Global Stocks And Euro Retreat As Important Week Begins*


S&P Futures

UPDATE:
In early trading, the Hang Seng is down 1.3%, the Shanghai Composite is down 0.8%, and the Kospi is down 0.3%. Japanese markets are closed in observance of Respect for the Aged Day.


EARLIER:
US equity futures are taking a breather following a perfect week of gains.  Investors are nervously positioning themselves ahead of a two day FOMC meeting after which many expect an announcement regarding "Operation Twist" or some other form of monetary easing.

S&P 500 futures are down 16 points.

Dow futures are down 137 points.

Nasdaq futures are down 28 points.

Meanwhile in Europe, Greece remains under pressure, as reports said the Troika is demanding more spending cuts from the beleaguered nation.  In Germany, Chancellor Angela Merkel's political party took a loss in a regional election.  German policymakers will be debating EFSF expansion and the Greek bailout on Monday.

The Euro is falling against the U.S. dollar right now.

euro dollar

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Source: http://feedproxy.google.com/~r/businessinsider/~3/nWxsnxVAmj0/sunday-night-markets-futures-euro-2011-9

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10 of Wall Street's Big Losers This Week

It was another volatile one for investors. Among the 10 biggest losers this week were the country's largest digital video service provider, recent IPOs specializing in edgy headphones and online dating in China, and even a smartphone company with 70 million subscribers.

Recognize any stocks you own there?

AutoChina led the way down, after the Chinese commercial vehicle sales, servicing, leasing, and support network received a troublesome NASDAQ notice. The exchange is moving to delist the company because it has failed to file its financials in a timely manner.

AutoChina promises to appeal the decision, but investors would just prefer if AutoChina got on the ball and actually met the exchange's compliance requirements.

A head-on collision between AutoChina and NASDAQ wasn't the only thing that went wrong this week. Let's take a look at 10 of this week's biggest disappointments.


What Happened?

Perfect World slipped after lowering its guidance for the current quarter. The online gaming company in China is slowing in-game promotional activity, presumably to extend the life cycle of its products. The end result is that Perfect World is targeting a sequential dip in revenue.

Netflix turned into a horror flick after lowering its domestic subscriber guidance. It now sees just 24 million stateside accounts on its rolls by the end of this month, short of the 25 million that it was originally targeting.

Research In Motion is coming to grips with its waning popularity. There may be 70 million BlackBerry subscribers out there, but its latest quarter was the first time that it sold fewer smartphones than the year before. It also didn't help that Thursday night's report found the BlackBerry picker posting sharper declines in revenue and adjusted earnings than Wall Street was expecting.

Silvercorp stumbled after a second online report surfaced, accusing the silver miner of misrepresenting the productivity and profitability of its Ying Mining Camp mine in China. The Vancouver-based company is disputing the claims, putting its money where its mouth is by buying back shares later in the week.

Jiayuan is China's largest online dating website. There was no Jiayuan-specific news, but dot-com mogul IAC (IACI) acquired a 20% stake in Jiayuan rival Zhenai. The investment should put more financial muscle -- and global clout -- in Zhenai.

JA Solar and Jinko Solar continued their declines as investors steer clear of solar energy stocks. Jefferies solar analyst Jesse Pichel cut his ratings on several stocks in this niche, including JA Solar. Currency moves, pricing concerns, and waning project demand are weighing on the industry. Pichel is slashing his $4 price target on JA Solar down to $2.

Golden Star lost its shine after lowering its production expectations for two of its mines. It now sees its Bogoso/Prestea Mine producing 39,000 ounces of gold and its Wassa Mine cranking out 35,000 ounces. Previous estimates were 43,000 ounces at Bogoso/Prestea and 40,000 at Wassa. Wassa matter, Wassa?

Skullcandy hit a new all-time low on Thursday, though that's not saying much since the company just went public two months ago. The maker of edgy audio headphones went public at $20 a share in July. I guess you can call the last two months a gradual fade out.

Cheer Up

If you own one or more of these stocks, my condolences. Some of these companies should bounce back. If you were looking to buy into any of these stocks, the fundamentals behind the sharp declines will likely temper your enthusiasm -- but congratulations on the opportunity to get in at a more attractive price.

Hold your head up either way. The new trading week awaits at the other end of the weekend.

Longtime Motley Fool contributor Rick Munarriz does not own shares in any of the stocks in this article, except for Netflix. The Motley Fool owns shares of Research In Motion and Jiayuan.com International. Motley Fool newsletter services have recommended buying shares of Jiayuan.com International and Netflix. Motley Fool newsletter services have recommended buying puts in Netflix.

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Source: http://www.dailyfinance.com/2011/09/16/10-of-wall-streets-big-losers-this-week/

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Government May Wait For The Next Panic Before It Acts

In a speech two weeks ago, Fed Chairman Bernanke called on Congress to step up to the plate. But as evidenced by the deadlock right up to the last minute a few weeks ago over simply raising the U.S. debt ceiling, the administration and Congress are gridlocked on every issue, eyes only on next year?s election, and not able to act at this point.

Source: http://www.forbes.com/sites/greatspeculations/2011/09/16/is-government-may-wait-for-the-next-panic-before-it-acts/

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Lesson From A Burst Bubble: Dead Men Don?t Spend

As people get squeezed by the financial correction, they gasp for breath. There are now 46.2 million people in America under the poverty line. Even the wages of sin are falling. The union that represents waiters and cocktail servers at Atlantic City casinos says the hourly base has fallen from $8.74 to only $4.50. And tips are tumbling. Surveys of prostitutes show their earnings are a bit limp, too.

Source: http://www.forbes.com/sites/greatspeculations/2011/09/16/lesson-from-a-burst-bubble-dead-men-dont-spend/

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NFL RECAP: Brees Drops A Bomb, Baltimore Lays An Egg In Week Two


Colts Cheerleaders

It was another high-scoring week in the NFL.

Drew Brees and the Saints recovered from their opening-week loss to the Packers to beat Chicago 30-13.

The Baltimore Ravens suffered a letdown to Tennessee, losing 26-13.

Buffalo went to 2-0 with a late-second 38-35 win over Oakland.

Detroit absolutely dominated Kansas City 48-3 (knocking out Chiefs RB Jamal Charles in the process).

Tampa came back from a 17-0 deficit to stun Minnesota.

Cam Newton had 432 more yards in Carolina's loss to the Packers.

In the late games, Dallas beat San Fran in OT. And New England took it to the Charges 35-21.

See the videos below for the day's biggest highlights.

Note: turn off auto-refresh for easier video viewing



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Source: http://feedproxy.google.com/~r/businessinsider/~3/i4P5gclt-hA/nfl-highlights-week-two-2011-9

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Source: http://www.legaldebthelponline.com/2011/09/18/whats-so-great-about-making-use-of-fax-required-cash-advance-loans/

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Mister Softee?s Windows 8 Could Bite Into Apple?s iPad Sales

Windows 8 seems to have a radically different look and feel, and the most attractive aspect of Windows 8 would be the flexibility to accommodate new tablet devices as well as more traditional desktop PCs.

Source: http://www.forbes.com/sites/greatspeculations/2011/09/16/mister-softees-windows-8-could-bite-into-apples-ipad-sales/

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Source: http://www.legaldebthelponline.com/2011/09/18/after-bankruptcy-credit-standing-repair/

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UBS Rushes To Make Changes After The UBS Trader's $2.3 Billion Loss Shows $10 Billion Wagered On Positions (UBS)


adoboli-kweku

The fallout from the UBS trader who lost $2.3 billion of the firm's money betting on index futures is grim.

Turns out, he wagered $10 billion on positions on S&P 500, DAX, and EuroStoxx index futures over the last three months, and he allegedly falsely accounted for the hedges off-setting the potetial risk of those trades.

Before Kweku Adoboli's ficitious hedges were discovered, the firm had plans to layoff over 3,500 people in order to save $2 billion. Abodoli's loss more than reverses the savings effect of those layoffs.

Other effects:

  • Adoboli's boss, John Hughes, resigned last week
  • Other members of the Delta One team were sent home
  • UBS created a taskforce called "Project Bronze" to unwind the position on Friday
  • UBS appoints David Sidwell, the Swiss bank's British-born senior independent director, and the former CFO of JPMorgan, to lead a team that wil figure out how the alleged fraud was carried out, why risk controls were not activated and to look at putting measures in place to stop it from happening again
  • Deloitte appointed to carry out the joint independent investigation on behalf of the FSA and the Swiss Financial Market Supervisory Authority
  • Oswald Gruebel may be forced to resign

The loss also raises serious questions about the future viability of the UBS investment bank. Adoboli wagered $10 billion, according to the WSJ, and his allegedly fudged accounts of his hedges made it past the firm's risk controls for three months.

The WSJ reports:

The bank marshalled its own taskforce, called Project Bronze, to unwind Mr Adoboli's positions and ensure there are no other surprises lurking. By noon on Friday, the full $10 billion portfolio had been wound down.

One young trader's access to that amount of money, and the fact that he took the losing positions in just 3 months surely concerns clients. UBS sent them a note saying, "We fully understand that this incident has caused you concern. We too are very disappointed, and we assure you that UBS is taking the matter extremely seriously."

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Source: http://feedproxy.google.com/~r/businessinsider/~3/fC_F-VzmrB8/kweku-adoboli-10-billion-sp-500-dax-eurostoxx-3-months-2011-9

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