The housing recovery is about one thing: renters. Via Deutsche Bank’s Torsten Sløk, this chart tells the whole story of the recovery. Join the conversation about this story » NOW WATCH: Nationwide’s Super Bowl commercial about dead children is about corporate profits … in a way that we can all appreciate
Corporate after tax profits for the Q4:14 came in up 2.9 % while the previous quarter was up 5.1 %. Corporate profits as given by the Bureau of Economic Analysis are the income of organizations treated as corporations in national income and product accounts. Corporate profits are key in determining the stock price. The E-Mini S&P 500 today had a bounce perhaps more on merger talks in the semiconductor area. The market is still cautious in light of the stronger dollar. The dollar impacts the performance of the US corporations as the foreign buyers must pay more for the products or services due the currency strength. This makes the goods less appealing to the purchasers. Out of the sixteen Standard and Poor’s corporations that have reported earning to date, fourteen have reported earnings exceeding expectations and ten have sales exceeding expectations.
There is still a bullish sentiment perhaps derived over consumers finally back to work as the jobs area now is the strongest sign of the US recovery. We still have the stronger dollar pressuring the productivity, the slack data coming out of Asia, the inclement weather in the US and the labor disputes in the West Coast ports of the US. Fed Chairperson Janet Yellen has proclaimed that she does not want to be predictable, yet she excluded the word patience as anticipated and referenced that the Fed guidance is data dependent. She clarifies that because they left out patience does not mean that they will be impatient. The economic outlook has been downgraded on the forecasts and flexibility allows the Fed to act on the data and the inflation measures. She states that “I expect that conditions may warrant an increase in the federal funds rate target sometime this year”. It does not appear that the Fed may do anything too soon, so perhaps we are looking at September. They want to be reasonably confident that inflation increases toward its 2 % target level over the medium-term. Unemployment is undoubtedly the strongest case for an earlier hike, but the manufacturing and basically the stronger dollar are the negatives for any early moves by the Fed. The unemployment rate of 5.5 % seems to be the strongest case for the Fed to raise rates. Twelve months of employment over 200,000 workers is also improved. The Fed wants to normalize policy yet they realize that their monetary policy decision sets a chain reaction off which effects the markets as well. Companies with international business may be especially sensitive to the stronger dollar and perhaps the lower oil prices. However the oil market had a bounce due to the Saudi Arabian air strikes in Yemen. The fear is that the conflict could severely disrupt supplies. Yemen is a key shipping route area linking the Indian Ocean and the Mediterranean Ocean. US Treasury auctions may also have fallen to the impact of the stronger dollar with weaker sales. Traders may have just taken profits on the stocks with better earnings just because of the pre-earnings anxiety. Traders could also be taking profits as uncertainty of Fed action could be creating some tension. As with anything else, the allocations must flow somewhere and in this case, the US may be allocating to European Stocks. EPFR Global tracks fund flow of allocation funds of about $24 trillion around the world. They report that the US has allocated about $3.9 billion into the Euro equities. Due to the European Central Banks stimulus, the products are less costly.
The Greek leaders are supposed to have talks in Brussels this weekend with other country’s leaders to discuss the money owed. The reforms that the Greek leader set in place should bring in a revenue of 3 billion euros this year and create a budget surplus of 1.5 % GDP. They will focus on new plans for tax payments, sales taxes and taxes owed. The European Financial Stability Facility rescue fund is seeking a possible cash refund for Greece. Greece had to return about 10.9 billion euros to the European Financial Stability Facility. The feeling is that an accord should be reached where the Greek reforms make sense over the long-term. The most favorable portion derived from the last meeting was the “spirit of mutual trust” language that offered common ground and a floor for further talks. The key is in the budget reforms and the mindset of the people. The economy has decreased by 25 %. No one really wants Greece to go broke or exit the Euro bloc. Greece was fortunate to secure a four-month extension on its bailout and about a billion euros in funding for reconstruction and development from the ECB! The very pledges that got the Greek leader nominated to office must now be chopped. An end to privatizations, raising the minimum wage and welfare spending may all forego significant changes. He also made some concessions in the way of humanitarian crisis such as free food and electricity to the many impoverished Greeks as his first legislative act.
The Real GDP for Q4f:2014 was at 2.2 % while the previous reading was 2.2 %. The GDP Price Index was at 0.1 % while the previous reading was also 0.1 %. The Consumer Sentiment for March was at 93.0 while the previous reading was 91.2. The Corporate Profits for Q4:1 (after tax profits) was at 2.9 % while the previous reading was 5.1 %. The Initial Jobless Claims for the week of March 21st was down 9,000 to 282,000 filed for unemployment benefits for the first time while the previous reading was 291,000. Continuing Claims were down 6,000 to 2.416 million with a one-week lag time. The PMI Services Flash for March was at 58.6 while the previous reading was unchanged at 57.0. The Kansas City Fed Manufacturing Index for March was -4 while the previous reading was 1. The Bloomberg Consumer Comfort Index for the week of March 22nd was 45.5 while the previous reading was 44.2. The Fed Balance Sheet for the week of March 25th Level was $4.481 trillion while the previous reading was $4.496 trillion. The Total Assets were -$15.3 billion while the previous reading was $6.6 billion. The Reserve Bank Credit was -$7.9 billion while the previous reading was $10.7 billion. The Durable Goods Orders (New Orders) for February was -1.4 % while the previous reading was 2.8 %. The Durable Goods excluding transportation was -0.4 % while the previous reading was 0.3 %. The MBA Mortgage Applications Composite for the week of March 20th were 9.5 % while the previous reading was -3.9 %. The Purchase Index was 5.0 % while the previous reading was -2.0 %. The Refinance Index was 12.0 % while the previous reading was -5.0 %. The Consumer Price Index for February was at 0.2 % while the previous reading was -0.7 %. The CPI excluding food and energy was 0.2 % unchanged from the previous reading. The Redbook Store Sales for the week of March 21st was at 2.8 % while the previous reading was 2.7 %. The FHFA House Price Index for January was 0.3 % while the previous reading was 0.8 %. The PMI Manufacturing Index Flash for March was at 55.3 while the previous reading was 54.3. New Home Sales for February was at 539,000 while the previous reading was 481,000. The Richmond Fed Manufacturing Index for March was -8 while the previous reading was 0. Existing Home Sales for February SAAR came in up 1.2 % at 4.88 million while the previous reading was down 4.9 % at 4.82 million.
The last Nonfarm Payrolls for February came in at 295,000 while the previous reading was 257,000 new jobs created. The Unemployment Rate came in at 5.5 % while the previous reading was 5.7 %. The Private Payrolls came in at 288,000 while the previous reading was 267,000. The Average Hourly Earnings increased only 0.1 % while the previous reading was 0.5 %. The Average Workweek is forecast at 34.6 hours while the previous reading was at 34.6 hours. The Participation Rate level was 62.8 % while the previous reading was 62.9 %. Next week we typically would have the Employment Report due out, but due to Good Friday, the report is to be released Monday.
Monday, we look forward to the Personal Income at 7:30 AM CST!
Monday, what to expect? We maintain a now bearish bias until the (June) E-Mini S&P 500 penetrates $2105.50. Monday, we anticipate an inside to higher day! Today’s range was $2057.75 – $2041.00. The market closed at $2052.50. Our comfort zone or point of control for this market (June) appears to be $2050.25. Our anticipated potential range for Monday’s trading could be $2068.50 – $2048.50 (June). To qualify for a bear market, the ES must turn over the $1995.25 level perhaps for more than a temporary dip.
E-Mini S&P 500 Chart.
Stop in the CFRN Trade Room to pinpoint the moves in the markets and/or try our New Concierge Trade Alerts.
Sample of last evenings Alerts emailed to Clients @ 10:30pm EST.!~
Thursday Night 03/26/15 2am EDT
ESM5 – long above 2063 or short below 2045
YMM5 – long above 17780 or short below 17520
RLMM5 – long above 1237 or short below 1223
GCLK5 long above 51.20 or short below 50.20
6EM5 – long above 1.0920 or short below 1.0860
I did not roll Gold yet / volme still 3 to 1
GGCJ5 – long above 1210 or short below 1197
ZBM5 – long above 163.07 or short below 162.16
ZSK5 – long above 9.78 or short below 9.66
Questions? email@example.com / 949-42-EMINI
Reserve A Seat In The Next Orientation Class
As part of the trial you will receive:
We will spend 30-60 minutes your first day in Orientation to make sure you understand how to trade the Alerts and to allow me to answer any questions you have.When you sign up for the Trial I will reserve you a spot in the next class. Take Our FREE Trial Today – NO C.C. Required!
Trading’s not easy, but it can be simple!
Our Weekly Trading Zones and Chart Room Access are emailed to members prior to the open every Monday. Join us M-F from 9am-1pm Eastern for Live Charts, Live Trading, and Lively Discussion.
Please note that timing is everything and while we may divulge a brief overview of what may affect tomorrow’s market, trade set-ups are strategically planned according to time and price action. In this marketplace, a trader needs to arm themselves with the weaponry to deploy into a complicated marketplace. The CFRN Live trading room is your boot camp for your commodity future.
Please note that CFRN articles may be co-written or uploaded by the editorial staff or contributing members.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
DeWayne Reeves is the founder of CFRN and host of a popular radio program heard daily in over 20 countries. A former equities trader, he has focused primarily on the S&P 500 Emini Futures Market for the past 5 years. His insights and trading methodology are a blend of traditional technical analysis and the strategic use of proprietary indicators. He is the founding director of New Hope Orphanage and Primary School in Kampala Uganda East Africa which is home to over 800 orphans. Mr Reeves currently resides with his wife in Phoenix Az. where he actively trades his personal account.
The jury is in: Interim Reddit CEO Ellen Pao has lost her historic gender discrimination lawsuit against former employer and venture capital powerhouse Kleiner Perkins Caufield & Byers, meaning she gets nothing.
But sexism and gender discrimination is a very real problem within the technology industry.
The reason you don’t see many successful gender discrimination lawsuits is that it’s so hard to prove — the attitudes that keep women from rising to senior management are difficult to trace back to e-mail threads, notebooks, and even testimonies, which are the only weapons that a litigant has in their arsenal. And deep-seated feelings and institutional biases don’t usually come across in those.
It’s all about credibility, and Kleiner Perkins did a very good job of undermining Pao’s.
This doesn’t mean we can ignore the problem, though.
Just ask Sam Altman, the President of prominent startup farm Y Combinator and one of Ellen Pao’s current bosses, who said “sexism in tech is very real” back in 2014, and reiterated it on Twitter in reference to Pao’s lawsuit.
Just look at the testimony from this trial: While the jury found against Pao, there was definitely some upsetting behavior on display, like the revelation that ex-Kleiner Perkins partner Ajit Nazre tricking Pao into a relationship by not disclosing that he was married, or senior partner Ted Schlein referring to Pao as not having the “genetic makeup” to be a successful venture capitalist.
Just read the lawsuit filed last week by an ex-Twitter employee, claiming that the company’s weird promotion structure ensures only men get to the top.
Pao may or may not have been discriminated against in her time at Kleiner Perkins Caufield & Byers. The jury in this case obviously didn’t seem to think so. But there just aren’t a lot of women in the technology industry, and the ones that are have to put up with a lot of garbage just to be taken seriously.
If nothing else, this trial started conversations on discrimination in the workplace that may never have happened otherwise, forcing the industry to reexamine its own practices. What the industry does with what it’s learned, only time will tell.
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Make sure to read our “How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]” Guide
SAO PAULO (Reuters) – Brazilian police on Friday arrested the CEO of Grupo Galvão, the latest executive seized in a corruption probe focused on state-run oil firm Petroleo Brasileiro SA.
Intel Corp. is reportedly in talks to acquire Altera Corp. — probably the biggest acquisition in its history — sending shares of the smaller semiconductor maker up by 28 percent.
Altera, based in San Jose, makes a broad range of low-power programmable semiconductors, which are used in small embedded devices and computer servers for big data centers.
Intel and Altera announced a manufacturing partnership in February 2013 that meant future Altera chips would be made in Intel’s cutting-edge manufacturing facilities.
By acquiring Altera, Intel would be able to make further inroads into corporate data centers and reduce its dependence on the personal-computer market, which is facing a slowdown from the rise of mobile computing, according to Stacy Rasgon, an analyst at Sanford C. Bernstein & Co. who has the equivalent of a “sell” rating on Intel’s stock.
Intel’s biggest acquisition to date was the purchase of security software maker McAfee Inc. in 2010 for $6.59 billion.
Stocks shifted sideways in quiet volume Friday, ending a difficult week on a light note. The Nasdaq rose 0.6%, while the S&P 500 added 0.2%. The IBD 50 popped 1.2%. Volume fell across the board. The indexes’ charts were little changed Friday. The S&P 500 stayed under its 50-day line, and the Nasdaq held above its 50-day. The day’s gains came in fading volume after two days of losses in rising …
The Big Picture is a subscriber feature. Take a free trial now to get instant access.
Try the Digital + Weekly Print Combo and enjoy the best of both worlds!
eIBD is available after market close to give you a head start on the next day’s market action. Plus, you get the Weekly Special print edition delivered right to your home or office!
Humans can digest lactose, the main carbohydrate in milk, only with the help of an enzyme called lactase. But two-thirds of people stop producing it after they have been weaned. The lucky third — those with “lactase persistence” — continue to produce it into adulthood. A recent paper argues that this genetic quirk helps explain […]
Among the fewer than 200 bills that await the governor’s signature is one requiring that additional information on state contracts… more »
Clutching baskets of detergent, dental floss and such, the errand-running patrons of Walgreens assume their places with resignation, seeking only to pay and get out the door.
Somehow, at some point, the queued-up masses at drugstores, grocery checkouts, banks and retail establishments from Uniqlo to Staples became “guests” instead of “customers.”
“If I am your guest, I should at least be served tea and cookies,” said Ellen Jovin, a principal at Syntaxis, a New York City company that teaches businesses how to use language more effectively.
Yet customer service professionals acknowledge there are some types of businesses for which it really doesn’t work.
Marshal Cohen, a veteran retail analyst, said the first time he remembered being called a guest anywhere outside of a hotel was at a men’s clothing store in Connecticut called Mitchells years ago.
Jack Mitchell, the chairman of Mitchells Family of Stores, said that the store that his mother and father founded in 1958 did indeed consider customers guests and called them so.
A Disney spokeswoman said that in 1955, as Disneyland was set to open, employees were told “that everybody who worked there was supposed to use term ‘guest’ instead of ‘customer.’”
Given the trend, the in-person store experience requires treating customers not just as guests but as VIPs, some say.
SAN FRANCISCO (Reuters) – Yahoo Inc and Microsoft Corp agreed to extend by 30 days the deadline to re-negotiate a ten year search deal, as the two Internet companies attempt to revamp a thorny partnership crafted by former chief executives.
Submitted by Michael Lebowitz of 720 Global
What deadly summers, Sandy Koufax and lucky golfers can tell us about bonds
In 1918 and 1930, Washington D.C. set daily record high temperatures with readings of a sizzling 106 degrees. The observed temperatures on those two days are statistically defined as 3 standard deviation (sigma) events. Now imagine the nation’s capital enduring a 119 degree day, because that is what a 5 sigma event would entail. That is a lot of hot air even from the seat of our federal government. (Data from NOAA)
Since 1900 there have been over 185,000 major league baseball games played yet amazingly only 21 perfect games pitched – 27 batters up, 27 batters down, no walks, no batters hit by a pitch and not a single player reaching first base. The odds of a perfect game being thrown are approximately 1 in 18,000 or .005%. (Keep in mind there are two pitchers so there are two chances per game). Pitching a perfect game is approximately a 4 sigma feat. To be labeled a 5 sigma phenomena a perfect game would only occur once every 400+ years! (Data from baseballreference. com)
Lastly for all of you golfers, according to Golf Digest, there are an estimated 150,000 holes in one per year out of an estimated 490 million rounds of golf. While a hole in one is rare event indeed, it merely measures as a 3 sigma achievement. If a hole in one were a 5 sigma event there would only be 290 per year.
As you can see in the examples above, a five sigma event signifies extreme conditions, or an extremely rare occurrence. To bring this discussion from sports and weather to the financial world, we can relate a 5 sigma event to the stock market. Since 1975 the largest annual S&P 500 gain and loss were 34% and -38% respectively. A 5 sigma move would equate to an annual gain or loss of 91%.
With a grasp of the rarity of a 5 sigma occurrence, let us now consider the yield spread, or difference, in bond yields between Germany and The United States. As shown in graph #1 below German ten year bunds yield 0.19% (19 one-hundredths of one percent) and the U.S. ten year note yields 1.92%, resulting in a 1.73% yield spread. This is the widest that spread has been in 30 years.
Graph #1: German and U.S. Ten Year Yields
To put this spread into its proper perspective due to the various levels of interest rates over time, it is appropriate to normalize the yield spread. For instance, a 1.75% spread at 7.00% nominal yields is very different in magnitude than the same spread at 2.00% yields. To normalize the differential we calculate a ratio dividing the yield spread by the nominal U.S. yield. Currently, the resulting ratio is 0.90 (1.73%/1.92%) while the historical average since 1990 is 0.08. Statistically the normalized spread is nearly a five sigma deviation as shown on graph #2 below.
Graph #2: Normalized Ten Year Yield Spread in Standard Deviation Terms
The media, economists and other market professionals are leaning on two rationales to explain this differential; inflation rates and European Central Bank (ECB) Quantitative Easing (QE). We do not put much stock in either.
The preferred methodology to compare interest rates is on a real basis and not a nominal one. By adjusting for inflation, the real basis provides a measure of the true cost of borrowing and true return on lending. At first glance inflation rates partially explain the abnormally wide spread as the difference in the year over year core CPI between Germany and the U.S. is over 1%. To expose the inadequacy in this theory we stand on the shoulders of Albert Edwards of Societe Generale. According to Edwards, when U.S. consumer price inflation is calculated using the same inputs and weightings as the Eurozone, U.S. inflation figures are nearly identical to those in Europe. His graph below provides a compelling illustration.
The second justification, to explain abnormally wide spreads between U.S. and German government debt are the actions of the ECB. The ECB recently announced a 19 month QE program in which they will purchase €1.14 trillion of European bonds. Embedded in this amount are an estimated €214 billion or 31% of all German bunds outstanding. As a consequence, dealers and traders are front running the ECB and forcing bund prices higher (yields lower). This is one of the oldest tricks in the book and it seems reasonable that some of the recent spread widening is a result. However, what’s left out of the conversation is the Federal Reserve (Fed) and its QE programs. As a result of their policies the Fed owns almost 20% of the stock of outstanding U.S. Treasury bonds. The ECB just started QE and it will take them at least a year to buy as large a percentage of German bunds as the Fed already owns of U.S. Treasuries. So while we agree that ECB actions explain some of the spread, we don’t think it accounts for anywhere near the current amount.
We believe the biggest reason for the massive yield differential is that Europe is in the grips of “Japanification”. In other words, they are suffering from a combination of very low economic growth, deleveraging, demographic headwinds and resulting deflationary pressures. Japan’s economy has been gripped in this same dynamic for over 20 years. Similar to Japan’s experience, European yields are pushing towards zero percent and in some cases below zero. Adding to the immense pressures pushing yields lower is what is known as a “flight to quality”. When investors are risk averse they tend to buy assets that provide safety. European investors are anxious about Greece as well as the aforementioned European economic situation and some are likely flocking to the safety of the debt of the Eurozone’s strongest constituent, Germany.
Mean reversion in financial markets is like gravity to physics, a fundamental law. We have no doubt this law will re-assert itself and the German-U.S. yield spread will revert to the long-term trend. The question, of course, is how the spread corrects. Will durable economic growth and inflation emerge in Europe causing German rates to rise or will the U.S. remain in a secular economic stagnation causing U.S. rates to converge lower with those currently seen in Europe and Japan? Our view is that there are a multitude of forces that will drive rates lower in the U.S. thereby collapsing the spread.
It is generally taken as a statement of fact that interest rates in the U.S. have been manipulated lower purely by the Fed’s zero interest rate policy and the various QE measures they have undertaken. On one hand, we do not argue with that assertion as the effects on the short end of the yield curve are self-evident. On the other hand, QE3 “taper” began at the end of 2013 and was completed in October 2014. Although the Fed continues to buy securities in order to maintain the current size of their balance sheet, there are no longer expansionary purchases taking place. Counter-intuitively interest rates have fallen dramatically since the beginning of the Fed’s “taper”. We argue that disinflation and deflationary forces in play around the globe are the primary factor driving U.S. longer-term interest rates down. These forces dwarf the policy actions being taken by the Fed and other global central banks.
Listed below are the main factors we believe will keep economic growth stagnant, fuel disinflationary pressures and ultimately drive U.S. yields lower:
Deflationary forces around the globe are legion. Despite the battalion of seemingly gargantuan efforts by central bankers to prop up inflation and restart growth, those stated objectives remain elusively out of reach. Ignoring the truth of these circumstances will not diminish their impact on U.S. yields.
Your rating: None Average: 5 (1 vote)
The Trend Trader For Futures Trading on Monday, March 30, 2015
|The Trend Trader helps to identify the current trend status of your favorite futures markets. It not only helps us to stay on the right side of market direction, but also helps us avoid those without a trend. You can even use the grid as a spread matrix too – buying strength and selling weakness. Before you place your next trade, be sure to consult the Trend Trader.|
The Trend Trader for Futures
For Trading On Monday, March 30, 2015
Presented by PatternTrapper.com – 952-892-5550
The Trend Trader is also available for Forex, ETS, and Stocks
For a detailed explanation go to PatternTrapper.com/free-items-articles/the-weintraub-trend-trader-explained.html
|Statement of disclaimer: This information was compiled from sources believed to be reliable, but its accuracy cannot be guaranteed. There is substantial risk of loss in trading futures, forex. ETFs, and stocks. There is no warranty, express or implied, in regards to the fitness of this information for any particular purpose. Past performance is not a guarantee of future results. All materials are copyright © 2015 by Bob Hunt. No part of these resources may be reproduced, stored or transmitted without the prior written permission of the copyright holder.
Bob Hunt is the creator of the Pattern Trapper On-Line Trading Course and the Pattern Trapper ADVANCED Short term Trading Strategies index mentoring program as well as the editor of the daily Pattern Trapper Futures Trading Newsletter. Bob has been an active independent trader since 1982. He began offering market analysis and trading advice to the public in 1999 with the inception of The Pattern Trapper.
Bob specializes in helping traders make sense out of market action by offering a perspective that makes them much more easily understood. The path to learning successful trading techniques starts with an understanding of price behavior. To begin to understand price behavior you must first learn how to create structure out of inherently un-structured market environments. The whole focus of the Pattern Trapper approach is to show traders how to create that structure – to teach them how to create “templates” for interpreting market behavior and spotting opportunity.
Bob is registered with the National Futures Association as a Commodity Trading Advisor.
The Caracas CSE index — seated in possibly the world’s most distressed economy — soared an inexplicable 25% last week, leaving it up 32% so far this year. But outside Venezuela, it was a lousy week for South America’s largest stock exchanges.
In Argentina, Buenos Aires’ Merval dropped 6.3%. The Sao Paulo Exchange in Brazil saw its Ibovespa tumble 3.6%.
On Friday, official data showed Brazil’s economy contracted in Q4, leaving GDP up an even weaker-than-expected 0.1% for 2014.
Essentially all of the ETFs tracking various aspects of Brazil’s markets are fairly beaten down right now but attempting to rally off lows in the past two weeks.
Brazil has some huge companies, but not many stocks drawing attention on the U.S. market. Food giant BRF (NYSE:BRFS) fell 30% from November to mid-March. Mining powerhouse Vale (NYSE:VALE) shares are in a four-year death spiral. Brazilian jet maker Embraer (NYSE:ERJ) showed promise until September, then rolled over into a still-deepening correction.
Fibria Celulose (NYSE:FBR) is one notable exception. The producer and exporter of eucalyptus pulp has been climbing since a May low and is just creeping above 16-month highs. The company is in the midst of a turnaround, with earnings expected to recover and gain 59% this year. Sales remain weak. The stock is also just below a 13.55 buy point in a flat base.
In Argentina, investors can track the Buenos Aires Exchange’s FTSE Argentina 20 using the Global X MSCI Argentina (ARCA:ARGT) ETF. It cleared a four-month consolidation in the week ended March 20, but has since slipped back below the pattern’s left-side high.
But Argentina-based bank stocks trading on U.S. markets have been rallying.
Argentina’s MercadoLibre (NASDAQ:MELI) appeared ready to clear a cup base in February. But it has slumped back below the 50-day moving average. The online payments and e-commerce firm has a 78 Composite Rating. Earnings are seen falling 8% in Q1 after an 18% slide in Q4 last year.
Sue Decker, a former Yahoo exec and Wall Street analyst, says she’s been “obsessed” with the Ellen Pao trial.
Decker’s storied career, which included being CFO during Yahoo’s heyday, has turned her into a Valley powerhouse. She currently sits on the boards of a bunch of powerful companies including Intel, Costco, and Berkshire Hathaway.
She’s been watching the trial so closely, that she attended the closing arguments in person yesterday, pulling her daughters out of school for the day to watch with her.
Why? She heard truth in Ellen Pao’s story. In a column on LinkedIn Decker wrote:
I, and most women I know, have been a party to as least some sexist or discriminatory behavior in the workplace. Many of the examples raised in this trial are behaviors I have personally witnessed along the way. At the same time, the men who may be promulgating it are often very unaware of the slights, and did not intend the outcome. For the women, it happens in little incremental steps, that often seem so small in isolation, that any individual act seems silly to complain about. So we move on. But in aggregate, and with the perspective of hindsight, they are real.
That said, the jury didn’t see the same kind of truth. It basically sided with Pao’s former employer, Kleiner Perkins, on three out of four charges.
The last charge is still being deliberated — the charge that Kleiner fired her for complaining about harassment and filing the lawsuit. The jury had 8 votes against Pao on that charge. It needed 9.
SEE ALSO: Plot Twist: Ellen Pao trial not over yet
WASHINGTON — Federal Reserve Chairwoman Janet L. Yellen said the central bank was likely to take a more cautious and gradual approach toward raising interest rates than in the past, reflecting a weak economy and other risks of tightening monetary…
The San Francisco company on Friday announced a sponsorship deal with the Olympic Games that will vault it into a prominent role at the Games.
Airbnb paid an undisclosed amount for an official Olympics landing page that will showcase its 20,000 spaces scattered throughout 80 neighborhoods as part of the ticketing process.
“Rio residents get to serve as diplomats to their home country, hosting a global audience with real, authentic Brazilian hospitality,” said Joe Gebbia, Airbnb co-founder and chief product officer, at a news conference in Rio.
After feverishly building hotels since winning the Olympics bid in 2009, the city has doubled its capacity to the 40,000 hotel beds required by Games organizers.
Other creative options being explored include housing visitors on cruise ships.
While Airbnb was a popular choice for visitors to the 2012 Olympics in London, some hosts there were threatened with fines for renting to short-term visitors, according to Reuters.
From HotelNewsNow.com: STR: US hotel results for week ending 21 March The U.S. hotel industry recorded positive results in the three key performance measurements during the week of 15-21 March 2015, according to data from STR, Inc. In year-over-year measurements, the industry’s occupancy rose 3.2 percent to 69.3 percent. Average daily rate increased 6.6 percent […]
Google basically said that yes, some former and current Google employees have visited the White House quite a lot in recent years. But, they weren’t there to discuss the Federal Trade Commission’s antitrust probe into the company, as it says The Wall Street Journal insinuates.
“In fact, we seem to have discussed everything but,” Google writes.
The tension between the paper and Google started after The WSJ recently published a major story about the FTC’s 2012 investigation into Google’s anticompetitive practices, after accidentally obtaining the staff’s internal report through an unrelated Freedom of Information Act request. The paper then published a follow-up story about the number of White House visits Google employees during the FTC’s deliberations about its antitrust investigation.
“As the federal government was wrapping up its antitrust investigation of Google Inc., company executives had a flurry of meetings with top officials at the White House and Federal Trade Commission,” the WSJ story begins. It then goes on to say that Google employees have visited the White House 230 times since President Obama took office, based on visitor logs. The piece doesn’t claim to know the content of many of the meetings, but points out how many took place right before the FTC made its decision to drop its antitrust probe.
In a blog post published Friday evening, Google SVP of communications and policy Rachel Whetstone addresses specific claims from the WSJ piece, including the number of White House visits Google made and that the Bureau of Economics findings disagreed with the findings of the FTC.
“Given the inaccuracies that have been published, we wanted to give our side of the story,” she writes.
Here’s Google’s full post, titled “Really, Rupert?” (GIFs their own):
Last year Robert Thomson, CEO of News Corp, accused Google of creating a “less informed, more vexatious level of dialogue in our society.” Given the tone of some of your publications, that made quite a few people chuckle.
This week you were at it again. One of your newspapers, The Wall Street Journal, accused Google of wielding undue political influence. Blimey!
More seriously, given the inaccuracies that have been published, we wanted to give our side of the story. Here goes.
Wall Street Journal:
“The findings [from the Bureau of Competition] stand in contrast to the conclusion of the FTC’s commissioners, who voted unanimously in early 2013 to end the investigation.”.
As the FTC made clear this week: “… the Commission’s decision on the search allegations was in accord with the recommendations of the FTC’s Bureau of Competition, Bureau of Economics, and Office of General Counsel” (something the Journal has chosen not to report).
Wall Street Journal:
“Since Mr. Obama took office, employees of the Mountain View, Calif., company have visited the White House for meetings with senior officials about 230 times … In comparison, employees of rival Comcast Corp., also known as a force in Washington, have visited the White House a total of about 20 times … Google’s knack for getting in the room with important government officials is gaining new relevance as scrutiny grows over how the company avoided being hit by the FTC with a potentially damaging antitrust lawsuit”.
Of course we’ve had many meetings at the White House over the years. But when it comes to the information the Journal provided to Google about these meetings, our employment records show that 33 of the White House visits were by people not employed here at the time. And over five visits were a Google engineer on leave helping to fix technical issues with the government’s Healthcare.gov website (something he’s been very public about). Checking through White House records for other companies, our team counted around 270 visits for Microsoft over the same time frame and 150 for Comcast.
And the meetings we did have were not to discuss the antitrust investigation. In fact, we seem to have discussed everything but, including patent reform, STEM education, self-driving cars, mental health, advertising, Internet censorship, smart contact lenses, civic innovation, R&D, cloud computing, trade and investment, cyber security, energy efficiency and our workplace benefit policies. For example:
As the FTC has said, the Journal “makes a number of misleading inferences and suggestions about the integrity of the FTC’s investigation. The article suggests that a series of disparate and unrelated meetings involving FTC officials and executive branch officials or Google representatives somehow affected the Commission’s decision to close the search investigation in early 2013. Not a single fact is offered to substantiate this misleading narrative”.
We understand you have a new found love of the regulatory process, especially in Europe, but as the FTC’s Bureau of Competition staff concluded, Google has strong pro-competitive arguments on our side. To quote from their report “… the record will permit Google to show substantial innovation, intense competition from Microsoft and others, and speculative long-run harm”.
And the FTC was not alone when it comes to search ranking and display. The Texas and Ohio Attorneys General closed their comprehensive competition investigations into Google in 2014. And courts in Germany and Brazil found that there is no basis in the law for Google competitors to dictate Google’s search results.
SAN FRANCISCO (Reuters) – Yahoo Inc (YHOO.O) and Microsoft Corp (MSFT.O) agreed to extend by 30 days the deadline to re-negotiate a ten year search deal, as the two Internet companies attempt to revamp a thorny partnership crafted by fo…