Month: March 2014

A respectful disagreement with Warren Buffett

March 4, 2014
Sovereign Valley Farm, Chile

Warren Buffet sees a different America than I do. I would wager he sees a different America than untold millions of people do too.

And with due respect to the kind-hearted Mr. Buffet, who is undoubtedly an accomplished and savvy investor, the man has been a major beneficiary of the greatest monetary fraud ever pulled in the history of the world.

In his most recent annual report just released yesterday, Mr. Buffet lauds the United States of America, writing:

“Indeed, who has ever benefited during the past 237 years by betting against America? If you compare our country’s present condition to that existing in 1776, you have to rub your eyes in wonder. And the dynamism embedded in our market economy will continue to work its magic. America’s best days lie ahead.”

Such language is typical for Mr. Buffett, he is one of America’s biggest cheerleaders. Again, with good reason.

For one, the unprecedented monetary expansion over the last decades has created a major boon for Mr. Buffet and his net worth.

His company Berkshire Hathaway has a balance sheet worth $485 billion. 25% of that is simply invested in the stock market with big chunks of Coca Cola and American Express.

These stock prices have boomed in an era of unprecedented money printing, adding billions to Mr. Buffett’s net worth.

Second, it’s important to note that over 75% of Berkshire’s revenue comes from highly regulated, absurdly profitable, tax advantageous businesses that are simply not accessible to the average guy.

For example, Mr. Buffett gleefully writes about the $77 billion ‘float’ from his insurance businesses.

This is money that is collected from insurance customers. And while he might have to pay out insurance claims someday, for now he gets to borrow from that kitty at 0% and generate higher returns elsewhere.

On top of this, Mr. Buffett has been able to defer a full $57 billion in tax, indefinitely kicking the can down the road on his IRS bill thanks to industry-specific tax rules.

Again, you and I couldn’t do this because we don’t have access to these special privileges. Warren Buffett does.

Warren Buffett also has special access to lawmakers in the US who clamor to be in his favor.

During the early days of the financial crisis in 2008, for example, Buffett was getting desperate phone calls from the Treasury begging him to make investments in the financial system.

And as a result, he was able to arrange sweetheart deals, brokered by the US government.

It also may just be a wild coincidence that the US government has rejected the Keystone XL pipeline… and Mr. Buffett’s railways just -happen- to be among the prime beneficiaries.

Yes, I think if we all had the special privilege, access, and benefit that Warren Buffett enjoys, we too would all be jumping for joy about America.

But Uncle Warren lives in a different America– the America of the past.

With due deference to his investment acumen, Mr. Buffett should know that no nation in history has been able to -permanently- stand atop the world’s economic mountain.

Like human beings ourselves, nations also rise, peak, and decline. It is their own life cycle.

And the America that Mr. Buffett doesn’t acknowledge is the one that is in debt past its eyeballs.

It is the America that spies on its citizens and threatens people with imprisonment for victimless crimes and administrative transgressions.

It is the America that conjures trillions of paper dollars out of thin air in total desperation, sending the labor force participation rate to multi-decade lows.

It is the new America that exists for a tiny elite at the expense of everyone else.

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Talk about an utter intelligence failure…

March 4, 2014
Sovereign Valley Farm, Chile

This is just too funny… not in that ‘ha ha’ funny way, but a very ironic funny. It’s British humor, folks.

The White House announced on Saturday that President Obama had a 90 minute phone call with Russian President Vladimir Putin about Ukraine’s territorial sovereignty.

Now, I’m going to play Captain Obvious for a moment and point out the unmistakable truth that the US government doesn’t care about Ukraine. They just don’t like the idea of a tough-guy Russia.

But here’s the funny part, because I’m sure we’ve all been on long, boring conference calls before.

I have this image in my mind of Putin putting Obama on speaker phone during this call, hitting the ‘mute’ button, and having an aggressive round of drinking games while they all make fun of POTUS and take turns doing Obama impressions.

And as Obama hit the high note, Putin probably gave signal to his generals right then and there, in the middle of the call, to push troops forward into Ukraine.

Because the sad part about this is that Mr. Obama actually believes that Putin gives a damn what the US thinks about Russia.

Seriously, if the shoe were on the other foot, would Mr. Obama care what the Russians thought if the US decided to invade… Syria? Oh, wait.

Yes, this is a movie we’ve all seen before. It’s entitled “Too broke for war”, and I personally like the British version the best.

You probably recall, the British government was too broke for war back in 1956 to seize control of the Suez in Egypt after Nasser nationalized the canal.

Or the Spanish version of the same episode– back in 1898 when the Spanish government was too broke (and broken) to maintain its global colony network. They ended up losing Cuba, the Philippines, etc. to the upstart US empire.

The US has reached that point– too broke to project any power overseas.

Mr. Obama was already stopped by Russia from invading Syria late last year, and at this point the Russians know that Mr. Obama is armed with little more than harsh words and a mean jump shot.

In fairness, it’s unlikely that Mr. Putin has any intent to Annex greater Ukraine. Ukraine is viewed as a quaint, somewhat backward place by Russians. There is no great pan-Slavic nationalism at play here.

This is nothing more than a strutting peacock show right now, and it will end once he has proved his point. But unlike France, the US, the UK, etc., Mr. Putin actually has the funds to do it.

But the most ironic part of this sad little episode is that the US government was caught totally off guard… completely unaware of Russian troop movements.

I mean, seriously, why in the world are they spending tens of billions of dollars a year to spy on the whole world? They’re archiving all of our emails, listening to our phone calls, hacking our webcams… and they can’t put 2 and 2 together to figure out that Putin is going to invade Ukraine?

Talk about an utter intelligence failure.

It’s national security theater of the absurd, brought to you by the same folks who can’t put a website together.

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The Debt Bubble Expands as Auto Loan Amounts Hit a New Record

Is anyone surprised that the poorest and least credit worthy of Americans are being saddled with piles of debt in order to buy new cars? It’s not enough that a generation of our citizens will toil pointlessly to pay off more than $1 trillion of student loans, we may as well add some other form of debt burden on top of it.

It’s hard to even imagine this is happening so shortly after the last credit bubble train wreck, but happening it is. Creative ways for people to purchase cars they can’t afford have been on my radar screen for some time now, and if you recall, I posted an article last April titled: Just Keep Dancing: Introducing the 97-Month Auto Loan.

Well the dancing has continued, and now we have Americans borrowing at all-time record levels to buy cars. USA! USA!

From CNBC:

A combination of higher prices for new cars and relatively low rates for auto loans means Americans are borrowing a record amount to pay for their new rides.

According to Experian Automotive, which tracks millions of auto loans written each quarter, the average amount borrowed by car buyers last quarter climbed above $27,000 for the first time ever.

According to Experian, the average auto loan in fourth quarter 2013 was $27,430—an increase of $739 compared with the same period of 2012. The average used car loan was $345 higher, coming in at $17,974.

Those with non-prime credit ratings—or credit scores between 620 and 679—had the highest average auto loan. For these borrowers, the average new car loan rose more than $1,500, to a new high of $29,385.

Not surprisingly, those with subprime credit ratings—credit scores between 550 and 619—had the highest average monthly payment, of $499.

Yep, no doubt this will turn out just peachy.

continue reading

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US Macro Data Starts Year Worst Since 2008; Goldman Admits “Broad-Based Slowdown”

Goldman’s February Final Global Leading Index places the global industrial cycle in the “Slowdown” phase, with positive but decreasing Momentum indicating a soft-patch in global growth. The infamous Swirlogram has now shifted to a more negative stance than a year ago as 8 of the 10 factors worsened in Feb. Goldman remains unapologetically optimistic that this is ‘weather’-related but we do note that the weakness is global in nature. In the US, despite beats in ‘select’ data, the US macro surprise index has started the year with its biggest fall since 2008.

 

Goldman’s Swirlogram has shifted notably to the lower left (from slowdown to contraction) in the past year… as GLI momentum has faded notably year-over-year…

 

Only two of the ten underlying components improved in February. On the positive side, the Global PMI aggregate increased after last month’s drop, and the Japan Inventory/Sales ratio also showed significant improvement.

On the negative side, the S&P GSCI Industrial Metals Index® fell marginally and US Initial Jobless claims ticked up slightly. The Belgian and Netherlands Manufacturing Survey and the Baltic Dry Index were also softer. The Consumer Confidence aggregate, which climbed back to its highest level in six years last month, retreated marginally, while the Global New Orders less Inventories (NOIN) aggregate continued to decline, driven in part by strong inventory accumulation in the US. Finally, Korean exports were again a bit weaker but at decent levels, and the AUD & CAD TWI  aggregate was only slightly lower after a sharp fall over the previous three months.

 

And if the belief that the US will decouple from global weakness is still alive…

US macro has worst start to the year since 2008…

 

 

Charts: Goldman Sachs and Bloomberg


    



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A.M. Links: Putin Makes Statement on Situation in Ukraine, Western Republicans To Urge Court To Back Same-Sex Marriage, Obama To Release Budget Plan

  • In his first public statement since the Crimea crisis began
    Russian President
    Vladimir Putin     said that Russia reserves the right to use “all
    means” to protect the interests of citizens living in eastern
    Ukraine. Putin added that “nationalists” and “anti-semites” are in
    the streets of Kiev.
  • The head of Egypt’s armed forces, Field Marshal
    Abdul Fattah al-Sisi    , says that he cannot ignores call for him
    to run for president.
  • Republicans from Western states are expected to urge the U.S.
    Court of Appeals for the 10th Circuit in Denver to rule bans on

    gay marriage     unconstitutional today.
  • Israeli Prime Minister Benjamin
    Netanyahu     has urged the Obama administration to insist that
    Palestinians recognize Israel as a Jewish state.
  • President Obama is set to release his 2015 budget plan today.
    According to the White House, the budget proposal will include a

    $60 billion expansion     of the Earned Income Tax Credit.
  • An immigration reform group linked to Facebook CEO Mark
    Zuckerberg has
    criticized Republicans     for not doing enough to work towards
    changing immigration policy.

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Turkey Scrambled 8 F-16 Fighter Jets To Track Russian Plane

In a brief statement this morning, Turkish military authorities have admitted that:

  • *EIGHT TURKISH F-16 JETS TRACKED RUSSIAN PLANE IN BLACK SEA
  • *TURKEY SCRAMBLED F-16’S YDAY AS RUSSIAN PLANE NEARED BORDER

Which appears odd given this was a “military exercise” that we are sure the Russians had cleared with neighboring nations that it would be entering their airspace. The Turkish air force has been busy recently following the failed ‘drunk’ Sochi hijacking and Syrian intercepts.


    



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Watch As Russian Troops Fire Warning Shoots Against Ukrainian Soldiers In The Crimea

Amicable resolution between Russia and the Ukraine as the market seems to be suggesting, or not? Watch this clip of what happened just hours earlier at the Belbek air force base, in which Russian troops fired warning shots aat approaching Ukrainian soldiers and you decide.

From Euronews:

Russian forces fired warning shots in to the air as ranks of unarmed Ukrainian soldiers marched towards them at Belbek air base in Crimea on Tuesday (March 4).

 

Russian troops backed by armoured personnel carriers took over Belbek military airport near the port of Sevastopol last Friday (February 28). Russia’s Black Sea fleet is based in Sevastopol.

 

On Tuesday a column of Ukrainian soldiers marched towards the Russian forces while chanting and carrying the Ukrainian flag. As they approached the line of armed Russian soldiers and military vehicles guarding the base, the Russian forces fired warning shots into the air and warned them not to approach any further.

 

Once the Ukrainian soldiers reached the line of Russian forces, the Ukrainian and Russian commanders spoke as armed Russian soldiers surrounded them. There were no incidents.

Luckily, this time there were no injuries and the Ukrainians retreated. What about next time?


    



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Market Reaction: Not Everyone’s Buying Putin’s Shift

Of course, US equities are large and in charge in the flight-from-safety as marginal money pushes S&P futures back up within a smidge of record highs (hey, why not, Ukraine is 'fixed' right?) but away from stocks, even USDJPY (that pillar of equity confidence inspiration) is not rising as fast. Treasuries and gold are being sold but again not back to levels pre-Ukraine-esclation from Friday. European stocks are surging but not as ebulient as US stocks. Russia's MICEX has bounced, recovering aroung half its losses and Ukraine bonds are rallying (as is the Hyrvnia).

 

Stocks at highs but Treasuries and gold not all the way back…

 

Russia is half-believing…

 

Charts: Bloomberg


    



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Kerry Lands In Kiev, Sanctions Against Russia “In Matter Of Days”, US Prepares $1 Billion Loan For Ukraine

While the world digests the recent Putin press conference in which he appeared to superficially soften his stance on the Ukraine, US SecState John Kerry lands in Kiev while the state department announced that sanctions against Russia are “coming in a matter of days”, and as the US announces it is preparing a $1 billion aid package for the Ukraine, which despite the toned down rhetoric by Putin just lost the Gazprom discount for natgas due to non-payment meaning its reserves will be depleted even faster, suggesting a far greater urgency to providing funding for the Ukraine in what some have said is now a fight between Putin and the IMF, as the latter tries to drain what little funds remain in the nation, while the former urgently seeks to keep it afloat.


    



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Frontrunning: March 4

  • Russia Orders Drill Troops Back to Bases (WSJ)
  • Ukraine premier agrees to reforms for aid package (FT)
  • Japan Base Wages Rise for First Time in Nearly Two Years (WSJ)
  • Only the algos are trading: Citigroup Joins JPMorgan in Seeing Trading-Revenue Drop  (BBG)
  • Vietnam sends blogger to prison for critical posts (AP)
  • At White House, Israel’s Netanyahu pushes back against Obama diplomacy (Reuters)
  • Obama to offer new tax breaks for workers in election year budget pitch (Reuters)
  • China Banks Show Too-Connected-to-Fail Link to Shadow Loans (BBG)
  • Ex-BOK Deputy Lee Named to Head South Korea Central Bank (BBG)
  • Beijing’s GDP Goal Under New Scrutiny (WSJ)
  • No mortgage origination problem in the UK: Mortgage approvals climb to six year high (Telegraph)

 

Overnight Media Digest

WSJ

* As Russia’s military secured the Crimean peninsula, its currency hit a record low and its stock market plunged in the face of U.S. and European warnings of sanctions over the incursion into Ukraine.

* North Dakota’s oil producers are choosing the greater flexibility of railroads to move crude to thirsty markets in the east and west, stranding two pipeline projects before they could begin.

* After months of ill-fated deals, the bankrupt city of Detroit has settled with two large banks for about 30 cents on the dollar in the city’s only agreement so far with major creditors, according to court filings Monday.

* Standard Chartered PLC is nearing deals to sell roughly a half-dozen units in Europe, Asia and the Middle East, as part of an effort to combat an emerging-markets slowdown and worries about the bank’s financial health, according to people familiar with the deals.

* Citigroup Inc said on Monday it received subpoenas from the Federal Deposit Insurance Corp and U.S. prosecutors, three days after the bank disclosed it had found allegedly fraudulent billings at its Mexico unit that cost it up to $400 million.

* Winter storms chilled U.S. auto demand in February as overall sales were flat on big gains at Fiat Chrysler Automobiles and Nissan Motor Co .

Single-digit percentage declines at General Motors Co , Ford Motor Co, Toyota Motor Corp and several others kept sales at 1.19 million cars and light trucks last month, off slightly from a year earlier, said researcher Autodata Corp.

* PNC Financial Services Group Inc has received a subpoena from the U.S. Department of Justice concerning its relationships with merchants for payment-processing services, the Pittsburgh-based bank disclosed in a regulatory filing Monday.

* Roche Holding AG will have more flexibility to pursue acquisitions in the coming year as the Swiss drug maker pays off the bulk of debt from its $47 billion buyout of Genentech.

* Dish Network Corp has agreed to curtail the use of a controversial ad-skipping feature on its latest digital video recorders for ABC shows, as part of a new long-term programming deal with ABC owner Walt Disney Co, the companies confirmed late Monday.

* The U.S. Supreme Court on Monday agreed to decide whether workers should be paid for time spent going through theft-deterrence screenings at the end of their shifts, taking up a case brought by Amazon.com Inc warehouse employees.

* A federal appeals court rejected BP Plc’s effort to stop Gulf Coast businesses from collecting payouts from the Deepwater Horizon settlement fund, even when they can’t directly trace their losses to the 2010 oil spill.

 

FT

Fears of a war in Ukraine wiped a tenth off the value of Moscow’s stock exchange, sent the rouble tumbling to an all-time low and pushed up the price of commodities as the west scrambled to counter Russia’s creeping invasion of Crimea.

Diplomats have been scrambling to lower tensions and offer Russian President Vladimir Putin a face-saving way out of the Ukraine crisis in order to avert war.

The British Prime Minister’s office denied it was putting the interests of businesses based in London ahead of attempts to defuse the Ukraine crisis.

U.S. tobacco company RJ Reynolds is exploring a bid for rival Lorillard Inc, people familiar with the situation said.

Citigroup has issued a warning about revenue declines at its consumer banking, trading and investment banking businesses in the first quarter.

Ukraine is set to receive more than $2 billion in international aid after its acting prime minister promised to meet all economic reform demands needed to secure the aid package.

 

NYT

* The Obama administration suspended military ties to Russia, including exercises, port visits and planning meetings, just a day after calling off trade talks.

* Banamex USA, a banking affiliate of Citigroup Inc that handles transactions across the Mexican border, has become entangled in an investigation into compliance with rules on the monitoring of financial transfers.

* American refiners are refurbishing old plants or planning new ones to take advantage of new supplies of domestic crude.

* A federal appeals panel ruled that BP must pay gulf companies for damages without requiring proof of harm by the Deepwater Horizon spill.

* California voters imposed more generous living conditions for egg layers. But the Legislature’s decision that imported eggs must to be produced under the same standards has drawn a lawsuit.

* The Federal Communications Commission leveled fines totaling $1.9 million on Monday on three of the nation’s biggest media companies – Comcast Corp, Viacom Inc and Walt Disney Co – for “willfully and repeatedly” violating federal law by carrying a commercial.

* Maury Rosenberg says he lost his business after being forced into involuntary bankruptcy by a unit of U.S. Bancorp . A court later ruled the bankruptcy illegal, but by then the business was gone.

* Two of Carlyle’s three founders plan to sell 7.5 million common units of Carlyle Group, according to a filing on Monday. Carlyle itself is selling 4.5 million common units. The offering of 12 million shares would raise about $435 million.

 

Canada

THE GLOBE AND MAIL

* The number of obese Canadians has tripled since the mid-1980s, a phenomenon driven by a sharp rise in the number of extremely overweight adults whose health complications are expected to place a heavy burden on the health-care system.

* Lawyers working for Kinder Morgan Inc have sent a letter to the National Energy Board proposing the narrowest interpretation of who can participate in a review of the company’s proposed twinning of the Trans Mountain pipeline.

Reports in the business section:

* A year after being admonished for cutting mortgage rates too aggressively, banks are demonstrating a new, self-imposed restraint.

* Canada’s dairy industry faces a grim future of stagnant sales, dwindling farms and lost opportunity if the country remains a bystander to a global boom in milk products trade, the Conference Board of Canada argues in a new study.

NATIONAL POST

* The libel trial of the controversial Sun News TV host Ezra Levant began in a Toronto courtroom with blunt questions and cautiously indignant answers from the alleged victim.

FINANCIAL POST

* Pacific Investment Management Co forecasts Canadian home prices falling as much as 20 percent in the next five years, removing the boost from household spending that contributed to faster-than-expected growth last quarter.

* Prime Minister Stephen Harper sharply criticized Taseko Mines Ltd and its controversial New Prosperity project on Monday, stating that an environmental report on the British Columbia project was “damning.”

 

China

CHINA SECURITIES JOURNAL

– The southwestern inland municipality of Chongqing said detailed plans for its proposed free trade zone would be hopefully unveiled to the public after the opening of the annual session of the National People’s Congress.

SECURITIES TIMES

– Easing liquidity conditions have pulled yields of money market investment funds lower than 5 percent since last week, with analysts predicting that money market funds marketed online may no longer be able continue offering high yields.

CHINA BUSINESS NEWS

– The PBOC said it was supportive of the development of the online financial service sector, responding to the appeals to strengthen regulation of online finance from traditional brick-and-mortar financial service providers.

– Li Yizhong, former head of Ministry of Industry and Information, called for reform of monopolistic industries by introducing more competition to selected parts of identified sectors.

CHINA DAILY

– Zimbabwe will allow China’s yuan to be used as legal tender in the country.

– China National Offshore Oil Corp (CNOOC), the country’s largest offshore oil and gas developer, has become the first Chinese firm licensed to look for oil in the Arctic, in partnership with Iceland’s Eykon Energy and Petoro Iceland AS.

SHANGHAI DAILY

– Li Zhongyang, the deputy director of the Shanghai Health Promotion Committee said the city government was planning to introduce a ban on smoking in all public places within five years.

– Several types of headphones and earphones manufactured by Panasonic, Philips and some local firms failed quality checks after being found to pose risk to people’s hearing, said Shanghai Quality and Technical Supervision.

– Shares of China Galaxy Securities Co Ltd, the country’s sixth-biggest brokerage by revenue, dipped in Hong Kong on Monday, after it announced its plans to list in Shanghai.

 

Britain

The Telegraph

BP LOSES APPEAL OVER $9.2BN GULF OF MEXICO PAYOUTS

BP has lost its battle to clamp down on “absurd” payouts to alleged victims of the 2010 Gulf of Mexico oil spill, after an appeals court said it must restart payments from its $9.2 billion compensation fund.

MORTGAGE APPROVALS CLIMB TO SIX-YEAR HIGH

Mortgage approvals rose to their highest level in more than six years in January, amid growing confidence in the housing market and record low borrowing costs.

The Guardian

ROLLS-ROYCE FACES FRESH BRIBERY ALLEGATIONS IN INDIA

Rolls-Royce has been plunged into fresh crisis after India became the latest country to launch a formal investigation into allegations of bribery and corruption at the British defence and engineering firm.

UKRAINE CRISIS SENDS RUSSIAN STOCK MARKET TUMBLING

The Moscow stock market suffered one of its biggest one-day falls in recent years and the rouble tumbled sharply in a first nervous reaction to the Kremlin’s gambit in Crimea.

The Times

CRIMEA CRISIS SENDS GLOBAL INVESTORS FLEEING FOR SAFETY

Turmoil gripped world markets on Monday as investors reacted to the armed stand-off between Russia and Ukraine in Crimea, with the FTSE 100 suffering its worst day in two months as more than 25 billion pounds was wiped off the value of its biggest companies.

‘MINDER’ IAN TYLER STEPS IN TO KEEP WATCH ON G4S

The Cabinet Office will announce on Tuesday that Ian Tyler, the former chief executive of Balfour Beatty, has been appointed as a £500-a-day Crown Representative – or “minder” – to G4S, the troubled outsourcer.

The Independent

BUSINESS LENDING FALLS AGAIN IN FRESH BLOW FOR BANK OF ENGLAND

Bank of England Governor Mark Carney faced a fresh setback on Monday as another drop in loans to businesses overshadowed the latest figures from Threadneedle Street’s flagship scheme to kick-start credit.

SERCO BEEFS UP BOARD IN WAKE OF TAGGING SCANDAL

Scandal-hit Serco continues to strengthen its board with the appointment of three heavyweight non-executives days after it poached Rupert Soames from Aggreko as its new chief executive.

 

 

Fly On The Wall 7:00 AM Market Snapshot

ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
New York ISM for February at 9:45 am–prior reading 64.4

ANALYST RESEARCH

Upgrades

Abercrombie & Fitch (ANF) upgraded to Outperform from Neutral at Credit Suisse
GrafTech (GTI) upgraded to Buy from Hold at Jefferies
Hilton (HLT) upgraded to Buy from Neutral at Goldman
Magna (MGA) upgraded to Neutral from Sell at Goldman
Magna (MGA) upgraded to Neutral from Underweight at JPMorgan
PulteGroup (PHM) upgraded to Buy from Hold at KeyBanc
SunEdison (SUNE) upgraded to Overweight from Equal Weight at Morgan Stanley
WNS Holdings (WNS) upgraded to Outperform from Neutral at RW Baird

Downgrades

AngloGold (AU) downgraded to Sell from Neutral at UBS
Cliffs Natural (CLF) downgraded to Underperform from Market Perform at Wells Fargo
Dendreon (DNDN) downgraded to Market Perform from Outperform at Bernstein
Fresenius Medical (FMS) downgraded to Underweight from Neutral at HSBC
Intuitive Surgical (ISRG) downgraded to Hold from Buy at Cantor
Lennar (LEN) downgraded to Hold from Buy at KeyBanc
Madison Square Garden (MSG) downgraded to Hold from Buy at Needham
Solazyme (SZYM) downgraded to Neutral from Buy at Goldman
Starwood Hotels (HOT) downgraded to Neutral from Buy at Goldman
Time Warner Cable (TWC) downgraded to Neutral from Outperform at Macquarie
Watts Water (WTS) downgraded to Market Perform from Outperform at Cowen

Initiations

Argos Therapeutics (ARGS) initiated with an Outperform at JMP Securities
Argos Therapeutics (ARGS) initiated with an Overweight at Piper Jaffray
Avon Products (AVP) initiated with a Sell at UBS
Church & Dwight (CHD) initiated with a Buy at UBS
Clorox (CLX) initiated with a Sell at UBS
Coca-Cola Enterprises (CCE) initiated with a Neutral at UBS
Coca-Cola (KO) initiated with a Neutral at UBS
Colgate-Palmolive (CL) initiated with a Buy at UBS
Dr Pepper Snapple (DPS) initiated with a Neutral at UBS
Energizer (ENR) initiated with a Sell at UBS
Estee Lauder (EL) initiated with a Buy at UBS
GT Advanced (GTAT) initiated with a Buy at Goldman
Infinity Pharmaceuticals (INFI) initiated with an Underperform at Wedbush
Ladder Capital (LADR) initiated with an Outperform at Keefe Bruyette
Monster Beverage (MNST) initiated with a Buy at UBS
Procter & Gamble (PG) initiated with a Neutral at UBS
Santander Consumer USA (SC) initiated with a Buy at Citigroup
Santander Consumer USA (SC) initiated with a Buy at Deutsche Bank
Santander Consumer USA (SC) initiated with a Buy at UBS
Santander Consumer USA (SC) initiated with a Neutral at Goldman
Santander Consumer USA (SC) initiated with a Sector Perform at RBC Capital
Santander Consumer USA (SC) initiated with an Outperform at BMO Capital
Santander Consumer USA (SC) initiated with an Outperform at Credit Suisse
Santander Consumer USA (SC) initiated with an Outperform at Wells Fargo
Tenneco (TEN) initiated with a Buy at UBS

COMPANY NEWS

Disney (DIS), DISH Network (DISH) signed a long-term distribution agreement
Sony (SNE) says PlayStation 4 has sold over 6M units as of March 2
S&P revised J.C. Penney (JCP) outlook to stable from negative
McDermott (MDR) withdrew prior guidance, suspended future guidance
Enbridge (ENB), Enbridge Energy (EEP) to undertake $7B mainline replacement program
Alexion (ALXN) said NICE acknowledged Soliris as effective treatment for aHUS
Synta Pharmaceuticals (SNTA) said CEO Safi R. Bahcall, Ph.D., resigned; A newly formed executive committee will serve as the principal executive body for the company until a new CEO is named

EARNINGS

Companies that beat consensus earnings expectations last night and today include:
DXP Enterprises (DXPE), NuVasive (NUVA), Ambac Financial (AMBC), Molycorp (MCP), Black Diamond (BDE), MBIA (MBI), Ascena Retail (ASNA), URS Corporation (URS), Guidewire Software (GWRE), Synageva (GEVA), Amicus Therapeutics (FOLD), Vipshop (VIPS)

Companies that missed consensus earnings expectations include:
AuRico Gold (AUQ), AcelRx (ACRX), McDermott (MDR), PDL BioPharma (PDLI)

Companies that matched consensus earnings expectations include:
TherapeuticsMD (TXMD)

NEWSPAPERS/WEBSITES

Buffett’s (BRK.A) succession plans remain vague, Reuters reports
Archer Daniels (ADM), Bunge (BG) said operations haven’t been affected by Ukraine turmoil, WSJ reports
BP (BP) considers options after Gulf court setback, Reuters reports
Broadcasters (DISH, TWC, CMCSA, FOXA, DIS) backed by Justice Department in Aereo fight, Re/code reports
Sprint (S) sued by U.S. officials for overbilling $21M for wiretap services, AP reports
Roche (RHHBY) cash position provides acquisition flexibility, WSJ reports
JPMorgan (JPM) to pay $400M to settle Syncora lawsuits, Reuters reports
DISH (DISH) to curtail ad-skipping for ABC shows (DIS), WSJ reports
Loral Space (LORL) hires Perella to advise on sale, Reuters reports  

SYNDICATE

ACADIA (ACAD) files to sell $150M in common stock
Ardmore Shipping (ASC) files to sell 6M shares of common stock
Artisan Partners (APAM) files to sell 7M shares of Class A common stock
Atlas Resource Partners (ARP) files to sell 5.5M common units
BioLineRx (BLRX) files to sell American Depositary Shares
Carlyle Group (CG) files to sell 12M common units
GTx (GTXI) raises $21.3M in a private placement
Mandalay Digital (MNDL) files to sell common stock
MannKind (MNKD) enters $50M at-the-market agreements
OvaScience (OVAS) files to sell common stock
Regulus Therapeutics (RGLS) files $100M mixed shelf, 7.9M shares for holders
Stock Building Supply (STCK) files to sell 6.6M shares of common stock


    



via Zero Hedge http://ift.tt/1f15xKG Tyler Durden