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Richard Branson Strikes Again: Virgin America Files for IPO

Richard Branson is coming to America yet again. Branson’s Virgin Group Ltd. has filed its paperwork with the U.S. Securities and Exchange Commission (SEC) for its Virgin America Inc. to...



Ex Yukos Shareholders Win $50B Landmark Case Against Russia

The $50 billion in damages against Russia is one of the biggest arbitration awards ever made against a sovereign stateThe Hague’s arbitration court ruled Monday that Russia owes former shareholders of the now-defunct oil giant Yukos over $50...



Hot Links: Possibly Imminent

Stuff I’m Reading this Morning… Family Dollar to be bought by Dollar Tree in $8.5 billion merger – another big win for Icahn.  (ValueWalk) Andy Thrasher’s weekly technical rundown is a great place to start on...



Hospira Said To Be in $5 Billion Inversion Deal with Danone

The Danone deal could be the biggest acquisition in Hospira’s history and would enable the company to move its domicile abroad for tax purposesIllinois-based Hospira, Inc. (NYSE:HSP) is said to be in talks with Danone SA (ADR) (OTCMKTS:DANOY)...



Reconciling Seemingly Contradictory Climate Claims

At Real Science, Steven Goddard claims this is the coolest summer on record in the US. The NOAA reports that both May and June were the hottest on record. It used to be the the media would reconcile such claims and one might learn something...



The Danger of Too Loose, Too Long

With an improving labor market and an uptick in inflation, the danger now is to wait too long to...



Deciding Not to Decide on Providing Intel to Ukraine: The Negation of Presidential Leadership

The NYT ran a long article yesterday describing the administration’s Hamlet-like agonizing over whether to provide Ukraine with real time intelligence useful for targeting rebel forces. (For the record, I called for this in the immediate...



Rupert Murdoch's Attempts To Befriend Time Warner Aren't Going So Well

Rupert Murdoch has simple desires. He just wants to make some new friends, and purchase a gigantic media conglomerate for tens of billions of dollars. Sadly for Murdoch, neither seems to be going too well at the moment. The conglomerate, Time Warner,...



As S&P Gains, Strategists Trail Behind

Wall Street market forecasters have been caught flat-footed by stocks' rally this year. But even if they raise their predictions, many believe that the bulk of this year's gains are in the...



Links for 7-27-14

Moore of the Same - Paul Krugman Financial stability and monetary policy - vox The continuum from monetary to fiscal - Nick Rowe On State Unemployment Rates, It’s Analyst Beware - NYTimes.com North Carolina’s Misunderstood Cut in Jobless...



Morning Must-Read: Ricardo Hausmann: The Real Raw Material of Wealth

Ricardo Hausmann: The Real Raw Material of Wealth: "Poor countries export... materials such as cocoa, iron ore, and raw diamonds... ...Rich countries export--often to those same poor countries... chocolate, cars, and jewels.... Some ideas are...



Storm Clouds Over Amazon Business

New and deep-pocketed rivals threaten to squeeze profit margins in Amazon.com's cloud computing business, adding to investor concerns about the Seattle company's...



The End of the Cringe



There's A Big Warning About Acquisitions In David Einhorn's Latest Investor Letter

Greenlight Capital CEO David Einhorn sent out his Q2 investor letter this week, and the big takeaway is about how low interest rates are impacting corporate acquisitions. In a nutshell: Low interest rates are transforming acquirers into bad shoppers. In...



Chart o’ the Day: Diversification Works

Michael Batnick and I submitted the below to Business Insider’s Most Important Charts in the World roundup…   Check out the entire run of charts at the link below: Wall Street’s Brightest Minds Reveal The Most...



Mark Cuban Advocates Selling Shares of Tax-Dodging U.S. Companies

Mark Cuban, the billionaire investor and owner of the Dallas Mavericks basketball team, took to Twitter on Friday to rail against companies that adopt overseas addresses to avoid paying U.S. taxes. He urged investors to sell shares of those...



Mystery Stock CYNK Plunges as Expected After Trading Reopens

Filed under: Alternative Investment, Investment Fraud, Stocks, Investing Alamy By Everett Rosenfeld CYNK Technology (CYNK), the mysterious over-the-counter stock that at one point broke a $6 billion market cap, dropped roughly 80 percent in its...



Fed Accepts Zion Capital Plans, Details Not Disclosed

Zions will likely have to raise $300 million or more in common equity, in addition to selling CDOsZions Bancorporation (NASDAQ:ZION) is up 1.8% in trading today after the Federal Reserve announced that it had accepted the bank’s re-submitted...



Gruber: "It Was Just a Mistake"

Why did Jonathan Gruber tell an audience in 2012 that states which failed to set up Obamacare exchanges would be depriving their residents of federal subsidies? Jonathan Cohn caught up with Gruber this morning and got an answer: I honestly...



Panic, Prosperity, and Progress: Five Centuries of History and the Markets

Book Review: Panic, Prosperity, and Progress by David Merkel, CFA of The Aleph Blog I love economic history books, and I believe that most investors should read economic history.  History offers a broader paradigm for analyzing investment situations...



Mark Zuckerberg Is Now Richer Than the Google Guys

How's your summer going? Probably not as good as Mark Zuckerberg's. The Facebook CEO and cofounder's wealth has spiked in recent months as the company's stock price continues to reach new highs. On Thursday, he reached another...



Some Home Builders Say First-Time Buyers Returning, Others Not Sure

The anticipated return of first-time buyers to the housing market remains, like many economic indicators, prone to fits and starts. This week, two more leading home builders differed on whether first-timers are on their way back. PulteGroup Inc. stirred...



Sheila Bair is worried about reverse repo

Like much of her commentary, I find this considerably overstated.  Still, it suggests a few points of interest and also concern: The mere existence of this facility could exacerbate liquidity runs during times of market stress. Borrowers in the...



Desperately Seeking A Cheaper Kilowatt Hour

Desperately Seeking a Cheaper Kilowatt Hour by Frank Holmes Let’s imagine that an aluminum manufacturer is eyeing two locations to build a new factory. In location A, an industrial kilowatt hour (kWh) is priced at 4.21 cents, whereas in location B,...



Hot Links: Alpha move, bro.

Stuff I’m Reading this Morning… Euphoria? I don’t think so – watch as the number of bulls drops as the market goes up!  (Bespoke) Main Street still doesn’t give a f*** about stocks....



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Over at Project Syndicate: The Internet's Next Act

Over at Project Syndicate Ten years ago we had ridden the bust of the internet bubble, picked ourselves up, and continued on. It was true that it had turned out to be harder than people expected to profit from tutoring communications technologies. That,...



Banks Ready Plan to Aid Argentina

Members of Argentina's banking association, known as Adeba, are working on a last-minute plan to help the country avoid default, according to people familiar with the...



Some Home Builders Say First-Time Buyers Returning, Others Not Sure

The anticipated return of first-time buyers to the housing market remains, like many economic indicators, prone to fits and starts. This week, two more leading home builders differed on whether first-timers are on their way back. PulteGroup Inc. stirred...



My Ten-Dollar Offer to the Halbig Truthers

There's no question that the statutory text of Obamacare contains a mistake. In one of its sections, it authorizes federal subsidies only for taxpayers who enroll through a state-based exchange, not for those who enroll through the federal...



Dollar Tree Buying Family Dollar Could Be Bad News For Coca-Cola And Clorox

Dollar Tree announced today that it is buying Family Dollar.  Together, the dollar stores will be bigger than current industry leader Dollar General.  But the merger could "exert pressures on major food, household goods, and drink...



Tesla stock rises ahead of earnings

$TSLA - Tesla reports earnings Thursday. It's the next stock most likely to gap up or gap down after they announce.  Casino action at its finest!I've often remarked that I haven't seen a Tesla car on the road. I finally did last...



Adult docs may not ask about guns, but pediatricians do

Kevin Drum dissents on my earlier NYT piece today: I don’t often disagree with Carroll, but I think I might here. Not about Florida’s law: that really is ridiculous. The state may have an interest in making sure doctors...



STOCKS FALL, RUSSIA HIT WITH FRESH SANCTIONS: Here's What You Need To Know (DIA, SPX, SPY, QQQ, UPS, PFE, MRK, WIN, FTR, TWTR)

Stocks closed the session mixed, but little changed, as some economic data reported this morning came in mixed, another wave of corporate earnings were reported, and the U.S. and EU announced sanctions against Russian companies. First, the...



NYT Gets the Story of Argentina and the Vulture Funds Badly Wrong

A NYT article on the possibility of a default by Argentina seriously misrepresented the issues involved and the origins of the term "vulture" in reference to the funds involved in a lawsuit against Argentina. The article implies that the funds...



Bank of America ordered to pay damages of $1.27 billion for Countrywide fraud

A federal judge on Wednesday ordered Bank of America to pay $1.27 billion in damages over thousands of defective mortgages sold by its Countrywide Financial unit, delivering a win for the government in one of the few major trials stemming from the...



The Switchboard: Why a former NSA director thinks he is worth $1 million a month

Published every weekday, the Switchboard is your morning helping of hand-picked stories from The Switch team. The NSA's Cyber-King Goes Corporate. Former National Security Agency director General Keith B. Alexander thinks he's worth a...



Reconciling Seemingly Contradictory Climate Claims

At Real Science, Steven Goddard claims this is the coolest summer on record in the US. The NOAA reports that both May and June were the hottest on record. It used to be the the media would reconcile such claims and one might learn something...



JANA Partners' Letter to PetSmart's Board

Barry Rosenstein's activist hedge fund firm JANA Partners has filed an amended 13D with the SEC regarding their position in PetSmart (PETM).  They currently own 9.8% of the company and are the largest shareholder.Rosenstein's letter to...



One of My Favorite Posts

From Coyote today, which in my experience not only applies to blog posts, but to more formal settings like particular lectures or even entire courses. But I don’t want to be removed from polite company, so I’ll say only a little here....



Quotations of the day on racial profiling in college admissions

1. From the WSJ editorial board, writing in today’s print edition about the use of racial preferences profiling in Fisher v. University of Texas: The use of racial preferences profiling is so deeply embedded in the habits of universities, and...



Renaissance Defends ‘Barrier Options’ In Front Of US Senate

Renaissance argues that barrier options met a strategic goal independent of tax benefitsThe US Senate Permanent Subcommittee on Investigations called Peter F. Brown, Co-Chief Executive Officer and Co-President of Jim Simons’ Renaissance...



Banks Cash In on Mergers Intended to Elude Taxes

Wall Street banks are estimated to have collected, or will soon collect, nearly $1 billion in fees over the last three years advising and persuading American companies to move the address of their headquarters...



Growth Rebound Stokes Fed Debate

Federal Reserve officials delivered a modestly more upbeat assessment of the economy Wednesday amid a second-quarter growth rebound and deepening debate inside the central bank about when to start raising interest...



Housing Slowdown? The Case-Shiller Index in Five Charts

As expected, the pace of U.S. home price gains has slowed this year. Prices rose 9.3% from a year earlier in May in 20 cities tracked by the Standard & Poor’s/Case-Shiller index, down from the 10.8% increase reported last month for...



Putin's Next Move

The Russian president isn't checkmated quite yet. But the downing of MH17 has left him with few good...