http://www.finalternatives.com/node/21195
The firm's assets were flat year-on-year, but rose by $1 billion to $30.3 billion over the last month.
Thursday, August 2, 2012
30-Yr Fixed Mortgage Rate Rises to 3.55% From 3.49%: Freddie Mac
Aug. 2 (Bloomberg) -- 30-year fixed rate for week ended today climbs back to 3.55% after record low 3.49% last week, Freddie Mac says in e-mailed statement.
* 15-year fixed-rate mortgage at 2.83% compared with 2.80% last week
* 15-year fixed-rate mortgage at 2.83% compared with 2.80% last week
Fed to conduct repos starting tomorrow
| August 2, 2012 |
| ||
In November 2009, the Federal Open Market Committee (FOMC) authorized the New York Fed to undertake reverse repurchase transactions (reverse repos) for the purpose of testing operational readiness. The New York Fed has undertaken several such transactions, each one announced on the Markets section of the Bank’s website. At its meeting in June 2012, the FOMC amended the Authorization for Domestic Open Market Operations to authorize the New York Fed to undertake certain open market transactions—outright purchase and sale of securities, and repos, in addition to reverse repos—for the purpose of testing operational readiness. As such, beginning Friday, August 3, the New York Fed intends to conduct a series of small-value repos using all eligible collateral types. The repos will be conducted only with the primary dealers. The New York Fed has not conducted a repo since December 30, 2008. Since that time, there have been several system changes, changes to support triparty reform and six primary dealers have been added. Like the earlier reverse repo operational readiness exercises, this work is a matter of prudent advance planning by the Federal Reserve. The operations have been designed to have no material impact on the availability of reserves or on market rates. Specifically, the aggregate amount of outstanding repo transactions will be very small relative to the level of excess reserves, and the transactions will be conducted at current market rates. These operations do not represent a change in the stance of monetary policy, and no inference should be drawn about the timing of any change in the stance of monetary policy in the future. The results of these operations will be posted on the public website of the Federal Reserve Bank of New York, together with the results for other temporary open market operations. The outstanding amount of repo is reported as a factor supplying reserves in Table 1 in the Federal Reserve's H.4.1 statistical release and as asset items in Tables 8 and 9 of that release. |
Source: http://www.newyorkfed.org/markets/opolicy/operating_policy_120802.html
Main economic releases (2012-08-02)**
BOE ANNOUNCES RATES (United Kingdom) {GB}
OBSERVATION PERIOD: Aug 2 (Daily)
ACTUAL : 0.50%
PRIOR : 0.50%
REVISED : - -
SURVEY : 0.50% (Mean: 0.50%, High: 0.50%, Low: 0.50%)
BOE Asset Purchase Target (United Kingdom) {GB}
OBSERVATION PERIOD: Aug (Monthly)
ACTUAL : 375B
PRIOR : 375B
ECB Announces Interest Rates (Eurozone) {EC}
OBSERVATION PERIOD: Aug 2 (Daily)
ACTUAL : 0.75%
PRIOR : 0.75%
REVISED : - -
SURVEY : 0.75% (Mean: 0.73%, High: 0.75%, Low: 0.50%)
Continuing Claims (United States) {US}
OBSERVATION PERIOD: Jul 21 (Weekly)
ACTUAL : 3272K
PRIOR : 3287K
REVISED : 3291K
SURVEY : 3288K (Mean: 3290K, High: 3395K, Low: 3235K)
Initial Jobless Claims (United States) {US}
OBSERVATION PERIOD: Jul 28 (Weekly)
ACTUAL : 365K
PRIOR : 353K
REVISED : 357K
SURVEY : 370K (Mean: 370K, High: 390K, Low: 340K)
Factory Orders (United States) {US}
OBSERVATION PERIOD: Jun (Monthly)
ACTUAL : -0.5%
PRIOR : 0.7%
REVISED : 0.5%
SURVEY : 0.5% (Mean: 0.5%, High: 1.9%, Low: -0.9%)
Non-manufacturing PMI (China) {CH}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 55.6
PRIOR : 56.7
**Rate decision day
OBSERVATION PERIOD: Aug 2 (Daily)
ACTUAL : 0.50%
PRIOR : 0.50%
REVISED : - -
SURVEY : 0.50% (Mean: 0.50%, High: 0.50%, Low: 0.50%)
BOE Asset Purchase Target (United Kingdom) {GB}
OBSERVATION PERIOD: Aug (Monthly)
ACTUAL : 375B
PRIOR : 375B
ECB Announces Interest Rates (Eurozone) {EC}
OBSERVATION PERIOD: Aug 2 (Daily)
ACTUAL : 0.75%
PRIOR : 0.75%
REVISED : - -
SURVEY : 0.75% (Mean: 0.73%, High: 0.75%, Low: 0.50%)
Continuing Claims (United States) {US}
OBSERVATION PERIOD: Jul 21 (Weekly)
ACTUAL : 3272K
PRIOR : 3287K
REVISED : 3291K
SURVEY : 3288K (Mean: 3290K, High: 3395K, Low: 3235K)
Initial Jobless Claims (United States) {US}
OBSERVATION PERIOD: Jul 28 (Weekly)
ACTUAL : 365K
PRIOR : 353K
REVISED : 357K
SURVEY : 370K (Mean: 370K, High: 390K, Low: 340K)
Factory Orders (United States) {US}
OBSERVATION PERIOD: Jun (Monthly)
ACTUAL : -0.5%
PRIOR : 0.7%
REVISED : 0.5%
SURVEY : 0.5% (Mean: 0.5%, High: 1.9%, Low: -0.9%)
Non-manufacturing PMI (China) {CH}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 55.6
PRIOR : 56.7
**Rate decision day
U.S. ANALYST RATINGS: Upgrades, Downgrades, Initiatio
UPGRADES:
* Cascade Microtech (CSCD) to buy: Canaccord Genuity
* Celadon (CGI) to strong buy: Raymond James
* Electronic Arts (EA) to buy: BofA Merrill
* First Solar (FSLR) to outperform: Robert Baird
* First Solar (FSLR) to buy: Cantor
* Garmin (GRMN) to outperform: Wedbush
* Mantech International (MANT) to market perform: Wells Fargo
* PacWest Bancorp (PACW) to buy: Sterne Agee
* Red Lion Hotels (RLH) to neutral: Robert Baird
* Ralcorp (RAH) to outperform: Credit Suisse
* Renaissancere (RNR) to hold: Deutsche Bank
* RPX Corp. (RPXC) to overweight: Stephens
* Resolute Forest Products (RFP) to hold: TD Securities
* Titanium Metals (TIE) to overweight: JPMorgan
* Verisk Analytics (VRSK) to buy: SunTrust Robinson
* Wright Medical (WMGI) to outperform: Robert Baird
DOWNGRADES:
* Amerigroup (AGP) to neutral: Citigroup
* ArcelorMittal (MT) to neutral: BofA Merrill
* Armstrong World (AWI) to sector perform: RBC Capital
* Agrium (AGU) to hold: Dahlman Rose
* Abercrombie & Fitch (ANF) to neutral: Piper Jaffray
* Cerner (CERN) to market perform: Leerink Swann
* Dryships (DRYS) to hold: Deutsche Bank
* Devon Energy (DVN) to neutral: Macquarie
* Hill-Rom (HRC) to neutral: Piper Jafray
* Healthcare Realty Trust (HR) to neutral: Davenport
* Harley-Davidson (HOG) to neutral: Longbow
* Hot Topic (HOTT) to neutral: Piper Jaffray
* Manning & Napier (MN) to market perform: Keefe Bruyette
* MGM Resorts (MGM) to neutral: BofA Merrill
* Ntelos (NTLS) to market perform: FBR Capital
* Owens Corning (OC) to sector perform: RBC Capital
* Potash Corp. (POT) to hold: Dahlman Rose
* Qiagen (QGEN) to hold: Berenberg
* Rentech Nitrogen Partners (RNF) to hold: Dahlman Rose
* Stryker Corp. (SYK) to neutral: Piper Jaffray
* Veolia (VE) to neutral: BofA Merrill
* Washington Banking (WBCO) to market perform: FIG Partners
* Wright Express (WXS) to neutral: Sterne Agee
INITIATIONS:
* Avago Technologies (AVGO) neutral: Goldman Sachs
* Exar Corp. (EXAR) buy: Stifel Nicolaus
* Knight Transportation (KNX) buy: Longbow
* Microcel (MCRL) outperform: Wells Fargo
* Werner Enterprises (WERN) buy: Longbow
* Cascade Microtech (CSCD) to buy: Canaccord Genuity
* Celadon (CGI) to strong buy: Raymond James
* Electronic Arts (EA) to buy: BofA Merrill
* First Solar (FSLR) to outperform: Robert Baird
* First Solar (FSLR) to buy: Cantor
* Garmin (GRMN) to outperform: Wedbush
* Mantech International (MANT) to market perform: Wells Fargo
* PacWest Bancorp (PACW) to buy: Sterne Agee
* Red Lion Hotels (RLH) to neutral: Robert Baird
* Ralcorp (RAH) to outperform: Credit Suisse
* Renaissancere (RNR) to hold: Deutsche Bank
* RPX Corp. (RPXC) to overweight: Stephens
* Resolute Forest Products (RFP) to hold: TD Securities
* Titanium Metals (TIE) to overweight: JPMorgan
* Verisk Analytics (VRSK) to buy: SunTrust Robinson
* Wright Medical (WMGI) to outperform: Robert Baird
DOWNGRADES:
* Amerigroup (AGP) to neutral: Citigroup
* ArcelorMittal (MT) to neutral: BofA Merrill
* Armstrong World (AWI) to sector perform: RBC Capital
* Agrium (AGU) to hold: Dahlman Rose
* Abercrombie & Fitch (ANF) to neutral: Piper Jaffray
* Cerner (CERN) to market perform: Leerink Swann
* Dryships (DRYS) to hold: Deutsche Bank
* Devon Energy (DVN) to neutral: Macquarie
* Hill-Rom (HRC) to neutral: Piper Jafray
* Healthcare Realty Trust (HR) to neutral: Davenport
* Harley-Davidson (HOG) to neutral: Longbow
* Hot Topic (HOTT) to neutral: Piper Jaffray
* Manning & Napier (MN) to market perform: Keefe Bruyette
* MGM Resorts (MGM) to neutral: BofA Merrill
* Ntelos (NTLS) to market perform: FBR Capital
* Owens Corning (OC) to sector perform: RBC Capital
* Potash Corp. (POT) to hold: Dahlman Rose
* Qiagen (QGEN) to hold: Berenberg
* Rentech Nitrogen Partners (RNF) to hold: Dahlman Rose
* Stryker Corp. (SYK) to neutral: Piper Jaffray
* Veolia (VE) to neutral: BofA Merrill
* Washington Banking (WBCO) to market perform: FIG Partners
* Wright Express (WXS) to neutral: Sterne Agee
INITIATIONS:
* Avago Technologies (AVGO) neutral: Goldman Sachs
* Exar Corp. (EXAR) buy: Stifel Nicolaus
* Knight Transportation (KNX) buy: Longbow
* Microcel (MCRL) outperform: Wells Fargo
* Werner Enterprises (WERN) buy: Longbow
Wednesday, August 1, 2012
Today's main economic releases (2012-08-01)**
Manufacturing PMI (China) {CH}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 50.1
PRIOR : 50.2
REVISED : - -
SURVEY : 50.5 (Mean: 50.4, High: 51.0, Low: 49.7)
HSBC Manufacturing PMI (China) {CH}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 49.3
PRIOR : 48.2
PMI Manufacturing (Italy) {IT}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 44.3
PRIOR : 44.6
REVISED : - -
SURVEY : 44.1 (Mean: 44.2, High: 45.0, Low: 43.5)
PMI Manufacturing (France) {FR}
OBSERVATION PERIOD: Jul F (Monthly)
ACTUAL : 43.4
PRIOR : 43.6
REVISED : - -
SURVEY : 43.6 (Mean: 43.6, High: 43.6, Low: 43.6)
PMI Manufacturing (Germany) {GE}
OBSERVATION PERIOD: Jul F (Monthly)
ACTUAL : 43.0
PRIOR : 43.3
REVISED : - -
SURVEY : 43.3 (Mean: 43.4, High: 46.3, Low: 43.2)
PMI Manufacturing (Eurozone) {EC}
OBSERVATION PERIOD: Jul F (Monthly)
ACTUAL : 44.0
PRIOR : 44.1
REVISED : - -
SURVEY : 44.1 (Mean: 44.1, High: 44.1, Low: 43.8)
PMI Manufacturing (United Kingdom) {GB}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 45.4
PRIOR : 48.6
REVISED : - -
SURVEY : 48.4 (Mean: 48.4, High: 50.5, Low: 46.0)
ADP Employment Change (United States) {US}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 163K
PRIOR : 176K
REVISED : - -
SURVEY : 120K (Mean: 118K, High: 180K, Low: 75K)
Construction Spending MoM (United States) {US}
OBSERVATION PERIOD: Jun (Monthly)
ACTUAL : 0.4%
PRIOR : 0.9%
REVISED : 1.6%
SURVEY : 0.4% (Mean: 0.4%, High: 1.0%, Low: -0.2%)
ISM Manufacturing (United States) {US}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 49.8
PRIOR : 49.7
REVISED : - -
SURVEY : 50.2 (Mean: 50.1, High: 52.0, Low: 48.5)
ISM Prices Paid (United States) {US}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 39.5
PRIOR : 37.0
REVISED : - -
SURVEY : 40.0 (Mean: 40.9, High: 51.5, Low: 34.0)
FOMC Rate Decision (United States) {US}
OBSERVATION PERIOD: Aug 1 (Daily)
ACTUAL : 0.25%
PRIOR : 0.25%
REVISED : - -
SURVEY : 0.25% (Mean: 0.25%, High: 0.25%, Low: 0.25%)
**Rate decision day
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 50.1
PRIOR : 50.2
REVISED : - -
SURVEY : 50.5 (Mean: 50.4, High: 51.0, Low: 49.7)
HSBC Manufacturing PMI (China) {CH}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 49.3
PRIOR : 48.2
PMI Manufacturing (Italy) {IT}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 44.3
PRIOR : 44.6
REVISED : - -
SURVEY : 44.1 (Mean: 44.2, High: 45.0, Low: 43.5)
PMI Manufacturing (France) {FR}
OBSERVATION PERIOD: Jul F (Monthly)
ACTUAL : 43.4
PRIOR : 43.6
REVISED : - -
SURVEY : 43.6 (Mean: 43.6, High: 43.6, Low: 43.6)
PMI Manufacturing (Germany) {GE}
OBSERVATION PERIOD: Jul F (Monthly)
ACTUAL : 43.0
PRIOR : 43.3
REVISED : - -
SURVEY : 43.3 (Mean: 43.4, High: 46.3, Low: 43.2)
PMI Manufacturing (Eurozone) {EC}
OBSERVATION PERIOD: Jul F (Monthly)
ACTUAL : 44.0
PRIOR : 44.1
REVISED : - -
SURVEY : 44.1 (Mean: 44.1, High: 44.1, Low: 43.8)
PMI Manufacturing (United Kingdom) {GB}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 45.4
PRIOR : 48.6
REVISED : - -
SURVEY : 48.4 (Mean: 48.4, High: 50.5, Low: 46.0)
ADP Employment Change (United States) {US}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 163K
PRIOR : 176K
REVISED : - -
SURVEY : 120K (Mean: 118K, High: 180K, Low: 75K)
Construction Spending MoM (United States) {US}
OBSERVATION PERIOD: Jun (Monthly)
ACTUAL : 0.4%
PRIOR : 0.9%
REVISED : 1.6%
SURVEY : 0.4% (Mean: 0.4%, High: 1.0%, Low: -0.2%)
ISM Manufacturing (United States) {US}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 49.8
PRIOR : 49.7
REVISED : - -
SURVEY : 50.2 (Mean: 50.1, High: 52.0, Low: 48.5)
ISM Prices Paid (United States) {US}
OBSERVATION PERIOD: Jul (Monthly)
ACTUAL : 39.5
PRIOR : 37.0
REVISED : - -
SURVEY : 40.0 (Mean: 40.9, High: 51.5, Low: 34.0)
FOMC Rate Decision (United States) {US}
OBSERVATION PERIOD: Aug 1 (Daily)
ACTUAL : 0.25%
PRIOR : 0.25%
REVISED : - -
SURVEY : 0.25% (Mean: 0.25%, High: 0.25%, Low: 0.25%)
**Rate decision day
U.S. ANALYST RATINGS: Upgrades, Downgrades, Initiations
UPGRADES:
* Arkansas Best (ABFS) raised to market perform: Wells Fargo
* First Horizon National (FHN) raised to neutral: Compass Point
* Louisiana-Pacific (LPX) raised to hold: Salman Partners
* Louisiana-Pacific (LPX) raised: BMO
* National Financial Partners (NFP) raised to neutral: BofAML
* RTI Biologics (RTIX) raised to buy: Roth Capital
* Tower Group (TWGP) raised to outperform: FBR
* Wal-Mart (WMT) raised to hold: Deutsche Bank
DOWNGRADES:
* Advent Software (ADVS) cut to neutral: Wedbush
* Allegiant Travel (ALGT) cut to sell: Dahlman Rose
* Auxilium Pharma (AUXL) cut to market perform: Leerink Swann
* Arkansas Best (ABFS) cut to underweight: JP Morgan
* Becton Dickinson (BDX) cut to underweight: JP Morgan
* BMC Software (BMC) cut to neutral: Credit Suisse
* BMC Software (BMC) cut to outperform: Raymond James
* Chicago Bridge (CBI) cut to neutral: Lazard
* Coach (COH) cut to neutral: Piper Jaffray
* Delta Air (DAL) cut to hold: Dahlman Rose
* Denderon (DNDN) cut to sell: Lazard
* Discovery Communications (DISCA) cut to sell: Citi
* Heartland Payment System (HPY) cut: Keefe Bruyette
* JetBlue (JBLU) cut to sell: Dahlman Rose
* Luminex (LMNX) cut to market perform: William Blair
* McGrath Rentcorp (MGRC) cut to market perform: Oppenheimer
* Mercury Computer (MRCY) cut to sell: CRT Capital
* Metropolitan Health (MDF) cut to buy: Feltl
* Polypore International (PPO) cut to neutral: Robert Baird
* Reald (RLD) cut to hold: Stifel Nicolaus
* Republic Airways (RJET) cut to hold: Dahlman Rose
* RPX (RPXC) cut to neutral: BOFAML
* SkyWest (SKYW) cut to sell: Dahlman Rose
* Symetra (SYA) cut to underperform: BofAML
* Tech Data (TECD) cut to underperform: BofAML
* United Continental (UAL) cut to hold: Dahlman Rose
INITIATIONS:
* Eastman Chemical (EMN) new buy: Lazard
* EOG (EOG) new hold: Miller Tabak
* Precision Castparts (PCP) new neutral: Imperial Capital
* Rosetta Resources (ROSE) new sell: Miller Tabak
* Sanchez Energy (SN) new buy: Miller Tabak
* Watsco (WSO) new neutral: Lazard
* Arkansas Best (ABFS) raised to market perform: Wells Fargo
* First Horizon National (FHN) raised to neutral: Compass Point
* Louisiana-Pacific (LPX) raised to hold: Salman Partners
* Louisiana-Pacific (LPX) raised: BMO
* National Financial Partners (NFP) raised to neutral: BofAML
* RTI Biologics (RTIX) raised to buy: Roth Capital
* Tower Group (TWGP) raised to outperform: FBR
* Wal-Mart (WMT) raised to hold: Deutsche Bank
DOWNGRADES:
* Advent Software (ADVS) cut to neutral: Wedbush
* Allegiant Travel (ALGT) cut to sell: Dahlman Rose
* Auxilium Pharma (AUXL) cut to market perform: Leerink Swann
* Arkansas Best (ABFS) cut to underweight: JP Morgan
* Becton Dickinson (BDX) cut to underweight: JP Morgan
* BMC Software (BMC) cut to neutral: Credit Suisse
* BMC Software (BMC) cut to outperform: Raymond James
* Chicago Bridge (CBI) cut to neutral: Lazard
* Coach (COH) cut to neutral: Piper Jaffray
* Delta Air (DAL) cut to hold: Dahlman Rose
* Denderon (DNDN) cut to sell: Lazard
* Discovery Communications (DISCA) cut to sell: Citi
* Heartland Payment System (HPY) cut: Keefe Bruyette
* JetBlue (JBLU) cut to sell: Dahlman Rose
* Luminex (LMNX) cut to market perform: William Blair
* McGrath Rentcorp (MGRC) cut to market perform: Oppenheimer
* Mercury Computer (MRCY) cut to sell: CRT Capital
* Metropolitan Health (MDF) cut to buy: Feltl
* Polypore International (PPO) cut to neutral: Robert Baird
* Reald (RLD) cut to hold: Stifel Nicolaus
* Republic Airways (RJET) cut to hold: Dahlman Rose
* RPX (RPXC) cut to neutral: BOFAML
* SkyWest (SKYW) cut to sell: Dahlman Rose
* Symetra (SYA) cut to underperform: BofAML
* Tech Data (TECD) cut to underperform: BofAML
* United Continental (UAL) cut to hold: Dahlman Rose
INITIATIONS:
* Eastman Chemical (EMN) new buy: Lazard
* EOG (EOG) new hold: Miller Tabak
* Precision Castparts (PCP) new neutral: Imperial Capital
* Rosetta Resources (ROSE) new sell: Miller Tabak
* Sanchez Energy (SN) new buy: Miller Tabak
* Watsco (WSO) new neutral: Lazard
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