Cantor Morning News | Overnight Stocks

Lloyds' CEO + Eric Daniels, Lloyds’ CEO, has become the latest banking boss to waive his bonus in an attempt to defuse the political row about remuneration. Mr. Daniels yesterday told the board that he would not take a Ł2.3M payout, marking the second year in a row that he has turned down a bonus. Mr Daniels will receive his Ł1.035M base salary.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7037043.ece

Greece +/- A standoff between Greece and its euro-zone partners over the timing and terms of a potential rescue is nearing a crucial juncture as the cash-strapped country faces a key test of investor willingness to keep funding its ballooning deficit. http://online.wsj.com/article/SB10001424052748703494404575081692833244272.html?mod=WSJ_hpp_LEFTWhatsNewsCollection

AFL +/- Fitch Ratings downgraded disability insurance provider Aflac Inc. one notch and took the insurer off its Negative Watch. The ratings service downgraded Fitch's IDR to A from A+. Both are investment-grade ratings. Fitch also downgraded several of AFL 's outstanding notes to A- from A.

http://www.nytimes.com/aponline/2010/02/22/business/AP-US-Fitch-Ratings-Aflac.html?_r=1

MSFT, AMZN +/- Microsoft Corp. said it reached a patent licensing agreement with Amazon.com Inc. that gives the online retailer rights to use open-source software in its Kindle electronic book reader and servers based on the Linux operating system. Under their agreement, MSFT said AMZN will pay it an undisclosed sum. MSFT said in a statement that the deal was a patent cross-license agreement under which it will also gain rights to AMZN patents that it didn't identify.

Credit Cards +/- Pressured by demands on their wallets during the holidays, credit card holders continued to struggle to make payments in the last three months of 2009, according to data from credit reporting agency TransUnion. The rate at which card users fell behind 90 days or more on their payments was 1.21%, flat with the same period in 2008. But the rate rose from 1.1% in the 2009 Q3. http://www.miamiherald.com/2010/02/22/1494416/credit-card-delinquencies-flat.html

TM - The president of Toyota's U.S. operations will apologize for the co.'s slow handling of sudden acceleration problems in its vehicles during congressional testimony on Tuesday. James Lentz will acknowledge that TM took too long to confront the issue amid poor communications within the co., with government regulators and with its customers. Mr. Lentz's written apology was prepared for the House Energy and Commerce Committee's investigative panel, which is holding the first congressional hearing on Toyota's safety issues.

http://online.wsj.com/article/SB10001424052748704188104575082992364231862.html?mod=djemalertNEWS

ZLC +/- U.S. private-equity firm Apollo Management is looking to pick up a stake in struggling U.S. jewellery retailer Zale Corp., the Wall Street Journal said, citing people familiar with the matter.

Apollo would install its own management team as part of the deal, the paper said, citing people familiar with the matter.

Greece +/- Gerald Corrigan, managing director of Goldman Sachs, said that currency swaps his bank had entered into for Greece in 2001 could have been more transparent. He told the Treasury Select Committee that there was “nothing inappropriate” about the deals, which produced “a rather small but nevertheless not insignificant reduction in Greece’s debt to GDP ratios at that time”. Giving evidence on the issue of whether some banks are too big to fail, Mr Corrigan said that Goldman had benefited from about $28B (Ł18B) of taxpayer funds, including money for credit default swap contracts with AIG, the insurance group that was bailed out in Sept. 2008.

http://www.cantormorningnews.com/admin/data.php?data_section_id=50&data_entry_id=-1&edition_id=175

APEI + American Public Education Inc.'s Q4 profit jumped 66% on double-digit revenue growth.

Shares climbed 5% to $41.47 in after-hours trading as online for-profit education provider's results topped Wall Street's expectations. http://online.wsj.com/article/BT-CO-20100222-715068.html?mod=WSJ_earnings_MIDDLETopHeadlines

Euro +/- German Chancellor Angela Merkel criticized market speculation against the euro, saying that financial institutions bailed out with public funds are exploiting the budget crisis in Greece and elsewhere. http://www.businessweek.com/news/2010-02-22/merkel-slams-speculation-against-euro-warns-of-resentment-.html

ECHO + Echo Global Logistics Inc., which provides online systems that manage truck, train and air shipping logistics, posted a four-fold jump in its quarterly as higher shipment volumes more than offset a drop in transportation rates. For 2010, ECHO said it expects earnings of $.41 to $.45 a/s and revenue of $355M to $370M. Analysts on average were expecting earnings of $.45 p/s on revenue of $358.2M, according to Thomson Reuters. For the Q4, the co. reported net income applicable to common shareholders of $3.2M, or $.15 a/s, compared with about $0.5M, or $.04 a/s, a year ago. Revenue for the quarter rose 47% to $80M.http://www.reuters.com/article/idUSSGE61F0DB20100222?type=marketsNews

Heard on the Street +/- Discusses if the residual value of these autos fall, the car maker could take a hit through its financing arm.

BAM, GGWPQ +/- Canadian property giant Brookfield Asset Management Inc. is readying a bid to take a large stake in U.S. mall owner General Growth Properties Inc., aiming to top an unsolicited bid made last week by mall rival Simon Property Group Inc. SPG. Brookfield's planned bid, which could be unveiled as soon as this week, would allow GGWPQ to exit Chapter 11 bankruptcy proceedings as a standalone co., with BAM as its largest shareholder, these people said. The SPG bid values GGWPQ equity at about $3B, or about $9 a/s. SPG would also pay off in cash the co.'s unsecured creditors, who hold $7B in debt, valuing GGWPQ at around $10B.

MELI +/- Argentina's Mercadolibre Inc. posted a higher quarterly profit, but sales came in below market expectations hurt by unfavorable exchange rates in Venezuela, sending its shares down 11% in extended trade. Online auction giant eBay Inc. EBAY is the largest shareholder of MELI, which operates online trading platforms in Latin America. For the Q4, net income was $11.3M, or $.26 a/s, compared with $7.9M, or $.18 a/s, a year ago. Revenue rose about 47% to $49M. http://www.reuters.com/article/idUSSGE61L0LY20100222?type=marketsNews

Niska Gas Storage Partners LLC + Niska Gas Storage Partners LLC filed for an IPO worth as much as $402.5M. The California-based co. is the largest independent owner and operator of natural-gas storage facilities in North America, according to a regulatory filing with the U.S. SEC. It owns facilities in Alberta, Canada, northern California, and Oklahoma. Niska said it plans to sell 17.5M units and use proceeds from the IPO to repay revolving credit and for general purposes, including expansion. More detailed terms of the IPO were not disclosed.

http://www.reuters.com/article/idUSN2221693820100222?type=marketsNews

XNPT +/- Biotech firm Xenoport Inc. narrowed its Q4 loss Mon. as reduced operating costs made up for dwindling income from drug development deals. The co. reported a net loss of $18.3M, or $.60 p/s, compared with $18.7M, or $.74 p/s, in the last quarter of 2008. http://www.forbes.com/feeds/ap/2010/02/22/business-health-care-us-earns-xenoport_7377029.html

TXRH + Restaurant chain Texas Roadhouse Inc.'s profit rose 42% as its operating costs fell because commodities were cheaper. In the quarter that ended Dec. 29, the co. earned $8.7M, or $.12 p/s, compared to $6.1M, or $.09 p/s, a year earlier. The latest result beats a 10% p/s prediction of analysts polled by Thomson Reuters, as the co. lowered its costs to improve its profit margin. http://www.forbes.com/feeds/ap/2010/02/22/business-specialized-consumer-services-us-earns-texas-roadhouse_7377033.html

HON + Manufacturing conglomerate Honeywell International Inc. said it is "ready for economic recovery" and expects about 6% to 8% compound annual sales growth over the next five years. Analysts expect the co. to post revenue of $31.82B in 2010, according to a Thomson Reuters survey. Based on 2009 sales of $30.9B qHON reported last month, this would be an increase of about 3% year over year. http://www.forbes.com/feeds/ap/2010/02/22/business-industrials-us-honeywell-growth_7377042.html

European Airlines - European airlines' effort to restructure their troubled industry are getting resistance from labor unions after years of cutbacks. Pilots at Germany's Deutsche Lufthansa AG started a four-day walkout that grounded hundreds of flights Mon. before agreeing in a court hearing to suspend their action, while cabin staff at British Airways PLC voted to strike, but didn't set a date.

Both moves come as airlines world-wide are struggling to overcome their deepest crisis in years by pushing staff, suppliers and passengers to accept less.

The New York Times

San Francisco Fed +/- The US faces the prospect of a jobless recovery, with painfully slow employment growth and the economy not operating at its full potential until '13, a top Fed official said. The official, Janet L. Yellen, president of the San Francisco Fed, said that a sharp increase in worker productivity was “here to stay.” She predicted that unemployment, now at 9.7%, would fall to 9.25% by the end of the year and around 8% by the end of '11. And she described the current inflation rate as “undesirably low.” The Fed has repeatedly said that it would not start to tighten credit for at least several months. When the time comes, Ms. Yellen said, the Fed will probably start by raising the interest rate it pays on bank reserves. Only after that will it gradually sell the Treasury securities and mortgage-related assets it bought to hold down long-term interest rates and support the recovery.

http://www.nytimes.com/2010/02/23/business/economy/23fed.html?ref=business&pagewanted=print

The New York Post

Volcker Rule Under Attack + The Obama administration is backing off a plan to bar commercial banks from engaging in proprietary trading, favoring instead a watered-down version of a key tenet of the proposed "Volcker rule" governing how banks operate, according to people familiar with the situation. Sources told The Post that instead of issuing an outright ban on prop trading, or trading done on behalf of only the bank itself, the White House will propose that federally insured banks keep higher cash reserves if they want to run such trading desks. The about-face comes amid signs the administration faced an uphill battle selling lawmakers and Treasury officials on an outright ban.

http://www.nypost.com/p/news/business/volcker_fooled_iso6WHImNJiV1Vmk9FYm6L

Reuters

MS +/- Morgan Stanley is in late stage talks to sell its stake in China International Capital Corp. (CICC) to Kohlberg Kravis Roberts & Co. and TPG Capital for more than $1B, according to three sources familiar with the situation. MS has been exploring a sale of its 34.3% stake in CICC, one of China's leading investment banks. The bank paid just $37M for its piece of CICC when the Chinese bank was founded 13 years ago. A sale would allow MS to pursue other joint ventures.

Gold Futures +/- Gold hardly moved and hovered below a 1-month high hit the previous day as uncertainty about the timing and pace of monetary tightening in the US drove off some investors. Early bargain hunting pushed up the price of gold to more than $1,115 an an ounce, but there was a lack of follow-through as dealers awaited this week's testimony from the head of the
U.S. Fed, which could set the tone for the dollar. Spot gold was at $1,113.45 an ounce by 0254 GMT, down $.15 an ounce, having rallied to its strongest in a month at $1,130.65 on Monday before profit-taking kicked in.

http://www.cnbc.com/id/35530428

Unemployment - Nearly 20% of the U.S. workforce lacked adequate employment in Jan. and struggled to make ends meet with reduced resources and bleak job prospects, according to a Gallup poll. In findings that appear to paint a darker employment picture than official U.S. data, Gallup estimated that about 30M Americans are underemployed, meaning either jobless or able to find only part-time work. Underemployed people spent 36% less on household purchases than their fully employed neighbors in Jan., while 6 out of 10 were not hopeful about their chances of finding adequate work in the coming month, the poll said. Gallup surveyed more than 20K U.S. adults from Jan. 2 to 31. The results have a 1% pt margin of error.

http://www.cnbc.com/id/35535193

Oil Futures - Oil broke a 5 day rally, with prices falling below $80 by ongoing strikes by French oil workers, which could close over half of the country's refining capacity. U.S. light, sweet crude for April fell. The March contract, which expired on Monday, hit $80.51 during the day, the highest for a front-month contract since Jan. 13. London Brent crude was trading lower. Strikes at Total's refineries have entered their 7th day as workers protest against the French co.'s plan to shut 1 of its 6 refineries permanently because of weak demand for fuel. Output has stopped at all the refineries. Workers at Exxon's two French refineries have voted for sympathy walk-outs.

http://www.cnbc.com/id/35529733

MarketWatch.com

WLK + Westlake Chemical Corp. reported 4Q net income of $12.5M, or $.19 a/s, compared to a net loss of $109.6M, or $1.67 a/s, in the same period the previous year. FactSet had produced a consensus forecast of $.20 a/s. The co. said sales for the Q rose 5.5% to $630M.

DTE - DTE Energy Co. reported Q4 net income fell to $120M or $.72 p/s, from $129M or $.79, a year ago. Revenue slipped to $2.12B from $2.17B. Analysts polled by FSR estimated earnings of $.72 p/s. The co. estimated its full-year 2010 earnings at $3.35 to $3.75 p/s.

JWN + Nordstrom Inc. reported Q4 net income rose to $172M or $.77 p/s, from $68M or $.31, a year ago. Net sales rose 10.3% to $2.54B as shoppers returned to stores for holiday shopping. Same-store sales for the quarter gained 6.9% from a year ago. The results came in $.02 below what analysts polled by TR had forecast. JWN, citing continued improvement through the first half of 2010, said it expects same-store sales to increase 2% to 4% for the rest of the year. It forecast 2010 earnings of $2.35 to $2.55 p/s.

NWS + News Corp. said that it agreed to acquire 9.09% of Rotana Group, a Middle East media co., for $70M. Rotana is owned by Prince Alwaleed Bin Talal of Saudi Arabia. NWS has an option to double its holding during the 18 months after the initial deal closes. The holding boosts NWS's presence in the Middle East, "where GDP growth is set to outstrip that of more developed economies in the years ahead," James Murdoch, chairman and CEO for Europe & Asia at News Corp., said.

http://www.marketwatch.com/story/story/print?guid=C0B14D41-4F20-4C1D-AB4C-B5FF1B2D5B83

HD + Home Depot said that it swung to a profit of $342M, or $.20 a/s, in its 4Q to 1/31. For the same period a year ago, the firm posted a loss of $54M, or $.03 a/s. Net sales decreased 0.3% to $14.57B. On an adjusted basis earnings from continuing operations totaled $.24. FactSet had been expecting EPS of $.16. The co. lifted its dividend by 5% to 23.625 cents a share, the first increase since 2006. In '10, it expects EPS from continuing operations to grow by around 15.5% to $1.79. "Despite the tough economic environment, we were able to make solid progress against our key initiatives in 2009," said CEO Frank Blake.

MRK, LLY, PFE + Eli Lilly, Merck and Pifzer said they are forming an independent, not-for-profit co. established to accelerate research on the most commonly-diagnosed cancers in Asia. Initially, the Asian Cancer Research Group, Inc., will focus on lung and gastric cancers, two of the most common forms of cancer in Asia.

ARM + ArvinMeritor Inc., said it would sell common stock and debt and tender for part of one off of its debt issues. The co. plans to sell 15M common shares and granted the underwriters an option on as many as 2.25M more shares. The co. will use the funds to pay down its revolving-credit line and for other purposes. J.P. Morgan, Citi and UBS are running the books for the stock deal. The co. said it would sell senior unsecured notes, using the proceeds to buy back as much as $175M of its 8.75% notes due '12 and for other purposes. And ARM is tendering for as much as $175M of those 8.75% notes. Bank of America Merrill Lynch, J.P. Morgan, Citi and RBS are running the books for the debt offering and they are dealer managers for the tender offer.

NRG - NRG Energy Inc. said its 4Q net income fell to $33M, or $.11 a/s, from $271M or $.97 a/s, in the year-ago period. Revenue rose to $2.1B from $1.7B. Wall Street expected EPS of $.40 a/s and revenue of $2B, according to FactSet. NRG repeated its forecast for adjusted 2010 EBITDA on $2.2B. NRG's board of approved $180M of share repurchases for 2010.

ODP + Office Depot Inc. said its 4Q loss narrowed to $77M, or $.28 a/s, from $1.54B, or $5.64 a/s, in the yr-ago period. Sales fell 6% to $3.1B. The retailer's adjusted 4Q loss decreased to $.06 a/s from $.73 a/s. Analysts expected a loss of $.22 a/s and revenue of $3B, according to FactSet.

OWW - Orbitz Worldwide Inc. said it swung to a 4Q loss of $18M, or $.21, compared to a profit of $8M, or $.10 a/s, in the yr-ago period. Net revenue fell 3% to $175M, while gross bookings rose 17% to $2.5B. For the 1Q, the co. expects a 2% to 6% decline in net revenue, primarily due to the elimination of air and hotel booking fees. Adjusted EBITDA is projected to fall between 0% to 10%.

RSH + RadioShack earned $75.7M or $.60 p/s, up from $60.1M or $.48 p/s, in the same quarter last year. Revenue rose 4.7% to $1.32B while same-store sales, those at outlets open at least a year, climbed 6.1%. The estimate of analysts polled by FSR had been for the co. to earn $.59 p/s on revenue of $1.3B.

BRCD + Brocade Communications reported a Q1 profit of $51.1M or $.11 p/s, compared with a loss of $23.9M or $.06 p/s, for the year-earlier period. Revenue was $539.5M, up from $431.6M for the same period the previous year. Adjusted earnings were $.19 p/s. Analysts had expected earnings of $.15 p/s, on revenue of $548.4M, according to a consensus survey by TR.

GILD + Gilead Sciences Inc. said that the FDA cleared for marketing Cayston, generically aztreonam, as a 3-times-daily inhaled treatment to improve respiratory symptoms for cystic-fibrosis patients with pseudomonas aeruginosa. Cayston was cleared for marketing in Australia in Jan. '10 and received conditional marketing clearance in the European Union and Canada in Sept. '09. GILD has applications for the drug pending in Switzerland and Turkey.

SHLD + Sears Holdings' 4Q net income rose to $430M, or $3.74 a/s, from $190M, or $1.55 a/s in the same period a yr earlier, thanks to improved sales at its Kmart stores. Total revenue fell $33M to $13.2B for the period as the 1.7% increase in Kmart comparable-store sales was offset by a decline of 6.1% in comparable-store sales at Sears Domestic outlets. Adjusted EPS rose to $3.69, vs. $2.94 a yr ago, compared with analyst expectations of $3.48 a/s by FactSet.

GFI - Gold Fields said its fiscal 3Q productino will be 5% below its previous guidance of 850K ounces, as it accelerates the replacement of a water pump column in the Main Shaft at the Kloof Gold Mine in South Africa. Production is expected to return to normal levels by the end of the Q, and production for the June Q should be close to recent levels of production of approximately 5K kilograms of gold.

TM +/- Toyota Motor Corp.'s U.S. unit said it plans to install a brake override feature on "an expanded range" of cars, in order to "provide an additional measure of confidence." The new system, which reduces engine power automatically when both the brake and gas pedals are applied simultaneously, will be made available to the 2005-2010 Tacoma, 2009-2010 Venza and 2008-2010 Sequoia. The installation program is already being offered for some of the co.'s Camry, Avalon, Lexus ES 350, Lexus IS 350 and Lexus IS 250 models. "The brake override feature is not an integral part of the recall remedy, but is instead being added as an extra measure of confidence for Toyota owners," the TM statement said. Shares of TM traded down 0.9% early Tues. morning in Tokyo.

GM + General Motors said it named Stephen Girsky as vice chairman in charge of corporate strategy and business development, effective March 1. Girsky will remain a member of the board, a position he has held since July 10.

Jobs Bill + A job-creation bill that would give businesses tax breaks for hiring workers and allow cos. to write off some expenses cleared a key Senate procedural vote on Mon. By a vote of 62-30, senators voted to cut off debate on a $15B jobs bill. Several Republican senators including Scott Brown of Massachusetts cast "aye" votes.

GSK +/- The U.S. FDA is reviewing data from a long-term clinical study on the diabetes drug Avandia to determine heart-related risks, the drug regulator said. The FDA said the reviews are ongoing and made no new conclusions or recommendations about the use of the drug, also known by its generic name rosiglitazone. "Once FDA completes its review of the data from the RECORD study, the agency will present the totality of new and existing cardiovascular safety data on rosiglitazone at a public meeting in July 2010," said the FDA in a statement. The statement comes in the wake of a media report that the FDA believes GlaxoSmithKline, which manufactures Avandia, should take the medication off the market.

SCHW +/- Charles Schwab Corp. said that it will transfer its stock listing to NYSE Euronext's New York Stock Exchange from Nasdaq OMX Group's Nasdaq exchange. SCHW, which will retain its "SCHW" ticker symbol, will begin trading on the NYSE on March 5, and cease trading on the Nasdaq when the transfer is completed.

SAFM + Sanderson Farms Inc. reported net income of $15.8M, or $.75 a/s, for the 1Q ended Jan. 31, a reversal from the prior yr's loss of $6.7M, or $.33 a/s. Quarterly sales climbed to $420.1M from $388.9M in the yr-earlier period. CEO Joe Sanderson noted an "improved overall poultry market" compared to the 1Q of the co.'s fiscal '09, although prices for poultry products were mixed. Analysts had been looking for quarterly earnings of $.60 a/s, according to the consensus of estimates by FactSet. SAFM said management's "cautiously optimistic about the yr. ahead."

WMT + Wal-Mart said that it signed a definitive agreement to buy Vudu Inc., a provider of digital technologies and services. Vudu is a service built into televisions and Blu-ray players that allows instant access to movies and TV shows. The financial terms of the deal were not disclosed. WMT is expected to close the purchase in a few weeks.

SSTI + Silicon Storage Technology Inc., the producer of memory & non-memory products for application in various digital markets, agreed to a higher deal price in its plan to be acquired by Microchip Technology Inc. Under the amended terms, SSTI holders will receive $3 instead of $2.85 for each of their shares. SSTI's board has approved the amended terms. Subject to conditions including approval by SSTI's holders, the companies hope to close the deal in the 2Q. The companies first agreed to the deal early in Feb. Microchip is the developer of semiconductor products for embedded-control applications.

NM +/- Shipping co. Navios Maritime said that it swung to a 4Q profit of $12.5M, or $.11 a/s, as time charter, voyage and logistic costs fell and taxes decreased. FactSet had been expecting EPS of $.12 a/s. Last year, the firm posted a loss of $5.6M, or $.06 a/s. Revenue fell to $148.7M, from $214.2M. "With our capital expenditures fully funded and less than $60M of debt maturing in 2010, NM is well capitalized and positioned to take advantage of opportunities that may develop," said CEO Angeliki Frangou.

Dow Jones News Service

CVA - Covanta Holding Corp. reported a Q4 profit of $28.3M or $.18 p/s, down from $27.3M slightly more shares outstanding in the more recent period. Total operating revenue decreased 1.6% to $407.2M while total operating expenses declined 1.8% to $346.9M.
Analysts polled by TR most recently forecast earnings of $.23 on revenue of $427M.

Bloomberg.com

Treasuries + The yield on 10yr Treasuries traded near the highest in almost 6 weeks before a bond auction and reports that are expected to show falling housing prices and consumer confidence. The U.S. is scheduled to sell $44B of 2yr notes today, the second of four auctions this week totaling a record $126B. Figures last week showed consumer prices excluding food and energy declined in Jan., bolstering speculation the Fed will refrain from raising interest rates in coming months. Fed Chairman Ben S. Bernanke is scheduled to testify before congressional panels tomorrow and the next day.

http://www.bloomberg.com/apps/news?pid=20601009&sid=akbpc1Xeokn8#

Regional Federal Bank +/- Some Federal Reserve regional bank presidents, concerned that financial-overhaul legislation will imperil their institutions, are making their own case to Congress. Leading the effort are the Kansas City Fed’s Thomas Hoenig, the longest-serving policy maker, and Jeffrey Lacker of Richmond, chairman of the Fed’s Conference of Presidents, said officials with knowledge of the deliberations. In an opening salvo, Hoenig sent a letter Feb. 19 to 14 senators saying proposed laws in the Senate wouldn’t improve financial regulation. Senate Banking Committee Chairman Christopher Dodd has proposed stripping regional banks’ duties while giving the Fed’s Washington-based Board of Governors some oversight of big firms. The measure would leave most of the 12 district banks with little to do outside of helping set interest-rate policy. The presidents’ campaign wasn’t opposed by the board, which has a staff dedicated to dealing with Congress.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNPYlya.UfyA&pos=6#

Bloomberg

The Dollar - The dollar fell against the euro on prospects the Fed will hold its target interest rate near 0 to sustain an economic recovery and as strategists said bets against the 16-nation currency were overdone. The U.S. currency dropped against 13 of its 16 major counterparts on speculation Fed Chairman Ben S. Bernanke will tell Congress tomorrow that last week’s increase in the discount rate isn’t intended to drive up borrowing costs. The franc slid the most in two weeks versus the euro as analysts said the Swiss National Bank intervened to cap the currency’s gain. Futures traders increased bets against the euro to a record this month.

http://www.bloomberg.com/apps/news?pid=20601083&sid=aU3fQzvVfZtM#