Falling
used-car prices roil the auto market - (www.usatoday.com) Used-car
prices are sliding, a boon to penny-pinchers, but troubling for new-car sales. The
auto industry sales recovery in recent years means millions of used cars, many
coming off lease, are starting to flood the market. The result is a decline in
used-car prices that zoomed sky-high after the recession. And the decline is
leading to talk that new-car auto sales growth may be peaking. "We're
going to see a tremendous increase in used-car supply over the next couple of
years," says Larry Dominique, an executive vice president of auto-pricing
site TrueCar. That used-car cascade could dampen new-car sales in three ways.
U.S.
court tosses Argentina, Citigroup appeal in bond case - (www.reuters.com) A
U.S. appeals court on Friday dismissed an appeal by Citigroup Inc and Argentina
of a judge's order blocking the bank from processing payments on $8.4 billion
in bonds issued under the country's local laws following its 2002 default. The
2nd U.S. Circuit Court of Appeals in New York in a brief order declined to find
it had jurisdiction, because the order Citigroup and Argentina appealed over
was a "clarification, not a modification" of a prior decision by U.S.
District Judge Thomas Griesa. The appellate court, though, said nothing in its
decision was intended to prevent Citigroup from seeking further relief from
Griesa.
Time
to worry? Russell 2000 hits 'death cross' - (www.cnbc.com) The Russell 2000 has
been diverging from the broader market over the last several weeks, and now
technicians point out it has flashed a bearish signal. For the first time in
more than two years, the small-cap index has hit a so-called death cross. A
death cross occurs when a nearer-term 50-day moving average falls below a
longer-term, 200-day moving average. Technicians argue that a death cross can
be a bearish sign. While traders have already been quite bearish on the Russell
2000 so far this quarter, no other major U.S. index is near its death cross. The
small-cap index has far underperformed the broader markets during the quarter,
falling 5.3 percent versus the S&P 500 rising 1.7 percent and the Nasdaq
composite climbing
2.5 percent over the last 12 weeks. More evidence of the recent weakness in
small-cap stocks: the Russell 2000 is currently about 7 percent below its
all-time high set at the start of the quarter on July 1, while both the Dow and S&P 500 are just off their own
record levels hit last week.
NY
regulator warns against looming cyber 9/11 - (www.cnbc.com) A
top regulator in New York believes it's only a matter of time before terrorists
strike a major cyber blow against the American financial system. "I'm worried
what we are going to have some major event in the cybersystem that is going to
cause us all to shudder," Benjamin M. Lawsky, the superintendent of the
New York State Department of Financial Services, said Monday at the Bloomberg
Markets Most Influential Summit. Asked if it would resemble, in computer system
terms, a 9/11-like event, he said the damages would be along those lines. "We
like to say that to some extent the failures to detect the 9/11 plot were a
failure of imagination and communication," he said. "I'm worried
about the same thing here—that an event will happen and we'll look back and
say, 'How did we not do more?'"
Insider
Buying Dries Up Defying $275 Billion of Buybacks - (www.bloomberg.com) American companies have seldom spent more money than they
are now buying back shares. The same can’t be said for their executives. A
total of 7,181 insiders bought their own stock this year through Sept. 12 and
23,323 sold shares, according to data compiled by Bloomberg and Washington
Service. The ratio of buys to sells is near the lowest since 2000. At the same
time, corporate repurchases reached $275 billion in the first half of the year,
the second busiest since S&P Dow Jones Indices began tracking the data in
1998. Share purchases by executives are becoming rarer afterseven straight quarters of advances pushed valuations in the
Standard & Poor’s 500 Index to a four-year high. While companies are
pouring money into their own stock because they have nothing better to do with
it, officers and directors aren’t -- and that’s a bearish signal for share
prices, saidBrad McMillan, chief investment officer at Commonwealth
Financial Network.
Tesco
Starts Accounting Probe After Profit Forecast Inflated - (www.bloomberg.com)
Alibaba Group Said to Raise $21.8 Billion in Record U.S. IPO - (www.bloomberg.com)
Citigroup Embraces Derivatives Risk as Deals Surge After Crisis - (www.washingtonpost.com)
Alibaba Group Said to Raise $21.8 Billion in Record U.S. IPO - (www.bloomberg.com)
Citigroup Embraces Derivatives Risk as Deals Surge After Crisis - (www.washingtonpost.com)
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