The Biggest Tech IPOs to Hit the Market
Money Morning Article of the Week
by Diane Alter
Thursday, micro-blogging site Twitter (NYSE: TWTR) debuted as a publicly traded company on Wall Street's Big Board. Many analysts - including those at
Money Morning - steered clear of the hotly anticipated IPO - but TWTR had no trouble generating investor interest.
The San Francisco-based company even increased its price range last Monday on roughly 70 million shares from $17 to $20 per share to $23 to $25. The move valued the company at a whopping $13.9 billion, or 26 times its revenue over the last 12 months. Twitter hoped to raise as much as $1.75 billion.
Market Commentary: Averages Trade Entire Afternoon In VERY Narrow Range
Closing Market Commentary For 11-11-2013
The trading zone was extremely narrow during the afternoon session with the SP500 staying withing 2 points and the DOW 16 points. Volume wasn't really all that low during most of the afternoon session and picked up towards the end which is surprising for the lack of volatility and narrow range.
Brent climbed a bit, gold and copper traded sideways and the US dollar slipped slightly. I am as curious as you are in which way the market is going. Personally, I think it 'should' be melting down, but I am not going to bet on it.
Market Commentary: Markets Snooze, Slide Sideways
Midday Market Commentary For 11-11-2013
Markets have slithered sideways on anemic volume. Investors apparently have taken the day off as the HFT computers move the charts. I suppose Mr. Market could do something exciting and change traders views, but right now it looks like everyone is checking train schedules for a early getaway.
Israel slams Irans nuclear talks and labels them bad and dangerous
The progress made in Geneva over Irans nuclear program is in danger of being unraveled even before the sides meet again next week. The current negotiations ended without an agreement and US lawmakers wanted to slap more sanctions on Tehran.
Market Commentary: Markets Open Mixed, Melt Up to Lackluster
Opening Market Commentary For 11-11-2013
Premarkets were flat and quiet leading up to the opening bell. With no US financial reports this morning and investors soured by lack of guidance from Mr. Market plus the Fed's lack of candor, it would appear we are going to see another sideways trading today.
Markets opened flat and mixed, mostly red, on low volume and by the 15 minute mark the markets remained very quiet and non-committal as to direction. By 10 the markets squeaked into the green by virtue of the HFT computers pushing the DOW up 22 points.
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What We Read Today 11 November 2013
Econintersect: Click Read more >> below graphic to see today's list.
The top of today's reading list reports on Robert Shiller's view that securitization f rental housing may revolutionize ythe U.S. housing market ........ and the last article is about a bubble in REITS.
Will debt derail Abenomics?
by Michael Pettis, China Financial Markets
It seems to me that one of the automatic, if not always intended, consequences of Abenomics is to force up Japan's current account surplus, and in fact to force it up substantially. This will have to do at least in part with deciding how to manage the country's enormous government debt burden, which easily exceeds 200% of the country's GDP.
Read more >>
Japan: Surprise Increase in Current Account Balance
Econintersect: Japan has reported a surprise current account balance of +Yen587.3 trillion ($6 billion). This was the fifth highest surplus in the past 18 months and the largest since March of this year.
Last month Japan reported a faltering of the growth of exports and the sixteenth consecutive month with a negative balance of trade, raising concerns that the current account balance growth could also be slowing significantly. That concern is alleviated, at least temporarily.
China: Strong Economic Reports
Econintersect: China has released a bevy of strong economic data reports on the eve of the Third Plenum of the CCP (Chinese Communist Party). The country has entered the fourth quarter of 2013 with an apparently accelerating economic expansion. Industrial output rose more than had been estimated (+10.3%), retail sales for October were also up strongly (+13.3%) and exports and balance of trade also achieved srtong growth, as reported by GEI News last week.
My Top Four Wealth-Creating Credit Card Stocks
by Mitchell Clark, Profit Confidential
American Express Company (AXP) just hit a new record high on the equity market. By most accounts, the company had a good third quarter. The stock's been upgraded by the Street with rising earnings estimates and share price targets.
Management said that its credit quality and top-line growth were the reasons for a substantial 15% gain in 2013 third-quarter earnings per share. Revenues grew six percent to $8.3 billion.
What Does France's Credit Downgrade Mean?
Written by Hilary Barnes
Standard and Poor's, the rating agency, has lowered France's credit rating on long term sovereign debt from AA+ to AA, which Finance Minister Pierre Moscovici and Prime Minister Jean-Marc Ayrault couldn't understand at all after all they have done to put France on the road to recovery.
Global ETF and ETP Assets Reach New Record US$2.3 Trillion
ETFGI Press Release
LONDON - November 8, 2013 - October marked another month of strong inflows for global ETFs/ETPs. Combining the US$32.6 billion of net inflows with positive market performance during October global ETF/ETP assets reached a new record high of US$2.3 trillion, according to preliminary findings from ETFGI's October 2013 Global ETF and ETP industry insights report.
IPCC Climate Assessment Update
Econintersect: At the end of September 2013 Working Group I of the IPCC (Intergovernmental Panel on Climate Change) released their fifth assessment of climate change physical science research. This was assembled six years after the fourth assessment in 2007. Among the most significant parts of the new report are analysis and assessment attempts to understand the apparent slowing of global warming over the last decade.
21st Century Payment Fraud
by Sandeep Dhameja, Katy Jacob, and Richard D. Porter - Federal Reserve Bank of Chicago
At present, it is difficult to identify clear-cut guidance for preventing and mitigating fraud in retail payments in the United States. Part of the difficulty stems from the fact that the U.S. retail payment system has a decentralized governance structure. The Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau (CFPB) play an important role in developing and implementing guidance to curb retail payment fraud in the nation. However, in very large part, fraud prevention and mitigation are the primary responsibilities of the numerous entities running the various electronic and paper-based payment schemes across the country.
Infographic of the Day: Silicon Valley Brain Drain
Companies around the world are mining for mind power in Silicon Valley, California. This Infographic puts it all in perspective.
Insider Trading 08 November 2013: Big Sales of Microsoft, Amazon, HCA Holdings
by Asif Suria
Insider buying more than doubled with insiders purchasing $266.66 million of their stock last week compared to $114.05 million in the week prior. Selling tripled with insiders selling $4.55 billion of stock last week compared to $1.51 billion in the week prior. The last time insiders sold so aggressively was towards the end of 2010 when insiders were expecting an increase in the capital gains tax rate the following year.
A majority of the insider buying last week was driven by a $202 million purchase of kidney dialysis centers operator DaVita HealthCare Partners (DVA) by a subsidiary of Berkshire Hathaway (BRK-A). A third of the insider selling was driven by sales of hospital operator HCA Holdings (HCA) by several private equity firms including Bain Capital and Kohlberg Kravis Roberts.
Documentary of the Week: L. Randall Wray on Definitions of Money
Econintersect: On Friday 01 November 2013 L. Randall Wray, Professor of Economics, University of Missouri Kansas City, presented a lecture at the Fields Institute, University of Toronto for the INET (Institute for New Economic Thinking) conference on "Mathematics for New Economic Thinking". This is a very elementary review of money and credit, but it is well referenced with historical literature and address head-on some of the criticisms that have been leveled at "Modern Monetary Theory".
China Has Big Nuclear Energy Ambitions
by Felix Richter, Statista.com
According to the World Nuclear Association, the majority of reactors under construction in 2013 can be found in Asia where rapid economic growth has fuelled demand for electricity.
