DOW FUTURES PLUNGE AFTER FAILED VOTE

Joe Weisenthal

 Dec. 20, 2012

UPDATE (8:52PM ET):

Futures are off of there lows.  But they're still low.

Dow futures are down 182 points, and S&P futures are down 19 points.

Here's a look at Dow futures via FinViz:

FinViz

UPDATE (8:22 PM ET):

The sell-off is accelerating. Dow futures are now down 250. S&P futures are down 25 points.

STOCKS RALLY, GOLD TUMBLES AGAIN: Here's What You Need To Know

Sam Ro

 Dec. 20, 2012

Spencer Platt/Getty Images

Despite the lack of a fiscal cliff deal, stocks are holding up remarkably well.  Meanwhile, we got a ton of great economic data.

First the scoreboard:

Dow: 13,311, +59.7, +0.4 percent

S&P 500: 1,443, +7.8, +0.5 percent

NASDAQ: 3,050, +6.0, +0.2 percent

And now the top stories:

• Q3 GDP growth was revised way up to 3.1 percent, which was much higher than the 2.8 percent economists were looking for.  Personal consumption was up 1.6 percent, versus the expectation for 1.4 percent.

• Weekly initial jobless claims came in line with expectations, climbing to 361k.  This was a tad higher than the 360k expected.

• The closely followed Philly Fed Business Outlook Survey crushed expectations, surging to 8.1 from last month's reading of -10.7.  Economists were only expecting a reading of -3.0.  This is a welcome development following  a slew of disappointing regional manufacturing surveys in recent weeks.  The idea that fiscal cliff uncertainty is stopping business activity appears to be reversing.

• Existing home sales jumped 5.9 percent to 5.04 million in November.  This to was higher than the expectations, which were at 4.90 million. "Momentum continues to build in the housing market from growing jobs and a bursting out of household formation," said NAR chief economist Lawrence Yun. "With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes."

• Gold prices got slammed again today, falling below $1,650 per ounce.  Commodities guru Jim Rogers thinks prices could fall even further from here.  With U.S. economic data coming out bullish, there's growing speculation that the Federal Reserve will be able to tighten monetary policy sooner than later.  Currently, the Fed expects to keep monetary policy easy through 2015.

• Meanwhile, shares of Herbalife got pummeled again today as hedge fund giant Bill Ackman presented a devastating 342-slide presentation slamming the company. "This is a pyramid scheme," said Ackman.

20 Dec 2012 Kuala Lumpur Closing Stock Prices

Close Prior Change % Change AMMB 6.59 6.57 +0.02 +0.30 BAT 60.50 59.50 +1.00 +1.68 C&C 2.83 2.82 +0.01 +0.35 Genting 9.09 9.18 -0.09 -0.98 GenM 3.60 3.62 -0.02 -0.55 IGB 2.37 2.38 -0.01 -0.42 L&G 0.40 0.40 -0.01 -1.25 MayBank 9.05 8.99 +0.06 +0.67 MAS 0.74 0.69 +0.05 +7.25 PetGas 19.24 19.08 +0.16 +0.84 PbBank 16.04 16.00 +0.04 +0.25 RHBCap 7.64 7.64 unch unch Sime 9.36 9.39 -0.03 -0.32 Telekom 5.95 5.91 +0.04 +0.68 Tenaga 6.83 6.80 +0.03 +0.44 TopGlove 5.72 5.73 -0.01 -0.17 UMW 11.88 11.98 -0.10 -0.83 YTL 1.88 1.90 -0.02 -1.05

20 Dec 2012 Kuala Lumpur Most Actives

Volume Close Change % Change Sanichi 53,343,700 0.300 +0.100 +50.00 XOX 39,849,200 0.185 +0.025 +15.63 MAS 36,589,400 0.740 +0.050 +7.25 Tiger 27,609,800 0.300 -0.005 -1.64 PTGTin 23,597,800 0.345 +0.020 +6.15 DSCSol 14,465,400 0.195 +0.005 +2.63 ETITech 13,554,500 0.075 +0.005 +7.14 NICORP 13,321,200 0.160 +0.005 +3.23 Scomi 12,299,200 0.365 unch unch Bright 12,151,100 1.200 -0.100 -7.69 Tenaga 11,012,000 6.830 +0.030 +0.44 AMedia 10,999,200 0.460 +0.005 +1.10 THHeavy 10,408,100 0.565 +0.010 +1.80 AirAsia 10,206,000 2.550 -0.030 -1.16 IRCB 10,190,700 0.130 +0.010 +8.33 SKPetro 9,416,700 3.140 +0.040 +1.29 Gamuda 9,269,300 3.640 +0.020 +0.55 DiGi 9,056,600 5.360 +0.080 +1.52 AsiaBio 8,899,500 0.080 +0.010 +14.29 YTL 8,726,800 1.880 -0.020 -1.05 Sime 8,143,800 9.360 -0.030 -0.32 FACBInd 7,388,200 1.180 +0.090 +8.26 Benalec 7,358,600 1.460 +0.010 +0.69 Biosis 7,354,700 0.230 +0.015 +6.98 MayBank 6,814,000 9.090 -0.090 -0.98 Axiata 6,350,100 6.680 +0.080 +1.21 P.A. 6,083,200 0.130 unch unch BJCorp 6,052,300 0.540 unch unch AMMB 5,915,800 6.590 +0.020 +0.30 CIMB 5,167,300 7.680 +0.030 +0.39 KNM 5,058,600 0.460 unch unch Permaju 4,902,700 0.370 -0.010 -2.63 UEMLand 4,886,600 2.130 +0.010 +0.47 PetChem 4,857,800 6.200 unch unch GPacket 4,819,200 0.485 +0.040 +8.99 Nextnat 4,768,400 0.105 +0.005 +5.00 Mtronic 4,533,900 0.120 unch unch IOI 4,512,500 5.000 +0.040 +0.81 Patimas 4,385,500 0.030 unch unch HWGB 4,190,000 0.300 +0.005 +1.69 Luster 4,108,500 0.105 +0.005 +5.00 NTPM 4,034,200 0.445 unch unch Kbunai 3,950,300 0.120 +0.005 +4.35 Bornoil 3,700,100 0.435 -0.015 -3.33 IJM 3,669,400 4.930 -0.020 -0.40 MNC 3,568,500 0.125 +0.015 +13.64 Telekom 3,548,600 5.950 +0.040 +0.68 Astro 3,542,200 2.900 -0.010 -0.34 FGV 3,252,800 4.600 -0.010 -0.22

STOCKS TUMBLE AFTER BOEHNER'S ANGRY PRESS CONFERENCE: Here's What You Need To Know

Matthew Boesler

 Dec. 19, 2012

AP

Fiscal cliff negotiations were in focus today. 

First the scoreboard:

Dow Jones: 13,252.89, -98.07 (-0.73%)

S&P 500: 1,435.85, -10.94 (-0.76%)

Nasdaq: 3,044.52, -10.01 (-0.33%)

And now, the top stories:

• This morning, housing starts came in below expectations, falling 3 percent in November. However, building permits were a positive surprise, rising 3.6 percent. Separately, the AIA Architectural Billings Index, seen as a leading indicator for commercial real estate, registered its best reading since 2007.

• After House Speaker John Boehner introduced "Plan B" yesterday as part of the ongoing fiscal cliff negotiations, the White House slammed the plan this morning, saying President Obama would veto a bill if it reached his desk. "Plan B" involves Republicans accepting tax hikes on Americans making $1 million or more, while the White House wants hikes on everyone making over $250,000.

• Speaker Boehner responded this afternoon by giving a brusque press conference – clocking in at under a minute in length – before leaving the podium abruptly without taking questions. "Tomorrow, the House will pass legislation to make permanent tax relief for every American," Boehner said. "Then the president will have a decision to make. He can call on Senate Democrats to pass that bill. Or he can be responsible for the largest tax increase in American history."

• Around 10:30 AM, when the Department of Energy released its weekly figures on oil stockpiles, WTI crude oil futures surged. Although oil stockpiles decreased less than expected, distillate inventories dropped nearly 1.1M barrels despite expectations of a 1M-unit expansion.

• President Obama delivered a separate press conference on gun violence today, introducing a task force to address the growing problem highlighted by Friday's tragic shooting. However, stocks of gun manufacturers, which have sold off substantially this week, were unfazed by the news, rebounding from their recent lows.

• CNBC reported this afternoon that hedge funder Bill Ackman is short Herbalife stock, sending shares nearly 9 percent lower. Herbalife stock was plagued earlier this year by speculation that another big hedgie, David Einhorn, may have been short the stock.

19 Dec 2012 Kuala Lumpur Closing Stock Prices

Close Prior Change % Change AMMB 6.57 6.52 +0.05 +0.77 BAT 59.50 59.30 +0.20 +0.34 C&C 2.82 2.80 +0.02 +0.71 Genting 9.18 9.22 -0.04 -0.43 GenM 3.62 3.52 +0.10 +2.84 IGB 2.38 2.38 unch unch L&G 0.40 0.39 +0.01 +2.56 MayBank 8.99 9.05 -0.06 -0.66 MAS 0.69 0.71 -0.02 -2.13 PetGas 19.08 18.50 +0.58 +3.14 PbBank 16.00 16.00 unch unch RHBCap 7.64 7.62 +0.02 +0.26 Sime 9.39 9.19 +0.20 +2.18 Telekom 5.91 5.81 +0.10 +1.72 Tenaga 6.80 6.82 -0.02 -0.29 TopGlove 5.73 5.66 +0.07 +1.24 UMW 11.98 12.00 -0.02 -0.17 YTL 1.90 1.88 +0.02 +1.06

19 Dec 2012 Kuala Lumpur Most Actives

Volume Close Change % Change Tiger 36,488,800 0.305 -0.005 -1.61 DSCSol 22,093,200 0.190 +0.005 +2.70 Axiata 20,501,400 6.600 -0.160 -2.37 Nextnat 19,440,900 0.100 -0.005 -4.76 XOX 19,271,600 0.160 +0.005 +3.23 MASA 15,316,500 0.690 -0.015 -2.13 BJCorp 10,951,800 0.540 -0.005 -0.92 SKPetro 10,320,400 3.100 +0.110 +3.68 AMedia 10,037,900 0.455 +0.005 +1.11 AirAsia 9,527,000 2.580 +0.010 +0.39 Tenaga 9,471,200 6.800 -0.020 -0.29 IHH 9,360,500 3.350 -0.010 -0.30 Sime 9,283,600 9.390 +0.200 +2.18 Fastrack 9,082,500 0.100 unch unch YTL 8,741,400 1.900 +0.020 +1.06 MayBank 8,088,100 8.990 -0.060 -0.66 Telekom 7,370,900 5.910 +0.100 +1.72 GenM 6,606,400 3.620 +0.100 +2.84 CCM 6,602,200 0.900 -0.020 -2.17 DiGi 6,491,300 5.280 +0.140 +2.72 Gamuda 6,161,600 3.620 +0.020 +0.56 YTLPowr 6,110,900 1.520 +0.020 +1.33 PChem 6,047,700 6.200 +0.010 +0.16 NTPM 5,662,300 0.445 -0.005 -1.11 CWorks 5,399,600 0.160 +0.005 +3.23 IOI 5,157,700 4.960 unch unch UEMLand 4,828,200 2.120 -0.020 -0.93 AMMB 4,503,400 6.570 +0.050 +0.77 CIMB 4,491,200 7.650 +0.020 +0.26 Astro 4,364,400 2.910 -0.030 -1.02 PtgTin 4,143,800 0.325 unch unch PWRoot 4,085,600 1.100 +0.050 +4.76 AGlobal 3,875,600 0.070 +0.005 +7.69 SKPRes 3,840,400 0.365 +0.005 +1.39 Armada 3,741,500 3.800 unch unch MRCB 3,700,500 1.570 -0.010 -0.63 Insas 3,678,400 0.475 +0.005 +1.06 Maxis 3,653,400 6.590 +0.070 +1.07 KBB 3,606,800 0.480 -0.010 -2.04 Sanichi 3,589,700 0.040 -0.005 -11.11 Mtronic 3,510,100 0.120 unch unch JasKita 3,427,800 0.145 +0.005 +3.57 Marco 3,387,200 0.145 -0.005 -3.33 Itronic 3,320,600 0.315 +0.030 +10.53 Permaju 3,266,300 0.380 unch unch Benalec 3,118,300 1.450 +0.020 +1.40 Dialog 3,113,100 2.430 +0.030 +1.25 KNM 3,105,500 0.460 unch unch Takaso 3,083,500 0.285 -0.010 -3.39 FACBInd 3,058,000 1.090 +0.080 +7.92

STOCKS SURGED, GOLD TANKED, GUNS GOT CRUSHED: Here's What You Need To Know

Sam Ro

 Dec. 18, 2012

AP Images

Stocks had another big day.

First the scoreboard:

Dow: 13,350, +115.5, +0.8 percent

S&P 500: 1,446, +16.4, +1.1 percent

NASDAQ: 3,054, +43.9, +1.4 percent

And now the top stories:

• While we've yet to get an actual fiscal cliff deal, it appears that negotiations are making progress.  Late last night, reports surfaced that President Obama would offer to raise the threshold for tax increases to those earning $400k, up from $250k.  This would be a pretty big concession as the $250k threshold was a part of his presidential campaign.

• Meanwhile, House Speaker John Boehner said he would introduce a bill that would include tax hikes for those making over $1 million.  "We're going to move to Plan B," he said. "Our Plan B would protect American taxpayers who make $1 million or less."

• In an unexpected move, private equity giant Cerberus announced that it would be selling its stake in Freedom Group, a privately held gunmaker that also owns Bushmaster.  This came amid pressure from a big investor.  Bushmaster's AR-15 was reportedly one of the guns used to kill 20 children at last Friday's tragic elementary school shooting in Newtown, Connecticut.

• Gunmakers Smith & Wesson and Sturm Ruger got crushed today.  In addition to the threat of tighter gun control laws, traders and investors may be worried that big institutional investors may be forced to dump the stocks like Cerberus dumped Bushmaster.

• Gold got slammed today on no obvious news.  With stocks and long-term interest rates rising, the markets seem to be pricing in improving growth expectations.  This could mean that the Fed tightens up on its monetary policy sooner than late.

• Earlier this morning we learned that the homebuilder confidence, as measured by the NAHB hit a 6-year high.

18 Dec 2012 Kuala Lumpur Closing Stock Prices

Close Prior Change % Change AMMB 6.52 6.50 +0.02 +0.31 BAT 59.30 59.42 -0.12 -0.20 C&C 2.80 2.83 -0.03 -1.06 Genting 9.22 9.19 +0.03 +0.33 GenM 3.52 3.53 -0.01 -0.28 IGB 2.38 2.40 -0.02 -0.83 L&G 0.39 0.40 -0.01 -1.27 MayBank 9.05 9.04 +0.01 +0.11 MAS 0.71 0.71 unch unch PetGas 18.50 18.48 +0.02 +0.11 PbBank 16.00 15.98 +0.02 +0.13 RHBCap 7.62 7.60 +0.02 +0.26 Sime 9.19 9.13 +0.06 +0.66 Telekom 5.81 5.83 -0.02 -0.34 Tenaga 6.82 6.82 unch unch TopGlove 5.66 5.65 +0.01 +0.18 UMW 12.00 11.78 +0.22 +1.87 YTL 1.88 1.85 +0.03 +1.62

18 Dec 2012 Kuala Lumpur Most Actives

Volume Close Change % Change DSCSol 50,729,800 0.185 +0.045 +32.14 XOX 48,131,000 0.155 -0.045 -22.50 ELKDesa 32,315,900 1.170 unch unch NTPM 23,289,900 0.450 +0.015 +3.45 Itronic 23,116,800 0.285 -0.075 -20.83 Tiger 19,624,700 0.310 -0.005 -1.59 Axiata 16,930,700 6.760 +0.220 +3.36 Takaso 16,022,500 0.295 -0.005 -1.67 Mtronic 14,993,500 0.120 +0.005 +4.35 Maxis 14,607,900 6.520 +0.020 +0.31 AirAsia 13,360,000 2.570 -0.050 -1.91 YTL 12,422,300 1.880 +0.030 +1.62 Ancom 9,310,900 0.170 +0.020 +13.33 Telekom 8,599,500 5.810 -0.020 -0.34 MAS 8,419,700 0.705 unch unch Kbunai 8,327,600 0.120 unch unch ASuprem 8,267,900 0.195 -0.005 -2.50 Sime 8,114,200 9.190 +0.060 +0.66 YTLPowr 7,576,000 1.500 unch unch Borneoil 7,447,300 0.460 +0.020 +4.55 Tenaga 7,444,200 6.820 unch unch MayBank 7,242,100 9.050 +0.010 +0.11 IHH 7,049,100 3.360 +0.020 +0.60 PetChem 6,943,700 6.190 +0.100 +1.64 Astro 6,939,600 2.940 -0.020 -0.68 Fastrack 6,863,800 0.100 +0.005 +5.26 DiGi 6,420,600 5.140 +0.070 +1.38 UEMLand 6,407,200 2.140 +0.020 +0.94 Mulpha 6,301,000 0.400 unch unch P.A. 6,160,700 0.135 -0.005 -3.57 AMMB 6,031,600 6.520 +0.020 +0.31 THHeavy 5,741,500 0.560 +0.005 +0.90 KNM 5,500,000 0.460 -0.010 -2.13 CME 5,434,100 0.070 +0.005 +7.69 Insas 5,373,700 0.470 +0.035 +8.05 Scomi 5,217,900 0.370 unch unch JCY 5,027,800 0.615 -0.030 -4.65 Sanichi 4,935,000 0.045 -0.005 -10.00 Permaju 4,912,700 0.380 unch unch Perdana 4,908,700 1.080 +0.050 +4.85 PtgTin 4,865,600 0.325 -0.005 -1.52 Nextnat 4,770,600 0.105 unch unch AGlobal 4,723,900 0.065 -0.005 -7.14 BJCorp 4,644,500 0.545 -0.005 -0.91 CIMB 4,587,100 7.630 +0.030 +0.39 SKPetro 4,561,800 2.990 +0.030 +1.01 AMedia 4,351,200 0.450 unch unch IOI 4,306,000 4.960 +0.010 +0.20 GenM 4,106,900 3.520 -0.010 -0.28 iDimensn 3,930,300 0.125 +0.005 +4.17

DOW JUMPS 100 POINTS: Here's What You Need To Know

Sam Ro

| Dec. 17, 2012

Stocks had a good day today.

First the scoreboard:

Dow: 13,235, +100.3, +0.7 percent

S&P 500: 1,430, +16.7, +1.1 percent

NASDAQ: 3,010, +39.2, +1.3 percent

And now the top stories:

• The latest reading of the Empire State Manufacturing Survey was a big disappointment.  The headline number unexpectedly fell to -8.1 from -5.22 a month ago.  Economists were looking for an improvement to -1.0.  Most major regional manufacturing indicies as well as the ISM manufacturing index are pointing to contraction thanks to a combination of Hurricane Sandy and uncertainty related to the fiscal cliff.

• On the fiscal cliff, talks continue to go nowhere.  However, it appears that President Obama may have blinked on entitlements (e.g. Social Security).

• Washington is also finding itself wrestling with gun control laws again in the wake of Friday's tragic elementary school shooting in Newtown, Connecticut. California Senator Dianne Feinstein said she intended to introduce an assault weapons ban bill on the first day of the new Congress in January.  Last night, President Obamacommitted to using "whatever power [his] office holds" to prevent these shootings from happening again.

• Gunmakers Smith & Wesson and Sturm Ruger both got slammed today.  Barring any major reforms, guns continue to be an amazing growth investment opportunity, according to a new presentation from S&W.

• Shares of Apple got tossed around today.  Last night, Citi downgraded the stock and slashed its price target by $100 warning about bearish signals coming from Apple's Asian iPhone 5 supply chain.  Morgan Stanley, on the other hand, came out saying that iPhone 5 demand is strong.  Regardless of the demand, the stock could tumble to $425 because the share price has lost momentum, says trader Mark Dow.

17 Dec 2012 Kuala Lumpur Closing Stock Prices

Close Prior Change % Change AMMB 6.50 6.48 +0.02 +0.31 BAT 59.42 61.00 -1.58 -2.59 C&C 2.83 2.80 +0.03 +1.07 Genting 9.19 9.29 -0.10 -1.08 GenM 3.53 3.48 +0.05 +1.44 IGB 2.40 2.44 -0.04 -1.64 L&G 0.40 0.40 -0.01 -1.25 MayBank 9.04 9.02 +0.02 +0.22 MAS 0.71 0.73 -0.02 -2.76 PetGas 18.48 18.64 -0.16 -0.86 PbBank 15.98 15.94 +0.04 +0.25 RHBCap 7.60 7.64 -0.04 -0.52 Sime 9.13 9.14 -0.01 -0.11 Telekom 5.83 5.83 unch unch Tenaga 6.82 6.93 -0.11 -1.59 TopGlove 5.65 5.57 +0.08 +1.44 UMW 11.78 12.04 -0.26 -2.16 YTL 1.85 1.86 -0.01 -0.54

17 Dec 2012 Kuala Lumpur Most Actives

Volume Close Change % Change Compugt 39,141,700 0.090 +0.005 +5.88 PetgTin 28,126,700 0.330 unch unch XOX 23,254,400 0.200 +0.070 +53.85 Tiger 21,911,500 0.315 -0.010 -3.08 Fastrack 19,725,500 0.095 -0.005 -5.00 Axiata 16,217,200 6.540 +0.030 +0.46 Kbunai 15,508,800 0.120 -0.005 -4.00 Nextnat 15,459,400 0.105 unch unch AMedia 15,324,000 0.450 -0.005 -1.10 Borneoil 15,029,900 0.440 +0.020 +4.76 THHeavy 12,040,400 0.555 +0.010 +1.83 Tenaga 11,955,800 6.820 -0.110 -1.59 ASupreme 11,512,900 0.200 unch unch DSCSol 10,701,300 0.140 -0.005 -3.45 MAS 9,995,000 0.705 -0.020 -2.76 AirAsia 9,976,500 2.620 -0.050 -1.87 Maxis 9,923,600 6.500 -0.060 -0.91 BjCorp 8,055,300 0.550 +0.005 +0.92 HHHCORP 7,781,400 0.175 -0.005 -2.78 Scomi 7,752,000 0.370 -0.005 -1.33 NICORP 7,691,100 0.155 -0.010 -6.06 FACBInd 7,560,400 1.020 -0.030 -2.86 Permaju 6,822,600 0.380 -0.035 -8.43 Takaso 6,806,200 0.300 +0.010 +3.45 KNM 6,677,400 0.470 +0.005 +1.08 Astro 6,465,400 2.960 +0.010 +0.34 Telekom 6,255,300 5.830 unch unch YTLPowr 5,930,900 1.500 -0.020 -1.32 Sime 5,476,300 9.130 -0.010 -0.11 CIMB 5,460,000 7.600 +0.020 +0.26 Dialog 5,144,500 2.390 -0.020 -0.83 Hwgb 4,795,100 0.295 -0.015 -4.84 Luster 4,258,400 0.105 unch unch SKPetro 4,138,800 2.960 -0.010 -0.34 YTL 4,114,000 1.850 -0.010 -0.54 DiGi 4,093,600 5.070 +0.030 +0.60 PetChem 4,025,300 6.090 -0.050 -0.81 Menang 3,756,400 0.305 -0.005 -1.61 GenM 3,737,900 3.530 +0.050 +1.44 Mulpha 3,390,000 0.400 unch unch AMMB 3,214,300 6.500 +0.020 +0.31 PMInd 3,145,400 0.045 +0.010 +28.57 Insas 2,828,200 0.435 +0.005 +1.16 PbBank 2,827,500 15.980 +0.040 +0.25 IJacobs 2,657,600 0.175 +0.030 +20.69 Pos 2,647,300 3.250 -0.100 -2.99 IOI 2,640,300 4.950 -0.020 -0.40 Perdana 2,581,700 1.030 +0.030 +3.00 UEMLand 2,570,800 2.120 unch unch Pasukgb 2,559,200 0.250 -0.020 -7.41

14 Dec 2012 Kuala Lumpur Closing Stock Prices

Close Prior Change % Change AMMB 6.48 6.49 -0.01 -0.15 BAT 61.00 61.00 unch unch C&C 2.80 2.84 -0.04 -1.41 Genting 9.29 9.25 +0.04 +0.43 GenM 3.48 3.46 +0.02 +0.58 IGB 2.44 2.44 unch unch L&g 0.40 0.40 +0.01 +1.27 MayBank 9.02 9.07 -0.05 -0.55 MAS 0.73 0.75 -0.02 -2.68 PetGas 18.64 18.48 +0.16 +0.87 PBBank 15.94 15.92 +0.02 +0.13 RHBCap 7.64 7.64 unch unch Sime 9.14 9.14 unch unch Telekom 5.83 5.83 unch unch Tenaga 6.93 6.94 -0.01 -0.14 TopGlove 5.57 5.70 -0.13 -2.28 UMW 12.04 11.76 +0.28 +2.38 YTL 1.86 1.84 +0.02 +1.09

14 Dec 2012 Kuala Lumpur Most Actives

Volume Close Change % Change Kbunai   37,852,400 0.125 +0.010 +8.70 AMedia 36,941,200 0.455 +0.030 +7.06 PetgTin 33,607,900 0.330 +0.085 +34.69 Tiger 32,844,800 0.325 unch unch Luster 19,804,400 0.105 unch unch FACBInd 19,277,700 1.050 +0.230 +28.05 CWorks 17,438,600 0.175 -0.020 -10.26 Axiata 16,911,200 6.510 -0.020 -0.31 AirAsia 15,525,600 2.670 -0.040 -1.48 Nextnat 11,762,200 0.105 unch unch Compugt 11,599,800 0.085 unch unch Mas 11,024,600 0.725 -0.020 -2.68 Global 10,672,600 0.070 -0.005 -6.67 Scomi 10,064,100 0.375 unch unch BPort 10,000,000 7.000 -0.060 -0.85 MayBank 9,938,000 9.020 -0.050 -0.55 Maxis 8,020,600 6.560 -0.010 -0.15 YTL 7,501,700 1.860 +0.020 +1.09 Fastrack 7,229,500 0.100 unch unch Telekom 6,780,400 5.830 unch unch Biosis 6,755,400 0.205 -0.025 -10.87 Astro 6,319,000 2.950 unch unch KNM 6,253,900 0.465 +0.010 +2.20 P.A. 6,104,200 0.140 -0.010 -6.67 Takaso 6,015,800 0.290 -0.010 -3.33 CIMB 5,805,100 7.580 +0.010 +0.13 AMMB 5,674,000 6.480 -0.010 -0.15 Itronic 5,601,200 0.385 -0.015 -3.75 Hwgb 5,507,100 0.310 +0.010 +3.33 NTPM 5,388,300 0.435 unch unch THHeavy 4,918,600 0.545 +0.015 +2.83 DiGi 4,829,000 5.040 +0.010 +0.20 Mulpha 4,809,500 0.400 unch unch Sime 4,524,800 9.140 unch unch PetChem 4,513,900 6.140 +0.010 +0.16 YTLPowr 4,436,800 1.520 -0.030 -1.94 Tenaga 4,263,800 6.930 -0.010 -0.14 Benalec 4,160,000 1.430 +0.070 +5.15 PbBank 3,872,400 15.940 +0.020 +0.13 TMCLife 3,778,100 0.350 +0.010 +2.94 IOI 3,644,000 4.970 -0.030 -0.60 UEMLand 3,597,100 2.120 -0.010 -0.47 KBB 3,439,400 0.510 -0.015 -2.86 Pesona 3,258,200 0.230 +0.015 +6.98 IRCB 3,240,300 0.120 +0.005 +4.35 MPHB 3,213,100 3.480 +0.010 +0.29 Gamuda 3,079,300 3.640 unch unch SPSetia 3,007,900 3.080 -0.010 -0.32 R&A 2,976,300 0.055 -0.005 -8.33 Permaju 2,897,500 0.415 -0.005 -1.19

STOCKS FALL: Here's What You Need To Know

Sam Ro

 Dec. 13, 2012

james bowe via flickr

Stocks quietly tumbled today.

First the scoreboard:

Dow: 13,170, -74.7, -0.5 percent

S&P 500: 1,419, -9.0, -0.6 percent

NASDAQ: 2,992, -21.6, -0.7 percent

And now the top stories:

• Fiscal cliff negotiations continue to go nowhere.  "President Obama wants to pretend spending isn't the problem," said House Speaker John Boehner early in the U.S. trading session.  "That's why we don't have an agreement." 

• Stocks were down for most of the day, but losses were cut in half on reports that President Obama would meet with Speaker Boehner at the White House at 5 PM today.

• In a post this morning, market guru Ed Yardeni suggested postponing the fiscal cliff for a year.  He noted that the pace of government outlays were slowing as receipts were picking up.  He suggests it's possible that economic growth on its own could close the federal deficit.

• Morgan Stanley's Global Economics team published their list of Macro Surprises for 2013 today.  These scenarios are not part of Morgan Stanley's base case assumptions, but "depict plausible possible outcomes that would represent a meaningful surprise to the prevailing consensus."  Chief U.S. economist Vincent Reinhart submitted his fiscal cliff surprise: "US over the cliff and likes it."

• Initial weekly jobless claims fell to 343k, which was lower than the 369k expected by economists.  This was down from last week's reading of 370k.  The four-week moving average fell to 381.5k.  These were all welcome developments.

• Retail sales climbed by 0.3 percent in November, which was below the 0.5 percent growth expected.  Excluding autos and gas, sales climbed 0.7 percent,which was stronger than the 0.4 percent gain expected.

• Inflation, as measured by the producer price index fell 0.8 percent in November, which was more than the 0.5 percent decline expected by economists.  Excluding food and energy, prices inflation climbed by just 0.1 percent, which was right in line with expectations.  These tame inflation numbers are welcome news as the Federal Reserve continues to extend its aggressive monetary policy.

10 Things You Need To Know Before The Opening Bell

Matthew Boesler

 Dec. 13, 2012

Arun Nevader from Getty Images

Good morning. Here's what you need to know.

• Asian markets were mixed in overnight trading, with the Nikkei rising 1.7 percent and the Shanghai Composite falling 1 percent. European markets are lower with the exception of Spain and Italy, both up 0.1 percent. In the United States, futures point to a slightly negative open.

• European finance ministers agreed today to give the ECB sole regulatory power over banks in the euro area. EU Financial Services Commissioner Michael Barnier said the new supervisory mechanism should be ready for implementation by March 1, 2014. The agreement represents an important step toward further integration in the euro area.

• Yields on 3-year Italian government bonds fell to 2.5 percent at today's auction, marking the lowest borrowing costs for Italy since October 2010. Spain also completed a successful auction, selling the longest-dated debt it's been able to issue in over a year.

• The Swiss National Bank voted to leave rates on hold at 0 percent at today's policy meeting and left the EUR/CHF floor at 1.20. SNB President Thomas Jordan said he could not rule out substantial interventions in the future to protect the price floor. Looking ahead, Deutsche Bank FX strategist George Saravelos writes, "the SNB will be important next year even by its absence. The central bank has been one of the largest active investors in global FX and fixed income markets this year."

• In its monthly bulletin, the ECB weighed in on the austerity debate in the euro area, writing, "well-designed consolidation leads to a permanent improvement in the structural balance, while the deterioration in growth, if any, is only temporary." The bulletin also reiterated the view that financial fragmentation in the euro area is on the decline, according to recent indicators.

• Google will make its map application for the Apple iPhone reports All Things D.  This comes after Apple's proprietary mapping app was met with horrible reviews from iPhone users.

• Advance retail sales figures for November are released at 8:30 AM ET in the United States. The consensus estimate is for a 0.4 percent rise in retail sales after the 0.3 percent drop registered in October. Retail sales less autos are expected to be flat, as they were in October.

• Also out at 8:30 AM are weekly jobless claims data. Economists expect initial claims to stay flat at 370K, while continuing claims are expected to tick up slightly to 3210K from 3205K last week.

• The U.S. producer price index will also be released at 8:30 AM, and is expected to have risen 1.8 percent from last year in November, down from October's reading of a 2.3 percent rise year-over-year. The ex-food and energy measure is expected to have risen 2.2 percent year-over-year after a 2.1 percent rise the month before.

• Business inventories round out the economic data in the U.S. at 10 AM ET. Economists project inventories to have risen 0.3 percent in October, after having risen 0.7 percent the month before.

The Nightmare Continues — Gold Plunges Below $1700

Joe Weisenthal

 Dec. 12, 2012

Today was a very disturbing day for gold bugs. 

And tonight it's turning into a nightmare.

It used to be that when the Fed did a new easing move, buying gold was the reliable move.

And today the Fed took two new steps: It announced new QE, and a new "Evans Rule" which said that the Fed would wait until -- at a minimum -- unemployment fell to 6.5% or inflation hit 2.5%.

After the Fed initially made its announcement, gold spiked.

But the effect is fading. It only took a couple of hours until the spike ended, and tonight gold is tanking some more in early Asian trading.

 

Europe Agrees To Make The ECB Its Banking Supervisor

Rebecca Christie, Bloomberg

 Dec. 13, 2012

AP

Dec. 13 (Bloomberg) -- European Union finance ministers agreed to put theEuropean Central Bank in charge of all euro- area lenders in a deal that paves the way for the currency bloc’s firewall fund to provide direct bailouts to banks.

The new supervisory mechanism should be fully ready by March 1, 2014, with about 200 banks automatically qualifying for direct ECB oversight, EU Financial Services Commissioner Michel Barnier said at 4:30 a.m. today in Brussels after 14 hours of talks. In the interim, the 500 billion-euro ($654 billion) European Stability Mechanism could aid banks directly using its own procedures and asking ECB supervisors to step in, he said.

Barnier called the accord a “a fundamental element for financial stability in Europe.” He said the ECB will have total access to banking information and will give equal treatment to non-euro nations that join the oversight system.

EU leaders sought common bank oversight to rejuvenate their campaign to end the financial crisis, now heading into its fourth year. The heads of state and government, who gather in Brussels today for a regular summit, already will be looking beyond ECB supervision to other measures needed to break the links between banking woes and sovereign-debt struggles, such as who should pay to stabilize failing banks.

Key Points

“I think we’ve agreed on the key points to create a European bank supervision that’s supposed to start in 2014,” German Finance Minister Wolfgang Schaeuble said after the meeting. The legal framework for the new supervisor could be in place by the end of February, allowing the ECB a full year to prepare before taking on its new duties. Today’s agreement opens the way for negotiations with the European Parliament.

The euro was higher against the dollar following the deal, trading at $1.3096 at 8:03 a.m. in Brussels, up 0.2 percent on the day.

Under today’s agreement, euro-area finance ministers could use the ESM to recapitalize banks directly if they make a unanimous request to the ECB to take over direct oversight of a troubled institution. Finance chiefs will need to develop guidelines for when they might offer aid to banks, instead of going through national governments as they did with Spain’s financial-sector rescue program.

Size Thresholds

The oversight deal also lays out size thresholds for banks to get direct ECB supervision once the new system is in place. Ministers agreed on central oversight for banks with more than 30 billion euros in assets or with balance sheets that represent at least 20 percent of a nation’s economic output. The guidelines include at least the top three biggest banks of every participating nation unless “justified by particular circumstances.”

The balance of ECB power was a key obstacle during the marathon talks. The final proposal includes a mediation procedure for nations that object to bank oversight positions taken by the ECB’s Governing Council, the Frankfurt-based central bank’s monetary policy committee and senior decision- making body. Monetary policy and supervision decisions will be separate on a day-to-day basis.

Finance ministers also reached accord on a U.K.-backed proposal for divvying up EBA voting rights. The U.K., home to Europe’s biggest financial center and which won’t join the banking union, sought a requirement that EBA decisions be taken by so-called double majority voting, so that nations outside the supervisory mechanism can’t be automatically overruled by those who take part.

‘Good Outcome’

The banking deal is a “good outcome,” said U.K. Chancellor of the Exchequer George Osborne in a statement after the meetings. “It shows that when you go in with a clear and principled argument and you make your case, then you can succeed and that’s what Britain has done tonight.”

Swedish Finance Minister Anders Borg endorsed the deal, saying it strikes a balance between nations that take part in the common oversight and nations that stay out.

“These have been very tough negotiations,” Borg said. “Sweden will remain outside the banking union, but we believe this is a good compromise.”

13 Dec 2012 Kuala Lumpur Closing Stock Prices

Close Prior Change % Change AMMB 6.49 6.48 +0.01 +0.15 Bat 61.00 61.10 -0.10 -0.16 C&c 2.84 2.87 -0.03 -1.05 Genting 9.25 9.22 +0.03 +0.33 Genm 3.46 3.39 +0.07 +2.06 IGB 2.44 2.40 +0.04 +1.67 L&g 0.40 0.41 -0.01 -2.47 MayBank 9.07 9.07 unch unch Mas 0.75 0.80 -0.05 -6.29 PetGas 18.48 18.42 +0.06 +0.33 PbBank 15.92 15.90 +0.02 +0.13 RHBCap 7.64 7.64 unch unch Sime 9.14 9.20 -0.06 -0.65 Telekom 5.83 5.80 +0.03 +0.52 Tenaga 6.94 6.95 -0.01 -0.14 TopGlove 5.70 5.73 -0.03 -0.52 UMW 11.76 11.64 +0.12 +1.03 YTL 1.84 1.87 -0.03 -1.60

13 Dec 2012 Kuala Lumpur Most Actives

Volume Close Change % Change Tiger 63,651,700 0.325 -0.040 -10.96 Nextnat 33,290,600 0.105 unch unch Axiata 24,839,500 6.530 +0.130 +2.03 CWorks 23,814,000 0.195 -0.005 -2.50 Mas 21,835,700 0.745 -0.050 -6.29 Mulpha 21,445,000 0.400 +0.010 +2.56 IRCB 19,061,400 0.115 -0.010 -8.00 CBSA 14,769,600 0.390 -0.025 -6.02 FACBInd 14,535,200 0.820 +0.235 +40.17 Kbunai 14,046,400 0.115 -0.005 -4.17 KBB 13,032,400 0.525 +0.005 +0.96 Takaso 11,342,100 0.300 -0.005 -1.64 YTL 11,329,800 1.840 -0.030 -1.60 DiGi 10,980,600 5.030 +0.030 +0.60 AirAsia 10,517,900 2.710 -0.070 -2.52 CIMB 9,671,200 7.570 -0.030 -0.39 Telekom 9,538,700 5.830 +0.030 +0.52 Patimas 9,441,200 0.025 unch unch Mtronic 8,870,200 0.120 +0.005 +4.35 DSCSol 8,748,900 0.145 -0.005 -3.33 Scomi 8,493,900 0.375 -0.015 -3.85 Astro 7,682,600 2.950 -0.030 -1.01 IngenCo 7,648,800 0.090 unch unch GenM 7,626,400 3.460 +0.070 +2.06 Gamuda 7,403,000 3.640 +0.050 +1.39 Itronic 7,281,000 0.400 unch unch MayBank 7,162,300 9.070 unch unch Fastrack 7,069,800 0.100 -0.010 -9.09 P.A. 6,098,000 0.150 unch unch Perisai 5,799,200 1.120 -0.020 -1.75 AMedia 5,763,600 0.425 unch unch SPSetia 5,616,800 3.090 -0.060 -1.90 AGlobal 5,588,500 0.075 unch unch PetChem 5,544,100 6.130 +0.020 +0.33 SKPetro 5,355,100 2.950 -0.050 -1.67 MPHB 5,256,800 3.470 -0.110 -3.07 Tenaga 5,238,800 6.940 -0.010 -0.14 AMMB 5,106,500 6.490 +0.010 +0.15 Sime 4,951,900 9.140 -0.060 -0.65 THHeavy 4,809,500 0.530 -0.010 -1.85 Maxis 4,765,900 6.570 +0.020 +0.31 UEMLand 4,492,500 2.130 unch unch HHHCORP 4,385,400 0.175 -0.010 -5.41 Permaju 4,365,300 0.420 -0.010 -2.33 Hua-An 4,314,700 0.150 -0.005 -3.23 ASuprem 4,285,500 0.205 unch unch NICORP 4,237,400 0.170 -0.005 -2.86 PbBank 3,885,400 15.920 +0.020 +0.13 YTLPowr 3,802,600 1.550 +0.010 +0.65 Zelan 3,726,900 0.250 -0.020 -7.41

STOCKS GO NOWHERE AFTER HISTORIC MONETARY POLICY ANNOUNCEMENT: Here's What You Need To Know

Sam Ro

 Dec. 12, 2012

AP Images

Today was a big day at the Federal Reserve.

First the scoreboard:

Dow: 13,245, -2.9, -0.0 percent

S&P 500: 1,428, +0.6, +0.0 percent

NASDAQ: 3,013, -8.4, -0.2 percent

And now the top stories:

• All eyes were on the Federal Reserve today, which wrapped up its two-day Federal Open Market Committee meeting and published its monetary policy statement.  Stocks were flat ahead of the announcement, surged right after the announcement, and fell back to break-even by the end of the trading session.

• The big announcement: The Fed is now employing quantitative thresholds to guide monetary policy.  This is also known as the "Evans rule" after Chicago Fed President Charles Evans who first proposed it. Specifically, the Fed now plans to keep interest rates "exceptionally low" as long as inflation is at or below 2.5 percent and the unemployment rate is above 6.5 percent.

• The Fed also announced that it would purchase up to $45 billion worth of Treasury securities monthly in its efforts to keep interest rates low. This is also being referred to as quantitative easing, or QE4.

• The FOMC also cut its U.S. GDP growth forecast ranges for 2012 through 2014.  Most Fed officials expect rates to stay near-zero until 2015.

• During his press conference today, Bernanke said the 6.5 percent unemployment threshold should not be confused with the Fed's long-run unemployment target which is 5.2-6.0 percent.  He also made clear that the new program does not mean the Fed is on "autopilot," meaning that breaching the quantitative thresholds wouldn't automatically trigger tighter policy.

• Bernanke also stressed that monetary policy has its limits.  He noted that "Clearly, the fiscal cliff is having effects on the economy."  Also, he warned that if we go over the fiscal cliff, "I don't think the Fed has the tools to offset that event."

• Regarding the fiscal cliff, we still have no deal.  "Don't make plans for Christmas," said House Speaker John Boehner.

• JP Morgan's top strategist Tom Lee doesn't think the market will be too pleased with this ongoing uncertainty.  In his new 2013 outlook, he forecasts the S&P 500 falling to 1,400 in the middle of 2013 before rallying to 1,580 by year-end.

12 Dec 2012 Kuala Lumpur Closing Stock Prices

Close Prior Change % Change AMMB 6.48 6.50 -0.02 -0.31 Bat 61.10 61.00 +0.10 +0.16 C&c 2.87 2.87 unch unch Genting 9.22 9.20 +0.02 +0.22 Genm 3.39 3.46 -0.07 -2.02 IGB 2.40 2.42 -0.02 -0.83 L&g 0.41 0.41 unch unch MayBank 9.07 9.05 +0.02 +0.22 Mas 0.80 0.82 -0.02 -2.45 PetGas 18.42 18.42 unch unch PbBank 15.90 15.80 +0.10 +0.63 RHBCap 7.64 7.64 unch unch Sime 9.20 9.12 +0.08 +0.88 Telekom 5.80 5.68 +0.12 +2.11 Tenaga 6.95 6.92 +0.03 +0.43 TopGlove 5.73 5.68 +0.05 +0.88 UMW 11.64 11.60 +0.04 +0.34 YTL 1.87 1.87 unch unch

STOCKS RALLY: Here's What You Need To Know

Sam Ro

 Dec. 11, 2012

Falling Outside The Normal Moral Constraints

Still no fiscal cliff deal.

First the scoreboard:

Dow: 13,248, +78.5, +0.6 percent

S&P 500: 1,427, +9.2, +0.6 percent

NASDAQ: 3,022, +35.3, +1.1 percent

And now the top stories:

• Today's economic data didn't get much attention in the media, but they were certainly notable.

• The NFIB Small Business Optimism Index plunged 5.6 points in November to 87.5.  "Something bad happened in November," wrote NFIB chief economist Bill Dunkelberg.  "It wasn't merely Hurricane Sandy. The storm had a significant impact on the economy, no doubt, but it is very clear that a stunning number of owners who expect worse business conditions in six months had far more to do with the decline in small-business confidence."

• "The plunge in the headline number was the result of the sharp drop to -35% in the net balance of those expecting a better economy," observed TD Securities economist Millan Mulraine. "In fact, the decline is even worse than the performance following the collapse of Lehman Brothers in 2008."  That's a scary milestone.

• The U.S. trade deficit widened to $42.2 billion in October.  All major export categories and most major import categories fell.

• We still have no fiscal cliff deal.  "The longer the White house slow walks this process, the closer we get to the fiscal cliff," said House Speaker John Boehner.  "American people have to be scratching their heads wondering when is the president going to get serious."

• Meanwhile, defense sector stocks (ITA) hit an all-time high today.  Stifel Nicolaus strategist Dave Lutz recently told us that defense stocks are "ground zero" for the fiscal cliff, as the sequester would likely slash government funds going their way.  "What Fiscal Cliff/Sequestration?" LPL Financial's Jeff Kleintop asked rhetorically.
• 
  
• Today's bullish move could've been the result of a short squeeze, noted Dave Lutz. Among the outperformers today were Intel and Pioneer Natural Resources, both among the most heavily shorted stocks in the market.