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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...



Redacted Version of the July 2014 FOMC Statement

June 2014July 2014CommentsInformation received since the Federal Open Market Committee met in April indicates that growth in economic activity has rebounded in recent months.Information received since the Federal Open Market Committee met in June...



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...



Stocks Pare Losses After Fed Statement



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...



'Real GDP increased at 4.0% Annualized Rate in Q2'

Bill McBride at Calculated Risk: BEA: Real GDP increased at 4.0% Annualized Rate in Q2, by Bill McBride: From the BEA: Gross Domestic Product: Second Quarter 2014 (Advance Estimate) Annual Revision: 1999 through First Quarter 2014 Real gross domestic...



The Daily Docket: Argentina Just Hours From Debt Default

A group Argentina banks are working on a last-minute plan to help the country avoid default, The Wall Street Journal reports. As Love Culture Inc. prepares for a Wednesday bankruptcy auction, the clothing retailer is asking a judge to rule that its...



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...



Hedge Fund News: Steven Cohen, Warren Buffett & Farallon Capital

Profits Soaring After Disgrace at Cohen’s Hedge Fund (NYTimes) Three months after his once-powerful hedge fund entered a guilty plea to insider trading charges, Steven A. Cohen is doing quite well. This summer, Mr. Cohen and his family rented a...



Beyond Energy Efficiency

The Wall Street Journal had a good front-page article this week about the challenges facing the nation’s utilities. For the longest time, electricity sales and consumption went hand in hand with economic growth. In the last several years, not so...



As Talks Falter, Bond Default by Argentina Appears Likely

Argentina is likely to default on billions of dollars of bonds on Wednesday as talks between both sides appeared to break...



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...



Calls for bankers to swear an oath

Over 2,000 years since the the Hippocratic Oath was introduced there are calls for bankers to follow suit, in an effort to prevent another...



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....



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...



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...



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...



Putin's Next Move

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



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...



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 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...



Links for 7-29-14

Circles of Influence - Paul Krugman If minimum wages, why not maximum wages? - mainly macro Richard Fisher Wrongly Warned of Inflation 5 Times - New Republic Paul Ryan Would Create Massive Gov.t Bureaucracy - Mike the Mad Biologist Featured Blog:...



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...



House Republicans Pass Bill to Lower Taxes on the Rich and Raise Taxes on the Poor

So what are Republicans in the House of Representatives up to these days? According to Danny Vinik, they just passed a bill that would reduce taxes on the rich and raise them on the poor. I know, I know: you're shocked. But in a way, I think this...



Tech Today: Zillow Buys Trulia, Apple Bitcoin App Back, New iPhone Leaks, JNPR Upgrade

Here are some things going on today in your world of tech: Shares of Zillow (Z) are falling more than 5% after the online real estate company announced it is buying rival Trulia (TRLA) for $3.5 billion in stock, which jumped on...



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Billionaire Google CEO: You Should Be Grateful For That Part-Time Job

The man who made billions at his full-time job running Google thinks you should stop worrying so much about losing your own full-time job to the robots that his company is building. Google CEO Larry Page said last week that one possible answer to the...

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Hedge Fund News: Stanley Druckenmiller, John Paulson & Starboard Value LP

Some Top Money Managers Push for Fed to Start Raising Interest Rates (NYTimes) The Fed is out of step with Wall Street, say some of the country’s wealthiest investors. If there was one thing that hedge fund managers kept coming back to time and...



Report: Tim Cook 'Actively' Looking to Add New Directors to Apple's Board

Changes are coming to Apple, slowly but surely. Apple CEO Tim Cook is "actively" looking to add new members to the company's prestigious board of directors, according to a report in The Wall Street Journal. Apple's board currently...



The Daily Docket: Gowex Enters Bankruptcy

People walk past a kiosk with an advertisement for Wi-Fi provider Gowex in Madrid on July 3. Gowex on Sunday said it had filed for bankruptcy protection. Agence France-Presse/Getty Images Spanish technology firm Gowex SA said it filed for bankruptcy...



Lebron James’ return is bigger for Cleveland than it is for the Cleveland Cavaliers

Flickr user Craig Hatfield After weeks, if not years, of anticipation, and a thrilling turn of events, Lebron James is returning to Cleveland. Basketball fans, especially those nestled in Ohio, are surely rejoicing. And rightly so—if betting lines...



Ideas for Renewing American Prosperity

If you could propose one change in American policy, society or culture to revive prosperity and self-confidence, what would it be and...



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...



A Billionaire Mathematician’s Life of Ferocious Curiosity

.@NYTimes Profile of Renaissance Technologies James H. Simons http://t.co/FXqCv18bIN — Risk Management (@Risk_Mgmt) July 9,...



Hedge Fund Highlights: Carl Icahn, John Paulson & Sprott Asset Management

Icahn and Ackman Publicly End Feud With an Embrace (New York Times) A dispute between two billionaire investors, Carl C. Icahn and William A. Ackman, ended with a phone call a few weeks ago and, on Wednesday, a public embrace. Mr....



The amazing career of Leon Cooperman

His days start at 5:15 a.m. and end at 11 p.m. But the long hours pay off for Leon Cooperman, billionaire founder of Omega...