD 54/bbl and USD 55/bbl respectively
UWTI up $0.04 past 2 hours. EIA # gave oil a shake yest but it hung on.
Petrobras above just news. If oil were to hang there it's still a tough call for Fed.
I mean it would certainly take large wage increases to trigger inflation start, no runaway for sure.
Low oil, low inflation. No Social Security raise once again for only maybe the third such time.
In theory $100 barrel would be bullish since powers that be would be figuring economy strong enough to handle it. But not a rational market right now with Russia & Saudis in price proxy war.
Read something like half of Russian revs comes from gas & oil which explains their moves in Mid East. It's matter of life and death for them.
Good for US if they play the Enforcer role instead of the US make nice policy that gets no respect.
CRAK new Refinery ETF worth tracking
This is global & fairly thin yet since new, 48k vol today and up sharply since 10/2. Mentioned in Yahoo oil piece.
http://finance.yahoo.com/news/outlook-energy-investors-exercise-selectivity-201149380.html
Opportunities can be found in the refining sector, which tends to benefit from low oil prices. Crack spreads measure the price difference between the sale of finished refined products and the price of crude oil. Thus, crack spreads, or refiner margins, tend to widen with a decline in oil prices. The above graph shows the crack spreads for the US Gulf Coast over the last week. Investors should keep track of the crack spreads while investing in the refining sector. Investors can make a play on crack spreads by investing in the recently launched Market Vectors Oil Refiners ETF (CRAK). However, since the ETF tends to focus on global refiners and not just refiners in the US, investors should account for currency fluctuations while investing in the product.
Key passages Fed minutes
for the time pressed, lol
Federal Reserve officials held off on raising short-term interest rates last month citing concern about the outlook for inflation, according to minutes of their September meeting, released Thursday. But the debate continues over whether the economy will soon be strong enough to justify the first interest-rate increase in nearly a decade.
Here are some key passages--in italics--from the minutes of the Fed's policy-making committee. As usual, they were released with a three-week lag and don't identify the speakers by name or specify the exact numbers of officials holding the views expressed. ("Policy firming" and "policy normalization" are Fed lingo for raising rates.)
Most Participants Thought They Would Raise Rates by Year-End
"Most participants continued to anticipate that, based on their assessment of current economic conditions and their outlook for economic activity, the labor market, and inflation, the conditions for policy firming had been met or would likely be met by the end of the year."
Labor-Market Goal Is Close; Inflation Goal Less Certain
The Fed has a dual mandate from Congress to steer the economy toward full employment and stable prices. Officials are a lot more confident about nearing that first goal.
On the labor market: "In assessing whether economic conditions had improved sufficiently to initiate a firming in the stance of policy, many members said that the improvement in labor market conditions met or would soon meet one of the Committee's criteria for beginning policy normalization."
On inflation: "But some indicated that their confidence that inflation would gradually return to the Committee's 2 percent objective over the medium term had not increased, in large part because recent global economic and financial developments had imparted some restraint to the economic outlook and placed further downward pressure on inflation in the near term."
What Would Boost Their Confidence?
A key question for Fed watchers is what would give central-bank officials enough confidence in the inflation outlook to raise rates? They need to see at least moderate economic growth and improvements in the labor market. They would really like to see wages rise, but would consider raising rates without that piece of evidence.
"Most members agreed that their confidence that inflation would move to the Committee's inflation objective would increase if, as expected, economic activity continued to expand at a moderate rate and labor market conditions improved further."
"A few mentioned that a pickup in wage increases could bolster their confidence that resource utilization had tightened sufficiently to help move inflation toward the Committee's objective, but they did not view an acceleration in wages as a necessary condition for gaining such confidence."
The Pros and Cons of Raising Rates
The minutes provided a nice overview of the pros and cons of raising rates too soon vs. too late.
Some officials worried about moving too soon: "Some participants were concerned that the downside risks to inflation could be realized if the target range for the federal funds rate was increased before it was clear that economic growth would remain at an above-trend pace and downward pressures on inflation had abated. They also worried that such a premature tightening might erode the credibility of the Committee's inflation objective if inflation stayed at a rate below 2 percent for a prolonged period."
"It was noted that monetary policy was better positioned to respond effectively to unanticipated upside inflation surprises than to persistent below-objective inflation, particularly when the federal funds rate was still near its effective lower bound."
Some worried about moving too late: "Some other participants, however, expressed concerns about delaying the start of normalizing the target range for the federal funds rate much longer. For example, a significant delay risked an undesired buildup of inflationary pressures or economic and financial imbalances that would be costly to unwind and that eventually could have adverse consequences for economic growth."
"In addition, a prompt decision to firm policy could provide a signal of confidence in the strength of the U.S. economy that might spur rather than restrain economic activity."
The Big Balance Sheet
Fed officials' key debate right now is over when exactly to raise interest rates. A debate that has been getting less attention is what to do about the Fed's enormous balance sheet. Three rounds of bond purchases left the central bank with more than $4 trillion in assets. And whenever one of those assets matures, the Fed has been reinvesting the proceeds by purchasing a new asset to replace it. The Fed's staff gave a presentation on their strategy for when to end this reinvestment policy.
Many economists have suspected that the Fed will cease reinvestment not too long after beginning to raise interest rates, but the staff presentation suggested it might be worthwhile to continue reinvesting assets until interest rates had returned to normal levels:
"If substantial adverse shocks occurred, continuing reinvestment until normalization of the level of the federal funds rate was well under way could help avoid situations that would warrant a larger reduction in the federal funds rate than perhaps could be accomplished given the constraint posed by the effective lower bound to nominal interest rates."
Write to Josh Zumbrun at Josh.Zumbrun@wsj.com
(END) Dow Jones Newswires
10-08-15 1455ET
Copyright (c) 2015 Dow Jones & Company, Inc.
Natty gas EIA 95bcf
930am CT
EIA Natural Gas Report prior 98bcf consensus 98bcf actual 95bcf
Eurasia Drilling goes private. Natty gas
930am CT
EIA Natural Gas Report prior 98bcf consensus 98bcf actual 95bcf
GASL down off h -@6.6%
------------------------
LONDON -- Russia's largest onshore oil driller is moving to become a private company in another sign of the toll a prolonged price slump is taking on the oil-services industry.
Eurasia Drilling Co. said Thursday that unnamed managers and "core shareholders" had made an undisclosed offer to take the company private, as it faces a challenging Russian economy, uncertainty from the effects of Western sanctions and geopolitics, and oil prices that nearly halved in the past year.
EDC said the offer was $10 a share, which would value the company at about $1.5 billion . The executives and shareholders already own much of the company and would buy shares worth about $430 million .
An independent committee tasked with considering the offer said Thursday it hadn't made a decision. EDC shares fell in London trading.
EDC had hoped selling a stake for $1.7 billion to Schlumberger, the largest oil-services company in the world, would help it ride out a period of industry turmoil. But Schlumberger last month walked away after waiting more than six months for Russian antimonopoly officials' approval.
That forced EDC to switch gears. The company said a plan to change the business "would best be achieved by taking the company private, so it can sustain itself through the expected and long, difficult market conditions."
"Given all these challenges, the management of EDC believe they require maximum flexibility to manage the business, which is best facilitated by being a private company," EDC's statement said.
A person close to the situation said taking the company private would reduce costs involved with being a publicly listed company, such as salaries for board members and expenses related to holding board meetings.
EDC is listed in London with global depository receipts.
The move comes amid a tumultuous period for EDC.
Last week, EDC reported a more-than halving in revenues and a sharp drop in profit this year after one of its biggest Russian customers scaled back drilling efforts amid the slump in oil prices.
Western governments have targeted parts of the Russian oil industry over the situation in Ukraine . The sanctions have slowed activity in some areas, such as onshore shale oil drilling and offshore Arctic oil exploration, and limited finance options for some projects.
In January, Schlumberger had offered to buy a 45% stake in EDC, with an option to buy the rest of the company at a later date. The offer was accepted by EDC and originally expected to close by the end of March. But the deal got bogged down over concerns in Moscow that EDC's activities could be affected if Western sanctions against Russia were tightened.
EDC operates the largest fleet of onshore drilling in Russia and is vital to operations at the country's oil fields. Russia is highly dependent on oil and gas, the sales of which account for around half of its federal budget. The country recently reported production of 10.74 million barrels a day in September, a post-Soviet record.
Other large oil-services companies have been forced to make major changes as energy firms squeeze them for cheaper contracts. Halliburton Co. and Baker Hughes Inc. , two of the world's biggest services firms, are merging, while Schlumberger has laid off tens of thousands of workers.
Write to Selina Williams at selina.williams@wsj.com and Alex MacDonald at alex.macdonald@wsj.com
Access Investor Kit for "Eurasia Drilling Co. Ltd."
Visit http://www.companyspotlight.com/partner?cp_code=P479?=US29843U2024
Corrections & Amplifications
This article was corrected at 13:58 GMT to fix misstatement in the ninth paragraph that EDC is listed in Moscow with a secondary listing in London .
(END) Dow Jones Newswires
10-08-15 0820ET
Copyright (c) 2015 Dow Jones & Company, Inc.
Eurasia Drilling goes private
LONDON -- Russia's largest onshore oil driller is moving to become a private company in another sign of the toll a prolonged price slump is taking on the oil-services industry.
Eurasia Drilling Co. said Thursday that unnamed managers and "core shareholders" had made an undisclosed offer to take the company private, as it faces a challenging Russian economy, uncertainty from the effects of Western sanctions and geopolitics, and oil prices that nearly halved in the past year.
EDC said the offer was $10 a share, which would value the company at about $1.5 billion . The executives and shareholders already own much of the company and would buy shares worth about $430 million .
An independent committee tasked with considering the offer said Thursday it hadn't made a decision. EDC shares fell in London trading.
EDC had hoped selling a stake for $1.7 billion to Schlumberger, the largest oil-services company in the world, would help it ride out a period of industry turmoil. But Schlumberger last month walked away after waiting more than six months for Russian antimonopoly officials' approval.
That forced EDC to switch gears. The company said a plan to change the business "would best be achieved by taking the company private, so it can sustain itself through the expected and long, difficult market conditions."
"Given all these challenges, the management of EDC believe they require maximum flexibility to manage the business, which is best facilitated by being a private company," EDC's statement said.
A person close to the situation said taking the company private would reduce costs involved with being a publicly listed company, such as salaries for board members and expenses related to holding board meetings.
EDC is listed in London with global depository receipts.
The move comes amid a tumultuous period for EDC.
Last week, EDC reported a more-than halving in revenues and a sharp drop in profit this year after one of its biggest Russian customers scaled back drilling efforts amid the slump in oil prices.
Western governments have targeted parts of the Russian oil industry over the situation in Ukraine . The sanctions have slowed activity in some areas, such as onshore shale oil drilling and offshore Arctic oil exploration, and limited finance options for some projects.
In January, Schlumberger had offered to buy a 45% stake in EDC, with an option to buy the rest of the company at a later date. The offer was accepted by EDC and originally expected to close by the end of March. But the deal got bogged down over concerns in Moscow that EDC's activities could be affected if Western sanctions against Russia were tightened.
EDC operates the largest fleet of onshore drilling in Russia and is vital to operations at the country's oil fields. Russia is highly dependent on oil and gas, the sales of which account for around half of its federal budget. The country recently reported production of 10.74 million barrels a day in September, a post-Soviet record.
Other large oil-services companies have been forced to make major changes as energy firms squeeze them for cheaper contracts. Halliburton Co. and Baker Hughes Inc. , two of the world's biggest services firms, are merging, while Schlumberger has laid off tens of thousands of workers.
Write to Selina Williams at selina.williams@wsj.com and Alex MacDonald at alex.macdonald@wsj.com
Access Investor Kit for "Eurasia Drilling Co. Ltd."
Visit http://www.companyspotlight.com/partner?cp_code=P479?=US29843U2024
Corrections & Amplifications
This article was corrected at 13:58 GMT to fix misstatement in the ninth paragraph that EDC is listed in Moscow with a secondary listing in London .
(END) Dow Jones Newswires
10-08-15 0820ET
Copyright (c) 2015 Dow Jones & Company, Inc.
China back on & up. Japan machine orders drop
News Bot: Japanese Machine Orders (Aug) M/M -5.70% vs. Exp. 2.30% (Prev. -3.60%)
- Machine Orders (Aug) Y/Y -3.50% vs. Exp. 3.50% (Prev. 2.80%)
- Japanese government says that machine orders are declining and cuts its assessment.
(Economic and Social Research Institute)
--------------------------
Chinese stocks rose sharply Thursday, catching up to a rally in global equities after the market was closed for a week-long holiday.
The Shanghai Composite Index was up 3.5% at 3158.90, putting its gains since the lowest point of a painful summer selloff at more than 7%. The benchmark is still off 39% from its June peak.
Valuations in Chinese domestic shares have fallen to less-concerning levels and the "repair is almost done," wrote Kinger Lau, an analyst at Goldman Sachs , in a note earlier. The mainland market has fallen to trade at a ratio of 11 times price-to-earnings on a market-capped basis, although its median valuation is still 20 times.
Meanwhile, Hong Kong's Hang Seng Index was off 0.5% and Japan's Nikkei Stock Average was down 0.1%. The latter was coming off a six-day winning streak that had taken it to its highest level in almost one month.
Energy shares in Hong Kong pulled back, as oil prices fell from a more than one-month high Wednesday. PetroChina Co. and China Shenhua Energy Co. were each down more than 2%, after rallying more than 9% a day earlier.
Japanese trading company Mitsubishi Corp. was down 0.2% after rallying 7% Wednesday, while Australian energy shares made muted gains. Woodside Petroleum Ltd. , for example, was up 0.1% after rallying 6% yesterday.
Brent crude oil prices were up were up 0.4% at $51.51 a barrel in Asia trade, but prices slid in U.S. trade overnight to as low as $51.25 after inventory data showed U.S. stockpiles of crude oil and petroleum products at a record high.
Shares in Australia and South Korea were up little more than 0.2% each.
The region's currencies, having strengthened earlier this week, lost some momentum. The Malaysian ringgit was last flat against the U.S. dollar after sharp gains on Wednesday.
On Wednesday, the International Monetary Fund warned that troubles in emerging markets could risk asset fire sales and curtail growth in rich countries. Downbeat German industrial production figures added more evidence of weakening exports to emerging markets.
However, earlier this week, hopes the Federal Reserve would hold off on raising interest rates quieted fears about outflows from emerging markets, fueling steep gains in some currencies. Many investors raced to cover short bets, which bumped up currencies like the ringgit and rupiah. The latter logged its biggest one-day rise in seven years on Wednesday.
On Wednesday, the deputy governor of China's central bank, Yi Gang , sought to allay fears of a deep economic slowdown in China , saying continued growth would stabilize the country's currency and allow the central bank to let it move according to market forces.
Data Wednesday showed the China's foreign exchange reserves dropped by $43.26 billion in September compared with $ 93.93 billion in August. The trend signals the country's central bank could step up monetary easing, which could a positive for markets.
A hands-off approach could cause more depreciation in the yuan, also known as the renminbi, should the Chinese economy weaken further. But "fundamentals" such as China's strong trade surplus would ensure the yuan's strength, Mr. Yi said.
In August, the Chinese central bank let the yuan fall against the dollar but later intervened to prop up the currency. Mr. Yi said that intervention didn't represent a change of heart on the part of the central bank but rather an attempt to stamp out market volatility.
Gold prices were down 0.4% at $1144.00 a troy ounce.
Write to Chao Deng at Chao.Deng@wsj.com
(END) Dow Jones Newswires
10-07-15 2214ET
Copyright (c) 2015 Dow Jones & Company, Inc.
China open & up. Japan machine orders drop
News Bot: Japanese Machine Orders (Aug) M/M -5.70% vs. Exp. 2.30% (Prev. -3.60%)
- Machine Orders (Aug) Y/Y -3.50% vs. Exp. 3.50% (Prev. 2.80%)
- Japanese government says that machine orders are declining and cuts its assessment.
(Economic and Social Research Institute)
-----------------------------
Chinese stocks rose sharply Thursday, catching up to a rally in global equities after the market was closed for a week-long holiday.
The Shanghai Composite Index was up 3.5% at 3158.90, putting its gains since the lowest point of a painful summer selloff at more than 7%. The benchmark is still off 39% from its June peak.
Valuations in Chinese domestic shares have fallen to less-concerning levels and the "repair is almost done," wrote Kinger Lau, an analyst at Goldman Sachs , in a note earlier. The mainland market has fallen to trade at a ratio of 11 times price-to-earnings on a market-capped basis, although its median valuation is still 20 times.
Meanwhile, Hong Kong's Hang Seng Index was off 0.5% and Japan's Nikkei Stock Average was down 0.1%. The latter was coming off a six-day winning streak that had taken it to its highest level in almost one month.
Energy shares in Hong Kong pulled back, as oil prices fell from a more than one-month high Wednesday. PetroChina Co. and China Shenhua Energy Co. were each down more than 2%, after rallying more than 9% a day earlier.
Japanese trading company Mitsubishi Corp. was down 0.2% after rallying 7% Wednesday, while Australian energy shares made muted gains. Woodside Petroleum Ltd. , for example, was up 0.1% after rallying 6% yesterday.
Brent crude oil prices were up were up 0.4% at $51.51 a barrel in Asia trade, but prices slid in U.S. trade overnight to as low as $51.25 after inventory data showed U.S. stockpiles of crude oil and petroleum products at a record high.
Shares in Australia and South Korea were up little more than 0.2% each.
The region's currencies, having strengthened earlier this week, lost some momentum. The Malaysian ringgit was last flat against the U.S. dollar after sharp gains on Wednesday.
On Wednesday, the International Monetary Fund warned that troubles in emerging markets could risk asset fire sales and curtail growth in rich countries. Downbeat German industrial production figures added more evidence of weakening exports to emerging markets.
However, earlier this week, hopes the Federal Reserve would hold off on raising interest rates quieted fears about outflows from emerging markets, fueling steep gains in some currencies. Many investors raced to cover short bets, which bumped up currencies like the ringgit and rupiah. The latter logged its biggest one-day rise in seven years on Wednesday.
On Wednesday, the deputy governor of China's central bank, Yi Gang , sought to allay fears of a deep economic slowdown in China , saying continued growth would stabilize the country's currency and allow the central bank to let it move according to market forces.
Data Wednesday showed the China's foreign exchange reserves dropped by $43.26 billion in September compared with $ 93.93 billion in August. The trend signals the country's central bank could step up monetary easing, which could a positive for markets.
A hands-off approach could cause more depreciation in the yuan, also known as the renminbi, should the Chinese economy weaken further. But "fundamentals" such as China's strong trade surplus would ensure the yuan's strength, Mr. Yi said.
In August, the Chinese central bank let the yuan fall against the dollar but later intervened to prop up the currency. Mr. Yi said that intervention didn't represent a change of heart on the part of the central bank but rather an attempt to stamp out market volatility.
Gold prices were down 0.4% at $1144.00 a troy ounce.
Write to Chao Deng at Chao.Deng@wsj.com
(END) Dow Jones Newswires
10-07-15 2214ET
Copyright (c) 2015 Dow Jones & Company, Inc.
bit Asian action Brent 52.15
/CLZ5 shows 49.45 after h test 49.85
9:37 pm ET DJ News
Investors in Japan were assessing the prospects for more stimulus from the central bank at the conclusion of its two-day policy meeting later Wednesday as disappointing economic data continues to build. There is no set time for the release of its statement.
"There has been increased talk of even looser policy in the wake of poor industrial production data and renewed pressure on inflation from weak oil prices," said Sean Callow, an analyst with Westpac.
While Chinese domestic markets reopen Thursday following an extended holiday, investors are expecting September reserves data from authorities later Wednesday.
Reserves fell by a record $93.9 billion in August, as China's central bank used its massive war chest to stabilize the yuan after its Aug. 11 devaluation. The onshore Chinese yuan recently traded at 6.3559 yuan to the dollar, down 2.5% on year.
Oil prices rose to a one-month high on hopes for falling supply in both the U.S. and global markets. Brent crude oil was last up 0.4% at $52.15 in early Asia trade, after jumping more than 5% during U.S. trade overnight.
Gold prices were flat at $1,146.60 an ounce in Asia trade, near their highest levels in more than a week as the dollar retreated.
Clay Trader: UWTI >50 MA. 3 min video
Has to hold above it. If so long slow bowl pattern build. Guess better than a sharp pop & drop. For UWTI players sharp run up would build faster and draw more action to justify the extra risk/reward though. I mean fast in/out is what separates it from divy plays.
https://claytrader.com/stock_chart/UWTI/?utm_source=social&utm_medium=ihub&utm_campaign=chart
SA: Oil & Money Conf London
hmm UVXY other Vs rising ah Maybe effects of ADBE YUM X news.
------------
U.S. oil output on brink of "dramatic" decline, executives say
Oct 6 2015, 15:28 ET | By: Carl Surran, SA News Editor
Oil industry execs speaking at the Oil and Money conference in London warn of a "dramatic" decline in U.S. production that could pave the way for a future spike in prices if fuel demand increases.Former EOG Resources (EOG +2.7%) CEO Mark Papa, now a partner at energy investment firm Riverstone Holdings, expects U.S. oil production to stall this month and begin to decline from early next year.Royal Dutch Shell (RDS.A, RDS.B) CEO Ben van Beurden agrees, saying U.S. oil producers will struggle to refinance while prices remain so low, leading to lower output in the future.Weatherford (WFT +9.9%) CEO Bernard Duroc-Danner notes that the speed and brutality of cost cutting in the industry is the deepest since 1999; in addition to WFT, he thinks just two other big North American oil services companies will remain as the sector is forced to consolidate.November WTI crude climbed $2.27, or 4.9%, to settle at $48.53/bbl for the highest settlement since Aug. 31, propelling energy stocks (XLE +2.3%) to the top of today's stock market leaderboard.ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
SA: Oil & Money Conf London
hmm UVXY other Vs rising ah Maybe effects of ADBE YUM X news.
U.S. oil output on brink of "dramatic" decline, executives say
Oct 6 2015, 15:28 ET | By: Carl Surran, SA News Editor
Oil industry execs speaking at the Oil and Money conference in London warn of a "dramatic" decline in U.S. production that could pave the way for a future spike in prices if fuel demand increases.Former EOG Resources (EOG +2.7%) CEO Mark Papa, now a partner at energy investment firm Riverstone Holdings, expects U.S. oil production to stall this month and begin to decline from early next year.Royal Dutch Shell (RDS.A, RDS.B) CEO Ben van Beurden agrees, saying U.S. oil producers will struggle to refinance while prices remain so low, leading to lower output in the future.Weatherford (WFT +9.9%) CEO Bernard Duroc-Danner notes that the speed and brutality of cost cutting in the industry is the deepest since 1999; in addition to WFT, he thinks just two other big North American oil services companies will remain as the sector is forced to consolidate.November WTI crude climbed $2.27, or 4.9%, to settle at $48.53/bbl for the highest settlement since Aug. 31, propelling energy stocks (XLE +2.3%) to the top of today's stock market leaderboard.ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
Well API draw helps as Williams hawkish
US API Crude Oil Inventories (Oct 2) W/W -1200K (Prev. 4600K)
- API Cushing Inventories (Oct 2) W/W -100K vs. Prev. -1200K.
Fed's Williams reiterates the call for a 2015 rate liftoff and that the US needs at most 100,000 new jobs a month
X comment ah cuts 2k, tightens, oil
Note the oil & rig comments
United States Steel Announces Possible Consolidation of Flat-Rolled Operations
PITTSBURGH , Oct. 6, 2015 /PRNewswire/ -- United States Steel Corporation (NYSE: X) announced today it is examining a consolidation of its North American Flat-Rolled operations and may temporarily idle its Granite City Works steelmaking operations and most finishing operations in Granite City, Ill. As the primary flat-roll supplier of Lone Star Tubular Operations, the consolidation is part of an on-going adjustment of steelmaking operations throughout North America to match customer demands.
The company routinely adjusts production at its operating facilities to reflect market fluctuations. The potential consolidation is a result of continued challenging global market conditions including fluctuating oil prices, reduced rig counts, depressed steel prices and unfairly traded imports. These global influences continue to have a significant impact on the business. The company will be working closely with its customers and will continue to operate its steelmaking operations in Indiana , Michigan and Pennsylvania.
As part of the possible consolidation, 2,000 employees at Granite City Works are being issued notices under the Worker Adjustment and Retraining Notification (WARN) Act. These notices will be issued beginning on Oct. 6 and are separate from previously issued notices.
United States Steel Corporation , headquartered in Pittsburgh, Pa. , is a leading integrated steel producer and Fortune 200 company with major operations in the United States and Central Europe and an annual raw steelmaking capability of 22 million net tons. For more information about U. S. Steel, please visit www.ussteel.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/united-states-steel-announces-possible-consolidation-of-flat-rolled-operations-300155273.html
SOURCE United States Steel Corporation
API draw & Cushing report
16:35 News Bot: US API Crude Oil Inventories (Oct 2) W/W -1200K (Prev. 4600K)
- API Cushing Inventories (Oct 2) W/W -100K vs. Prev. -1200K.
(RTRS)
Oil comments EIA. close
In the commodities complex, oil has continued its upward trend in recent trade which is being attributed to continuing geopolitical tensions in Syria alongside the OPEC Sec Gen stating that the price of oil will be higher than current levels in a few months’ time. Furthermore, recent strength has also been linked to Friday's Baker Hughes rig count, which posted the lowest level since May'02 with additional comments today from IEA's Birol stating that US oil output is set to decline by 400,000bpd in 2016.
Commod wrap, IEA comment oil to -400K '16
In the commodities complex, oil has continued its upward trend in recent trade which is being attributed to continuing geopolitical tensions in Syria alongside the OPEC Sec Gen stating that the price of oil will be higher than current levels in a few months’ time. Furthermore, recent strength has also been linked to Friday's Baker Hughes rig count, which posted the lowest level since May'02 with additional comments today from IEA's Birol stating that US oil output is set to decline by 400,000bpd in 2016.
Energy Up as Oil Futures Rally on Russia Rumors, Supply Growth -- Energy Roundup
Shares of oil-and-gas companies rose and oil prices climbed amid rumors that Russian officials would meet with counterparts at the Organization of the Petroleum Exporting Countries to discuss market conditions. Russia and Saudi Arabia kept their production levels high during a bust in oil prices this year in what looked like an effort to shake out higher cost U.S. competitors on shale oil fields. Now that many shale drillers are folding or shutting in wells, analysts speculate, Saudi and Russia may be willing to reduce their output slightly. On Tuesday, the U.S. Energy Information Administration said domestic crude production fell 120,000 barrels a day from August to September, to the lowest rate in a year. Global oil investments are set to be slashed by some $130 billion this year, crimping supplies and ultimately boosting prices, OPEC's chief said. Analysts at brokerage Morgan Stanley cut target prices for natural gas, saying dynamics in electricity markets meant there was "limited support for near-term natural gas prices, but it could get better into 2017." The Morgan Stanley analysts wrote: "Slowing producer activity increases risks for supply/ demand mismatches and higher pricing as export and industrial demand grows in the next 12-18 months."
--By Rob Curran , rob.curran@dowjones.com
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(END) Dow Jones Newswires
10-06-15 1543ET
Copyright (c) 2015 Dow Jones & Company, Inc.
FCX could be leaving oil market
Also cut board size 16 to nine, and some other actions. Let the party begin.
8:07 EDT - Freeport-McMoRan (FCX) announces a review of its oil-and-gas operations as the copper-and-petroleum company continues its effort to fight through the commodity-price slump. FCX doubled down on the oil patch a few years ago--a move obviously ill-timed now amid crude's tumble since mid-2014 and prospects of no noted price rebound for potentially years. Potential moves for those operations include a spinoff, JVs "and further spending reductions." It does appear a spinoff is the most-preferred alternative as 5 FCX directors have left that panel and are now on the board of what's for now being deemed FM O&G. Two others are retiring from FCX's board. The remaining 9 will include 7 independent directors. Shares rise 2.3% premarket to $11.44 after getting halved this year. (kevin.kingsbury@wsj.com; @kevinkingsbury)
(END) Dow Jones Newswires
10-06-15 0807ET
Copyright (c) 2015 Dow Jones & Company, Inc.
US on Russia ground game Syria
16:18 News Bot: US are believed to have seen Russia readying a ground campaign in Syria, citing US news Agency CNN
http://edition.cnn.com/2015/10/05/politics/russia-ground-campaign-syria-isis/
APP warns of cash need. Did do Bk at last. em'
pre open up bit & rig count May '02 level
The oil complex is extending on gains following the NYMEX pit open in the wake of Friday's lower than expected US Baker Hughes rig count which now resides at the lowest level since May'02
I like the oil charts on that email
Noticed Citi late day call for cheaper dollar on Fed last nonaction. Cheaper buck helps oil.
Weekly email has couple bull calls charts. Scroll down for Arthur Hill XES ones, then Tom Browley XLE further down.
http://stockchartscom.cmail2.com/t/ViewEmail/r/671EBD9C3A972B9D2540EF23F30FEDED/3C38BCA88B88E06A6A4D3D471B02C3D7
Some bull oil charts stockcharts email
Noticed Citi late day call for cheaper dollar on Fed last nonaction. Cheaper buck helps oil.
Weekly email has couple bull calls charts. Scroll down for Arthur Hill XES ones, then Tom Browley XLE further down.
http://stockchartscom.cmail2.com/t/ViewEmail/r/671EBD9C3A972B9D2540EF23F30FEDED/3C38BCA88B88E06A6A4D3D471B02C3D7
Iron ore exports from Port Hedland hit record in September
Posted: 02 Oct 2015 01:51 PM PDT
Australia's Port Hedland reported record monthly iron ore shipments of 39.3 million tonnes in September, an 8-percent rise from a year ago and slightly above the August level. Most of the ore is shipped each month to steel mills and ports in China, though figures on individual destinations were not released by the Pilbara Ports Authority.
Above should be factored into current stories about China slowdown & iron ore shipments having dried up. Gotta use oil in this world.
Iron ore exports from Port Hedland hit record in September
Posted: 02 Oct 2015 01:51 PM PDT
Australia's Port Hedland reported record monthly iron ore shipments of 39.3 million tonnes in September, an 8-percent rise from a year ago and slightly above the August level. Most of the ore is shipped each month to steel mills and ports in China, though figures on individual destinations were not released by the Pilbara Ports Authority.
Above should be factored into current stories about China slowdown & iron ore shipments having dried up.
Take care all you guys.... Larry especially.
Treas Secy Lew says needs to up debt ceiling sooner
WASHINGTON--The government will run out of money to pay its bills sooner than previously thought, the Treasury Department said Thursday, accelerating the fiscal deadlines that confront Congress amid a leadership scramble on Capitol Hill .
Treasury Secretary Jacob Lew said the government would be left with just $30 billion in cash on or around Nov. 5 and called on Congress to immediately raise the federal borrowing limit to avoid market disruptions and threats to the nation's credit rating.
The Treasury Department has used emergency measures to avoid breaching the debt ceiling, at $18.1 trillion , since mid-March. Mr. Lew had previously estimated those measures would last until late October and possibly longer but refrained from giving a specific date because of a surge of tax payments due Sept. 15 .
On Thursday, Mr. Lew said those tax receipts were lower than previously projected, while other payments the government made last month were higher, lowering the cash resources available to the Treasury.
"Without sufficient cash, it would be impossible for the United States of America to meet all of its obligations for the first time in our history," Mr. Lew said in a letter to Congress .
In August, the Congressional Budget Office estimated the U.S. would exhaust measures to remain under the debt limit by late November or early December.
Lawmakers face a series of other fiscal deadlines this fall. Congress on Wednesday approved a stopgap funding measure to keep federal agencies running through Dec. 11 , while the highway trust fund must be reauthorized by Oct. 29 .
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10-01-15 1710ET
Copyright (c) 2015 Dow Jones & Company, Inc.
2012 Fed insider-trading probe expands
A high-profile investigation into a leak of sensitive information from the Federal Reserve in 2012 has escalated to an insider-trading probe led by a key market surveillance agency and federal prosecutors in Manhattan , according to people familiar with the matter.
But the firm at the center of the probe, Medley Global Advisors , has thrown up a roadblock by claiming a novel defense: It says it is a media organization entitled to special protections under the law, the people said.
Federal prosecutors in the Southern District of New York are focusing on the information leak while the Commodity Futures Trading Commission is looking into whether anyone violated insider-trading rules in 2012 when Medley disclosed to its clients details about the Fed's plans for further economic stimulus, according to people familiar with the matter.
A spokesman for Medley said the firm "reserves complete editorial freedom in its newsletters, an integral principle for any serious newsgathering organization." He said, "Medley's journalists are focused on providing their readers deep insight," and that the firm's work is "made available to all subscribers and has a global audience from Kansas City to Madrid to Tokyo ."
The Fed declined to comment on the investigation and insider-trading probe.
An expanded version of this report can is available at WSJ.com (http://www.wsj.com/articles/questions-about-leak-at-federal-reserve-escalate-to-insider-trading-probe-1443650303).
- Aruna Viswanatha ; 415-439-6400; AskNewswires@dowjones.com
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09-30-15 1817ET
Cushing lower again
10:53 Found Cushing # per Reuters: Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.068 million barrels, EIA said
Asian better.
Yes I know Cramer has his own direction & followers but now & then it pays to not go again him and got that feeling tonight. Usually ignore him unless his voice as this tone of "psst just between us....".
Plus his chart talks aren't hyped by cnbc like usual guests.
fwiw 3 commodity currents in green NOK SEK AUD
CLZ5 45.34 45.12ish ah
Asian shares mostly rebounded early Wednesday from near their lowest levels this year, following a slight gain overnight in U.S. markets as a commodities-related global selloff fizzled out.
The S&P / ASX 200 index in Australia rose 1.4% to 4981.20 shortly after the open, while Japan's Nikkei 225 gained 2% to 17274.06. At Tuesday's close, the ASX was at its lowest level since mid-2013, following losses in commodities companies, and the Nikkei was at its lowest since mid-January.
The Shanghai Composite Index opened up 0.5% at 3052.84 and the smaller Shenzhen Composite Index gained 0.4% to 1719.19.
Healthcare and telecommunications companies led gains in Japan : Olympus Corp. was up 2.8% and SoftBank Group was recovering from a two-year low, trading 0.9% higher.
In Australia , resources companies also regained their footing, a day after renewed worries about the spillover of China's slowing demand battered prices of several commodities and related sectors. Fortescue Metals Group rose 1.4% and BHP Billiton Ltd. gained 1.3%. Internet-services provider TPG Telecom Ltd. surged 5.1% to A$10.66 (US$7.47) a share after the firm said it had struck deals worth more than 1 billion Australian dollars to expand Vodafone Hutchison Australia's transmission network.
Despite Wednesday's strength, investors remain cautious of more volatility to come in Asian markets as several indicators point to a harsher economic slowdown in China than previously thought. Global stock markets have been sliding in recent sessions because of fresh worries over slowing growth and questions over the Federal Reserve's plan for raising interest rates.
Later this week, investors will get an update on the U.S. job market, which could give guidance on the Fed's timeline for rate increases. On Thursday, China will release manufacturing data for September.
Meanwhile, markets remain vulnerable to sharp moves both up and down as risk sentiment changes. "Risk on, off, on, off, ad nauseam," ANZ wrote in a note.
Not all markets are trading higher on Thursday. South Korea's Kospi 200 Index fell 1.1% to 1922.18.
In currency markets, the Japanese yen weakened against the U.S. dollar. One U.S. dollar bought Yen119.95 Wednesday morning, compared with Tuesday's close of Yen119.71 . The Australian dollar traded at US$0.7011 against the U.S. dollar, compared with US$0.6982 a day earlier.
Write to Jake Maxwell Watts at jake.watts@wsj.com
(END) Dow Jones Newswires
09-29-15 2144ET
Copyright (c) 2015 Dow Jones & Company, Inc.
Cramer & XOM nite, help crude
Cramer plugged XOM tonight pointing to CMF indicator on chart rising signal that suggests big institutions slowly picking it up. Ended by saying such action likely good for oil complex and to not be surprised if sharp up comes along soon.
Probably the show is on CNBC site. It was maybe 60% along in the hour during his chart talk session.
yeah Cushing, API & CHK cuts jobs
16:38 News Bot: Chesapeake Energy (CHK) are to reduce their labour force by 15% with an estimated cost of USD 55.5mln
16:38 News Bot: RANsquawk sources report talk that the headline API crude inventory is a build of approximately 4.5mln bbls - Unconfirmed
16:38 News Bot: US API Crude Oil Inventories (Sep 25) W/W 4600K (Prev. -3,700K); seeing the 2nd biggest weekly build in over 5 months
- API Cushing Inventories (Sep 25) W/W -1200K vs. Prev. -490K.
(RTRS)
GS: 2nd chart China in freefall Aug cap outflows
http://e.businessinsider.com/view/4bb22379e3065cb907b4e3a25609fdb86e4adcd0608b6bad/e3d07fbc
GOLDMAN: China's economic slowdown will be bumpy and last for years
by David Scutt on Sep 28, 2015, 10:55 PM
As the chart below shows, capital outflows from China hit a record high in August.
Goldman china capital outflows
Cramer: Stocks in 'vortex of hate'
http://www.cnbc.com/2015/09/28/cramer-stocks-stuck-in-a-vortex-of-hate-right-now.html
Interesting part is second para below.
Short video from show:
Jim Cramer has finally reached the point where he can clearly see that the main force behind the market's bear phase is not just earnings. Investors are worried about credit, specifically pertaining to high-yield bonds.
"If your company needs debt in order to grow, then your stock is being punished, and there is not much that can be done except to watch the carnage, wait it out, or just take a loss," the "Mad Money" host said.
Cramer cited the case of XPO Logistics, the trucking company that visited "Mad Money" on Friday. CEO Bradley Jacobs confirmed that while the company is doing well, the stock is hurting.
The reason? It's because XPO is a roll-up company. That means it is a vehicle used by the CEO to buy other companies to grow or dominate an industry. XPO recently announced the purchase of Con-way, a giant trucking company, for $2.72 billion. This deal was right on the back of another large acquisition by XPO; it purchased European logistics company Norbert Dentressangle earlier in the year.
File photo: A former Olin Chemical plant
Suzanne Kreiter | The Boston Globe | Getty Images
File photo: A former Olin Chemical plant
"If your company needs debt in order to grow, then your stock is being punished and there is not much that can be done except to watch the carnage, wait it out, or just take a loss"
-Jim Cramer
And while XPO has the borrowing capacity to make both acquisitions without much stress, the market has punished the stock brutally; it's down 47 percent for the year.
Cramer marveled that a deal that would have been applauded by investors a year ago is now hated, simply because times have changed. So, the stock was pulverized.
However, Cramer can see the other side of the risk coin when he looked at Olin, which is buying Dow Chemical's commodity chemical business. It had to borrow at a rate of 9.75 percent last Friday in order to obtain the money to finance the deal. This interest rate was insanely high, in Cramer's opinion. In fact, it is unrealistic for most companies to pay without risking default. So, in this case, the decline in serial acquirer stocks does make sense to Cramer.
"I think if a company's future growth is going to rely on acquisitions and those acquisitions need debt, you have to accept that the window for cheap debt for these kinds of roll-ups is closing," Cramer said. (Tweet this)
Read more from Mad Money with Jim Cramer
Cramer game plan: How to play the coming rate hike
Cramer: The most schizophrenic stock ever is a buy
Cramer: Stop doubting the Chinese consumer
Ultimately, Cramer thinks that if XPO can manage to cut costs and get the most out of its two most recent acquisitions, then the stock will rebound like crazy.
For now, XPO is stock in the vortex of the most hated group on Wall Street. Investors want as little risk as possible, and unfortunately these debit-financed deals are being viewed as toxic.
One day they will not be viewed as toxic, but that day is not here yet.
Questions for Cramer?
Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com
Wave Systems Announces Convertible Bridge Loan Financing
Not a fan of these things at all.
7:55 pm ET
Systems Corp . (NASDAQ: WAVX) today announced that it has completed an unsecured convertible bridge financing consisting of a $490,000 convertible bridge instrument that is required to be repaid on or before December 24, 2015 with a repayment amount of $588,000 . Noteholders were issued warrants to purchase up to 1,225,000 shares of Wave's Class A common stock at an exercise price of $0.18 per share. These warrants cannot be exercised for a period six months after the effective date of the transaction and the warrants expire in September 2020 .
If Wave fails to pay the repayment amount by the repayment date, the holders may (but are not required to) elect to convert the bridge investment into shares of our Class A common stock at a conversion rate based on the repayment amount divided by an amount equal to the lesser of $0.168 and 80% of Wave's VWAP for the 5 trading day period prior to the date on which the conversion election is made. The bridge securities may not be converted into more than 19.9% of the outstanding common shares immediately preceding the transaction, unless a shareholder approval is obtained by Wave. The investors were granted resale registration rights in respect of the common stock issuable under the convertible bridge securities and warrants.
Security Research Associates acted as the placement agent in connection with the offering and will receive (i) a cash payment of $29,400 and (ii) warrants to purchase up to 73,500 shares of our Class A common stock at an exercise price of $0.18 per share. These warrants cannot be exercised for a period six months after the effective date of the transaction and these warrants expire in September 2020 .
About Wave Systems Wave Systems Corp. reduces the complexity, cost and uncertainty of authentication and data protection by starting inside the device. Unlike other vendors who try to secure information by adding layers of software for security, Wave leverages the security capabilities built directly into endpoint computing platforms themselves. Wave is a leading expert in this growing trend and is leading the way with first-to-market solutions and helped shape standards through its board seat on the Trusted Computing Group .
About Security Research Associates Security Research Associates (SRA) was founded in San Francisco in 1980 and today offers both investment banking and institutional brokerage services. A boutique firm by design, SRA works with a select group of portfolio managers from around the country and focuses on technology and life science companies in the micro and small cap arenas. For more information, visit www.sracap.com.
Safe Harbor for Forward-Looking Statements This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the company's ability to retain its listing on the Nasdaq Capital Market . The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.
All brands are the property of their respective owners.
Wave Systems Corp.
Walter A. Shephard
CFO
(413) 243-1600
investors@wave.com
Investor Relations
Tanya Kamatu
(212) 924-9800
wavx@catalyst-ir.com
Source: Wave Systems Corp.