Cantor Morning News | Overnight Stocks

AAPL +/- An Apple Inc. senior executive said that the iPhone and Mac maker has looked at large cos. as part of its mergers and acquisition strategy, but none have passed muster. COO Tim Cook noted AAPL has traditionally made small acquisitions for talent and technology. But he said no large co. has passed "a strategic and a financial test." AAPL has roughly $40B in cash and securities. http://www.reuters.com/article/idUSN2313006820100223?type=marketsNews

Fed Pres Bullard +/- St. Louis Federal Reserve Bank President James Bullard said on Tues. that regulatory reform proposals before Congress probably won't prevent a future crisis and could hamper the central bank's ability to deal with one. Fed Pres Bullard said a plan for a multi-member financial system watchdog is unlikely to prevent a future crisis because it was not likely to be able to act decisively. "The Fed would be better at navigating this type of decision-making," he said.

Lawmakers are debating financial regulatory reform after a crisis that led to taxpayer-funded bank bailouts and a painful recession. Legislation has passed the House of Representatives but is bogged down in the Senate.

http://www.reuters.com/article/idUSNYS00779520100223?type=marketsNews

C + Citigroup Inc. is in talks to sell a hedge-fund business with about $4B in assets as the bank co. continues to whittle down a $547B pool of assets marked for sale, according to people familiar with the sale talks. SkyBridge Capital, a NY alternative-asset manager led by two alumni of Goldman Sachs Group Inc., is in advanced talks to buy C's fund-of-funds business, the same people said. No pact has yet been signed, and the proposed sale price couldn't be determined.

Consumer Confidence - ABC News reported that its weekly measure of U.S. consumer confidence slipped
further toward its all-time low, indicating that American households are becoming ever more fretful over their personal finances. The ABC Consumer Comfort Index fell to -50 for the week
ended Feb. 21 from -49 in the prior week, setting it just four points away from its record low.

 http://www.reuters.com/article/idUSN2312897420100223?type=marketsNews

NMR + Nomura Holdings Inc. will almost triple annual salaries for some investment-banking and trading recruits, closing a compensation gap with workers who joined in the 2008 takeover of Lehman Brothers Holdings Inc.’s Asian unit. http://www.bloomberg.com/apps/news?pid=20601087&sid=ay088Nn6tBIU&pos=5

DIS + Walt Disney Co. said it was restructuring its ABC News division and a source familiar with the situation said the co. aimed to cut 300 to 400 jobs or more than 20% of its staff.

The staff cuts would be the most substantial since David Westin became president of ABC News 13 years ago. An ABC spokesman said the division employs about 1500 people. http://www.reuters.com/article/idUSN2316932020100223?type=marketsNews

TM - Witnesses at the first of three Congressional hearings on Toyota's recall problems testified that they believe they have found a possible additional cause of unintended acceleration in Toyotas, one that has to do with the vehicles' electronic throttle control systems. http://money.cnn.com/2010/02/23/autos/Toyota_recall_hearing/index.htm

Mortgage Rates +/- Even though signs of a housing recovery are uneven at best, the Federal Reserve is about to take off the training wheels it has had in place for more than a year to help the battered market. The Fed has been buying mortgage-backed securities, the bundling of home loans that are used to fund mortgage lending, since late 2008. But next month it plans to complete its purchase of $1.25T in mortgages. That could be bad news. There is wide agreement that the removal of this support will mean higher mortgage rates, which could hit housing prices and sales hard. Some even worry that this could cause the broader economic recovery to stall. http://money.cnn.com/2010/02/23/news/economy/fed_mortgages/index.htm

Wall Street Bonuses +/- Investment banks and securities firms paid employees in NYC an estimated $20.3B in annual bonuses, according to a report released Tues. by the New York State Comptroller. That was up from $17.4B for 2008. The tally, which is based largely on personal income tax receipts, provides a signpost for what has been one of the most controversial bonus seasons in Wall Street history. For NY, the rapid return of big paydays at banks, a development that has prompted an outcry from many ordinary Americans, is something of an embarrassment of riches, since bigger bonuses mean more money for the public coffers.

http://www.nytimes.com/2010/02/24/business/24bonus.html?adxnnl=1&adxnnlx=1267014228-ihqNR/KuBvMi6xjRi8Pwbg

Greece - Greece's financial instability is spreading to its private-sector banks, the latest indication that the country's credit woes are worsening. Fitch Ratings, citing concerns about Greek banks' funding costs and profitability, downgraded the country's four major banks to triple-B, or two notches above "junk" status. Fitch characterized its outlook for Greek banks as "negative." http://online.wsj.com/article/SB10001424052748703503804575083831024586788.html?mod=WSJ_hpp_LEFTWhatsNewsCollection

Commercial Mortgage Default - The default rate for commercial property mortgages held by U.S. banks more than doubled in the Q4 and may peak at 5.4% at the end of 2011, according to Real Capital Analytics Inc.

The default rate for loans on office, retail, hotel and industrial properties jumped to 3.8% from 1.6% a year earlier, the real-estate research firm said today in a report. The default rate for loans on apartment buildings rose to 4.4% from 1.8%. http://www.businessweek.com/news/2010-02-23/u-s-commercial-mortgage-default-rate-doubled-in-fourth-quarter.html

GM +

General Motors Co. has invested $1.4B in more than a dozen plants and recalled about 5500 union workers since emerging from bankruptcy court in July. The investment and job moves are a stark contrast to last year, when GM shed unwanted factories, implemented unprecedented production cuts and slashed thousands of jobs in bankruptcy. http://www.detnews.com/article/20100223/AUTO01/2230416/1148/auto01/GM-on-the-move-with-$1.4B-investment-in-plants--cranking-up-Lordstown

CQB +/- Chiquita Brands International Inc. posted a narrower Q4 loss as revenue from bananas rose. The co. posted a loss of $27M, or $.60 p/s, versus a loss of $413M, or $9.32 p/s, a year ago. The year-ago period included a non-cash impairment charge of $375M related to its Fresh Express business. On an adjusted basis, the co.'s loss in the latest quarter was $.52 p/s.

Revenue rose 5% to $879M. Banana sales rose 15% to $568M, partly due to higher average European currency exchange rates. Sales of salads and snacks fell 12% to $260M.

CSCO + Cisco Systems is developing an ultra-high-speed system for internet access in partnership with a number of U.S. service providers, according to people close to the co. The move by the U.S. telecommunications equipment maker comes just weeks after Google promised it would build an ultra-high-speed fibre-optic system. The Federal Communications Commission is preparing to unveil its national broadband strategy next month. Unlike Google, CSCO's move does not appear to conflict with existing broadband network operators. http://uk.finance.yahoo.com/news/cisco-joins-google-in-ultra-fast-broadband-race-ftimes-082996e29935.html?x=0

SFP +/- On the heels of the surprise discount window rate hike late last week, and on the eve of Bernanke’s Congressional testimony, speculation abounds as to the when and where of the next round of tightening. We need look no further than the U.S. Treasury press room, as it has announced today a revival of sorts for its Supplementary Financing Program (SFP).

Originally created in Sept. 2008 to provide a pool of funds that could be drawn upon by the Fed in emergencies without adding to excess reserves (before the Fed had the power to pay interest on excess reserves), the SFP hit its peak amount in Nov. 2008 at $558.9B. Thereafter, it was quickly drawn down to about $200B by Feb. 2009, where it remained until Treasury ran into debt ceiling issues in Sept. and announced it would be wound down to $15B. In fact, by Jan. 6, 2010, only $5B remained.

http://www.zerohedge.com/article/fedtreasury-covert-tightening-alert-200-billion-liquidity-be-withdrawn-over-next-8-weeks

LLY - Mexico's antitrust watchdog said it fined Eli Lilly and Co. and other global medical cos. for colluding to inflate prices in government tenders for medicine. LLY and three Mexican pharmaceutical cos. took turns placing winning bids in government tenders to buy insulin from 2003 to 2006, eliminating competition and ensuring artificially high prices, the antitrust commission said. A spokeswoman for LLY, which had global sales of $5.93B in the Q4 of 2009, told Reuters it would appeal the ruling. http://www.reuters.com/article/idUSN2310744920100223?type=marketsNews

Heard on the Street + Discusses Wal-Mart Stores Inc. WMT poses a threat to cable cos' video service with its purchase of Vudu.

BBI +/- With its traditional video-rental business under assault, Blockbuster Inc. has brought in restructuring advisers, looking to buy yet more time to remake itself in the face of new rivals and technologies. In recent days, BBI tapped law firm Weil, Gotshal & Manges and investment bank Rothschild Inc. to look at ways to reduce its roughly $1B debt load and explore other strategies, such as acquisitions or partnerships, said people familiar with the matter. Meanwhile, bondholders have begun organizing and talking with potential advisers to prepare for possible negotiations over reworking the co.'s capital structure, such as converting debt to equity, according to the people familiar with the situation.

GOOG - Google Inc. is expected to confirm Tues. that it is the subject of a European Union antitrust probe, following the complaints of three Internet firms there. The investigation is at an early fact-finding stage. European authorities will examine allegations made by Microsoft Corp.'s German unit Ciao.de, U.S. price comparison Web site Foundem.co.uk, and French legal inquiries site EJustice.fr.

The L.A. Times

Jumbo Mortgages + Rates on jumbo mortgages, loans of more than $729,750 in counties with the highest-cost housing, shot up during the financial crisis as lenders and loan investors shunned anything tainted with even a whiff of higher risk. Rates on big mortgages were especially high relative to those on smaller loans. But in a boon for borrowers in California's expensive housing markets, the jumbo-loan market is starting to return to normal. 2 weeks ago, the average interest rate on 30yr fixed-rate jumbos dropped to 5.79%, a nearly 5yr low, according to rate tracker Informa Research Services of Calabasas. It edged up to 5.88% on Tuesday, still very attractive by historical standards. The average is down from well above 7% in late 2008.

http://www.latimes.com/business/la-fi-jumbo-loans24-2010feb24,0,3771408,print.story

Reuters

Short-Sale Restrictions +/- Securities regulators are considering new short-sale restrictions with no exemptions for market makers, people familiar with the regulators' plans said. The SEC is due to meet on Wed. to vote on rules that would restrict short-selling in a co.'s stock if that stock fell by more than a certain percentage, such as 10%, the sources said. The SEC is considering allowing legitimate hedging during the short-sale curb but no general exemption for market makers, the sources said.

Germany - Germany's economic recovery stalled in the 4Q of '09, as weak private consumption & investment offset a jump in exports, leaving Europe's largest economy on a weak footing going into 2010. German GDP was unchanged in the 4Q of '09, the Federal Statistics Office said with net trade adding 2 percentage pts to GDP as imports fell and exports rose. Private consumption subtracted 0.6pts from GDP in the Oct.-Dec. period, the Office said, while a liquidation in inventories subtracted 1.2pts.

http://www.cnbc.com/id/35556226

Oil Futures - Oil eased below $79 as the dollar nosed higher on Wed., with markets awaiting U.S. Fed Chairman Bernanke's testimony to the US Congress and data on U.S. inventories later for clear direction. U.S. light, sweet crude for April was down, while London Brent crude fell. The dollar held gains as the euro continued to be under pressure from concerns about Greece's public finances and the strength of global recovery. Figures showed Germany's economy stalled in the 4Q of 2009 and a slide in U.S. consumer confidence to a 10-month low stoked doubts about the pace of global recovery.

http://www.cnbc.com/id/35550721

Gold Futures - Gold fell toward $1,100 an ounce Tues. as a resurgent dollar driven by weak U.S. consumer confidence sapped investor risk appetite across the board. Signs of global monetary tightening to guard against inflation, currency volatility due to worries about the debt of Greece, and liquidation related to Comex March option expiration Tuesday also weighed down on prices. Bullion, traditionally seen as a safe haven in economic uncertainties, has been moving in tandem with asset classes that are perceived riskier in nature, taking the lead from equities and other commodities such as oil.

http://www.marketwatch.com/story/newsviewer

MarketWatch.com

AXA - AXA was cut to sell from hold at ING. The co. said concerns over Solvency II, the updated set of regulatory requirements for insurance firms that operate in the E.U. will continue to weigh on shares until the summer, until greater clarity is seen regarding the new rules. ING said if the new proposals were to be implemented, AXS would have a solvency shortfall of 3B euros at yr-end '09, and reaching a comfortable solvency ratio of 150% would require nearly 19B euros in new capital, half of which would have to be raised via new equity. ING cut its target price to 13.6 euros from 18.7, owing to dilutive impact caused by the scale of such an equity increase.

Euro-zone New Orders + Industrial new orders in the 16-nation euro zone saw a monthly 0.8% rise in Dec., the European Union statistics agency Eurostat reported Wed. Compared to Dec. '08, orders were up 9.5%. Economists had forecast a 0.5% monthly fall and a 7% annual rise. For the full year, the 2009 new orders index fell 22.6%, Eurostat said.

DWA +/- DreamWorks Animation reported Q4 profit and sales slipped from a year ago, but the results topped Wall Street's expectations. Net income was $43.5M or $.50 p/s, down from net income of $51.5M or $.58. Sales fell 3% to $194.2M. Analysts had forecast DWA to earn $.37 p/s on sales of $176M, according to FSR.

BNE, RRD + Bowne & Co. definitively agreed to be acquired for $11.50 a/s, or $481M, by R.R. Donnelley & Sons Co., the companies said. On Tuesday, BNE shares closed at $6.97, indicating that RRD, the Chicago printer, is paying a 65% premium. The boards of both companies have approved the terms. Subject to conditions including regulatory clearances and the approval of Bowne's shareholders, the companies said that they hope to close the deal in the second half of 2010.

GRMN + Garmin Ltd. said its 4Q net income climbed to $278.4M, or $1.38 a/s, from $157.7M, or $.78 a/s, in the yr-ago period. Adjusted earnings rose to $1.43 a/s, from $.93 a/s. Revenue climbed to $1.06B from $1.05B. The co. was expected to earn $.96 a/s on revenue of $961M, according to FactSet. GRMN expects 2010 adjusted earnings of $2.75 a/s to $3.15 a/s, ahead of the Wall Street forecast of $2.69 a share.

HTZ +/- Hertz Global Holdings Inc. said it narrowed its Q4 loss to $30.9M or $.08 p/s from a loss of $1.22B, or $3.77 cents p/s a year ago. Revenue slid to $1.74B from $1.78B last year. The Q4 loss in 2008 included nearly $1.17B in one-time charges. Analysts surveyed by FSR estimated the car-rental co. would report earnings of a penny p/s on sales of $1.7B. The co. said it would release its outlook during a conference call on Wed.

ZLC + Zale Corp. said that it swung to a fiscal 2Q profit of $6.66M, or $.21 a/s, from a loss of $31.8M, or $1 a/s, a yr earlier. Excluding items, the co. said it would have earned $.38 a/s. Revenue in the Q ended Jan. 31 declined to $582.3M from $679.4M. Same-store sales declined 11%. The co. said its primary focus over the next 90 days is to strengthen its liquidity profile. It also has formed a committee of independent directors to review a number of financing alternatives.

ADSK +/- Autodesk Inc. reported a Q4 income of $50.1M or $.21 p/s, compared with a loss of $105.3M or $.47 p/s, for the year-earlier period. Revenue was $456.1M down from $489.8M for the same period the previous year. Adjusted earnings were $.30 p/s. Analysts had expected earnings of $.23 p/s, on revenue of $432M, according to a consensus survey by TR.

STEC +/- STEC Inc. said that it expects to report an adjusted p/s loss of $.11 to $.13 p/s for Q1 ending in March, below the current conseus estimate from TR for earnings of $.20 p/s. Revenue is expected to come in between $33M to $35M. Wall Street is looking for $70M in revenue. STEC said it expects the first half of 2010 to be a tough period for its business because of an inventory carryover by its largest customer. STEC also said its board has reaffirmed a repurchase plan of up to $80M of the co.'s common shares.

Crude Oil +/- Crude-oil futures edged higher in electronic trade late Tues. after the American Petroleum Institute (API) reported inventories dropped last week, indicating greater-than-anticipated demand. The industry group said stockpiles for the week ended Feb. 19 fell 3.13M barrels. Analysts polled by Platts were expecting stockpiles to rise by 2M barrels. Gasoline stocks, however, rose 1.738M barrels versus an expected gain of 500K barrels. Distillate stocks fell 834K, and the refinery utilization rate rose to 80.8% from 79.9% in the prior week. Oil for April delivery rose to $79.05 a barrel from a close of $78.86. Oil ended Tues.'s floor session with a 1.8% loss.

KIMTF + Kia Motors Corp. is targeting a 15% rise in U.S. sales for the current year, with production now beginning at the co.'s first factory in the country, according to a Korean news report. South Korea's second-largest auto maker took a 2.9% share of the U.S. market in 2009, and if it meets its new target, its share will surpass 3%, the Yonhap news agency reported, citing co. officials. KIMTF recently opened a factory in West Point, Ga., which is making "a revamped Sorento sport-utility vehicle and a new mid-size sedan, code-named TF," the report said.

BKFCF +/- Shares of Bank of Communications Co. traded 0.5% lower late Wed. morning in Hong Kong, a bit better than the 0.8% slide in the Hang Seng Index, after the bank said it plans to raise to 42B yuan ($6.14B) from a rights issue to holders of both its Hong Kong and Shanghai-listed shares. BKFCF, China's fifth largest lender, said in a filing to Hong Kong securities regulators that it would offer holders of every 10 shares the right to buy 1.5 shares at a future price that is yet to be determined. HSBC Holdings Plc. HBC, which holds a 19% stake in the Chinese lender, didn't say whether it planned to apply to the rights offer. Shares of HBC were down 0.7% in Hong Kong trade on Wed.

Japan's Shares - Japanese shares fell Wed. in Tokyo, taking their cue from weakness in U.S. stocks, as a stronger yen put pressure on exporters. The Nikkei 225 Average fell 1.8% to 10,166.07, and the broader Topix lost 1.6% to 893.19. Among the exporters, shares of Advantest Corp. qATE lost 3.2%, and Canon Inc. qCAJ and Nikon Corp. qNINOF each fell 3%. Toyota Motor Corp. TM saw its stock fall 1.7% after one of its executives testified to the U.S. Congress on the co.'s recent recalls. Elsewhere, South Korea's Kospi shed 0.8% and Australia's S&P/ASX 200 was 1.1% lower.

Greece - Thousands of Greeks went on strike to voice their discontent at the government's plans to impose tough measures aimed at reducing the deficit and regaining market confidence. Two of Greece's main trade unions, the private sector GSEE and the public sector ADEDY, have declared a general strike. Members of the Communist workers' group PAME were also striking in downtown Athens on Wednesday. There will be no flights to or from Athens International Airport, because the Union of Greek Air Traffic Controllers has joined the strike.

http://www.marketwatch.com/story/story/print?guid=55042246-5AA0-4456-A068-3345B4ED0B70

SLXP + Salix Pharmaceuticals Ltd. said an advisory panel at the U.S. FDA has voted to recommend that the agency approve its Xifaxan 550 mg tablets to treat patients managing hepatic encephalopathy. Hepatic encephalopathy occurs frequently in patients with cirrhosis as a result of their end-stage liver disease. There are about 200K patients in the U.S. with the condition, said SLXP in a statement.

TOL +/- Toll Brothers Inc. narrowed its fiscal 1Q loss on 20% lower revenue. The loss for the Q ended Jan. 31 was $40.8M, or $.25 a/s, compared with $88.9M, or $.55, in the yr-earlier Q. Revenue fell to $326.7M from $409M. Pretax write-downs in the Q fell to $33.4M from $156.6M. Homes delivered fell 20% to 596 from 665. In the 1Q, TOL signed contracts to build homes valued at $292.1M, more than double the yr-earlier figure of $127.8M. Those contracts covered 526 homes compared with 266 a yr earlier. The backlog at Jan. 31 was $840.2M, down 20% from $1.04B a yr earlier. The backlog of 1,461 units was down 11% from 1,647 a yr earlier. "A year ago at this time, we feared for the stability of the nation's economic system. That worry seems to be behind us," Chairman and CEO Robert I. Toll said. The housing market "is still in choppy waters but the seas are getting calmer," he said.

Russia - Russian Prime Minister Vladimir Putin blasted 4 billionaires for not investing enough in the nation's power sector and said their firms will face sanctions, news reports said. Putin said OGK-3, controlled by Vladimir Potanin, TGK-2, controlled by Leonid Lebedev, TGK-4, controlled by Mikhail Prokhorov, and Complex Energy Systems, controlled by Viktor Vekselberg, had not met their obligations, Reuters reported. The firms face fines and won't be able to sell power at market prices, the report said.

U.S. Stock Futures +/- U.S. stock futures held steady with traders unwilling to commit before testimony from Fed Chairman Ben Bernanke. S&P 500 futures fell 1.5pts to 1,095.70 while Nasdaq 100 futures rose 3-quarters of a pt to 1,801.70. Futures on the DJIA fell 6pts. U.S. stocks dropped sharply Tuesday after data showing a slide in U.S. consumer confidence as well as a dip in German business confidence.

http://www.marketwatch.com/story/story/print?guid=3E56F779-F8F8-4D2D-B9F7-C9E14D0E6702

India's Shares +/- Indian shares traded range-bound early Wed., as metal and property stocks dropped on weak global cues, though infrastructure-related cos. provided support on hopes they may get a boost from Fri.'s federal budget. The 30-stock Sensex was flat at 16,284.28, and the 50-share S&P/CNX Nifty was little changed at 4,868.15. Tata Steel Ltd. TATIFM declined 0.9%, and Oil & Natural Gas Corp. fell 0.6%, with Reliance Infrastructure Ltd. qBSESF adding 0.5%, and engineering major Larsen & Toubro Ltd. gaining 0.5%.

BusinessWire

VRGY +/- Verigy Ltd. reported Q1 revenue of $106M an increase of $9M, or 9%, from the prior quarter, and an increase of $38M, or 56%, from the prior year period. The loss was $ 0.03 p/s excluding non-recurring items, $0.01 better than the First Call consensus of $0.04.

Bloomberg.com

U.S. Treasuries - Treasuries fell, paring the biggest rally since Dec.r, before an auction of $42B of 5yr notes and a report that economists said will show U.S. new- home sales increased in Jan. The Treasury is scheduled to auction $32B of 7yr securities tomorrow, the last of 4 sales totaling an unprecedented $126B for a single week. Fed Chairman Ben S. Bernanke is scheduled to testify before the House Financial Services Committee today. The Fed increased the rate charged to banks for direct loans last week for the first time in more than 3yrs.

http://www.bloomberg.com/apps/news?pid=20601009&sid=aMRhmyRFkv1I#

Snow Hurricane - A winter storm threatened to dump more than a foot of snow across parts of upstate NY and New England, while forecasters warned of an even more powerful system hitting the northeast tomorrow. Warnings for the current storm stretch from Maine through New Hampshire, Vermont and NY state, as well as Ct. and Massachusetts, according to the National Weather Service. Rain was falling today in NY, while inland it was snowing in Albany, where as much as 13 inches of snow were forecast through the night and today, the agency said. The next storm will develop off the U.S. East Coast out of a system coming up from the Gulf of Mexico, Sosnowski said. They’ll add to what’s already been a benchmark winter in the eastern U.S., where seasonal snowfall records have already been set for Washington and Baltimore. AccuWeather’s Web site describes the coming storm as “nothing short of a monster” and predicts high winds and heavy rain across Long Island, Ct. and NY. The National Weather Service issued a winter storm watch today for New York City to run from late tonight through to the afternoon of Feb. 26. A warning for the current storm ends at 10 a.m. local time.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aSO3VT8kGL2E&pos=9#

The Dollar - The dollar fell for the first time in 3 days against the euro on speculation the Fed will hold interest rates near zero to support growth in the world’s largest economy. The greenback also weakened against the Norwegian krone and the Swedish krona on prospects Fed Chairman Ben S. Bernanke will tell Congress in testimony starting today that last week’s increase in the discount rate isn’t a prelude to higher benchmark borrowing costs. South Korea’s won dropped for a second day after a report showed the nation’s consumer confidence fell. The yen climbed against 15 of the 16 major currencies tracked by Bloomberg.

http://www.bloomberg.com/apps/news?pid=20601083&sid=a.4sah044cFo#

The FDIC +/- The Federal Deposit Insurance Corp. may start selling bonds tied to the assets of failed banks as soon as next month. Initial offerings may include about $2B of the FDIC’s remaining stakes in loans from Corus Bank and Franklin Bank, according to people familiar with the discussions who declined to be identified because the talks aren’t public. The debt would be guaranteed by the agency, they said. The FDIC holds about $40B of assets from seized banks and expects to gather more as institutions continue to collapse after the worst U.S. recession and real-estate slump since the Great Depression, Jim Wigand, an agency official, said. For the FDIC, bond sales could represent an additional way to raise cash from the wreckage, reviving methods used during the early 1990s, he said.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aTgY_DY33TIk&pos=4#