Cantor Morning News | Morning @ Cantor

� http://www.zerohedge.com/article/vips-sends-memo-obama-warning-israel-may-bomb-iran-early-month?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29

� Overseas Action

o Europe stocks dn 0.7% at 7am et , off lows

o Portugal auction:

� Portugal Debt Agency (IGCP) sold total �1.17B in 6-month and 12-month Bills versus �1.0B indicated

� �Sold �660M in 6-month Bills; avg yield 1.960% v 1.947% prior; Bid-to-cover: 2.4x v 1.8x prior

o Data:

� US MBA Purchase Index +1.5% At 174.9; Last Week 172.3

� US MBA Market Index +1.3% At 730.2; Last Week 720.6

� US MBA Refinance Index +1.3% At 3,969.0; Last Week 3,918.1

� Bullish sentiment increases to 38.9% from 38.2% in the latest Investor's Intelligence poll

� ABC Consumer Confidence (50) in 1-Aug week vs (48) in prior

� Euro-zone services PMI rises less than expected

� Italy July PMI Services: 49.6 v 51.4e; First reading below 50 since Nov 2009

� France July Final PMI Services: 61.1 v 61.3e

� Germany July Final PMI Services: 56.5 v 57.3e

� Euro Zone July Final PMI Services: 55.8 v 56.0e; PMI Composite: 56.7 v 56.7

� July PMI Services: 53.1 v 54.5e; Lowest reading since Jun 2009

� Euro-Zone Jun Retail Sales M/M: 0.0% v 0.0%e; Y/Y: 0.4% v 0.1%e

� Halifax House prices M/M: +0.6% v -0.3%e;

� Mortgage-lender Halifax�s measure of British house prices shows an unexpected rise in July, with the average price rising 0.6% from June.

� Australia�s trade surplus unexpectedly reached a record in June as Chinese demand spurred exports of coal and iron ore, while imports stagnated amid a slowdown in domestic spending

� Indonesia Central Bank Decision: maintained the Reference Rate at 6.50%; as expected

Economics today

MBA Mortgage Purchase Applications at 07:00 ET
Jul Challenger Layoffs at 07:30 ET
Jul ADP Employment Report at 08:15 ET
Jul ISM Non-Manufacturing Index at 10:00 ET
DOE Crude Inventories at 10:30 ET
Obama talks to Big labor today

Earnings:

Companies due to report before the bell include: AYE,CAM, CNP, CTL, DVN, EP, FTR, GRMN, ICE, PCG, PHM, PWR, Q, RL, RRD, SE, TWX
Companies due to report after the close include: ALL, HCN, HIG, MUR, NWSA, PRU, TEG

TODAY�S BIG STORIES

� Top M&A

o BKS +25.5% (to evaluate strategic alternatives)

� BKS ��:� Barnes & Noble put itself on the block, succumbing to investor pressure as digital books erode its traditional business. The bookseller's chairman is weighing forming a group to buy the chain.� WSJ

o MOT� Motorola holder Icahn reports 9.9% stake in 13D filing

o TRB Tribune report unsealed, bankruptcy exit delayed- Reuters

o DTG Dollar Thrifty rebuffs CAR Avis over uncertainty- Reuters

o PLA Playboy board to examine Hefner's bid- Reuters

o SNY Sanofi investors oppose big hike in Genzyme bid- Reuters

o GENZ Genzyme has few takeover defenses- Reuters

o Infineon could be an attractive takeover target after it has sold its wireless solutions unit- Frankfurter Allgemeine Zeitung

� Top $ Raising

o The Erin Burnett Plan: Make General Motors IPO Shares Available to Taxpayers

� CNBC 'Street Signs' host offers bailed out automaker a way for American taxpayers to share in their potential future prosperity.

� http://www.businessandmedia.org/articles/2010/20100803195450.aspx

o Cramer: GM's IPO Should Not Leave Out Taxpayers � CNBC link

� Credit Markets: ��Junk Debt Prices Approach Par � BBG

� Junk bonds are closing in on par for the second time this year as fixed-income investors bet recent signs of economic weakness won�t be enough to derail corporate profits and the ability of the neediest borrowers to repay debt.

� High-yield bonds rose to 98.99 cents on the dollar yesterday after falling as low as 94.47 cents on May 25

� Credit Markets: ��Bond yields fall into abyss as world turns upside down � FT

o The fact that increasing bond supply is not depressing prices and pushing up interest rates is reminiscent of the Japanese experience

o http://link.ft.com/r/WDI4RR/KET2KI/007S7/XT52MZ/9ZK30P/D5/h

� U.S. Consumer Bankruptcies May Exceed 1.6 Million

o U.S. consumer bankruptcies, after rising 9 percent last month from June, might exceed 1.6 million this year, according to the American Bankruptcy Institute.

o The 137,698 bankruptcy filings in July also represent a 9 percent increase from a year earlier, the institute said yesterday in a statement posted on its website, citing data from the National Bankruptcy Research Center.

o ��Debt burdens, unemployment and an uncertain economic climate continue to weigh on consumers,�

� Hedge Fund news:�

o Hedge funds enjoyed their best monthly return of the year in July, according to Credit Suisse�s Liquid Alternative Beta indices. The overall LAB index rose 3.12% on the month, pulling it out of the red and leaving the index up 2.99% on the year.

� Event-driven funds were the strongest performers with a 4.22% July jump (5.93% year-to-date). Long/short funds also did well, adding 3.3% (2.05% YTD).

� The LAB merger arbitrage index rose 1.87% (5.99% YTD), while the LAB global macro index added 1.65% (1.1% YTD).

o Hedge Funds:� through July 30,� average decline of 1.22 percent for stock hedge funds tracked by Chicago-based Hedge Fund Research

o New York lawmakers unanimously repealed a measure to raise $50 million a year by taxing hedge- fund managers who commute into the state, Governor David Paterson said.� BBG

o PE titan Moelis to give back $750M - NYP

� Ken Moelis, the Wall Street banker who cut his teeth at Drexel Burnham Lambert and Donaldson, Lufkin & Jenrette and went on to head investment banking at UBS before striking out on his own, is becoming one of the first private-equity titans to return significant unspent money to investors after failing to find companies to buy.

� The 52-year-old founder of Moelis & Co. will soon be releasing investors in its $1.5 billion private-equity fund from $750 million of commitments

� http://www.nypost.com/p/news/business/deflation_downer_QsbhcgXT9Q6CL7jDiGroBN?CMP=OTC-rss&FEEDNAME=#ixzz0vd2NFAMF

o Asian hedge funds had more than $360 million in new capital in the second quarter, reversing a net asset outflow in the first quarter, as the Chinese central bank took steps to increase flexibility of its currency policy, according to Hedge Fund Research

o Goldman Sachs executives are weighing spinning off at least a part of the bank�s private equity business following financial reform legislation, Fox Business reported on Tuesday.� The discussions were prompted by concerns about the Volcker rule

o GlobeOp Financial Services�� Dow Jones)--Hedge-fund service provider GlobeOp Financial Services SA (GO.LN) Wednesday reported a 10% rise in the assets it administrates, to $120 billion, helping it boost revenue and report a $19.9 million pretax profit for the first half.

o Dear Hedgies: Connecticut Wants You! from WSJ.com

� Connecticut Gov. Jodi Rell wooed hedge funds firms over steak dinner Monday night, as the Nutmeg State tries to convince New York financiers to cross the border

� New York Senate Passes Revenue Bill to Complete Overdue Budget - BBG

o New York�s Senate approved an $869 million revenue bill, the last piece of a $136 billion budget that was more than four months late, to close a $9.2 billion deficit

o The revenue package approved yesterday includes $330 million from a sales tax on clothing purchases of less than $110 and $100 million from a limit on charitable deductions for 3,500 taxpayers who earn more than $10 million a year. Earlier, both chambers passed a contingency plan to cut as much as $1.08 billion of spending if federal Medicaid funds trail forecasts.

� Minnesota Gets Lowest Rates in 13 Years for Biggest Debt Sale � BBG

o Minnesota�s borrowing costs were close to the lowest level in at least 13 years as it sold $860 million in tax-exempt bonds, the mid-western state�s largest issue.

� Inflation:� Bacon Surge May Last Through August as Herd Cuts Tighten Supply � BBG

o Bacon lovers in the U.S. are paying record prices during the seasonal summer peak for consumption, and costs may keep rising through August because smaller hog herds led to an unprecedented plunge in meat inventories

o Wholesale pork bellies, which are cured and sliced to make bacon, are up 72 percent in the past year to $1.4308 a pound, the highest price since at least 1998, government data show

� White House may end ban on deepwater drilling early from Wash Post

� The Obama administration may end its ban on deepwater drilling "significantly in advance" of its Nov. 30 expiration date, the administration's top official in charge of drilling told reporters Tuesday.

� US Finds Most Oil From Spill Poses Little Additional Risk � CNBC link

o The government is expected to announce on Wednesday that three-quarters of the oil from the Deepwater Horizon leak has already evaporated, dispersed, been captured or otherwise eliminated � and that much of the rest is so diluted that it does not seem to pose much additional risk of harm.

� Toyota Swings to Profit as Sales Rise; Lifts Forecast� � CNBC link

� Banks Continue to Suffer From Weak Revenue: Whitney � CNBC link

o Meredith Whitney appeared on CNBC and was about as bearish as ever, not only on financials, but on housing as well. In addition to saying that she expects the housing market to get worse in Q3 and Q4, reiterated� that all the recent earnings beats by financials have been an accounting sham

� Tech:

o UMC.. United Microelectronics., the world�s second-largest custom maker of chips, said quarterly profit more than tripled, beating analyst estimates

o PCLN +16%, significantly ahead of expectations� Stronger than Expected Euro helps

o E-gaming;� ERTS +4.7%,� street lieks outlook, depsiote mixed quarter

o Acer- Very strong Q with Asian PC demand driving the good numbers. Acer saw FX headwinfds in the Q, but the strong demand more than offset the lsoses. Shipments rose 45% in the Q vs market avg of 36%.

� EU financials in focus�today

o Lloyds beats�.up 1.5% today

o Soc Gen big beat on earnings

o Standard Chartered Plc, fell as much as 4.9 percent in London trading�.the U.K. bank that gets more than three quarters of its earnings from Asia, posted record six-month profit as provisions for bad loans fell by more than half.

o Munich Re's earnings beat analyst estimates and company raised it outlook for gross premium revenues. Shares opened 1.1% after the results.

o Legal and General opened up by 0.7% as company reported a growth in earnings

o Allied Irish Banks Plc tumbled 6.3% to �0.925 after reporting a wider first-half loss.

o Insurance companies mostly beat estimates today in EU:

� Munich Re, beats est..better gains on investments.��

� AXA dn 2% - beat ests�

� Cathay pacific up 4% - beats estimates�.

� LEAP, -4.8% after hrs

o Leap Wireless upgraded to Buy from Hold at Auriga - Auriga upgraded Leap Wireless following the company's Q2 results and analyst day citing valuation, longer-term potential for consolidation, and prospects for business improvements.

� PCS -3.4% (LEAP sympathy)

� DEPO +16.2% (receives confirmation from PFE that no infringement suit will be file on DM-1796 NDA)

� DNDN +4.3%,� Dendreon Reports Strong Provenge Growth, Reimbursement Progress

� �CBS +3.2%,�� Advertising mkt looking OK!

� PBI -4.6%,�� Pitney Bowes gduiacnea weighs

� REIT:� AVB -3.8%,�� Core results in line. No guidance yet

� Consumer sector busy wed�..recall Tues big Consumer stock slump in US

o High end consumer falters �WFMI -5.5%,�� conservative outlook

o UK�s Next warns of consumer spending slowdown

� �One of the UK's leading fashion chains warned today that prices may rise by as much as 8% next year due to higher costs and January's VAT hike.

� and the forthcoming rise in VAT keeps shoppers away from the high street.

� There has been a noticeable cooling in retail demand in recent months, the mood amongst consumers is best characterised as cautious," the company said in a statement

� Shares slump 7%

o Swatch profit jumps amid return to luxury � FT

o Art Sales Revive From Their Swoon - WSJ

� A year and a half after art prices plunged, the world's chief auction houses say they have recaptured much of their pre-recession momentum

� Christie's International PLC said it sold $2.57 billion of fine and decorative art in the first half, up 43% from a year earlier and the second-highest in the company's history

� Sotheby's said it auctioned $2.2 billion of art in the first half, more than double a year ago. It will release its consolidated sales totals Thursday.

� http://online.wsj.com/article/SB10001424052748704499604575407450687638796.html?mod=WSJ_hps_LEFTWhatsNews

� HENKEL� ups 2010 guidance as 2Q profit tops expectations

� Chinese car and battery maker BYD said Wednesday it slashed its 2010 auto sales target by 25%, due to softening domestic demand and production constraints because of an increased focus on larger cars.

o BYD, 10%-owned by MidAmerican Energy Holdings Co., a unit of Warren Buffett's Berkshire Hathaway Inc.,

o http://online.wsj.com/article/SB10001424052748703947504575408263597146110.html?mod=WSJ_newsreel_business

� Saudi Ban Rains On RIM's Party � WSJ link

o Saudi Arabia ordered a ban on BlackBerry services starting Friday, the move came hours after RIM executives hosted an event to unveil their newest smartphone, the Torch.

� Tech Gadgets Steal Sales From Appliances, Clothes � WSJ link

� Americans are spending more on electronics like iPads and flat-screen televisions and less on durable goods like furniture, washing machines and lawn mowers, according to government data.

� Foreclosed On�By the U.S. � WSJ link

� The Fed has foreclosed on some properties and is facing the prospect of more�from homes to commercial buildings�as a result of its souring Bear Stearns portfolio.

� POLITICS Stories

o President�s numbers drop again � The Hill

� The White House awoke Tuesday to dismal numbers from USA Today and Gallup, which found only 41 percent of those surveyed approve of Obama�s job performance.

� Cook�s most recent projection is that Republicans will pick up between 32 and 42 seats in the House this fall. The GOP needs to win 39 seats and lose none to win back the majority.

� http://thehill.com/homenews/administration/112521-presidents-numbers-drop-again

o Report Slams Stimulus-Plan Uses� - WSJ

� Republican senators released a report Tuesday singling out 100 projects funded by the White House's economic-stimulus plan that they call wasteful, including spending on certain scientific research, little-used public infrastructure and leisure facilities.

� Sens. Tom Coburn of Oklahoma and John McCain of Arizona also highlighted stimulus-funded construction work which appeared to be inefficient or has been described as disrupting local businesses, in a list of projects which they say "give taxpayers the blues."

� http://online.wsj.com/article/SB10001424052748704499604575408071782117604.html?mod=WSJ_hps_MIDDLEThirdNews

o Businesses Split Over Tax Credits�� WSJ

� A number of large U.S. companies have embraced Democratic proposals to end some tax breaks on overseas profits, the first opening in what had been unified opposition to ending the controversial provisions.

� In a letter to Senate leaders Monday, 22 firms including Bank of America Corp., General Electric Co. and Hewlett-Packard threw their support behind a recent proposal from Sen. Max Baucus (D., Mont.) that would end certain small tax breaks on overseas income, raising $11.5 billion over 10 years to pay for tax incentives the firms are eager to maintain, including the research tax credit

� http://online.wsj.com/article/SB10001424052748704499604575407681509405708.html?mod=WSJ_newsreel_business

o Obama Courts Labor Support for Trade Deal� - WSJ

� The Obama administration is promising labor unions that it will enforce a range of worker protections in new trade pacts in an effort to win labor's support of a revised South Korea free-trade agreement.

� President Barack Obama is aiming to present a new version of the trade agreement at the Group of 20 nations summit in Seoul in November and has made it a centerpiece of his efforts to boost U.S. exports and job growth

� http://online.wsj.com/article/SB10001424052748704499604575407790047897522.html?mod=WSJ_hps_MIDDLEThirdNews

o Obama Freezes Bonuses for Some Government Workers

� President Barack Obama on Tuesday ordered bonuses be frozen for political appointees in the federal government, as the White House sought to show it was being careful with taxpayer dollars before the Nov. 2 congressional elections

� http://www.cnbc.com/id/38549072

o DOJ Threatens to Sue Arizona Sheriff Joe Arpaio� from The Washington Independent

� Controversial Arizona Sheriff Joe Arpaio will face a Department of Justice lawsuit if he does not cooperate with a civil rights investigation, according to a letter obtained by the Arizona Republic. The Justice Department began an investigation into allegations of discrimination and unconstitutional searches and seizures last year. The sheriff�s office said at the time they would not cooperate with the investigation.

o Taliban is winning Afghan war, says Zardari from Financial Times

� Pakistani president warns on London visit that Nato forces are �losing the war against the Taliban� as he arrives in London for a �frank discussion� with David Cameron on �terrorism

o Israel-Lebanon Clash Escalates Tensions � WSJ link

o Israeli army returns to Lebanon border clash point from Reuters

� The Israeli army moved a crane back into a tense frontier zone with Lebanon on Wednesday to complete a tree-pruning mission that led to the deadliest violence along the border since a 2006 war.

o Islamist group claims Japanese tanker attack from Financial Times

� A group linked to al-Qaeda says a suicide bomber from its organisation was responsible for last week�s attack on M-Star in the Strait of Hormuz, a key waterway in the Gulf

CANTOR TRADING RECAP

� Equity Recap

o They had them mixed coming in this morning with earnings still dominating the market, but after yesterday�s rally (which had a decent amount of short squeeze) it was hard to keep them higher here on the light volume and so so economic data without some real buyers. Earnings continue to do better, but there�s not much that makes the buyers want to get aggressive and try to take the cover off the ball. Still seeing the signs that we�re overbought and due for a pullback but somehow the market still has some legs. Most of the action we saw here was profit taking � getting a hold of the prices that were trumped up yesterday, buying was light and if there�s some new money to be spent, it seems investors are holding out - neither side was looking to be very aggressive, although for the right price you have buyers that would take down a chunk of stock. Saw selling across the board for most of the day with value and growth guys picking their spots on the way down, some hedgies and value types back shorting but being conservative with the shares. Internally sell names were about 2-1 over buyers, the breadth of the market had 1 � declining issues for every 1 advancing. Technically we still get support at 1114 200dma,1100 and then 1088 - last week�s low.

o Billy Clark and Team

� Rates Commentary

o The Treasury market opened up the New York session with a firm bid once again led by the intermediate sector of the curve as foreign buying coupled with the continued talk of the Fed easing/QE II. The original set of data today: personal income/spending was slightly worse than anticipated 0.0% on both, but the UST markets did have any follow through on actually staging a small selloff thereafter. Buying, however, quickly reemerged as equities opened negative, the 10AM eco release including the dismal pending home sales -2.6%, expectations for 4.0% and factor orders -1.2% expectations for -.5% and later on the worse total vehicle sales in July. The UST market continued this bid into the early afternoon with the short and intermediate sectors of the curve trading near or at historical low yields (2s .518%, 3s .763%, 5s 1.533%). The trend of the long end significantly lagging once again occurred with 5/30s out ~10bps intraday trading over 250bps, 10/30s out ~4bps intraday trading over 114bps. Overall volumes were on the light side throughout the session..

o Treasuries came off these levels throughout the afternoon with the curve giving back some of the overnight and morning move. At 3PM yields were ~2-9bps lower with the 5 year the best performing benchmark and the 30 year the worst, 5/30s finished steeper by 6.8bps at 249.2 and 10/30s steeper by 3.0bps at 113.2.

o Tomorrow the first look at July's employment will be released with ADP at 8:15, the market consensus is currently 33K. The Treasury will also have its August Refunding announcement at 9:00 including next weeks 3 year, 10 year, 30 year auction and a potential for a change in their current TIPS issuance.

o Primary Dealer

� Investment Grade Recap

o IG spreads were mixed today, opening softer in the morning led by recent deals (NWL, EXPE,...) before going out with a better tone. Again, secondary was overshadowed by a large new issue calendar with over $7BN in issuance, a big number for any day and following one of the busiest days of the year Monday. Pride (PDE Ba1/BBB-) started off as a ten year, became a 10yr and a 30yr and traded up 1-2pts in secondary, we were active in both, going out better buyers as it seemed allocations were lacking across the board.

o Again, the same theme remains with few (if any) enthusiastic buyers of credit, moreso a continued case of cash inflows and that cash needing to be put to work...we traded 10MM+ ROSW 14s wrapped around +10 and we just missed HON 3.875 14 on a bwic at -6/5yr...we continue to be axed buyers across the curve and in particular of higher quality 3-6yr paper.

o Michael Salemo

CMBS Recap

o Though light on the BWICs ($240mm) saw better buy interest, especially outside of dupers- sold WBCMT 05-C21 AJ and COMM 01-J1A G.� Duper spreads were unchanged to a couple bps wider with GG10s +342/$101-18.� As far as the selling, insur cos have become a larger part ($105mm today), especially in the AM, AJ and seasoned credit side. Also saw a couple '07 A2 BWICs which continue to trade in the mid +200s.

o Same story as yday with clean AM/AJ paper doing well and out performing the rest of the CMBS mkt.� The 2:00 list traded at the high end of our thoghts.� MLMT 07-C1 AMs cvrd $87-08.� We didnt buy but like the deal.� Despite the rally still like paper like this but obviously not as much as a month ago.

o MLMT 07-C1 AM�� GSMS 07-GG10 A4�� HY CDS�� Spread/Price�� Spread/Price�� CMBX4 AM�� Spread/Price�� 7/21�� +668� /$84-08�� +377� /$99-02�� $75.46�� +596� /$96.21�� 8/03�� +618� /$87-08�� +342� /$101-18�� $77.55�� +534� /$98.61�� -50�� 3-00�� -35�� 2-16�� 2.09�� -62�� 2.40

o �New issue market alive and well, at least for a week.� Hear GS deal multiple times done and JPM is out with a Vornado deal.� If anyone is lookig to swap into the new deals, we are a +130 bid for $10mm OBP 10-OBP As (One Bryant Park).

o �(NYT) Cond� Nast to Move to Skyscraper at Ground Zero:� They are the lead tenant in 4 Time Square (FTST 06-4TS).� This news should have ZERO effect on where the FTST bonds trade given that Cond'e Nast's rent is way below mkt.

o Geordie Walker

Converts recap

o We closed relatively flat from the close last night and Trace volumes were fairly heavy today. Supposedly a block of 75MM VMED traded today. The Stock prints would indicate that is possible. Volumes continue to be across many names and sectors indicating that customers are able to find liquidity when needed. We are anticipating a $350MM new issue to be priced tonight for Teleflex (TFX). Price talk was 3.75% coupon with a 17.5% premium in the mid price range. The bonds were +1/4 - +1/2 in the grey market.

o Tom Fazio

o Senate Democrats shelve oil spill legislation until fall from Los Angeles Times

� Lawmakers are unable to rally enough support for a bill that would raise the liability cap for economic damage caused by a disaster like the one in the Gulf of Mexico. Democrats will try again in September

� Senate leaders Tuesday shelved offshore drilling legislation that would lift the liability cap on oil spills, while BP moved ahead with a pumping operation to plug its infamous Gulf of Mexico well.

o White House may end ban on deepwater drilling early from Wash Post

� The Obama administration may end its ban on deepwater drilling "significantly in advance" of its Nov. 30 expiration date, the administration's top official in charge of drilling told reporters Tuesday.

o US Finds Most Oil From Spill Poses Little Additional Risk � CNBC link

o BP may face $20B in penalties for oil spill � FT

o BP: 'Static Kill' Achieved in Gulf

� BP said its Macondo well in the Gulf of Mexico appears to have reached a "static condition" after the oil major stopped pumping heavy drilling fluid into it

o Dow CEO Predicts �Rising Tide� of Mideast Gas Prices (BBG)

� Dow Chemical Co., the largest U.S. chemical maker, said its joint venture with Saudi Aramco may be among the last projects of such a size to benefit from cheaper energy and raw materials because Middle-East prices will rise

� Regional hydrocarbon prices may climb following the �inevitable� sale of Iran�s state-owned National Petrochemical Co., Dow�s Chief Executive Officer Andrew Liveris said today on a conference call with analysts. That would end up hurting the competiveness of exports from the area, he said.

� �Competitive priced gas, and therefore ethane, in the Middle East has a very short time frame,� Liveris said.

� �Everyone is going to start having a rising tide on gas and ethane price.�

o Anadarko Petroleum� said it arranged $6.5 billion in new financing following a record oil spill at the site.� BBG

o EDF SHARES RISE 5% ON ELECTRICITY PRICE INCREASE�� - BBG

o The Financial Time reported that some of the recent strength in crude oil prices is attributable to lower production in the North Sea as a result of scheduled maintenance. Citing analysts, 'Oil companies such as Nexen have delayed supply of some cargoes of physical Brent blend crude as many of the North Seas 50 or so fields undergo planned seasonal maintenance and production in others stops due to unplanned outages

o BEXP Brigham Exploration announces 52,800 acre expansion in Williston Basin

o RAME RAM Energy Resources downgraded to market perform from market outperform at Rodman & Renshaw ; NAV cut to $2.25 from $2.50. The firm cites the lower production outlook and increased operating expenses.

o GSX Gasco Energy reports Q2 GAAP EPS

o POWL Powell Industries reports.. Guides full year EPS to $2.95-3.20 vs prior $2.10-2.35 and Reuters $2.33; guides revenues to $560-575M vs prior $550-575M and Reuters $558.2M.

o AREX Approach Resources reports Q2 EPS

o BEXP Brigham Exploration reports Q2 EPS

o MPET Magellan Petroleum names Antoine Lafargue as CFO and Treasurer

o API reports crude inventories (776K) vs. Reuters (1.0M); distillate inventories +1.11M vs. Reuters +1.1M; gasoline inventories +2.31M vs. Reuters (700K)

o OIS Oil States reports Q2 EPS

o OKS ONEOK Partners LP reports Q2 EPS

o REXX Rex Energy reports Q2 EPS

o SGY Stone Energy reports Q2 EPS

o OKE ONEOK, Inc reports Q2 EPS

o APC Anadarko Petroleum reports Q2 EPS

o XCO Exco Resources reports Q2 EPS

o CHK Chesapeake Energy reports Q2 EPS

o WTR Aqua America reports Q2 EPS

o MWA Mueller Water reports Q3 adjusted EPS

o POWL Powell Industries reports

o PWR Quanta Services reports

o NWN Northwest Natural Gas reports.. Reaffirms full year EPS guidance of $2.60-$2.75 vs Reuters $2.69

o AEP American Electric Power downgraded to neutral from buy at Goldman Sachs; target cut to $37 from $38. The firm cites valuation and the potential for negative catalysts.

o SGU Star Gas Partners reports Q3 EPS

o NU Northeast Utilities reports Q2 EPS

o EE El Paso Electric reports

o SE Spectra Energy reports Q2 EPS ..mixed

o China overtakes the U.S. as the world's largest energy consumer

� China's emergence as the top consumer of energy, overtaking the U.S., is a major turning point for the world, according to The Guardian's Data Blog. During the past decade, China's energy use more than doubled, while U.S. energy consumption only modestly increased between 2000 and 2008, according to preliminary data from the International Energy Agency. The Guardian (London)/Data Blog (03 Aug.)

INDUSTRIALS

o EADS: Cathay to buy 30 Airbus A350-900

� Cathay posts record H1 net, to buy 30 Airbus planes

� from Business Spectator

o SPW SPX Corp reports Q2 EPS $1.00 vs Reuters $0.71� Guides full year EPS to $3.30-$3.50, ex-items, above prior $3.00-$3.30 vs Reuters $3.32; First Call $3.31.

o AIT Applied Industrial subsidiary acquires SCS Supply Group business

o NL NL Industries reports Q2 EPS

o TG Tredegar reports Q2 EPS

o JBT John Bean Technologies reports Q2 EPS

o FFEX Frozen Food Express reports Q2 EPS

o ECHO Echo Global Logistics reports Q2 EPS

o CAP CAI International reports Q2 EPS

o GR Goodrich to acquire DeCrane Aerospace assets

o CIR CIRCOR International announces acquisition of Castle Precision Industries

o WTS Watts Water reports Q2 EPS

o MOLX Molex reports Q4 EPS

o NL NL Industries reports

o ESE ESCO Technologies reports Q3 EPS

TRANSPORTS

o Strong freight traffic boosts Cathay from FT.com

� Robust growth in cargo volume and a recovery in passenger flow have lifted first-half earnings to HK$6.84bn at Hong Kong�s dominant airline, which said it could order up to 30 new aircraft

o *DELTA, AIRTRAN MUST FACE FEE-COLLUSION SUIT, JUDGE SAYS � BBG

o REPUBLIC 2Q OPERATING REVENUE $683.3M, EST. $659.8M�� :RJET

� Debt-ridden Mexicana de Aviacion, Mexico's largest airline, announced Tuesday it filed for bankruptcy protection in Mexico and the U.S. after pilots and flight attendants rejected a deal to cut pay and staffing, The Associated Press reported.

� In Spain, air traffic controllers voted for a strike against government actions to change working hours and reduce the amount of accrued overtime pay allowed. The strike is initially expected to begin Wednesday the 18th of August and continue for up to three days, though final decisions on the exact start date and duration are to be released in the next couple of days.

o GOL Gol Linhas Aereas reports July traffic +12.2% y/y; +22.7% m/m

o RJET Republic Airways reports Q2 EPS

o ALK Alaska Air reports Jul traffic +11.0%; Capacity +7.1%; Load factor +3.1 points to 87.4%

o RJET Republic Airways reports July traffic +127.0% y/; capacity +108.0% ; load factor +7 pts to 86%

o HTZ Hertz Global reports Q2 adjusted EPS

TECH/MEDIA/TELECOM

o HUGH Hughes Communications reports

o DGI- In line Q and reaffirmed FY guidance. The positive rev growth came from strong results from the international defense and intelligence markets.

o ERTS- better Q1 on the top and bottom line, and maintained guidance. The FIFA World Cup game was the major drive to the beat blowing away estimates for unit sold. ERTS moved Crysis 2��s release to Q4 from Q3.

o HRS- mixed Q4 and FY11 outlook. Top and bottom line miss in the Q, but bookings were very strong. The broadcast and defense segments were major drags on numbers, but the strong bookings led to HRS reiterating guidance

o ESE- better Q3 on strong growth at Doble and recovery in the filtration business, and reiterated guidance. Backlog declined slightly in the Q, but is not surprising due to record bookings last Q.

o MOLX- slightly better Q4, but Q1 looks promising. Order trends were strong across all segments, with auto the only segment showing weakness. The bears will look to the slowing of orders in the Americas and Europe. MOLX does not believe that inventories are building problematically.

o LEAP- disappointing Q2 and net adds were lower. Q2 is usually a seasonally weak Q for LEAP, but the results this Q still disappointed. LEAP mgmt announced changes to pricing plans for voice and data services, and LEAP is adding Android to its handset lineup.

o PCLN- Strong Q2 results and Q3 guidance. International growth helped to drive the Q2 beat. The company appears to have dodged the Europe concerns it was calling for after providing soft Q2 guidance. The second half of Q2 showed strong travel trends.

o SONS- slightly better Q2, but book to bill was a worry. Comments on the highly anticipated NBS-5200 were mostly in line, but the street may have been expecting outperformance.

o SSNC- strong Q2 and higher Q3 and Q4 guidance. There appears to be a cyclical recovery in Asset mgmt and secular dynamics.

o STEC- better Q2 and looks as though SSD demand is growing quickly due to Automated Storage tiering technology, which STEC has a virtually monopoly in for the time being. This upswing in demand could help drive Qs to come. Q3 guidance is higher, and could still have room for upside.

o UMC- better Q as quarterly profit nearly tripled. Demand for mobile phones drove higher chip sales in the Q driving the beat.

o LBTYA- mostly in line Q2. Rev, subscriptions, and capex were all better, but EBITDA was slightly worse. Liberty continues to buyback shares aggressively. In RGUs; The Netherlands and Chile performed very strongly while the rest of Western Europe (Especially Romania) saw some mixed trends. Telenet performed especially well in Q2.

o CBS- better Q2 across the board on a strong advertising environment. The CBS network, Television stations, domestic outdoor, and cable net revs all outperformed helping to drive the beat. The better domestic outdoor segment is a positive for CCO who reports 8/9. Radio was the one concern in the Q. Management indicated that advertising trends continue to improve.

o OPEN- better Q2 due to revenue growth and cost controls. Operating metrics in the Q were strong showing acceleration in seated dining growth.

o SMCI- mixed Q4. top line is better, but EPS misses. Q1 guidance looks mostly in line

o MRCY- slightly better Q4. Backlog in the Q decreased, but Q1 guidance looks disappointing.

o NVTL- mixed Q2with EPS a slight miss and revs slightly better. Rev guidance is mixed.

o KNXA- in line to slightly better Q2. Q3 and FY guidance looks better.

o ELON- better Q2, but Q3 guidance looks disappointing.

o BBOX- Q1 looks to be better. Q2 and FY11 guidance both appear to be much higher.

o MOT Motorola planning Android-based tablet - Bloomberg

o APKT, CHL China Mobile deploys Acme Packet for China's largest IMS Network

o INTC FTC to announce settlement with Intel on Wednesday (4-Aug) morning- AP

� http://hosted.ap.org/dynamic/stories/U/US_INTEL_FTC_ANTITRUST?SITE=OKOKL&SECTION=HOME&TEMPLATE=DEFAUL

o BR Broadridge increases quarterly dividend by 7.1% to $0.15 from $0.14

o PLA Playboy Enterprises announces formation of special committee of board - Reuters

o Infineon could be an attractive takeover target after it has sold its wireless solutions unit- Frankfurter Allgemeine Zeitung

o EMMS: Offer by chairman/CEO Jeffrey Smulyan to acquire Emmis Communications for $2.40/shr extended through 6-Aug- SA

o TEF to Pay EU80 Million for Tuenti Stake- Economista

o TRB Tribune report unsealed, bankruptcy exit delayed- Reuters

o C, TRB: Citi, Zell and Tribune: Smelled �Like Divorce Work- WSJ

� http://blogs.wsj.com/deals/2010/08/03/citi-zell-and-tribune-smelled-like-divorce-work/

o StatusNet: Twitter for Businesses? StatusNet Gets $1.4 Million- Dealbook

o Solar: market set to continue expansion in 2011- iSuppli

MATERIALS

o Ivanhoe says in talks with 3rd parties on stakes from Reuters

� Ivanhoe Mines is having "interesting" talks with potential new strategic investors following a recent move

o Feud at Russian Mining Firm Threatens Markets from DealBook

� A struggle for control has erupted on the board of Norilsk Nickel, one of Russia's most valuable mining companies and the world's largest producer of nickel and platinum group metals, which currently have new uses in fuel cells for electric cars.

o BKI Buckeye Technologies reports Q4 adj. EPS

o BKI Buckeye Technologies initiates quarterly cash dividend of $0.04

o KRO Kronos Worldwide reports Q2 EPS

o BRD Brigus Gold completes private placement

o TIE Titanium Metals reports Q2 EPS

o NEU NewMarket reports Q2 EPS

o MERC Mercer International reports Q2 EPS

o IOSP Innospec reports Q2 EPS

o TX Ternium reports Q2 EPS

o USU USEC Inc reports Q2 EPS

o LNDC Landec reports Q4 EPS

o GMXR GMX Resources reports..Production guidance for 2011 has been increased approximately 17% to a range of 28 to 30

o Nippon Steel Corp: Chairman comments on changes in industry price structure; Says quarterly pricing lacks transparency and is unsustainable for mills - WSJ

AUTOS

o DTG, CAR Dollar Thrifty update on Avis Budget proposal

o HTZ Hertz Global reports Q2 adjusted EPS

o ARGN� Amerigon reports

o Smoother Ride for Auto-Parts Makers - WSJ

� Once Struggling, Companies Such as ArvinMeritor Are Transforming Themselves, Emerging Leaner and More Focused

� they are profitable, their stocks are surging, they are hiring and they're putting the finishing touches on restructurings.

� http://online.wsj.com/article/SB10001424052748703545604575407191735872802.html?mod=WSJ_newsreel_business

o Isuzu Motors Ltd., a Japanese maker of light trucks, doubled its full-year net income forecast to 40 billion yen ($468 million) on higher sales in emerging markets, according to a statement today to the Tokyo Stock Exchange.

o Toyota Motor., the world�s largest carmaker, increased its full-year profit forecast as sales in North America recover and Asia deliveries are growing more than expected.

� Toyota swung into the black in the fiscal first quarter, as robust demand in Asia, government buying incentives in Japan, and a reviving U.S. market canceled out the impact of the strong yen.

o Chinese car and battery maker BYD said Wednesday it slashed its 2010 auto sales target by 25%, due to softening domestic demand and production constraints because of an increased focus on larger cars.

� BYD, 10%-owned by MidAmerican Energy Holdings Co., a unit of Warren Buffett's Berkshire Hathaway Inc.,

� http://online.wsj.com/article/SB10001424052748703947504575408263597146110.html?mod=WSJ_newsreel_business

FINANCIALS

o Banks Continue to Suffer From Weak Revenue: Whitney � CNBC link

� Meredith Whitney appeared on CNBC and was about as bearish as ever, not only on financials, but on housing as well. In addition to saying that she expects the housing market to get worse in Q3 and Q4, reiterated� that all the recent earnings beats by financials have been an accounting sham

o End of the John Mack Era at Morgan Stanley � CNBC link

o EU financials in focus�today

� Lloyds beats�.up 1.5% today

� Soc Gen big beat on earnings

� Standard Chartered Plc, fell as much as 4.9 percent in London trading�.the U.K. bank that gets more than three quarters of its earnings from Asia, posted record six-month profit as provisions for bad loans fell by more than half.

� Munich Re's earnings beat analyst estimates and company raised it outlook for gross premium revenues. Shares opened 1.1% after the results.

� �Legal and General opened up by 0.7% as company reported a growth in earnings

� Allied Irish Banks Plc tumbled 6.3% to �0.925 after reporting a wider first-half loss.

� Insurance companies mostly beat estimates today in EU:

� Munich Re, beats est..better gains on investments.��

� AXA dn 2% - beat ests�

o Insurers May Face Shift on Payouts � WSJ

� Insurers may face changes in the way they make payouts on life insurance, said state regulators who are leading a review of now-controversial money-market-like accounts for death benefits.

� Currently, some insurers automatically put policy proceeds into so-called retained-asset accounts for some beneficiaries rather than giving them the option of a check for the full amount

� http://online.wsj.com/article/SB10001424052748704499604575407713185368310.html?mod=WSJ_hps_sections_business

o Citi to sell online Egg bank from FT Alphaville

� Citigroup is set to put Egg, its UK online bank, up for sale � possibly via auction later this year � as part of the US group�s plan to shed more than $800bn in non-core assets,...

o BofA spins off part of buy-out arm from FT Alphaville

� Bank of America has spun off part of its middle-market private equity arm to form Ridgemont Equity Partners, a move partly triggered by the overhaul of US financial regulation,...

o Reuters) - FGIC Corp filed for bankruptcy protection late on Tuesday, saying it was not paid dividends by its troubled bond insurance unit Financial Guaranty Insurance Company since the onset of the financial crisis more than two years ago, court documents showed.

o French lender Societe Generale's second-quarter profit more than triples, helped by a rebound in its domestic retail banking business and gains on the changing value of its own debt.

o Allied Irish Banks Plc tumbled 6.3% to �0.925 after reporting a wider first-half loss.

o BNY Mellon Hires BlackRock�s Arledge to Head Asset Management

o C Citi to put Egg up for sale - FT

o ORIT Oritani Financial reports Q4 EPS

o FFBC First Financial Bancorp reports Q2 EPS

o LAZ Lazard announces secondary offering on behalf of holders

o PL Protective Life reports Q2 operating EPS

o GBL GAMCO Investors reports Q2 EPS

o HCC HCC Insurance reports Q2 EPS

o FOR Forestar Group reports Q2 EPS

o MMC Marsh & McLennan completes sale of Kroll to Altegrity

o SLRC Solar Capital reports Q2 EPS

o CACC Credit Acceptance Corp. reports Q2 EPS

o ACAS American Capital reports Q2 net operating income

o NATL National Interstate reports Q2 EPS

o ZIPR ZipRealty reports Q2 EPS

o CNO CNO Financial Group reports Q2 net operating income $0.16/sh

o ACF AmeriCredit reports Q4 EPS

o XL XL Capital reports Q2 EPS

o AXS Axis Capital Holdings reports Q2 EP

o UNM Unum Group reports Q2 EPS

o TRV WSJ is positive on The Travelers Co

o McGraw dismisses claim that credit rating agencies caused the crisis

� Harold "Terry" McGraw III, chairman and CEO of McGraw-Hill, which owns Standard & Poor's, challenged a charge by a Chinese credit rating agency that Western counterparts are responsible for the financial crisis. "If you're in a populist mood, you've got to find the villain," he told Financial Times. Google/Agence France-Presse (04 Aug.)

REAL ESTATE

� US MBA Purchase Index +1.5% At 174.9; Last Week 172.3

� US MBA Market Index +1.3% At 730.2; Last Week 720.6

� US MBA Refinance Index +1.3% At 3,969.0; Last Week 3,918.1

o Fed might have had little to do with housing bubble, research shows

� The Federal Reserve's loose monetary policy and low interest rates have been blamed for the U.S. housing bubble, but a paper suggests that the central bank's role in creating the problem was fairly minimal. A working paper from the National Bureau of Economic Research states that low interest rates accounted for only about 20% of a 53% increase in house prices during the 10 years that ended in 2006. The Wall Street Journal (03 Aug.)

o Foreclosed On�By the U.S. � WSJ link

� The Fed has foreclosed on some properties and is facing the prospect of more�from homes to commercial buildings�as a result of its souring Bear Stearns portfolio.

o Lehman Makes Its Next Property Gamble

� Firm Puts More Cash Into Existing Deals, a Risky Strategy Whose Success Depends on Real-Estate Values Going Higher

� the firm overseeing Lehman's bankruptcy has reinvested more than $1 billion in apartments, office buildings and other commercial property already owned or financed by Lehman

� http://online.wsj.com/article/SB10001424052748704499604575407582629730398.html?mod=WSJ_hps_MIDDLEFifthNews

o Reality Looms for Builders � WSJ link

� Several home builders say traffic fell sharply after the expiration of the federal home-buyer tax credit.

o CIC Seeks Harvard's U.S. Real-Estate Portfolio�� WSJ

� In a major push into the battered U.S. commercial real-estate market, China's $300 billion sovereign-wealth fund is in advanced talks with Harvard University's endowment to buy its stakes in half a dozen U.S.-focused real-estate funds for about $500 million, according to people familiar with the mat

� The move also contrasts with the retreat from commercial real estate by many American institutional investors, like Harvard, that are struggling with large investments made in the sector during the boom years. The transaction is expected to close in the next couple of months, though it could still fall apart as terms haven't been finalized

� http://online.wsj.com/article/SB10001424052748704499604575407303420024016.html?mod=WSJ_hps_MIDDLEFifthNews

o Housing Markets That Will Be Strongest by 2014

� from BusinessWeek -

o Donald Trump and the promoters of his Trump SoHo hotel-condominium were sued by buyers who accused them of fraudulently touting out-sized sales figures to encourage them to buy units and inflate the project's financial health, Reuters reported.

o DEI Douglas Emmett reports Q2 FFO

o GTY Getty Realty reports Q2 FFO

o AVB AvalonBay reports Q2 FFO

o DFT DuPont Fabros Technology reports Q2 EPS

o BRE BRE Properties reports Q2 FFO

o FCH FelCor Lodging reports Q2 FFO

o GOOD Gladstone Commercial reports Q2 FFO

o FSP Franklin Street Properties reports Q2 EPS

o NHI National Health Investors reports Q2 FFO

o CBL CBL & Associates reports Q2 FFO

CONSUMER

o BKS� :� Barnes & Noble put itself on the block, succumbing to investor pressure as digital books erode its traditional business. The bookseller's chairman is weighing forming a group to buy the chain.� WSJ

o PCLN +16%, significantly ahead of expectations� Stronger than Expected Euro helps

o Next dn 7% in UK on cautious comments on UK consumers

o Tech Gadgets Steal Sales From Appliances, Clothes � WSJ link

� Americans are spending more on electronics like iPads and flat-screen televisions and less on durable goods like furniture, washing machines and lawn mowers, according to government data.

o Art Sales Revive From Their Swoon - WSJ

� A year and a half after art prices plunged, the world's chief auction houses say they have recaptured much of their pre-recession momentum

� Christie's International PLC said it sold $2.57 billion of fine and decorative art in the first half, up 43% from a year earlier and the second-highest in the company's history

� Sotheby's said it auctioned $2.2 billion of art in the first half, more than double a year ago. It will release its consolidated sales totals Thursday.

� http://online.wsj.com/article/SB10001424052748704499604575407450687638796.html?mod=WSJ_hps_LEFTWhatsNews

o Sportswear and sports equipment maker Adidas Wednesday reported a sharp surge in second-quarter profit, as sales momentum picked up owing to FIFA World Cup 2010 as well as resurgence of the Reebok brand in North America. The company also lifted its full-year outlook

o Kathmandu Holdings Ltd. fell by the most since the shares began trading in November after the retailer of outdoor equipment in New Zealand and Australia said full-year earnings missed forecasts

o TISI Team Inc reports Q4 EPS

o HHGP Hudson Highland reports Q2 EPS

o PZZA Papa John's reports Q2 EPS

o BKS Barnes & Noble to evaluate strategic alternatives to increase shareholder value

o DEST Destination Maternity announces resignation of Emilia Fabricant as president effective today

o CMG Chipotle Mexican Grill initiated buy at Janney Capital; target is $166.

o WEYS Weyco Group reports Q2 EPS

o DENN Denny's reports Q2 EPS

o KAR KAR Auction Services reports Q2 EPS

o GT Goodyear Tire elects President and CEO Richard Kramer as chairman, effective 1-Oct

o RENT Rentrak reports Q1 EPS

o DOLE Dole Food reports Q2 EPS

o MRT Morton's Restaurant reports Q2 EPS

o WNC Wabash National reports Q2 EPS

o KFRC kforce.com reports Q2 EPS

o XPRT LECG Corporation reports Q2 EPS

o UTI Universal Technical reports Q3 EPS

o SAM Boston Beer reports Q2 EPS

o MSSR McCormick & Schmick's reports Q2 EPS

o FRPT Force Protection reports Q2 EPS

o NCMI National CineMedia reports Q2 EPS

o INT World Fuel Services reports Q2 EPS

o WFMI Whole Foods reports Q3 EPS

o JAH Jarden reports Q2 EPS

o JAH Jarden amends loan agreement

o PEET Peet's Coffee reports Q2 EPS

o TRLG True Religion Apparel reports Q2 EPS

o LF Barron's Weekday Trader is positive on Leapfrog

o Inflation:� Bacon Surge May Last Through August as Herd Cuts Tighten Supply � BBG

� Bacon lovers in the U.S. are paying record prices during the seasonal summer peak for consumption, and costs may keep rising through August because smaller hog herds led to an unprecedented plunge in meat inventories

� Wholesale pork bellies, which are cured and sliced to make bacon, are up 72 percent in the past year to $1.4308 a pound, the highest price since at least 1998, government data show

GAMING, LODGING, & LEISURE

o SVLF Silverleaf Resorts reports Q2 EPS

o WMS WMS Industries reports Q4 EPS

HEALTHCARE

o US FDA Seeks to Overhaul Device Approvals � CNBC link

o Sanofi Investors Oppose Big Hike in Genzyme Bid from DealBook

� Sanofi-Aventis investors have urged the drugmaker not to pay more than about $19 billion to land Genzyme, some $10 a share below the price wanted by the U.S. biotech group.

o ICUI ICU Medical revives FDA clearance for the Neutron Neutral-Pressure Needleless Connector

o NRCI National Research reports Q2 EPS

o ATRI ATRION Corporation increases quarterly dividend by 16.7% to $0.42 from $0.36

o HZNP Horizon Pharma files $86.25M IPO through Jefferies and Piper Jaffray��

o PRI Primerica reports Q2 operating EPS

o MDCO The Medicines Company granted MSJ in USPTO case

o CJJD China Jo-Jo Drugstores initiated buy at Madison Williams and Company; target is $10.

o STAA STAAR Surgical reports Q2 EPS

o SLTM Solta Medical reports Q2 GAAP EPS

o MTXX Matrixx Initiatives reports Q1 EPS

o DEPO, PFE Depomed receives confirmation from Pfizer that no infringement suit to be filed on dm-1796 nda

o CBM Cambrex reports Q2 EPS

o MAKO MAKO Surgical reports Q2 EPS

o BIO Bio-Rad Laboratories reports Q2 EPS

o RHB RehabCare Group reports Q2 EPS

o CRA Celera Corporation reports Q2 EPS

o DXCM DexCom reports Q2 EPS

o EXAC Exactech reports Q2 EPS

o DNDN Dendreon reports Q2 EPS

o AMMD American Medical reports Q2 EPS

o ENZN Enzon reports Q2 EPS

o ARNA Arena Pharmaceuticals reports Q2 EPS

o ARTC ArthroCare reports Q2 EPS

o ZGEN Zymogenetics reports Q2 EPS

o MASI Masimo reports Q2 EPS

o INFI Infinity Pharmaceuticals reports

OTHER

o Stocks mentioned on CNBC's Mad Money with Jim Cramer - TheStreet.com�

o ��+ ENOC, HLF, SUN, PCL, PSO, NUE, AKS, RRC and CLGX

o ��-VLO, PHG and X ��

o HDY Hyperdynamics announces departure of CFO

o GBLI Global Indemnity plc reports Q2 EPS

o MOTR Motricity reports Q2 EPS

o GRM Graham Packaging reports Q2 EPS

o ALTE Alterra Capital Holdings reports Q2 EPS

EUROPE TRADING WRAP

� Oils

�

� BP (-1.1%). BP have achieved "static kill" at their gulf of Mexico spill site.

�

� Petroplus (-5.8%). 2Q figures come in well below expectations.

�

� Salamander (-10%). Salamander plug their Bang Nouan Well and also cut reserve estimates at their Kambuna well.

�

� OMV (+0.9%). OMV release strong 2Q figures.

�

� Lundin Petroleum (+4.4%). Strong 2Q financials as well as an increase production guidance.

�

� Miners

�

� ENRC (+0.5%). Production figures show further strong growth.

�

� Utilities

�

� Suez Environment (-0.1%). Opens up following good 1H figures, but decline throughout the conference call.

o Next dn 7% in UK on cautious comments on UK consumers

� AXA: 1H profits beat estimates

� EADS: Cathay to buy 30 Airbus A350-900

� EDF: Electricity prices increase from 15

o SUEZ ENVIRONNEMENT: 1H profit up 121%/Raises FY10 tgts

� TELEPERFORMANCE: 1H revenues +3.9% y/y, -2.6% LFL

� VILMORIN: 1H09/10 sales rose 6.2% y/y to EUR 1.063bn

� ADIDAS ups guidance

� HENKEL� ups 2010 guidance as 2Q profit tops expectations

� POSTBANK 2Q PTP tops expectations

� �SGL CARBON raises earnings guidance after strong 2Q

� TOGNUM ups margin guidance as 2Q tops expectations

� ATLANTIA - 1H shows growth, driven by heavy traffic

� PRYSMIAN: 1H results slightly beat ests

� ARCADIS 2Q in line with expectations

� ARCELORMITTAL in talks over Brazilian mines � S&P

� PANALPINA gains market share, significantly ups

o SWISSCOM posts 1H core profit of CHF2.29bn - miss

� BRITISH LAND: 1Q NAV +2.2%, cautious outlook

o ENRC: 2Q production significantly ahead y/y

o LEGAL & GENERAL: 1H op profit up 34%, optimistic about

o UK LLOYDS BANKING: Returns to 1H profit, bullish outlook

ASIA TRADING WRAP

Japan

� NKY-2.11%, TPX -1.54%

� NKY fell with exporters hit as the yen climbed to a 15-mth high vs. the dollar on disappointing US economic data. Turnover on the TPX rose to 1.36 trillion yen from 1.13 trillion yen yesterday

� Stocks fell across most sectors led by tech, industrials, consumer, materials, oil & gas and health care. Utilities rose 0.03%

� Exporters fell on a strong yen: autos -2.12%, CE -2.35%, precision -2.60%.

� Best performing sectors on the TPX: pulp & paper +0.23%, electric power &

gas +0.05%, banks -0.17%; worst performing sectors: electric appliances -2.66%,

precision -2.60%, machinery -2.60%

Hong Kong

� HSI +0.43%; HSCEI +0.14%

China

� SHCOMP +0.44%; SZCOMP +0.74%

� Stocks rebounded as agriculture products climbed on prospect recent floods will boost food prices while alcoholic beverage makers rallied in anticipation of strong earnings. Turnover on the SHCOMP rose to 125.84B yuan from 108.77B yuan yesterday

� Stocks roses across most sectors led by consumer, tech and industrials.

� Farming & fishing +3.32%. Xinhua reported the Chinese Vice Premier Hui Liangyu called on local authorities to bolster late rice planting after floods in the nation damaged more than 7M hectares of farmland

� Banks -0.18%, real estate -0.16% extended fall as investors once again turned their attention to inflation driven by higher food prices. In addition, the Securities Journal reported China is continuing to crackdown on developers that leave sites idle speculative land banking. The Ministry of Land and Resources has identified 1,457 unused plots and passed the list to the CBRC to conduct risk assessments on the companies involved, showing the government has not relaxed its policy stance on properties market

� Autos +1.30%. The Ministry of Industry and Information Technology has completed drafting a development plan for the alternative energy vehicle industry for 2011 � 2020 and will submit it this mth to the State Council for approval

� Iron & steel -0.44% extended fall after China Iron & Steel Association reported slowing steel demand had led 40% of mills to cut output or put plants on maintenance yesterday

INVESTMENT BANKING

M&A

o BKS Barnes & Noble up for sale- Reuters

o Barnes & Noble, under pressure from activist investor Ron Burkle, put itself up for sale as a shift to digital books leads to losses at the biggest U.S. bookstore chain

o Barnes & Noble, whose shares soared 25 on the news, said company founder and top shareholder Leonard Riggio is considering bidding for the company as part of a larger investor group

o http://www.reuters.com/article/idUSTRE6725JJ20100804

o BKS Barnes Says Riggio May Be Part of Group to Acquire Company- BBG

o Barnes & Noble said that Leonard Riggio, the company�s founder and largest stockholder, has informed the board that, in light of its decision to explore strategic alternatives, he intends to consider participating in an investor group to acquire the company

o BP to sell Colombia unit to EC Ecopetrol, Talisman- Reuters

o BP� said it would sell its Colombian assets to a consortium of Canada's Talisman Energy and Colombia's state-run Ecopetrol for $1.9 billion.

o Ecopetrol and Talisman said they would pay $1.9 billion, including around $145 million in a working capital adjustment, for all shares in BP's Colombia subsidiary. Talisman will get a 49 percent stake and Ecopetrol 51 percent.

o http://www.reuters.com/article/idUSLDE6721BP20100803

o Outbound M&As on the rise in Asia: survey- Business Spectator

o Cash-rich Asian businesses are expected to make more cross-border acquisitions in the next 18 months as they aim to expand in high-growth economies abroad

o About 83 per cent of respondents forecast more overseas takeovers by firms in Asia, and the Greater China region was singled out by 49 per cent of the companies as the most popular target market

o http://www.businessspectator.com.au/bs.nsf/Article/Outbound-MAs-on-the-rise-in-Asia--survey-7ZAXG?opendocument&src=rss

o Infineon could be an attractive takeover target after it has sold its wireless solutions unit- Frankfurter Allgemeine Zeitung

o The war chest of Infineon could be boosted to more than EUR 2bn if the wireless solution division is sold.

o The report suggested that Infineon may become a takeover target itself if it has no clear purpose for its large war chest.

o Cuban and Crane plan joint bid for Rangers- Reuters

o Dallas Mavericks owner Mark Cuban and Houston businessman Jim Crane plan to join together to bid for control of the Texas Rangers baseball team, in an auction for the team in a U.S. bankruptcy Court

o No other details about the bid by Cuban and Crane were immediately known. Cuban and Crane could not be immediately reached for comment

o http://www.reuters.com/article/idUSTRE6730AW20100804

o BAC and PNC may divest BLK BlackRock under Basel- Reuters

o Bank of America and PNC Financial Services Group may be forced to sell their stakes in asset manager BlackRock under far-reaching rules proposed last week by the Basel Committee of Bank Supervision

o The rules, known as the Basel III capital requirements, would effectively prevent banks from holding big stakes in other companies

o http://www.reuters.com/article/idUSTRE6724UX20100803

o GM unit invests $5 mln in electric car start-up- Reuters��

o General Motors' venture capital unit is buying a minority stake in electric car start-up Bright Automotive to advance the development of fuel-efficient vehicle technologies.

o GM and Indiana-based Bright Automotive said on Tuesday they have agreed to pursue a strategic partnership under which GM will invest $5 million to help accelerate Bright's production of its IDEA plug-in hybrid commercial vehicle.

o http://www.reuters.com/article/idUSN0315671620100803

o PG P&G ponders acquisition route- NYPOST

o Procter & Gamble may be in the market for acquisitions as the consumer products giant struggles to find growth

o The maker of Gillette razors, Pampers and Pringles would save on product development by buying other brands, bankers said

o http://www.nypost.com/p/news/business/ponders_acquisition_route_4aC62aZ2nVqRaSDw7LiDiP?CMP=OTC-rss&FEEDNAME=#ixzz0vcuNHh6A

o GENZ Genzyme has few takeover defenses- Reuters

o Biotechnology company Genzyme, which received an $18.4b takeover offer from Sanofi-Aventis SA, has few takeover defenses if its French suitor decided to make a hostile bid

o http://www.reuters.com/article/idUSN0317706920100803

o SNY Sanofi's best bet still may be smaller deals- Reuters

o Sanofi-Aventis has grabbed the headlines with its $18.4 billion bid for Genzyme Corp, but the French drugmaker may be wiser to stick with smaller, bolt-on acquisitions

o Sanofi (SASY.PA) is trying to balance the need for new areas of growth and the loss of key drug patents with its desire to remain disciplined in its purchases.

o http://www.reuters.com/article/idUSN0227571920100803

o SNY Sanofi investors oppose big hike in Genzyme bid- Reuters

o Sanofi-Aventis investors have urged the drugmaker not to pay more than about $19 billion to land Genzyme, some $10 a share below the price wanted by the U.S. biotech group

o Two shareholders told Reuters they would not be happy if the French group payed much over $70 a share -- or $18.7 billion in total -- while a third was concerned about some valuations being put on Genzyme, which run to over $80 a share

o http://www.reuters.com/article/idUSTRE6712ZH20100803

o GR Goodrich to expand jet offerings with purchase- Reuters

o Aircraft supplier Goodrich on Tuesday said it plans to buy the cabin management business of DeCrane Holdings Co for $280 million to expand its offerings in the business jet market

o In a statement, Goodrich said the purchase would allow it "to capture significant growth opportunities as the business jet market continues its recovery."

o http://www.reuters.com/article/idUSN0318458720100803

o PLA Playboy board to examine Hefner's bid- Reuters

o Playboy Enterprises said on Tuesday that its board had formed a special committee to examine a bid by company founder Hugh Hefner to take the company private.

o On July 9, Hefner offered to buy all the company's shares he does not currently own for $5.50 per share in cash, valuing the company at $185 million.

o http://www.reuters.com/article/idUSN0318919420100803��

o PFE Pfizer CFO says co eyeing emerging mkt deals- Handelsblatt

o Pfizer (PFE.N) is on the lookout for further acquisitions in the area of emerging markets, established products, inflammatory diseases as well as cancer and alzheimer

o Pfizer CFO Frank D'Amelio told Handelsblatt that the world's largest drug maker was interested in bolt-on acquisitions

o TEVA Teva's buy of Ratiopharm conditional, says EU- Reuters

o Pharmaceutical firm Teva may go ahead with its 3.7 billion euro ($4.9 billion) takeover of German generic drugmaker Ratiopharm if the companies divest products in the Netherlands and Hungary

o The decision is conditional upon the divestment of fifteen products in the Netherlands and one in Hungary. The Commission had concerns that the parties' high combined market shares for these products

o http://www.reuters.com/article/idUSLDE6730HY20100804

o DTG Dollar Thrifty rebuffs CAR Avis over uncertainty- Reuters

o U.S. car rental company Dollar Thrifty Corp rebuffed a takeover bid from Avis Budget Group (CAR.N) on Tuesday, saying that it was unsure that Avis could close the deal

o Avis bid more than $1.3 billion in cash and stock for Dollar Thrifty last week.

o Dollar Thrifty said Avis needs to improve its offer for the rental-car company because it doesn�t show that Avis is confident the acquisition can pass antitrust scrutiny.

o http://www.reuters.com/article/idUSN0318483320100803

o Deutsche Post will not be split up into two parts- Frankfurter Allgemeine Zeitung

o C Citi set to put Egg up for auction- FT

o Citigroup (C.N) is poised to put its UK online bank Egg up for auction as part of a plan to dispose of more than $800 billion in unwanted assets

o Citing people close to the situation, the newspaper said Citi had been holding informal talks with potential buyers over Egg for some time but it was now preparing to start an auction for the business, most likely after the summer months.

o http://www.reuters.com/article/idUSLDE67300H20100804

o CAL Continental settles with shareholders- Reuters

o Continental Airlines (CAL.N) said it settled with a group of shareholders who sued the company, claiming the No. 4 U.S. airline sold itself too cheaply.

o Under the settlement, the charges against the two airlines will be dropped, Continental said in the filing.

o http://www.reuters.com/article/idUSN0321104020100803

o Santander buys RBS UK branches for 1.65 bln stg- Reuters

o Spain's Santander sealed the purchase of over 300 UK branches from Royal Bank of Scotland for about 1.65 billion pounds ($2.6 billion) to bulk up in one of its core markets.

o Santander, the euro-zone's biggest bank, said the valuation of the deal could be adjusted when it completes, which is expected to happen in December 2011.

o http://www.reuters.com/article/idUSLDE67309920100804��

o Offer by chairman/CEO Jeffrey Smulyan to acquire EMMS Emmis Communications for $2.40/shr extended through 6-Aug- SA

o IVN Ivanhoe says in talks with 3rd parties on stakes- Reuters

o Ivanhoe Mines (IVN.TO) is having "interesting" talks with potential new strategic investors following a recent move to ease restrictions on its shareholder registry

o "That has opened us up to some very interesting discussions with third parties," Exec chairman� Friedland said

o http://www.reuters.com/article/idUSSYU01040620100804

o Asahi plans $9.2 billion warchest for M&A- Reuters

o The head of Japan's Asahi Breweries said he expects to have $9.2 billion on tap for acquisitions over the next five years as it looks for new growth drivers outside the shrinking domestic beer market

o "We are eyeing the Asia and Oceania regions, with our top priorities being the alcohol business overseas and the soft drink business in Japan," he said

o http://www.reuters.com/article/idUSTRE6722NY20100803

o TEF Telefonica to Pay EU80 Million for Tuenti Stake- Economista

o Telefonica SA will pay as much as 80 million euros for a stake of more than 90 percent in Tuenti, the social networking Web site which competes with Facebook

o Tuenti�s founders will continue to manage the company that has around 80 employees and achieved sales of 11 million euros last year

o French banks mull acquisition of Unicredit's AM unit Pioneer- Les Echos

o Cititng sources, the newspaper reports BNP Paribas, Natixis and asset manager Amundi are interested in Pioneer Investments, the asset management unit of UniCredit. Les Echos said Pioneer was valued between �1.5B and �2.5B

$ RAISING

� The Erin Burnett Plan: Make General Motors IPO Shares Available to Taxpayers

o CNBC 'Street Signs' host offers bailed out automaker a way for American taxpayers to share in their potential future prosperity.

o http://www.businessandmedia.org/articles/2010/20100803195450.aspx

� A GM Initial Public Offering Might Stir Caution- Dealbook

o General Motors� anticipated initial public offering may be a hard sell. After all, the automaker burned investors with its Chapter 11 filing a little over a year ago.

o http://dealbook.blogs.nytimes.com/2010/08/04/a-g-m-initial-public-offering-might-stir-caution/

� GS Goldman mulls private equity spinoff- Reuters

o Goldman Sachs Group Inc (GS.N) executives are weighing spinning off at least a part of the bank's private equity business following financial reform legislation

o The discussions were prompted by concerns about the Volcker rule, which restricts the amount of ownership banks can have in buyout or hedge funds

o http://www.reuters.com/article/idUSTRE67241220100803

� HZNP Horizon Pharma files $86.25M IPO through Jefferies and Piper Jaffray

� Chinese wind turbine firm seeks US$500m IPO- BusinessGreen

o Mingyang Electric has reportedly become the latest Chinese wind turbine firm to seek an initial public offering (IPO) in the US in attempt to fund rapid expansion plans

o International Financing Review reported that the company, which is one of the five largest wind turbine suppliers operating in the booming Chinese market, is looking to raise US$500m through a listing next month

o http://www.environmental-expert.com/resultEachPressRelease.aspx?cid=31242&codi=186013&lr=1

� Nawras IPO set for September- Telecompaper

� Everbright Bank IPO Gets 60 Bln Yuan From Strategic Investors - Reuters

o China Everbright Bank's IPO shares reserved for strategic investors have been hugely oversubscribed, signalling strong demand for the potentially $2.9 billion offering as stock markets recover

o "Everbright Bank is healthier than AgBank by many standards and is selling much fewer shares, so if the pricing is reasonable, it would be natural for the lender to attract more interest from potential strategic investors who are often state-owned and cash-rich,"

o http://www.reuters.com/article/idUSTOE67302A20100804

� Australia's Aston holds up IPO over investor-Reuters

o Aston Resources has delayed a bookbuild for its $365m initial public offering to consider an offer from a new strategic investor seeking a stake of around 5% in the coal miner

o Aston has already lined up Hong Kong-based Noble Group and Japan's Itochu as cornerstone investors buying one-quarter of the shares on offer

o http://af.reuters.com/article/energyOilNews/idAFSGE6730B120100804

PRICINGS

o Initial Offerings

o AMBO Ambow Education 21.4m share IPO expected to price 8/4 via JPM and GS: Price Talk $10-12

o IL IntraLinks 11m share IPO expected to price 8/4 via MS, DB, and CS: Price talk $14-16

o NXPI NXP Semiconductors 34m share IPO expected to price 8/5 via CS, GS, BoA, MS, and Barclays: Price Talk $18-21

o GMAN Gormans Stores 5.4m share IPO expected to price week of 8/2 via Piper and Wells Fargo: Price Talk $13-15

o PATH NuPathe 5m share IPO expected to price week of 8/2 via Leerink and Lazard: Price Talk $14-16

o Secondary Offerings

o FTLK Funtalk China Holdings 12m share secondary expected to price 8/3 via BoA

o TNCC Tennessee Commerce Bancorp secondary expected to price 8/3 via

o XEL Xcel Energy 19M share secondary offering priced at $21.50 through BofA Merrill, Barclays, and JPMorgan

NEWS��

� TRB Tribune report unsealed, bankruptcy exit delayed- Reuters

o A 1,000-page examiner report into the bankruptcy of Tribune Co was unsealed on Tuesday and made public, likely bolstering the legal case of junior creditors who are trying to assign blame for the media company's failure

o The release of the examiner's report also forced the company to push back the scheduled start of hearings to confirm its reorganization

o http://www.reuters.com/article/idUSN0317631320100803

� Citi, Zell and Tribune: Smelled �Like Divorce Work- WSJ

o Citgroup thought about breaking up with Sam Zell�s ultimately disastrous takeover of Tribune Co. just weeks before the deal closed � at least that is the strong suggestion from bankruptcy-court examiner Kenneth Klee

o http://blogs.wsj.com/deals/2010/08/03/citi-zell-and-tribune-smelled-like-divorce-work/

� Twitter for Businesses? StatusNet Gets $1.4 Million- Dealbook

o StatusNet, a microblogging service with similarities to Twitter but designed for businesses, on Tuesday announced it secured a second round of funding for $1.4 million

o The funding will be used to support and grow its sales team and continue targeting the world�s 1,000 largest businesses

o http://dealbook.blogs.nytimes.com/2010/08/04/twitter-for-businesses-statusnet-gets-1-4-million/

� Financials: LAZ Lazard announces secondary offering on behalf of holders

TODAY�S EVENTS

o CONFERENCES

o Bank of America Merrill Lynch India Investor Forum - Singapore - Aug 03, 2010 - Aug 04, 2010

o Chinese Society of Rare Earths' International Conference on Rare Earth Development and Application - Aug 02, 2010 - Aug 06, 2010

o Citi Indonesia Investor Conference - Aug 04, 2010 - Aug 05, 2010

� AALI.JK , ASII.JK , BBCA.JK , BBRI.JK , BDMN.JK , BKDVF.PK , BNGA.JK , BRPT.JK , BSDE.JK , BUMI.JK , JSMR.JK , KLBF.JK , LPKR.JK , MEDC.JK , PAEKF.PK , PBSLF.PK , PEGIF.PK , PKBAF.PK , PSGTF.PK , PTKZF.OTC , PTTMF.PK , RALS.JK , SMRA.JK , TRUB.JK , UNTR.JK , UNVR.JK

o Credit Suisse Group Midsummer's Latam Conference

NTS: UGP

o JPMorgan Mexico CEO/CFO Conference - Aug 02, 2010 - Aug 04, 2010

o Vertical Research Partners Industrial Conference - Aug 03, 2010 - Aug 05, 2010

NTS: ROP

o TODAY�S EVENTS

o Shareholder Meetings

� RFMD, BRS, ENSL, WRLD, TIVO, DMAN, AXP

o DIVX call to discuss merger

� 877-293-5493

o ECONOMICS

o 0700 MBA Weekly Mortgage Applications Survey

o 0815 ADP National Employment Report

o 1000 ISM Non-Manufacturing Report on Business

o 1030 EIA Weekly Petroleum Status Report

o EARNINGS

o Autos

� ARGN, TRW, WMCO, TM

o Materials

� GGC, KRO, GMO, TIE, IPI, KS, SWM, APFC, ARJ, KRA

o Consumer/Retail/Education

� KCP, RL, GAIA, HSNI, NDN, FBN, LL, HVT, CBOU, JACK, PZZA, CGX, RRD, CECO, STAN, ANDE, CGL/A, SENEB, MTEX, DTPI, FCN, HIL, VRSK, CXW, CELH, CSV, HI, AOI, UVV

o Energy

� ANR, MUR, WES, ATW, HAWK, RIG, UDRL, BRS, CAM, DWSN, GLBL, IO, BBEP, CLR, CXO, DPTR,DVN, GDP, GMXR, GSX, HNR, LGCY, NGAS, PVA, SD, WRES, XEC, CBEH, CLMT, CVI, EP, EPB, EROC, PAA, MTRX

o Financials

� OFG, AINV, PNNT, RVR, BGCP, AEL, PRU, HIG, ALL, AMSF, EIG, FPIC, NAVG, PRA, SAFT, THG, FFBC, HEOP, IBOC, LNBB, MHLD, PRE, ASFI, ICE, KFN, NEWS, UWBK, CATM, QCCO, EXLS, GCA, HPY, TTEC, NWFL, BBX

o Gaming, Lodging, & Leisure

� RLN, SVLF, TRK., ASCO, CHDN

o Healthcare

� GHLV , ALNY, APPA, ARIA, ARQL, BNVI, CLDX, DVAX, GHDX, ICGN, IDRA, IMGN, INFI, INSM, NPSP, ONXX, PARD, RIGL, TRGT, ABMD, ATRC,, CASM, HNSN , CSU. KND, PSYS, SKH, AFAM, CCRN, CHSI, LHCG, PDII, PMD, PRSC, NADX, OSUR, RTIX, MDAS, VTAL, AMRI, BIOC, KNDL, SDIX, GTS, MDF, MOH, DRRX, DSCO, ISTA, PPCO, PRX, SNMX

o Industrials/Homebuilders

� PHM, OC, PGTI, ROCK, NL, NC, SHS, FSIN, POWL, PPO, VLNC, FARO, ISNS, LOJN, RAE, CLH, HDSN, WCAA, AIN, SPW, MPAC, MG, FLY, CNW, MTZ, PWR, CVGI, MLR, SEB

o Media

� ICLK, NXST, SBGI, CCMM, KNOL, OUTD, SIRI, BNE,, NWSA, TWX

o Real Estate

� LSE, ROIC, IVR, PMT, TWO, HRP, ESS, EQY, FRT, GGWPQ, KRG, NNN, REG, AHT, BEE, CHSP, HCN, HT, NHI, SSS

o Tech/Telecom

� IKAN, LNUX , MNDO, PEGA, SMSI, CRAY, TACT, GRMN, SGS, SGK, SOLR, MEAS, MMUS, DIVX, LPSN, SDBT, EDGW, ELOY, NCIT, AMKR, MEMS, ATML, MIPS, OIIM, ONNN, AGYS, CELL, NSIT, TWER, VG, SONE, HYC , CBB, CTL, FTR,GNCMA, Q, AOL, INAP, MELI, SINA, TMRK , TSCM, UNTD, LIOX, ADCT, ANEN, BBND, DGIT, ELMG, HUGH, OBAS, ORCT, UTSI, CLWR, SHEN

o Transportation

� PACR, SKYW, MIC, EGLE, EXM, KSP, MMLP, CAR, ENOC

o Utilities

� ENOC, ALE, AYE, BIP, CNL, EE, NU, UIL, WR, ATO, NJR, NWN, SWX, WGL, ORA, CNP, PCG, TEG, VVC, AWK, WTR

***All eco data from Bloomberg and DJ

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