Archive for 2016

Worthington Industries Acquires NetBraze; Terms Not Disclosed

Courtesy of Benzinga.

Related WOR
Earnings Scheduled For December 16, 2015
Worthington Acquires Trilogy's CNG Fuel System Technology

Worthington Industries, Inc. (NYSE: WOR) announced today that it has acquired the business of NetBraze, LLC, a manufacturer of brazing alloys, silver brazing filler metals, solders and fluxes primarily used in plumbing, HVAC-R, industrial gas and OEM markets.

“This acquisition expands our offering of alloys in the professional wholesale channel with innovative products that utilize patented technologies,” said Worthington Industries’ Pressure Cylinders President Andy Billman. “The products that NetBraze has developed save an operator time, resources and cost when brazing. We look forward to offering these new products in addition to our full complement of joining technologies products to our customers.”

Worthington manufactures and distributes a full line of joining alloys including lead-free solders, brazing rods, fluxes, hand torches and hand torch fuel under the Worthington Joining Technologies and Bernzomatic® brands. NetBraze products include standard BCuP brazing alloys, BAg silver solders and fluxes, and innovative technologies including QuickCoil®, which offers up to 22-feet of non-stop brazing, eliminating leftover scrapped stubs produced by traditional brazing rods, and products with lower braze temperatures that make the brazing process more efficient. NetBraze is located in Mt. Orab, Ohio and has 23 employees.

Posted-In: News M&A Press Releases





Doug Casey: Why Do We Need Government?

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Doug Casey via CaseyResearch.com,

Rousseau was perhaps the first to popularize the fiction now taught in civics classes about how government was created. It holds that men sat down together and rationally thought out the concept of government as a solution to problems that confronted them. The government of the United States was, however, the first to be formed in any way remotely like Rousseau's ideal. Even then, it had far from universal support from the three million colonials whom it claimed to represent. The U.S. government, after all, grew out of an illegal conspiracy to overthrow and replace the existing government.

There's no question that the result was, by an order of magnitude, the best blueprint for a government that had yet been conceived. Most of America's Founding Fathers believed the main purpose of government was to protect its subjects from the initiation of violence from any source; government itself prominently included. That made the U.S. government almost unique in history. And it was that concept – not natural resources, the ethnic composition of American immigrants, or luck – that turned America into the paragon it became.

The origin of government itself, however, was nothing like Rousseau's fable or the origin of the United States Constitution. The most realistic scenario for the origin of government is a roving group of bandits deciding that life would be easier if they settled down in a particular locale, and simply taxing the residents for a fixed percentage (rather like "protection money") instead of periodically sweeping through and carrying off all they could get away with. It's no accident that the ruling classes everywhere have martial backgrounds. Royalty are really nothing more than successful marauders who have buried the origins of their wealth in romance.

Romanticizing government, making it seem like Camelot, populated by brave knights and benevolent kings, painting it as noble and ennobling, helps people to accept its jurisdiction. But, like most things, government is shaped by its origins. Author Rick Maybury may have said it best in Whatever Happened to Justice?,

"A castle was not so much a plush palace as the headquarters for a concentration camp. These camps, called feudal kingdoms, were established by conquering barbarians who'd enslaved the local people. When you see one, ask to see not just the


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What Crisis Is The Gold/Oil Ratio Predicting This Time?

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

The number of barrels of oil that a single ounce of gold can buy has never, ever been higher.

For the last 30 years, when the ratio of gold-to-oil spikes, something systemically serious occurs globally (as opposed to the usual bullshit “this is transitory” statements).

So what happens next?





Sanctions Lifted: Iran About to Unleash Tidal Wave of Oil Into Depressed Markets; How Big the Wave?

Courtesy of Mish.

Futures this evening show Brent Crude is just over $28 a barrel, down another 3.4 percent. At one point futures were below $28.

Meanwhile, US West Texas Intermediate (WTI) sits at a relatively firm $29.84. The key word being “relatively”, not firm.

Sanctions Lifted

The Wall Street Journal reports Iran’s Sanctions End as Deal Takes Effect

“The EU has confirmed that the legal framework providing for the lifting of its nuclear-related economic and financial sanctions is effective. The United States today is ceasing the application of its nuclear-related statutory sanctions on Iran,” said EU foreign policy chief Federica Mogherini, reading the joint statement.

The Guardian reports Lifting of Iran Sanctions is ‘a Good Day for the World’.

I agree, having previously commented “Obama’s deal with Iran was the single best thing he has done in eight years“.

Warmonger Republicans and Israel would not agree, but most of the world is on my side.

Winners and Losers

The end of sanctions does mean that Iran will be free to sell its oil.



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Caught With Our Pants Down In The Gulf

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Justin Raimondo via AntiWar.com,

Your bullshit-ometer should be making an awful racket in response to the shifting explanations given for the twenty-four-hour Iranian hostage scare involving two US Navy boats intercepted in the Gulf.

First they told us “at least one of the boats” had experienced a “mechanical failure.” Then they said the boats had run out of fuel, although it wasn’t clear if they meant both boats. Then they said “there was no mechanical problem.” Then they claimed that the two crews had somehow not communicated with the military command, although “they could not explain how the military had lost contact with not one but both of the boats.” As the New York Times reported:

“Even as Mr. Kerry was describing the release on Wednesday morning, American military officials were offering new explanations about how the two 49-foot patrol boats, formally called riverine command boats, had ended up in Iranian territorial waters while cruising from Kuwait to Bahrain.”

And they still haven’t explained it – or any of the other distinctly odd circumstances surrounding this incident.

The best they could do was have an anonymous Navy officer aver “When you’re navigating in those waters, the space around it gets pretty tight.” However, as the Times put it:

“But that is hardly a new problem, and the boats’ crews would almost surely have mapped out their course in advance, paying close attention to the Iranian boundary waters. And each boat has radio equipment on board, so it was unclear how the crews suddenly lost communication with their base unless they were surrounded by Iranian vessels before they could alert their superiors.”

We are told they were on a “training mission” – but what kind of mission? The Washington Post adds a helpful detail by telling us that “The vessels, known as riverine command boats, are agile and often carry Special Operations forces into smaller bodies of water.”

Ah, now we’re getting somewhere.

Amid all the faux outrage coming from the neocons and their enablers in the media over the alleged “humiliation” of the US – Iran “paraded” the sailors in their media! They made one of the sailors apologize! The Geneva Conventions were violated! – hardly anyone in this country is asking the hard questions,…
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China Stocks, Credit Risk Worsen Despite “Short-Squeezed” Yuan Strength

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

On the heels of new reserve ratio regulations and the biggest strengthening in the Yuan fix in 4 weeks, offshore Yuan has strengthened notably (despite Chinese default/devaluation risk surging in the CDS markets). Chinese stocks are weaker in the early going but corporate bond yields continue to slide to new record lows as the “last bubble standing” stands ignorant of the risks around it.

PBOC rixed the Yuan 0.07% stronger – the biggest gain in 4 weeks…

  • *PBOC STRENGTHENS YUAN FIXING BY 0.07%, MOST SINCE DEC. 21

Offshore Yuan is rallying in early trading, because as Bloomberg notes,

*PBOC TO IMPOSE RESERVE RATIO ON OFFSHORE BANK YUAN ACCOUNTS

*PBOC SAYS RULE DOESN’T APPLY TO FOREIGN CENTRAL BANKS

*PBOC SAYS RULE WON’T AFFECT DOMESTIC YUAN LIQUIDITY

*PBOC SAYS WILL USE MONETARY TOOLS TO MAINTAIN LIQUIDITY

PBOC will impose a required reserve ratio on offshore participant banks with yuan deposits in the mainland, according to people familiar with the matter.

Raising reserve requirement is meant to increase cost of funding and discourage speculative short yuan trades, says Fiona Lim, Singapore-based senior FX analyst at Maybank

This has converged the Onshore-offshore Yuan spread once again…

Chinese sovereign default/devaluation risk surges…

And stocks weaken:

  • *CHINA’S CSI 300 INDEX SET TO OPEN DOWN 1.6% TO 3,068.23
  • *CHINA SHANGHAI COMPOSITE SET TO OPEN DOWN 1.8% TO 2,847.54

But the money continues to flow aimlessly into the “last bubble standing” as we detailed previously with record low corporate bond yields in China (despite a collapse in creditworthiness fundamentals and huge supply). 

But analysts are starting to worry:

“2016 is a year when we will see systemic risks emerge in China’s credit market,” said Ji Weijie, credit analyst in Beijing at China Securities Co., the top arranger of bond offerings from state-owned and listed firms.

“There may be a chain reaction as more companies are likely to fail in a slowing economy and related firms could go down too.”

Charts: Bloomberg





Saudi Arabia Is Buying Up American Farmland To Export Agricultural Products Back Home

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

Just what we need, cornfield crucifixions.

Seriously though, this is very troubling. The Saudis are explicitly conserving their own resources at home, while exploiting land and water supplies here in America.

CNBC reports:

Saudi Arabia and other Persian Gulf countries are scooping up farmland in drought-afflicted regions of the U.S. Southwest, and that has some people in California and Arizona seeing red.

Saudi Arabia grows alfalfa hay in both states for shipment back to its domestic dairy herds. In another real-life example of the world’s interconnected economy, the Saudis increasingly look to produce animal feed overseas in order to save water in their own territory, most of which is desert.

Privately held Fondomonte California on Sunday announced that it bought 1,790 acres of farmland in Blythe, California — an agricultural town along the Colorado River — for nearly $32 million. Two years ago, Fondomont’s parent company, Saudi food giant Almarai, purchased another 10,000 acres of farmland about 50 miles away in Vicksburg, Arizona, for around $48 million.

But not everyone likes the trend. The alfalfa exports are tantamount to “exporting water,” because in Saudi Arabia, “they have decided that it’s better to bring feed in rather than to empty their water reserves,” said Keith Murfield, CEO of United Dairymen of Arizona, a Tempe-based dairy cooperative whose members also buy alfalfa. “This will continue unless there’s regulations put on it.” 

Recall, this is precisely the type of investment Michael Burry of “Big Short” fame recently said he was involved in.

In a statement announcing the California farmland purchase, the Saudi company said the deal “forms part of Almarai’s continuous efforts to improve and secure its supply of the highest quality alfalfa hay from outside the (Kingdom of Saudi Arabia) to support its dairy business. It is also in line with the Saudi government direction toward conserving local resources.”

Crucially, the issue of land rights comes into play.

The area of the Arizona desert where the Saudis bought land is a region with little or no regulation on groundwater use. That's in contrast to most of the state, 85 percent of which has strict groundwater rules. Local development and groundwater pumping have contributed to the groundwater table falling since 2010 by more than 50 feet in parts of La


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Wells Fargo Is Bad, But Citi Is Worse

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Earlier we reported that Wells Fargo may have an energy problem because as CFO John Shrewsbury revealed, of the $17 billion in energy exposure, “most of it” was junk rated.

But, while one can speculate what the terminal cumulative losses, cumulative defaults and loss severities on this loan book will be, at least Wells was honest enough to reveal its energy-related loan loss estimate: it was $1.2 billion, or 7% of total – as Mike Mayo pointed out, one of the highest on the street. Whether it is high, or low, is anyone’s guess, but at least Wells disclosed it.

Citi did not.

Yes, the bank did disclose its holdings to the oil and gas sector at $21 billion funded and $58 billion which included unfunded (watch that unfunded exposure collapsing and shrinking the available pool of shale company liquidity in the coming weeks), and it did announce that it “built roughly $300 million of energy-related loan loss reserves this quarter”, but paradoxically one thing it did not disclose was its total reserves to energy.

Note the following perplexing exchange between analyst Mike Mayo and Citi CFO John Gerspach:

<Q – Mike Mayo>: Can we move to energy, though? I don’t want you being the only bank not disclosing reserves to energy – oil and gas loans. I mean, I think most others have disclosed that who have reported so far. And I mean, your stock’s down 7%. The whole market is down a whole lot, but I don’t – even if it’s a low number, it can’t hurt too much more from here. And so can you – how much in oil and gas loans do you have, and what are the reserves taken against that? I know you were asked this already, but I’m going back for a second try.

<A – John C. Gerspach>: When you take a look at the overall portfolio, Mike, we’ve reduced the amount of exposure. Our funded exposure to energy-related companies this quarter is down 4%. It’s about $20.5 billion. The overall exposure also came down about 4%. The overall exposure now is about $58 billion, that includes unfunded. When you take a look at the composition of the funded portfolio, about 68% of that portfolio would be investment grade. That’s up from


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Japanese Stocks Enter Bear Market, Credit Risk Surges To 20-Month Highs

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

“It’s difficult to see the fall stopping today,” warned one Japanese equity strategist and rightly so as Japan’s broad TOPIX idnex just entered a bear markets (down 20% from the August 2015 highs). With the Nikkei well below 17,000, Kuroda is due to speak at the Diet today as Japanese corporate bond risk surges to 20-month highs.

TOPIX enters Bear Market

And now the Nikkei:

  • *JAPAN’S NIKKEI 225 EXTENDS DECLINE FROM JUNE HIGH TO 20%

And Japanese corporate bond risk is surging – up 3.5bps to 87bps – the highest in 20 months…

Get back to work Mr. Kuroda!!

  • *JAPAN’S PARLIAMENT CONFIRMED KURODA’S APPEARANCE

We just have one quick question – how does the government explain to its citizenry that foircing GPIF to go all-in Japanese stocks and corporate credit was a terrible idea and their retirement funds are FUBAR?





Foreign Central Banks Furiously Dump US Treasuries: Record $47 Billion Sold In First Two Weeks Of 2016

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

It’s not just stocks have a terrible start to the year, in fact the worst start in history: so is the amount of US Treasuries held in custody at the Fed, a direct proxy for the holdings of foreign central banks, reserve managers and sovereign wealth funds who park owned TSYs at the NY Fed for convenience.

According to the latest Fed data, after a drop of $12 billion in the first week of the year, another $34.5 billion in Treasuries held in custody was sold in the week ended January 13, bringing the total to just $2.962 trillion, below the previous recent low recorded in early November, and at levels not seen since April 2015.

Indicatively since April, total US Treasury holdings have increased by $570 billion, meanwhile not a single incremental dollar has ended up in the Fed’s custody account.

As shown in the chart below, the drop recorded in the latest period is the single largest weekly drop recorded since China commenced liquidating its Treasury holdings in mid 2014.

Adding up the flows from the first two weeks of the year reveals the worst and most custody holdings “outflowing” start to the year in history.

The size of the liquidation promptly got the rate community’s attention.

On Friday afternoon, MarketNews cited Louis Crandall, chief economist at Wrightson ICAP, who said “we have seen declines of more than $20 billion (in such Treasury custody holdings) on each of the first two weeks of this year. While accounts are volatile from week to week, that is certainly consistent with increasing intervention activity” from foreign central banks needing money to intervene either in the foreign exchange market or in the stock market, he said.

“There is no way of knowing” exactly what such central banks sold, he added. “But it could just as easily have been liquidation of coupon securities.”

As MNI further writes, most observers saw China selling as behind the drop in Treasuries holdings at the Fed. “Circumstantially, that’s the conclusion that people would jump to,” said Crandall.

Some said it is not just China: Aaron Kohli, analyst at BMO Capital Markets, was less inclined to point to China. “It’s definitely a drop, but keep in mind, every foreign central bank is in
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Zero Hedge

Will The US Slap Sanctions On Nord Stream 2?

Courtesy of ZeroHedge. View original post here.

Authored by Nick Cunningham via OilPrice.com,

There is a growing push in the U.S. Congress to slap sanctions on the Nord Stream 2 pipeline.

The pipeline under construction would carry Russian natural gas to Germany, and has been a lightning rod of controversy both in Europe and across the Atlantic. Many governments and officials from Eastern Europe fear deeper dependence on Russia for gas supplies, a sentiment echoed by the U.S. government. Meanwhile, many in Western Europe are less concerned,...



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Phil's Favorites

US is already fighting a conflict with Iran - an economic war that is hurting the wrong people

 

Embed from Getty Images

 

US is already fighting a conflict with Iran – an economic war that is hurting the wrong people

Courtesy of David Cortright, University of Notre Dame

Many are worried about the risk of war with Iran after the Trump administration leaked discussions of a troop deployment in response to claimed threats to U.S. warships in the region.

And in r...



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Insider Scoop

Jefferies Sees 60-Percent Upside In Aphria Shares, Says Buy The Dip

Courtesy of Benzinga.

After a red-hot start to 2019, Canadian cannabis producer Aphria Inc (NYSE: APHA) has run out of steam, tumbling more than 31 percent in the past three months.

Despite the recent weakness, one Wall Street analyst said Friday that the stock has 30-percent upside potential. 

The Analyst

Jefferies analyst ...



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Kimble Charting Solutions

DAX (Germany) About To Send A Bearish Message To The S&P 500?

Courtesy of Chris Kimble.

Is the DAX index from Germany about to send a bearish message to stocks in Europe and the States? Sure could!

This chart looks at the DAX over the past 9-years. It’s spent the majority of the past 8-years inside of rising channel (1), creating a series of higher lows and higher highs.

It looks to have created a “Double Top” as it was kissing the underside of the rising channel last year at (2).

After creating the potential double top, the DAX index has continued to create a series of lower highs, while experiencing a bearish divergence with the S...



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Chart School

Brexit Joke - Cant be serious all the time

Courtesy of Read the Ticker.

Alistair Williams comedian nails it, thank god for good humour! Prime Minister May the negotiator. Not!


Alistair Williams Comedian youtube

This is a classic! ha!







Fundamentals are important, and so is market timing, here at readtheticker.com we believe a combination of Gann Angles, ...

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Digital Currencies

Cryptocurrencies are finally going mainstream - the battle is on to bring them under global control

 

Cryptocurrencies are finally going mainstream – the battle is on to bring them under global control

The high seas are getting lower. dianemeise

Courtesy of Iwa Salami, University of East London

The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what ...



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Biotech

DNA as you've never seen it before, thanks to a new nanotechnology imaging method

Reminder: We are available to chat with Members, comments are found below each post.

 

DNA as you've never seen it before, thanks to a new nanotechnology imaging method

A map of DNA with the double helix colored blue, the landmarks in green, and the start points for copying the molecule in red. David Gilbert/Kyle Klein, CC BY-ND

Courtesy of David M. Gilbert, Florida State University

...



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ValueWalk

More Examples Of "Typical Tesla "wise-guy scamminess"

By Jacob Wolinsky. Originally published at ValueWalk.

Stanphyl Capital’s letter to investors for the month of March 2019.

rawpixel / Pixabay

Friends and Fellow Investors:

For March 2019 the fund was up approximately 5.5% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 1.9% while the Russell 2000 was down approximately 2.1%. Year-to-date 2019 the fund is up approximately 12.8% while the S&P 500 is up approximately 13.6% and the ...



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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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Mapping The Market

It's Not Capitalism, it's Crony Capitalism

A good start from :

It's Not Capitalism, it's Crony Capitalism

Excerpt:

The threat to America is this: we have abandoned our core philosophy. Our first principle of this nation as a meritocracy, a free-market economy, where competition drives economic decision-making. In its place, we have allowed a malignancy to fester, a virulent pus-filled bastardized form of economics so corrosive in nature, so dangerously pestilent, that it presents an extinction-level threat to America – both the actual nation and the “idea” of America.

This all-encompassing mutant corruption saps men’s souls, crushes opportunities, and destroys economic mobility. Its a Smash & Grab system of ill-gotten re...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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